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CUs FIs filling GMAC void
MADISON, Wis. (10/22/08)--Credit unions and independent financial institutions are filling the void left by General Motors’ former captive finance company, GMAC, according to a report by Automotive News. GMAC has begun stepping away from auto lending by setting credit score limits at 700 or higher. As a result, the “vacuum” left by GMAC is being filled by credit unions and other financial institutions, the report said (Global Insight Daily Analysis Oct. 21). Steve Graham of Genesee Township, Mich., told The Flint Journal that he financed his 2008 Chevrolet Equinox with a credit union instead of GMAC because the credit union offered a lower interest rate (Oct. 16). Credit unions have not been as affected by the credit environment and continue to finance loans, the Journal said. Security CU in Flint, Mich., has “a lot of money to lend” and is “making car loans to qualified individuals in the area,” Chad Merrihew, vice president of operations, told the newspaper.
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