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The information on this page is simply my opinion based on my experiences with GMAC Financial and may or may not be similar to what you as a customer experience with them.
To compare auto lenders rates visit: Current Auto Loan Rates
Please read my [ disclaimer ] I am not affiliated with GMAC Auto Finance and do not get paid to refer customers to their site. I also do not hold a grudge against GMAC Auto Finance and did not build this page to discourage anyone from using their services. I assume no responsibility for the accuracy of the information on this page and it should be used for general informational purposes only. Any information pertaining to auto lenders and/or their auto loan guidelines is based on information, rates and terms that can change at any time. Although, every effort is made to keep this information current, I can make no guarantees as to the accuracy of any of the auto lenders information reviewed on this site. It is strongly recommended to check directly with the specific auto lender for their current program guidelines and available rates. In addition, certain restrictions may apply to certain available auto loan programs, again please see lender for details. There are many variables that may affect your auto loan approval (your approvals rates, terms, restrictions, etc.) and/or turn down, such as, but not limited to: * Credit score* credit history* age of vehicle* miles on vehicle* type of vehicle* state of residence* term of the loan* loan structure
and/or* whether the loan is secured direct from lender or indirect from the dealership.
GMAC Auto Finance -
Customer Credit Criteria
As mentioned above, it's hard to say who GMAC auto loans are for and who they are not.
The only constant seems to be that you will need a minimum credit score of 621 to even be considered for a GMAC auto loan.
I and many other finance managers have had difficulties getting even the best credit customers approved for loans.
It seems that even though GMAC Auto Finance has now loosened up some, and are lending money, they still haven't quite figured out a very stable model for who they want to loan to and who they don't.
Certainly, the better the credit and the more money down helps, but I've seen customers get turned down that have just left me scratching my head.
From a finance managers perspective, I was never a really big fan of GMAC Auto Finance (even before this whole economic crisis), because of the way finance was paid, but now it's not only poor pay, but a nightmare to get loans approved.
I might as well become a dentist so that I can at least get paid for all the teeth I have to pull to get a loan approved.
As mentioned above, it seems that you will need a minimum FICO score of 621 to even be considered, but it's important to keep in mind that FICO score doesn't guarantee an approval with GMAC Auto Finance and other restrictions will apply, i.e. overall credit history, loan structure, etc.
Used Vehicle Financing
As for GMAC used vehicle financing, it appears that they have made up a rate sheet that would give one the impression that they want to compete in this arena, but realistically, they are out of their league.
Their rates and terms may be in the ball park for 1-2 year old vehicles, but drop out of contention, quickly, if you are looking to finance a 3 year old, or older, vehicle.
The Risk Opportunity Center - The ROC
GMAC Auto Finance recently created a division they call the ROC. It is designed to replace their old subprime division Nuvell.
The ROC only applies to the purchase of brand new vehicles and is for credit scores of 580 and above.
I have also had nothing but problems getting loans approved through the ROC and it seems that down payment is king for any type of GMAC auto loan you may be looking to get.
GMAC Auto Finance -
Loan Structures
When a dealer is sending a deal to them, they are looking for a max advance of 135% (including TT&L) plus approved back end products:
- Extended warranty
- GAP insurance
- Credit life insurance
- Disability insurance
The 135% (including TT&L) is the loan to value based on a new cars invoice, Kelley blue book wholesale or NADA wholesale, if used.
To qualify for this level of advance, you'll need to have some rock solid credit and can not finance for over 72 months.
An example, if a vehicle had a $10,000 wholesale blue book value, then GMAC would be willing to loan $13,500 (135%) including TT&L, plus the extras from above.
With that being said, I have not been able to get anyone approved for this level of advance and am thinking that this would only apply to new vehicles for customers that have a solid credit history and probably one or more well paid auto loans with GMAC Auto Finance.
If you check out the GMAC Auto Finance website you'll see that you can apply for a loan online, but that I'm aware of they offer no direct to consumer auto lending and your application will more than likely be forwarded to a local dealer in your area.
GMAC Customer Service and Payoffs
If you're looking for some quick contact information, here you go:
Summary of
GMAC Auto Loans
I didn't mean for this page to be a complete slam on GMAC Financial, but what can I say? They are simply not competitive right now and approvals are hard to come by.
I don't know if this is due to GMAC Auto Finance not being wholly owned by General Motors (The majority of GMAC is owned by a consortium of private investors), they are now in bed with the government, the economy is terrible, or if it's a mix of all of these, but...
It appears to me that the only reason one would consider GMAC Financial for their next auto loan is if you were seeking a special rate financing, such as 0%, 1.9%, 2.9%, etc.
Due to other auto lenders offering very low rates for new vehicles, it would seem that most customers would be better off taking the rebate and financing through another lending source.
Check out my car payment calculators page where you'll find a calculator for comparing Rebates to Special Financing.
You can access the GMAC Auto Finance and Financial Services website for more information.
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