Tuesday, January 06, 2009
GMAC Surrenders exclusivity with GM
GMAC is now allowing General Motors to offer finance from third parties, as part of its deal to secure last week's $4bn loan from the US Treasury.
The finance house, partly owned by GM, said GM can now offer financing incentives, including leasing and 0% loans, through other lenders in certain circumstances until 2013.
The agreement is hoped to make GM less dependant on GMAC and enable its customers to get finance more easily for their car purchase.
Since 2006, GMAC has had an exclusive deal with GM, which requires GM to offer any market-beating finance promotions through GMAC only until 2016.
DATED: 06.01.09
FEED: AM
The finance house, partly owned by GM, said GM can now offer financing incentives, including leasing and 0% loans, through other lenders in certain circumstances until 2013.
The agreement is hoped to make GM less dependant on GMAC and enable its customers to get finance more easily for their car purchase.
Since 2006, GMAC has had an exclusive deal with GM, which requires GM to offer any market-beating finance promotions through GMAC only until 2016.
DATED: 06.01.09
FEED: AM
