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Gmac In Trouble?

05silvycrew

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05silvycrew Enthusiast

05silvycrew

Posted
Posted

I heard on the financial news this morning that GMAC is having trouble financially and could run out of money soon, and they don't qualify for any bailout money. I also saw a commercial saying that GM will offer employee pricing to anyone who finances through a local credit union. So if GMAC goes under, what happens to my loan?

MS3DALE Senior Enthusiast

MS3DALE

Posted
Posted

Well one things for sure.....Your still gonna' have to pay it!! :D

 

Seriously though...I'm thinking another bank would,or might,buy them out and take over there outstanding loans.

 

I'll have to ask our general manager here at the dealership if she has any idea what the "latest word" is on GMAC's situation.

fbachman Senior Enthusiast

fbachman

Posted
Posted
I heard on the financial news this morning that GMAC is having trouble financially and could run out of money soon, and they don't qualify for any bailout money. I also saw a commercial saying that GM will offer employee pricing to anyone who finances through a local credit union. So if GMAC goes under, what happens to my loan?

 

Not a whole lot.

 

The loans will get auctioned off/sold on the secondary market. Make sure you have the original loan paperwork --- always a good idea.

 

OR... GMAC will be bought, as a whole, by someone.

 

Federal law protects you from any of the terms changing on ya. That protects the institution AND you.

 

Only minor glitch is that a load of the paper held by GMAC are 0 interest loans (like mine)... won't make anyone any money. :D

 

The loans GMAC has on their books are largely sound and good loans. They are running out of money because there isn't a market for commercial paper right now, and big 3 commercial paper is considered toxic (they are NOT alone, BTW).

 

The other thing that COULD happen, is GMAC could apply for, and receive, bank status with little trouble. THEN they could qualify for Fed funds. AMEX did that, so did GE Capital.

MS3DALE Senior Enthusiast

MS3DALE

Posted
Posted
I do not have any loan on mine. :P

Bragger!! :D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

:D

2018GMC Senior Enthusiast

2018GMC

Posted
Posted

 

:D JP MORGAN / CHASE :P will probably by them since they are taking over the world. This confirms the beginning of the end of the world.

cc1999 Enthusiast

cc1999

Posted
Posted

I wonder if they get sold or the paper gets auctioned off, if they would amend there lease practices, to where you could negociate the buy at the end, at fair market value vs the over inflated residual value in the contracts.

 

GMAC has been pretty much out of business for the past few months. 700 minum credit score to qualify, works for me, but the rates are not competative at all, anyone with good credit would likely be smart enough to go somewhere else for there loan once they see the rate that is offered . The new leases are worthless too, they cost more than buying them now. I can see why they would be on the verge of collapsing. IMO It was a mistake on GMs part to give control of there finacial arm to a competitor in the first place.

VMax2007 Senior Enthusiast

VMax2007

Posted
Posted
:P JP MORGAN / CHASE :D will probably by them since they are taking over the world. This confirms the begging of the end of the world.

 

Huh? :D

2018GMC Senior Enthusiast

2018GMC

Posted
Posted
:P JP MORGAN / CHASE :D will probably by them since they are taking over the world. This confirms the begging of the end of the world.

 

Huh? :D

 

 

OOPS! - Fixed

 

My family and friends have had nothing but problems with Chase & they love to charge fees out the A$$.

 

Vmax - Can you send the girls in your signature pic down my chimney?

VMax2007 Senior Enthusiast

VMax2007

Posted
Posted
:P JP MORGAN / CHASE :D will probably by them since they are taking over the world. This confirms the begging of the end of the world.

 

Huh? :D

 

 

OOPS! - Fixed

 

My family and friends have had nothing but problems with Chase & they love to charge fees out the A$$.

 

Vmax - Can you send the girls in your signature pic down my chimney?

 

 

Sure, but I will have to "lube" them up first. :P

bubba33 Enthusiast

bubba33

Posted
Posted

I got a 2.9 loan with them on a impala . I wonder if I could get a deal from them to pay it off early,that would be sweet.I did not use gmac on the truck loan went through my own bank 2% lower then what the dealer offered first.

VMax2007 Senior Enthusiast

VMax2007

Posted
Posted
I got a 2.9 loan with them on a impala . I wonder if I could get a deal from them to pay it off early,that would be sweet.I did not use gmac on the truck loan went through my own bank 2% lower then what the dealer offered first.

 

 

Good question, I have a 3 yr/36 month 0% loan with them on my truck, which I only owe about 8K on. I wonder what kind of deal they would give me to pay it off? I doubt they would offer me anything, but I may have to ask anyway.

Z45 Senior Enthusiast

Z45

Posted
Posted

Don't worry GMAC is not about to give you any break on money you owe them. If you go to the GMAC website and setup an account, you can get payoff information at any time. All you need is you contract info and you can create an account.

 

Its not the consumer loans that has them worried, its the financing of the dealers. 75% of all those GM vehicles you see sitting on GM dealer lots are financed thru GMAC. Once the car ships the dealer starts paying interest on the vehicle.

marko Enthusiast

marko

Posted
Posted
I got a 2.9 loan with them on a impala . I wonder if I could get a deal from them to pay it off early,that would be sweet.I did not use gmac on the truck loan went through my own bank 2% lower then what the dealer offered first.

 

 

Good question, I have a 3 yr/36 month 0% loan with them on my truck, which I only owe about 8K on. I wonder what kind of deal they would give me to pay it off? I doubt they would offer me anything, but I may have to ask anyway.

 

 

 

Sorry, did somebody say something? I was looking at something, and thinking of Christmas.

 

:D

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