GMAC Financial Services is still in business and continues to offer GMAC loans for GM vehicles. They were bought out by private partners in 2006 and GM no longer controls the company. GMAC Financial Services was originally created in 1919 to help people afford General Motors' vehicles. Today you can still get a GMAC loan for a General Motors' vehicle.
GMAC offers loans mostly for new cars, but they will also provide loans for some pre-owned cars as well. They offer a variety of financing programs including monthly statements, direct withdrawal and automated payments.
It used to be that you went to the car dealership in order to secure a GMAC loan but that isn’t the norm anymore. Interested parties just need to go to the GMAC website and apply themselves. Here they can avail themselves of much more than loan rates. The GMAC site has a host of information for the prospective consumer of GM vehicles. GMAC will help the borrower to set up a budget if they wish with their SmartEdge Financial Center. SmartEdge gives the consumer information on financing, leasing and insurance tips. Consumers can also take advantage of the affordability calculator on the web site. This will give a good idea of the type of car that is affordable.
In order to apply for a GMAC loan you fill out what is called a SmartApp which is an online application. The purchaser will enter the kind of vehicle they wish to buy along with their financial history. GMAC then checks credit history and decides what type of loan is best for the applicant. Requirements vary on a person-by-person basis, so the only way you can actually assess whether or not you qualify for a GMAC loan is to apply for it.
The type of things asked on the application concerning the vehicle of interest is the make, model and year of the vehicle. It is advisable to check the APR or interest rates. Depending on the financial stability of the borrower there is a chance another financial institution will offer a lower APR somewhere else. The online credit application is nice but it is advisable to talk to a customer service representative. Ask them questions as to loan terms, how long the loan will be in force and the type of payments to be made.
Not only does GMAC give loans but they also offer insurance policies and roadside assistance.
Many people that have GMAC loans were very nervous when the General Motors went into bankruptcy, but they probably don’t have to worry. GMAC works just like any other loan provider. They technically aren’t part of General Motors anymore. In 2008 GMAC became a bank holding company and joined with Ally Bank. They are eligible for TARP funds (Troubled Asset Relief Program) and became more secure.