GM Hopes to Improve its Fortunes by Lowering its Lending Standards

By | Jan 4, 2009

In another disgusting development, GM has announced it will be pushing profits by selling financing for its SUVs to buyers whose credit scores would have previously been unacceptable to the company. Whereas before the minimum credit score of 700 was needed to be accepted for financing, the bar has now been lowered to 621 (620 and lower would be considered sub-prime).

From a report by Reuters we learn that GM, unlike other recipients of government bailout money, has invested in GMAC bank restructuring with the intent on fueling more credit business. Wait a minute – doesn’t that sound a lot like what got us all into this mess in the first place? Any why SUVs? Isn’t it clear by now that those things are dinosaurs that have seen their day?

When can we expect better cars?

1 Comment so far
  1. Good Riddance 2009 | Ignorant Mouth January 4, 2010 8:38 pm

    […] companies fell one by one, they tried all kinds of bonehead tactics, including suing themselves for damages. The once proud Citigroup […]

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