GMAC, the financial wing of General Motors, has given up rights to offer no or low interest loans. Moreover, GMAC will not have to offer lease financing.
Prior to this announcement, GMAC said that it would reduce the credit score potential lenders had to have in order to get a loan. The FICA score was dropped from 700 down to 621. Now reports, the Detroit News, more people should be able to get a loan to buy a General Motors car because lenders other than GMAC can offer incentive financing like a zero percent loan.