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GM finance unit to limit car loans

October 14, 2008|From Times Wire Services

GMAC, the consumer finance arm of General Motors Corp., will limit auto loans to customers with credit scores of at least 700, making it harder for some customers to buy a car or truck.

GMAC also raised the rate it charges auto dealers for making loans that aren't part of special incentive programs, the Detroit-based company said. Most loans will be limited to 60 months, according to a letter sent to dealers.

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