GMAC would pass its bailout money along to car buyers

GMAC Financial Services will receive bailout money from the federal government and is looking to pass it along to car buyers.

The auto financing company today lowered the credit score needed for people to get a loan and unveiled some low-interest rates for General Motors vehicles. Plus, local car dealers said they’ve heard GMAC leases are coming back.

“It’s great news,” said Mike Hudock, general manager of Stadium GM Superstore in Salem. “Hats off to everyone for helping GM.”

Both the automaker and the financing company, which is partly owned by GM, had been teetering on the edge of bankruptcy until the government stepped in. GMAC was approved for a $5 billion loan Monday after it completed necessary financial transactions to become a bank holding company.

For more information, see Wednesday’s Vindicator or www.vindy.com.