GMAC bases vehicle financing on higher credit scores

If your credit score isn't high enough, GMAC Financial Services no longer wants to finance your new car.

The financing company told General Motors dealers this week that it will only lend money to borrowers with a credit score of 700. Automotive News, a trade publication, said that would have ruled out one in four of the company’s loans that were made in the first seven months of this year.

Local GM dealers said today that they have banks and credit unions that will provide financing.

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