Does GMAC finance used cars?

[TrueBlueLS]

My friend is looking to buy a 2002 Chevy and we're trying to decide how he's going to finance it. I know I got my car new when GMAC financed it, but will they do used also?

 

[Vic]

Yes. GMAC does a lot of various types of financing. They even own Ditech.

To get GMAC financing on a used car, you'll probably need to buy the car at a dealer though. And they don't give the same ultra-low interest options on used cars as they do on new. I recommend a local credit union for the best deal IMO.

 

[psiu]

Originally posted by: Vic
Yes. GMAC does a lot of various types of financing. They even own Ditech.

Another loan lost to Ditech!

 

[Vic]

Originally posted by: psiu

Originally posted by: Vic
Yes. GMAC does a lot of various types of financing. They even own Ditech.

Another loan lost to Ditech!

Heh. I steal loans from Ditech. They have crappy pricing and terrible customer service.

 

[Sluggo]

I think that GMAC also has a residential mortgage division.

 

[Vic]

Originally posted by: Sluggo
I think that GMAC also has a residential mortgage division.

They do.

 

[JulesMaximus]

Originally posted by: Vic

Originally posted by: psiu

Originally posted by: Vic
Yes. GMAC does a lot of various types of financing. They even own Ditech.

Another loan lost to Ditech!

Heh. I steal loans from Ditech. They have crappy pricing and terrible customer service.

I don't know about the rest of you but I don't shop loans based on customer service. Interest rate is my only real concern. Typically I may check the balance on an auto loan a few times during the course of the loan and most places give that information through an automated call center. I don't see that as a real selling point quite frankly.

 

[RossMAN]

Originally posted by: Vic

Originally posted by: psiu

Originally posted by: Vic
Yes. GMAC does a lot of various types of financing. They even own Ditech.

Another loan lost to Ditech!

Heh. I steal loans from Ditech. They have crappy pricing and terrible customer service.

Is "The Money Store" still big?

 

[PowerMac4Ever]

Originally posted by: Vic

Originally posted by: psiu

Originally posted by: Vic
Yes. GMAC does a lot of various types of financing. They even own Ditech.

Another loan lost to Ditech!

Heh. I steal loans from Ditech. They have crappy pricing and terrible customer service.

I'd like to see you beat Ditech's $395 flat-fee closing cost :roll: NO ONE can beat ditech.

 

[Vic]

Originally posted by: RossMAN
Is "The Money Store" still big?

They got bought up by Fleet which got bought up by Wachovia and are now called HomEq. They're sub-prime anyway.

Originally posted by: JulesMaximus
I don't know about the rest of you but I don't shop loans based on customer service. Interest rate is my only real concern. Typically I may check the balance on an auto loan a few times during the course of the loan and most places give that information through an automated call center. I don't see that as a real selling point quite frankly.

I was referring to customer service during the origination process. Some applicants like to be notified when they're approved or if there are outstanding conditions holding up their loan process, instead of months going by without contact or without a returned phone call and not knowing why their loan isn't closing.

Originally posted by: PowerMac4Ever
I'd like to see you beat Ditech's $395 flat-fee closing cost :roll: NO ONE can beat ditech.

And you can continue to brag about how little you know about mortgages... :roll:

Anyone can do a low/no cost mortgage. They just charge a higher interest rate and get the revenue on the yield spread.

 

[PowerMac4Ever]

Originally posted by: Vic

Originally posted by: PowerMac4Ever
I'd like to see you beat Ditech's $395 flat-fee closing cost :roll: NO ONE can beat ditech.

And you can continue to brag about how little you know about mortgages... :roll:

lol, this is true

 

[Vic]

Originally posted by: PowerMac4Ever

Originally posted by: Vic

Originally posted by: PowerMac4Ever
I'd like to see you beat Ditech's $395 flat-fee closing cost :roll: NO ONE can beat ditech.

And you can continue to brag about how little you know about mortgages... :roll:

lol, this is true

:beer: