GM to Rebrand AmeriCredit 'GM Financial'

GM Financial

GM has announced it will close the sale of AmeriCredit this Friday, which should allow the automaker to offer more attractive financing and leasing in the near future. The new financial arm will be called GM Financial (new corporate logo above).

With AmeriCredit, GM will form a new in-house financing firm that will allow the company to dictate its own financing options in the U.S. and Canada.

In general, GM Financial will help the automaker re-enter the leasing business. Only 7% of GM sales are from leasing, compared with the industry average of 21%, according to CNW Marketing Research. It will also allow the company to offer more car loans and leasing options to subprime lenders.

Before GM’s bankruptcy the company sold off its captive lending company GMAC (now Ally Bank) in a failed attempt to stave off insolvency. Ally Bank stopped attractive leasing options and boosted its minimum credit score requirements, which hurt many car shoppers’ ability to purchase a GM car.

Now, in conjunction with Ally Bank and GM Financial, there should be more options if you go to a GM dealership. GM has also had talks about offering subprime lending and leasing with several other banks, including Capital One, JPMorgan Chase and Wells Fargo.

By Colin Bird | September 30, 2010 | Comments (11)
Tags: In The News

Comments 

Dan

So will both Ally Bank and GM Financial loans be available at the dealership? That should lead directly to competition and help keep rates low for GM customers.

Paul

I'm glad they named it GM Financial this way it'll be easy to avoid. After the bail-out I refuse to do any business with GM until they pay back the ENTIRE loan. GM is no different than the low-life Wall St bankers.

Paul

Paul,

What does that mean? I understand your sentiment but can you help me understand why you refuse to do business until they pay back the entire loan?

Talley

I can't speak for Paul but what's so hard to understand?? The Gov used our tax dollars to prop up a private business. If you don't see a problem with that then you should work for the Obama administration.

Iris

They are still doing their customers wrong.. I bought a car finance it thru americredit/ and now recently paid it in full. Well I made a check from my bank acct. and GM send the title of my vehicle to my bank, REALLY??? I have been trying for nearly 2 months to get my title and now recently had to ge my bank to contact them with me on the line and say "look we had nothing to do with this transaction give her the title" GM response oh we need a letter of release from your bank a bank that never ever had anything to do with the vehicle. Now I have to move they wont fedex me the release of title which basically says hey we lost your title. They want me to pay for it when it was their mistake in the first place. I offer to go pick it up and the response I got from the mngr of the finance dpt. was that the office are only for corporate not for customers. So according to what I was told was that they dont do business face to face with their customers only on emails, letters, and phone WTH. I am never dealing with this ppl again next car I buy I am so going thru USAA way better financial institution.

Claribel Echemendia

I am in the same situacion to many people to make a deal wiht Americredit now GM Financial,I have loan for 72 months,am already pay 69 when I call today for chek my balance they tell me I have to pay 3 regulars payments more,plus 1 final payment for the amount 2,800 for the interest and late payments I did or they will be repossed the car.I have 3 months more for check with the layer is this is legal.Nobody can stop the Banks to still the money to poor people????We are the workers to going every day to work for suport the family and one simple pice o paper signed for you with hiden terms, permited the Banks charge until 27% interest for 72 months,2,800 dolars more,this is really abusive.PLEASE WE HAVE TO STOP THIS!!!!

Rusty

If you go to buy a car and the dealer mentions Americredit or GM Financial run for the hills. Or you can be a sucker and pay twice as much for the sticker price of the car because of the interest. You are better off finding a local loan shark because these companies are not better. BRUTAL

DEBBIE

I HAVE BEEN LAID OFF FROM MY JOB SINCE FEB OF THIS YEAR AND I CALLED TO ASK FOR HELP WITH MY PAYMENTS, THEY TOLD ME THEY DIDNT OFFER THOSE KINDS OF SERVICES. THEY SAID THAT I WASNT ELIGABLE FOR THAT SERVICE. SO DO THEY OR DONT THEY HAVE A SERVICE TO HELP PEOPLE WHO HAVE LOST THEIR JOBS.

IRMA G SALAZAR

how do i contact gm financial?

john

gm financial will rip you off, do not trust them, find a better company

Mike

Americredit/GM financial worst company that I have used. I would never use them again or suggest to anyone else. Find a different company!!!

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