GM heading towards a sub prime loan problem?
Looks as though they have been allowing sub prime loans more than other auto makers http://money.msn.com/investing/post--is-gm-headed-for-another-subprime-loan-crisis
Forum Discussion
gmcsmoke wrote:Doesn't mean much. FICO scores don't usually count when you use captive financing. Vantage scores and Beacon scores are what are used. My FICO score is over 660, but my Beacon score is far lower. Each scoring model uses different factors to predict creditworthiness.
it's a said state of affairs in America when only 3% applying for an auto loan have a FICO score above 600
It's better to go through a bank or credit union anyway. Right now my credit union will loan money for a new car for 3% simple interest.
