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| July 26, 2010: General Motors Co. will buy Fort Worth-based AmeriCredit Corp. for $3.5 billion, a deal that allows the automaker to expand loans to customers with subpar credit and offer more leases, key areas where GM must grow to accelerate its vehicle sales, according to The Associated Press and other media reports. But the acquisition of the independent auto financing company also means that GM, which is 61 percent owned by the U.S. government, is getting back into the business of making loans. GM said it advised the U.S. Treasury Department of the acquisition, though government approval was not required. GM executives have said for months that they were missing sales opportunities due to lack of credit for lease deals and financing for subprime buyers, those with credit scores below 620 on a scale ranging from 300 to 850 points. About 40 percent of U.S. customers have subprime credit scores, said Chris Liddell, GM's Chief Financial Officer. |
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