Auto finance giant GMAC and its former parent General Motors announced plans Tuesday to expand financing to a wider spectrum of customers a day after a six-billion-dollar US government rescue.
GMAC, which has long been the financial arm of General Motors, said it would modify its credit criteria two months after placing tight restrictions on loans to only the most creditworthy borrowers.
I always wonder what genius in the board room reminds bankers they don't make money unless they make loans.
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