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Frequent Contributor
Scuba
Posts: 455
Registered: ‎06-08-2008
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GMAC Financing With +621 FICO Score - Who Has Been Approved

Now that GMAC is back in the lending business, has anyone been approved around the 621 range?
Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
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Re: GMAC Financing With +621 FICO Score - Who Has Been Approved

Anecdotal evidence is low scores will make getting a loan possible, but the interest rates and term length may not be very good for the consumer.  Everything is still semi-frozen in the car business.  And it changes day be day.
Senior Contributor
fishbjc
Posts: 3,414
Registered: ‎11-30-2007
0

Re: GMAC Financing With +621 FICO Score - Who Has Been Approved

Depends if the dealership pulls & receives a different score.  Your interest rate also is dictated by the amount of $$$ you put down, trade in and all of that.

 

When you do apply, make SURE the dealer SHOWS you YOUR SCORE.  You have a right to see that score.  If they put up a hard fight, run out the door.

 

DH was approved with VW lower than that (although his TU was way higher), $1500 trade & $3k downpayment.

He also has two autos.

 

I think you'll get it.  I'm sending you a PM

Established Contributor
valley_man0505
Posts: 879
Registered: ‎05-29-2008
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Re: GMAC Financing With +621 FICO Score - Who Has Been Approved

Just wanted to refresh this thread out of curiosity as I will be looking to get a GMAC approval once I get my 1st Time Homebuyer credit back.

 

Does anyone know who GMAC pulls?  Not much information for them on whogavemecredit.

Valued Member
corysti
Posts: 42
Registered: ‎04-03-2009
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Re: GMAC Financing With +621 FICO Score - Who Has Been Approved

Well yesterday my dealership used GMAC and I got approved for the15k loan with my credit score of only 629. They pulled EQ for me so im not sure if thats everywhere. Only thing though they may approve you but there is a 80% chance they are going to ask for proof of income and I was told I had to make 1800+ a month to get the loan so i walked out. Best decsion I made in my life :smileytongue:

Starting Score: 475
Current Score: 517
Goal Score: 650


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Established Contributor
valley_man0505
Posts: 879
Registered: ‎05-29-2008
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Re: GMAC Financing With +621 FICO Score - Who Has Been Approved

Thanks for the reply corysti.  What part of the country are you in?  That can make a difference sometimes in who they pull.
Valued Member
corysti
Posts: 42
Registered: ‎04-03-2009
0

Re: GMAC Financing With +621 FICO Score - Who Has Been Approved

Yea, Im a arkansas resident :smileyhappy:

Starting Score: 475
Current Score: 517
Goal Score: 650


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Established Member
Bradsrq
Posts: 11
Registered: ‎05-06-2007
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Re: GMAC Financing With +621 FICO Score - Who Has Been Approved

I was just approved a week ago thru GMAC. My scores are in the 660"s.  I got a rate of 8.9% for 72 mos. The car had a 3500 rebate and I put 1K down. Dont know if that helps you or not.

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