Will I qualify for GM Financing with a 25 year old GMAC debt discharged at bankruptcy?

[Anonymous]

Curious.

25 years ago, as a young man, I regretfully fild for bankruptcy.  One of the creditors was GMAC.

I was told by a GM Dealer that I shouldn't worry about that because GMAC was bought out by Aly.

Any truth to the buy-out?  Should I be worried that GM Financial will not approve me based on the GMAC debt discharge 25 years ago?

Thanks in advance for any info!

Peace!

[chiefone4u]

While I don't know if you'll be approved with or without the prior discharge (not a fortune teller, and not enough information for anyone to make an educated guess on approval odds).

The dealer is correct that Ally Financial acquired GMAC. More accurately GMAC was renamed Ally Financial in 2010; GM spun it off into a stand-alone company in 2006 and lost majority ownership during bankruptcy. 

https://en.wikipedia.org/wiki/Ally_Financial 

[Anonymous]

Thanks.

I have 762-784 scores depending upon which bureau and which scoring model you choose.

I should qualify for financing, if not from them from someone else.  I have less than 5% utilization, etc.  3 years AAoA, etc. etc. etc.

Anyway, just don't wanna have GM Financial run my credit if they will deny me based on the 25 year old bankruptcy in which I filed on GMAC.

Thanks again!

Peace!

[chiefone4u]

I'd say you've got a pretty good shot even if they remembered that far back... though I doubt they do.

Happy shopping! 

[sccredit]

GMAC was spun off and renamed Ally Financial as mentioned above.

The current GM Financial used to be Americredit and was purchased by GM in 2010.  

First, I doubt a 25 year old charge off would have any affect even on an Ally approval.  Second, because GM Financial is an entirely different company than the old GMAC I don't see an affect there either.

With your scores you should be fine on a prime rate approval through GM Financial.