GMAC will no longer extend auto lease deals to consumers with the lowest credit ratings according to reports.
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Dow Jones reported that GM’s credit arm is tightening up on leasing deals due to losses incurred. The move would follow Chrysler’s decision to suspend subsidised leasing.
The report said that GMAC told dealers it will no longer offer leases to customers who fall in the lowest two of six credit-rating categories.
Dealers were cited as source.
The trend of adjustments in the auto leasing business is gaining momentum, the report added, as losses for finance providers mount amid slumping vehicle resale values.
