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Answers
I just got my bill today!
go to www.gmacfs.com/DirectPay/
information-get.com I am sure your quest for Gmac Auto Loans
I need the number for the GMAC auto financing department to pay by telephone. I think it was/is called TruePay. I don't know the new number to pay by phone.
Try 1-800-200-4622
Considering a trade-in value of about $10,000, the remaining balance of the loan from GMAC will be about $3,000. Can this be rolled into a Toyota Financial Services auto loan?
Absolutely.. happens all the time. The Toyota dealer will pay off the GMAC loan and then secure the new amount financed through Toyota.
GMAC will provide you with a from to complete. They will ask for your bank name, account number and routing number. They will present your authorization to the bank and then be able to take your money electronically on the appointed date.
I really don't like those deals and would suggest that you consider a separate account that you deposit your payments into. Otherwise, if they make a mistake and take too much from your account, you will be fighting them to get it resolved. If all you have in the separate account is the amount of your payment (or a little extra), they won't be able to screw it up.
I have an auto loan with GMAC my payments are really high, how can I decrease my payments, is refinancing the answer and can I refinance with GMAC?
Have you tried searching on the net. There are a lot of lenders advertising here and you may find one that suits your circumstances. You might be looking at a consolidation loan.
I have a perfect record with the lender and had purchased about7 months ago, long before this crisis began to develop. Although I know at the time I purchased it wouldn't be hard to get refinanced at a lower rate/payment, how has this recent activity hurt my chances? I haven't had an issue making the payments but I also am beginning to feel the crunch at my work with the lower amount of sales/volume. A lower payment would be nice.
The credit crunch has just made lenders a little more wary of high risk loans. If you are a top tier, you will have no issue refinancing. If you have some financial issues, it might be a little more difficult, but rates have not changed. The rules of the game haven't changed. There are tons of lending institutions that would be happy to help anyone lower their rates/payments. Just depends on the person.
Admin. plans $30B in bailout aid for small firms The Associated Press
WASHINGTON — The Obama administration is setting aside $30 billion from the financial bailout fund for a program designed to encourage lending to small businesses to aid the economic recovery.
An internal document obtained by The Associated Press spell out how the Treasury Department plans to spend money from the fund before it expires in October 2010. The document show $40 billion would go to consumer and business lending programs.
Of that amount, $30 billion would support lending to small companies, according to a Treasury official who spoke Friday on condition of anonymity because no final decisions on the program have been made.
President Barack Obama said in October that the administration would create an expanded business lending program but officials have had trouble finalizing the details.
Another Treasury official, who also spoke on condition of anonymity, said a range of options were still being considered and key members of Congress were being consulted. He said final decisions were not expected until next year.
News
Good credit means easier auto loanDetroit Free Press - Dec 10, 2009
Autochannel (press release)Consumers with good credit are finding it easier to get auto loans, but those with marginal or worse credit are still finding it tough, Experian Automotive: Auto Loan Industry Showing Signs of StabilizingU.S. Automotive Lending Industry Showing Signs of Stabilization, According to all 22 news articles »
The Associated Press - Dec 11, 2009
_ Auto lender GMAC reported using the full $13.4 billion it received to bolster its capital reserves so that it can keep making auto loans, and more »Wall Street Journal - Nov 18, 2009
New York Daily NewsDerivatives Mkt Renders ResCap Verdict,And It's Not GoodDe Molina's vision for GMAC was as a diversified lender of auto loans and mortgages. To this effect, he saw ResCap's mortgage originating and servicing Troubled GMAC Is Making It Look Easy For Rival Ford CreditGMAC Financial Services CEO resignsGMAC'S New CEO Focuses on Autos, 'Solution' at ResCap - -all 361 news articles »
The Detroit News - Dec 10, 2009
Washington PostThe fund has provided about $82 billion in loans to automakers and auto finance companies. Late Wednesday, the Government Accountability Office issued a Special IG Of TARP Releases Expanded Bailout Spending ReportTARP a Disaster Says Congressional Oversight PanelWhere has the US bailout money gone?all 2,117 news articles »
MarketWatch - Dec 12, 2009
One of Elliott's remaining auto investments is Chrysler Financial, an auto loan company with ties to Chrysler. Elliott may be best known for its investments and more »