12.31.2008
yet another subprime crisis in the making
and so soon! GM is apparently this desperate:
"...dealers now can offer loans through GMAC to consumers with credit scores in the 620 range.
"Six hundred twenty is not a subprime score," said LaNeve. "That’s a very creditworthy buyer. Hopefully, we’ll have access to more of the market that is out there."
Compare with Wikipedia's article on subprime lending:
Although there is no standardized definition, in the US subprime loans are usually classified as those where the borrower has a credit score below a particular level, e.g. a FICO score below 660.
- posted by vcmc @ 12/31/2008 01:51:00 PM
