Wednesday, April 1, 2009

NEW YORK (AP) - GMAC says it will temporarily eliminate and waive some fees and payments for dealers in an effort to ease the pressures stemming from the steep drop in demand for new vehicles.

General Motors’ financing arm also says it will make $5 billion available for consumer vehicle loans over the next 60 days in an effort to boost sales.

Auto dealers have struggled in recent months amid weak consumer confidence and continued questions about the future of the U.S. automakers.

GMAC says it’s also cutting rates for certain new and used vehicle financing and expanding financing to some consumers with credit scores below 620.

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