NADA Statement on GMAC's Announcement to Expand Retail Auto Financing

  PR Newswire

  MCLEAN, Va., Dec. 30

MCLEAN, Va., Dec. 30 /PRNewswire-USNewswire/ -- The National Automobile
Dealers Association (NADA) says the actions of the federal government to
support GMAC Financial Services will bring stability to consumer and dealer
lending and help restore consumer confidence on Main Street.

"Credit is the lifeblood of the auto industry, both for consumers at the
retail level and dealers at the wholesale level," says Annette Sykora, NADA
chairman and owner of two domestic-brand dealerships near Lubbock, Texas.
"Lowering minimum credit scores from 700 to 621 will expand credit
availability to thousands of potential car buyers and further increase
consumer confidence at this critical time in the auto industry."

GMAC's application to become a bank holding company was approved by the
Federal Reserve Board of Governors on Dec. 24. The company received a $6
billion aid package from the U.S. Treasury Department as part of the Troubled
Assets Relief Program.

NADA, founded in 1917 and based in McLean, Va., represents about 19,700 new
car and truck dealers holding more than 40,000 separate franchises, both
domestic and import.

SOURCE National Automobile Dealers Association

Website: http://www.nada.org
Contact: David Hyatt, +1-703-821-7120, dhyatt@nada.org or Charles Cyrill,
+1-703-821-7121, ccyrill@nada.org, both of National Automobile Dealers
Association