GMAC loosens credit to make vehicles easier to buy - WKOW 27: Madison, WI Breaking News, Weather and Sports

GMAC loosens credit to make vehicles easier to buy

NEW YORK (AP) -- Some of that $700 billion financial industry bailout fund will help loosen credit for car buyers.

  The financing arm of General Motors says it will use part of the money to make cars and trucks more affordable to a larger pool of customers.

  That word comes after the GM financing arm got $5 billion in federal aid.

  It's the first time a financial institution has said it will use bailout money to offer more affordable credit to consumers.

  GM says it's offering car buyers financing as low as zero percent over the next week for several 2008 and 2009 models in a big year-end sales push.

  The move gives some relief to auto dealers, who were blaming the industry's steep drop in sales partly on a lack of affordable credit.

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