Leadpile’s Blog

In recent news, GMAC announced it would only offer auto loans to consumers with a credit score of 700+. According to Reuters.com, GMAC is only wanting to extend credit to those with good credit, and is also saying it will be doing more shorter term loans. This is in direct response to the economy and what is happening to the auto industry. GMAC expects these changes to remain in place until the economy stabilizes. In addition to these changes that are affecting consumers, GMAC says, “it has increased the rate it charges car dealers for providing standard auto financing by 75 basis points.” Therefore, this is not only affecting the consumer who is getting the car, but also those that are selling the cars.
Leadpile Lead Exchange works a lot with auto finance and car purchase leads. Situations like this, in the lending world, are going to affect the average “joe” who buys a car. This is where the auto finance lead type could become more demanded because generally you are talking about consumers that don’t have the perfect credit like GMAC is wanting. These consumers still need funding and there are still options out there for them, even though their credit is not “perfect”. Those dealers being affected by the GMAC decision should look at joining our lead exchange. We have the ability to connect you with consumers that are looking for a car and want it now.

The American way is to live beyond our means, however it is not the “right” way to live.
Think back to when you were in college and those credit card companies had tables set up to issue some new credit cards. Who didn’t want to get a NEW credit card to go shopping with. That is the problem, people don’t think past that initial “GREATNESS” about the credit card, and really this mentality helped to create the debt troubles we all face.

According to Investopedia.com there are signs to look for to determine if you are not in an ideal situation financially.
1. Your credit score is below 600.
2. You are currently saving less than 5% of your income.
3. Your credit card balances are just getting larger and larger.
4. More than 28% of your income goes towards paying for your home.
5. Your bills are just out of control (robbing Peter to pay Paul situations).

Overall, there are ways to prevent situations like this, however there are also situations in our lives that are out of our control. There are options out there to help educate consumers, help them get out these situations, and possibly teach consumers how to prevent them from happening again. Leadpile Lead Exchange generates a high volume of debt leads. These consumers are on the internet looking for this help, and want that help NOW!