The new cars coming from GM are so awesome, they sell themselves! Only… not so much:
The automaker is relying increasingly on subprime loans, 10-Q financial reports shows.
Potential borrowers of car loans are rated on FICO scores that range from 300 to 850. Anything under 660 is generally deemed subprime.
GM Financial auto loans to customers with FICO scores below 660 rose from 87% of total loans in Q4 2010 to 93% in Q1 2012.
I’m so glad to be an involuntary shareholder in a company with such sterling…
…oh, I can’t finish it, not even in weary jest.