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GMAC ANNOUNCES NEW CREDIT APPROVAL POLICY

 DETROIT, April 6 /PRNewswire/ -- A new GMAC credit approval policy, offered through General Motors dealers, can help more consumers drive new GM cars and trucks more often.
 Effective immediately, all GM customers who qualify for GMAC's conventional retail financing are automatically approved for a GM SmartLease or SmartBuy contract with terms of 36 months or less, announced GMAC President John R. Rines today.
 "Today's announcement reinforces GMAC's commitment to helping the General Motors Marketing Divisions and their dealers sell more new GM cars and trucks, and introduces more GM retail customers to the benefits of our SmartLease and SmartBuy products," Rines said.
 "Consumers are turning to our SmartLease and SmartBuy products because of their affordability," Rines said. "GMAC's SmartLease and SmartBuy products offer consumers attractive ways to shorten terms, drive more car or truck for the money and still have lower monthly vehicle payments."
 With SMARTLEASE by GMAC, customers pay for the difference between the price of the vehicle and its estimated value at end of the lease. This difference represents the amount that the vehicle is expected to depreciate during the lease. SMARTLEASE's benefits include: shorter terms; low monthly payments; ability to drive more vehicle for the money; no resale risks or trade-in hassles; and a guaranteed purchase price at the end of the contract.
 SMARTBUY is designed for customers who prefer to own their vehicle and also want the benefits typically associated with leasing. A balloon payment plan in most states, SMARTBUY offers a regular payment schedule with a larger final payment. The final payment, which is determined at the time of purchase, approximates the estimated value of the vehicle at the end of the contract. SMARTBUY customers have several options at the end of the contract, including returning the vehicle to the dealer.
 To find out how GMAC can help consumers drive a new GM vehicle more often, consumers should contact their local GM dealer or call 1-800-32-SMART.
 GMAC, a subsidiary of General Motors Corporation (NYSE: GM) is one of the largest financial services companies in the world. Since 1919, GMAC has extended more than $700 billion of credit to help consumers purchase or lease more than 127 million cars and trucks.
 GMAC Monthly Payment Comparison on a $16,000 Vehicle Purchase/Lease with $1,600 Due at Contract Signing.
 (For Illustration Purposes Only)
 Retail SmartBuy SmartLease
 Term (Months) 60 36 36
 Monthly Payment 297 287 292
 Total of Payments ($) 17,831 10,032 10,512
 Final Payment/Purchase
 Option Price N/A 6,560 7,568
 NOTE: License, title fees, taxes and insurance are extra.
 -0- 4/6/93
 /CONTACT: L.A. Kosinski, 313-556-1022, or T.P. Sullivan, 313-556-1020, both of GMAC/
 (GM)


CO: General Motors Acceptance Corporation ST: Michigan IN: FIN, AUT SU: PDT

DH -- DE004 -- 3389 04/06/93 11:02 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
Words:468
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