As of 2015, AmeriCredit Financial Services, or GM Financial, offers financing options for automobiles in the form of subprime loans, explains the General Motors Financial Company. Dealers originate these auto finance contracts, which GM Financial purchases. The exact financing options available depend on the coverage area and time of application.Continue Reading
GM Financial Services offers subprime loans to individuals with poor credit history, according to General Motors Financial. Commercial companies can also receive traditional financing with the benefits of full ownership and financing terms that are longer than usual. The company focuses on middle-market customers and serves the North American region. This subsidiary of General Motors Company operates under both the GM Financial and AmeriCredit company names and uses either name depending on the dealership after its purchase of AmeriCredit in 2010.
AmeriCredit customers include various individuals such as professionals, business owners accountants and office workers who have a financially difficult experience such as divorce or illness, explains the General Motors Company. Most of the company's subprime customers have an average credit score of 545 and usually take a 71-month term loan. Customers with a mean annual income of approximately $68,000 also average paying 12 percent down on a vehicle and take out a loan of approximately $23,100.Learn more about Credit & Lending