I was very disturbed to read the misinformation printed in the July issue under the headline, "GMAC's new system to speed up processing loan applications."
There are five specific inaccurate areas:
1. "We intend to reduce approval rates to two days or less on average and, in turn, reach an average rejection rate of 5%." You have mixed apples and oranges. This is a serious question of definition. We have a credit application approval process and a contracting processing period. For credit applications, the average turnaround time now is less than 30 minutes, and we intend to reduce that to mere minutes. Your writer indicated this process could take weeks - this is ridiculous.
2. "Incentives and financing options available on their EAD (Electronic Acquisition and Discounting) data base..." Not true. WILL be available in the short term.
3. "All Dealer Service Providers of electronic systems...are cooperating in the MAPS initiative." Not true again. This process is being rolled out to selected DSPs.
4. "GMAC hopes to reach a 70% `yes' rate (for C-tier applications) in the same quick time frame that most A-tier and B-tier vehicle purchasers enjoy." Once more, not true. We intend to reach a 70% rate for all tiers combined.
5. "Dealer requests for more Nuvell field personnel will be met." Nuvell is our non-prime financing subsidiary and it would be presumptuous of me to speak for Nuvell on personnel matters.