WRAPUP 1-GMAC, Ford pull back on leases as credit tightens

Newswire

By Kevin Krolicki DETROIT, July 29 (Reuters) - GMAC and Ford Motor Credit disclosed steps on Tuesday to cut back on auto leases in a move that leaves automakers facing the risk of even more pressure on auto sales already at decade lows. The steps by GMAC and Ford Motor Credit stopped short of Chrysler Financial's wholesale abandonment of lease financing that shocked the struggling carmaker's dealers on Friday. Analysts said the steps could protect the balance sheets of the auto finance ...

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