IPFS News Link • Economy - Economics USA
GM Ramps Up Risky Subprime Auto Loans To Drive Sales
• By DAVID HOGBERG INVESTOR'S BUSINESS DAILYThe Obama administration in 2009 bailed out GM to the tune of $50 billion as it went into a managed bankruptcy.
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.