GMAC - More than Car Loans

GMAC, arguably one of the best-known names in the lending industry today, was founded in 1919 as a direct result of the assembly line production of cars. Until the company's conception, car dealerships simply bought one or two cars at a time to keep their lots stocked. With the number of cars then rolling off the assembly lines, dealers were looking for ways to increase their stock and their customers' ability to buy those cars. Enter the General Motors Acceptance Corporation, a subsidiary of General Motors.

Within a year, GMAC had expanded its operation to Europe and within the first decade had written more than 4 million retail contracts. It wasn't until 1985 that GMAC entered the home mortgage market, but the results can be seen in the number of people who currently own a home through a GMAC mortgage. In 1999, the company further expanded with the purchase of a factoring company - lending to increase cash flow for small businesses that depend on invoicing for payment.

Today, GMAC is a global lender offering quality products and services to customers around the world. The company has reported increasing revenues over the past few years, a statement of the growth and continued expansion of GMAC. The company finances automobiles and homes for individuals, and also offers an array of services for the commercial client - including insurance, financing and mortgage.

GMAC Mortgage offers several loan options for those building their own home. GMAC has set out to streamline the process of building or renovating a home without multiple qualifications for the various stages of the process. Choose from one or two-step programs that allow you to plan, borrow and complete your building project without returning to the application step over and over again. This is true both for the person building and for those renovating - even if you are purchasing a home that needs renovations.

GMAC's Debt Servicing Utility is an opportunity to take out a loan with lower loan-servicing costs. The financial benefits are obvious - lower loan costs mean more money in your pocket to accomplish your goals. Take advantage of DSU and many other products and services offered up by GMAC.

GMAC Mortgage also offers the option to refinance your existing mortgage for any of several purposes. You may be looking to cash-out the equity in your home to pay off high-interest credit card debt, pay for college tuition or to take that dream vacation you've been planning. Even if you're just in the market for better terms, you may be eligible for a GMAC refinance loan. Do away with high interest rates, lengthen the term of your note to lower your payments, or take advantage of equity to do renovations.

GMAC first started business in hopes of stimulating purchases of new cars being produced by General Motors. But that endeavor resulted in the spin-off of several additional companies and the results today are evident in the company's holdings, loan originations and standing as a leader in the lending field.