GMAC In Brazil To Keep Car Loans At 60 Months
28 Mai 2009 - 10:46PM
Dow Jones News
General Motors Corp.'s (GM) lending arm, GMAC, said Thursday, it
will keep the life of its car loans at a maximum of five years as
other banks have opted to extend car-loan installments.
The life of GMAC car loans in Brazil have been as long as 62
months, but never more than that.
On Wednesday, Banco Bradesco (BBD) said it would extend its car
payment terms to 80 months from 60 months. Rivals Itau Unibanco
Multiplo (ITUB) and Banco Santander (STD) have extended their car
installments to 72 months from 60 months, Dow Jones Newswires
reported Thursday.
Brazil is General Motors' third biggest market outside the U.S.
and China.
-By Kenneth Rapoza, Dow Jones Newswires, 5511-2847-4541,
kenneth.rapoza@dowjones.com