Austin, Texas (PRWEB) October 17, 2008
Greg Chapman Motors, http://www.gregchapmanmotors.com, an Austin Texas based used car dealer, announces its ability to finance used cars, trucks and SUV's during the current credit crisis because they are a private lender offering in house financing.
GMAC Financial Services and banks have tightened up their lending practices due to the credit crisis. GMAC announced recently that "it will only lend money to prime borrowers with credit scores of more than 700". People with poor or limited credit are being hit especially hard as lenders are requiring more money down and a better debt to income ratio. Sales in the auto industry fell 27% in September. Only 63% of consumers applying for a car loan are being approved today compared with 83% a year ago. The credit crisis has hit independent auto dealers and used car dealers especially hard. In September 1,000 independents/used car dealers closed their doors because they could not get auto loans for their customers.
Greg Chapman Motors is surviving this crisis due to the sound in house financing practices it has followed for years. "We use our own money to finance used cars for our customers. Our experience and excellent track record in lending to our customers provides us remarkable flexibility in a credit market reeling from a meltdown. This should be our finest hour as a company," said Greg Chapman, President of Greg Chapman Motors.
Greg Chapman Motors offers the Austin Texas area a great selection of used cars, trucks and SUV's. Since 1959 Chapman Motors has grown with Austin and surrounding areas. Greg Chapman Motors is the 6th location within the Chapman Motors family. It opened its doors in April, 2002 in Cedar Park, Texas, just north of Austin on Hwy 183. For more information, please visit http://www.gregchapmanmotors.com.