Financial Services has announced it will stop offering consumer
financing for the vehicles of its Opel, Chevrolet and Saab brands
in seven European countries.
The finance arm of auto maker General Motors announced that the
countries affected would be the Czech Republic, Finland, Greece,
Norway, Portugal, Slovakia and Spain. These changes will not yet
affect corporate financing, or full-service leasing.
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Gina Proia, a spokeswoman at GMAC, commented: “These are actions
we didn’t take lightly but due to constrained access to funding,
we’ve taken steps to better align operations with available funding
sources.”
Although the company will continue to lend to borrowers in 11
other European countries, it will implement a more conservative
pricing policy. “We’re taking measures to manage capital and
funding resources in the face of extremely difficult market
conditions,” Proia added.
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