by Calculated Risk on 10/14/2008 10:38:00 PM

From Bloomberg: GMAC's Lending Limits May Add to GM's U.S. Sales Woes (hat tip Justin)

GMAC said yesterday it's granting financing only to buyers with scores of at least 700, who represent about 58 percent of U.S. consumers. The Detroit-based company, now controlled by Cerberus Capital Management LP, provided 43 percent of GM's second-quarter auto loans.

Tighter credit equals fewer sales. This remains me of the old saying (that is true during a credit crunch): Bankers only lend money to people who don't need it.