GMAC - Interest rate cut ????

directstep

In my view it's lenders like GMAC that the government should be targetting and pressuring to reduce rates....... it's ridiculous nothing being passed on from 1.5% .... this is exactly what drives people into trouble. Disgusting

luckyfool

The government have zero leverage with a company like Gmac. They are closed to new business so they probably don't care too much about bad publicity either.

Tiddler_2

directstep wrote: »

In my view it's lenders like GMAC that the government should be targetting and pressuring to reduce rates....... it's ridiculous nothing being passed on from 1.5% .... this is exactly what drives people into trouble. Disgusting

The rate has been cut to 5.75%

It may well be that like some other lenders, they haven't been able to give the necessary notice to customers who have direct debits going out at the beginning of the month.

http://www.gmacrfc.co.uk/render.aspx?siteID=1&navIDs=1,2,17


Libor linked deals will probably see their rates changed shortly

simonts

Sorry peeps I assumed I was on SVR but reading my agreement with GMAC after my fixed expired I started to track at 1.95% above the BOE base rate so currently 3.95%

thebigboss_2

You should be seeing the rate cut by now, as Tiddler says currently 5.75%

I have another with Oakwood Homeloans who have gone even further and are somewhere around the 4.5% mark.

I predict another 1/2% cut on Thursday so lets see if they follow suit again. The only way seems to be to apply pressure so lets do it!

luckyfool wrote: »

The government have zero leverage with a company like Gmac. They are closed to new business so they probably don't care too much about bad publicity either.