General Motors will temporarily suspend matching payments into its employees’ 401(k) accounts as it struggles to raise liquid cash. The suspension of matching contributions will come into effect on November 1 this year, and will affect GM's entire North American workforce. Additionally, GM is reported to be evaluating the number of salaried workers it employs, with a view to lay off up to 5,000 employees in order to drastically cut its costs. The move preserves the 401(k) accounts and allows workers to continue contributing into them as well, which has direct tax benefits and other...
GMAC ceases all financing to buyers with credit rating below 700
Automotive lending and mortgage firm GMAC has announced it will further restrict automotive financing by ceasing to offer any money to buyers with credit scores lower than 700. The move puts most American buyers out of contention for GMAC financing, as the average credit score in the U.S. is 680...Nelson Ireson