Will GMAC refinance an auto loan during this period of financial crisis?

I have a perfect record with the lender and had purchased about7 months ago, long before this crisis began to develop. Although I know at the time I purchased it wouldn't be hard to get refinanced at a lower rate/payment, how has this recent activity hurt my chances? I haven't had an issue making the payments but I also am beginning to feel the crunch at my work with the lower amount of sales/volume. A lower payment would be nice.

Will GMAC refinance an auto loan during this period of financial crisis?
The credit crunch has just made lenders a little more wary of high risk loans. If you are a top tier, you will have no issue refinancing. If you have some financial issues, it might be a little more difficult, but rates have not changed. The rules of the game haven't changed. There are tons of lending institutions that would be happy to help anyone lower their rates/payments. Just depends on the person.
Reply:Refinance doesn't necessarily mean a lower rate - those are two separate issues.





If you have sparkling credit, you probably won't have a problem finding a new loan - you don't have to go back to GMAC by the way, many banks and credit unions will refinance car loans.





What you need to figure out is if the rate you are going to get is lower than what you have today (unless you're just looking to extend the length of your contract). Check bankrate.com to see the prevailing rates for your particular situation (i.e. older cars have higer rates than newer ones).
Reply:If you had purchased a new car with plans to refinance at a later date, the rules are different. A new car can be financed at 100% but used cars are generally only 80%.