Car Loans banned in 7 nations

[blixs9 at gmail.com]

GMAC Financial Services said Tuesday that it no longer will make auto
loans in seven European countries, citing troubles in the lending
industry that have forced it to adjust its operations.

The financing arm of Detroit-based General Motors Corp. said as of
Nov. 1, it no longer will originate retail loans in the Czech
Republic, Finland, Greece, Norway, Portugal, Slovakia and Spain.

GMAC said it will assess the implications of the tough credit markets
in those countries and in its markets in Hungary and Denmark.

Gina Proia, a spokeswoman for GMAC, said the company's moves in Europe
are a result of a shortage of capital

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