gmac floorplan curtailments

[joseph]

We are a BPG dealer in Illinois, and just received a letter telling us that beginning Nov. 15th, a 5% reduction will be required on all 2008 new vehicles floored with GMAC that have been in stock for more than 180 days. This reduction will continue monthly until the car is sold. We have talked with a few dealers, and so far no one has received this notice other than us. Has anyone else out there received or heard of this? Thanks

[sallen1]

I got a letter addressing used vehicle flooring and that they would bank 75% of black-book, etc. Nothing on the new vehicle side.

I imagine there are dealers with a heavy mix of old 08s and GMAC is getting nervous... Under the dealer contract, GM does not re-purchase past-model year vehicles.

s