Loans Down But GM Survives

General Motors Middle East is witnessing the first signs of the financial crisis hitting its regional operations, as loan approval rates start to drop. Speaking at a press conference, the new President of GM Middle East Operations, Mike Devereux, revealed that the loan rejection rate for its vehicles has risen from 5% to between 20% and 30%. However, the impact depends upon the individual market, as Devereux added that around 70% of its sales in the UAE are financed by credit, while more purchases are funded by cash in Saudi Arabia.

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