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GMAC hopes General Motors brand will drive mainstream mortgage success

Sub-prime lender GMAC Residential Funding is set to enter the mainstream market as part of a rebranding exercise.

The General Motors subsidiary is looking to capitalise on the global reputation of its owner by changing its brand at the same time as launching mainstream loans.

GMAC-owned packager Private Label has been the public face of the lender since it was taken over in 1998. But GMAC wants to take a more high-profile role and is changing its logo and literature to include the General Motors name.

Private Label&#39s logo will change to the same design as GMAC, whose name will be included on the packager&#39s literature. GMAC hopes Private Label&#39s profile will bolster its move into the mainstream sector.

The first products to be offered under the GMAC lending brand will be a two-year fixed-rate mortgage at 4.99 per cent and a self-certification loan fixed at 6.45 per cent until May 2002. The loans then revert to GMAC&#39s standard variable rate of 7.45 per cent.

GMAC marketing director Simon Knight says: “Leveraging the company&#39s strengths in securitisation, lending and investment in the UK, we are already seeing the benefits of a global exchange of knowledge.”

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