Mike Shedlock reports on GMAC’s new plan to save GM.  After all, there’s nothing to lose since GM will likely go kerplunk soon. The strategy? – it’s biblical (see Luke 6:25) – “Lend, expecting nothing in return”:

Here’s some quotes from the article:

NEW YORK/DETROIT (Reuters) – GMAC Financial Services said it will resume making car and truck loans to subprime borrowers and will lower inventory financing costs for cash-strapped auto dealers, part of a series of moves intended to spur sales at General Motors Corp.

The moves announced Wednesday come as the embattled automaker races to restructure and get customers back into its showrooms amid growing risk that it will be pushed into bankruptcy by the Obama administration.

The finance company plans to resume accepting finance applications from car and truck buyers who have credit scores below 620, a line dividing prime borrowers from less creditworthy subprime borrowers. The median U.S. credit score is 723, according to Fair Isaac Corp’s myFICO unit.

GMAC also will cut borrowing costs for some new and used vehicle purchases.

In addition, it eased a variety of fees and payments imposed on dealers, giving them more breathing room to lower both costs and inventory of unsold vehicles.

What the heck, it’s only taxpayer money and it’ll all be over soon. Let’s go out with a bang!