Three Generations 2
I was there
I worked for GMAC my entire career. I remember in the late 60's and early 70's we had one rate system for customers. If you purchased a new car you received our new car rate. If you purchased a used car you received our used car rate. We then initiated credit scoring to determine the customer's rate. This was very controversial at the time, as no other credit granting company had done this. Now credit scoring is used world wide for everything from granting credit to establishing insurance underwriting criteria. GMAC was the first and the best in establishing this system to extend a method to price credit based on a person's past history.
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