This would have meant that the market grew by 15% in the past 12 months when in fact growth looks to have been closer to 20%. Therefore Gmac-Rfc’s growth would only be four times the market rate.
GMAC-RFC’s pre-audit lending was 12.1bn in 2006, which represents 75% annual growth.
The claim has been disputed by Ray Boulger, senior technical adviser at John Charcol. He says the market has grown more than GMAC-RFC thinks, meaning its claim is technically flawed.
Jeff Knight, director of marketing at GMAC-RFC, says: “If our growth was not five times the market rate it was no less than four times – still a successful year. Ray is rarely wrong when it comes to statistics.”
Boulger says: “It’s a question of maths. We are near the end of the 2006/07 fiscal year and can see that it is likely to show growth of about 20%.”