Credit: The Cry Against G.M.A.C.

Every year, the small auto finance companies that make up the American Finance Conference kick off their annual convention with a blast against their special foe: giant General Motors Acceptance Corp., the sales finance subsidiary of General Motors. They kicked again last week in Washington, and with new fury. Unless G.M.A.C. is quickly curbed, complained Richard Meier, chair man of the A.F.C. executive committee, there may soon be no "independents" left. In the past five years, says Meier, the number of independent auto finance companies has shrunk from 322 to 242.

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