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- GMAC, Treasury in Talks on New Capital: Report
- DETROIT (Reuters) - The U.S. Treasury and GMAC Financial Services are in advanced talks to prop up the lender with a third tranche of taxpayer-backed funding, the Wall Street Journal reported on Tuesday.Representatives of GMAC and the Treasury could not be immediately reached for comment.The newspaper quoted unnamed people familiar...
- News items 2009-10-27
- Chrysler Could Lose More Than 100 U.S. Dealerships
- By Bernie WoodallDETROIT (Reuters) - More than 100 Chrysler Group LLC U.S. dealerships face possible closure if they cannot reach new financing deals with GMAC Financial Services or another lender, people involved in the process said on Thursday.Still, the automaker was "optimistic" all or nearly all of the dealerships would...
- News items 2009-11-19
- Third Strike: Used-Truck Values Clobber GMAC, Too
- A third shoe drops, as GMAC Financial Services writes off more than $700 million in the value of used pickups and SUVs coming back from leases. Earlier, Detroit 3 rivals Ford Credit and Chrysler Financial reported similar problems. by Jim Henry
- Blog posts 2008-08-02
- GMAC Seeks Government Investment
- Auto and mortgage lender GMAC Financial Services would like to get in the queue of financial institutions selling preferred shares to Uncle Sam, in return for backing from the U.S. government. First, GMAC has to redefine itself as a bank holding company. by Jim Henry
- Blog posts 2008-11-04
- Third-Quarter Loss Puts GMAC Deeper in the Red
- GMAC is squarely at the center of the financial crisis, with one foot in subprime mortgages and the other in auto lending, two of the hardest-hit sectors in the credit crunch. by Jim Henry
- Blog posts 2008-11-06
- Chrysler Cuts Production, Too, Following GM and Honda
- Another shoe drops, as Chrysler joins GM and Honda in a stampede to cut first-quarter North American auto production, in light of falling consumer demand. by Jim Henry
- Blog posts 2008-12-17
- GMAC to GM: Brother, Can You Spare $1.5 Billion?
- As badly as GM needs cash, it is letting GMAC delay payment on $1.5 billion worth of cars and trucks for the month of December. Both companies are angling for government bailouts. by Jim Henry
- Blog posts 2008-12-18
- GMAC Wins Bank Status, Which Also Helps GM
- The credit crisis has severely curtailed GMAC's ability to borrow money with which to make auto loans and leases. In turn, that has stymied GM customers and dealers. by Jim Henry
- Blog posts 2008-12-25
- GMAC Bond Swap Generates a Big Gain, on Paper
- GMAC Financial Services flirted with bankruptcy at the end of 2008, but GMAC is on its feet again, thanks to a $6 billion government bailout and give-backs from GMAC bondholders. by Jim Henry
- Blog posts 2009-02-03
Additional Resources
- GMAC Financial Services' new era as independent firm
- GMAC Financial Services opened its doors last week as an independent global financial services company after 87 years as a wholly owned subsidiary of General Motors Corp. GM completed the sale of a majority equity stake in GMAC to an investment consortium led by Cerberus FIM Investors, LLC and...
- Research articles 2006-12-06
- Auto Lending Pulling Down Profits at GMAC
- Despite sharper collection practices that at least kept the number of delinquent accounts from growing, profits fell in the first quarter for the auto lending part of GMAC Financial Services -- another sign that the credit crisis is spilling over into the car industry. Like Ford Credit on April 24,...
- Blog posts 2008-04-30
- Treasury, GMAC in talks for more aid
- NEW YORK - GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry. The Treasury Department mandated earlier this year that GMAC Financial Services...
- News items 2009-10-28
- GMAC Didn't Need Bank Status, After All
- The net effect is nearly the same, but there's a real twist in the fine print of the agreements by which GMAC Financial Services became a bank holding company and qualified for a government bailout. Under the GMAC bailout, the U.S. Treasury Department on Dec. 29 said it was buying $5...
- News items 2009-08-07
- GMAC Wins Bank Status, Which Also Helps GM
- The Federal Reserve approved an application from GMAC Financial Services to become a bank holding company, in turn making GMAC eligible for funds from the U.S. Treasury Department bailout of the financial services industry. If GMAC can get back in business, that would remove a big stumbling block for GM. GMAC...
- News items 2009-08-07
- GMAC gets $5-billion in U.S. bailout funds
- WASHINGTON — ? The U.S. Treasury Department said that it will provide $5-billion (U.S.) to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., in a move expected to stave off a bankruptcy protection filing at the company but also severely limit GM's control over it. In...
- News items 2009-08-07
- GMAC Re-Enters Auto Leasing Business
- Date posted: 2009-08-11 07:09:00.0 DETROIT — Saying that it wants to "stimulate the rebound in the auto industry," GMAC Financial Services on Monday announced that it will resume leasing in most of the United States. Its re-entry into leasing includes a promotion for General Motors in 45 states that covers...
- News items 2009-08-11
- GMAC chief ousted as bail-out talks go on
- Alvaro de Molina was ousted as chief executive of GMAC Financial Services, the lending arm of General Motors, on Monday after little more than 18 months in the post as the troubled lender remained locked in talks with the US Treasury over a third government bail-out. Mr De Molina had...
- News items 2009-11-16
- GMAC and Homece Alliance
- GMAC Mortgage and its sister company GMAC Homes Services, both part of the GMAC Financial Services organization, together with Homestore.com, Inc. (NasdaqcomTM will provide web-based services to supps," said Mike O'Brien, chairman of GMAC Home Services. "The powerful combination of GMAC's business opportunities and Homestore.com's position as the nation's...
- Research articles 1999-11-08
- Cerberus Denies Selling Chrysler, GMAC stake
- Cerberus Capital Management denied news stories today that it sold any of its equity stake in either Chrysler or GMAC Financial Services. But other than denying it, the privately held Cerberus was masterfully vague about what exactly may have led to a Financial Times story that said Cerberus...
- Blog posts 2008-06-03
- Treasury Talks to GMAC About More Cash
- By Glenn SomervilleWASHINGTON (Reuters) - The Treasury Department is in talks with GMAC Financial Services Inc about a possible third cash infusion to the company, an Obama administration official confirmed on Tuesday night.The official declined to say how much additional money was under discussion for GMAC, which already has received...
- News items 2009-10-28
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