GMAC reported net losses of $5 billion in the fourth quarter
By Andrew C., 27 Aug, 2010. 0 Comments
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GMAC Financial Services said recently that it is prepared to take advantage of opportunities in the global auto finance business. Last month, GMAC received additional aid from the U.S. Treasury Department. GMAC, which recently restructured its mortgage business, reported net losses of $5 billion in the fourth quarter and $10.3 billion in 2009. In the fourth quarter, GMAC's global auto finance and insurance business earned $309 million, up from a $346 million fourth-quarter loss in 2008. The income is inclusive of $369 million from its North American auto finance division and $86 million from its insurance business. GMAC's international auto finance division's loss amounted to $146 million. Robert Hull, GMAC's CFO, said that GMAC's auto finance business was profitable and gained market share each quarter last year. Because of its improved liquidity, several rating services raised its debt ratings last month. [via autonews]
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