GM Financial records flat growth for leasing for first quarter of 2012
GM Financial, a financial services arm of General Motors that offers auto financing through the carmaker’s dealers has reiterated last week its goal of effecting growth in leasing.... Read more
GM sells $1 billion of perpetual preferred stock in Ally
As part of a plan to limit General Motors Co’s ties to former finance arm Ally Financial Inc. (the lender formerly known as GMAC Inc.), GM sold $1 billion of perpetual preferred stock in... Read more
Official: GMAC becomes Ally
Starting August, the "Ally" name will be used in most of Ally Financial Inc.'s consumer and dealer-related auto finance operations in North America. The shift all but ends the GMAC brand... Read more
GMAC receives $5.0 billion investment
It was announced today by GMAC Financial Services that it has sold $5.0 billion of GMAC's preferred membership interests and warrants to the U.S. Department of the Treasury as a member of... Read more
GM may return to the auto-lending business and buy back GMAC
Sources say that more than three years after selling control of GMAC LLC, General Motors Co. could return to the auto-lending business. These insiders, who are familiar with GM's plan but... Read more
Report: Chrysler already concerned about GM’s financial plans
Yesterday, 4WheelsNews reported that General Motors Co. could return to the auto-lending business and buy back GMAC. Apparently, this news made Chrysler raising concerns and CEO Sergio... Read more
U.S. Treasury in talks with GMAC about a possible additional cash infusion
Talks are ongoing between the U.S. Treasury Department and GMAC Financial Services Inc. over a possible additional cash infusion to the company, an Obama administration official confirmed... Read more
GMAC reported net losses of $5 billion in the fourth quarter
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.... Read more
GMAC Financial Services is likely to be taxed
GMAC Financial Services will most likely be asked to pay a fee under a new Obama administration proposal to impose a levy on US banks to recoup bailout money. General Motors Co. and... Read more
Report: GMAC is negotiating another cash infusion
GMAC Financial Services' $12.5 billion in federal aid is apparently not enough as it is negotiating for additional taxpayer funds because it has not raised sufficient capital to endure a... Read more
GMAC still has no business plan even after receiving a $17.2 billion investment
According to a congressional panel, GMAC Inc. has yet to submit a business plan after it had been granted a $17.2 billion investment from the government. In addition, the panel criticizes... Read more
GM receives second aid of the US Federal Government
The second installment of the US Federal Government aid amounting to $5.4 billion (from a total of $13.4 billion) will be provided to General Motors on the 16th of this month. This... Read more
US treasury taking a majority stake in GMAC
The US treasury announced yesterday that it will channel a total of $7.5 billion into the car finance company GMAC thereby effectively taking a majority stake in the firm. This is in... Read more
93% of Chrysler dealers have financing agreements, says GMAC
The applications of about 93% of the 1,474 Chrysler Group dealers for wholesale financing credit lines have been approved or are near final approval. In a statement, GMAC President Bill... Read more
GM and GMAC’s second-highest tier of executives limited to salaries of $500,000
According to Treasury Department guidelines announced last week, General Motors Co. and GMAC's second-highest tier of executives are limited to salaries of $500,000 and are prohibited... Read more
Michael Carpenter is the new GMAC chief as Alvaro de Molina resigns
Since Alvaro de Molina has held the position of CEO of GMAC Financial Services less than two years, it's quite unexpected to see him resign from the job this early. The resignation comes... Read more
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