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 last Tuesday. However, the official did not say how much additional money was under discussion for GMAC, which is the traditional lender to General Motors Co.

GMAC will also soon take over the auto loan business of Chrysler. According to the Wall Street Journal, the government is considered “likely” to add $2.8 billion to $5.6 billion into the Detroit-based financier. GMAC has so far received $12.5 billion of taxpayer funds.

[via autonews]

Tags: car news, gmac, gmac cash infusion, gmac news

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