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GMAC’s Sweet Government Ride (New York Times)
The rescue of GMAC, which is G.M.’s financing arm, involves a debt exchange and cash offer, the reorganization of GMAC’s ownership structure, the partial severing of the exclusive G.M.-GMAC relationship, a government investment of up to $6 billion, and a redesignation of GMAC as a bank holding company, allowing it to tap into the aforementioned federal bailout funds via the Treasury’s Troubled ...
Read more...GMAC and G.M. Alter Finance Agreement (New York Times)
GMAC , the auto lending giant partly owned by Cerberus Capital Management , will no longer have exclusive rights to provide low-interest loans to people who buy General Motors vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender.
Read more...GMAC gives up some GM car financing in bailout (The Times and Democrat)
DETROIT - GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender.
Read more...GMAC gives up some GM car financing in bailout (AP via Yahoo! News)
GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid.
Read more...GMAC gives up some GM car financing in bailout (The Charlotte Observer)
(By TOM KRISHER and BREE FOWLER, AP Auto Writers) GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid. The move could reduce the Detroit automaker's dependance on GMAC to provide financing and possibly boost its ...
Read more...GMAC loses exclusive GM financing (The Columbus Dispatch)
DETROIT -- GMAC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid.
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