The deadline for initial bids for part of General Motors Acceptance Corp. expires on Monday, with the possibility that either GE Consumer Finance or Citigroup could make an offer for controlling interest in GMAC.
GM put 51 percent of its financial services unit up for auction, hoping to sell the majority stake to a strategic partner with the clout to help restore GMAC's credit rating, which has fallen with GM's.

But CNN/Money suggests that smaller players may submit bids to acquire parts of GMAC, like its residential mortgage business.

GMAC has been selling off assets to raise cash for month, including up to $55 billion in car loans to Bank of America, and $20 billion in auto contracts this week to Scotia Capital.

As GM's auto business has faltered, GMAC has been a cash cow for the company. That the company is selling it off is a testament to the depths of its current crisis.




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