REPORT: GMAC gets another $7.5B from U.S gov't.
Founded in 1919, and traditionally a longtime lender to General Motors dealers and customers, the government recently ordered GMAC to extend the same lending offers to Chrysler dealers and their customers. "This new arrangement with GMAC will help provide a reliable source of financing to both auto dealers and customers seeking to buy cars," said Treasury Secretary Timothy Geithner. Approximately $4 billion of the new infusion will support go to support dealer and retail loans for the Chrysler brand, while the remaining $3.5 billion is designed help GMAC address its capital needs in order to survive.
[Source: The Detroit Free Press]
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