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9General Motors buys Ally Financial foreign operations

In a move that welcomes former pieces of General Motors back into the fold, GM Financial has reached a deal with Ally Financial, formerly GMAC, to buy a piece of the company's international operations. The $4.2 billion deal is for Ally's Latin America, Europe and China operations.

21Treasury suggests GM buy back troubled Ally Financial

Back when Ally Financial was known as GMAC Financial, the U.S. Treasury gave it $17.2 billion in TARP funds to weather the global economic crisis. GMAC is now Ally Financial, and although it has repaid $5.4 billion of what it was loaned, there doesn't seem to be a clear path for repaying the outstanding amount. Bloomberg reports that Ally's mortgage unit, Residential Captial (ResCap), is teetering on the ledge of bankrupcty, and its banking operations didn't perform well in the Federal Reserve's

22GMAC Insurance test suggests one-in-five drivers would fail driver's test

Our roadways are filled with crappy drivers. It's an unfortunate fact that we take our lives into our hands every time we strap on a seatbelt and head out on the open road. But at least we all have passed the most basic test of driving skill, right?

8Report: Ally Financial files IPO paperwork

Ally Financial, formerly GMAC Financial, has filed the paperwork necessary for an Initial Public Offering. The Detroit News reports that the filing will go to the Securities and Exchange Commission for approval before Ally can go public; a process that could take months. The federal government, which owns 74 percent of the lending arm due to its $17.2 billion 2009 bailout, is the only party listed as a stockholder.

14GM sells of $1 billion in shares of Ally, formerly GMAC

Before General Motors sold its controlling stake of GMAC (now Ally Financial) to Cerberus, the company's captive finance arm was among its largest profit centers. But as the company's debt piled up, it sold off the lion's share of GMAC to keep collectors at bay. But almost as fast as that happened, the auto industry and the global economy took a dive, and GMAC began to reject most every loan The General threw its way.

3Despite agreement with AmeriCredit, GM said to keep deal with Ally

General Motors may be in the process of acquiring AmeriCredit as a step toward securing a captive in-house financing operation, but the company says it will continue to nurture its relationship with Ally. As you may recall, Ally (formerly GMAC) has financed dealer floor plans for years, and GM says that it will continue to rely on its former financing arm for that very reason. While AmeriCredit has been able to weather the rise and fall of consumer confidence with nary a scratch, the company doe

36BREAKING: GM to buy AmeriCredit Corp for $3.5B

General Motors has just announced its intent to acquire AmeriCredit Corp. According to the automaker, the move should give dealers an added finance option when it comes to putting car shoppers into a new vehicle. Since GM and GMAC parted ways back in 2006, buyers looking to purchase a car or truck from The General have faced tougher financing terms than in the past. Supposedly, the new deal with AmeriCredit will provide new opportunities for sub-prime borrowers. The total cost of the deal? A coo

3Chrysler Financial to begin lending once again for Chrysler vehicles?

Chrysler Financial hasn't been doing a whole lot since the domestic automotive implosion of aught-nine. When the Obama Administration's Automotive Task Force found that the lender didn't have the wherewithal to continue making large loans to dealers, GMAC was forced to take over lending duties for Chrysler. Part of that decision was due to the fact that last year, used car values were at one of their lowest points in decades. Since the majority of Chrysler Financial collateral involves used cars

16GMAC changing name to Ally in North America

Come August 23, GMAC's auto lending business will be brought under the Ally Financial banner. While GMAC had already rebranded its other financial divisions, the auto business still went by GMAC. The move continues GMAC's distancing itself from its General Motors mothership, and if we read more into it, this could make it even clearer that Ally has no interest in returning to majority ownership by the automaker (GM still maintains a small stake in the company post-bankruptcy).

21Report: GM decides not to create its own finance unit, will investigate teaming with banks

Another piece of General Motors' IPO puzzle has been solved: in spite of CEO Ed Whitacre's desire to add a captive finance arm to GM's operations, the company looks set to go without. Acquiring in-house financing always stuck out in Whitacre's aggressive battle plan for getting an IPO done later this year and the hurdles of getting back in with GMAC required untangling enough knots to make King Gordius say, "Skip it..."

85Dumbest drivers in the country live in what state?

GMAC Insurance just completed its annual survey of driver knowledge, and the results don't look good. Of those questioned, New York drivers proved to know the least about the rules of the road, with 20 percent failing the written exam and 85 percent not knowing basic information like what to do when approaching a yellow light. The trend continued for most of the North East with the region managing the lowest average test score of 74.9 percent.

45Obvious: Survey says nearly one-in-five motorists "unfit" to drive

How many bad drivers can you spot every day on your drive to work? Five? Ten? All of them? We feel your pain, and apparently the alarming truth is that one-in-five motorists – which, for those interesting in the gory details, equals roughly 38 million Americans – are unfit to drive on our nation's highways.

48GM seeking more subprime buyers?

In a word, yes. The Detroit News reports that General Motors is looking to find a way to tap into the subprime lending market that accounts for 16 percent of the overall car-buying market. There is, after all, plenty of pressure to sell more vehicles to enhance the company's value leading up to its initial stock sale. But while GM would like to strategically go after subprime borrowers, there is one significant roadblock in the way; Ally Financial. The financing firm, which was GMAC until The Ge

13Report: GM considering getting back into auto-lending game

If General Motors CEO Ed Whitacre has a personal soundtrack, perhaps it's anything by the group Attack! Attack! While the world waits for news of GM's first real profits, the company head is staking out a potentially huge acquisition, that being the auto financing arm of Ally Bank, which was once GMAC.

24Report: Congressional panel doubts GMAC business case, suggests breakup

"The panel is deeply concerned that Treasury has not required GMAC to lay out a clear path to viability or a strategy for fully repaying taxpayers." This, according to a Congressional Oversight Panel that was created as a watchdog for the U.S. Treasury's Troubled Asset Relief Program (TARP) funds. The fix? Potentially breaking GMAC up into units and merging its auto lending business back into General Motors.

32GMAC to post $10B loss after U.S. govt takes the wheel?

No one likes to bandy on with clichés, but in some cases avoiding a cliché is to ignore a long history of facts and experience that brought it into existence. The cliché we speak is the one about hurling good money after bad. After the government hosed down GMAC with another $3 billion, Uncle Sam's stake in GM and Chrysler's official lender is anywhere from 56 percent to 70 percent depending on the kind of shares the government holds.

23Reports: GMAC close to getting $3B+ cash injection from U.S. government

When the U.S. government conducted bank stress tests earlier in the year, one of the financial institutes that didn't pass the mid-term exam was GMAC. At the time, the government told GMAC that it would need another $5.6 billion to weather another economic calamity, but the Detroit Free Press reports that the final number will be actually be $3 billion (The Wall Street Journal is reporting $3.5 billion). The money will reportedly come courtesy the $700 billion TARP fund that kept Chrysler, Gener

17REPORT: Chrysler could lose up to 145 more dealers because they can't get financed

Chrysler's dealers haven't yet entered the portion of the game wherein they can catch a break. As if the dearth of inventory and lack of new vehicles weren't enough, nearly 150 dealers haven't been able to finalize floorplan financing. Since Chrysler Financial has exited that business, GMAC stepped in, but dealers are having a hard time meeting its terms: 85 have been turned down flat, another 60 or so are still working on it.

22REPORT: GMAC likely to get more cash soon from federal government

GMAC has received $12.5 billion in U.S. Treasury loans since last December, but that sizable amount of cash may not be the last of government assistance. The Detroit News is reporting that General Motors' finance arm could receive between $4 billion to $5.6 billion by November 9 in order to satisfy more stringent government mandates to have sufficient cash on hand in the event of a prolonged recession. GM's financing arm said in May that it was attempting to obtain the additional cash by means o

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