GMAC


REPORT: 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 other than the federal government, but private ... Read more →

Chrysler to resume leasing vehicles soon? Chris Shunk

In late July 2008, Chrysler announced that it would stop leasing vehicles effective August 1. The news helped exasperate the decline of Chrysler group vehicle sales while giving customers fewer ...

REPORT: GM to resume leasing luxury vehicles on Aug. 1 Jonathon Ramsey

Just in time for the weekend, rumor has it that General Motors and GMAC plan to crank up the leasing machine again on August 1. When GM stopped the practice last year, leases made up 20% of its ...

Chrysler announces "Double CA$H For Your Old Car" promotion Chris Shunk

With Cash for Clunkers slated to go live on July 23, every automaker appears primed to grab a piece of the action. Chrysler is no different, and its new "Double CA$H For Your Old Car" incentive ...

SURVEY: Does your state have the smartest drivers... or the dumbest? Jeremy Korzeniewski

Raise your hand if you think your home state has the worst drivers in America. Now, lower your hands if you don't happen to live in either New York or New Jersey. Of course, that doesn't necessarily ...

REPORT: GMAC gets another $7.5B from U.S gov't. 5 months ago on Autoblog

According to The Detroit Free Press, the U.S. Treasury has dumped another $7.5 billion into GMAC's coffers just two weeks after the bank was told by federal regulators that it needed billions in order to survive. In another government-backed boost, GMAC is now allowed to issue FDIC-insured debt. ...

GMAC resumes subprime lending 7 months ago on Autoblog

GMAC has loosened the purse strings, with General Motors' finance arm allocating $6 billion for auto loans for the next 60 days. The 60 day mark is critical to GM, as it is the government's drop-dead date to satisfy Auto Task Force viability requirements. The cash infusion will help struggling ...

GMAC CEO earned $11.6 million last year 8 months ago on Autoblog

The recent string of government bailouts has placed a 50,000-watt spotlight on executive pay. Executives from Detroit automakers have already cut their pay to show the public and their own workforces that they're sacrificing for the greater good. There hasn't been much focus, however, on finance arm ...

Wanted: Lender for 1,000 GM vans 8 months ago on Autoblog

Dave Capps is in the business of renting vans. In order for him to stay in that business, he needs to buy new vans – 1,000 of them, to be precise. And although he's been a GMAC customer for 20 years, remains in good standing, and gets much of his current inventory financing from GMAC, he ...

Cerberus may cut 10% of its workforce 9 months ago on Autoblog

That Chrysler continues to struggle isn't exactly news. As a whole, the auto industry is tanking and cars just aren't moving off dealer lots. Chrysler initially responded by offering buyouts to its entire workforce, and 25% off all its salaried workers took the company up on the offer. Earlier this ...

REPORT: Dealers say bailout hasn't made for more GMAC loans 9 months ago on Autoblog

Show me the money. With apologies to Cuba Gooding Jr., that is exactly what many General Motors dealers are saying to GMAC Financial Services. Despite being given $5 billion from the U.S. Government last month, GMAC apparently hasn't loosened its purse strings enough for dealers' likings. Some, in ...

Does Washington's GMAC bailout hurt Ford? 10 months ago on Autoblog

The Wall Street Journal puts forth the case that the government's $5 billion lifeline to GMAC has given GMAC a competitive advantage compared to its rivals. After the taxpayer cash was received, GMAC dropped the required credit score to get a loan and began offering 0% financing on several models, ...

Deadline passes without word on critical GMAC bond-exchange vote 10 months ago on Autoblog

GMAC, General Motors' finance arm, was granted bank holding status, but there is still no word on whether the bond buyback was successful. The deadline for GMAC to have converted enough of its bonds - said to be 75 percent - into $28 billion in liquidity was on Friday, December 26, at 11:59 p.m. In ...

Fed grants GMAC bank holding status 10 months ago on Autoblog

GMAC – and ergo General Motors – just got another Christmas present: the Federal Reserve has granted GMAC bank holding status. GMAC has billions of dollars of bonds coming due over the next 12 months, but doesn't have the liquidity to cover the obligations. As of last week, the financing ...

GMAC rushes to conclude bond buyback and avoid bankruptcy 10 months ago on Autoblog

GM doesn't just have its eye on auto bailout funds -- its GMAC division (of which it owns 49%) is looking for cash from among the $700 billion pledged in the Wall Street bailout. Through the end of next year, GMAC has roughly $12 billion in bonds maturing. But to have any chance at getting Wall ...

GM to dealers: There's a bonus in it for you if you don't lend them our money 1 year ago on Autoblog

General Motors is telling its dealers that there's a shiny nickel or two in it for them if they can sell cars without getting the GMAC finance arm involved. For every sale closed with outside financing, salespeople and managers will each receive $100, with an additional $50 going to someone the ...

GM launches new campaign to ease credit worries 1 year ago on Autoblog

After announcing earlier this week that GMAC would only finance customers who hold credit scores higher than 700, General Motors has decided it would be prudent to reassure consumers that they are still in the business of securing loans and selling vehicles. Starting Friday, GM will launch a ...

GMAC limits loans to buyers with 700+ FICO rating 1 year ago on Autoblog

If you're in the market for a new car, you'd better get your credit score in order first. Auto lending units are looking for top tier customers right now, and GM's captive credit arm is going so far as to mandate a FICO rating of 700 or higher. GMAC is requiring this measure in response to the ...

GM/Cerberus talks over full ownership of GMAC 1 year ago on Autoblog

It's been a crazy few days as news broke that Chrysler and General Motors have been in talks to combine operations. It turns out that there's a pretty significant back-story to these proceedings, and it involves Cerberus Capital Management's possible desire to shed its car-building operations and ...

GMAC dramatically cut back on leases in September 1 year ago on Autoblog

Leasing is down industry-wide by about 50% from 2007 levels, but General Motors' captive credit arm took an even bigger bite out of its vehicle leasing in September. GMAC leased only 2% of all GM products in September, and the decision to do so had everything to do with the recent events of the ...

Toyota tops GMAC as the biggest U.S. auto lender 1 year ago on Autoblog

Toyota Financial Services recently leaped over GMAC Financial services to take the lead as the biggest U.S. auto lender in terms of loan and lease contract volume. The study by AutoCount (a unit of the Experian Automotive company) estimates that Toyota captured 6.35% of the market from January ...

GM Canada gone from leasing business 1 year ago on Autoblog

Following the lead set by Chrysler Financial in the United States, GM Canada has announced that it will no longer offer leases through its GMAC Financial arm. While Chrysler LLC has not officially cut out lease deals in Canada, dealers up north report that the rates being offered to them are far too ...

GM's OnStar will track your annual mileage... but only for your benefit 1 year ago on Autoblog

We've heard it before: "We're going to collect the information, but it won't go beyond..." The latest take on "Let us help you with technology" comes courtesy of GM's OnStar, which is offering you the opportunity to have your annual mileage tracked. The info will be given to their GMAC arm, which ...

GMAC restructuring will shed 930 jobs from financing branch 1 year ago on Autoblog

Two days ago we told you about Cerberus head Stephen Feinberg's rather sanguine thoughts on Chrysler. Cerberus' other big auto investment, GMAC, is having a few issues of its own. Last year GMAC's auto lending division posted a profit of $1.77 billion, but losses in the mortgage loan division turned ...

GMAC offers mileage-based insurance through OnStar 2 years ago on Autoblog

Of all the ways an insurance company calculates a driver's premiums, the one factor that's been left out of the equation is real world mileage. Sure, we tell the our insurance provider how many miles we travel, but if its less than the stated minimum, there's no way to prove we've been on the road ...

New Yorkers score lowest on the driver's test 2 years ago on Autoblog

No disrespect to our friends on the East Coast, but in the "survey results that will probably surprise no one" category: drivers from New York scored the lowest on a Department of Motor Vehicles driving test survey. That doesn't mean New Yorkers are bad drivers ... ahem ... it simply means they ...

Cerberus could align GMAC and Chrysler Financial 2 years ago on Autoblog

No one knows yet what Cerberus is going to do with Chrysler. However, the possibilities probably include quite a few things that wouldn't be normally expected in the car business -- such as GMAC and Chrysler Financial working closely together. Cerberus hasn't made any mention of such, yet -- that ...

Subprime housing market hurts GM's Q1 profit 2 years ago on Autoblog

The good news is that GM posted a profit of $62 million, which is the company's second consecutive quarterly profit. The bad news is that the $62 million represents a 90% decline in profits from the first quarter of 2006, which were $602 million. There is a silver lining: the drop is due to losses ...

Adjustment to GM 3Q losses... now only $91M! 3 years ago on Autoblog

Such is the sad state of our beloved auto business that it is actually big news that GM only lost $91 million instead of the previously reported $115 million in the 3rd quarter. It seems that they had an "adjustment of results" at GMAC, the company's financial arm. However, when compared to ...

Confidence Rising: GM may issue first bonds since 2004 3 years ago on Autoblog

GM's finance arm, General Motors Acceptance Corp., appears to be inching closer to selling its first bonds in two years. Not since 2004 has GM been in a strong enough financial position to make such an offer. GMAC's sale to a group of buyout firms may be completed by the end of the year, which would ...

Rubin's resignation hints at sale of Ford Credit 3 years ago on Autoblog

Ford Motor may be taking a page from General Motors' restructuring playbook in considering ot sell off part of its Ford Credit financial unit. Both companies have seen the cost of capital for their financial subsidiaries rising as the automakers' credit status falls ever further into junk status. ...

GM adds a couple hundred mil to Q2 losses; GMAC sale may not come until '07 3 years ago on Autoblog

Despite the fact that Wall Street is giddy about General Motor's performance in the second quarter of 2006, the automaker still lost $3.2B due mostly to write-downs associated with employee buyouts. Or, rather, make that $3.4B, according to a filing with the Security and Exchange commission. The ...

GM's GMAC sale: home run or pop fly? 3 years ago on Autoblog

After the photo ops and cheery press releases that marked GM's announcement on Monday that it will sell 51-percent of its GMAC finance subsidiary to an investment consortium for $14 billion, cooler heads in the investment community are putting a bit of a damper on the celebrations. GMAC CEO ...

Breaking: General Motors close to selling 51-percent stake in GMAC to investor consortium 3 years ago on Autoblog

According to newswire Reuters, General Motors is in discussions with an investor group to sell a 51-percent stake in GMAC financial. The Cerberus Capital Management-led coalition is expected to be worth around $11 billion, with a ‘broad structure of an agreement’ already settled. The ...

General Motors sells 78-percent stake in GMAC Commercial Holdings Corp. 3 years ago on Autoblog

In an effort to firm up its finanaces, General Motors announced today that it has sold a majority interest in GMAC Commercial Holdings Corp. from the company's financing division, GMAC (General Motors Acceptance Corp.). Word is that GM sold 78-percent of its equity in its Commercial Holding Corp. ...

KKR puts $13 billion on the table for GMAC 3 years ago on Autoblog

GMAC, General Motors' financing arm, evidently has some suitors seeking a majority stake in the unit. Kohlberg Kravis Roberts & Co. is the front-runner in dollars -- that's $12.5 to $13 billion -- but the terms of the agreement are that it's non-binding, and the investment group can back ...






Autoblog Podcast #152: Paukert Enhanced!

Eddie Alterman wades in with Sam, Chris, Dan, and Jonny to talk about SEMA and other recent events.

 
 

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