Autoblog

General Motors buys Ally Financial foreign operations

Dan Roth — Sat, 24 Nov 2012 17:01:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

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.

"GM is entering the most aggressive rollout of new vehicles in its history, and this acquisition will make us an even more formidable competitor by ensuring that competitive financing is available to our customers and dealers around the world," says General Motors CFO Dan Ammann. The ability to finance from a captive unit will let General Motors extend better loan terms to potential customers, which the automaker sees as key to closing a sales gap that's between 10 and 15 percent versus automakers who already have their own financing divisions.

GM will be handing over more than $2 billion in cash to GM Financial, and the unit will more than double its liabilities from $12 billion to $27 billion while also doubling its assets to about $33 billion. GM Financial expects to bolster its yearly pre-tax earnings by $300-$400 million. It will take at least six months to wrap this deal up, provided it gets approvals from various oversight agencies. For more information on the deal, check out the official press release below.

Continue reading General Motors buys Ally Financial foreign operations

General Motors buys Ally Financial foreign operations originally appeared on Autoblog on Sat, 24 Nov 2012 17:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

GM completes buy of AmeriCredit, to be called GM Financial

Jeff Glucker — Sun, 03 Oct 2010 13:08:00 EST

Filed under: Etc., GM, Earnings/Financials

General Motors is just about ready to start offering in-house financing once again. Its acquisition of AmeriCredit is complete, pending approval by AmeriCredit's shareholders. The merger is officially effective as of October 1st, 2010 and is an all-cash transaction valued at $3.5 billion.

The company will be renamed GM Financial. Having a captive finance arm allows GM and its dealers to expand finance and lease options, which is good news for both The General and its customers. GM Financial has targeted first quarter of 2011 to begin its initial leasing program.

You can read the full press release after the jump.

[Source: General Motors]

Continue reading GM completes buy of AmeriCredit, to be called GM Financial

GM completes buy of AmeriCredit, to be called GM Financial originally appeared on Autoblog on Sun, 03 Oct 2010 13:08:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Ricky speaks! General Motors chief Rick Wagoner talks turnaround on FastLane Blog

Erin Mays — Sat, 29 Jul 2006 11:02:00 EST

Filed under: Buick, Cadillac, Chevrolet, GM, GMC, Hummer, Pontiac, Saab, Saturn, Earnings/Financials

General Motors chairman and CEO Rick Wagoner chose to fill us in on GM's turnaround progress via the company's FastLane Blog, a soapbox usually reserved for one Bob Lutz.

GM's chief reiterated some of the statements he made earlier in the week to the business media, spinning away a second quarter loss of $3.2 billion by focusing on the company's success in cutting the ranks of hourly workers, promising June numbers in terms of retail sales and market share, and building up an enviable product pipeline including the nation's "most affordable hybrid SUV" in the Saturn Vue Green Line, the sold-out Pontiac Solstice and Saturn Sky, and the scene-stealing Chevrolet HHR.

While the ship might not have done a complete 180 yet, it's well on its way, Wagoner says.

[Source: GM FastLane Blog]

Ricky speaks! General Motors chief Rick Wagoner talks turnaround on FastLane Blog originally appeared on Autoblog on Sat, 29 Jul 2006 11:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments