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    Official: General Motors buys Ally Financial foreign operations
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    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 ...

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    Report: Treasury suggests GM buy back troubled Ally Financial
    1332945000

    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 ...

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    Study: GMAC Insurance test suggests one-in-five drivers would fail driver's test
    1306527900

    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? Sadly, according to a recent test carried out ...

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    Report: Ally Financial files IPO paperwork
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    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, ...

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    GM sells of $1 billion in shares of Ally, formerly GMAC
    1301315400

    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, ...

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

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    BREAKING: GM to buy AmeriCredit Corp for $3.5B
    1279810560

    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 ...

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

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    GMAC changing name to Ally in North America
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    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 ...

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    Report: GM decides not to create its own finance unit, will investigate teaming with banks
    1279024020

    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 ...

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    Dumbest drivers in the country live in what state?
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    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 ...

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    Obvious: Survey says nearly one-in-five motorists "unfit" to drive
    1275076680

    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 ...

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    GM seeking more subprime buyers?
    1274194860

    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 ...

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

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    Report: Saab pondering tech partnership with Germans, picks GMAC as official financer
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    2010 Saab 9-3X – Click above for high-res image gallery
    While newly emancipated Saab has some fresh product in its near-term pipeline, it's fair to say that the biggest challenge for the Swedish automaker over the long haul will be the development of costly new technologies and platforms. ...

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    Report: Congressional panel doubts GMAC business case, suggests breakup
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    "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) ...

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    GMAC to post $10B loss after U.S. govt takes the wheel?
    1262991660

    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 ...

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    Reports: GMAC close to getting $3B+ cash injection from U.S. government
    1262197860

    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 ...

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    REPORT: Chrysler could lose up to 145 more dealers because they can't get financed
    1258990200

    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 ...

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

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