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    Chrysler to resume leasing vehicles soon?
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    2009 Dodge Ram - Click above for high-res image gallery
    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 options for getting into a new vehicle. After ...

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    REPORT: GM to resume leasing luxury vehicles on Aug. 1
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    Cadillac CTS - Click above for a high-res image gallery
    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 business, but was costing the General money ...

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    Chrysler announces "Double CA$H For Your Old Car" promotion
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    2009 Dodge Journey R/T – Click above for high-res image gallery
    With Cash for Clunkers slated to go live on July 23, every automaker appears primed to grab a piece of the action. Chrysler is no different, and its new "Double CA$H For Your Old Car" incentive program promises up to match the ...

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    SURVEY: Does your state have the smartest drivers... or the dumbest?
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    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 mean that the average driver in your particular state is all that great, regardless of what city you ...

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    REPORT: GMAC gets another $7.5B from U.S gov't.
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    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. ...

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    GMAC resumes subprime lending
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    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 ...

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    GMAC CEO earned $11.6 million last year
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    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 ...

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    Wanted: Lender for 1,000 GM vans
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    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 ...

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    Cerberus may cut 10% of its workforce
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    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 ...

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    REPORT: Dealers say bailout hasn't made for more GMAC loans
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    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 ...

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    Does Washington's GMAC bailout hurt Ford?
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    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, ...

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    Deadline passes without word on critical GMAC bond-exchange vote
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    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 ...

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    Fed grants GMAC bank holding status
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    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 ...

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    GMAC rushes to conclude bond buyback and avoid bankruptcy
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    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 ...

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    GM to dealers: There's a bonus in it for you if you don't lend them our money
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    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 ...

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    GM launches new campaign to ease credit worries
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    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 ...

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    GMAC limits loans to buyers with 700+ FICO rating
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    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 ...

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    GM/Cerberus talks over full ownership of GMAC
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    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 ...

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    GMAC dramatically cut back on leases in September
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    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 ...

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    Toyota tops GMAC as the biggest U.S. auto lender
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    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 ...

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