Congressional panel wants GMAC to break up

March 11th, 2010 by Bill Cawthon

The Congressional Oversight Panel, created as a watchdog for the Treasury’s use of funds allocated in the Troubled Asset Relief Program (TARP), says GMAC still does not have a viable business plan after receiving $17.2 billion in government cash.
The panel is also critical of the Treasury Department’s handling of the GMAC case, saying the Treasury [...]

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Tags: Chrysler, GM, GMAC, Government loans. Chrysler, GM, GMAC, Government loans

GMAC investment pays millions for government

January 16th, 2010 by Bill Cawthon

Automotive News reports the government’s lifeline to GMAC is already paying dividends. The bank, which replaced Chrysler Financial as the primary lender for Chrysler dealers and customers, just declared a quarterly dividend worth $129 million on the preferred stock issued to the U.S. Treasury at the end of 2009. The most recent payment is on [...]

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Tags: Cerberus, GMAC, U.S. Treasury. Cerberus, GMAC

GMAC to focus on autos

January 6th, 2010 by DaveAdmin

GMAC Financial Services, which is now Chrysler’s preferred lender for customers and dealers, is getting ready to sell large portions of its once lucrative real estate business, which has cost the company billions of dollars in the last year. According to the Oakland Press, as quoted in the Detroit News, GMAC expects to lose $5 [...]

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Tags: GMAC. Auto industry, Dealers, GM, Government loans

Treasury takes over majority of GMAC

December 30th, 2009 by DaveAdmin

The United States Treasury will invest another $3.8 billion in GMAC, which handles loans for General Motors and Chrysler vehicles. In return for its total $17.2 billion investment, the U.S. government will own 56% of GMAC; the additional $3.8 billion raised the government’s share from 35% to 56%.
The government had been predicted to invest $5.6 [...]

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Tags: Cerberus, GMAC, Treasury. Auto industry, Cerberus, Chrysler, GMAC

Chrysler may cut more dealers in credit crunch

November 19th, 2009 by Bill Cawthon

Chrysler Group may have to cut another 145 dealers unless they can find a new source of financing. That’s because the dealers have been unable to qualify for financing from GMAC, Chrysler’s primary financing source.
The dealers have been caught in the in the transition from Chrysler Financial to GMAC. They have existing mortgages and floorplan [...]

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Tags: Chrysler, Chrysler Financial, dealers, GMAC. Ads and marketing, Chrysler, Dealers, GMAC

40 Chrysler dealerships at risk over financing flap

October 27th, 2009 by Bill Cawthon

The National Automobile Dealers Association says as many as 40 Chrysler dealerships may be threatened with foreclosure because of the ongoing dispute between GMAC and Chrysler financial.
“The parties have taken inconsistent positions and dealers are stuck in the middle,” said Forrest McConnell, an official with NADA. The dealer group says the affected dealerships are viable [...]

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Tags: Chrysler, Chrysler Financial, dealers, GMAC, National Automobile Dealers Association. Ads and marketing, Cerberus, Dealers, GMAC

Tag Archive for 'GMAC'

Congressional panel wants GMAC to break up

GMAC investment pays millions for government

GMAC to focus on autos

Treasury takes over majority of GMAC

Chrysler may cut more dealers in credit crunch

40 Chrysler dealerships at risk over financing flap

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