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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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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 [...]
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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 [...]
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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 [...]
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The U.S. Treasury’s special master and Cerberus Capital Management LP reportedly have a difference of opinion when it comes to the future of Chrysler Financial. In a document issued yesterday, Kenneth Feinberg, the special master overseeing executive compensation at the seven firms that received government bailouts, said, “Chrysler Financial is currently pursuing a successful wind [...]
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Responding to concerns that a lack of financing may cause more Chrysler dealers to close up shop, GMAC Financial Services President Bill Muir says the number of dealers that don’t qualify for new loans through the lender is likely to be small. According to Muir, the vast majority will be approved as GMAC takes over [...]
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