GMAC
Company and Financial Services Company
How We Can Fix Wall Street...-- have paid it back. But Bank of America (NYSE: BAC), AIG (NYSE: AIG), Citigroup (NYSE: C), General Motors, GMAC, Chrysler, and Chrysler Financial still retain those funds, and they're paying the price -- literally. These seven are subject... In this article: Corporate governance, NYSE, Paul Kanjorski, Wall Street, Bank of America, Tax, and Motley Fool |
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Indiana Times - The Economic Times | November 19, 2009
Chrysler to lose over 100 dealerships
...by its US market share. GMAC is partly owned by private equity firm Cerberus Capital Management LP and General Motors Co, while Chrysler Group LLC is now under management control of Italy's Fiat SpA. Read business stories in हिंदी |
In this article: Bankruptcy, Equifax Inc, Chrysler, US, All rights reserved, and Chrysler Financial
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Times Online | November 16, 2009
GMAC chief executive Molina resigns
...in bankruptcy, to focus on GMAC, the company said in a statement. GMAC was created to provide financing to car dealers and buyers and was owned by GM for years. In 2006 GM sold a controlling stake to the private equity firm Cerberus.
In this article: Alvaro de Molina, GM, Bank of America, Salomon Smith Barney, CIT Group, and Bankruptcy
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National Review Online: Politics | November 12, 2009
Five Promises -- By: Stephen Spruiell
...in the eyes of the administration. As Brian A. Bethune, an economist at IHS Global Insight, told the New York Times, "Without GMAC, General Motors would probably not be able to survive. " The reverse is also true: If the...
In this article: General Motors, Government Accountability Office, Bankruptcy, Fannie Mae, U.S. Treasury, and Chris Dodd
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washingtonpost.com | November 19, 2009
Chrysler could lose more than 100 U.S. dealerships
...U.S. market share. GMAC is partly owned by private equity firm Cerberus Capital Management LP <CBS.UL> and General Motors Co <GM.UL>, while Chrysler Group LLC is now under management control of Italy's Fiat SpA <FIA.MI>. Cerberus owns...
In this article: Chrysler, Bankruptcy, Chrysler Financial, U.S., Cerberus Capital Management LP, Fiat SpA, and General Motors Co
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Deseret News | November 09, 2009
GMAC is failing Fed's stress test
...private investors, by selling assets or by converting preferred equity into common shares. GMAC was previously owned by General Motors Corp. GM later sold a majority stake and GMAC spread its lending into other areas, such as home...
In this article: General Motors Corp., E mail, Recession, Small business, Timothy Geithner, Federal Deposit Insurance Corp., Wells Fargo & Co., Chrysler, and Bank of America Corp.
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GMAC replaces chief executive as it negotiates for more aid
...of taxpayer assistance. GMAC provides the financing for dealers and customers of General Motors and Chrysler, and its survival is a crucial part of the Obama administration's restructuring of the auto industry. However, the company's...
In this article: Treasury Department, Alvaro de Molina, Chrysler, Cerberus Capital Management, General Motors, and Bank of America
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GMAC CEO Alvaro de Molina steps down
...his full attention to GMAC. GMAC provides the financing for dealers and customers of GM and Chrysler and its survival is a crucial part of the Obama administration's restructuring of the auto industry. Carpenter said in an interview...
In this article: Alvaro de Molina, Bank of America Corp., Chrysler, and Treasury Department
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Description from Wikipedia:
GMAC (or GMAC Financial Services), formerly known as General Motors Acceptance Corporation, is a United States bank that was previously the wholly owned financial services arm of General Motors. GMAC Financial Services provide a suite of financial programs including insurance and mortgage operations in approximately 40 countries around the world. In 2008, the firm provided financing to 75 percent of the 6,450 GM dealers. On 24 December 2008, the Federal Reserve accepted GMAC's application to become a bank holding company in order to gain access to billions of dollars in government aid, a crucial attempt to ensure the survival of the company.
On December 29, 2008, the U.S. Treasury gave GMAC $5 billion from its $700 billion Troubled Asset Relief Program (TARP).
As of May 15th, 2009, GMAC's banking unit officially changed its name to Ally Bank in order to "help shed the baggage that many Americans now associate with banks".
On May 21, 2009, the Department of the Treasury announced it would invest an additional $7.5 billion in GMAC LLC which gave the U.S. government the majority stake.
- Name:
- GMAC LLC
- Type:
- Private
- Location:
- USA
- Founded:
- 1919
- Industry:
- Financial Services
- Key People:
- Al de Molina, CEO
- Products:
- Mortgage loans
- Revenue:
- US$ 21.187 Billion (2007)
- Net Income:
- US$ 2.332 Billion (2007)
- No. of Employees:
- 31,400 (2006)
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