Posts Tagged ‘gmac news’

GM Looking to Rebuild Its Role in Auto Financing

Maker could abandon partnership with Cerberus.

by on May.12, 2010

An Ally no more?

Four years after selling a controlling stake in its finance subsidiary, GMAC, General Motors is reportedly looking for a way to get back into the auto loan business.

That could lead it to buy out Cerberus Capital Managerment, its private equity partner in what is now known as Ally Financial, Inc., or the Detroit automaker could set up an entirely new “captive” finance subsidiary, according to well-placed sources.

A senior GM official dismissed the story as “speculation,” though numerous company officials admit the automaker has been increasingly frustrated with its old lending unit and the way it has been managed by Cerberus since the 2006 sale.

The Inside Story!

Awash in debt run up by bad housing loans, the former GMAC has stayed afloat only with the assistance of $17.2 billion in loans from the U.S. Treasury, which now owns a 56.3% stake in the lender.


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