Government to get 5 million preferred GMAC shares
Government to get 5 million preferred GMAC shares : The federal government will get 5 million preferred shares of GMAC LLC paying 8 percent interest in exchange for its $5 billion capital injection to help the troubled lender avoid bankruptcy. GMAC disclosed the terms of the deal in a filing Friday with the U.S. Securities and Exchange Commission. GMAC is the financial arm of General Motors Corp. and is responsible for making car loans and financing dealer inventories. The government also exercised... [read full story]
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GMAC loses its exclusive rights on GM loans
DETROIT — GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender...
GMAC loses rights under bailout plan
DETROIT — GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender...
GMAC gives up exclusive rights
GMAC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid.
GMAC gives up exclusive right to finance GM loans
By Mike Ramsey • Bloomberg News • January 3, 2009 GMAC, the auto-lending arm of General Motors Corp., agreed to let the carmaker offer customers financing from competing sources in exchange for avoiding sales targets and...
GMAC forfeits 0%-interest exclusivity
GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors Corp. financing incentives, as part of the complex deal that gave the troubled lender billions in...
GMAC gives up some GM car financing
GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, part of the complex deal that gave the troubled lender billions in federal...
Bailout deal gives GM buyers flexibility
DETROIT -- GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender...
GMAC gives up part of financing
GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in...
A lesson in keeping your eyes on the prize
Notice how no one is bailing out GM with this move...GMAC is a separate, if captive, corporation. "GM has had all the benefits that Ford Motor Credit provides to the Ford Motor Company," he said. "If GMAC does all that, fine....
For Bailout Money, GMAC Agrees to End Deal With GM
Washington Post Staff Writer Saturday, January 3, 2009; Page D02 The auto financing giant GMAC relinquished its exclusive right to provide financing to people buying General Motors vehicles in exchange for up to $6 billion in...
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