By word : Gmac
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General Motors Financial debuts October 1
After failed attempts by General Motors to buy back into their former financial arm GMAC, now Ally Bank, with the intent on gaining access to more sub-prime lending and leasing they turned their sights towards AmeriCredit. As of today, AmeriCredit’s stockholders approved the sale to General. . .
Found : on 30/9/10.
GM plans to purchase new finance arm
GM has said it will keep ties with Ally Bank (formerly GMAC) to handle most of their auto financing, but has also announced that they will purchase AmeriCredit for $3.5 billion. GM is seeking AmeriCredit to finance those higher risk consumers who may have poor or bad credit and are looking to pur. . .
Found : on 27/7/10.
GM considering a jump back into auto financing
After losing GMAC due to financial issues months ago, GM has barely righted their own ship and is rumored to already be considering jumping back into the auto financing game by buying back a stake in GMAC, now called Ally Financial. Earlier this year a Congressional Oversight Panel said that the . . .
Found : on 13/5/10.
Chrysler ups the ante
Chrysler Group has rolled out new incentives to attract buyers and win over prospective customers. For example, they will be offering 0% financing for 60 months or 1.9% for 72 months if financed through GMAC Financial (soon to be Ally Bank) or cash back up to $3,000. But it appears as these incen. . .
Found : on 7/5/10.
GMAC Financial Services expects $5-billion loss
The auto lender, which has received $16.3 billion in federal aid, says most of the fourth-quarter red ink will stem from a $3.8-billion charge. Auto lender GMAC Financial Services said Tuesday that it expec. . .
Found : on 5/1/10.
M-B's iPhone app: So fun to be dunned
(Credit: Automotive News) Japanese consumers can pay for vending-machine Cokes with their cell phones. Now Americans can make slightly larger payments with their Apple iPhones. Mercedes-Benz Financial has introduced a software application t. . .
Found : on 19/10/09.
Chrysler Returns to Leasing for 2010 Models
After a hiatus that covered the 2009 model year, Chrysler will return to leasing for all 2010 Chrysler, Dodge and Jeep vehicles. New 2009 vehicles still on dealer lots will get 0% financing for 72 months. GMAC Financial is offering...
Found : on 17/9/09.
A Motown headache for Cerberus
If there?s any lesson from the downfall of Detroit?s carmakers over the past several years, it?s that it?s that the smart money can?t find an easy solution to Motown?s woes. When private equity giant Cerberus Capital Management said it would buy Chrysler and its lending arm, Chrysler Financial . . .
Found : on 1/9/09.
GMAC Back in the Leasing Business
Although it?s unlikely that leasing will ever return to the levels the practice enjoyed before the recession, GMAC announced it will put its toe back into the water with a new leasing option for select vehicles. The 2009 models included...
Found : on 11/8/09.
GM to Try Leasing Pilot Program With U.S. Bank
As we reported earlier, GM has found a financing partner outside of GMAC to partner with for at least the month of August. The automaker will team up with U.S. Bank to provide financing to customers on select vehicles in...
Found : on 5/8/09.
Will GM Return to Leasing?
According to a report from the Wall Street Journal, GM and its financial arm, GMAC, are looking to resume leasing vehicles, perhaps as soon as August. Last year, leases made up 20% of GM?s business, but that practice quickly fell...
Found : on 30/7/09.
GM's HUGE green move
GM is America's new green company!A week ago I asked Will the new GM be as pathetic as the new GMAC as I ripped on the dis-ingenuousness of GMAC's new marketing campaign. Also, in the last few weeks - probably the last few months - I have spent much time criticizing GM, largely for too much green. . .
Found : on 11/7/09.
Will the new GM be as pathetic as the new GMAC?
Another reason to dislike GM?Not that long ago, but before the gas price boom of 2008, GM's Bob Lutz stated that GM could have used a fraction of one year's marketing budget to produce a Toyota Prius competitor. Instead, GM invested that money into ads promoting its latest round of gas guzzlers a. . .
Found : on 2/7/09.
Chrysler Financial Snubs Fed Bailout Bucks Over Pay Limits
The Washington Post reports that Chrysler Financial turned down $750m worth of federal loans to avoid executive pay limits. Surprised? Me neither. And that’s not a whole lot of money in the grand scheme of things ($1.5b already “loaned” Chrysler Financial, $6b for GMAC, $7b for. . .
Found : on 21/4/09.
Volkswagen: Surpassing GM as No. 2 car manufacturer soon
Volkswagen is on its way to become the second largest car manufacturer soon by surpassing GM.According to market research company R.L. Polk, Volkswagen is projected to overtake General Motors in total sales sometime this year, assuming GM's sales continue at their current pace, which is down by a. . .
Found : on 7/4/09.
GMAC Eases Auto Lending Restrictions
GM?s financing arm announced an ease on credit restrictions and that it will waive certain dealer fees to allow more consumers to get auto loans. GMAC will make $5 billion available to the new pool of car buyers that it...
Found : on 1/4/09.
GMAC Returns to Sub-Prime Lending
I know, huh? And there I was thinking that easy credit and bad loans were a main contributory factor to our current economic doldrums (aren't euphemisms grand?). But after the Fed changed its rules at the eleventh hour (behind closed doors) so that GMAC could avoid bankruptcy and become (of ...
Found : on 2/4/09.
Breaking: GM CEO Rick Wagoner Resigning as Part of Deal with Government
Shocking news has been released today, General Motors' CEO, Rick Wagoner is resigning at the behest of President Barack Obama as part of GM's restructuring agreement. More details will be released tomorrow morning, as President Obama releases details of the his rescue plan for GM.According to Ja. . .
Found : on 30/3/09.
GMAC Needs YOU! (And They Need $4.49m)
There’s a lot of talk about Cerberus’ favorite automotive and sub-prime housing lender– sorry “bank” relocating to Charlotte, North Carolina, where CEO Al de Molina hangs his hat and, presumably, shelters a chunk of his $11.6m annual compensation. Hey, see it from B. . .
Found : on 21/3/09.
UPDATE: GMAC Defends Dealer Cull
GMAC is facing mounting criticism (lawsuits to follow) for suckling on Uncle Sam’s teat for $6b, then turning around and cutting car dealers off at the knees. And so, on the same day TTAC takes GMAC to task for doing the dirty on dealers, on the same day ChryCo CEO Bob “The Prowler&#. . .