By word : Gmac
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GMAC to Lower Lending Standards
When the news came across the e-transom last night that Cerberus’ chairman John Snow’s pals at the U.S. Treasury had decided to “invest” $5b in GMAC, my blog was filled with words like “bat shit crazy” and “disgusted.” After the shock wore off, I ed. . .
Found : on 2/1/09.
Bailout Watch 315: US Nationalizes GMAC
Now that the frog– fog of war is beginning to lift from the deal between the federal government and troubled auto and mortgage lender GMAC, a few key facts have emerged. First and foremost, Business Week (BW) reminds us that the U.S. Treasury’s $6b “investment” in GMAC lea. . .
Found : on 2/1/09. Rated 4 of 10.
A Look at the ?New? GMAC From the Sharp End
The federal government buys GMAC and the MSM says huzzah! The credit taps are slowly starting to reopen! Meanwhile, on the front lines, the same scum-bags who helped cause this economic crisis by pushing people into cars (and houses) they couldn’t afford are busy reinventing the same wheel . . .
Found : on 2/1/09.
GMAC-Enhanced GM: Let?s Make a Deal!
12/30/2008 To: All GM Dealers Subject: GMAC APR RATES Date: December 30, 2008 I wanted to update you on the recent actions that have taken place with regard to GMAC obtaining bank holding status. We believe GMAC?s ability to extend financing will be greatly enhanced. To that end, I am pleased to . . .
Found : on 2/1/09.
Bailout Watch 311: GMAC Missed Bank Conversion Target By $8.8b
I know this is The Truth About Cars, not the inside baseball truth about the finance companies that prop-up the domestic automobile manufacturers. Dot com. But we’ve been following this story because, well, if GMAC had gone down, GM would have gone down and GM still makes cars. Well, after . . .
Found : on 2/1/09.
Francisco Franco is Still Dead. GMAC? No Se Nada.
GMAC. Bank or bust? We still don’t know. As we’ve reported at least twice previously, if the troubled lender failed to make the leap to hyper-suckle by Friday at 11:59 pm (i.e. get investors to swap out enough debt for equity to morph into a bank and scarf $6.3b or so from the Trouble. . .
Found : on 28/12/08.
Fed Grants GMAC Bank Status? Provided GM and Cerberus Piss Off
Thanks to its enthusiastic participation in the sub-prime mortgage market and billions in low-interest, low-FICO score auto loans, GMAC was headed for bankruptcy. There was only one way out: convert to a bank and suckle on the federal teat labeled Trouble Asset Relief Program (TARP). Only… . . .
Found : on 27/12/08.
Bailout Watch 304: GMAC Set to Hoover $23.8b from Feds
“Hoover” as in the English expression for vacuum or suck-up– not the U.S. President at the helm when American slid into [what became known as] The Great Depression. Anyway, that brings Uncle Sugar’s contribution to the Detroit cause to $66.2b: $25b for retooling loans, $17. . .
Found : on 27/12/08.
Quote of the Day: GMAC Still Not A Bank Edition
“It’s not a good situation, no matter what.” These bleak words come from Christopher Whalen, managing director of Institutional Risk Analytics [via compareshares.com.au]. Whalen is wailin’ on the impact of the Fed granting GMAC bank status, should the lender complete its d. . .
Found : on 27/12/08.
Did GMAC Become a Bank or Not? GM Ain?t Sayin?
In our coverage of lender GMAC’s struggle to become a bank (i.e. suckle on Uncle Sugar to avoid bankruptcy), we pretty much assumed it was a done deal. The Fed’s decision to grant GMAC bank status if/when they completed a mega-debt-for-equity swap seemed like the come-on reluctant inv. . .
Found : on 27/12/08.
How Stupid Does Cerberus Think We Are?
Cerberus is the highly secretive private equity company that owns Chrysler, the ailing American automaker that just scored $4b from the Troubled Asset Relief Program (TARP). Cerberus also owns 51 percent of lender GMAC (soon to be less) and all of Chrysler Financial Services. And a lot of Burger . . .
Found : on 27/12/08.
GMAC Delays Debt Swap Deliveries. Again.
Your faithful blogger is suffering this morning. A night of birthday celebration is currently proving that knowledge of moderation (and the mysteries of escrow) do not simply come with age. But compared to the hangover caused by a decade-long cheap credit binge, my suffering seems downright toler. . .
Found : on 20/12/08.
What Could Possibly Go Wrong Now?
With $17.4b pledged to GM and Chrysler, and the Canadian “plus one” on the way (er, “plus several billion,” actually), the dark days of Carpocamageddon are all but over, right? Of course not. As several of the B&B point out in comments on the bailout announcement, GMAC. . .
Found : on 20/12/08.
Investor Reneges; GMAC Headed for C11. GM Next?
The Wall Street Journal (WSJ) reports that General Motor’s former captive finance unit and current chest-strapped TNT device looks set to miss its deadline for a debt-for-equity swap. GMAC needs to get the deal done to transform itself into a bank and score federal funding under the Trouble. . .
Found : on 20/12/08.
Chrysler?s Last Stand: NASCAR
With Chrysler going on what may be a permanent Christmas vacation, things aren’t going good at all round Auburn Hills way. Especially with the Cerburian masters busy sweating the GMAC situation. Automotive News [sub] communicates the urgency of the situation the only way it knows: by extoll. . .
Found : on 20/12/08.
While America Slept. Saturday, December 20, 2008
A short overview of what happened in other parts of the world while you were in bed. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off. Note: For the next two weeks, WAS will be filed from Tokyo. Cerberus wants to unload Chrysler, keep GMAC: That&#. . .
Found : on 20/12/08.
GM Falls on Its Sword to Rescue GMAC
According to Yahoo! Finance, “General Motors Corp. said in a regulatory filing Monday [full text after the jump] that it and GMAC LLC agreed to temporarily adjust the financing company’s terms for making advance payments to the automaker for the wholesale financing of vehicles sold to. . .
Found : on 16/12/08.
Bailout or Not, GMAC May Drag GM Under
Once upon a time, GM’s captive finance unit GMAC was the engine of its success, pouring billions and billions and billions of dollars into the General’s corporate coffers. At some point, the tail wagged the dog: cheap credit and lax lending practices fueled an unsustainable growth in . . .
Found : on 16/12/08.
By the Numbers - October 2008: "Thanks, GMAC!" Edition
Filed under: By the NumbersSales for the month of October 2008 were... ahem... not good. The auto industry in the U.S. has found a way to slide further into oblivion with only a few bright spots from Audi and MINI, the latter of which enjoyed monster sales last month we suspect on account of grea. . .