WASHINGTON – The Treasury Department said that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., in a move that’s expected to stave off a.
GMAC Financial Services said Monday that Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its.
NEW YORK (CNNMoney.com) — In yet another move to prop up the crumbling U.S. auto industry, the government announced Monday that it will pump $6 billion into GMAC Financial Services, a financing.
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The federal government said Wednesday that it will take majority control of troubled auto lender GMAC and provide an additional $3.8 billion in aid to the company, which has been unable to raise from.
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When you take out a loan for the purchase of a new vehicle, the lender puts a lien on the certificate of title for the vehicle. This keeps the car, truck or SUV under legal ownership of the lender until the amount due is paid in full.
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GM Financial provides auto loan financing through auto dealers across the US & Canada, servicing consumers and dealers with competitive financing and lease programs.
WASHINGTON (Reuters) – The U.S. Treasury’s decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an.