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car finance gmacBloomberg - GMAC on Feb. 20 said it will shut three-quarters of its North American auto-finance offices and eliminate 930 jobs, after its profit from car loans in the fourth quarter was $137 million, the lowest in more than two years. Read more
GM May Add to Cash for GMAC If Needed, Henderson Says (Update2)Detroit Free Press - ... body over the original car's engine and chassis. GM may help GMAC General Motors Corp. might provide more cash for GMAC LLC should its former home-and-auto loan unit fall significantly short of the forecast for a 2008 profit, the automaker's finance ... Read more
TRW workers walkMLive.com - And GM may have to invest more in GMAC LLC, the automaker's former finance arm. In 2006, GM sold 51 percent of the business to an investment group led by Cerberus Capital Management LP for $14 billion. Read more
GM says funding UAW health care trust may bring spending cutsBloomberg - Wagoner deserves credit for seizing the liquidity issue and pulling off the sale of 51 percent of GM's GMAC finance subsidiary to ... If GM needs to close plants or consolidate brands faster than it's done so far in the face of an awful U.S. car market ... Read more
GM Turnaround Collides With Dismal U.S. Car Demand: Doron LevinBaltimore Sun - NEW YORK - Tim Walters used to attend six used-car auctions a month to buy ... Eckart Klumpp, vice president of remarketing at DaimlerChrysler Services, the finance ... Bill Ploog, GMAC's general director of remarketing, said the idea came from his ... Read more
Used cars online: Going, going, goneSlate - To a degree, the company produces the cars at a loss so GMAC can finance them at a profit. A strike that halts production and throws a wrench into sales would thus be a double-whammy for GM. It would lose the revenues from car sales, and it would ... Read more
The Wal-Mart PuzzleDeseret News - I bought my first car with a credit union loan. Those who game the system to avoid responsibility (taxes)or ... Credit Unions finance cars just as banks, GMAC, Ford Credit, Toyota Credit, etc. The only ones not paying tax on the PROFIT is the Credit ... Read more
Comments continue belowDetroit News - GMAC to cut 930 jobs from auto finance unit, merge field offices Sharon Terlep / The Detroit News GMAC LLC, the struggling financial firm part ... loans last year, but earnings on auto lending fell 77 percent in the fourth quarter to $137 million as car ... Read more
GMAC to cut 930 jobs from auto finance unit, merge field officesReuters - DETROIT (Reuters) - Finance company GMAC on Wednesday said it would restructure its auto finance unit by eliminating about 930 jobs and closing smaller offices in the face of tighter credit markets and slumping new car sales. The job cuts represent ... Read more
GMAC to cut 930 auto finance jobs, close officesHouston Business Journal - GMAC Financial Services says it plans to cut costs and restructure its North American auto finance business. The Detroit-based finance company plans to consolidate work to five regional centers -- Dallas, Atlanta, Chicago, Pittsburgh and Toronto ... Read more
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