E-NEWSLETTER

Ally Financial Inc. today said it will rebrand its GMAC consumer and dealer-related auto finance operations in the U.S., Canada and Mexico and begin using the Ally name in August. This follows the transition of the corporate entity to Ally Financial Inc. in May.

Tags: Ally Financial, Chrysler, GMAC Financial Services

GM Certified Used Vehicles announced that GMAC Financial Services is offering well-qualified buyers nationwide APR financing as low as 1.9 percent on the Chevy Impala and Pontiac G6.

Tags: GMAC Financial Services, used vehicle sales

Ally Financial Inc. (Ally) today announced that Barbara Yastine was appointed to the newly created role of chief administrative officer, effective immediately. She replaces Samuel Ramsey, chief risk officer, who elected to leave the company for personal reasons, but will remain with Ally until May 31, 2010.

Tags: Ally Financial Inc., GMAC Financial Services

With its strategy to plug up its leaking mortgage unit taking hold, GMAC Financial Services swung to its first profitable quarter since the fourth quarter of 2008. The company also announced its intention to change its name on May 10, with company officials saying the focus going forward will center on the lender’s auto franchise.

Tags: GMAC Financial Services

GMAC Financial Services announced that Jack Stack was appointed as an independent director to its board of directors, effective April 12. Stack will also serve on the audit committee and risk and compliance committee.

Tags: GMAC Financial Services

DealerTrack Inc., a subsidiary of software provider DealerTrack Holdings Inc., announced Monday that the number of active financing sources connected to the DealerTrack network reached 850.

Tags: CREDIT UNION, DEALERTRACK, GMAC Financial Services

After a nearly 27-year career with GMAC Financial Services and its former parent, General Motors, William Muir, president and head of the company’s Global Automotive Services, announced his intention to retire from GMAC within the next year.

Tags: GMAC Financial Services

GMAC Financial Services today announced that it will provide consumer financing for recreation vehicles and has been selected by Thor Industries as the preferred financial provider for its retail customers.

Tags: GMAC Financial Services, RV Industry, Thor Industries

The Congressional Oversight Panel criticized the Treasury Department last week for its decision to save the struggling GMAC Financial Services without requiring it to provide an exit strategy, proof of viability or plan to fully repay taxpayers.

Tags: GMAC Financial Services, TARP, Treasury Department

Following its successful launch as an independent company, Saab Automobile announced Monday that it has selected GMAC Financial Services as the preferred provider of wholesale and retail financial services for qualified Saab dealers and customers worldwide.

Tags: GMAC Financial Services, retail financing, Saab, wholesale financing

GMAC Financial Services has completed the sale of its U.S. consumer property and casualty insurance business, GMAC Insurance Personal Lines, to American Capital Acquisition Corporation (ACAC). The sale includes GMAC's U.S automobile, commercial vehicle, motorcycle and recreational vehicle insurance offerings.

Tags: GMAC Financial Services, GMAC Insurance Personal Lines

Haunted by losses from its mortgage operation, GMAC Financial Services posted a $5 billion loss for the last three months of 2009. The news, however, was much brighter for the finance company’s auto operations.

Tags: Chrysler Dealers, GMAC Financial Services, GMAC originations

GMAC Financial Services issued an update Friday on its efforts to provide nearly 1,500 Chrysler dealers with wholesale financing.

Tags: Chrysler Financial, GMAC Financial Services, wholesale financing

GMAC Financial Services announced a series of actions intended to strengthen the company's capital base, position it for improved financial performance, minimize further adverse effects on GMAC related to Residential Capital LLC (ResCap), and improve access to the capital markets over time.

Tags: Ally Bank, Department of Treasury, GMAC Financial Services, ResCap LLC

According to a recent report by the National Taxpayers Union, American taxpayers have paid $12,200 for every General Motors vehicle sold through the beginning of 2011, and $7,600 for every Chrysler vehicle sold.

Tags: Chrysler, General Motors, GMAC Financial Services, Treasury Department

A federal jury sided with a Pennsylvania dealer in November when it awarded him $4 million in damages in a lawsuit against GMAC Financial Services, according to the Reading Eagle.

Tags: GMAC Financial Services

Shortly after word spread of Alvaro de Molina’s abrupt departure on Monday, GMAC Financial Services announced that its board of directors selected Michael Carpenter as his successor.

Tags: GMAC Financial Services

Chrysler Group officials made it clear last Wednesday that securing the financing needs of its dealers will be key to realizing its $500 million, five-year plan. GMAC responded the following day by saying that it’s quickly ramping up efforts to becoming the preferred financing source of Chrysler dealers and customers.

Tags: Chrysler, GMAC Financial Services

U.S. Congresswoman Candice Miller (R-Mich.) and National Automobile Dealers Association (NADA) chairman John McEleney have undertaken separate campaigns to extend a program designed to provide floorplanning credit to Chrysler dealerships.

Tags: Chrysler, FLOORPLAN FINANCING, GMAC Financial Services, NADA

GMAC Financial Services reported a third quarter 2009 net loss of $767 million, an improvement from the net loss of $2.5 billion in the year-ago period.

Tags: 30-day delinquencies, Cash for Clunkers program, credit losses, GMAC Financial Services, originations

An insider confirmed on Wednesday reports that GMAC Financial Services Inc. is in discussions with the U.S. Treasury Department for a third-round of taxpayer-backed funding – one of two moves the auto finance company made this week to shore up its capital position ahead of an impending regulatory deadline.

Tags: Chrysler, FDIC, GMAC Financial Services, Treasury Department

Chrysler Financial, the former captive lender of Chrysler LLC, will liquidate and cease business in Dec. 31, 2011, according to a letter from the U.S. Treasury Department.

Tags: Chrysler, Chrysler Financial, GMAC Financial Services

Starting Thursday, Oct. 1, GMAC Financial Services will begin rewarding loyal General Motors and Chrysler dealers with cash, remarketing services and other perks.

Tags: Ally Bank, Chrysler, General Motors, GMAC Financial Services

Chrysler Group LLC announced it will offer a leasing option for customers on all 2010 model year Chrysler, Jeep and Dodge vehicles through Chrysler’s preferred lender, GMAC Financial Services.

Tags: Chrysler Group, GMAC Financial Services, leasing

Recovery Compliance Solutions, a provider of repossession compliance monitoring solutions, partnered with GMAC Financial Services to manage and verify its repossession vendors’ information, ensuring they remain compliant with state and local standards.

Tags: Compliance, GMAC Financial Services