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GM, Wells Fargo Launch Auto Finance Partnership

March 02, 2012

DETROIT – General Motors Co. and Wells Fargo & Co. announced a long-term partnership to offer financing to Chevrolet, Buick, GMC and Cadillac dealers and retail customers in GM’s West marketing region.

“Our relationship with Wells Fargo further improves GM’s competitiveness by expanding the financing options we can offer to our dealers and customers,” said Mark Reuss, president of GM North America.

Wells Fargo will offer GM dealers a complete suite of products alongside the core offering of retail subvention, according to the company. These offerings will include non-subvented retail loans and financing solutions for GM dealers, including wholesale floorplan and other financing, treasury services and insurance.

“Our new relationship with General Motors will help expand our significant footprint in the West through improved access to GM’s large dealer and customer network,” said Tom Wolfe, head of Wells Fargo Consumer Credit Solutions. “It will fuel growth in our auto finance business, an area in which we are looking to expand.”

GM currently has captive offerings through GM Financial and Ally, and offers a leasing program with U.S. Bank.

“This partnership represents another step forward in our strategy to ensure our dealers and customers have consistently available, transparent and competitive financing,” said Dan Ammann, GM senior vice president and chief financial officer.

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