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May 21, 2009

GMAC Financial Services Gets $7.5 Billion From U.S. Treasury

GMAC Financial Services announced Thursday that it will receive $7.5 billion from the U.S. Department of the Treasury, as well as other key actions that will significantly improve the company's capital position and access to liquidity.

May 21, 2009

Senate Amendment Offers Dealers Extra 60 Days to Close Doors

To extend some relief to U.S. auto dealers impacted by Chrysler’s bankruptcy filing and falling sales, U.S. Senator Kay Bailey Hutchison (R-Texas) introduced an amendment that will give dealerships slated for closing on June 9 an extra 60 days to close down operations and sell remaining inventory.

May 20, 2009

C. Robert Kidder to Become Chairman of Chrysler Group LLC

Chrysler LLC announced Wednesday that C. Robert Kidder, former chairman of Borden Chemical Inc. and of Duracell International Inc., will become chairman of Chrysler Group LLC, once it completes its acquisition of the operating assets of Chrysler LLC and completes a global alliance with Fiat SpA. He will succeed Robert L. Nardelli.

May 20, 2009

Chrysler Financial Resumes Special APR Program for Dealers

Chrysler Financial announced Wednesday the resumption of subvented retail annual percentage rate (APR) programs in conjunction with Chrysler LLC.

May 12, 2009

Chrysler to Offer Up to $6,000 in New-Vehicle Incentives

Chrysler LLC announced a new slate of incentives worth up to $6,000 for new-vehicle purchases. The savings may be enough to convince car buyers to invest in the beleaguered OEM as it works its way through last week's Chapter 11 bankruptcy filing and an alliance with Italian automaker Fiat SpA.

May 11, 2009

GMAC Needs to Raise $11.5 Billion in Capital

GMAC Financial Services confirmed Thursday the $11.5 billion in capital requirements for the company resulting from the Federal Reserve's Supervisory Capital Assessment Program (S-CAP).

May 11, 2009

Bankruptcy Court Approves Process for Sale of Chrysler’s Assets

Chrysler LLC announced Friday that it gained approval from the U.S. Bankruptcy Court to sell all of the company's assets.

May 5, 2009

GMAC Auto Division Posts Profit; Extends Curtailment Waiver

GMAC Financial Services today reported a first quarter 2009 net loss of $675 million, compared to a net loss of $589 million in the first quarter 2008.

May 1, 2009

Chrysler’s Bankruptcy Clouds Future for Chrysler Financial

While Chrysler LLC’s bankruptcy filing under Chapter 11 on Thursday provided a clearer picture of the troubled automaker’s way forward, it left the future of Chrysler Financial clouded.

April 27, 2009

Auto Sales to Increase in April, Says

This month’s new-vehicle sales (including fleet sales) are expected to be 859,000 units, a 30.8 percent decrease from April 2008 and a 0.5 percent increase from March 2009, according to