MENU
SEARCHGMAC LLC, the finance company partly owned by General Motors Corp., is negotiating terms of a $3.5 billion loan for its struggling mortgage subsidiary Residential Capital LLC to keep it out of bankruptcy, Bloomberg reported.
New York -- GMAC LLC, the finance company partly owned by General Motors Corp., is negotiating terms of a $3.5 billion loan for its struggling mortgage subsidiary Residential Capital LLC to keep it out of bankruptcy in hopes of finding a buyer or breaking it up, Bloomberg reported.
ResCap, the eighth-largest U.S. residential lender in 2007, said Monday that it will not be able to pay its debt obligations unless it comes up with an additional $600 million by the end of June.
ResCap is seeking a $3.5 billion credit line from GMAC. Themortgage unit is also asking GMAC to retire $350 million of outstanding debt and extend an additional $150 million through an existing line of credit, the company said in an SEC filing.
On Monday, ResCap began offering as little as 80 cents on the dollar to exchange or buy back $14 billion of bonds to extend maturities until 2010 or 2015 and stave off bankruptcy.
ResCap has lost $5.3 billion in the past six quarters, Bloomberg reported.
Last week, losses at ResCap contributed to a $589 million first quarter loss at GMAC. GM last week said that $276 million of its $3.3 billion first-quarter loss was due to its stake in the finance company.
In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
Read More →
What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
Read More →
How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.
Read More →
More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.
Read More →
It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.
Read More →
Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.
Read More →
Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.
Read More →
Helping F&I customers understand complementary offerings is likely to lead to more sales, based on the success of a high-performing practitioner of the philosophy.
Read More →
Ethical F&I Manager's Conference will take place at The Cosmopolitan Las Vegas on April 13–15, 2026.
Read More →