GMAC, Samsung Card Announce Joint Auto Finance Venture
SEOUL, South Korea -- General Motors Acceptance Corp. and Samsung Card Co. are partnering to create an auto finance venture in Korea called GMAC Capital. The company will reportedly start offering vehicle loans later this year.
SEOUL, South Korea -- General Motors Acceptance Corp. and Samsung Card Co. are partnering to create an auto finance venture in Korea called GMAC Capital. The company will reportedly start offering vehicle loans later this year.
General Motors will own 80.5 percent of the venture and Samsung Card will own the rest. Hyundai Capital has 70 percent of Korea's installment financial services market, Daewoo Capital has 10 percent and Samsung Card owns another 10 percent, reported The Korea Herald. Samsung Card expects to increase its share of the market to 30 percent by 2008.
The venture will supply auto financing services to GM Daewoo dealers and GM import dealers.
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