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GMAC Financial Services

GMAC Completes Sale of Consumer Property and Casualty Insurance Business

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.

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Mortgage Unit Continues to Haunt GMAC

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.

GMAC Approves Financing for 94 Percent of Chrysler Dealers

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

GMAC Financial Services Announces Capital and Strategic Actions

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.

Every GM Vehicle Sold Costs Taxpayers $12,200

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.

Shut-Down Dealer Awarded $4 Million in Lawsuit Against GMAC

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.

Carpenter Replaces de Molina at GMAC

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.

GMAC Will Fuel Chrysler’s Comeback

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.

Lawmaker, McEleney to GMAC: Floorplanning at Crossroads

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.

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GMAC Reports 3Q Loss of $767 Million

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.

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