All Blog Posts Tagged 'gmac' (50)

GM Recasts Auto Finance Landscape with AmeriCredit Deal

General Motors, in agreeing to acquire AmeriCredit Corp., has reshaped the auto finance landscape.

In this one move, GM solves its financing dilemma, freeing it from the whims of outside providers of financing and returning it to arguably its most profitable historical endeavor: vehicle finance.

Meanwhile, AmeriCredit jumps to the top of the auto finance heap with its marriage to GM. The venture gives it access to a deluge…

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Added by JJ Hornblass on July 22, 2010 at 10:30am — 1 Comment

LIVE BLOG OF THE GM-AMERICREDIT CONFERENCE CALL @ 10 AM ET

We will be live-blogging the GM-AmeriCredit conference call regarding the carmaker's proposed acquisition of the finance company at 10 a.m. ET. We invite AutoFinanceNews.net members to post comments here about the call and live-blog.

Refresh page for live-blog updates.

10:00 AM ET: Call starts on time. GM IR director introduction/disclaimers. Ed Whitacre, Dan Berce Chris Laddel will will offer comments.

Mark Royce…

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Added by JJ Hornblass on July 22, 2010 at 9:30am — 8 Comments

GM TO ACQUIRE AMERICREDIT FOR $3.5B - Links to Outside Coverage

Official GM release.

Coverage from around the web:

WSJ

Bloomberg…

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Added by JJ Hornblass on July 22, 2010 at 9:00am — No Comments

Report: GM Eyes Chase, Wells Fargo for Financing

JPMorgan Chase & Co. and Wells Fargo & Co. are on the short list of potential financing partners for General Motors Co., according to a Reuters report.

News surfaced last month that GM was looking to resurrect a captive financing arm. Its choices: buy back the auto finance portion of Ally Financial, start its own financing venture, or partner with a bank.

Currently, Ally Financial (formerly… Continue

Added by Marcie Belles on June 24, 2010 at 1:00pm — No Comments

Breaking Even at Cerberus

Has Cerberus Capital Management finally escaped the dark cloud of GMAC LLC and Chrysler LLC?

An assessment by Reuters BreakingViews yesterday suggested that Cerberus, which acquired GMAC (aka Ally Financial Inc.) and Chrysler at the height of the credit boom, has negated its losses on those investments with the pending…

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Added by JJ Hornblass on June 8, 2010 at 12:00pm — No Comments

Chrysler to Subvent GMAC, Santander Loans

With more than 20% of its potential customer base falling into the less-than-650 credit score range, Chrysler Group LLC has ramped up its financing to that sector, subsidizing loans made by GMAC and Santander Consumer USA, AutoFinanceNews.net has learned.

Earlier this… Continue

Added by Marcie Belles on May 21, 2010 at 4:00pm — No Comments

Is GM Looking to Resurrect Its Captive?

DALLAS -- Someone must be delivering an "I told you so" speech within General Motors today.

That's because news has surfaced yesterday that GM might be (read: is) looking to resurrect a captive financing arm. According to the rumors, GM will either seek to buy back the auto finance portion of Ally Financial, start its own financing venture, or partner with a bank.

You don't have to read too deeply into Ally's statements to discern the friction…

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Added by JJ Hornblass on May 12, 2010 at 9:00am — 2 Comments

Stronger Performance for the Auto Finance Sector Forecast for 2010

Last year hurt, but 2010 likely will not.

2009 will go down as one of the worst years for auto finance, according to the newly released 2010 Auto Finance Big Wheels report. However, the report, which for the first time includes a forecast for 2010 performance, indicates that auto finance should rebound this year -- at least somewhat.

Specifically, auto finance outstandings contracted 10% last year,…

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Added by JJ Hornblass on May 4, 2010 at 9:00am — No Comments

GMAC Scores Thor Financing Deal, Second in 3 Weeks [UPDATED]

GMAC Financial Services scored its second private-label financing deal in three weeks yesterday with the announcement that it will make retail loans on behalf of Thor Industries.

Last month, GMAC announced that it would provide financing for Saab.

Thor makes RVs, and GMAC will finance new and used RVs for the company,…

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Added by JJ Hornblass on April 6, 2010 at 10:30am — No Comments

GMAC CFO Joins Private Equity Firm

In a two-sentence filing with the Securities and Exchange Commission, GMAC announced that Chief Financial Officer Robert Hull had resigned. He has taken a job at private equity firm Providence Equity Partners.

“GMAC Financial Services today announced that Chief Financial Officer Robert S. Hull has elected to depart the company at the end of March to pursue another career opportunity,” according to the March 9 filing. “The company will conduct an internal and external search for… Continue

Added by Marcie Belles on March 11, 2010 at 2:00pm — No Comments

COP to Publish Report on GMAC 'Next Week'

Last week, Michael Carpenter, CEO of GMAC LLC, and Robert Hull, GMAC's CFO, testified in front of Elizabeth Warren's Congressional Oversight Panel regarding the funds GMAC received through the government's Troubled Asset Relief Program. Warren told Bloomberg today that COP will publish a report on GMAC next week.

Warren is focusing COP's efforts on the stragglers in the TARP. Tomorrow, Vikram…

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Added by JJ Hornblass on March 3, 2010 at 10:01am — 1 Comment

Questions for GMAC from the COP

GMAC, say hello to your COP.

The COP is the Congressional Oversight Panel headed by Elizabeth Warren, and GMAC LLC will face off with Warren and her fellow delegates on Thursday. Here's the lineup of witnesses:

GMAC Chief Executive Officer Michael Carpenter;
GMAC Chief Financial Officer Robert Hull;
Chris Whalen of Institutional Risk Analytics;
Ron Bloom, Senior Advisor to the Secretary of the Treasury, Presidential Task Force…

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Added by JJ Hornblass on February 22, 2010 at 9:30am — 2 Comments

Solid Footing for Auto ABS

The prognosis for auto asset-backed securitization ratings appears to be good for 2010.

Today, rating agency DBRS offered an update on the auto ABS market, and its forecast was positive for the sector.

Ratings performance on auto ABS is expected to be stable in 2010. Over the past two years, much of the ratings volatility that…

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Added by JJ Hornblass on February 8, 2010 at 4:00pm — No Comments

Evidence That Chrysler, New GM Won't Pay Back Taxpayers -- Ever

Last Friday, the Office of the Special Inspector General of the Troubled Asset Relief Program -- folks call it the SIGTARP for short -- released a quarterly report on the all-important, save-the-financial-world government program. As part of the 224-page report, the SIGTARP assessed whether General Motors and Chrysler LLC will pay back the $64.4 billion of TARP funds the companies have received. The verdict: not… Continue

Added by JJ Hornblass on February 2, 2010 at 9:01am — No Comments

Congressional Panel Questions GMAC Aid

In a 200-page report published this week, the congressional panel overseeing the $700 billion TARP bailout challenged the special treatment GMAC received.

The Congressional Oversight Panel, as the committee is called, is tasked with reviewing the Treasury Department’s actions and assessing the impact of spending to stabilize the economy. In its January report, the panel questioned Treasury’s conclusion that GMAC is “too big to fail.”

The panel devoted four pages in the… Continue

Added by Marcie Belles on January 15, 2010 at 12:00pm — 1 Comment

GMAC Top Auto Finance Newsmaker of 2009

For GMAC, 2009 has been a tough year. Most notably, the mega-financier assumed financing for former rival Chrysler Financial, while battling severe losses and requiring federal aid to stay afloat.

Here’s a look at the top GMAC news events of 2009, culled from AutoFinanceNews.net.

• GMAC Shuts Down Nuvell, National (January 7)

•… Continue

Added by Marcie Belles on December 31, 2009 at 12:37pm — No Comments

Government Takes Control of GMAC With New Infusion

Unable to obtain the necessary funds from private investors to bolster reserves against unexpected losses, GMAC has secured another $3.8 billion in capital from the federal government.

To date, the Treasury Department has pumped $16.3 billion into the former General Motors captive — enough for a 56% stake. Now the government gets to appoint four of the company's nine directors.

GMAC, which was granted bank-holding-company status in December 2008, was one of 19 banks to… Continue

Added by Marcie Belles on December 31, 2009 at 12:00pm — No Comments

GMAC Servicing Unit to Shed 13% of Tenn. Staff

GMAC subsidiary Semperian LLC will lay off 45 employees in its Knoxville, Tenn., office by yearend in a move to “reduce costs and gain efficiencies,” GMAC spokesman Mike Stoller told the Knoxville News Sentinel. About 300 employees will remain.

Loan-servicer Semperian has locations in Arizona, Colorado, Connecticut, Florida, Michigan, Minnesota, Missouri, North Carolina, Oregon, and Texas. The Knoxville office, which opened in 2002, provides collection and customer support… Continue

Added by Marcie Belles on December 1, 2009 at 3:00pm — No Comments

GMAC Bangs Heads With the FDIC

GMAC and the FDIC appear to be at loggerheads over auto finance.

According to an article in today's Wall Street Journal, GMAC and the FDIC have been battling over GMAC's auto finance business. An excerpt from the article:

The FDIC also was cool to GMAC's desire to expand its auto lending by reaching out to consumers with lower credit…

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Added by JJ Hornblass on November 2, 2009 at 10:30am — 8 Comments

Fresh Funds for GMAC

After failing a bank “stress test” in May, GMAC was given six months to raise $11.5 billion. Looks like as much as nearly half that money may come from the federal government.

Apparently, GMAC is in advanced talks with the Treasury Department for another cash infusion — this time, as much as $5.6 billion, according to the Wall Street Journal. (The amount could… Continue

Added by Marcie Belles on October 28, 2009 at 12:30pm — 3 Comments