GMAC Posts $675 Million Loss for 1Q

On the heels of an announcement last week to finance Chrysler retail and floorplan loans, GMAC Financial Services today reported first quarter financial results. The bottom line: a $675 million loss for the company overall, but a $225 million profit for global auto operations.

Weaker credit performance contributed to the lower auto finance earnings, which had totaled $258 million in the first quarter of 2008.

Here’s a look at some earnings indicators:

* Originations: $3.4 billion, down from $13.1 billion in 1Q08

* Credit Losses: 2.41% of managed retail assets, up from 1.34% in 1Q08

* 30-Day Delinquencies: 3.08%, up from 2.42% in 1Q08

Here's the earnings press release.

Click here for the presentation from today's earnings call.