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Latest General Motors Acceptance Corp. Stories

2009-05-16 09:02:57

Auto financing firm GMAC says it will rename itself Ally Bank, reflecting its re-launch as a bank holding company in the wake of auto industry woes. The new name marks the moving away from a GMAC brand that goes back to 1919 when it was established in Detroit as General Motors Acceptance Corp. to help post-World War I consumers purchase their first automobiles, The Wall Street Journal reported. GMAC needed to convert to a bank holding company to access $5 billion in U.S. Treasury bailout...

2006-04-03 08:11:37

By Mark McSherry NEW YORK (Reuters) - General Motors Corp. on Monday said it agreed to sell a 51 percent stake in its financing arm, General Motors Acceptance Corp., to a consortium led by hedge fund Cerberus Capital Management LP for a total of $14 billion. The long-awaited sale will generate much-needed cash for the world's largest automaker, which reported a $10.5 billion loss in 2005. GM hopes the move may also help to restore the financing unit's credit rating to...

2006-04-03 06:54:32

NEW YORK (Reuters) - General Motors Corp. on Monday said it had agreed to sell a 51 percent stake in its financing arm, General Motors Acceptance Corp., to a consortium led by hedge fund Cerberus Capital Management LP for $14 billion, payable over three years. The Cerberus-led investor group, which includes the private equity unit of Citigroup and Japan's Aozora Bank Ltd., had been viewed as the front-runner for the GMAC stake in what has been a complicated and drawn-out bidding...

2006-04-03 07:16:12

NEW YORK (Reuters) - General Motors Corp. on Monday said it had agreed to sell a 51 percent stake in its financing arm, General Motors Acceptance Corp., to a consortium led by hedge fund Cerberus Capital Management LP for $14 billion, payable over three years. The long awaited sale will generate much-needed cash for the world's largest automaker, which reported a $10.5 billion loss in 2005. The move also help to restore the financing unit's credit rating to investment-grade status....

2005-08-10 12:33:39

NEW YORK (Reuters) - General Motors Corp. and its General Motors Acceptance Corp. unit on Wednesday said they will resume vehicle leasing in New York, after a more than two-year absence, following a change in law that will reduce their liability for auto accidents. Ford Motor Co. and Chrysler parent DaimlerChrysler AG were expected to follow suit. GM made its announcement in connection with the expected signing by President Bush of a highway bill that would reduce vehicle lessors'...

2005-08-10 10:20:41

NEW YORK (Reuters) - General Motors Corp. and its General Motors Acceptance Corp. financing arm on Wednesday said they will resume leasing vehicles in New York state, following changes in U.S. leasing liability laws. The world's largest automaker and some smaller rivals have periodically stopped or threatened to stop leasing vehicles because of so-called vicarious liability laws. These laws can leave a vehicle "owner" responsible for injuries and property damage caused by drivers of leased...


Word of the Day
mallemaroking
  • Nautical, the visiting and carousing of sailors in the Greenland ships.
This word is apparently from a confusion of two similar Dutch words: 'mallemerok,' a foolish woman, and 'mallemok,' a name for some persons among the crew of a whaling vessel.