Dec31
Struggling finance firm GMAC LLC said Wednesday that bondholders tendered $21.2 billion in notes in its bid to raise capital for its new status as a bank-holding company.
The lender's goal had been to raise $30 billion by converting 75% of its issued debt into preferred stock holdings. The offer expired Friday after having been extended four times.
Since then, GMAC has received commitments from the federal government for $6 billion in aid and already announced it would ease re...
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As the worst sales year in more than a decade draws to a close, auto dealers are sweetening deals this week in a last-ditch effort to unload acres of cars.
Cash back, 0% interest rates and even wackier deals, such as buy-one-get-one-free, are being tried to squeeze out a few last sales.
General Motors added a last-minute inducement Tuesday by offering 0% to 4.9% financing through Monday on some remaining 2008 models. Financing arm GMAC said the loans were made possible by a $6...
Dec30
GMAC LLC announced today that it will immediately be offering financing for more US consumers, This just after GMAC agreed to sell a $5 billion stake to the government yesterday.
The financing will be provided to retail buyers of new cars and trucks who have credit scores better then 620. This past October GMAC put restrictions on loans to borrowers with beacon scores of less then 700 to control its expositor during the credit crisis.
Credit scores range between 300 and 850, a...
GMAC, the automobile financing company, said Tuesday morning that it would immediately resume financing to a wider range of car buyers, a day after the Treasury Department injected billions of dollars into the lender.
GMAC said in a statement that it would modify its credit criteria to include financing for customers with a credit score of 621 or above, a significant expansion of credit compared to the 700 minimum score put in place two months ago. GMAC had significantly cut back on t...
The auto sector is expected to be the most financially troubled industry in the United States next year, taking the top spot from the homebuilding group, according to a survey of restructuring and bankruptcy professionals released on Monday.
As the nation has slid into recession, auto and auto parts makers have been slammed by dropping sales, pushing industry stalwarts such as General Motors and their suppliers to the brink of bankruptcy.
Homebuilding was named the most troubl...
Dec29
General Motors Corp. and Chrysler LLC still haven’t figured out how to close thousands of dealerships, a promise in the plan they presented to Congress to win loans, starting with $4 billion that each is due to receive today.
The companies have been hoping that dealers would close or sell stores on their own, as industrywide sales have fallen to the lowest level in 17 years. The attrition hasn’t been happening fast enough, and the automakers have few tools at their disposa...
GMAC LLC refused to reveal whether creditors had backed a $38 billion debt restructuring, despite the fact that the outcome isn't expected to disrupt the efforts by the auto and real-estate lender to become a bank holding company. The lender, owned by General Motors Corp. and a group of private equity holders led by Cerberus Capital Management, stated that the deadline for restructuring passed at 11.59 pm Friday. This is the forth time GMAC had extended the deadline in an effort to win ...
Through three decades of decline, union leaders have been predicting a renaissance that has not come. But labor invested more than $300 million to help elect Mr. Obama and enlarge the Democratic majority in Congress, and it expects both to enact legislation that will make it easier for millions of workers to unionize.
Skeptics say the outlook for labor is as bleak as ever. Business leaders and Congressional Republicans have vowed to block the new legislation, and Mr. Obama might want ...
Dec24
General Motors Corp. and Ford Motor Co. shares declined for a second day Tuesday as Wall Street continued to absorb the details of the federal government's bailout of the domestic automobile industry.
The White House's $17.4 billion bailout of GM and privately held Chrysler LLC prompted key ratings agencies to slash their outlook for America's carmakers Monday, while fears of a deepening recession have made an already bleak situation that much worse.
As a result, GM's stock lo...