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Old 06-23-2010, 04:38 PM   #1
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Default Latest update - GM no longer seeking to buy GMAC

A report in the Wall Street Journal indicates GM is shifting their strategy and they're no longer pursuing the option of buying the automotive division of GMAC. Several weeks ago it was widely reported that GM wanted to acquire a captive finance source before they issued an IPO.

The sources for the report indicated the deal never gained momentum because GMAC's parent, Ally Bank, didn't want to sell their automotive operations.

The report stated GM is now looking to other banks to fill the void and hopes to find partners that will offer better solutions for lease and sub-prime customers.
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