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Automotive Discussions Car People talking about the Car Business – This is the place where it happens |
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10-27-2009, 05:10 PM | #1 |
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GMAC goes back to the Treasury for more money
The Wall Street Journal is reporting that GMAC is working with the U.S. Treasury in an effort to secure an additional $2.8 to $5.6 Billion in capital.
GMAC will become the only company in the U.S. to seek assistance on three separate occasions. GMAC has already received $12 Billion in two earlier transactions. GMAC indicated they needed the funds to maintain their lending volume to GM and Chrysler dealers. The report noted that GMAC's new car loan volume for the Second Quarter of 2009 was 55% lower than the same period in 2008. There was no indication if any of the tax-payers' dollars would be used to save the 41 Chrysler dealers who face termination because of GMAC's refusal to refinance existing Chrysler Financial loans. |
10-28-2009, 04:49 AM | #2 |
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We discussed this earlier, and it has happened just like predicted. We have opened a box that cannot be closed. The appetite for cash can't be stopped.
Can you imagine if everytime we needed cash, it would just appear? |
10-28-2009, 06:30 AM | #3 |
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GMAC- Hat in Hand Part III
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10-28-2009, 06:38 AM | #4 |
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I think we all picked the wrong business. We should have been Derivative Traders or Commercial Bankers.
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10-28-2009, 08:32 AM | #5 |
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I merged the two different threads about GMAC's request for more capital and left it here in Automotive Discussions since it impacts both GM and Chrysler dealers.
Last edited by XDCX; 10-28-2009 at 08:37 AM. Reason: Changed from General Discussions to Automotive Discussions |
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