Jan Ake Jonsson, CEO of Saab Automobile AB said: "Today's announcement is excellent news for the Saab organization as a whole and also for Saab's customers. It not only makes available competitive financing, but also provides valuable continuity for the dealer network which already uses GMAC services."
Bill Muir, GMAC President said: "We are delighted to be able to build on our strong relationships with Saab dealers and customers, and we look forward to working with Saab as it begins a new chapter in its history."
Things have not been going too well for GMAC lately, as the company has been losing money for some time now. Everybody expected disastrous results for the fourth quarter of 2009, and disaster struck: GMAC Financial Services announced a net loss of $5.0 billion for the fourth quarter of 2009, as compared to net income of $7.5 billion for the fourth quarter of 2008. For the 2009 full year, GMAC reported a net loss of $10.3 billion, as compared to a net income of $1.9 billion in 2008. The fourth quarter and full year losses were affected by the problems related to legacy assets in the mortgage operations.