GM Sells Ally Shares
23 Mar 2011, 08:37 UTC · By: Daniel Patrascu / The efforts made by American automotive giant GM to get to a point when it can continue operating with low or no debt are intensifying in the US, after the car maker announced today the beginning of...
Chrysler Financial Could Serve as Platform for New Bank
21 Nov 2012, 14:06 UTC · By: Bogdan Popa / Even though Chrysler received money from the United States government, people are still talking about the company's future, raising questions regarding the short-term market strategy often cons...
GM, GMAC Receive Money from US Treasury
21 Nov 2012, 14:06 UTC · By: Bogdan Popa / The United States Treasury Department today announced that it decided to pay nearly $5 billion for senior preferred equity, including an 8 percent dividend, from GMAC LLC, the financial division joi...
GMAC Officially Becomes Ally
14 Jul 2010, 09:28 UTC · By: Daniel Patrascu / Following the announcement made earlier this year by financial institution GMAC - that it will change its name to Ally Financial - the group announced yesterday the rebranding of all GMAC consumer a...
Santander Bank Offers Nonprime Loans for Chrysler
18 May 2010, 13:44 UTC · By: Daniel Patrascu / American manufacturer Chrysler announced today it has signed a deal with Santander Consumer USA, a division of Banco Santander, to provide nonprime loans for customers with nonprime credit scores of...
Chrysler to Suffer from GMAC's Passing to GM
14 May 2010, 07:50 UTC · By: Daniel Patrascu / With increasing rumors pointing to GMAC returning under GM's umbrella, rival Chrysler has begun considering its alternatives, with the company's CEO, Sergio Marchionne, saying this would r...
Ally Financial Appoints Barbara Yastine Chief Administrative Officer
12 May 2010, 09:26 UTC · By: Daniel Patrascu / Ally Financial, formerly GMAC, announced today the appointment of Barbara Yastine to the position of chief administrative officer. Yastine will assume the position from Samuel Ramsey, chief risk off...
Unprofitable GMAC is Dead, Long Live Profitable Ally Financial
4 May 2010, 09:22 UTC · By: Daniel Patrascu / It's been two years or so since GMAC's financial statement didn't show any profit. Now it does, but it is too late for GMAC. The financial institution posted net income of $162 millio...
William Muir to Retire from GMAC Next Year
13 Apr 2010, 12:53 UTC · By: Daniel Patrascu / GMAC Financial Services announced today the head of its global automotive services business will retire next year, following a 27 years career with the company. GMAC has launched an external search ...
GMAC Sells European Operations to Fortress
13 Apr 2010, 09:21 UTC · By: Daniel Patrascu / American financial institution GMAC announced yesterday it has decided to sell its European mortgage assets and businesses to Fortress Investment Group. Or rather, to certain funds managed by affili...
GMAC Improves Capital, Raises $7.1 Billion
18 Mar 2010, 11:29 UTC · By: Daniel Patrascu / After a very troubling 2009, financial services company GMAC seems to be back on track, as it announced last week it has managed to raise an additional $1 billion by selling retail auto loans as sec...
Saab Dealers and Customers to be Financed by GMAC
15 Mar 2010, 15:54 UTC · By: Alex Vasile / After the sale of Saab has been completed, the Swedish manufacturer started to rearrange its business. Consequently, it has just announced that it has selected GMAC Financial Services as the preferr...
GMAC Financial Services Presents Q4, 2009 Financial Results
5 Feb 2010, 13:49 UTC · By: Alex Vasile / GMAC has been losing money for some time now, so everybody expected disastrous results for the fourth quarter of 2009. The figures are now official: GMAC Financial Services announced a net loss of $...
GMAC Expects $5 Billion Q4 Loss
6 Jan 2010, 16:23 UTC · By: Daniel Patrascu / Financial institution GMAC is bracing itself for a huge $5 billion loss for the fourth quarter of 2009 alone, despite the recent $3.79 billion received from the US Treasury. The news was confirmed b...
GMAC Gets $3.79Bn from the US Treasury
4 Jan 2010, 15:05 UTC · By: Daniel Patrascu / Following several months of uncertainty and one change in management, GMAC Financial Services announced it has received an infusion of $3.7 billion from the US Treasury, in the form of capital actio...
The Painful Conclusion: US to Lose $30Bn on Auto Bailout
9 Dec 2009, 10:09 UTC · By: Daniel Patrascu / The crazy year for the automotive sector will take its toll on US' finances, as the Obama administration is getting ready to admit to Congress a partial defeat and the lose of no less than $30 ...
Chrysler May Lose Another 100 Dealers
23 Nov 2009, 14:43 UTC · By: Daniel Patrascu / Even with the carmaker out of bankruptcy, problems are far from over for Chrysler dealerships. The most recent bad news for them is that, due to the impossibility for the dealers to reach an agreeme...
GMAC to Focus on Auto Business
19 Nov 2009, 15:12 UTC · By: Daniel Patrascu / As soon as Michael A. Carpenter was appointed new chief financial officer for GMAC Financial, the new CEO steeped into the spotlight and said that the company he now leads will keep the automotive b...
Michael Carpenter, GMAC's New CEO
17 Nov 2009, 09:27 UTC · By: Daniel Patrascu / GMAC Financial Services and its board of directors appointed Michael A. Carpenter the company's new chief executive officer, succeeding Alvaro de Molina after his resignation. Carpenter, me...
GM Eyes Sales Increase for First Time in 21 Months
29 Oct 2009, 11:47 UTC · By: Daniel Patrascu / Rough times seem to lay behind now, as American carmaker GM buzzes with excitement at the possibility to report its first profitable month for nearly two years. According to Mike DiGiovanni, GM...