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GMAC says business as usual despite GM bankruptcy

Posted Tuesday, Jun 2, 2009, 11:06 am in Employee News

GMAC Financial Services has asked the U.S. Bankruptcy Court to allow it to continue to do normal business with General Motors Corp. as the automaker goes through restructuring, the Automotive News reported.

GMAC continues to make retail auto loans, provide commercial loans to dealers and offer insurance products, the lender said in a statement. GMAC wants to avoid interruptions during GM’s bankruptcy. The finance company says GM is asking the court to allow the automaker to comply with all the contracts it has with GMAC during the bankruptcy proceedings, the trade publication said.

Currently, GMAC provides retail consumer loans and wholesale inventory financing to most GM dealerships, the paper said. In May, GMAC also started financing Chrysler LLC dealers in the wake of the U.S. Treasury Department’s decision not to provide additional capital to Chrysler Financial, the story said. (Automotive News)
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