GM-AmeriCredit Deal Clears Last Hurdle; New Co. to Start Oct. 1

With AmeriCredit’s shareholders giving General Motors the nod on its acquisition, GM will take ownership of the new company Friday.

The new subsidiary, to form the backbone of GM’s financing operations, will be called General Motors Financial Co.

Plans for the captive include a regional leasing program, set to be launched in the first quarter of 2011.

GM announced its intent in July to buy AmeriCredit for $3.5 billion. Fort Worth, Texas-based AmeriCredit has 3,000 employees and a $9 billion auto portfolio.

Separately, GM may seek to reduce the size of its planned initial public offering, according to recent reports. The automaker, 61% owned by the U.S. Treasury Department, may try to raise $8 billion to $10 billion in an IPO, rather than as much as $16 billion, as previously thought.