GMAC Top Auto Finance Newsmaker of 2009
For GMAC, 2009 has been a tough year. Most notably, the mega-financier assumed financing for former rival Chrysler Financial, while battling severe losses and requiring federal aid to stay afloat.
Here’s a look at the top GMAC news events of 2009, culled from AutoFinanceNews.net.
• GMAC Shuts Down Nuvell, National (January 7)
• Say Ah: GMAC CDS Spreads Widen Way Out (March 31)
• GMAC Jumps Back into Subprime (April 2)
• It’s Not All Bad: GMAC Reportedly Hiring (April 20)
• Government Wants GMAC to Buy Chrysler Financial (April 28)
• GMAC to Finance Chrysler Vehicles (April 30)
• GMAC Posts $675 Million Loss for 1Q (May 5)
• Daunting Numbers for GMAC (May 11)
• GMAC Warns It May Be ‘Unable’ to Finance Chrysler Dealers, Customers (May 12)
• Capital Infusion (May 21)
• GMAC Gets the Obama Administration ‘Spin’ Treatment (May 22)
• GMAC/Ally Retreats in Deposit Battle with ABA (June 5)
• Not Surprisingly, GMAC Cuts Off Certain Chrysler Dealers (June 25)
• Fresh Funds for GMAC (October 28)
• GMAC Bangs Heads With the FDIC (November 2)
• GMAC Servicing Unit to Shed 13% of Tenn. Staff (December 1)
• Government Takes Control of GMAC With New Infusion (December 31)
