GMAC Top Auto Finance Newsmaker of 2009

Auto Finance News

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

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)

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