GMAC Inc.
News and overview for GMAC Inc.
GMAC Financial Services CEO resigns - MarketWatch
MarketWatch | 5 days 12 hours 33 minutes ago
"The board has tasked Carpenter with accelerating the strategic and operational changes necessary to focus GMAC on its core auto finance and related businesses," the company said in a statement.
GMAC Financial Services Reports Preliminary Third Quarter 2009 Financial Results [Press Release]
PRNewswire | 17 days 15 hours 54 minutes ago
NEW YORK, Nov. 4 /PRNewswire/ -- GMAC Financial Services today reported a third quarter 2009 net loss of $767 million, compared to a net loss of $2.5 billion in the third quarter of 2008. Results in the quarter were adversely affected by losses related to legacy assets in the mortgage operations.
The answer is in autos, new GMAC chief says
Philadelphia Inquirer, The | 4 days 2 hours 28 minutes ago
GMAC Inc., the lender that is seeking a third federal bailout, must focus on auto financing and find a solution to its money-losing mortgage business, newly appointed chief executive officer Michael Carpenter says.
A.M. Best Revises the Under Review Implications Status for Several Members of GMAC Insurance Group [Press Release]
Business Wire | 30 days 17 hours 22 minutes ago
A.M. Best Co. has revised the under review implications status to positive from developing for the financial strength ratings (FSR) of B++ (Good) and issuer credit ratings (ICR) of “bbb” of several members of GMAC Insurance Group (GMACI) (Southfield, MI).
Zacks Bull and Bear of the Day Highlights: Infosys, Myriad Genetics Inc., American International Group, Citigroup, Bank of America [Press Release]
Business Wire | 5 days 12 hours 54 minutes ago
Zacks Equity Research highlights Infosys (Nasdaq: INFY) as the Bull of the Day and Myriad Genetics Inc. (Nasdaq: MYGN) the Bear of the Day. In addition, Zacks Equity Research provides analysis on American International Group (NYSE: AIG), Citigroup (NYSE: C), Bank of America (NYSE: BAC).
GMAC Financial Services Reports Preliminary Second Quarter 2009 Financial Results [Press Release]
PRNewswire | 109 days 22 hours 23 minutes ago
NEW YORK, Aug. 4 /PRNewswire/ -- GMAC Financial Services today reported a second quarter 2009 after-tax net loss of $3.9 billion, compared to a net loss of $2.5 billion in the second quarter of 2008. Results in the quarter were adversely affected by strategic actions taken by the company which resulted in several charges in the second quarter, including:
Zacks Analyst Blog Highlights: Google Inc., Bank of America Corporation, American International Group, Citigroup and GMAC Inc. [Press Release]
Business Wire | 33 days 13 hours 54 minutes ago
Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Google Inc. (Nasdaq: GOOG), Bank of America Corporation (NYSE: BAC), American International Group (NYSE: AIG), Citigroup (NYSE: C) and GMAC Inc. (NYSE: GJM).
Federal Reserve: GMAC to get more bailout funds
Detroit Free Press | 12 days 50 minutes ago
GMAC Inc. is expected to get more federal money so it can meet government requirements in case the economy softens, the Federal Reserve indicated Monday.The bank holding company, which provides financing for General Motors and Chrysler vehicles and dealerships, is in negotiations with the U.S.
GMAC may get 3rd US bailout
Cincinnati Enquirer, The | 23 days 20 hours 15 minutes ago
GMAC Inc., the former lending arm of General Motors Co. that received two government bailouts totaling $13.5 billion, is negotiating with the Treasury Department for a possible third lifeline next month, a Treasury spokesman confirmed Wednesday.
GMAC CEO Alvaro de Molina steps down
Yahoo! | 5 days 9 hours 16 minutes ago
NEW YORK – GMAC Financial Services said Monday that Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its third round of taxpayer aid.
GMAC in talks for 3rd loan from bailout fund
Detroit Free Press | 23 days 18 hours 50 minutes ago
As talks continued over an additional loan of up to $5.6 billion to GMAC Financial Services Inc., the Obama administration's involvement in the turnarounds at General Motors Co.
Ally Offers Online Savings in Canada [Press Release]
PRNewswire | 79 days 23 hours 22 minutes ago
TORONTO, Sept. 3 /PRNewswire/ -- Ally today announced that it is launching online savings products in Canada, offering interest rates among the highest in the country and 24-hour customer service.
UPDATE:Derivatives Mkt Renders ResCap Verdict,And It's Not Good
Wall Street Journal, The | 4 days 8 hours 33 minutes ago
(Updates with comments from GMAC's former chief executive, GMAC spokeswoman and additional context.) By Aparajita Saha-Bubna Of DOW JONES NEWSWIRES GMAC Inc. is still deliberating the future of its ailing mortgage-lending subsidiary, Residential Capital LLC, but the debt market is betting that no matter what the outcome, bondholders will lose.
Treasury talks to GMAC about more cash
Yahoo! | 24 days 23 hours 36 minutes ago
WASHINGTON (Reuters) – The Treasury Department is in talks with GMAC Financial Services Inc about a possible third cash infusion to the company, an Obama administration official confirmed on Tuesday night.
Derivatives Mkt Renders ResCap Verdict,And It's Not Good
Wall Street Journal, The | 3 days 20 hours 28 minutes ago
(This article was originally published Tuesday.) By Aparajita Saha-Bubna Of DOW JONES NEWSWIRES GMAC Inc. is still deliberating the future of its ailing mortgage-lending subsidiary, Residential Capital LLC, but the debt market is betting that no matter what the outcome, bondholders will lose.
Company Overview
| Company: | GMAC Inc. |
|---|---|
| Industry: | Auto Lending |
| Website: | http://www.gmacfs.com |
GMAC aims to be the MAC Daddy of global finance firms. With operations in about 30 countries, GMAC offers financing to General Motors (GM) and Chrysler dealerships and their customers. GMAC is also one of the largest mortgage issuers and servicers in the US through its Residential Capital (ResCap) subsidiary. GMAC Insurance offers vehicle service contracts and home and auto coverage. Its commercial finance arm offers financing to middle-market businesses, as well as factoring and accounts receivable financing. GMAC was founded in 1919. The company was not included in GM's 2009 Chapter 11 bankruptcy filing.
Key Numbers
| Sales in U.S. Dollars (mil.) | 35,445 (2008) |
|---|---|
| One-year % Growth in Sales | 12.6 (2008) |
| Net Income in U.S. Dollars (mil.) | 1,868 (2008) |
| One-year % Growth in Net Income | 0.0 (2008) |
| Number of Employees | 22,700 (2008) |
| One-year % Growth in Number of Employees | -15.0 (2008) |
| Fiscal Year-End | December |