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General Motors Corp. and its finance arm GMAC LLC, which is fresh from a $6 billion bailout, are easing lending conditions to lure customers. The Detroit Free Press noted the move should give more customers access to loans, boost GM sales and possibly avoid bankruptcy. GM is offering reduced rate financing to consumers to urge them to "get back into the game," its vice president of North America vehicle sales, service and marketing, Mark LaNeve, said in a statement.
GMAC, an auto and home loan company also owned by Chrysler LLC
parent Cerberus Capital Management LP, received bank holding company
status Dec. 24. Restoring its financial health is widely seen as
critical for GM, Reuters noted.
Treasury is buying $5 billion in senior preferred equity in GMAC and
offering a $1 billion loan to GM. The $6 billion follows the $17.4
billion emergency funds promised to GM and Chrysler. GMAC has also executed
a $21.2 billion debt swap, coming up short of its $30 billion target. -- Carolyn Murphy
See GM press release See Reuters item See Detroit Free Press item See Deal newsweekly story: GM in bankruptcy Categories Deal Video
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