Chrysler and Fiat SpA CEO Sergio Marchionne said that the Auburn Hills automaker will need “the me, the space” to find a financing alternative should rival General Motors decide to buy back part of its former financing arm GMAC. As a part of his plan to rescue GM and Chrysler from bankruptcy last year, President [...]
Chrysler dealers seem by and large to be in pretty good financial shape, as GMAC financial has approved 93% of Chrysler Group dealers who have applied for wholesale credit lines. GMAC has taken over as the captive finance arm for Chrysler by order of the government, and Chrysler dealers seem pleased to date with the [...]
In a move announced today, the administration has said that they will provide an additional $3.8 billion in government aid to GMAC Financial Services, raising its stake in the company from 35% to 56%. GMAC has thus far been the recipient of $12.5 billion in government aid sonic December ’08. The funds are said to [...]
According to an Obama administration official, the U.S. Treasury Department is in talks with GMAC Financial Services Inc. about another possible cash infusion to the company. GMAC, which is the traditional lender to General Motors Company dealers and customers, is also looking to taking over the auto loan business of Chrysler Group LLC. “GMAC is [...]
First of all, we’d like to apologize for the delay in posts today. We were all out in upstate New York test-driving the 2010 Hyundai Genesis Coupe (a review will be up by the end of the week). Nonetheless, we are updating you guys on everything as fast as we can. Either way, it’s time [...]
It’s that time of the day where we gather up some random news we’ve been reading here behind the scenes at egmCarTech. GM cancels Cobalt SS: Earlier this morning we learned that GM has canned the 2010 Chevrolet Impala SS. We now have word that the Cobalt SS is also gone. Again, we’re not too sad [...]
Have you ever rejected a gift or just handed it to charity? Of course, the more valuable an item the less likely you are to give it away. Many of us would love to get a free car; however, many of us aren’t as wealthy as this NBA season’s MVP player, LeBron James. LeBron James [...]
Yesterday, President Barack Obama said that new car shoppers shouldn’t be afraid to buy Chrysler vehicles since the U.S. government will back their warranties. But where do you go if you want to lease or finance a new Chrysler? According to Chrysler’s co-President Jim Press, thousands of Chrysler dealers who have no financing plans will [...]
Warning: This may anger some of you that don’t support the automotive industry bailout. According to Reuters, auto financier GMAC awarded its CEO Alvaro de Molina $11.62 million of compensation in 2008. GMAC received $6 billion in federal bailout in December. The $11.62 compensation doubles de Molina’s compensation in 2007. He received a $1.2 million salary, [...]
Just a couple hours after the U.S. Treasury department announced that it will purchase a $5 billion stake in GMAC LLC, General Motors has announced new incentives. GM announced today that it is offering 0 percent financing on the discontinued Chevrolet TrailBlazer, GMC Envoy, Saab 9-7X, Saab 9-3 and the Saab 9-5. GM said that it [...]
