GMAC to Receive Third Bailout Package From U.S. Government

reply to post by concerned190

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GMAC, (which is technically a bank), is or rather was the in-house financial Division for General motors...GMAC was designated the new finance company for Chrysler Group LLC dealers after the automaker filed for bankruptcy. You can thank the Fed for their relationship...

Back in April Cerberus Capital Management LP, which has substantial stakes in Chrysler and GMAC and owns all of Chrysler Financial, and the Obama administration's auto task force decided to join these basically three already connected companies into one.

[edit on 28-10-2009 by DaddyBare]

reply to post by concerned190

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Fiat bought Chrysler. But there was a headline this week about how Fiat is going to kill of Chrysler and rebrand cars in the U.S. as Fiat. Ah, here it is:

Fiat to make Chrysler into . . . Fiat
articles.moneycentral.msn.com...,1337558

reply to post by sos37

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Fiat will be making all new Chrysler cars
GMAC is supposed to do the financing for those...

these financial houses are separate entries from the Auto makers... technically