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General Motors Acceptance Corporation (or GMAC) was the financial services arm of General Motors, the world's largest automobile manufacturer (by revenue). Image File history File links No higher resolution available. ...
A public company usually refers to a company which is permitted to offer its securites (i. ...
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Motto: Speramus Meliora; Resurget Cineribus (We Hope For Better Things; It Shall Rise From the Ashes - this motto was adopted after the disastrous 1805 fire that devastated the city) Nickname: The Motor City and Motown Location in Wayne County, Michigan Founded Incorporated July 24, 1701 1815 County Wayne County Mayor...
Financial services is a term used to refer to the services provided by the finance industry. ...
Mortgage loan is the generic term for a loan secured by a mortgage on real property; the mortgage refers to the legal security, but the terms are often used interchangeably to refer to the mortgage loan. ...
Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ...
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Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ...
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For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ...
A website (or Web site) is a collection of web pages, images, videos and other digital assets and hosted on a particular domain or subdomain on the World Wide Web. ...
Financial services is a term used to refer to the services provided by the finance industry. ...
General Motors Corporation (NYSE: GM), also known as GM, is an American automobile maker with worldwide operations and brands including Buick, Cadillac, Chevrolet, GMC, Holden, Hummer, Opel, Pontiac, Saturn, Saab and Vauxhall. ...
Karl Benzs Velo (vélo means bicycle in French) model (1894) - entered into the first automobile race 2005 MINI Cooper S. An automobile (also motor car or simply car) is a wheeled passenger vehicle that carries its own motor. ...
Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures. ...
Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ...
GMAC Financial Services provide a suite of financial programs including automotive financing, insurance and mortgage operations in 40 countries around the world.
GMAC also operates Nuvell Financial Services within its automotive financing division. While the main GMAC obviously specializes in the financing of new and "certified used" GM vehicles, Nuvell is for rival auto companies that do not have a financial arm, as well as for late-model used cars from dealerships that use bank financing. Kia Motors America is one of the companies to use Nuvell for their new vehicle sales. Nuvell Financial Services is a finance company specializing in the purchase of third-party special finance contracts from General Motors auto dealerships. ...
Categories: Stub | Automobile manufacturers ...
Its other businesses include ResCap Holding, an umbrella company for GMAC's residential mortgage business, and GMAC Home Services, a real estate services subsidiary. As well, it is an associate sponsor of all Hendrick Motorsports racing teams. To meet Wikipedias quality standards, this article or section may require cleanup. ...
ResCap Holding is the parent for GMAC Mortgage, GMAC-RFC, GMAC Bank, Ditech.com, and Homecomings Financial. GMAC-RFC (Residential Funding Corporation) is the mortgage side of the GMAC business, in essence providing funding for residential real estate. ...
Ditech. ...
GMAC Home Services is the parent for GMAC Real Estate, formed by the purchase of Better Homes and Gardens Real Estate in 1998, GMAC Global Relocation Services, and GHS Mortgage. GMAC Real Estate is real estate franchise company in the United States, with 1300 locations in North America, and more than 22,000 real estate agents. ...
Divestiture
To raise money for reorganization, General Motors divested various assets including GMAC. This divestiture was accelerated at the prompting of investor Kirk Kerkorian and his former representative on GM's board, Jerome York. Kirk Kerkorian (born June 6, 1917) is an American billionaire, and president/CEO of Tracinda Corporation, his private holding company based in Beverly Hills, California. ...
Jerry York is an American businessman, he was the former CFO of IBM and Chrysler. ...
On March 23, 2006, General Motors announced that it completed the sale of a 78% interest in GMAC Commercial Holding, its commercial real estate subsidiary, for $1.5 billion in cash to a private investment group including Kohlberg Kravis Roberts & Co., Five Mile Capital Partners and Goldman Sachs Capital Partners. The deal includes the payoff of all intracompany debt owed to GMAC, bringing the total value of the deal to $9 billion. The new entity, in which GMAC owns a 21% interest is known as Capmark Financial Group, Inc. Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late stage leveraged buyouts. ...
Goldman Sachs offices at the Fraumünsterplatz in Zürich (the light-colored building on the left) The Goldman Sachs Group, Inc. ...
On April 3, 2006, GM announced that it would sell 51% of GMAC as a whole to a consortium led by Cerberus Capital Management, raising $14 billion over 3 years. Investors also include Citigroup's private equity arm and Aozora Bank of Japan. The group will pay GM $7.4 billion in cash at closing. GM will retain approximately $20 billion in automobile financing worth an estimated $4 billion over three years. Cerberus Capital Management LP is one of the largest private equity investment firms in USA. The firm is based in New York, N.Y., and run by 45-year-old financier Steve Feinberg. ...
Citigroup Inc. ...
The sale was completed in December of 2006.
1994 GMAC Fraud In 1994, GMAC was the victim of a $6 billion dollar scandal involving a Long Island Buick Dealer named John McNamara. McNamara borrowed the money over the course of 11 years, taking out loans for vans that did not exist.
External links - GMAC Financial Services
- GMAC Retail Branch & Loan Officer Locator
- 1998 Meredith Corporation Annual Report
- GMAC Real Estate
- GMAC Insurance
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