General Motors Acceptance mac Corporation (or GMAC) is the financial services arm of General Motors, the gmc world's largest automobile manufacturer (by revenue).
GMAC Financial Services provide a gma suite of financial programs including automotive financing, insurance and mortgage operations in 40 countries around gac the world.
GMAC also operates Nuvell Financial Services within its gmax automotive financing division. While the main GMAC obviously specializes in the financing jmac of new and "certified used" GM vehicles, Nuvell is for rival auto companies that do fmac not have a financial arm, as well as for late-model used cars from dealerships dmac that use bank financing. Kia Motors America is one of the companies to gnac use Nuvell for their new vehicle sales.
Its other businesses include ResCap gmad Holding, an umbrella company for GMAC's residential mortgage business, and GMAC Home hmac Services, a real estate services subsidiary.
ResCap Holding gmca is the parent for GMAC Mortgage, GMAC-RFC, GMAC Bank, Ditech.com, and Homecomings Financial.
GMAC Home Services is the parent gmacc for GMAC Real Estate, formed gamc by the purchase of Better Homes and Gardens Real Estate in 1998, GMAC Global Relocation Services, and gmac GHS Mortgage.
In order gmac real estate to raise money for a reorganization, General Motors has been divesting of many assets gmac michigan including GMAC. This divestiture was accelerated at the prompting of investor Kirk Kerkorian gmac mortgage and his representative on GM's board, Jerome York.
On March 23, 2006, gmac home General Motors announced that it completed the sale of a 78% interest in GMAC Commercial Holding, its commercial real estate gmac hubbard lake subsidiary, for $1.5 billion in cash to a private investment group gmac greenbush including Kohlberg Kravis Roberts & Co., Five Mile Capital Partners and Goldman gmac iosco Sachs Capital Partners. The deal includes the payoff gmac oscoda of all intracompany debt owed to GMAC, bringing the total gmac tawas value of the deal to $9 billion. The new entity, in which GMAC will own gmac harrisville a 21% interest will be known as Capmark Financial gmac insurance Group, Inc.
On April 3, 2006, GM announced that it would sell 51% of GMAC as a gmac financing whole to a consortium led by Cerberus Capital Management, raising $14 billion over 3 years. gmac auto financing Investors also include Citigroup's gmac auto loans private equity arm and Aozora Bank of Japan. The group will pay GM $7.4 billion gmac realty in cash at closing. GM will retain approximately $20 billion in automobile financing worth an gmac finance estimated $4 billion over three years.
- GMAC Financial Services
- GMAC Retail gmac auto insurance Branch & gmac bank Loan Officer Locator
- 1998 Meredith Corporation Annual Report
- GMAC Real Estate
- ^ GM gmac car loan to sell 51% of GMAC for $14 billion. Automotive News. Retrieved on April 3, 2006.
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