GMAC Expects to Report $5B Loss for Fourth Quarter
Auto lender GMAC Financial Services said Monday it expects to announce a combined fourth-quarter net loss of about $5 billion, hurt by its struggling mortgage division, reported The Associated Press.
Detroit-based GMAC said a previously disclosed $3.8 billion pretax charge was the main driver of the anticipated losses, and it had taken steps to sell some of its mortgage assets following a third installment of federal aid.
GMAC received $3.8 billion in taxpayer money last week and has received $16.3 billion in total. The move boosted the government's ownership to 56 percent, from 35 percent.
The Obama administration has tried to keep GMAC alive as part of its rescue of automakers General Motors and Chrysler. GMAC provides wholesale financing to thousands of GM and Chrysler dealers.
More Industry
Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →