GMAC (or GMAC Financial Services), formerly known as General Motors Acceptance Corporation, is a United States bank that was previously the wholly owned financial services arm of General Motors. GMAC Financial Services provide a suite of financial programs including insurance and mortgage operations in approximately 40 countries around the world. In 2008, the firm provided financing to 75 percent of the 6,450 GM dealers. On 24 December 2008, the ...
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GMAC (or GMAC Financial Services), formerly known as General Motors Acceptance Corporation, is a United States bank that was previously the wholly owned financial services arm of General Motors. GMAC Financial Services provide a suite of financial programs including insurance and mortgage operations in approximately 40 countries around the world. In 2008, the firm provided financing to 75 percent of the 6,450 GM dealers. On 24 December 2008, the Federal Reserve accepted GMAC's application to become a bank holding company in order to gain access to billions of dollars in government aid, a crucial attempt to ensure the survival of the company.
On December 29, 2008, the United States Department of the Treasury gave GMAC $5 billion from its $700 billion Troubled Asset Relief Program (TARP).
As of May 15, 2009, GMAC's banking unit officially changed its name to Ally Bank in order to "help shed the baggage that many Americans now associate with banks".
On May 21, 2009, the the U.S. Treasury...
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