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2008 Archives
Dec 31, 2008
GMAC Announces Consummation of Its Notes Exchange Offers
NEW YORK, Dec. 31, 2008 -- GMAC Financial Services today announced that it has consummated its separate private exchange offers and cash tender offers to purchase and/or exchange certain of its...More
Dec 30, 2008
GMAC to Expand Retail Auto Financing
Customers to benefit from greater access to low cost funding
DETROIT (Dec. 30, 2008) -- GMAC Financial Services will immediately resume auto financing for a broader spectrum of U.S. customers as a result of expanded access to funding as a bank holding...More
Dec 29, 2008
GMAC Receives $5.0 Billion Investment from the U.S. Treasury
Announces satisfaction of conditions to and expiration of its notes exchange offers
NEW YORK (Dec. 29, 2008) -- GMAC Financial Services today announced that it has sold $5.0 billion of GMAC's preferred membership interests and warrants to the U.S. Department of the Treasury as a...More
Dec 24, 2008
GMAC Financial Services Bank Holding Company Application Approved by Federal Reserve
NEW YORK, Dec. 24, 2008 -- GMAC Financial Services today announced that its application to become a bank holding company under the Bank Holding Company Act of 1956, as amended, has been approved...More
Dec 19, 2008
GMAC Intends to Exchange ResCap Bonds Acquired in Its Notes Exchange Offers for Equity Interests in IB Finance Holding Company LLC
NEW YORK,  Dec. 19, 2008 -- GMAC Financial Services (GMAC) today announced that in connection with its separate private exchange offers and cash tender offers to purchase and/or exchange certain...More
Dec 17, 2008
New Year's Resolution 2009: Review Your Auto Insurance Policy
68 Million Drivers May Not Be Getting the Most Out of Their Policies, According to GMAC Insurance
WINSTON-SALEM, N.C., Dec. 17 /PRNewswire/ -- Just in time for the New Year, GMAC Insurance has released survey results showing that 34 percent of licensed American drivers - approximately 68...More
Dec 16, 2008
GMAC Receives Significant Participation and Extends Early Delivery Time of its Notes Exchange Offers
NEW YORK (Dec. 16, 2008) -- GMAC Financial Services ("GMAC") today announced that it has received significant additional participation in its separate private exchange offers and cash tender...More
Dec 12, 2008
GMAC Makes Final Amendments to the Exchange Offers After Reaching Agreement With a Substantial Portion of Bondholders
Extends the early delivery time to Tuesday, December 16
NEW YORK (Dec. 12, 2008) -- GMAC Financial Services (GMAC) today announced that it has amended and extended its separate private exchange offers and cash tender offers to purchase and/or exchange...More
Dec 10, 2008
GMAC Announces That the Results of Its Exchange Offers Are Insufficient To Meet Regulatory Capital Requirements To Become a Bank Holding Company
Extends Exchange Offer Deadlines For Final Consideration By Investors
NEW YORK (Dec. 10, 2008) -- GMAC Financial Services (GMAC) today announced that it has extended the early delivery time with respect to its separate private exchange offers and cash tender offers...More
Dec 5, 2008
GMAC Extends Early Delivery Time of its Notes Exchange Offers to December 9, 2008
NEW YORK (Dec. 5, 2008) -- GMAC Financial Services (GMAC) today announced that it has extended the withdrawal deadline and early delivery time with respect to its separate private exchange offers...More
Dec 2, 2008
GMAC Extends Withdrawal Deadline and Early Delivery Time of its Notes Exchange Offers by One Day
Making certain other amendments to the terms and conditions of its private exchange offers
NEW YORK (Dec. 2, 2008) -- GMAC Financial Services (GMAC) today announced that it has extended the withdrawal deadline and early delivery time with respect to its separate private exchange offers...More
Nov 28, 2008
General Motors Acceptance Corporation of Canada, Limited Update to Investors
TORONTO (Nov. 28, 2008) -- General Motors Acceptance Corporation of Canada, Limited (GMACCL) today issued an update to investors following the Nov. 20, 2008 announcement by its parent, GMAC...More
Nov 25, 2008
Drivers Unaware of Vital Winter Safety Rules, GMAC Insurance Survey Shows
Insurer Provides Drivers with Safe Cold Weather Driving Checklist
WINSTON-SALEM, N.C., Nov. 25 /PRNewswire/ -- A recent GMAC Insurance survey reveals many drivers are stumped when it comes to proper safety procedures for winter weather driving. Of the more than...More
Nov 20, 2008
GMAC Files Application With Federal Reserve to Become Bank Holding Company
Commences private exchange offers and cash tender offers for $38 billion of certain outstanding GMAC and ResCap debt securities to increase capital
NEW YORK (Nov. 20, 2008) -- GMAC Financial Services (GMAC) today announced that it has submitted an application to the U.S. Federal Reserve Board of Governors for approval to become a bank...More
Nov 11, 2008
ResCap Announces Support for Streamlined Mortgage Modification Plan
FORT WASHINGTON, Pa. (Nov. 11, 2008) -- The following statement is issued by Residential Capital, LLC Chairman and Chief Executive Officer Thomas Marano in response to the Streamlined Mortgage...More
Nov 5, 2008
GMAC Financial Services Reports Preliminary Third Quarter 2008 Financial Results
- Third quarter net loss of $2.5 billion - ResCap results continue to be affected by adverse market conditions - Insurance operation posted a profit - Auto finance actions align originations with...More
Nov 3, 2008
GMAC Financial Services Schedules Release of 2008 Third Quarter Financial Results
NEW YORK (Nov. 3, 2008) -- GMAC Financial Services has scheduled the release of its 2008 third quarter financial results for Wednesday, Nov. 5, 2008. The press release, including financial...More
Nov 3, 2008
Video: Pedestrians Should Take Extra Precautions During Daylight Savings, According to GMAC Insurance
Auto Insurer Encourages Safety Awareness Among Pedestrians and Drivers During Time Switch
WINSTON-SALEM, N.C. (Nov. 3, 2008) -- During Daylight Savings, clocks and smoke alarms aren't the only things needing attention; according to GMAC Insurance, drivers and pedestrians should also...More
Oct 30, 2008
GMAC in Discussions with Federal Regulators on Bank Status
Intends to commence private exchange offer to increase capital
NEW YORK (Oct. 30, 2008) -- GMAC Financial Services today confirmed that it is in discussions with federal regulatory authorities regarding, among other things, seeking bank holding company...More
Oct 28, 2008
GMAC Financial Services Statement on European Automotive Finance Operations
DETROIT (Oct. 28, 2008) -- GMAC Financial Services has announced adjustments to its European automotive finance business as part of a strategic approach to manage resources during this time of...More
Oct 20, 2008
GMAC Insurance Cautions Drivers to Keep Their Distance from Stopped School Buses
Survey Results Prompt Insurer to Offer Safety Tips, Urge Drivers to Take Part in Keeping Children Safe on School Buses
WINSTON-SALEM, N.C. (Oct. 20, 2008) -- In honor of National School Bus Safety Week, Oct. 20 - 24, GMAC Insurance is urging drivers to do their part in keeping school bus transportation as safe as...More
Oct 13, 2008
GMAC Financial Services Statement on Automotive Finance Purchase Policy
DETROIT (Oct. 13, 2008) GMAC Financial Services today implemented a more conservative purchase policy for consumer auto financing in the United States as a result of the lack of stability in the...More
Oct 8, 2008
New Managing Director Named at Car Care Plan Holdings
UNITED KINGDOM (Oct. 8, 2008) Car Care Plan Holdings, the parent company of Car Care Plan Ltd and Motors Insurance Company Ltd (MICL), has appointed Paul Newton as managing director. Newton, who...More
Oct 3, 2008
Provident Insurance Appoints New Managing Director
UNITED KINGDOM (Oct. 3, 2008) James Reader has been appointed managing director of Provident Insurance. Reader joined Provident Insurance as head of finance in 2003 having previously worked in a...More
Sep 23, 2008
GMAC Insurance Offers Unique Child Seat Replacement Benefit
Insurer Explains Proper Restraint Procedures, Highlights Common Child Safety Misconceptions
WINSTON-SALEM, N.C. (Sept. 23, 2008) -- In honor of Child Passenger Safety Week, Sept. 21 - 27, GMAC Insurance today announced a unique benefit to its customers, now offering child seat...More
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