History/Overview

GMAC is a global financial services company that was founded in 1919. Initially formed to provide automotive finance products and services to General Motors dealers and clients, GMAC has since expanded its business to include mortgage operations, insurance, commercial finance and online banking.

Until 2006, GMAC was a wholly owned subsidiary of GM. On Nov. 30, 2006, GMAC began a new era as an independent finance company when GM sold a 51 percent stake in the company to a group of investors led by Cerberus Capital Management, L.P. 

Dec. 24, 2008 was a key turning point in GMAC’s history when it was approved as a bank holding company by the Federal Reserve Board under the Bank Holding Company Act.

Another defining moment for the company was when GMAC entered into an agreement with Chrysler in April 2009 to provide auto finance products and services to Chrysler dealers and customers. This allowed GMAC to leverage its core strength of auto financing and become part of a solution with the U.S. government to restructure the auto industry.

In May 2009, GMAC’s ownership structure was amended again when GM and Cerberus significantly reduced their holdings in GMAC, leading to future diversity in the ownership structure of the company.

As of Sept. 30, 2009, the company had approximately $178 billion in assets, with 15 million customers worldwide.

Headquarters

GMAC Financial Services
200 Renaissance Center
P.O. Box 200
Detroit, MI 48265-2000
 

Corporate Centers

Charlotte, NC: 3420 Toringdon Way, Charlotte, NC 28277
New York, NY: 1177 Avenue of the Americas, Floor 16, New York, NY 10036
Fort Washington, Penn.: 1100 Virginia Drive, Fort Washington, PA 19034

Business Operations

Global Automotive Finance
Mortgage Operations
Insurance 
Ally Bank
Commercial Finance