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GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid.
With a key deadline looming just a day away, GMAC LLC is running out of time and hasn't found nearly enough support for its plan to swap $38 billion of debt, become a bank holding company and gain eligibility for part of the government's $700 billion bank rescue package.
GMAC LLC plans to combine 20 U.S. and Canadian offices into five regional centers and cut about 930 jobs in its auto finance business to cut expenses in the wake of tightening credit markets and heavy losses last year.
GMAC LLC said Tuesday it lost $724 million in the final quarter of 2007 as the housing slump and disruptions in the credit and capital markets battered the lender's home mortgage division.
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