Oct 28th, 2009 by Liz Opsitnik
GMAC Financial Services is in talks with the Treasury Department for another infusion of taxpayer money. GMAC, which provides auto loans and leases to car shoppers, faces a November deadline to raise an $11.5 billion capital cushion mandated by results of the government’s stress test, the AP reports.
The government gave stress tests to 19 banks, 10 of which were determined to be undercapitalized. GMAC is reportedly the only bank that couldn’t raise the necessary capital from investors.
Will the Treasury bail out GMAC a third time?
If approved, this would be the third time the Treasury has given GMAC taxpayer assistance. The aid would be in the form of preferred stock, the Wall Street Journal reports. The government could give GMAC another $2.8 to $5.6 billion in aid during this third injection. This would make GMAC the only U.S. company to receive three rounds of bailout assistance.
The U.S. government currently holds a 35 percent equity stake in the auto lender after providing $12.5 billion to keep giving car loans to buyers of GM and Chrysler vehicles.
This government aid would prevent GMAC from pulling back lending to consumers who are in the market for an auto loan or lease. GMAC recently started offering auto leases again to car shoppers on certain models. GMAC is currently the captive lender for both GM and Chrysler products.
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