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Treasury's investments,' GMAC spokesman James Olecki said in an e-mail. 'The company is working toward the timely repayment of the U.S. GMAC shares are not publicly traded, and the government holds a majority stake in it since the company took bailout money.Īs of Monday, GMAC has not repaid its TARP funds, a Treasury Department spokeswoman said. 'If you can take advantage of what the word 'ally' means, you can use that word to certainly help drive a new idea in.' It was a good name if you're leasing GM cars, but once you get beyond the automobile world, it's not good,' Trout said. First, it distances the company from its negative association with government bailout money, and second, it expands the name to reflect the company's retail banking operations outside the scope of auto loans. It's a smart move, said branding expert Jack Trout, because it solves two problems. GMAC, which finances GM and Chrysler dealers as well as car buyers and home loans, currently has a contract with General Motors to use the 'GMAC' trademark until 2016.īut GMAC's board of directors decided to scrap the name sooner. 'We achieved profitability, our premier auto finance franchise continued to expand, the capital markets reopened to GMAC debt, we have reduced expenses, and we took several additional steps to contain and reduce risk in the mortgage business,' GMAC Chief Executive Officer Michael Carpenter said in a press release. Ford, seen as a survivor, benefits from the elimination of competitors but still faces risks due to. Bondholders in GM may receive less than expected, impacting their investments. The auto sector, specifically GM and GMAC, faces uncertainty amid potential bankruptcies and restructuring. After factoring in losses from other divisions of the company, GMAC as a whole, reported first quarter earnings of $162 million, compared with a loss of $675 million in the year-ago quarter. The Bottom Line GM, GMAC, and Ford Bondholder Update. The online bank reported $231 million in income in the latest quarter.

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