The federal government said Wednesday it will take majority control of
the troubled auto lender GMAC, providing another $3.8 billion in aid to
the company, which has been unable to raise from private investors the
money it needs to staunch its losses.
GMAC, which already has
taken $12.5 billion in direct federal aid along with other forms of
government support, is the largest lender to General Motors and
Chrysler dealerships and to their auto-buying customers.
Prepare for "no cash until 2099" offers at a GM dealer near you. Free rear spoiler stickers of Marx, Engels and Lenin included with every purchase of a CTS-V.