… applicants as it desperately tries to fight off bankruptcy.

The article said:

GMAC, which provides financing to both General Motors Corp. dealers and customers, is waiving through June the fee for posting aging vehicles on its online site. It is also allowing some dealers to postpone wholesale interest charges for two 30-day periods over the next four months.

At the same time, the company said it is setting aside $5 billion for consumer loans over the next 60 days and …

Permalink: /dallas_bankruptcy/gmac-financing-to-make-credit-access-easier/

… possession of the car on the same day that he signed a contract to finance the purchase through GMAC. But a few weeks later the dealer notified the debtor that the GMAC financing did not go through and that he arranged better financing with Universal One Credit Union. On the evening of Sept. 27, the dealer sent a representative to the debtor’s home to have him sign the paperwork, which showed the dealer as the recipient of most of the loan proceeds. GMAC was not mentioned. However, on …

Tags: Bankruptcy Creditor Debtor GMAC

… companies that received the biggest bailouts: Bank of America, AIG, Citigroup, General Motors, GMAC, Chrysler and Chrysler Financial. But if you thought that would put other banks on notice, you’re only partly right. Feinberg’s move has not only put banks on notice, it has created a stampeded of banks rushing to repay their bailout loans so they can avoid pay caps.

Bank of America repaid its $45 billion bailout this week, while Citigroup is scrambling to pay back a portion of its …

The Consumer Law & Policy blog has a very revealing article about a judge in Indiana that took it upon herself to give indigent debtors a choice–”pay up” or “go to jail.”

The blog writer provided the transcript of an exchange between the debtor and the judge:

The Court: “So we’re here today for you to explain what you’re going to do to pay this off.”

Mr. Button: …

Comment by Derek your banker: … the ground AIG, GMAC etc. how would you like to find …

… Loan Services LLC.- Modified 1 out of every 5 eligible loans facing foreclosure on a trial basis.

GMAC Mortgage – Modified 1 out of every 5 eligible loans facing foreclosure on a trial basis.

JPMorgan Chase – Modified 1 out of every 5 eligible loans facing foreclosure on a trial basis.

… continue to make cars and trucks, and employees and essential suppliers will continue to be paid. GMAC Financial Services said in a statement that it will continue to provide automotive financing to GM and Chrysler dealers and customers.

The GM bankruptcy comes on the heels of an automaker sales slump that has caused the industry to contract as much at 30 percent.  Many jobless Americans are simply not in the market for buying cars.  For those Americans who have jobs, many don’t have …

… to the confirmation of a debtor’s Chapter 13 repayment. The creditor in this bankruptcy case, GMAC objected to the amount of amount of their monthly payments ($426 a month) and the fact that they would not receive “equal monthly payments.”

The details of the case:

The Chapter 13 debtor’s proposed plan called for 60 monthly payments of $1,830. GMAC held a claim against the debtor that was secured by a 2006 Chevrolet Impala that the debtor valued at $17,300. Al¬though the …