Quote:
Originally Posted by BowtieBelle
GMAC no longer exists in the form you're thinking of. It's now Ally, and is not owned in majority by GM anymore.
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they may call it something different, but GM most definitely finances it's own vehicles. it was the most expensive part of the bailout.
and why anybody is surprised by this is just beyond me. GM was never expected to repay the money given it. GM is still for the most part a bloated, inefficient, and poorly run company. Giving them 90 billion in taxpayer money, and then giving the unions a massive ownership stake didn't do anything to change that. they, and the taxpayers, would have been much better off if they'd just gone the bankruptcy and reorganization route that any other company has to when there in dire financial straits.