Your browser does not seem to have JavaScript enabled. Our site works best with it enabled.
Download PDF
November
GMAC names Michael A. Carpenter Chief Executive Officer
October Completed $2.9 billion debt offering guaranteed by the FDIC under the Temporary Liquidity Guarantee Program
September Ally announces online savings products in Canada
Ally Bank launches ABS transaction that is eligible for the Term Asset-Backed Securities Loan Facility (TALF)
GMAC expands leasing to Chrysler
June
Completed $4.5 billion debt offering guaranteed by the FDIC under the Temporary Liquidity Guarantee Program May GMAC Bank rebranded Ally Bank
Sold $7.5 billion of mandatorily convertible preferred interests and warrants to the U.S. Treasury under TARP
Received expanded exemption from the Federal Reserve to allow Ally Bank to fund more automotive finance assets
New GMAC board of directors is named
April Took additional actions to reduce stress on U.S. auto dealers and expanded the amount of credit available to retail customers
Entered into agreement to provide financing for Chrysler dealers and customers
January Completed rights offering for $1.25 billion of common equity equivalents
GMAC purchased ResCap’s interest in GMAC Bank
December Granted approval to become bank holding company
Received capital contribution of $750 million from existing shareholders
Sold $5 billion of preferred membership interests to the U.S. Treasury Department under TARP
Expanded consumer auto financing
Completed GMAC and ResCap bond exchanges, raising $11.7 billion of capital*
Year-end 2008 assets were reduced by approximately 24 percent compared to the prior year end
Year-end 2008 unsecured debt was reduced by roughly 50 percent compared to year-end 2007
*Capital raised includes $11.4 billion from gain on transaction and $0.2 billion book value of new preferred interests.
November Announced sale of GMAC Re
September Announced ResCap restructuring and sale of GMAC Home Services
July Sold Commercial Finance unit in Poland
June Completed one of the largest global bank line refinancings ever, covering more than $60 billion of refinanced debt and new facilities
Completed ResCap bond exchange
February Announced North American Auto Finance restructuring
