Press Room

GMAC Helps 20 Students Offset the Costs of Textbooks

Aug 25, 2006

SAN DIEGO – GMAC Financial Services today presented $10,000 to Justice Overcoming Boundaries (J.O.B.) to fund book awards to help 20 students offset the cost of college textbooks. GMAC made the presentation at the 2006 Fiesta Del Sol celebration as part of the company's national GMAC SmartEdge Book Allowance Program.

 

 

J.O.B. will administer individual $500 awards to 20 eligible students in the San Diego community. Recipients will be selected based on criteria set by advisors at J.O.B., including acceptance by an accredited college or university, residence in San Diego County , overcoming barriers or challenges while pursuing educational goals, and displaying excellence in community leadership and service.

In addition, GMAC will continue to help increase understanding of personal and automotive finance issues in the greater San Diego community through its SmartEdge financial education program. SmartEdge seminars teach responsible personal finance and are free for participants, with no obligation to GMAC or GM.

“GMAC believes education is a key component of building stronger communities across the United States ,” said Barbara Stokel, executive vice president, GMAC North American Operations. “The SmartEdge Book Allowance was created to complement our SmartEdge financial literacy program, and is a way to encourage recipients to maintain healthy personal finances, while encouraging higher education.”

“The SmartEdge program gives students an understanding of personal finance at a very important stage in their lives,” said Liliana Garcia-Rivera, Fiesta Del Sol chairperson. “Helping students with the cost of textbooks improves their chances of being able to continue their education, and knowledge about personal finance will help them become financially responsible adults.”

SmartEdge by GMAC is designed to help individuals make good financial decisions by educating them about the value of establishing and maintaining good credit, the essentials of proper budgeting, and how to choose financing options to fit individual lifestyle needs.

In 2006 GMAC expects to host more than 1,000 SmartEdge events and seminars in cities across the country including Atlanta; Chicago; Cleveland; Dallas; Houston; Miami; Sacramento; San Antonio; San Diego; St. Louis; Charlotte, N.C.; Memphis, Tenn.; and Tampa, Fla.

GMAC's SmartEdge Book Allowance Program is a national program that collaborates with non-profit organizations to identify recipients for a donation to help offset the costs of textbooks for post-high school education. GMAC will give a total of $400,000 in book allowances, helping about 800 recipients offset the costs of books in 2006.

SmartEdge by GMAC program information is available online at www.SmartEdgebyGMAC.com. The site hosts video seminars, online tutorials and program workbooks—all available in Spanish and English for free download.

About Fiesta Del Sol

Fiesta Del Sol– San Diego is being organized by Justice Overcoming Boundaries–San Diego (J.O.B.) whose mission is to invest in the development of community leaders so that they may address issues that affect them, their families and their communities. The Fiesta Del Sol originated 34 years ago in Chicago when J.O.B.'s sister organization, a small non-profit, Pilson Neighbors, won a battle with the city to install a charter school. F or more information on Fiesta Del Sol– San Diego, or Justice Overcoming Boundaries, please visit www.fiestadelsolsandiego.org, or call 619.255.6986.

J.O.B. is an institutionally-based, not-for-profit community organization made up of congregations and organizations in San Diego County . J.O.B.'s mission is to invest in the development of community leaders so that they may address issues that affect them, their families and their communities. J.O.B. is engaged in campaigns to create just communities and vibrant community institutions.

About GMAC

GMAC is a global, financial services company that operates in 39 countries, in auto finance, residential mortgage, insurance and commercial finance businesses. With more than $300 billion in assets, it generated $2.4 billion in net income in 2005, on revenue of $19.2 billion. General Motors, which currently owns all of the equity of GMAC, recently announced it will sell a majority of its interest to a consortium of investors led by Cerberus Capital Management.

Contacts:
Mike Stoller
GMAC Corporate Communications
313.665.0955
michael.r.stoller@gm.com

Misty Matthews
Mullen for GMAC
313.394.0452
misty.matthews@mullen.com

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