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In 1919, GMAC was incorporated under the New York banking
law relating to investment companies. Operating directly and
through subsidiaries and associated companies in which it has
equity investments, GMAC provides a wide variety of financial
services to its customers.
GMAC and its subsidiaries' principal business is to finance
the acquisition and resale by independent GM dealers of various
new automotive and nonautomotive products manufactured by GM and
to acquire from independent GM dealers, either directly or
indirectly, installment obligations covering retail sales of GM
products as well as used units of any make. Additionally, GMAC
acquired from independent GM dealers installment obligations
covering new products of other (i.e., non-GM) motor vehicle
manufacturers where the independent GM dealers also owned and
operated non-GM motor vehicle dealerships. As a purchaser of
installment obligations, GMAC faces competition from finance
companies and most banks. Banks also finance car loans directly
with customers; however, GMAC does not provide this service.
GMAC also offered other financial services to independent GM
dealers. These services included providing inventory financing
for both new and used vehicles, insurance, real estate lending,
financing of service machinery and mechanical equipment, and
other related services.
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Last modified: May 25, 2011