On August 11, 2020, Standard & Poor's Ratings Services revised the credit ratings of both GM and GM Financial to stable from negative and affirmed the automaker's BBB issuer credit rating and issuer level ratings. Since being acquired by GM in 2010, GM Financial has significantly increased its share of GM’s business which now represents 75 percent of GM Financial’s consumer loan and lease originations. The agreement also provides that GM will use its commercially reasonable efforts to ensure that GM Financial will continue to be designated as a subsidiary borrower on up to $4 billion of GM’s corporate revolving line of credit. This facility, which is subordinate to GM Financial’s senior unsecured and secured debt, will replace an existing $600 million line of credit from GM. GM extended an intercompany revolving credit facility to GM Financial to provide up to $1 billion of liquidity if needed. Under the terms of the agreement, as GM Financial expands its product portfolio and grows its business, GM committed to provide funding to GM Financial if its earning assets leverage ratio rises above pre-determined thresholds. On September 4, 2014, GM and GM Financial announced it entered into a support agreement providing for leverage limits and liquidity support to GM Financial if needed, as well as other general terms of support. Following the approval of the deal by AmeriCredit shareholders, GM renamed the company "GM Financial" on October 1, 2010. The deal provided GM with a new financial arm to replace the loss of GMAC (now Ally Financial) in 2006. In July 2010, General Motors entered into a definitive agreement to acquire AmeriCredit in an all-cash transaction valued at approximately $3.5 billion. They also offer commercial lending products, such as retail floorplan, construction and real estate loans, or insurance for car dealerships.īefore its acquisition by GM, the company ranked at 768 on the Fortune 1000. The company provides retail loan and lease programs through auto dealers for customers across the credit spectrum. įounded in 1992 as AmeriCredit Corp., the company was acquired by GM in October 2010 and renamed General Motors Financial Company, Inc. The company is headquartered in Fort Worth, Texas, where it is downtown Fort Worth's largest employer. The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe (which was sold to PSA Groupe and BNP Paribas following the sale of GM's core area businesses Opel and Vauxhall in a $2.2 billion deal), and China. is the financial services arm of General Motors. For more information, visit the GMAC media site at. With more than $172 billion in assets, GMAC operates as a bank holding company. GMAC's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. As the preferred source of financing for General Motors, Chrysler, Saab and Thor Industries, GMAC offers a full suite of automotive financing products and services in key markets around the world. Consumers also can consult for the online tutorials and a full list of in-person SmartEdge seminars and workshops, which take place all year.Ībout GMAC Financial Services GMAC Financial Services is one of the world's largest automotive services companies. The GMAC SmartEdge financial literacy program has hit a key milestone by reaching nearly 200,000 people through live seminars and attracting more than one million visits to online tutorials.ĭuring financial literacy month, GMAC also will be offering financial education tips on Twitter using the popular hash tags #FLM10 and #FinLit10. "GMAC has been and continues to be committed to offering consumers tools to take charge of their finances so they are empowered to make smart decisions." "The past few years have reminded us just how important it is to be an educated consumer, especially when it comes to personal finance options," said GMAC Chief Communications Officer Gina Proia. Consumers can elect to take the classes in person or online at their own pace. GMAC's SmartEdge program, which began in 2005, is a public education program that offers modules on key topics to aid consumers in taking control of their finances. In recognition of financial literacy month, GMAC Financial Services encourages consumers to understand their personal finances and to leverage free online tools such as the SmartEdge program to become more educated. Tips offered via Twitter during financial literacy month PRNewswire/ - Company reaches milestone educating 200,000 consumers in person nationwide and drawing more than 1 million visits to Web tutorials
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