Or ever, really, but that’s OK, in the long run. GMAC, the financial arm for several major automotive companies, won’t be reuniting with General Motors because General Motors doesn’t want to work with them anymore. The idea came from GM insiders who think that not going with GMAC for their financing will help bolster sales while at the same time making the company more attractive to investors. Ford, Honda and Toyota each have their own financing wing, so why not General Motors?
Especially when GMAC was one of the main reasons that GM declared bankruptcy in 2008, what with their restrictive lending practices and whatnot. And, with that said, GMAC still has its own problems that it needs to deal with – GMAC still has yet to come up with a way to pay back the government loans that bailed out the automotive companies, and a key part of GMAC’s original plan was to turn to banks…which then failed too. Oops. But GMAC is still the preferred lender for the Chrysler Group, so not all is lost. Yet, anyway.