California Judge Orders GMAC to Pay Refunds on Car Loan Debts.
By Michele Chandler, San Jose Mercury News, Calif. Knight Ridder/Tribune Business News Dec. 9--Some of the 30,000 Californians who had their cars repossessed and sold by General Motors Acceptance Corp. could each receive thousands of dollars in refunds or have their auto-loan debts erased following

Publication: Knight Ridder/Tribune Business News

GMAC overcharged recipients of some car loans, judge rules.(BUSINESS)
General Motors Acceptance Corp., the car-financing arm of General Motors, improperly overcharged some borrowers by adding excess insurance premiums on their loans, a Hennepin County district judge has ruled. After a five-day nonjury trial, district Judge Bruce Peterson determined that GMAC violated

Publication: Star Tribune (Minneapolis, MN)

GMAC's No-Interest Drive Has Banks Flooring the Gas: With GMAC and other auto finance companies offering zero-percent financing on loans to new car buyers, banks are having a hard time keeping their auto loan portfolios strong. But can GMAC keep it up?
Banks and credit unions have taken a back seat in consumer auto lending following the latest round of zero-percent financing offers from GMAC. While these deals could elicit the consumer spending on big-ticket items that economists say is necessary for an economic rebound, it has frustrated bankers

Publication: US Banker

CAR LOAN BUSINESS GMAC TO CUT 15% OF WORK FORCE.(BUSINESS)
Byline: TOM KRISHER Associated Press DETROIT -- GMAC LLC plans to combine 20 U.S. and Canadian offices into five regional centers and cut about 930 jobs in its auto finance business to cut expenses in the wake of tightening credit markets and heavy losses last year. The job cuts will occur by the

Publication: Wisconsin State Journal (Madison, WI)

GMAC's subprime unit heads uptown;Nuvell gains new-car, prime-quality loans.(Brief Article)
Credit Corp., the subprime subsidiary of General Motors Acceptance Corp., has been moving upmarket in a major way. Although the unit still makes its living chiefly by handling subprime loans on used cars for GM dealers, more than 40 percent of its loan volume these days is for new vehicles. At the

Publication: Automotive News

GMAC Marks Up Auto Loans, Often by Thousands, Study Says.
Byline: Lisa Munoz Sep. 27--A national study of millions of General Motors Acceptance Corp. car loans found the carmaker's finance arm marks up retail car-loan contracts by thousands of dollars. Markups on car loans for California borrowers ranged from $8,000 to $19,000, with the average markup

Publication: The Orange County Register (Santa Ana, California) (via Knight-Ridder/Tribune Business News)