Gmac

Here’s a brilliant move: place your customer service department in Bangalore, on VoIP lines to cut costs, and then have them call me to make a business transaction. Thank you, GMAC, keepers of my car loan. Because I really heard what “Susan” was trying to tell me this morning. Oh, I can guess: “You didn’t pay your bill. Want to pay it?” And so I said, “Yes, I’d love to pay my bill. Can we do it right now?” But oh no, I have no idea what came next, because your cost-cutting efforts dealt me a crappy phone connection... [Tags: bangalore, brilliant move, business process, business transaction, car loan]

The geek gadget gift guide: Nixie Watch — Why you must have it: If you remember the 1960s, you'll recall those bulky neon display tubes once used in calculators. The Nixie Watch from Cathode Corner uses those quaint tubes to display the time on a large, not-so-stylish but certainly retro-geeky wristwatch. That's right -- a device for telling the current time that doesn't also make calls, receive messages, or play music. The Nixie Watch is a fashion statement that puts you squarely in the era of the original Star Trek series and the groundbreaking film 2001: A Space Odyssey.Your chances of having the first one on the block:... [Tags: 1960s, 2001 a space odyssey, cathode, council member, current time]

GMAC Faces Major Hurdles In Bank Application — General Motors and Cerberus Capital Management, who own the troubled lender, will have to rearrange their ownership structure to win approval.... [Tags: bank application, cerberus capital management, general motors, gmac, hurdles]

Today's Outrage: Let's All Bank With GMAC — In the age of government bailouts, every company should become a bank holding company and collect taxpayer money.... [Tags: bank holding company, gmac, outrage, taxpayer money]

GMAC Seeks Bank Holding Company Status — That would make the lender eligible for funds under the government's Troubled Asset Relief Program.... [Tags: bank holding company, gmac]

GMAC Seeks Bailout Money in Bid to Become Bank — ... [Tags: bailout, gmac, money]

GMAC Files to Be Bank Holding Company — The application with the Federal Reserve to become a bank holding company would make GMAC eligible for aid under the Treasury's $700 billion bank rescue plan.... [Tags: bank holding company, federal reserve, gmac, s 700, treasury]

Roseanne Colletti: Car Confidential — "I have confidence in confidence alone." For those of you who don't remember every syllable of "The Sound of Music" Maria sings these words skipping down the street on her way to the Von Trapp family digs for the first time. And maybe that's the required mindset for consumers to start buying cars again. Many automobile dealers contend it's not that consumers lack money, or credit or jobs, but that they have a serious lack of confidence. And if only they would get over it, they would start buying cars again and the whole industry would turn around and... [Tags: automobile dealers association, buying cars, canadian banks, car retailers, car sales]

What the Fed? — Debra Borchardt struggles to fathom how the Treasury's commercial paper funding facility could buy GMAC's junk-rated paper.... [Tags: borchardt, commercial paper, gmac, treasury]

GMAC Has $2.52 Billion Loss; ResCap Survival at Risk — ... [Tags: gmac, risk, survival]

What the Fed? — Debra Borchardt struggles to fathom how the Treasury's commercial paper funding facility could buy GMAC's junk-rated paper.... [Tags: borchardt, commercial paper, gmac, treasury]

GMAC moves to convert to a bank holding company — Altering its status could boost the firm's access to capital through the federal $700-billion rescue package. GMAC, the financing arm of General Motors Corp., is taking steps to become a bank holding company, potentially giving it greater access to the government's $700-billion financial bailout package, according to sources familiar with the matter.... [Tags: bailout package, bank holding company, financial bailout, general motors, general motors corp]

First Bank of Macy's? — Kristin Bentz and Debra Borchardt dismiss the Federal Open Market Committee but embrace bank holding companies. IF GMAC can do it, why not Macy's or Victoria's Secret?... [Tags: bank holding companies, embrace, federal open market committee, gmac, kristin bentz]

GMAC Seeks Bank Status: Report — The lender, co-owned by General Motors and Cerberus, is seeking to become a bank holding company so it can tap the Treasury Department's financial rescue plan, a report says.... [Tags: bank holding company, cerberus, financial rescue plan, general motors, gmac]

GMAC Is Cleared to Join Fed Commercial Paper Plan — GM, Chrysler Ask for Merger Aid... [Tags: chrysler, gm, gmac, merger, paper plan]

GM Offering Dealers $250 For Every Customer They Don't Send To GMAC [Incentives] — Automotive News reports that GM is offering dealers up to $250 in bonus money for every loan they sell to a lender other than GMAC. This latest move follows Monday's report on GMAC tightening lending restrictions, and "is an encouragement for dealerships to seek out other sources of funding," says Mike Mullaney of Hudson Pontiac-Buick-GMC in Poughkeepsie, N.Y. The program pays salespersons $100, sales managers $100 and an "employee of choice" (most likely the finance manager) another $50 for non-GMAC transactions. An end date isn't specified, but the incentive applies to all 2008 and 2009 Chevrolet, Pontiac, Buick, GMC, Cadillac,... [Tags: automotive news, bonus money, buick, encouragement, finance manager]

Five Dumbest Things on Wall Street: Oct. 17 — AIG's hunting party; Redstone ruckus; GMAC's monkey grinder; Wal-Mart's foot fetish; Boeing breakdown.... [Tags: aig, boeing, five dumbest things, foot fetish, gmac]

2008 Auto Repo Rate Highest Ever, Repo Men Now Worried About Their Jobs [Financiapocalypse] — Vehicle repossessions are expected to rise 15% this year from 2007 due to the continuing economic meltdown, says an executive vice president of customer strategies at ADESA Inc., a vehicle auction company, in Automotive News today. So why are repo men complaining? Apparently banks and lenders are facing so many delinquent loans that they're far more willing than usual to renegotiate the terms of a contact or tolerate missed payments than they used to be. Since lenders like GMAC and Ford Credit lose an average of more than $10,000 on a repossession, they have a strong incentive to avoid the... [Tags: adesa inc, auction company, automotive news, customer strategies, delinquent loans]

Closing Bell: Hail to the bull! Market moves up! — Filed under: General Motors (GM), Morgan Stanley (MS) Today had all the earmarks for a weird trading day as banks, bonds, Canadians, and Japanese weren’t a part of the market due to holidays. But stocks were open, and for once it’s a great thing they were open. The DJIA put on a massive rally after overseas markets reacted favorably to US and globally coordinated bailouts. Below are the unofficial closing bells prices:DJIA 9,390.08 +938.89 +11.11%S&P500 1,003.70 +104.48 +11.62%NASDAQ 1,844.25 +194.74 +11.81%10YR T-Note 3.8610% (Closed Today) 52-Week LowsTop Analyst Upgrades General Motors Corp. (NYSE: GM) was up on talks that... [Tags: 52 week lows, analyst upgrades, auto company, bells, canadians]

GMAC Now Officially Requires 700-Plus FICO Score For New Car Loan [Financiapocalypse] — The Financiapocalypse continues. We just received a copy of an e-mail that went out at GMAC, the lending arm jointly owned by GM and Cerberus, from Barbara Stokel, GMAC's EVP of North American Operations. Here's the most salient detail: you'll now need a minimum 700 credit bureau score to get a car loan at dealer invoice or below from GMAC. The full e-mail is below the jump to explain that news as well as the news they'll be restricting approval of contract terms beyond 60 months unless a buyer qualifies for GM-supported 72-month incentives. So what does this means to... [Tags: american operations, cash incentives, contract terms, credit bureau, credit markets]