GM resells GMAC loans to BoA - Honda Motorcycles - FireBlades.org
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post #1 of 3 Old 07-27-2005, 9:31 AM Thread Starter
 
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GM resells GMAC loans to BoA

http://news.bbc.co.uk/1/hi/business/4719815.stm

GM sells $55bn of GMAC loans to Bank of America.

Another sign of GM's continuing financial weakening and need to shore up today at the expense of tomorrow.
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post #2 of 3 Old 07-27-2005, 11:49 AM
 
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Re: GM resells GMAC loans to BoA

Quote:
Originally Posted by oldfogey
Another sign of GM's continuing financial weakening and need to shore up today at the expense of tomorrow.
I dunno if I'd call it at the "expense of tomorrow".

Obviously they need to get cash to maintain a cashflow for developing cars, and their bond rate now being junk, it's gotten real expensive for them to borrow money. Pay huge amounts for bonds, or lose upside on the loans. Tough choice for them I'm sure...



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post #3 of 3 Old 07-27-2005, 1:48 PM Thread Starter
 
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Re: GM resells GMAC loans to BoA

Perhaps they should become the JIT supplier of car loans to Toyota?
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