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About GMAC
In 1919, GMAC was establish as a global financial services company and a completely owned subsidiary of General Motors Corp. GMAC was formed to provide automotive finance products and services to General Motors dealers and clients. Through the years GMAC has expanded its business to include mortgage operations, insurance, commercial finance and online banking.
Till 2006, GMAC was an entirely owned subsidiary of GM and GMAC had started a new era as an independent finance company on November30, 2006, when GM sold a 51 percent stake in the company to a group of investors led by Cerberus Capital Management, L.P.
The company had about $181 billion in assets, with 15 million customers internationally as of June 30, 2009.
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