U.S. Treasury puts $7.5 billion into auto lender GMAC
The Treasury Department said on Thursday it has injected $7.5 billion into GMAC to help it lend to Chrysler car buyers and to partly meet its capital needs.
This new arrangement with GMAC will help provide a reliable source of financing to both auto dealers and customers seeking to buy new cars, Treasury Secretary Timothy Geithner said in a statement.
The investment is in the form of preferred equity shares so Treasury will not immediately have a common-stock stake in GMAC.
(Reporting by Glenn Somerville)
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