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National Press Release

GMAC Statement on Bankruptcy Court Approval of Sale of Assets by GM

Published 2009-07-06 11:00
By GMAC Financial Services

DETROIT, July 6 /PRNewswire/ -- GMAC Financial Services has been notified that the U.S. Bankruptcy Court has approved the sale of assets of General Motors Corporation to an entity sponsored by the U.S. Treasury. In conjunction with the closing of the sale, the contracts GM has with GMAC will be transferred to the new GM entity. GMAC is pleased to conduct its business operations with the new GM entity and to be part of the solution to stabilize and strengthen the U.S. auto industry.

GMAC is a leader in automotive financing and continues to offer these products and services to both GM and Chrysler dealers and customers.

GMAC is a bank holding company with 15 million customers worldwide. As a global, independent financial services institution, GMAC's diversified business operations include automotive finance, mortgage operations, insurance, commercial finance and online banking.

Contacts:

    Gina Proia
    917-369-2364
    gina.proia@gmacfs.com

    Sue Mallino
    313-656-6970
    sue.mallino@gmacfs.com

SOURCE GMAC Financial Services



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