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Struggling finance firm GMAC LLC said Wednesday that bondholders tendered $21.2 billion in notes in its bid to raise capital for its new status as a bank-holding company.

The lender's goal had been to raise $30 billion by converting 75% of its issued debt into preferred stock holdings. The offer expired Friday after having been extended four times.

Since then, GMAC has received commitments from the federal government for $6 billion in aid and already announced it would ease re...

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As the worst sales year in more than a decade draws to a close, auto dealers are sweetening deals this week in a last-ditch effort to unload acres of cars.

Cash back, 0% interest rates and even wackier deals, such as buy-one-get-one-free, are being tried to squeeze out a few last sales.

General Motors added a last-minute inducement Tuesday by offering 0% to 4.9% financing through Monday on some remaining 2008 models. Financing arm GMAC said the loans were made possible by a $6...

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GMAC, the automobile financing company, said Tuesday morning that it would immediately resume financing to a wider range of car buyers, a day after the Treasury Department injected billions of dollars into the lender.

GMAC said in a statement that it would modify its credit criteria to include financing for customers with a credit score of 621 or above, a significant expansion of credit compared to the 700 minimum score put in place two months ago. GMAC had significantly cut back on t...

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The auto sector is expected to be the most financially troubled industry in the United States next year, taking the top spot from the homebuilding group, according to a survey of restructuring and bankruptcy professionals released on Monday.

As the nation has slid into recession, auto and auto parts makers have been slammed by dropping sales, pushing industry stalwarts such as General Motors and their suppliers to the brink of bankruptcy.

Homebuilding was named the most troubl...

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General Motors Corp. and Chrysler LLC still haven’t figured out how to close thousands of dealerships, a promise in the plan they presented to Congress to win loans, starting with $4 billion that each is due to receive today.

The companies have been hoping that dealers would close or sell stores on their own, as industrywide sales have fallen to the lowest level in 17 years. The attrition hasn’t been happening fast enough, and the automakers have few tools at their disposa...

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You will need to read your lease agreement to determine what is involved with terminating your lease early. Most lease agreements will include a penalty for early termination and many will require all unpaid monthly payments in addition to the penalty.

I would start by going back to the dealership that originated the lease and explain you are not happy and would like them to remedy the situation. If you are willing to purchase or lease another car from them, they may be willing...

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Through three decades of decline, union leaders have been predicting a renaissance that has not come. But labor invested more than $300 million to help elect Mr. Obama and enlarge the Democratic majority in Congress, and it expects both to enact legislation that will make it easier for millions of workers to unionize.

Skeptics say the outlook for labor is as bleak as ever. Business leaders and Congressional Republicans have vowed to block the new legislation, and Mr. Obama might want ...

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The headline sounds absurd. How can someone get paid to lease a vehicle ?

Let me explain.

It is a well known fact that we are in a recession. Many jobs have been lost as a result and for the foreseeable future further losses may continue. For those that have lost their jobs, financial obligations such as mortgages,Car Lease payments, cell phone bills, and subscriptions are still owed. Many  such payments  have contracts that cannot be exited and have several or many ...

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General Motors Corp. and Ford Motor Co. shares declined for a second day Tuesday as Wall Street continued to absorb the details of the federal government's bailout of the domestic automobile industry.

The White House's $17.4 billion bailout of GM and privately held Chrysler LLC prompted key ratings agencies to slash their outlook for America's carmakers Monday, while fears of a deepening recession have made an already bleak situation that much worse.

As a result, GM's stock lo...

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The worst U.S. auto market since the early 1990s may force Toyota Motor Corp. to do something that was once unthinkable: cut its North American payroll.

Asia’s largest automaker, which hasn’t shed workers in 24 years of building cars in the U.S., is exhausting options to trim costs after halting work on a Prius plant in Mississippi, idling a Texas truck factory for 15 weeks and planning to pare U.S. and Canadian output next month.

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