General Motors Acceptance Corporation

General Motors Acceptance Corporation, more commonly known as GMAC (GMAC LLC), is the financial affiliate of General Motors Corp. It finances three-fourths of the inventory held by GM dealers.

GMAC became a bank holding company in December 2008, in order to be eligible to receive funds from the Troubled Asset Relief Program (TARP). It received a $6 billion dollar bailout from the U.S. government later in December, using funds from TARP. Problems at the lender had forced it to reduce financing for dealerships and consumer purchases of new GM cars and trucks.