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General Motors buys finance business

General Motors has agreed to buy the rest of Ally Financial international auto-finance businesses, including operations in Europe, in a deal with proceeds of $4.2 billion.

The purchase by the GM Financial lending arm covers units in Latin America as well as Ally's 40% stake in an auto-lending joint venture in China, and  operations in Germany, the United Kingdom, France, Italy, Belgium, the Netherlands, Sweden, Switzerland and Austria.

Ally, formerly called GMAC prior to GM's sale of a major stake in 2006, had owned UK warranty and GAP insurer Car Care Plan until selling that business this month to Am Trust Financial Services.


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  • c u jimmy - 23/11/2012 14:40

    G M have the exoertise to set up there own FINANCE arm as they did initalaly with GMAC Repeating the same mistake they made purchasing Fiat