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BUSINESS BRIEFING / AUTOMOTIVE

GMAC cutting off some dealers

October 31, 2008|From Times Wire Services

GMAC, the lender partly owned by General Motors Corp., is telling some GM dealers that it no longer will provide them with financing to buy vehicles because of its own reduced funding, according to letters sent to the retailers.

Some dealers also are being told that they will have to start repaying such loans after vehicles have been on lots for at least 180 days, according to one of the three letters. A GMAC spokeswoman declined to confirm them.

GMAC has posted $4.5 billion in losses in the last four quarters.

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