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Started By
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any word on GMAC bank?
Posted on 12/10/08 at 10:27 am
Posted on 12/10/08 at 10:27 am
I've heard some rumblings about them struggling. Any insight?
Posted on 12/10/08 at 10:28 am to The Hamburglar
According to Bloomberg, they may not get bank holding status and if they don't they probably fold.
Posted on 12/10/08 at 11:11 am to The Hamburglar
last i read this am was GM does not have enough capital to be converted to a bank.
was somewhere on MSN site
was somewhere on MSN site
Posted on 12/10/08 at 11:34 am to crazycajun08
quote:
last i read this am was GM does not have enough capital to be converted to a bank.
was somewhere on MSN site
GMAC is already a "bank".
[link=(gmacbank.com)]LINK[/link]
They offer FDIC insured accounts.
I've heard they might go under though..not sure I understand the difference in what they are now and a "bank holding company". Anyone care to explain?
Posted on 12/10/08 at 11:37 am to dawgorama
In this scenario the only thing you need to know is only Bank Holding Companies get TARP access....
Posted on 12/10/08 at 11:39 am to igoringa
quote:
In this scenario the only thing you need to know is only Bank Holding Companies get TARP access....
I've got a little cash in gmacbank (few grand) in a MM (FDIC insured). Any reason to move it (I don't care if it's not accessible for a few days, but would be pissed if it wasn't for a few months)? Thanks for any help.
Posted on 12/10/08 at 11:58 am to dawgorama
quote:
I've got a little cash in gmacbank (few grand) in a MM (FDIC insured). Any reason to move it (I don't care if it's not accessible for a few days, but would be pissed if it wasn't for a few months)? Thanks for any help.
I am in the same boat as you. I am debating moving it this week.
I think they will probably be the next major bank where the FDIC takes control. No one is going to buy them.
Posted on 12/10/08 at 12:21 pm to dawgorama
In virtually all circumstances, the FDIC tie up when a bank fails is just a few days (and usually on a weekend)
Posted on 12/10/08 at 12:34 pm to dawgorama
see below about GMAC
This post was edited on 12/10/08 at 12:40 pm
Posted on 12/10/08 at 12:38 pm to The Hamburglar
Posted on 12/10/08 at 1:34 pm to crazycajun08
The Headline is dead wrong... they are a 'bank' but not a bank holding company (which the article states)
Posted on 12/11/08 at 1:18 pm to igoringa
What happens if you have a loan through them or a bank like them?
My car loan is with GMAC.
My car loan is with GMAC.
Posted on 12/11/08 at 1:30 pm to seawolf06
Nothing happens.... you continue to pay... if they fold, the loan will be sold to someone else and you continue to pay
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