Reader Question What the heck does GMAC do anyway? I hear that they do car loans, but are their loans better or cheaper than the competition?

Arnold,

Decatur IL

GMAC is the company's most profitable unit, earning $2.8 billion in 2005, and GM has been able to tap GMAC for capital during what has become a tough time in the industry.

The investor group is paying about five times net income for its 51% stake in GMAC — and part of that price is cash from GMAC itself. GMAC is a name known and trusted by millions of homeowners and car owners for generations.

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