GMAC stave off bankruptcy

It was announced in the final week of 2008 that GMAC had won US approval to have banking status in a move that should help the company stave off bankruptcy. This is of interest to us as they are the parent company of GMAC Commercial Finance, a company that was once the market leader for factoring and invoice discounting in the UK but which seems to have lost it’s way since Lloyds TSB sold it in the late nineties.

GMAC Commercial Finance appear to have put up the shutters for new business some time ago but if the parent company have any cash left from the interest free loans they are providing to Americans to persuade them to buy GM cars, perhaps they might once again become active in the UK factoring and invoices discounting markets