General Motors To Buy AmeriCredit For $3.5B 7-22-2010 - WNEM TV 5

General Motors To Buy AmeriCredit For $3.5B 7-22-2010

General Motors Co. says it will acquire auto financing company AmeriCredit Corp. so it can increase leasing and make more loans to buyers with low credit scores.
The Detroit automaker said it will pay $3.5 billion to buy all of AmeriCredit's stock at $24.50 per share -- a 24 percent premium over Wednesday's close.
It expects the deal to close in the fourth quarter.
GM CEO Ed Whitacre said Wednesday the deal will make GM more competitive in auto financing. GM executives have said their sales have been hurt by a lack of subprime and lease financing.
The company said that Ally Financial -- formerly known as GMAC -- will continue to finance GM's dealer inventory and make loans to buyers with good credit.
GM said it is not considering a purchase of Ally's auto financing unit.
Under GM ownership, AmeriCredit will maintain its own direct access to the capital markets for its financing requirements.
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