DETROIT – GMAC Financial Services has been notified that the U.S. Bankruptcy Court has approved the sale of assets of General Motors Corporation to an entity sponsored by the U.S. Treasury. In conjunction with the closing of the sale, the contracts GM has with GMAC will be transferred to the new GM entity. GMAC is pleased to conduct its business operations with the new GM entity and to be part of the solution to stabilize and strengthen the U.S. auto industry.

GMAC is a leader in automotive financing and continues to offer these products and services to both GM and Chrysler dealers and customers.

GMAC is a bank holding company with 15 million customers worldwide. As a global, independent financial services institution, GMAC's diversified business operations include automotive finance, mortgage operations, insurance, commercial finance and online banking.