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John M. McNamara (born 1940) [1] [2] is an American former businessman who was convicted of a Ponzi scheme fraud through gaining loans to a value of $6 billion from General Motors financing arm GMAC, to develop a $400M car sales and property development business.
General Motors Financial Company, Inc. is the financial services arm of General Motors.The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe (which was sold to PSA Groupe and BNP Paribas following the sale of GM's core area businesses Opel and Vauxhall in a $2.2 billion deal), and China.
Ally Financial Inc. (known as GMAC until 2010) is an American bank holding company incorporated in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan.The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease ...
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Starting loan balance. Monthly payment. Paid toward principal. Paid toward interest. New loan balance. Month 1. $20,000. $387. $287. $100. $19,713. Month 2. $19,713. $387
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A-segment city car. 148,197 Ray: 2011 TAM 2011 South Korea City car with single rear sliding door based on the Picanto for the South Korean market. Battery electric version is available. 44,566 Sedan/liftback: K3: 2023 BL7 2023 Latin America and Middle East B-segment/subcompact sedan, successor of the Rio sedan. - K4: 2024 CL4 2024
Thanks to consumer financing via GMAC (founded 1919), easy monthly payments allowed far more people to buy GM cars than Ford, as Henry Ford was opposed to credit on moral principles (nevertheless, Ford did offer similar credit arrangements with the introduction of the Model A in the late 1920s, but Ford Credit would not exist until 1959).
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