GMAC Granted Bank Holding Status with Five Billion Dollar Cash Infusion

Mike Jackson Chairman and CEO of AutoNation....in a CNBC exclusive, indicated that finally the auto credit markets might be relieved as money from treasury has been loaned to the financing arm of General Motors;  with more expected to arrive at Ford and Chrysler financial credit institutions as well, granting a return to viability for the auto industry. "This is a very significant step and a positive outlook for the American economy."

‘We were just asking for a return to normal credit’ Mr. Jackson goes on to say, as loan approvals, even for the best auto customer, were down to below a 60% rate of acceptance.

'We must now bypass the traditional banks, Mr. Jackson contends, as the banks are not lending as yet and the Federal Reserve needs to consider taking auto loans that can no longer be securitized  on to their balance sheets. We expect this to happen sometime soon. This may bring the auto industry credit markets back to normal.'

'Car sales in the U.S. on a per capita basis are at or near depression levels and the situation just experienced within the auto credit industry has been unprecedented.'

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