GMAC Expects to Post $5 Billion Loss


With news Tuesday of strong sales in December, auto makers' prospects appear to be on the rise. Less certain is what the future holds for GMAC Financial Services, which provides loans to consumers and to auto dealers to help them stock their lots. The struggling finance company said Tuesday it expects to report a $5 billion loss for last year's fourth quarter, raising GMAC's total losses last year to $10 billion.