Sie verkaufen jetzt die Autodarlehen von GMAC. Verständlicher Schachzug, nachdem sich die Refinanzierungskosten für die Firma so stark erhöht haben. Der Markt sieht`s positiv.
SAN FRANCISCO (MarketWatch) -- General Motors Corp. on Tuesday said it will sell up to $55 billion in auto loans to Bank of America Corp., a move aimed at raising cash while the automaker concentrates on selling more vehicles.
Shares of GM (GM: news, chart, profile) jumped on the news, rising by 91 cents, or 2.5%, to $36.78 in afternoon trading on the New York Stock Exchange.
Charlotte, N.C.-based Bank of America (BAC: news, chart, profile) will make an initial purchase of $5 billion and will buy up to $10 billion in contracts a year over the next five years.
GM CFO Sanjiv Khattri said the deal will allow General Motors Acceptance Corp. -- the automaker`s most profitable operation -- to finance more GM vehicles, without placing "undue strain on the balance sheet."
"This further advances GMAC toward its `originate and sell` business model in U.S. auto finance, providing us far greater flexibility to reallocate capital and further diversify the business portfolio," he said in a statement.
GMAC has been a cornerstone of profitability for the automaker in recent years at a time when slumping car sales has cost the company precious chunks of market share.
In the second quarter, profit from GM`s lending division fell to $816 million from $846 million a year ago, as lower earnings from financing were partially offset by profit from the unit`s surging mortgage and insurance sides. Despite another strong quarter for GMAC, the automaker turned in an overall loss of $286 million. See full story.
For Bank of America, the deal opens the door to growth its automotive finance business.
"In recent years, our deposits have been growing faster than our loans, and it`s an opportunity to put more customer assets on our books," said Bank of America spokesman Bob Stickler.
Bank of America`s shares fell 9 cents to $44.57 in recent dealings.