And what did we get from the banks?"DETROIT (AP) - GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender.
GMAC LLC disclosed the terms of the deal in a filing early Friday with the U.S. Securities and Exchange Commission. The lender said the federal government will get 5 million preferred shares of GMAC paying 8 percent interest in exchange for its $5 billion capital injection to help GMAC avoid bankruptcy."
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