GMAC LLC, the financing unit 49%-owned by General Motors Corp., is giving individual investors who loaned the company $14.6 billion lower priority than institutions should the company file for bankruptcy.

Holders of so-called SmartNotes, which GMAC has sold to individuals since 1996, are not included in the company's $38 billion plan to exchange securities for new, discounted debt and preferred shares or cash, said Gina Proia, a spokeswoman for the Detroit company.

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