GMAC LLC says it will let General Motors Corp. offer its customers financing from competing sources, giving up parts of an exclusive, 10-year contract signed in 2006.
GM can offer retail financing incentives through a third party for two years, with some restrictions, according to a federal filing GMAC made Friday. The terms are to loosen in stages until 2013, when the automaker can offer loans from any source without restriction. The accord also will free GMAC from requirements to provide certain new-car leases and to meet sales targets.
Carl Galeana, who owns two Saturn dealerships in suburban Detroit, said, "It may make GMAC a little stronger" to be less tied to the automaker.
The government approved a $6 billion rescue for GMAC in December. And GM received an initial $4 billion Wednesday, from the $13.4 billion government rescue package for it and Chrysler.