GM, GMAC agree on dealer payment deferral for cars
DETROIT, Dec 15 (Reuters) - U.S. automaker General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) said on Monday it has reached an agreement with GMAC LLC (GKM.N: Quote, Profile, Research, Stock Buzz) on the deferral of payments by GMAC-financed dealers of up to $1.5 billion for GM vehicles until Dec. 30.
The announcement came in a filing to the U.S. Securities and Exchange Commission and GM said it would help finance purchases of its inventory levels before the end of the year. Usually, GMAC pays invoices to GM on the first business day after a vehicle is shipped to a dealer.
GMAC is 49 percent owned by GM and the other 51 percent is held by private equity firm Cerberus Capital Management LP [CBS.UL]. Cerberus also controls U.S. automaker Chrysler LLC. (Reporting by Nick Carey)
