Apparently General Motors is done with GMAC and won’t try to regain control of the financial company. GM insiders thought that the move might help to bolster sales and make the company more attractive to investors, which is why they are not going to go with GMAC anymore for their financing needs. I mean, let’s face it – Ford, Toyota and Honda all have captive lenders, and GMAC’s lending restrictions in 2008 pushed GM over the edge and into bankruptcy. Oops. Sorry guys. But GMAC is still offering limited leases on some GM models, which means that not all ties are severed yet – but they’re on their last strings, as it were.

Another huge reason is that GMAC still has its own problems and a Congressional panel says that it doesn’t have a plan to repay the bailout funds. GMAC is still saddled with huge losses at their mortgage arm, and a key part of GMAC’s aid package was turning to a bank-holding company, and GMAC is still the preferred lender for Chrysler, but still…losing General Motors…not a good sign for the company. But when you push a company into bankruptcy, you can expect them to be a little mad at you. I’m not shedding any tears right now.