GMAC to stop subsidized auto leasing in Canada - WSJ

Newswire

July 29 (Reuters) - Finance company GMAC LLC has informed dealers it will suspend subsidized leasing of automobiles in Canada as of Aug. 1, the Wall Street Journal said on Tuesday, citing a GMAC spokeswoman. GMAC, which provides automotive, real estate, insurance and other financial services, has been plagued with mortgage-related losses. The company faces "funding challenges" for lease assets in Canada, spokeswoman Gina Proia said, according to the newspaper. "We informed (dealers) as ...

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