(New throughout) NEW YORK, July 31 (Reuters) - Finance company GMAC posted a $2.48 billion second-quarter loss on Thursday, hurt by write-downs of vehicle leases and mounting losses at its mortgage lending unit. "A soft economic environment and continued volatility in the mortgage and credit markets have significantly affected results," Chief Executive Alvaro de Molina said. "Higher fuel prices and weaker consumer credit prove to be headwinds." The loss compared with a profit of $293 ...
Premium Content (PAID Subscription Required)
"UPDATE 1-GMAC posts $2.48 billion loss" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. Premium paid subscribers also gain access to:
Hundreds of downloadable data tables including:
• Global sales and production data by country
• U.S. model-line inventory data
• Engine and equipment installation rates
• WardsAuto's North America Plant by Platform forecast
• Product Cycle chart
• Interrelationships among major OEMs
• Medium- and heavy-duty truck volumes
• Historical data and much more!
Current subscribers, please login or CLICK for support information.