UPDATE 1-GMAC to stop subsidized auto leasing in Canada

Newswire

(Changes source, adds GMAC comment) BANGALORE, July 29 (Reuters) - Finance company GMAC LLC said it had informed dealers it would suspend subsidized leasing of automobiles in Canada from Aug. 1. GMAC, which provides automotive, real estate, insurance and other financial services, has suffered mortgage-related losses. The company faces "funding challenges" for lease assets in Canada, spokeswoman Gina Proia said, according to a story published in the Wall Street Journal. "GMAC did inform ...

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