GMAC Sold
Detroit-based General Motors Corp. has sold a majority stake in its General Motors Acceptance Corp. division, which operates several financial subsidiaries, including GMAC Commercial Finance, through its GMAC Financial Services division. An investment consortium, including private investment firm Cerberus Capital Management LP, Citigroup Inc. and Aozora Bank Ltd., purchased 51 percent of GMAC for about $14 billion in cash.
