GMAC To Get $3.5 Billion More From the US Treasury

DETROIT, Dec. 30 (UPI) — The U.S. Treasury Department is set to extend $3.5 billion in new TARP funding to automobile finance firm GMAC, sources close to the deal said.

The company has already received $13.4 billion from the $700 billion Troubled Asset Relief Program that was designed to bail out financial firms, The Detroit News reported Wednesday.

GMAC has been discussing extra funding with the Treasury for months. Previously, the Treasury said GMAC was eligible to receive an additional $5.6 billion.

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