GMAC
General Motors Acceptance Corporation or GMAC was formed in 1919 to provide financing services not only to the GM Corporation but also to interested buyers who wanted to buy cars and lacked the ability to do so. The need to form such a financing organization arose because the dynamics of the automobile industry shifted and the customers wanted more selection in cars. In 1919 when GMAC was established its branches were opened in Chicago, Toronto, New York and Detroit etc. The very next year the company expanded in Britain. The GMAC financial services had a feather added to their cap in 1939 when the Motors Insurance Corporation (MIC) was established. By 1985 the earning for the company had soared to a whooping $1 billion. The same year the company entered into the mortgage business with GMAC Mortgage Corporation. In year 1999 the company started its lending operations after it took over the asset based lending concern of Bank of New York. Today the group has presence in 41 markets globally. At the end of year 2006 the company holds $287 billion in assets. The main product of GMAC is its financial services. The GMAC financial services have yet to go a long way in achieving greater heights.
GMAC Insurance Products And Services
The insurance concern of the company is not only dealing with cars in fact it has an array of insurance related products including: auto insurance, RV insurance, Homeowners program for insurance etc. The insurance company was established in 1939. The insurance group is wholly owned subsidiary of GMAC. The wide array of the insurance related services and products provided by the company are targeted at individual customers and also at collective customers like businesses etc. The experience that a company has being related to the automotive industry helps the company understand the needs of its customers better when it comes to auto insurance. The company is committed to not let you be sidelined by any mishap and to keep you on the go all the time. Being among the largest insurers of US the company currently employees 3800 people that are working with over 100 offices of the company is different strategic locations. The rate at which the consumers are shifting their insurances packages to GMAC shows where the company stands with the consumer of insurance related products. The customers who shift save up to $335.98 per year on insurance costs.
Auto Insurance Products
The insurance products of GMAC are not focused at the policy they are focused on the customer and his needs that need to be fulfilled. The auto insurance is not limited to cars it also covers insurance policies related to boats, RVs, motorcycles and ATVs. The people seeking insurance from GMAC are not of a particular age in fact the company provides insurance policies to people from all age groups and all types of experiences and histories. The claims services of the company are operational 24/7 and you can get minor claims processed within a short span of 48 hours. There are discount offers for people who are already using insurance products of the GMAC insurance company. The basic difference between an ordinary insurance package and the GMAC package is the coverage that is offered to the customer along with the fast processing of claims.
Homeowners Product
For homeowners the GMAC insurance offers several types of policies each one catering to a different need. The company allows the homeowner to structure their own claim so that they can feel that they are receiving maximum protection possible for their insurance money. The insurance is not only limited to your house it extends to your property and also o structures that stand on your property like the garage and sheds etc. For homeowners there are insurance products that cover the loss of collectible items in their house that have a worth of over $1000 including cameras and computers etc. Coverage can be extended to bicycles and jewelry etc too.
Renters Insurance
The renters insurance treats the possessions of home renters in the same manner like it protects the possessions of a home owner. The renter’s property and valuables are also at risk of theft, fire and other damages and need insurance protection. In the event of such damages the insurance policy of the home owner for coverage of the valuables will not be applicable to the renter. That is why GMAC offers protection that is specifically targeted at renters. Whether you have rented a house or an apartment the policy will cover you. The coverage that will be provided to you as a renter will be according to your affordability and lifestyle. Homesite Standard Renters Program and Homesite Renters Express Program are the two products targeted at renters.
Mortgage Operations
The GMAC ResCap is the company dealing with residential and other types of mortgages. The diversified products cater to the residential mortgage business needs, construction finance, resort finance, consumer banking and healthcare finance. All over United States ResCap offers home related products in selling, buying and financing services. Apart from direct dealings the company also takes mortgage applications and deals through intermediaries. The company also deals in revolving credit to other lenders. The company not only originates loans it also services them.
Financing Operations
All other business units in their place but the financing services remain the core business for GMAC. The GMAC loans are targeted at commercial clients in different industries. The basic market served by GMAC loan is the middle market clients. They also provide individual customers with loans for their specific needs. The lending services of GMAC are operational worldwide and the loan application process can be completed through their website which offers clients to apply for loans. Being an international company the loans are serviced in the primary markets of GMAC loans that includes Canada, Europe, Hong Kong and the home market of United States. Some of the financing operations of GMAC include: equipment finance, asset based lending, and structured finance etc. The company also finances the real estate buying and selling deals for its clients.
