AUSTRALIA: GMAC axes vehicle finance
General Motors Acceptance Corporation (GMAC) is scaling back its Australian and New Zealand operations with the loss of 185 jobs.
"In regard to the automotive finance business in Australia and New Zealand, GMAC will cease its retail business and transition out of its wholesale business. The interleasing business in Australia will not be affected," GMAC told dealers in a memo seen by just-auto.
The New Zealand Press Association said 25 of the job losses would be in New Zealand. The Australian Broadcasting Corporation said 80 jobs would go at GMAC's Newcastle customer services centre and a further 80 at other Australian locations.
In the memo, GMAC cited "severely disrupted" capital markets and "constrained" access to funding for its decision.
The financier last week told some General Motors Corp dealers in the US they would have to begin paying off older inventory, a step a major dealer group was protesting as an unfair tightening of credit that could prompt dealer bankruptcies.
It has also tightened the terms offered to new car buyers there.
GMAC had operated for 90 years in Australia, the ABC reported.