GMAC renews up to $13.8 billion funding facility

By Sara Rosenberg

New York, Sept. 19 - GMAC LLC has renewed a funding facility with Citi, under which it could have access to up to $13.8 billion, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The amount available for immediate funding is $10.1 billion, while the additional $3.7 billion would be available upon successful syndication of the facility.

Proceeds are available for a variety of automobile assets and mortgage assets across the GMAC and Residential Capital LLC businesses.

GMAC is a Detroit-based diversified financial services company.

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