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GENERAL MOTORS ACCEPTANCE Corporation was established in 1919 as a wholly owned subsidiary of General Motors to finance dealers’ inventories and help customers fund car purchases. Over the decades, though, it grew into a massive global firm that extended and dealt in finance for a broad range of services and products. Motor vehicles still figured strongly but residential and corporate real estate, insurance and mortgage business became increasingly important. For as long as the traditional core auto business of parent GM and GMAC was healthy, the other financial businesses could borrow cheaply on the strength of GMAC’s investment-grade rating.
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