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Initiatives and Programs » Emergency Economic Stabilization Act » Automotive Industry Financing Program

Automotive Industry Financing Program

Loans to the Auto Industry

5

recipients

$81.34B

promised

$79.28B

actually invested, loaned, or spent

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A program under the Emergency Economic Stabilization Act More info from www.treasury.gov
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In mid-December of 2008, the Bush administration stepped in to lend General Motors and Chrysler billions to prevent impending bankruptcy. Subsequently, the Obama administration kept the two companies afloat as they filed for bankruptcy protection. See below for details on outstanding loans to each company.

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The following list shows the 5 recipients of Automotive Industry Financing Program.

Name State Date Entered Amount Committed by AIFP Amount Returned to AIFP
Chrysler Mich. Jan. 2, 2009 $12,810,284,222 $7,256,590,642
Chrysler Financial Services Mich. Jan. 16, 2009 $1,500,000,000 $1,500,000,000
General Motors Mich. Dec. 29, 2008 $50,744,648,329 $38,640,015,146
GMAC (now Ally Financial) Mich. Dec. 29, 2008 $16,290,000,000 $14,390,572,450
Northeast Bancorp Maine Nov. 28, 2012 $0 $4,227,000