Initiatives and Programs
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Emergency Economic Stabilization Act
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Automotive Industry Financing Program
Automotive Industry Financing Program
Loans to the Auto Industry
5
recipients$81.34B
promised$79.28B
actually invested, loaned, or spentXML
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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 | $29,991,605,826 |
| GMAC (now Ally Financial) | Mich. | Dec. 29, 2008 | $16,290,000,000 | $2,667,000,000 |
| Northeast Bancorp | Maine | Nov. 28, 2012 | $0 | $4,227,000 |