Initiatives and Programs » Emergency Economic Stabilization Act » Automotive Industry Financing Program
Automotive Industry Financing Program
Loans to the Auto Industry
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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.
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|