GM Financial chief: We're no GMAC

Jim Henry is a special correspondent for Automotive News
Dan Berce, CEO of General Motors Financial Co. -- formerly known as AmeriCredit -- says it's steady-as-she-goes for his company, even though GM bought it Oct. 1.

“Our mandate's not going to change much initially,” he said at the Royal Media Auto Finance Summit in Las Vegas this month.

I had assumed there would be big changes almost immediately. For example, GM Financial is expected to launch factory-supported leasing in early 2011 -- a huge change.

But Berce said GM Financial will stick largely to subprime and GM will continue to rely on Ally Financial Inc. Berce said GM Financial also will keep servicing non-GM dealerships, which make up two-thirds of his dealer customers.

“I don't think there's any vision for GM Financial to become what GMAC once was for General Motors,” he said.

Funny, that's just what I expected to happen.