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GMAC's ResCap mortgage unit may fail to pay debts

GMAC LLC's mortgage unit on Monday said it would need to raise $600 million by the end of June to pay its debts and avoid "negative liquidity," even if a $14 billion bond exchange offer were successful. The disclosure by Residential Capital LLC suggests greater financial pain for GMAC, a finance company that has already injected more than $2 billion of capital into the unit. [REG]

INSIGHT: FINANCE & INSURANCE

Used-vehicle leasing boosts showroom traffic

imageAs many as one of every five used cars and trucks that dealer John Klein has sold in recent years has been a lease deal. That's unusual on several counts. Leasing tends to flourish at luxury dealerships in metropolitan areas along the East and We... [SUB]

INSIGHT: FINANCE & INSURANCE

Certified buyers opt for extended service contracts

imageDealers, automakers and vendors are finding a growing market for extended service contracts: buyers of certified used cars and trucks. “Wraparound” service contracts augment factory-backed warranties of certified vehicles. They cover wh... [SUB]