Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
June
4, 2009
(Date of
report; date of
earliest
event reported)
Commission file number:
1-3754
GMAC
LLC
(Exact
name of registrant as specified in its charter)
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Delaware
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38-0572512
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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200
Renaissance Center
P.O.
Box 200 Detroit, Michigan
48265-2000
(Address
of principal executive offices)
(Zip
Code)
(313) 556-5000
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On June
4, 2009, GMAC LLC (“GMAC “) was notified by the Federal Deposit Insurance
Corporation (the “FDIC”) that any further issuances of debt by GMAC that is
guaranteed by the FDIC pursuant to the FDIC’s Temporary Liquidity Guarantee
Program (“TLGP”) will require the written approval of the FDIC, with the size of
such issuances being determined by the FDIC. The FDIC indicated that
this approval requirement applies only to future issuances. As a result, the
requirement has no impact on GMAC’s recent issuance of $4.5 billion of debt
guaranteed by the FDIC pursuant to the TLGP that GMAC announced on June 3,
2009. Correspondence received by GMAC from the FDIC that relates to
any further issuances is attached hereto as Exhibit 99.1, and is incorporated by
reference herein.
As
indicated in the attached correspondence, requests by GMAC for further issuances
of debt that is guaranteed by the FDIC pursuant to the TLGP will be administered
by the FDIC according to the following plan: (1) GMAC’s access to the TLGP will
be phased in over time in specific increments; (2) the FDIC will inform GMAC of
the amount of guaranteed debt available to be issued upon receiving a request
from GMAC; and (3) the FDIC will require certain information from Ally Bank (a
wholly-owned subsidiary of GMAC) to be considered in the decision made pursuant
to item (2) above, which includes (a) a detailed list of Ally Bank’s deposit
products updated as products are added to or deleted from the list; (b) Ally
Bank’s ranking among the top ten deposit-rate payers and the methodology used to
determine its ranking each week during any period in which TLGP debt of Ally
Bank or GMAC is outstanding; and (c) the number of basis points the interest
rate paid on certificate of deposit products and other deposit products exceeds
the average rates for such products listed on
Bankrate.com.
Item
9.01 Financial Statements
and Exhibits
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Exhibit
No.
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Description
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99.1
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Letter
from the Federal Deposit Insurance Corporation, Dated June 4,
2009
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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GMAC
LLC |
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(Registrant) |
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Dated:
June 9,
2009
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/s/
David J. DeBrunner |
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David
J. DeBrunner |
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Vice
President, Chief Accounting Officer and |
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Controller |
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EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Letter
from the Federal Deposit Insurance Corporation, Dated June 4,
2009
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