8-K

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

April 30, 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)

Delaware	38-0572512
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

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):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On April 30, 2009, as part of Chrysler LLC’s (“Chrysler”) proposed industrial alliance with Fiat S.p.A. and efforts to effect a restructuring with the support of the U.S. Department of the Treasury (the “Treasury”), GMAC LLC (“GMAC”) entered into a Master Auto Finance Agreement Term Sheet with Chrysler (the “Term Sheet”), pursuant to which GMAC will provide certain retail and wholesale financing for the Chrysler dealer network.

The financial services to be rendered by GMAC will be offered for all brands distributed through the Chrysler dealer network in the United States, Canada, and Mexico, along with other international markets upon the mutual agreement of the parties.   GMAC will provide dealer financing and services and retail financing to Chrysler dealers and customers, as GMAC deems appropriate according to its credit policies and in its sole discretion.  Chrysler is obligated to provide GMAC with certain exclusivity privileges, including the use of GMAC for designated minimum threshold percentages of certain of Chrysler’s retail financing subvention programs.  The agreement will extend for a period of four years, with automatic one-year renewals unless either GMAC or Chrysler provides sufficient notice of non-renewal.

Under the Term Sheet, GMAC has agreed to use commercially reasonable efforts to offer standard retail financing and to put in place new interim dealer funding for new and used inventory as promptly as practicable (with a target completion date of May 15, 2009) and to conduct dealer credit assessments of each Chrysler dealer within 180 days.  All decisions to establish credit lines or to provide other products and services with a dealer will be at GMAC’s sole discretion.  GMAC has also agreed to work with Chrysler to develop other dedicated or customized services as the parties may agree from time to time.

Chrysler has agreed to provide GMAC with certain protections designed to minimize GMAC’s risk of loss due to, among other things, the effects of a bankruptcy filing and reorganization by Chrysler.  GMAC is entitled to take certain actions to ensure that its gross unsecured exposure to Chrysler remains below designated levels, and Chrysler is obligated to provide GMAC with cash collateral in the amount of GMAC’s current good-faith estimate of unsecured exposure to Chrysler as a result of subvention programs over a rolling two-week period.  GMAC and Chrysler have agreed to negotiate in good faith to appropriately adjust such protections following the successful stabilization of Chrysler’s automobile manufacturing business, and in any event on an annual basis.

GMAC may terminate the Term Sheet on and after May 16, 2009 if, among other things, (i) the  bankruptcy court administering the cases of Chrysler and its subsidiaries has not approved, among other things, the Term Sheet, (ii) GMAC shall not have obtained certain regulatory approvals as previously discussed between Treasury and GMAC required to permit GMAC to perform its obligations under the Term Sheet, or (iii) Treasury shall not have (a) provided GMAC with an amount and form of equity capital consistent with prior discussions between Treasury and GMAC and (b) entered into a binding agreement with GMAC with respect to the GMAC Dealer Transition Financing Support Program providing for reimbursement by the U.S. government of certain losses incurred by GMAC, GMAC Bank or any other GMAC subsidiary in connection with the Term Sheet in an amount and on terms previously discussed with and mutually agreed by Treasury and GMAC.

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2009, GMAC issued a press release announcing preliminary operating results for the first quarter ended March 31, 2009. The press release is attached hereto and incorporated by reference as Exhibit 99.1.  Charts furnished to securities analysts are attached hereto and incorporated by reference as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

Exhibit No. Description

99.1 Press Release, Dated May 5, 2009

99.2 Charts Furnished to Securities Analysts

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.

	GMAC LLC
	(Registrant)
Dated: May 5, 2009	/S/ David J. DeBrunner
	David J. DeBrunner
	Vice President, Chief Accounting Officer
	and Controller

EXHIBIT INDEX

Exhibit No. Description

99.1 Press Release, Dated May 5, 2009

99.2 Charts Furnished to Securities Analysts

EX-99.1

GMAC Financial Services Reports Preliminary First Quarter 2009 Financial Results

· First quarter net loss of $675 million

· Weak economic conditions and legacy credit costs adversely affected results

· Increased levels of consumer credit extended in the quarter: $3.8 billion in auto and $13.4 billion in mortgage

· Tier 1 capital ratio of 10.6 percent; Tier 1 common ratio of 7.3 percent

· GMAC Mortgage begins participating in Home Affordable Modification Program

· GMAC becomes preferred provider of automotive financing for Chrysler dealers and customers

NEW YORK – GMAC Financial Services today reported a first quarter 2009 net loss of $675 million, compared to a net loss of $589 million in the first quarter of 2008.  Results in the quarter were primarily attributable to continued pressure in mortgage operations related to valuation adjustments on mortgage servicing assets, weaker credit performance on both auto and mortgage assets, mark-to-market adjustments on derivatives, and an original issue discount related to the fourth quarter debt exchange.  The losses were partially offset by profitable performance in the insurance business and  $631 million in after-tax gains on debt extinguishment transactions.

First Quarter Net Income/Loss
($ in millions)
	Q109	Q108	Change
Global Automotive Finance	$225	$258	($33)
Insurance	50	132	(82)
Mortgage Operations	(125)	(859)	734
Corporate and Other1	(825)	(120)	(705)
Net Loss	($675)	($589)	($86)

1 Includes Commercial Finance operating segment and other corporate activities

“The effects of a soft economy and weaker credit performance on legacy assets continued to put pressure on GMAC’s financial performance in the quarter.  We continue to manage through this economic cycle and focus on strengthening operations for the long-term,” said GMAC Chief Executive Officer Alvaro G. de Molina.  “There were also several signs of progress to mention, such as expanding retail auto lending, maintaining our commitment as a leader in wholesale financing, re-entering the prime jumbo mortgage market, and increasing bank deposits by about $3 billion from the end of the year.”

“In addition, last week we announced another milestone in the company’s history -- that GMAC will be the preferred provider of auto finance products and services for Chrysler dealers and customers,” said de Molina.  “This agreement leverages GMAC’s strengths, diversifies our auto finance business and provides new revenue opportunities for the company.”

Liquidity and Capital

GMAC’s consolidated cash and cash equivalents were $13.3 billion as of March 31, 2009, down from $15.2 billion at Dec. 31, 2008.  Included in the consolidated cash and cash equivalents balance are $1.7 billion at Residential Capital, LLC (ResCap), $3.9 billion at GMAC Bank, and $562 million at the insurance business.  The change in consolidated cash is primarily related to an increase in lending activities at GMAC Bank and GMAC debt maturity payments.

GMAC Bank total assets were $36.4 billion at quarter-end, which included $10.8 billion of assets at the auto division and $25.6 billion of assets at the mortgage division.  This compares to $32.9 billion of assets at Dec. 31, 2008.  Deposits increased in the first quarter to $22.5 billion as of March 31, 2009, which included $11.0 billion of retail deposits, $9.5 billion of brokered deposits, and $2.0 billion of other deposits.  This compares to $19.3 billion of deposits at Dec. 31, 2008, with $7.2 billion of retail, $10.6 billion of brokered, and $1.5 billion of other deposits.

GMAC’s total equity at March 31, 2009 was $22.0 billion, up from $21.9 billion at Dec. 31, 2008.  During the first quarter, GMAC completed a rights offering whereby GM and FIM Holdings collectively purchased an additional $1.25 billion of GMAC common equity interests.  In addition, GMAC completed a private transaction that extinguished certain debt and was the primary driver of a $631 million increase in equity.  The transactions strengthened the company’s capital position.  At quarter-end, GMAC’s Tier 1 capital ratio was 10.6 percent, and the Tier 1 common ratio was 7.3 percent.

2

Global Automotive Finance

GMAC’s global automotive finance business reported net income of $225 million in the first quarter of 2009, compared to net income of $258 million in the year-ago period. Results were driven primarily by weaker credit performance, which was partially offset by lower interest expense due to lower debt balances.

New vehicle consumer financing originations during the first quarter of 2009 significantly decreased to $3.4 billion from $13.1 billion in the first quarter of 2008.  In comparison to the prior period, however, origination levels in the first quarter of 2009 increased from extremely low levels in the fourth quarter of 2008, which totaled $2.7 billion.  On Dec. 30, 2008, directly after receiving an investment from the U.S. Treasury’s Troubled Asset Relief Program (TARP), GMAC expanded its new North American retail auto financing activities from fourth quarter 2008 levels by $1.1 billion.

The company announced further actions on April 1, 2009, to expand retail credit and promote automotive sales in the U.S.  In addition, GMAC implemented actions to reduce stress on U.S. dealers during this difficult economic environment.  These actions include eliminating all dealer curtailment payments for aged inventory for the month of April, waiving the fee for dealers to post aged vehicles on GMAC’s SmartAuction, and allowing qualified dealers the option to defer wholesale interest charges for two 30-day periods.  GMAC continued to demonstrate its support of automotive dealers by announcing additional actions on April 30, 2009, including extending the curtailment waiver for the month of May and accepting new applications for wholesale financing from qualified U.S. dealers of GM and non-GM franchises.

Credit losses increased in the first quarter of 2009 to 2.41 percent of managed retail assets, versus 1.34 percent in the first quarter of 2008.  The significant increase is related to higher frequency of losses in North America and Europe and increased severity in North America.  The increase is primarily attributable to weaker economic conditions and a smaller asset base.  While credit losses are also up on a quarter-over-quarter basis due to frequency and an aging portfolio, severity in the first quarter of 2009 has improved compared to the fourth quarter of 2008.

3

Delinquencies, which are contracts more than 30-days past due, also increased to 3.08 percent in the first quarter of 2009, compared to 2.42 percent in the first quarter of 2008.  Driving the increase is weaker economic conditions in certain international markets, such as Spain and Colombia, and a smaller asset portfolio in North America and Europe.

GMAC recently announced an agreement with Chrysler LLC to provide automotive financing products and services to Chrysler dealers and customers.  GMAC will be the preferred provider of new wholesale financing for Chrysler dealer inventory and has a four-year agreement for incentivized retail financing with limited exclusivity.  In conjunction with this announcement, the U.S. government has indicated that it intends to support GMAC in promoting the availability of credit for dealers and customers.

Insurance

GMAC’s insurance business recorded net income of $50 million, down from net income of $132 million in the first quarter of 2008. The change in performance reflects investment impairments, the sale of the U.S. reinsurance business in 2008 and overall lower volume due to the difficult economic climate, weak vehicle sales and repositioning the U.S. personal lines business.

The carrying value of the insurance investment portfolio was $5.0 billion at March 31, 2009, compared to $7.2 billion at March 31, 2008. This decline was related to the sale of the reinsurance business, unfavorable foreign currency movement and changes in unrealized losses.

On April 2, 2009, GMAC completed the sale of MEEMIC Insurance Company.  This transaction, along with the sale of the U.S. reinsurance business in the fourth quarter of 2008, provided additional capital to strengthen the core operation of automotive-related insurance products.

Mortgage Operations

GMAC’s mortgage operations, which include the ResCap legal entity, the GMAC Bank mortgage operation, and the ResMor Trust Canadian mortgage operation, reported a net loss of $125 million for the first quarter of 2009, compared to a net loss of $859 million in the year-ago period. Results reflect unfavorable servicing asset performance (net of hedge) and high credit-related costs, which were partially offset by a gain of approximately $900 million from the extinguishment of debt.

4

U.S. mortgage loan origination volume has begun to show signs of improvement.  Loan production in the first quarter of 2009 was $13.2 billion, compared to $8.2 billion in the fourth quarter of 2008.  Production in the quarter was down, however, from the year-ago level of $18.7 billion.  Margins have improved due to higher government production and favorable interest rates have led to an increased level of refinance activity.  The company has also re-entered the prime jumbo loan market.

GMAC’s international mortgage business continues to see increased delinquency rates and declining home prices in the United Kingdom and Spain. Operational streamlining efforts in that business have been in place since the first quarter of 2008.

As part of its loss mitigation efforts, GMAC has formalized its participation in the Home Affordable Modification Program, which was created to assist struggling homeowners.  The company has currently distributed approximately 100,000 financial packages to homeowners who are potentially eligible for modifications under the program.

Corporate and Other

GMAC’s corporate and other segment reported a net loss of $825 million in the first quarter of 2009, compared to a net loss of $120 million in the prior period.  The main drivers of results were the elimination of the $900 million gain on the debt extinguishment in mortgage operations and a valuation adjustment on assets.  Also adversely affecting results was $267 million of original issue discount amortization related to the bond exchange, which led to an increase in interest expense.  Partially offsetting results were gains of $631 million related to debt extinguishment transactions.

Outlook

GMAC is fully engaged in extending credit to consumers and businesses.  The company continues to lend to auto dealers, has expanded credit to automotive retail customers, and recently re-entered the prime jumbo mortgage market.  GMAC has leveraged its position as a bank holding company and receipt of the Troubled Asset Relief Program (TARP) investment to continue lending activities.

5

GMAC’s commitment to the U.S. auto industry, in particular, has been reinforced by the agreement to provide automotive financing products and services to Chrysler dealers and customers.  This new business is expected to begin as soon as practicable and no later than mid-May.

Looking ahead, the economic environment remains challenged - - market-based funding remains scarce, economic conditions are soft and credit quality continues to deteriorate.  GMAC remains committed to working through these challenges by implementing its five core strategies

· Transition to and meet all bank holding company requirements

· Strengthen liquidity and capital position

· Build a world-class organization

· Expand and diversify customer-focused revenue opportunities, with available funding driving originations

· Drive returns by repositioning risk profile and maximizing efficiencies

About GMAC Financial Services

GMAC is a bank holding company with operations in North America, South America, Europe and Asia-Pacific. GMAC specializes in automotive finance, mortgage operations, insurance, commercial finance and online banking.  As of March 31, 2009, the company had approximately $180 billion in assets and serviced 15 million customers around the world.  Visit the GMAC media site at http://media.gmacfs.com for more information.

# # #

Forward-Looking Statements

In this earnings release and related comments by GMAC LLC (“GMAC”) management, the use of the words “expect,” “anticipate,” “estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “intend,” “evaluate,” “pursue,” “seek,” “may,” “would,” “could,” “should,” “believe,” “potential,” “continue,” or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements herein and in related charts and management comments, other than statements of historical fact, including without limitation, statements about future events and financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and GMAC’s and Residential Capital, LLC’s (“ResCap”) actual results may differ materially due to numerous important factors that are described in the most recent reports on SEC Forms 10-K and 10-Q for GMAC and ResCap, each of which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: the inability or unwillingness of the U.S. government to provide the additional liquidity and capital necessary for us to finance Chrysler LLC (“Chrysler”) dealers and customers, and uncertainty around the ultimate form, amount and terms of such capital;  our inability to successfully accommodate the additional risk exposure relating to providing wholesale and retail financing to Chrysler dealers and customers and the resulting impact to our financial stability; uncertainty related to Chrysler’s bankruptcy process and its proposed industrial alliance with Fiat SpA; the success or lack thereof of Chrysler’s bankruptcy process and its proposed industrial alliance with Fiat SpA; our ability to recover any payments or obligations owed to us by Chrysler during Chrysler’s bankruptcy process; uncertainty related to the new financing arrangement between GMAC and Chrysler; securing low cost funding for GMAC and ResCap and maintaining the mutually beneficial relationship between GMAC, General Motors Corporation (“GM”) and Chrysler; our ability to maintain an appropriate level of debt; the profitability and financial condition of GM and Chrysler; our ability to realize the anticipated benefits associated with our recent conversion to a bank holding company, and the increased regulation and restrictions that we will be subject to; uncertainty concerning our ability to access additional federal liquidity programs; continued challenges in the residential mortgage and capital markets; continued deterioration in the residual value of off-lease vehicles; the continuing negative impact on ResCap of the decline in the U.S. housing market; changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which our mortgage subsidiaries operate; disruptions in the market in which we fund GMAC’s and ResCap’s operations, with resulting negative impact on our liquidity; changes in our accounting assumptions that may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; changes in the credit ratings of ResCap, GMAC, GM or Chrysler; changes in economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations.

6

Investors are cautioned not to place undue reliance on forward-looking statements. GMAC undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these statements, except where expressly required by law.

Contacts:

Gina Proia

917-369-2364

914-714-9166 mobile

gina.proia@gmacfs.com

Beth Coggins

313-656-6964

313-410-0284 mobile

beth.coggins@gmacfs.com

7

GMAC Financial Services Preliminary Unaudited First Quarter 2009 Financial Highlights

($ in millions)

			1Q	1Q
Summary Statement of Income			2009	2008
Revenue
Total financing revenue and other interest income			$3,812	$5,404
Interest expense			2,181	3,179
Depreciation expense on operating lease assets			1,153	1,397
Net financing revenue			478	828
Other revenue
Net loan servicing income			48	880
Insurance premiums and service revenue earned			864	1,109
Gain (loss) on mortgage and automotive loans, net			296	(600)
Gain on extinguishment of debt			644	488
Other loss on investments, net			(19)	(445)
Other income, net of losses			(112)	150
Total other revenue			1,721	1,582
Total net revenue			2,199	2,410
Provision for loan losses			843	474
Noninterest expense
Insurance losses and loss adjustment expenses			553	630
Other operating expenses			1,601	1,877
Total noninterest expense			2,154	2,507
Loss before income tax (benefit) expense			(798)	(571)
Income tax (benefit) expense			(123)	18
Net loss			($675)	($589)
		Mar 31,	Dec 31,	Mar 31,
Select Balance Sheet Data		2009	2008	2008
Cash and cash equivalents		$13,333	$15,151	$14,836
Loans held-for-sale		10,357	7,919	21,446
Finance receivables and loans, net	1
Consumer		60,062	63,963	80,493
Commercial		35,940	36,110	41,232
Investments in operating leases, net	2	23,527	26,390	33,122
Total assets		179,552	189,476	243,354
Total debt	3	113,424	126,321	185,294
			1Q	1Q
Operating Statistics			2009	2008
Worldwide Cost of Borrowing	4		6.21%	6.44%

(1) Finance receivables and loans are net of unearned income

(2) Net of accumulated depreciation

(3) Represents both secured and unsecured on-balance sheet debt

(4) Calculated by dividing total interest expense (excluding mark-to-market adjustments and intercompany interest) by total borrowings

8

GMAC Financial Services Preliminary Unaudited First Quarter 2009 Financial Highlights (Continued)

($ in millions)
			Note	1Q	1Q
GMAC Automotive Finance Operations				2009	2008
	Net (loss) income
	North American Operations (NAO)			$259	$154
	International Operations (IO)			(34)	104
	Net (loss) income			$225	$258
	Consumer Portfolio Statistics
	NAO	Number of contracts originated (# thousands)		88	433
		Dollar amount of contracts originated		$2,407	$11,850
		Dollar amount of contracts outstanding at end of period	5	$46,241	$65,999
		Share of new GM retail sales		17%	49%
		Mix of retail & lease contract originations (% based on # of units):
		New		77%	77%
		Used		23%	23%
		GM subvented (% based on # of units)		77%	82%
		Average original term in months (US retail only)		63	60
		Off-lease remarketing (US only)
		Sales proceeds on scheduled lease terminations (36-month) per vehicle - Serviced	6,7	$13,996	$14,541
		Off-lease vehicles terminated - Serviced (# units)	7	97,648	99,997
		Sales proceeds on scheduled lease terminations (36-month) per vehicle - On-balance sheet	6	$14,274	$14,690
		Off-lease vehicles terminated - On-balance sheet (# units)	8	63,734	43,139
	IO	Number of contracts originated (# thousands)		99	193
		Dollar amount of contracts originated	9	$1,342	$3,355
		Dollar amount of contracts outstanding at end of period	9	$13,728	$19,514
		Mix of retail & lease contract originations (% based on # of units):
		New		93%	83%
		Used		7%	17%
		GM subvented (% based on # of units)		35%	42%
	Asset Quality Statistics
	NAO	Annualized net retail charge-offs as a % of managed assets	10	2.91%	1.57%
		Managed retail contracts over 30 days delinquent	10,11	3.28%	2.45%
		Serviced retail contracts over 30 days delinquent	11,12	3.17%	2.46%
	IO	Annualized net charge-offs as a % of managed assets	10	1.08%	0.74%
		Managed retail contracts over 30 days delinquent	10,11	2.77%	2.37%
	Operating Statistics
	NAO	Allowance as a % of related on-balance sheet consumer receivables at end of period		4.99%	3.72%
		Repossessions as a % of average number of managed retail contracts outstanding	10	3.62%	2.73%
		Severity of loss per unit serviced - Retail	12
		New		$11,246	$10,087
		Used		$9,284	$8,156
	IO	Allowance as a % of related on-balance sheet consumer receivables at end of period		1.86%	1.49%
		Repossessions as a % of average number of contracts outstanding		0.86%	0.66%

(5) Represents on-balance sheet assets, which includes $4.2 billion of retail loans held for sale in 2009

(6) Prior period amounts based on current vehicle mix, in order to be comparable

(7) Serviced assets represent operating leases where GMAC continues to service the underlying asset

(8) GMAC-owned portfolio reflects lease assets on GMAC's books after distribution to GM of automotive leases in connection with the sale transaction which occurred in November 2006

(9) Represents on-balance sheet assets including retail leases. Previously reported 2008 Q1 consumer $ origination data contained estimated data for March 2008.  Q1 2008 data has been revised to replace estimates with actuals where warranted.

(10) Managed assets represent on and off-balance sheet finance receivables and loans where GMAC continues to be exposed to credit and/or interest rate risk, as well as retail balloon contracts that are exposed to residual risk.

(11) Represents percentage of average number of contracts outstanding. Excludes accounts in bankruptcy.

(12) Serviced assets represent on and off-balance sheet finance receivables and loans where GMAC continues to service the underlying asset

9

GMAC Financial Services Preliminary Unaudited First Quarter 2009 Financial Highlights (Continued)

($ in millions)

			1Q	1Q
GMAC Mortgage Operations		Note	2009	2008
	Net loss		($125)	($859)
	Gain (loss) on sale of mortgage loans, net
	Domestic		$186	($65)
	International		7	($683)
	Total (loss) gain on sale of mortgage loans		$193	($748)
	Portfolio Statistics
	Mortgage loan production
	Prime conforming		$8,506	$15,437
	Prime non-conforming		17	849
	Government		4,672	1,976
	Nonprime		-	3
	Prime second-lien		-	443
	Total Domestic		13,196	18,708
	International		202	2,191
	Total Mortgage production		$13,397	$20,899
	Mortgage loan servicing rights at end of period		$2,587	$4,278
	Loan servicing at end of period
	Domestic		$359,257	$416,202
	International		26,594	43,675
	Total Loan servicing		$385,851	$459,877
	Asset Quality Statistics - Mortgage Operations
	Provision for credit losses by product
	Mortgage loans held for investment		$505	$281
	Lending receivables		145	18
	Total Provision for credit losses		$650	$300
	Allowance by product at end of period
	Mortgage loans held for investment		$1,462	$485
	Lending receivables		587	404
	Total Allowance by product		$2,049	$889
	Allowance as a % of related receivables at end of period
	Mortgage loans held for investment, excluding SFAS 159 assets		6.16%	1.59%
	Lending receivables		14.48%	5.76%
	Total Allowance as a % of related receivables	13	7.37%	2.36%
	Nonaccrual loans at end of period, excluding SFAS 159 MLHFI assets		$5,778	$4,408
	Nonaccrual loans as a % of related receivables at end of period		20.79%	11.73%
	Total nonperforming assets		$8,716	$7,407
GMAC Insurance Operations
	Net Income		$50	$132
	Premiums and service revenue written		$722	$1,133
	Premiums and service revenue earned		$852	$1,097
	Combined ratio	14	95.9%	93.8%
	Investment portfolio fair value at end of period		$4,992	$7,212
	Memo: After-tax at end of period
	Unrealized gains		$115	$177
	Unrealized losses		(188)	(57)
	Net unrealized capital (losses) gains		($73)	$120

(13) SFAS 159 mortgage loans held for investment are carried at fair value, so there is no allowance for these loans.  As such these loans are excluded from allowance and nonaccrual calculations above.

(14) Combined ratio represents the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other income.

Numbers may not foot due to rounding

10

EX-99.2

Preliminary
2009 First Quarter Results
May 5, 2009
9:00 AM EDT
Contact GMAC Investor Relations at (866) 710-4623 or investor.relations@gmacfs.com

 

Forward-Looking Statements In the presentation that follows and related comments by GMAC LLC (“GMAC”) management, the use of the words “expect,” “anticipate,”
“estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “intend,” “evaluate,” “pursue,” “seek,” “may,”
“would,” “could,” “should,” “believe,” “potential,” “continue,” or similar expressions is intended to identify forward-looking statements. All
statements herein and in related management comments, other than statements of historical fact, including without limitation, statements about
future events and financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements
represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not
guarantees of any events or financial results, and GMAC’s and Residential Capital, LLC’s (“ResCap”) actual results may differ materially due
to numerous important factors that are described in the most recent reports on SEC Forms 10-K and 10-Q for GMAC and ResCap, each of
which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following:
the inability or unwillingness of the U.S. government to provide the additional liquidity and capital necessary for us to finance Chrysler LLC
(“Chrysler”) dealers and customers, and uncertainty around the ultimate form, amount and terms of such capital; our inability to successfully
accommodate the additional risk exposure relating to providing wholesale and retail financing to Chrysler dealers and customers and the
resulting impact to our financial stability; uncertainty related to Chrysler’s bankruptcy process and its proposed industrial alliance with Fiat SpA;
the success or lack thereof of Chrysler’s bankruptcy process and its proposed industrial alliance with Fiat SpA; our ability to recover any
payments or obligations owed to us by Chrysler during Chrysler’s bankruptcy process; uncertainty related to the new financing arrangement
between GMAC and Chrysler; securing low cost funding for GMAC and ResCap and maintaining the mutually beneficial relationship between
GMAC, General Motors Corporation (“GM”) and Chrysler; our ability to maintain an appropriate level of debt; the profitability and financial
condition of GM and Chrysler; our ability to realize the anticipated benefits associated with our recent conversion to a bank holding company,
and the increased regulation and restrictions that we will be subject to; uncertainty concerning our ability to access additional federal liquidity
programs; continued challenges in the residential mortgage and capital markets; continued deterioration in the residual value of off-lease
vehicles; the continuing negative impact on ResCap of the decline in the U.S. housing market; changes in U.S. government-sponsored
mortgage programs or disruptions in the markets in which our mortgage subsidiaries operate; disruptions in the market in which we fund
GMAC’s and ResCap’s operations, with resulting negative impact on our liquidity; changes in our accounting assumptions that may require or
that result from changes in the accounting rules or their application, which could result in an impact on earnings; changes in the credit ratings
of ResCap, GMAC, Chrysler or GM; changes in economic conditions, currency exchange rates or political stability in the markets in which we
operate; and changes in the existing or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar
organizations. Investors are cautioned not to place undue reliance on forward-looking statements. GMAC undertakes no obligation to update
publicly or otherwise revise any forward-looking statements except where expressly required by law. A reconciliation of certain non-GAAP
financial measures included within this presentation is provided in the supplemental charts. Use of the term “loans” describes products associated with direct and indirect lending activities of GMAC’s global operations. The specific
products include retail installment sales contracts, loans, lines of credit, leases or other financing products. The term “originate” refers to
GMAC’s purchase, acquisition or direct origination of various “loan” products. 2

 

Table of Contents GMAC Page 4 Global Auto Finance Page 8 Insurance  Page 13 Mortgage Operations Page 16 Corporate & Other Page 20 Global Capital and Liquidity Page 21 Conclusion Page 25 Supplemental Page 26 3

 

GMAC: Chrysler Retail and Wholesale Financing GMAC has agreed to provide retail and wholesale financing on new Chrysler
vehicle sales beginning no later than May 16 4-year agreement to provide incentivized retail financing with limited exclusivity GMAC will be the preferred provider for wholesale financing GMAC will provide financing based on its underwriting standards GMAC not required to refinance or assume existing dealer or retail loans, or
acquire existing Chrysler Financial assets GMAC has option to refinance existing dealer inventory after credit review The U.S. government has indicated that it intends to support GMAC by providing the
capitalization required to support the Chrysler business. GMAC would not be obligated to fund
Chrysler sales without the additional government support. Expect to finance eligible retail and wholesale loans through GMAC Bank Initially, all dealer loans will be financed at GMAC LLC level Once full underwriting process completed, eligible dealer loans will be transferred to GMAC
Bank Agreement allows us to grow by leveraging our core strengths, and provides
diversification for GMAC’s Auto Finance operation 4

 

GMAC: Exposure to GM 1 – Secured exposure amounts primarily include various global wholesale funding activities. 2 – Unsecured exposure amounts primarily include residual risk sharing and other arrangements. Amounts include current amounts payable to GMAC by GM as well as
estimates of probable future amounts owed by GM. Note: Amounts include best estimates based on variables and assumptions and are subject to change based on new facts and circumstances. GMAC is heavily dependent on GM Many of our customers are those of GM, GM dealers and other GM-related employees GM’s level of automobile production and sales directly impacts our auto finance volume The resale value of GM vehicles affects the remarketing proceeds we receive upon the sale of
repossessed vehicles and off-lease vehicles at lease termination GMAC has credit exposure to GM Under the terms of certain agreements between GMAC and GM, GMAC has the right to offset
certain of its exposures to GM against amounts GMAC owes to GM Certain funding facilities have GM bankruptcy triggers SWIFT XI dealer floor plan securitization $11.4 billion secured revolver A GM bankruptcy does not trigger a GMAC bankruptcy filing Note: See GMAC 2008 10-K for additional disclosures ($ billions) 3/31/09 12/31/08 Global Secured Exposures 1 $2.0 $2.5 Global Unsecured Exposures (net) 2 $2.0 $1.9 5

 

GMAC: First Quarter 2009 Summary GMAC lost $675 million, versus a loss of $589 million in Q1 2008 Results were negatively impacted by continued weak economic conditions and credit costs on
legacy assets Interest expense in the quarter included $267 million amortization of Q4 2008 bond exchange
discount in the Corporate and Other segment Losses were partially offset by gains on debt retirement Positive trends during the quarter are impacting results Significant increase in mortgage origination volumes Increase in auto loan origination volumes in March/April Stabilizing used vehicle prices in the United States during the quarter GMAC made progress toward its bank holding company requirements Capital and liquidity remain a focus Tier 1 capital ratio of 10.6%; Tier 1 common capital ratio of 7.3% $13.3 billion of cash and cash equivalents at quarter end GMAC Mortgage is participating in Home Affordable Modification Program (HMP) to
assist struggling homeowners 6

 

GMAC: Net Income by Segment 1 - Corporate and Other segment includes Commercial Finance, equity investments and other corporate activities. Global Auto Finance results driven by weaker credit, partially offset by lower interest
expense Lower income at Insurance due to lower contract volumes and impairment of certain
investments Mortgage Operations results driven by gains on debt extinguishment and reduced MSR
valuations Corporate and Other segment results reflect the negative impact of valuation
adjustments and inter-company eliminations, partially offset by gains on debt
extinguishment ($ millions) Q1 '09 Q1 '08 North America $259 $154 International (34) 104 Global Automotive Finance 225 258 Insurance 50 132 Mortgage Operations (125) (859) Corporate and Other 1 (825) (120) Consolidated net income / (loss) ($675) ($589) 7

 

Global Auto Finance: Key Messages Retail credit originations increased steadily throughout the quarter As severe lending restrictions were eased, volumes picked up, particularly in March Elimination of leasing in North America, exit from certain international markets, and
lower industry volumes will likely prevent volumes from returning to early 2008
levels Used vehicle prices stabilized in the U.S. during the quarter Credit and funding outside of GMAC Bank remain key challenges A shrinking balance sheet combined with weak economic conditions have
exacerbated credit provisions Capital markets remain illiquid and interest costs are high 8

 

Global Auto Finance: Key Metrics ($ bil) All tables include North American and International Operations except where noted. Origination and asset base figures include auto loans and leases. 1 - U.S. scheduled lease terminations on a managed basis by termination year - all lease terms, all vehicle segments (cars, trucks and SUVs). Net Income $395 $554 ($717) ($294) ($1,313) $225 $258 $137 ($1,400) ($1,100) ($800) ($500) ($200) $100 $400 $700 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 ($ mil) Global Consumer Originations $14.0 $14.5 $11.3 $2.7 $2.1 $2.3 $1.9 $2.1 $2.5 $2.0 $0.4 $0.6 $3.4 $12.5 $13.4 $13.1 $0 $2 $4 $6 $8 $10 $12 $14 $16 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Used New Global Consumer Auto Asset Base $121 $123 $124 $115 $101 $120 $122 $92 $85 $83 $83 $86 $81 $77 $66 $60 $40 $55 $70 $85 $100 $115 $130 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Serviced On-Balance Sheet ($ bil) Sales Proceeds as % of ALG (U.S. Lease Terminations) 1 74 79 84 89 94 99 104 109 114 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 2007 2008 2009 (%) 9

 

Global Auto Finance: Condensed Income Statement Notable Items (Pre-Tax) ($ millions) Q1 2009 Q1 2008 Revenue Total financing revenue and other interest income $3,388 $4,316 Interest expense 1,524 2,176 Depreciation expense on operating lease assets 1,153 1,396 Net financing revenue 711 744 Other revenue Servicing fees 67 78 Gain on automotive loans, net 106 148 Gain on extinguishment of debt 6 0 Other income (loss) on investments 20 (9) Other income 158 273 Total other revenue 357 490 Total net revenue 1,068 1,234 Provision for loan losses 189 172 Noninterest expense 674 766 (Loss) income before income tax (benefit) expense 205 296 Income tax (benefit) expense (20) 38 Net (loss) income $225 $258 ($ millions) Q1 2009 Q1 2008 Realized Losses and Impairment Charges on International Operating Leases (36) 0 Mark to Market on Retained Interests and Derivatives (103) 25 Credit Loss Provision for Retail Balloon Contract Residuals 57 (46) 10

 

Global Auto Finance: Consumer Loss Trends Net Retail Losses (% Avg Assets) Q1 20092.91%0.79%  0.95% 1.74%  2.41% Q1 20081.57%0.41%  0.69% 1.47%  1.34% Year over Year Change  +134bps  +38bps +26bps  +27bps+107bps NorthAsiaLatinAmericaEuropePacificAmericaGlobal Losses are up significantly due to: Higher frequency in Europe and North
America Economic weakness and portfolio
seasoning are driving more frequent
losses Increased year-over-year severity in
North America 1.55% 1.40% 1.34% 1.01% 1.05% 2.10% 0.92% 2.41% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% 2.2% 2.4% 2.6% 2.8% 3.0% 3.2% Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Global Annualized Credit Losses as % of Managed Retail Contracts 11

 

Global Auto Finance: Consumer Delinquency Trends Loans > 30 Days Past Due Q1 20093.28% 1.72%  1.81% 4.13% 3.08% Q1 20082.45% 1.36%  1.84% 3.69% 2.42% Year over Year Change +83bps +36bps  -3bps  +44bps  +66bps NorthAsiaLatinAmericaEuropePacificAmericaGlobal Unemployment has historically been highly
correlated to delinquencies Spain has caused European credit
performance to deteriorate. Colombia has
had a similar effect in Latin America Overall delinquency rates are up due to
shrinking portfolios in North America and
Europe Other regions weakening following U.S.
trends 2.30% 2.96% 2.46% 2.62% 2.63% 2.68% 3.08% 2.42% 2.2% 2.4% 2.6% 2.8% 3.0% 3.2% Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Global Delinquencies as % of Average Managed Retail  Contracts (Greater than 30 Days Past Due) 12

 

Insurance: Key Messages Written premium volumes are declining Weak economic conditions and low auto sales volumes are driving down written
premiums Sale of GMAC Reinsurance in Q4 2008 has also contributed to the decline The combined ratio has increased slightly Higher reserves for international book were a primary factor in the increase Adjusting product lines to reflect changing market and capture new business Exploring new products for international markets Exiting non-core business lines 13

 

Insurance: Key Metrics ($ mil) 1 - See supplemental charts for a reconciliation of core earnings to GAAP income. 2 - Combined ratio represents the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total premiums and service revenues earned and other
income. For Q4 2008, sale of GMAC RE and goodwill impairment have also been excluded. 3 - Q4 2008 reflects the sale of GMAC RE, which closed on November 3, 2008. Q4 2008 written premium net of a one-time cession of premium related to sale of GMAC RE was $544 million. Cession
of
premium
related to
GMAC
RE sale Net Income $131 $117 $68 $135 $97 $95 $132 $50 $0 $50 $100 $150 $200 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 ($ mil) Core Earnings 1 $134 $114 $70 $84 $154 $67 $76 $131 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Combined Ratio 2 95.3% 96.9% 97.8% 90.9% 92.9% 95.9% 93.8% 90.2% 86% 88% 90% 92% 94% 96% 98% 100% Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Premiums Written 3 129 84 194 124 105 722 943 937 544 939 934 858 (191) $735 $722 $1,042 $1,067 $1,133 $942 $1,063 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 0 500 1000 1500 Reinsurance Without Reinsurance Insurance Total ($ mil) 14

 

Insurance: Condensed Income Statement Notable Items (Pre-Tax) ($ millions) Q1 2009 Q1 2008 Revenue Net premiums and service revenue earned $852 $1,097 Investment income 20 96 Other income 43 54 Insurance premiums and other income 915 1,247 Insurance losses and loss adjustment expenses 488 627 Acquisition and underwriting expense 368 454 Total expense 856 1,081 Income before income tax expense 59 166 Income tax expense 9 34 Net income $50 $132 ($ millions) Q1 2009 Q1 2008 Impairment of Securities (45) (4) 15

 

Mortgage Operations: Key Messages Mortgage Operations includes all of GMAC’s real estate finance activities Includes ResCap, LLC legal entity and mortgage activities of GMAC Bank and ResMor Trust Due to the acquisition of ResCap, LLC’s interest in GMAC Bank and ResMor by GMAC LLC, the
ResCap, LLC legal entity does not equal GMAC Mortgage Operations  Revenue generation from mortgage origination platform has improved from Q4 2008 levels Volumes increased compared to prior quarter due primarily to increased refinance activity Compared to Q1 2008, originations are down as a result of business line closures and tighter
underwriting We re-entered the prime jumbo mortgage market in April, which should generate further volume
going forward  Margins and operating costs are improving, while credit costs remain high Increased level of government production has driven higher margins on conforming asset sales Compensation and benefits cost and average headcount are down 64% and 57%, respectively,
from Q1 2008 Credit-related costs remain elevated due to continued distress in the real estate markets and
higher reserves for repurchase activities  Servicing asset valuation, net of hedge, declined sharply  Beginning to modify loans through participation in the Home Affordable Modification Program 16

 

Mortgage Operations: Key Metrics 2 1 - Q1 2009 includes $898 million after-tax gain on extinguishment of debt. Q1 2008 includes $478 million after-tax gain on
extinguishment of debt. 2 - Government and Prime Second Liens are included in Prime Non-conforming. Of the total, $3.8 billion was securitized on-balance
sheet at 3/31/09, with no economic exposure. 2 2 Net Income 1 ($125) ($981) ($1,912) ($1,860) ($254) ($2,261) ($921) ($859) ($2,400) ($1,400) ($400) $600 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 ($ mil) Total Assets $121 $110 $82 $74 $65 $58 $48 $50 $0 $50 $100 $150 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 ($ bil) Primary Servicing - Period End $461 $466 $462 $460 $437 $426 $386 $394 $0 $200 $400 $600 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Prime Conforming Prime Non-conforming Nonprime ($ bil) Loan Production $13 $9 $12 $18 $21 $21 $29 $35 $0 $20 $40 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Prime Conforming Prime Non-conforming Nonprime ($ bil) 17

 

Mortgage Operations: Condensed Income Statement Note: Income statement presentation (condensed) as it appears on a GMAC reported basis. Notable Items (Pre-Tax) ($ millions) Q1 2009 Q1 2008 Revenue Total financing revenue and other interest income $581 $1,135 Interest expense 522 1,105 Net financing revenue 59 30 Other revenue Servicing fees 342 392 Servicing asset valuation and hedge activities, net (360) 410 Net loan servicing (loss) income (18) 802 Gain (loss) on mortgage loans, net 193 (748) Gain on extinguishment of debt 900 480 Other loss (113) (585) Total other revenue (loss) 962 (51) Total net revenue (loss) 1,021 (21) Provision for loan losses 650 300 Noninterest expense 614 584 Loss before income tax benefit (243) (905) Income tax benefit (118) (46) Net loss ($125) ($859) ($ millions) Q1 2009 Q1 2008 Gain/ (Loss) on Sale of Mortgage Loans, net 193 (748) Gain on Extinguishment of Debt 900 480 Repurchases and Other Reserves (195) (31) CapRe Insurance Reserves (65) (3) 18

 

Mortgage Operations: Global Portfolio Credit Quality Excluding
loans
impacted
by FAS
159 Excluding
loans
impacted
by FAS
159 Total HFI³ = $25.4 billion Total Lending Receivables³ = $4.1 billion  1 - Mortgage loans HFI are part of Finance Receivables and Loans (consumer) on GMAC’s financial statements. 2 - Lending Receivables are part of Finance Receivables and Loans (commercial) on GMAC’s financial statements. 3 - HFI and Lending Receivables balances are carry value before allowance; charge-off percentages are not annualized. Nonaccrual Loans as a Percentage of Mortgage Loans Held For Investment 1 14.1% 12.7% 17.1% 16.2% 19.9% 22.2% 25.0% 14.0% 12.2% 12.4% 15.2% 16.9% 19.5% 0.0% 6.0% 12.0% 18.0% 24.0% 30.0% Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Nonaccrual Loans as a Percentage of Lending Receivables 2 3.0% 5.5% 8.9% 16.3% 35.6% 35.7% 28.6% 9.5% 0.0% 10.0% 20.0% 30.0% 40.0% Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Net Charge-offs as a Percentage of Mortgage Loans Held For Investment 0.73% 0.76% 0.61% 0.41% 0.66% 0.86% 0.40% 0.73% 0.46% 0.67% 0.71% 0.92% 0.78% 0.0% 0.3% 0.6% 0.9% 1.2% Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Net Charge-offs as a Percentage of Lending Receivables 2.75% 0.53% 0.23% 3.88% 7.40% 0.28% 1.40% 0.66% 0.0% 2.0% 4.0% 6.0% 8.0% Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 19

 

Corporate and Other: Condensed Income Statement Notable Items (Pre-Tax) ($ millions) Q1 2009 Q1 2008 Revenue Net financing loss ($356) ($32) Other revenue (loss) (Loss) gain on extinguishment of debt (262) 8 Other income on investments 14 1 Other income, net of losses (200) (20) Total other loss (448) (11) Total net loss (804) (43) Provision for loan losses 4 2 Noninterest expense 11 83 Loss before income tax benefit (819) (128) Income tax expense (benefit) 6 (8) Net loss ($825) ($120) ($ millions) Q1 2009 Q1 2008 Elimination of Mortgage Operations Debt Retirement Gain (900) 8 Realized Gain on Debt Extinguishment 634 0 Amortization of Bond Exchange Discount (267) 0 20

 

Global Capital and Liquidity: Cash Roll Forward 1 - GMAC Consolidated includes Insurance, ResCap, LLC and GMAC Bank. 2 – ResCap, LLC legal entity information as will be reported on the ResCap, LLC 10Q for Q1 2009. Does not include GMAC Bank. Note: Numbers may not foot due to rounding. GMAC ex. GMAC Ins., ResCap, GMAC ($ billions) Consolidated 1 GMAC Bank Insurance ResCap LLC 2 Bank Cash & Cash Equivalents (12/31/08) $15.2 $7.6 $0.6 $1.5 $5.5 Unsecured Debt Maturities (2.1) (2.1) - - - Asset Runoff net of on-Balance Sheet securitizations (3.0) = 0.2 + - + 0.8 + (4.0) Change in Intercompany Secured Loans - 0.2 - (0.2) - Increase (Decrease) in Deposits and Other 3.1 1.2 - (0.5) 2.4 Cash & Cash Equivalents (3/31/09) $13.3 $7.1 $0.6 $1.7 $3.9 Net Change in Cash & Cash Equivalents in Q1 ($1.9) ($0.5) $0.0 $0.2 ($1.6) 21

 

Global Capital and Liquidity: Capital Base 1 – Consists of Senior Preferred and Preferred Interests. 2 - Consists of Members’ Interests, Retained Earnings, and Accumulated Other Comprehensive Income. 3 - Q1 total GAAP loss was $675 million, consisting of $631 million gain from debt repurchase and $1,306 million of other losses. Note: Numbers may not foot due to rounding. ($ billions) Preferred Interests 1 Common Interests 2 Total Equity Total Equity at 12/31/08 $6.3 $15.6 $21.9 Q1 Net Loss Excluding Debt Extinguishment 3 - (1.3) (1.3) Gain on Debt Extinguishment 3 - 0.6 0.6 Rights Offering - 1.2 1.2 Preferred Dividends - (0.2) (0.2) Retained Earnings Adjustments 4 - 0.0 0.0 Accumulated Other Comprehensive Income - (0.2) (0.2) Total Equity at 3/31/09 $6.3 $15.7 $22.0 22

 

Global Capital and Liquidity: Capital Base and Ratios 1 - The risk-weighted assets are determined by allocating assets and specified off-balance sheet financial instruments into six weighted categories, with higher
levels of capital being required for the categories perceived as representing greater risk. The Company’s March 31, 2009 preliminary risk-weighted assets
reflect estimated on-balance sheet risk weighted assets of $151 billion and derivative and off-balance sheet risk-weighted assets of $43 billion. 2 - Under a revolving credit facility, we are subject to a leverage ratio covenant under which adjusted consolidated debt should not exceed 11 times adjusted
consolidated net worth. Details on this calculation can be found on slide 36. See Slide 36 for further details on capital numbers stated above. ($ billions) Amount Ratio Tier 1 Capital 20.5 $  10.6% Tier 1 Common Capital 14.3 $  7.3% Total Risk-Based Capital 23.4 $  12.0% Total Risk Weighted Assets 1 194.4 $  Tangible Common Equity/ Tangible Assets - 8.0% Tangible Common Equity/ Total Risk Weighted Assets - 7.4% Secured Revolver Leverage Ratio 2 - 2.6X 3/31/2009 23

 

Global Capital and Liquidity: GMAC Bank Shifting funding at GMAC Bank to a higher mix of retail deposits Marketing efforts have raised deposits to $22.5 billion as of 3/31/09 Total FHLB borrowing capacity of $9.7 billion ($0.5 billion unused) available to fund mortgage
assets Assets of $36.4 billion include $10.8 billion of assets at the auto division,
and $25.6 billion of assets at the mortgage division Growth of assets in the bank remains constrained by restrictions on affiliate related business Note: GMAC Bank assets and deposits as presented on GMAC Bank call report filed with the FDIC. $30.3 $31.9 $32.7 $32.9 $36.4 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Retail Deposits Brokered Deposits Other Deposits Total Assets ($ bil) 14% 65%  49% 21% 42% 10% 37% 54% % 9% 25% 61% 14% 24% 62% 15% $15.4 $17.7 $19.3 $22.5 $16.9 24

 

Conclusion GMAC is fully engaged in lending to car buyers, homeowners and
auto dealers We have expanded credit for new retail auto financing in the U.S. and
international markets GMAC continues to fund auto dealers Our Mortgage Operations have re-entered the prime jumbo mortgage market The Chrysler agreement reinforces this The agreement leverages our core automotive lending platform GMAC is part of the solution to restructure the U.S. auto industry The economic environment remains challenging, but GMAC will meet
the challenges Transition to and meet all bank holding company requirements Strengthen the company’s liquidity and capital position Build a world class GMAC organization Expand and diversify customer-focused revenue opportunities in auto and
mortgage, with available funding driving originations Drive returns by repositioning the risk profile of GMAC’s revenue mix and asset
base, and maximizing efficiencies 25

 

Supplemental Charts

26

 

GMAC: Preliminary Quarterly Consolidated Income Statement Supplemental ($ millions) Q1 2009 Q1 2008 Revenue Total financing revenue and other interest income $3,812 $5,404 Interest expense 2,181 3,179 Depreciation expense on operating lease assets 1,153 1,397 Net financing revenue 478 828 Other revenue Net loan servicing income 48 880 Insurance premiums and service revenue earned 864 1,109 Gain (loss) on mortgage and automotive loans, net 296 (600) Gain on extinguishment of debt 644 488 Other loss on investments (19) (445) Other income, net of losses (112) 150 Total other revenue 1,721 1,582 Total net revenue 2,199 2,410 Provision for loan losses 843 474 Noninterest expense Insurance losses and loss adjustment expenses 553 630 Other operating expenses 1,601 1,877 Total noninterest expense 2,154 2,507 Loss before income tax (benefit) expense (798) (571) Income tax (benefit) expense (123) 18 Net loss ($675) ($589) 27

 

GMAC: Preliminary Consolidated Balance Sheet Supplemental ($ billions) 3/31/2009 12/31/2008 Assets Cash and cash equivalents $13.3 $15.2 Investment securities 7.9 7.7 Loans held-for-sale 10.4 7.9 Finance receivables and loans, net of unearned income 96.0 100.1 Allowance for loan losses (3.6) (3.4) Investment in operating leases, net 23.5 26.4 Other assets 32.1 35.6 Total assets $179.6 $189.5 Liabilities Unsecured debt $49.2 $53.2 Secured debt 64.2 73.1 Total debt 113.4 126.3 Deposit liabilities 23.2 19.8 Other liabilities 21.0 21.5 Total liabilities 157.6 167.6 Equity 22.0 21.9 Total liabilities and equity $179.6 $189.5 28

 

Global Auto Finance: Lease Residual Trends Sales Proceeds as a % of Original ALG Estimate 1 - U.S. scheduled terminations on a managed basis, all lease terms.  Supplemental U.S.- All Segements (by termination year) 1 74 79 84 89 94 99 104 109 114 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 2007 2008 2009 (%) U.S. - By Vehicle Segment 1 72 82 92 102 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cars 2008 SUV 2008 Trucks 2008 Cars 2009 SUV 2009 Trucks 2009 (%) 29

 

Reconciliation of Insurance Core Earnings Supplemental 3. Amount within investment income in Forms 10-Q and 10-K. 2. Amount within other income in Forms 10-Q and 10-K. 1. Amount within acquisition and underwriting expense in Forms 10-Q and 10-K. ($ millions) Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Net Income $50 $95 $97 $135 $132 $68 $117 Add: Impairment of Goodwill1 - 42 - - - - - Add: Pre-tax interest (benefit) expense 1 - 2 (2) (72) 5 8 9 Less: Pre-tax gain on sale of business 2 - 98 - - - - - Less: Pre-tax capital (losses) gains 3 (39) (63) (90) 6 7 5 13 Add: Estimated taxes (13) (37) (31) 27 1 (1) 1 Core Earnings $76 $67 $154 $84 $131 $70 $114 30

 

Mortgage Operations: Production ¹ International includes some nonprime production. 1 1 Supplemental ¹ International includes some nonprime production.
Note: Totals may not foot due to rounding. ($ billions) Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007 Prime conforming $8.5 $5.2 $6.8 $12.2 $15.4 $13.0 $12.2 $12.7 Total conforming 8.5 5.2 6.8 12.2 15.4 13.0 12.2 12.7 Prime non-conforming - - 0.3 0.7 0.8 0.7 5.0 9.8 Government 4.7 2.9 4.1 3.8 2.0 1.2 1.0 0.8 Nonprime - - - - - 0.1 0.2 0.7 Prime second-lien - - 0.1 0.3 0.4 0.6 1.8 3.1 Total non-conforming 4.7 3.0 4.5 4.8 3.3 2.6 8.0 14.5 Total domestic 13.2 8.2 11.2 17.0 18.7 15.5 20.2 27.1 International1 0.2 0.4 0.6 1.0 2.2 5.3 9.1 7.7 TOTAL $13.4 $8.5 $11.9 $18.1 $20.9 $20.8 $29.3 $34.9 Mortgage Loan Production by Type 0 5 10 15 20 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Prime Conforming Prime Non-conforming Government Nonprime Prime Second-lien Total International ($ bil) Mortgage Loan Production 0 5 10 15 20 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Total Domestic Total International ($ bil) 31

 

HFS and HFI Q1 09 transfers: HFS to HFI $127 million HFI to HFS $13 million Mortgage Operations: HFS Portfolio Supplemental  Note: Mortgage Operations’ HFS is part of total Loans Held for Sale. Q1 2009 Total HFS Portfolio of $6.1 billion 36% 8% 4% 0% 52% Prime Conforming Prime Nonconforming Nonprime Prime Second-lien Government Q1 2009 Distribution of $10.5 billion (Issuance and whole loan sales) 2% 82% 16% Non-Agency Public Securitizations Agency Non-Agency Whole Loans 32

 

Mortgage Operations: HFI Portfolio GMAC Bank HFI On-Balance Sheet HFI
Securitizations Non Bank HFI 159 Loans Fair Value Supplemental  Note: Mortgage Operations HFI is part of Finance Receivables and Loans (consumer), net in GMAC’s financial statements. Q1 2009 Total HFI Portfolio of $25.4 billion 29% 57% 7% 7% 7% 7% 33

 

Mortgage Operations: Q1 Significant Items 1 Gain/(Loss) on Sale of Loans excludes the Gain/(Loss) from Deconsolidation of Securitized HFI. Supplemental GMAC Mortgage Operations Significant Items (Pre-tax) Q1 2009 ($ millions) Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 FY 2008 Q4 2007 Q3 2007 Q2 2007 Servicing Fees $342 $334 $369 $392 $392 $1,488 $440 $451 $452 Servicing Asset Valuation, net of hedge (360) (248) (261) (185) 410 (284) 34 (123) (152) Net Servicing (18) 86 109 207 802 1,203 473 328 301 Provision for Loan Losses (650) (817) (652) (463) (299) (2,231) (830) (881) (327) Gain/(Loss) on Sale of Loans 1 193 (53) (138) (1,062) (748) (2,001) (139) (658) 174 Gain/(Loss) on Investment Securities, net (12) (80) (42) (90) (444) (656) (399) (333) (56) Lot Option/Model Home Impairment (22) (19) (49) (79) (93) (239) (77) (98) (20) Rep and Warrant and Other Reserves (195) (91) (135) (92) (31) (349) (107) 0 (60) CapRe Insurance Reserve (65) (23) (32) (33) (3) (90) - - - Loss on Foreclosed Real Estate (REO) (51) (90) (49) (75) (85) (299) (172) (138) (70) Net SFAS 159 impact recorded in Other Income (30) (37) (72) (74) (54) (237) N/A N/A N/A Restructuring Costs 2 (34) (73) (18) (20) (145) (127) - - Debt Retirement / Tender Offer 900 757 42 647 480 1,925 521 - - Gain/(Loss) from Deconsolidation of Securitized HFI 1 - (3) - - - (3) 438 88 - FX Currency Impacts (16) (122) (368) 46 (2) (446) 12 1 (1) Goodwill Impairment - - - - - - - (455) - 34

 

ResCap, LLC: Key Financial Information 1 – For the purpose of ResCap’s tangible net worth covenants, consolidated tangible net worth is defined as the company’s consolidated equity, excluding intangible assets and
any equity in GMAC Bank to the extent included in ResCap’s consolidated balance sheet. Note: Results as they appear on a ResCap, LLC reported basis and include ownership of ResMor Trust through 1/1/09 and GMAC Bank through 1/30/09. Supplemental  ResCap, LLC met its covenants at quarter end  GMAC forgave ResCap, LLC debt during the quarter $830.5 million of debt as part of GMAC LLC’s purchase of ResCap’s
interest in GMAC Bank $518.6 million of additional debt, which increased ResCap, LLC capital
but did not affect capital on a GMAC LLC consolidated basis  Ongoing evaluation of plans to address capital and liquidity needs  ResCap, LLC continues to rely on GMAC support ($ millions) Q1 2009 Q1 2008 Net Income $0.2 ($859.1) Net Income Excluding Gain on Debt Extinguishment ($897.4) ($1,337.2) ($ billions) 3/31/2009 12/31/2008 Cash & Cash Equivalents $1.70 $7.00 Tangible Net Worth 1 1.05 0.35 Total Assets $23.10 $58.00 35

 

GMAC: Capital Measures as of 3/31/09 Supplemental Note: Numbers may not foot due to rounding. 1 - Mortgage Ops includes our current mortgage operations, which includes ResCap, LLC, as well as the mortgage
operations of GMAC Bank and Resmor Trust.  Less:  Adjusted ($ millions) GMAC LLC Mortgage Ops 1 leverage metrics Consolidated borrowed funds: Total debt $113,424 $27,565 $85,859 Less: Obligations of bankruptcy-remote SPEs (47,191) (3,415) (43,776) Intersegment eliminations - (5,297) 5,297 Consolidated borrowed funds used for leverage ratio 66,233 18,853 47,380 Consolidated net worth: Total equity 22,021 2,961 19,060 Less: Intersegment credit extensions (655) - (655) Consolidated net worth used for leverage ratio 21,366 2,961 18,405 Leverage ratio 2.6 Capital 3/31/2009 ($ billions) Shareholders’ equity 22.0 Less: Goodwill and certain other intangibles (1.4) Unrealized (gains) losses and other adjustments (0.1) Total Tier I Capital 20.5 Total tier I capital 20.5 Less: Senior Preferred (5.0) Preferred Interest (1.3) Tier 1 Common 14.3 Total tier I capital 20.5 Add: Qualifying subordinated debt and redeemable preferred stock 0.2 Allowance for loan and lease losses includible in Tier 2 capital 2.6 Total Risk-Based Capital 23.4 Total Equity 22.0 Less: Preferred Equity (6.3) Goodwill and intangible assets (1.4) Tangible Common Equity 14.3 Total Assets 179.6 Less: Goodwill and intangible assets (1.4) Tangible Assets 178.1 36

 

Global Capital and Liquidity: Term Debt Maturity Profile Supplemental Note: - Maturities are as of 3/31/2009 and reflect par value of debt. Excludes original issue discount of $5.2 billion, and collateralized borrowings in securitization trusts 
representing mortgage lending related debt that is repaid upon the principal payments of the underlying assets, of $3.4 billion. - Numbers may not foot due to rounding. $10 $7 $10 $5 $2 $16 $15 $19 $13 $3 $3 $5 $5 $25 $26 $22 $20 $8 $0 $5 $10 $15 $20 $25 $30 $35 $40 2009 2010 2011 2012 2013 2014 and thereafter Unsecured Secured ($ billions) 37