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General Motors seeks partial purchase of Ally Financial

by

DETROIT (WKZO) -- General Motors may be getting a piece of it's old company back in the purchase of a division of Ally Financial.

Ally was formerly known as GMAC and was a wholly owned subsidiary of the automaker.  GMAC received a 17.2-billion dollar bailout from the U.S. government and has only repaid less than six-billion dollars.

GM is looking to acquire the automotive finance operations for Europe and Latin America for four-billion dollars.  The automaker still owns approximately ten-percent of Ally Financial.

Officials with Ally would not comment about the proposed deal.

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