GMAC could feel effects of filing by GM

— -- While General Motors' bankruptcy-court filing will not disrupt any services at GMAC Financial Services, the lending arm will still feel some effects.

GM's filing will "allow its direct business with GMAC to continue in the ordinary course during GM's restructuring," GMAC said Monday.

But if GM's reorganization makes consumers shy away from GM cars and trucks, GMAC will suffer because a third of its revenue comes from financing GM vehicles. GMAC is partly owned by GM and private-equity firm Cerberus.

"GM is still one of the primary sources of customers for GMAC," says John Foff, senior analyst at SNL Financial. "This could affect the business." In fact, in a quarterly regulatory filing in March, GMAC addressed a possible drop-off in loans, saying GM's "sales volume could decrease as a result of a reduction in consumer confidence."

•GMAC could lose the exclusive rights to offer financial promotions on GM vehicles, it said in the regulatory filing.

•GMAC has $4 billion in credit extended to GM in areas such as vehicle financing, which it could also lose. In a statement, GMAC sought to calm fears, saying that GM has said it "will take appropriate steps … to comply with all of the contracts with GMAC, including all payment obligations."

•An additional $11.4 billion in GMAC's financing could come into question if GM's troubles result in liquidation or other extreme events.

GMAC has been a troubled company in recent months. In addition to auto finance, the company became a home mortgage lender and has been posting quarterly losses from defaults related to the housing market meltdown and declining car sales.

However, on May 21, the Obama administration signaled its intention to prop up GMAC as a critical step to the survival of both GM and Chrysler. The financing company got $7.5 billion from the government to help it make loans to dealers and customers of both automakers. The government in turn will get a 35% stake in the finance firm.