The auto sector in the corporate bond market got a lift after Cerberus Capital Management L.P. said it planned to take an 80.1% stake in Chrysler Group, but many zeroed in on GMAC since it is also controlled by the investment firm.
Cerberus bought a 51% stake of GMAC from former parent General Motors Corp. last year.
So-called captive auto finance arms, which have been deeply tied to the auto makers for decades, have been a solid source of profitability for Detroit even as the core fundamentals of the auto industry have withered.
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