It appears as though both GM and GMAC are getting access to the TARP fund created by congress:

General Motors shares are up after its GMAC finance affiliate was given approval for bank holding status, thus achieving eligibility for government loans.  GMAC is a critical part of General Motors, as it finances three-fourths of the inventory held by GM dealers. In recent months, problems at the lender have forced it to reduce financing for dealerships and consumer purchases of new GM cars and trucks.

This approval for bank holding company status was not a surprise for GMAC, given GM’s recent approval for a loan from Washington; in fact, this was a likely part of the overall negotiations. We are still cautious on the auto stocks, and on anything auto-related for that matter. We would look elsewhere for better investment opportunities.

Source:  Forbes