Car loans start to roll at GM

General Motors began issuing car loans through its finance venture, GMAC-SAIC Automotive Finance, the first foreign auto finance company to open in China after it was approved earlier this month. GM hopes its joint US$60 million joint venture between General Motors Acceptance Corp and Shanghai Automotive Industry Corp, its car assembly partner, will help spur car sales back to higher growth. Sales are growing but at a progressively slower rate for five months.