A huge report on the GMAC bailout situation states, "Moving forward, Treasury should clearly articulate its exit strategy from GMAC. More than a year has elapsed since the government first bailed out GMAC."

Apparently the US federal government has shelled over $17.2 billion to rescue GMAC. This was at the expense of its tax payers who now have no hope to see it returned. This was reported by a government watchdog.

GMAC - the huge finance auto insurance company in union with the Treasury has made it very clear that no more funds would be asked; however, nearly $6.3 billion or even more is not likely to be returned to the country's loyal tax payers. This official statement was released by the Congressional Oversight Panel on Thursday.

The report also highlights the actions of the Treasury on how it played a crucial part and stood as a back bone to the auto industry. They are also expecting GMAC to provide a report to the Treasury. This report is to show a detailed plan on, 'how they intent to repay' which is still due.

The report also mentions, "Despite a $17.2 billion TARP investment, there is still no clear business plan for GMAC. The Treasury has not given due consideration, for example, to the possibility of breaking apart GMAC and merging the auto finance part back into (General Motors), a step which would restore GM's financing operations to the model generally shared by other automotive manufacturers."