Some doubt GMAC move will help car buyers

Several analysts expressed skepticism Friday that the Federal Reserve's decision allowing GMAC Financial Services to become a bank holding company would spur many more people to buy cars.

The Fed approved GMAC's request Wednesday to become a bank holding company, authorizing it to apply for a portion of the Treasury's $700 billion bailout fund and receive emergency loans directly from the Fed.

Analysts had speculated that without financial help, GMAC would have had to file for bankruptcy protection or shut down, dealing a blow to General Motors' own chances for survival. The Fed cited "emergency conditions" in justifying its decision.[AP]