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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 20, 2008 (November 20, 2008)


GMAC LLC
(Exact name of registrant as specified in its charter)

Delaware    1-3754    38-0572512 
(State or other jurisdiction    (Commission File Number)    (IRS Employer 
of incorporation)        Identification No.) 

     200 Renaissance Center
P.O. Box 200 Detroit, Michigan
48265-2000
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (313) 556-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Item 7.01 Regulation FD Disclosure

The information attached as Exhibit 99.1 hereto is incorporated herein by reference.

The information in this Form 8-K that is furnished under this “Item 7.01 Regulation FD Disclosure” and the related Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events

Bank Holding Company Application and Application for Participation in the Capital Purchase Program

GMAC LLC (“GMAC”) announced that it has submitted an application to the U.S. Federal Reserve Board of Governors for approval to become a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). If GMAC’s application to become a bank holding company under the BHC Act is accepted, GMAC Bank will become a Utah chartered Federal Reserve member bank.

GMAC also announced that it has submitted an application to the U.S. Treasury to participate in the Capital Purchase Program created under the Emergency Economic Stabilization Act of 2008, conditional upon becoming a bank holding company under the BHC Act.

There can be no assurances as to when or if GMAC will be successful with respect to its application to become a bank holding company under the BHC Act or when or if GMAC will become eligible for the Capital Purchase Program or, if successful, exactly what the structure of the U.S. Treasury investment will be.

Private Exchange Offers

On November 20, 2008, GMAC commenced separate private exchange offers and cash tender offers to purchase and/or exchange certain of its and its subsidiaries’ (the “GMAC offers”) and Residential Capital, LLC’s (the “ResCap offers”) outstanding notes listed below held by eligible holders for cash, newly issued notes of GMAC and, in the case of the GMAC offers only, preferred stock of a wholly-owned GMAC subsidiary, upon the terms and subject to the conditions set forth in the applicable confidential offering memoranda, each dated November 20, 2008 (the “offering memoranda”), and the related letters of transmittal.

In the GMAC offers, GMAC is offering to purchase and/or exchange any and all of the notes listed in the table below (the “GMAC old notes”) held by eligible holders for, at the election of each eligible holder, either (a) new securities consisting of a combination of (i)(x) in the case of GMAC old notes maturing prior to 2031, newly issued Senior Guaranteed Notes of GMAC with the same interest rate and maturity date, as the applicable series of GMAC old notes exchanged therefor (the “new guaranteed notes”), which the new guaranteed notes will be guaranteed by certain subsidiaries of GMAC and will in all cases be denominated in U.S. dollars or (y) in the case of GMAC old notes maturing in 2031, a combination of new guaranteed notes and newly issued 8.00% Subordinated Notes due 2018 of GMAC (the “new subordinated notes”) and (ii) newly issued 5% Perpetual Senior Preferred Stock with liquidation preference of $1,000 per share of a wholly owned subsidiary of GMAC (the “new preferred stock”) or (b) cash, in each case in the amounts per 1,000 U.S. dollar equivalent principal amount of GMAC old notes specified in the table below. Cash elections will be subject to proration in the event that the aggregate consideration required to accept all GMAC old notes tendered pursuant to cash elections would exceed $2 billion.

The new guaranteed notes will be guaranteed (the “note guarantees”), on a joint and several basis, by GMAC Latin America Holdings LLC, GMAC International Holdings Coöperatief U.A., GMAC Continental LLC, IB Finance Holding Company LLC and GMAC US LLC (each a “note guarantor”), which are all subsidiaries of GMAC. The note guarantees will be senior obligations of each note guarantor and will rank equal with all existing and future senior debt of such note guarantor. The note guarantees will rank senior to all subordinated debt of such note guarantor.

Outstanding GMAC Old Notes Eligible for the GMAC Offers

                Consideration per 1,000 U.S. Dollar Equivalent Principal 
                    Amount of     
                   Old Notes Validly Tendered and Not Withdrawn Prior 
                    to the Early Delivery Time     
 
 
 
 
 
 
                    New Securities Election 
                    (“new securities exchange ratio”) 
                   
                    Principal Amount of Applicable     
                Cash    Series of New Notes     
                Election    (“new notes exchange ratio”)    Liquidation 
                   
   
    Outstanding    Title of Old        (the “cash        New    Preference of 
    Principal    Notes to be    Title of New Notes to be    price”) (in    New Senior    Subordinated    Preferred 
CUSIP/ISIN    Amount    Tendered    Issued    U.S. Dollars)    Notes    Notes    Stock 
 
 
 
 
 
 
 
            Euribor +1.25% Senior                 
        Euribor +1.250%    Guaranteed Notes due                 
XS0195560262    EUR 750,000,000    Notes due 2009    2009    $850    $850    Not Applicable    $150 
 
 
 
 
 
 
 
            4.750% Senior                 
        4.750% Notes due    Guaranteed Notes due                 
XS0200959970    EUR 1,250,000,000    2009    2009    $830    $850    Not Applicable    $150 
 
 
 
 
 
 
 
            6.500% Senior                 
        6.500% Notes due    Guaranteed Notes due                 
37042WH20/US37042WH206    USD 250,000,000    2009    2009    $765    $850    Not Applicable    $150 
 
 
 
 
 
 
 
            7.750% Senior                 
        7.750% Notes due    Guaranteed Notes due                 
370425RP7/US370425RP71    USD 2,400,000,000    2010    2010    $815    $850    Not Applicable    $150 
 
 
 
 
 
 
 
            5.750% Senior                 
        5.750% Notes due    Guaranteed Notes due                 
XS0301812557    EUR 500,000,000    2010    2010    $720    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            5.750% Senior                 
        5.750% Notes due    Guaranteed Notes due                 
XS0177329603    EUR 1,000,000,000    2010    2010    $650    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.625% Senior                 
        6.625% Notes due    Guaranteed Notes due                 
XS0182179886    GBP 200,000,000    2010    2010    $600    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            7.250% Senior                 
        7.250% Notes due    Guaranteed Notes due                 
370425RU6/US370425RU66    USD 2,000,000,000    2011    2011    $700    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.000% Senior                 
36186CAC7/US36186CAC73/        6.000% Notes due    Guaranteed Notes due                 
370424CF8    USD 400,000,000    2011    2011    $650    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            5.375% Senior                 
        5.375% Notes due    Guaranteed Notes due                 
XS0187751150    EUR 1,500,000,000    2011    2011    $580    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.875% Senior                 
        6.875% Notes due    Guaranteed Notes due                 
370425RX0/US370425RX06    USD 5,450,000,000    2011    2011    $650    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.000% Senior                 
        6.000% Notes due    Guaranteed Notes due                 
36186CAF0/US36186CAF05    USD 1,000,000,000    2011    2011    $630    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            7.000% Senior                 
        7.000% Notes due    Guaranteed Notes due                 
370425SC5/US370425SC59    USD 1,000,000,000    2012    2012    $630    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.625% Senior                 
        6.625% Notes due    Guaranteed Notes due                 
36186CAH6/US36186CAH60    USD 1,000,000,000    2012    2012    $620    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.000% Senior                 
        6.000% Notes due    Guaranteed Notes due                 
XS0301811583    EUR 300,000,000    2012    2012    $600    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.875% Senior                 
        6.875% Notes due    Guaranteed Notes due                 
370425SE1/US370425SE16    USD 2,000,000,000    2012    2012    $620    $825    Not Applicable    $175 
 
 
 
 
 
 
 
            6.750% Senior                 
        6.750% Notes due    Guaranteed Notes due                 
370425SL5/US370425SL58    USD 1,750,000,000    2014    2014    $590    $800    Not Applicable    $200 
 
 
 
 
 
 
 
            Libor + 2.20% Senior                 
        Libor + 2.20%    Guaranteed Notes due                 
370425SM3/US370425SM32    USD 593,724,000    Notes due 2014    2014    $550    $800    Not Applicable    $200 
 
 
 
 
 
 
 

                Consideration per 1,000 U.S. Dollar Equivalent Principal 
                    Amount of     
                Old Notes Validly Tendered and Not Withdrawn Prior 
                    to the Early Delivery Time     
 
 
 
 
 
 
                    New Securities Election 
                    (“new securities exchange ratio”) 
                   
                    Principal Amount of Applicable     
                Cash    Series of New Notes     
                Election    (“new notes exchange ratio”)    Liquidation 
                   
   
    Outstanding    Title of Old        (the “cash        New    Preference of 
    Principal    Notes to be    Title of New Notes to be    price”) (in    New Senior    Subordinated    Preferred 
CUSIP/ISIN    Amount    Tendered    Issued    U.S. Dollars)    Notes    Notes    Stock 
 
 
 
 
 
 
 
            8.000% Senior                 
            Guaranteed Notes due                 
            2031 and 8.000%                 
        8.000% Notes due Subordinated Notes due                 
370425RZ5/US370425RZ53    USD 3,967,000,000    2031    2018    $600    $500    $350    $150 
 
 
 
 
 
 
 

In the ResCap offers, GMAC is offering to purchase and/or exchange any and all of the ResCap notes listed in the table below (the “ResCap old notes” and together with the GMAC old notes, the “old notes”) held by eligible holders for, at the election of each eligible holder either, (i) (x) in the case of the 8.50% notes of ResCap maturing on May 15, 2010, newly issued 7.5% Senior Notes due 2013 of GMAC (the “new senior notes” and together with the new guaranteed notes and the new subordinated notes, the “new notes”) or (y) in the case of all other series of ResCap old notes, a combination of new senior notes and new subordinated notes or (ii) cash, in all cases in the amount per 1,000 U.S. dollar equivalent principal amount of ResCap old notes specified in the table below. Cash elections will be subject to proration in the event that the aggregate consideration required to accept all ResCap old notes tendered pursuant to cash elections would exceed $500 million.

Outstanding ResCap Old Notes Eligible for the ResCap Offers

                Consideration per 1,000 U.S. Dollar Equivalent 
                    Principal Amount of 
                Old Notes Validly Tendered and Not Withdrawn Prior 
                to the Early Delivery Time 
               
                    New Notes Election 
                    (the “Notes Exchange Ratios”) (in 
    Outstanding            Cash Election    Principal Amount of New Notes) 
                   
    Principal    Interest    Maturity    (the “cash price”)        New Subordinated 
CUSIP/ISIN    Amount    Rate    Date    (in U.S. Dollars) New Senior Notes    Notes 
 
 
 
 
 
76113BAQ2 /                         
US76113BAQ23    USD 62,550,000    Libor + 3.10%    April 17, 2009    Not Applicable    $300    $250 
 
 
 
 
 
 
76113BAN9 /                         
US76113BAN91                         
U76134AD4 /                         
USU76134AD49    USD 205,448,000    Libor + 3.83%    April 17, 2009    Not Applicable    $300    $250 
 
 
 
 
 
 
76114EAB8 /                         
US76114EAB83    USD 131,595,000    Libor + 3.10%    May 22, 2009    Not Applicable    $300    $250 
 
 
 
 
 
 
76114EAE2 /                         
US76114EAE23                         
U7613PAB1 /                         
USU7613PAB14    USD 1,573,818,000    8.500%    May 15, 2010    $500    $750    Not Applicable 
 
 
 
 
 
 
76113BAF6 /                         
US76113BAF67                         
U76134AC6 /                         
USU76134AC65    USD 1,252,897,000    8.375%    June 30, 2010    $220    $200    $300 
 
 
 
 
 
 
XS0307840735    EUR 360,985,000    Euribor+ 3.45% September 27, 2010    $210    $200    $300 
 
 
 
 
 
76113BAM1 /                         
US76113BAM19    USD 217,801,000    8.000%    February 22, 2011    $200    $150    $350 
 
 
 
 
 
 
XS0254758872    EUR 110,898,000    7.125%    May 17, 2012    $200    $150    $350 
 
 
 
 
 
 
76114EAC6 /                         
US76114EAC66    USD 94,968,000    8.500%    June 1, 2012    $200    $150    $350 
 
 
 
 
 
 
76113BAR0 /                         
US76113BAR06    USD 874,833,000    8.500%    April 17, 2013    $200    $150    $350 
 
 
 
 
 
 
XS0254759920    GBP 40,751,000    8.375%    May 17, 2013    $200    $150    $350 
 
 
 
 
 
 

                Consideration per 1,000 U.S. Dollar Equivalent 
                    Principal Amount of     
                Old Notes Validly Tendered and Not Withdrawn Prior 
                to the Early Delivery Time     
               
 
                    New Notes Election 
                    (the “Notes Exchange Ratios”) (in 
    Outstanding            Cash Election    Principal Amount of New Notes) 
                   
    Principal    Interest    Maturity    (the “cash price”)    New Subordinated 
CUSIP/ISIN    Amount    Rate    Date    (in U.S. Dollars) New Senior Notes    Notes 
 
 
 
 
 
XS0307841469    GBP 65,270,000    9.875%    July 1, 2014    $200    $150    $350 
 
 
 
 
 
 
U7613PAC9 /                         
USU7613PAC96                         
76114EAF9 /                         
US76114EAF97    USD 4,010,280,000    9.625%    May 15, 20151    $250    $250    $300 
 
 
 
 
 
 
76113BAE9 /                         
US76113BAE92    USD 150,955,000    8.875%    June 30, 2015    $200    $150    $350 
 
 
 
 
 
 

1 This series of notes amortizes in three equal installments in 2013, 2014 and 2015.

GMAC is offering an early delivery payment in the GMAC and ResCap offers, which, with respect to cash consideration will be paid in cash, and in all other cases will be paid in principal amount of new notes. For each offer, the early delivery payment will be paid only to eligible holders who validly tender (and do not withdraw) their old notes prior to 5:00 p.m., New York City time, on December 4, 2008, unless extended by GMAC (the “early delivery time”) with respect to such offer. For eligible holders of old notes that tender after the early delivery time, in determining the consideration such holders will receive, the amounts indicated in the tables above for cash prices and exchange ratios into new guaranteed notes, in the case of the GMAC offers, or new senior notes, in the case of the ResCap offers, will be reduced by the early delivery payment of $50 of cash or $50 principal amount of new guaranteed or new senior notes, as applicable, per 1,000 U.S. dollar equivalent principal amount of old notes validly tendered and not withdrawn.

Each of the GMAC and ResCap offers will expire at 11:59 p.m., New York City time, on December 18, 2008, unless extended by GMAC with respect to any or all series of old notes. In each of the GMAC and ResCap offers, tendered old notes may be validly withdrawn at any time prior to 5:00 p.m., New York City time, on December 4, 2008, unless extended by GMAC with respect to the GMAC or ResCap offers, but not thereafter.

Holders of old notes accepted in the GMAC and ResCap offers will also receive a cash payment (paid in the currency of such old notes) equal to the accrued and unpaid interest in respect of such old notes from the most recent interest payment date to, but not including, the settlement date for the applicable offer.

The GMAC offers are conditioned upon, among other things, the completion of the ResCap offers and a sufficient amount of old notes having been tendered for purchase and/or exchange pursuant to the GMAC offers such that, in GMAC’s judgment, GMAC has obtained a sufficient amount of capital in connection with the GMAC offers, whether or not such amount of capital would be sufficient to satisfy the requirements of the BHC Act or any other applicable regulations. The ResCap offers are conditioned upon, among other things, the completion of the GMAC offers and a sufficient amount of old notes having been tendered for purchase and/or exchange pursuant to the ResCap offers such that, in GMAC’s judgment, the ResCap offers were successful. For the avoidance of doubt, these conditions are for GMAC’s benefit and may be asserted by GMAC or may be waived by GMAC at any time and from time to time, in its sole discretion. In addition, GMAC has the right to terminate or withdraw any of the offers at any time and for any reason, including, without limitation, if any of the foregoing conditions or any other conditions to the offers described in the applicable offering memorandum are not satisfied.

The new notes and the new preferred stock will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any securities laws and, unless so registered, the new notes and new preferred stock may not be offered, sold, pledged or otherwise transferred within the United States or to or for the account of any U.S. person, except pursuant to an exemption from the registration requirements thereof.

Accordingly, the GMAC offers are being made only (i) in the United States, to persons who are both “qualified institutional buyers,” as that term is defined in Rule 144A under the Securities Act (“QIBs”) and “qualified purchasers” (as defined in the GMAC offering memorandum) or (ii) outside the United States, to persons who are

not “U.S. persons,” as that term is defined in Rule 902 under the Securities Act and who are also both “non-U.S. qualified offerees” and “qualified purchasers” (each as defined in the GMAC offering memorandum). The ResCap offers are being made only to (i) in the United States, QIBs, or (ii) outside the United States, persons who are not “U.S. persons,” and who are “non-U.S. qualified offerees.”

GMAC will enter into registration rights agreements pursuant to which, under certain circumstances, it will agree to use reasonable best efforts to file exchange offer registration statements or shelf registration statements with respect to the new notes and the new preferred stock.

The complete terms and conditions of the offers are set forth in the offering memoranda and other documents relating to the offers which will be distributed to eligible holders. The offers are subject to significant conditions that are further described in such documents.

Documents relating to the offers will only be distributed to holders of the old notes who complete and return a letter of eligibility confirming that they are within the category of eligible investors for this private offer. Noteholders who desire to obtain a copy of the eligibility letter should contact Global Bondholder Services Corporation, the information agent for the offers, at (866) 794-2200 (U.S. Toll-free) or (212) 430-3774 (Collect).

A copy of the press release announcing the submission of the applications discussed above and the private exchange offers is attached as Exhibit 99.2 hereto and incorporated herein by reference.

The risk factors attached as Exhibit 99.3 hereto are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits. 
 
    (d)    Exhibits. 
 
Exhibit         
No.        Description of Exhibit 
 
 
99.1       Supplemental Information 
99.2       Press release dated November 20, 2008. 
99.3       Risk Factors 
99.4       GMAC LLC Annual Report on Form 10-K for the year ended December 31, 2007, incorporated by 
       reference 
99.5       GMAC LLC Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, incorporated by 
       reference 
99.6       GMAC LLC Quarterly Reports on Form 10-Q for the quarters ended June 30, 2008, incorporated by 
       reference 
99.7       GMAC LLC Quarterly Reports on Form 10-Q for the quarters ended September 30, 2008, incorporated 
       by reference 

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 20, 2008     
     
   

By:      /s/ David J. DeBrunner                                                       
         David J. DeBrunner
         Vice President, Chief Accounting Officer and Controller


                                                                                         EXHIBIT INDEX 
 
Exhibit     
No.                                           Description of Exhibit 
 
99.1    Supplemental Information 
99.2    Press release dated November 20, 2008. 
99.3    Risk Factors 
99.4    GMAC LLC Annual Report on Form 10-K for the year ended December 31, 2007, incorporated by 
    reference 
99.5    GMAC LLC Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, incorporated by 
    reference 
99.6    GMAC LLC Quarterly Reports on Form 10-Q for the quarters ended June 30, 2008, incorporated by 
    reference 
99.7    GMAC LLC Quarterly Reports on Form 10-Q for the quarters ended September 30, 2008, incorporated 
    by reference