A General Motors bankruptcy would have a "materially adverse impact" on GMAC Financial Services (GMACFS), according to the latter company's 10-K filing.

That filing, made on Feb. 27, was done before GM made its own 10-K filing on March 5. GM's filing included a statement of the existence of substantial doubt about the automobile maker's ability to continue as a going concern.

GM owns 49% of GMACFS, with the rest held by an affiliate of Cerberus Capital Management.

"We have substantial credit exposure to GM, and a GM bankruptcy could impact certain of our funding facilities." As of the end of last year, it had $2.5 billion in secured exposure and $1.9 billion in unsecured exposure to GM. GMACFS is the parent of Residential Capital (ResCap).

In the 10-K, GMACFS said that ResCap remains heavily dependent on it for funding and capital support but there is no assurance that the parent would provide such support.

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