General Motors (GM) Co. has decided not to follow through on plans to create its own finance unit, according to a report by Bloomberg. The auto company will instead seek lending assistance from banks, including JPMorgan Chase, Bank of America, and Wells Fargo.

The company is seeking to boost its subprime lending and leasing capabilities. Although the firm discussed the option of creating its own bank or buying back its former lending unit, GMAC, which is now Ally Bank, both options proved not feasible, according to the Bloomberg report. 

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