The US government moved during the New Year's holiday to free up more money for auto loans and to start the emergency infusion of billions of dollars directly into the industry to keep it afloat according to DPA. While Chrysler Corporation was still waiting for its money on Friday, General Motors has received 4 billion dollars of the 13.4- billion-dollar lifeline promised by US George W Bush late in December, Bloomberg financial news service reported. Meanwhile, the US Treasury this week released guidelines for how it could help other parts of the auto industry, the Detroit Free Press reported. GM faced a shortfall of cash within days after the direct loan was finalized on Wednesday. On Monday, the US Treasury Department started moving to free up auto loans by committing 6 billion dollars to supporting GMAC LLC, the financing arm of General Motors Corp. The move will enable the largest US carmaker to contribute to the financier's reorganization as a bank holding company. Under the terms of the 13.4-billion-dollar direct loans to the car industry, GM can claim 9.4 billion dollars and Chrysler LLC gets 4 billion dollars over December and January. GM could get another 4 billion dollars in February.
