updated 10/30/2008 3:58:11 PM ET 2008-10-30T19:58:11

GMAC Financial Services says it's holding discussions with federal regulators about becoming a bank holding company. The move could help it access government funding.

GMAC said in a statement Thursday it plans to refinance its debt and is in discussions with the Treasury Department, the Federal Deposit Insurance Corp. and other federal regulators.

The Treasury Department has outlined plans to use at least $250 billion of the $700 billion bailout of the financial sector to give banks access to capital.

GMAC is the financing arm of General Motors Corp., which owns 49 percent of the company. Cerberus Capital Management LP owns 51 percent of GMAC.

Cerberus is the majority owner of Chrysler LLC, which is in talks with GM about a potential merger.

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