In total, Treasury invested approximately $80 billion in the automotive industry. As of March 31, 2013,
we have recovered almost $48
billion, and while we do expect some fiscal cost from the program, it will be far less than anticipated when the program began. Moreover, the program succeeded in its goal of rescuing the American automotive industry and saving a million jobs. For the latest cost estimates, see the most recent Monthly Report to Congress.
While the industry continues to face challenges, GM, Chrysler, and Ford have returned to profitability. An estimated one million jobs were saved by the assistance provided under TARP. This assistance made it possible for them to restructure and compete more effectively. As a result, since 2009 the auto industry has continued to rebound.
In May 2011, Chrysler repaid its outstanding TARP loans
six years ahead of schedule. More than $11.2 billion of the $12.5 billion committed to Chrysler has been returned to taxpayers through principal repayments, interest, and cancelled commitments. Treasury has exited its investment in Chrysler Group LLC (New Chrysler) and is unlikely to fully recover the difference of $1.3 billion owed by Old Chrysler.
On December 19, 2012 Treasury announced its intent to fully exit its investment in General Motors (GM) within the next 12-15 months, subject to market conditions. Two days later, GM purchased 200 million shares of GM common stock from Treasury at $27.50 per share, for proceeds of approximately $5.5 billion. Treasury intends to sell its remaining 300.1 million shares of GM common stock through various means in an orderly fashion within the next 12-15 months, subject to market conditions. Treasury intends to begin its disposition of its remaining shares as soon as January 2013. For additional details about Treasury's plan see the press release
from December 19
To date, Treasury has recovered nearly one-third ($5.5 billion) of $17.2 billion invested in Ally through repayments and other income. Treasury continues to monitor Ally Financial’s performance and evaluate options to exit its investment, which consists of 74 percent of Ally common equity and $5.9 billion of mandatory convertible preferred stock.