8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 30, 2007

(Date of report; date of

earliest event reported)

Commission file number: 1-3754

GMAC LLC

(Exact name of registrant as specified in its charter)

Delaware	38-0572512
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

200 Renaissance Center

P.O. Box 200 Detroit, Michigan

48265-2000

(Address of principal executive offices)

(Zip Code)

(313) 556-5000

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operation and Financial Condition

On July 30, 2007, GMAC LLC (GMAC) issued a press release announcing operating results for the second quarter ended June 30, 2007. The press release is attached hereto and incorporated by reference as Exhibit 99.1.

Charts furnished to securities analysts in connection with GMAC’s second quarter 2007 earnings press release are attached hereto and incorporated by reference as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description
99.1	Press Release, Dated July 30, 2007
99.2	Charts Furnished to Securities Analysts

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GMAC LLC
	(Registrant)
Dated: July 30, 2007	/s/ SANJIV KHATTRI
	Sanjiv Khattri
	Executive Vice President and Chief Financial Officer
Dated: July 30, 2007	/s/ LINDA K. ZUKAUCKAS
	Linda K. Zukauckas
	Vice President and Controller

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, Dated July 30, 2007
99.2	Charts Furnished to Securities Analysts

EX-99.1

Exhibit 99.1

GMAC Financial Services Reports Preliminary Second Quarter 2007

Financial Results

• 2007 second quarter net income of $293 million

• Improvement of $598 million from prior quarter

• GMAC cash and certain marketable securities climb to $17.5 billion

• Increase from $12.8 billion at first quarter end

• ResCap posts significantly lower loss and improved liquidity from prior quarter

• Losses narrow to $254 million

• Cash balance increases to $3.7 billion, up from $2.6 billion

NEW YORK – GMAC Financial Services today reported second quarter 2007 net income of $293 million, compared to net income of $787 million for the second quarter of 2006. Results for the second quarter of 2007 reflect continued strong performance in GMAC’s global automotive finance and insurance businesses, which more than offset losses in the real estate finance business.

GMAC’s second quarter net income generated by auto finance, insurance and other operations — excluding Residential Capital, LLC (ResCap) — amounted to $547 million, more than twice the earnings generated by these same operations in the second quarter of 2006. ResCap incurred a net loss of $254 million in the second quarter of this year, bringing GMAC’s consolidated net income to $293 million. The year-over-year net income comparison was affected by a $259 million gain on the sale of an equity interest in a regional homebuilder in the second quarter of 2006.

Second Quarter Net Income (Loss)

($ in millions)

	2007			2006			Change			Memo: Q1 2007
Global Automotive Finance	$	382		$	137		$	245		$	396
Insurance		131			80			51			143
Other		34			22			12			66
Net Income before ResCap results		547			239			308			605
ResCap		(254	)		548	*		(802	)		(910	)
Consolidated Net Income	$	293		$	787		$	(494	)	$	(305	)

* ResCap’s results for the second quarter 2006 include a $259 million after-tax gain on the sale of an equity investment in a regional homebuilder.

GMAC consolidated net income of $293 million in the second quarter reflects a marked improvement from the $305 million consolidated net loss incurred in the first quarter this year. The large favorable swing in GMAC’s earnings from the prior quarter stemmed from the considerable improvement in ResCap’s performance, with second quarter losses at a much-reduced level. Although severe illiquidity in the nonprime mortgage market placed increasing pressure on asset valuations, aggressive measures undertaken to reduce ResCap’s nonprime exposure rendered the company less vulnerable in the second quarter to continued weakness in the market.

“The net losses incurred by ResCap continue to constrain GMAC’s bottom-line profitability. But we are encouraged to see that the aggressive risk-mitigation initiatives implemented in the first half of this year have reduced ResCap’s losses — quickly and significantly — despite increasing challenges in the U.S. mortgage market,” said GMAC Chief Executive Officer Eric Feldstein.

“Meanwhile, we are pleased with the continued strong performance of GMAC’s global auto finance and insurance operations, where second quarter earnings more than offset ResCap losses,” Feldstein said. “Operating trends in the auto finance and insurance business units remained favorable with a year-over-year increase in net margins, an improvement in auto lease residual performance, stable credit losses near historical lows and an increase in insurance underwriting profitability.”

Liquidity

GMAC and ResCap both maintained strong liquidity through the second quarter. GMAC’s consolidated cash and certain marketable securities totaled $17.5 billion as of June 30, 2007, up from $12.8 billion on March 31, 2007. Of GMAC’s consolidated cash and certain marketable securities, ResCap held $3.7 billion at the end of the second quarter, up from $2.6 billion on March 31, 2007.

GMAC and ResCap, in aggregate, completed more than $8.5 billion of unsecured funding in the second quarter. Additionally, in June, both GMAC and ResCap announced the renewal of five syndicated committed drawable bank facilities totaling approximately $20 billion.

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Global Automotive Finance

GMAC’s global automotive finance unit earned net income of $382 million in the second quarter of 2007, a substantial increase relative to the $137 million of net income in the second quarter of 2006. Performance was driven by improved margins in North America, strong lease residuals and stable credit performance. The year-over-year variance also reflects favorable mark-to-market effects on risk management activities related to certain callable debt.

New vehicle financing originations increased year-over-year with $14 billion in retail and lease contracts for the second quarter of 2007 versus $13 billion in the second quarter of 2006. Used vehicle originations increased approximately 50 percent in the second quarter of 2007 to $2.1 billion versus $1.4 billion in the year-ago period. In addition to maintaining a strong relationship with General Motors and its dealers, GMAC has made incremental progress in expanding its auto financing capability beyond the GM network. Achievements year-to-date include enrolling 2,400 diversified dealers to participate in retail programs through GMAC’s National brand, originating more than $500 million in new wholesale assets from diversified sources and growing revenues through expanded access and services of SmartAuction, GMAC’s web-based wholesale remarketing program.

“GMAC’s auto finance business provided another quarter of robust performance, more than doubling earnings from the prior year,” said Feldstein. “We are pleased with results in the quarter and are excited about various opportunities to further grow the business through diversification of our revenue base and through expansion overseas.

“In North America, we are making steady progress on diversification efforts by meeting dealer demands to grow our used vehicle financing business and by expanding our dealer network beyond GM franchises with wholesale and retail asset origination activities. While these efforts represent a relatively small part of our overall revenue, we are encouraged by our ability to successfully leverage our strong auto finance capabilities into this new arena,” Feldstein said. “Moreover, with a broad footprint overseas in key growth markets, GMAC continues to realize higher financing revenue on higher asset levels across our international operations.”

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Insurance

GMAC’s insurance business earned record second quarter net income of $131 million, an increase from $80 million in the prior year period. The gain is due to favorable underwriting results primarily driven by lower loss experience on vehicle service contracts and dealer inventory insurance. The combined ratio improved significantly to 90.2 percent in the second quarter of 2007 versus 96.2 percent in the year-ago period.

Written revenue came under pressure in the second quarter due to constrained pricing in the competitive U.S. insurance market. This was partially offset by continued growth in international markets, both organically and through new business initiatives. In June, GMAC acquired the United Kingdom-based automotive insurance business, Provident Insurance. This business will provide GMAC another outlet in the U.K. automotive insurance market with potential to expand throughout Europe.

The insurance investment portfolio totaled approximately $7.4 billion at June 30, 2007, with more than 90 percent of the investment portfolio in fixed income securities and approximately 10 percent in equity securities.

Real Estate Finance

ResCap recorded a net loss of $254 million for the quarter, compared to net income of $548 million in the year-ago period. The decline in financial performance is due predominantly to continued pressure in the nonprime sector of the U.S. residential finance business. The significant items which adversely affected quarterly performance include: i) mark-to-market adjustments on delinquent and other held for sale (HFS) assets; ii) increases in delinquencies in the held for investment (HFI) portfolio resulting in higher provision for credit losses; and iii) a decrease in net financing revenue due to higher cost of funds. Partially offsetting these items were favorable servicing fees and a lower structural cost base, which continues to be reduced in line with lower industry volume. Notably, the year-over-year income comparisons are affected by the $259 million after-tax gain realized in the second quarter of 2006 on the sale of ResCap’s equity investment in a regional homebuilder.

ResCap’s second quarter loss of $254 million marked a vast improvement from the $910 million loss incurred in the first quarter. Although market conditions continued to deteriorate in recent

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months, ResCap was successful in sharply reducing its exposure to the U.S. nonprime mortgage market through: i) asset sales in its HFS portfolio; ii) steady asset run-off in its HFI portfolio; and iii) successful loan restructuring and sales in its warehouse lending receivables.

Specifically, ResCap’s U.S. nonprime HFS portfolio was reduced to $1.9 billion at the end of the second quarter, down from $3.1 billion at March month-end and from $5.4 billion at year-end 2006. The nonprime component of ResCap’s U.S. HFI portfolio declined by $3.1 billion in the second quarter, with the majority of the run-off representing loans originated in 2005 and 2006, vintages of a lower credit quality in this market segment. Nonprime exposure in warehouse lending was reduced to $331 million, down from approximately $1 billion at March month-end.

ResCap also significantly curtailed its nonprime loan origination activities with second quarter production of approximately $700 million, down from $3.3 billion in the prior quarter. At the same time, U.S. prime loan production in the second quarter amounted to $26.5 billion, just shy of the prior quarter’s volume, while its U.S. servicing portfolio increased marginally during the period to $425 billion.

ResCap Loan Production

($ in billions)

	2007
	Q2		Q1
U.S. Nonprime Loan Production	$	0.7	$	3.3
U.S. Prime Loan Production		26.5		27.7
U.S. Servicing Portfolio	$	425	$	419

ResCap’s business lending activities and international business activities both posted modest profits in the second quarter. The health capital and resort finance business generated strong operating results, partially offset by higher loss provisions on loans to specific homebuilders in view of the softening U.S. housing market. In the international arena, total loan production increased to $7.7 billion in the second quarter — up from $6.5 billion last quarter and up from $6.7 billion in the year-ago period. In the U.K., ResCap reduced its second quarter loan production in light of narrowing margins in the marketplace. However, the international business overall continued to expand profitably, while pursuing attractive growth opportunities in Continental Europe, Latin America, Canada and Australia.

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In April, GMAC injected $500 million of equity into ResCap to bolster the company’s capital position, bringing the total equity contributed to $1 billion year-to-date. As of June 30, 2007, ResCap’s equity stood at $7.5 billion, an increase from $7.2 billion in the first quarter.

“The actions undertaken by ResCap to overcome various challenges in this market have translated to a significantly improved second quarter operating performance,” Feldstein said. “Nonetheless, we expect widespread weakness in the U.S. housing market and mortgage industry to persist in the second half of 2007. Therefore, in order to further improve ResCap’s results over the coming months, we intend to restrict origination of mortgage products with limited market liquidity; we will step up our remediation and loss-mitigation efforts; we will further reduce our nonprime mortgage exposure; and we will continue to right-size ResCap’s structural cost base in line with lower industry volume.

“We remain optimistic about the long-term prospects of ResCap’s fundamental business strengths — its large-scale mortgage production and servicing platforms, its broad international presence, and its diverse product mix. And we believe ResCap’s strong liquidity position, sound capital base and the capabilities of its team will enable the company to take advantage of these competitive strengths as industry consolidation continues,” said Feldstein.

Outlook

GMAC’s prospects for the long-term remain favorable. Global automotive finance is poised to maintain its leadership position in the marketplace and leverage its core capabilities to further grow the business. Outlook for the insurance business remains strong with a highly competitive combined ratio and with strategic initiatives underway to expand the business globally. At ResCap, despite challenging conditions in the U.S. mortgage market, the company expects continued improvement in earnings performance in the second half of the year.

About GMAC Financial Services:

GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and currently employs about 31,000

6

people worldwide. At Dec. 31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. For more information, go to www.gmacfs.com.

# # #

Forward-Looking Statements

In this earnings release and comments by GMAC LLC (“GMAC”) management, the use of the words “expect,” “anticipate,” “estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “intend,” “evaluate,” “pursue,” “seek,” “may,” “would,” “could,” “should,” “believe,” “potential,” “continue,” or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements herein and in related charts and management comments, other than statements of historical fact, including without limitation, statements about future events and financial performance, are forward-looking statements that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and GMAC’s actual results may differ materially due to numerous important factors that are described in the most recent reports on SEC Form 10-K for GMAC and Residential Capital, LLC (“ResCap”), each of which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: securing low cost funding to sustain growth for GMAC and ResCap and maintaining the mutually beneficial relationship between GMAC and General Motors Corporation (“GM”); our ability to maintain an appropriate level of debt; the profitability and financial condition of GM; restrictions on ResCap’s ability to pay dividends to us; recent developments in the residential mortgage market, especially in the nonprime sector; changes in the residual value of off-lease vehicles; the impact on ResCap of the continuing decline in the U.S. housing market; changes in U.S. government -sponsored mortgage programs or disruptions in the markets in which our mortgage subsidiaries operate; changes in our contractual servicing rights; costs and risks associated with litigation; changes in our accounting assumptions that may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; changes in the credit ratings of ResCap, GMAC or GM; changes in economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations.

Investors are cautioned not to place undue reliance on forward-looking statements. GMAC undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these statements, except where expressly required by law.

Contact:

Gina Proia

Global Communications

GMAC Financial Services

917-369-2364

gina.proia@gmacfs.com

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GMAC Financial Services Preliminary Second Quarter 2007 Financial Highlights

Summary Statement of Income

Quarter-ended, ($ in millions)	June 30, 2007		June 30, 2006		Memo: March 31, 2007
Net financing revenue before provision for credit losses		1,581		1,743		1,625
Provision for credit losses		430		268		681
Net finance revenue		1,151		1,475		944
Insurance premiums and service revenue earned		1,051		1,052		1,041
Investment income		227		297		309
Other revenue and income		1,589		2,173		1,086
Total net revenue		4,018		4,997		3,380
Depreciation expense on operating lease assets		1,173		1,346		1,081
Compensation and benefits expense		647		665		635
Other operating expenses		1,746		1,839		1,819
Total noninterest expense		3,566		3,850		3,535
Income (loss) before income tax expense		452		1,147		(155	)
Income tax expense		159		360		150
Net income (loss)	$	293	$	787	$	(305	)
Select Balance Sheet Data
($ in millions)	June 30, 2007		December 31, 2006		June 30, 2006
Cash balances ($ billions) (1)	$	17.5	$	18.3	$	22.7
Finance receivables and loans held for sale, net (2)		185,924		202,164		202,807
Investments in operating leases, net (3)		28,893		24,184		34,495
Total debt (4)		224,454		236,985		248,451

Operating Statistics	Second Quarter				Six Months
Quarter-ended June 30, ($ millions)	2007		2006		2007		2006
GMAC's Worldwide Cost of Borrowing (5)	6.23	%	5.84	%	6.19	%	5.67	%
GMAC Debt Spreads Over U.S. Treasuries (bps) at end of period
2-Year	209		300
5-Year	273		370
10-Year	315		390

(1) Includes cash invested in a portfolio of highly liquid marketable securities of $5.3 billion, $2.8 billion, and $5.5 billion at June 30, 2007, December 31, 2006, and June 30, 2006, respectively

(2) Net of unearned income

(3) Net of accumulated depreciation

(4) Represents both secured and unsecured on-balance sheet debt such as commercial paper, medium-term notes and long-term debt

(5) Calculated by dividing total interest expense (excluding mark to market adjustments) by average debt

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GMAC Financial Services Preliminary Second Quarter 2007 Financial Highlights Continued

GMAC Automotive Finance Operations		Second Quarter						Six Months
		2007			2006			2007			2006
Net Income ($ millions)
North American Operations (NAO)		$	302		$	63		$	608		$	120
International Operations (IO)			80			74			172			203
Net Income			382			137			780			323
Consumer Portfolio Statistics
NAO	Number of contracts originated (# thousands)		497			460			939			890
	Dollar amount of contracts originated ($ billions)	$	13.2		$	11.9		$	24.8		$	23.1
	Dollar amount of contracts outstanding ($ billions) (6)	$	69.0		$	79.3		$	69.0		$	79.3
	Share of new GM retail sales		45	%		44	%		46	%		46	%
	Mix of retail & lease contract originations:
	New (% based on # of units)		80	%		87	%		80	%		86	%
	Used (% based on # of units)		20	%		13	%		20	%		14	%
	GM subvented (% based on # of units)		84	%		90	%		85	%		89	%
	Average original term in months (US retail only)		55			57			56			58
	Off-lease remarketing (US only)
	Sales proceeds on scheduled lease terminations (36-month) per vehicle - Serviced (7) (8)	$	15,277		$	14,737		$	14,883		$	14,557
	Off-lease vehicles terminated - Serviced (# units) (8)		75,474			69,427			151,877			138,556
	Sales proceeds on scheduled lease terminations (36-month) per vehicle - On-balance sheet (7)	$	15,591		$	15,035		$	15,126		$	15,074
	Off-lease vehicles terminated - On-balance sheet (# units) (9)		25,386			69,427			51,735			138,556
IO	Number of contracts originated (# thousands)		177			166			358			339
	Dollar amount of contracts originated ($ billions)	$	3.0		$	2.6		$	5.7		$	5.1
	Dollar amount of contracts outstanding ($ billions) (10)	$	28.9		$	25.6		$	28.9		$	25.6
	Mix of retail & lease contract originations:
	New (% based on # of units)		83	%		81	%		82	%		81	%
	Used (% based on # of units)		17	%		19	%		18	%		19	%
	GM subvented (% based on # of units)		44	%		57	%		42	%		55	%
Asset Quality Statistics
NAO	Net charge-offs as a % of managed assets (11)		1.03	%		1.07	%		1.16	%		1.13	%
	Retail contracts over 30 days delinquent - % of avg. number of managed contracts outstanding (11) (12)		2.37	%		2.38	%		2.44	%		2.35	%
	Retail contracts over 30 days delinquent - % of avg. number of serviced contracts outstanding (8) (12)		2.18	%		2.12	%		2.23	%		2.11	%
IO	Net charge-offs as a % of managed assets (11)		0.52	%		0.60	%		0.58	%		0.67	%
	Retail contracts over 30 days delinquent - % of avg. number of managed contracts outstanding (11) (12)		2.62	%		2.72	%		2.58	%		2.64	%
Operating Statistics
Quarter-ended June 30, ($ millions)
NAO	Allowance as a % of related on-balance sheet consumer receivables		2.67	%		2.66	%		2.67	%		2.66	%
	Severity of loss per unit serviced - Retail (8)
	New	$	8,660		$	8,529		$	8,715		$	8,392
	Used	$	6,928		$	6,512		$	6,925		$	6,552
	Repossessions as a % of average number of managed contracts outstanding (11)		2.03	%		2.28	%		2.16	%		2.38	%
IO	Allowance as a % of related on-balance sheet consumer receivables		1.45	%		1.35	%		1.46	%		1.38	%
	Repossessions as a % of average number of contracts outstanding		0.50	%		0.44	%		0.47	%		0.42	%

(6) Represents on-balance sheet assets, which includes $0.9 billion of loans held for sale

(7) Prior period amounts based on current vehicle mix, in order to be comparable

(8) Serviced assets represent on and off-balance sheet finance receivables, loans and operating leases where GMAC continues to service the underlying asset

(9) GMAC-owned portfolio reflects lease assets on GMAC's books after distribution to GM of automotive leases in connection with the sale transaction which occurred in November 2006

(10) Represents on-balance sheet assets

(11) Managed assets represent on and off-balance sheet finance receivables, loans and operating leases where GMAC continues to be exposed to credit and/or interest rate risk

(12) Excludes accounts in bankruptcy

9

GMAC Financial Services Preliminary Second Quarter 2007 Financial Highlights Continued

ResCap Operations	Second Quarter						Six Months
	2007			2006			2007			2006
Net Income ($ millions)	$	(254	)	$	548		$	(1,165	)	$	750
Gain (loss) on sale of mortgage loans, net
Domestic	$	97.5		$	335.3		$	(243.5	)	$	535.6
International		76.0			39.7			182.4			106.4
Total	$	173.5		$	375.0		$	(61.1	)	$	642.0
Portfolio Statistics ($ billions)
Loan production volume	$	34.9		$	47.0		$	72.4		$	88.6
Mortgage production
Domestic	$	27.2		$	40.3		$	58.2		$	76.4
International	$	7.7		$	6.7		$	14.2		$	12.2
Mortgage servicing rights	$	6.0		$	5.1		$	6.0		$	5.1
Period end servicing portfolio	$	460.5		$	409.8		$	460.5		$	409.8
Loan servicing
Domestic	$	424.6		$	382.1		$	424.6		$	382.1
International	$	35.9		$	27.8		$	35.9		$	27.8
U.S. Production Mix ($ millions)
Prime conforming	$	12.7		$	12.0		$	22.3		$	20.5
Prime non-conforming		9.9			14.6			22.2			26.4
Government		0.8			1.1			1.4			1.9
Nonprime		0.7			6.0			3.9			15.2
Prime second-lien		3.1			6.6			8.4			12.4
Total	$	27.2		$	40.3		$	58.2		$	76.4
Asset Quality Statistics ($ millions)—ResCap Consolidated
Provision for credit losses by product
Mortgage loans held for investment	$	284.1		$	110.4		$	648.8		$	238.8
Lending receivables		42.9			12.2			220.1			6.5
Total	$	327.0		$	122.6		$	868.9		$	245.3
Allowance by product at end of period
Mortgage loans held for investment	$	1,695.7		$	1,041.5
Lending receivables		274.1			188.7
Total	$	1,969.8		$	1,230.2
Allowance as a % of related receivables at end of period
Mortgage loans held for investment		2.71	%		1.44	%
Lending receivables		2.47	%		1.32	%
Total		2.67	%		1.42	%
Nonaccrual loans at end of period	$	9,119		$	6,028
Nonaccrual loans as a % of related receivables at end of period		12.36	%		6.95	%
GMAC Insurance Operations
Net Income	$	131		$	80		$	274		$	209
Premiums and service revenue written ($ millions)	$	964		$	1,030		$	2,034		$	2,131
Premiums and service revenue earned ($ millions)	$	1,042		$	1,042		$	2,074		$	2,046
Combined ratio (13)		90.2	%		96.2	%		90.6	%		93.8	%
Investment portfolio fair value ($ millions)	$	7,397		$	7,738		$	7,397		$	7,738
Memo: After-tax
Gross unrealized gains	$	143		$	644		$	143		$	644
Gross unrealized losses		(72	)		(99	)		(72	)		(99	)
Net unrealized capital gains	$	71		$	545		$	71		$	545

(13) Combined ratio represents the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other income

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EX-99.2

Exhibit 99.2

Exhibit 99.2

Preliminary

2007 Second Quarter Earnings

July 30, 2007

2:30 PM ET

Contact GMAC Investor Relations at (866) 710-4623 or investor.relations@gmacfs.com

Forward Looking Statements

In the presentation that follows and related comments by GMAC LLC (“GMAC”) management, the use of the words

“expect,”

“anticipate,”

“estimate,”

“forecast,”

“initiative,”

“objective,”

“plan,”

“goal,”

“project,”

“outlook,”

“priorities,”

“target,”

“intend,”

“evaluate,”

“pursue,”

“seek,”

“may,”

“would,”

“could,”

“should,”

“believe,”

“potential,”

“continue,”

or similar

expressions is intended to identify forward-looking statements.  While these statements represent our current judgment

on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of

any

events

or

financial

results,

and

GMAC’s

actual

results

may

differ

materially

due

to

numerous

important

factors

that

are described in the most recent reports on SEC Form 10-K for GMAC and Residential Capital, LLC (“ResCap”), each

of

which

may

be

revised

or

supplemented

in

subsequent

reports

on

SEC

Forms

10-Q

and

8-K.

Such

factors

include,

among others, the following: securing low cost funding to sustain growth for GMAC and ResCap and maintaining the

mutually

beneficial

relationship

between

GMAC

and

General

Motors

Corporation

(“GM”);

our

ability

to

maintain

an

appropriate

level

of

debt;

the

profitability

and

financial

condition

of

GM;

restrictions

on

ResCap’s

ability

to

pay

dividends

to us; recent developments in the residential mortgage market, especially in the nonprime sector; changes in the

residual value of off-lease vehicles; the impact on ResCap of the continuing decline in the U.S. housing market;

changes in U.S. government -sponsored mortgage programs or disruptions in the markets in which our mortgage

subsidiaries operate; changes in our contractual servicing rights; costs and risks associated with litigation; changes in

our accounting assumptions that may require or that result from changes in the accounting rules or their application,

which could result in an impact on earnings; changes in the credit ratings of ResCap, GMAC or GM; changes in

economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in

the existing or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar

organizations.  Investors are cautioned not to place undue reliance on forward-looking statements. GMAC undertakes

no obligation to update publicly or otherwise revise any forward-looking statements except where expressly required by

law.   A reconciliation of certain non-GAAP financial measures included within this presentation is provided in the

supplemental charts.

Use of the term “loans”

describes products associated with direct and indirect lending activities of GMAC’s global

operations.  The specific products include retail installment sales contracts, loans, lines of credit, leases or other

financing

products.

The

term

“originate”

refers

to

GMAC’s

purchase,

acquisition

or

direct

origination

of

various

“loan”

products.

2

2007 –

Second Quarter Performance Highlights

Q2 2007 net income of $293 million, vs. earnings of $787 million

in Q2 2006

•

Earnings improvement of $598 million from Q1 2007

•

Excluding ResCap, Q2 net income doubled year-over-year

Results at ResCap

improved despite continuing pressure in the U.S.

residential mortgage market

•

Sharply reduced nonprime exposure and nonprime production

•

Increased servicing fee income and lowered structural cost base

Auto Finance results remain robust

•

Margins continue to improve year over year

•

Originations up, particularly used and diversified vehicles

Strong underwriting results drove improved performance for Insurance

•

Favorable loss experience relating to vehicle service contracts and dealer inventory

insurance

GMAC and ResCap maintain strong liquidity positions

•

Cash and certain marketable securities totaled $17.5 billion at the end of Q2 2007

3

Second Quarter Net Income

* Includes Commercial Finance operating segment and 21% ownership of our former commercial mortgage unit

** Q2 2006 includes $259 million gain, net of taxes, from sale of an equity interest in a regional homebuilder

4

Memo:

($ millions)

Q2 2007

Q2 2006

Change

Q1 2007

Global Automotive Finance

$382

$137

$245

$396

Insurance

131

80

51

143

Other*

34

22

12

66

Net income before ResCap

547

239

308

605

ResCap**

(254)

548

(802)

(910)

Consolidated net income

$293

$787

($494)

($305)

Second Quarter Pre-tax Income

Note:

A number of GMAC’s U.S. entities converted to limited liability companies (LLC) in conjunction with the transaction to sell

a

controlling

interest

in

the

company

last

year;

LLC

entities

now

pass-throughs

for

tax

purposes

5

* Includes Commercial Finance operating segment and 21% ownership of our former commercial mortgage unit

** Q2 2006 includes $415 million gain, before taxes, from sale of an equity interest in a regional homebuilder

Memo:

($ millions)

Q2 2007

Q2 2006

Change

Q1 2007

Global Automotive Finance

$431

$124

$307

$436

Insurance

188

117

71

191

Other*

37

27

10

69

Pre-tax income before ResCap

656

268

388

696

ResCap**

(204)

879

(1,083)

(851)

Consolidated pre-tax income

452

1,147

(695)

(155)

Taxes

(159)

(360)

201

(150)

Net income

$293

$787

($494)

($305)

•

US mortgage market remains volatile and

credit has weakened as expected

•

Actions taken to reduce nonprime exposure

and limit nonprime production helped

performance

•

Nonprime warehouse exposure greatly

reduced

•

Business lending

remains stable despite

continued pressure in sector

•

Credit remains manageable

•

UK market facing headwinds, offset by

tightened lending standards. Downside

limited by reduced residual position

•

Europe and Latin America production

expanded to support overall international

growth

•

Capital and liquidity even stronger than    

Q1 2007

U.S. Residential

Finance

Business & Warehouse

Lending

ResCap –

Q2 2007 Key Metrics

6

International Business

Capital & Liquidity

Warehouse Lending Receivables

Total: $3.9B

ResCap –

Nonprime Risk

Reduced nonprime exposure:

•

Held for Sale portfolio decreased through sales and lower production

•

Steady asset run-off in the Held for Investment portfolio

•

Successful loan restructuring / sales in the warehouse lending business

Loan Servicing Portfolio

Total: $460.5B

Nonprime

Prime

14%

Held For Investment

Total: $62.7B

Held For Sale

Total: $19.3B

As of 6/30/07

8%

21%

71%

7

36%

3%

3%

11%

47%

During the second quarter, ResCap originated $27.2 billion

•

Originated

$0.7 billion of nonprime product compared to $6.1 billion in Q2 2006

Total Q2 2007 sales were $25.8 billion

U.S. nonprime HFS is $1.9 billion, a decrease of $1.2 billion from $3.1 billion at Q1

ResCap –

U.S. HFS Portfolio

Q2 2007 Distribution of $25.8B

(Issuance and whole loan sales)

Q2

2007

Production

of

$27.2B

Prime Conforming

Prime Nonconforming

Government

Nonprime

Prime Second-lien

Non-Agency Public Securitizations

Agency

Non-Agency Whole Loans

8

10%

46%

44%

Prime Nonconforming

34%

13%

1%

36%

16%

2002

2003

2004

2005

2006

ResCap –

U.S. HFI Portfolio

U.S. HFI Nonprime Portfolio by Vintage at 6/30/07($41.9B)

U.S. HFI Portfolio by Product at 6/30/07 ($59.6B)*

Prime Conforming

Prime Second Lien

Nonprime

U.S. HFI portfolio declined by $2.4 billion during Q2

•

Nonprime decreased $3.1 billion to $41.9 billion or 70% of the portfolio

•

Prime increased $633 million to $17.6 billion or 30% of the portfolio; driven by strategy to grow

prime loan portfolio

U.S. nonprime HFI reduction of $3.1 billion due primarily to runoff

•

Over 60% of runoff was in 2005 and 2006 vintage

•

Full year 2007 nonprime run-off estimate revised to be approximately $15 billion

* Included in the balance sheet under the caption “Finance receivables and loans, net of unearned income”

9

Government

17%

11%

70%

2%

0%

ResCap –

Warehouse Lending & Servicing

Warehouse Receivables:

•

Warehouse Lending Receivables declined to $3.9 billion

–

Nonprime exposure only $0.3 billion, or 8% of Warehouse Lending Receivables

–

Nonprime

exposure

decreased

by

approximately

$0.7

billion

or

70%

from

approximately

$1.0 billion at 3/31/07

•

Experienced additional losses related primarily to nonprime exposure

–

Total Q2 2007 net charge-off was $295 million

–

Allowance at the end of Q2 2007 stands at $52 million

•

Further tightened controls over credit management

Servicing Portfolio:

•

3.5 million U.S. homeowners as of 06/30/07

–

U.S. Servicing portfolio increased to $425 billion at Q2 2007, an increase of $43 billion or

11% from Q2 2006

ResCap

ranked #6 in U.S. servicing

ResCap

is

the

#1

subservicer

in

the

U.S.

with

$66

billion

subservicing

portfolio

as

of

06/30/07

•

Servicing

fees

totaled

$452

million

in

Q2

2007,

a

$66

million

or

17%

increase

compared to Q2 2006

10

ResCap –

Business Lending & International

11

Business Lending

•

Business

remains

profitable

even

as

weakness

in

the

U.S.

housing

market

continues

to pose significant challenges to the homebuilding industry

•

Lending

in

healthcare

and

resort

finance

helped

to

offset

weaknesses

within

residential construction business

•

Residential construction business was impacted as a result of:

–

Buyer affordability issues impacting business lending counterparties

–

Lower lot option fees, lower model home gains, and lower income on real estate

investments

•

Actions are being taken to manage through this difficult environment and we

anticipate continued profitability in the second half of 2007

International

•

Year-over-year performance improvement continued in Q2

–

Despite challenging competition, loan production up from last year

–

Positive gain on sale offset by higher provisions

•

U.K. market, while still favorable, features increasing competition and tighter margins

–

Assuming

a

more

conservative

risk

posture

–

holding

underwriting

standards

steady

–

Sold majority of UK residual positions in the first half of 2007

9.2%

9.1%

9.2%

9.0%

8.4%

8.3%

9.2%

10.5%

11.9%

14.0%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

0.2%

0.2%

0.2%

0.1%

0.2%

0.2%

0.2%

0.3%

0.3%

0.4%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

•

Asset quality weaker due to continuing

slow housing market and stress in

nonprime mortgage market

•

Nonprime assets continue to drive

increase in delinquencies and

nonaccruals

•

On the securitized domestic HFI

portfolio, ResCap’s

net exposure

limited to $1.0 billion first loss

position at 6/30/07

•

Charge-offs continue to rise as the

portfolio seasons and the market

remains under pressure

•

Current loan loss allowance has

increased to 2.71% compared to 2.54%

in Q1 2007

ResCap -

Held for Investment Portfolio -

Credit Quality

* MLHFI

–

Mortgage

Loans

Held

for

Investment.

The

total

MLHFI

is

$62.7

billion

for

quarter

ended

6/30/07,

$65.3

billion

for

quarter

ended

3/31/07,

$69.4 billion for 2006 & $69.0 billion for 2005 and is included in the balance sheet under the caption "Finance receivables and loans, net of

unearned income"

Nonaccrual

Loans

as

a

%

of

total

MLHFI

*

2005

2006

2007

12

Net

charge-offs

as

a

%

of

total

MLHFI

*

2005

2006

2007

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.4%

2.7%

0.0%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

0.0%

0.1%

0.1%

0.5%

0.4%

0.2%

0.2%

9.3%

2.9%

10.9%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

2005

•

Warehouse lending customers began

experiencing severe stress during Q4

2006 and continued into the Q2 2007

•

The significant decrease in nonaccrual

loans was due to loan restructurings

and charge-offs 

•

Construction lending has added $130

million

to

nonaccrual

status

during

the

second quarter as a result of continued

weakness in the residential

homebuilder sector

•

Net charge-offs of warehouse

receivables for Q2 2007 were $295

million

•

Allowance for loan losses in the

Lending Receivable portfolio

decreased to 2.47% for Q2 2007 from

2.66% at the end of 2006

ResCap -

Lending Receivables -

Credit Quality

13

2006

2005

2006

2007

2007

* Total lending receivables are $11.1 billion for quarter ended 6/30/07, $12.9 billion for quarter ended 3/31/07, $14.9 billion for 2006 & $13.6 billion

for

2005

and

are

included

in

the

balance

sheet

under

the

caption

“Finance

receivables

and

loans,

net

of

unearned

income”

Nonaccrual

Loans

as

a

%

of

Total Lending Receivables

Net charge-offs as a % of

Total Lending Receivables

ResCap –

Liquidity

Cash and cash equivalents of $3.7 billion at the end of Q2 2007

•

Issued $4 billion of unsecured debt in the second quarter

Ended Q2 with $7.5 billion in equity

•

Includes $0.5 billion capital contribution made by GMAC in April, for a total of

$1.0 billion contributed by GMAC to date in 2007

Strong levels of contingent liquidity available

•

Executed

$2.2

billion

in

new

committed

funding

facilities

in

the

quarter

Anticipate continued access to global markets

* MINT I was established in Q2 2007 and increased outstanding liquidity by $25B on a temporary basis until Q3              

when the predecessor structure (MINT) will be replaced

14

($ in billions)

6/30/07

3/31/07

Cash and Cash Equivalents

$3.7

$2.6

Unused Bank Facilities

10.7

8.6

Unused Conduit Capacity

*

84.8

56.3

Unused Whole Loan Facilities

6.6

4.6

Total Available Liquidity

$105.8

$72.1

ResCap –

2007 Outlook

Q2 results, while still weak, showed a marked improvement compared   

to Q1 results despite challenging conditions in the U.S. mortgage market

•

Multiple actions taken to mitigate risk have begun to show results

•

Business lending operations stable despite certain credit concerns

•

International operations continue to grow

Current capitalization and liquidity are ample

•

However, U.S. mortgage market remains weak and volatile

Expect

continued

improvement

in

ResCap's

earnings

performance

in the

second half of the year

•

Should

real

estate

market

pressures

continue,

expect

ResCap’s

current

liquidity

and

capital position to be sufficient to operate throughout the cycle

Diverse earnings base coupled with strong origination and servicing

platforms should drive longer-term earnings growth

15

•

New and used originations up over

year-ago levels, with used originations

increasing roughly 50%

Auto Finance –

Q2 2007 Key Metrics

Originations

Credit Losses

Lease Residuals

Margins

•

Credit performance remains near

historically low levels

•

Residual performance remains strong

compared to 2006 levels

•

Improvement in NAO margins slightly

offset by continued pressure on IO

margins

16

$12

$13

$11

$12

$14

$19

$2.1

$2.1

$1.4

$1.4

$1.4

$1.5

Q1 '06

Q2 '06

Q3 '06

Q4 '06

Q1 '07

Q2 '07

New

Used

Auto Finance –

Consumer Originations

($ billions)

Total Units (in 000s)

603             627              817              528    

624              674

Q2 2007 new vehicle originations rose versus Q2 2006 levels

•

Increased used vehicle originations by roughly 50%

•

Posted modest growth in new vehicle originations

•

Enrolled

2,400

diversified

dealers

year

to

date

to

participate

in

retail

programs

under National brand

17

Auto Finance –

Consumer Credit Quality

•

Losses remain near

historically low levels and

down from previous year

Annualized credit losses as a % of average

managed retail contracts

Delinquencies as a % of serviced retail assets

30 days or more past due

•

Delinquencies mostly flat

year over year and

comparable versus

historically low levels

18

2005

2006

2007

2005

2006

2007

2.2%

2.1%

2.3%

2.4%

2.2%

2.3%

2.5%

2.4%

2.3%

2.3%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

1.0%

0.9%

1.1%

1.0%

1.1%

1.0%

1.1%

1.2%

1.1%

0.9%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Insurance –

Q2 2007 Key Metrics

Written Revenue*

Underwriting Results

Investment Income

* Includes Written Premium

•

Continued growth in international

markets offset by decline in the

competitive U.S. insurance market

•

Strong underwriting results driven by

higher earned premiums and lower

loss experience. Improved combined

ratio of 90.2% in Q2 2007 vs. 96.2%

in Q2 2006

•

Income improvements from both

portfolio growth and asset

reallocation largely offset by lower

capital gains and parent dividends

19

Insurance –

Consolidated Earnings

Core earnings continue to show growth, driven in part by favorable

loss experience on vehicle service contracts and dealer inventory

insurance

1.

Core Earnings = Underwriting income + Investment income (net of tax)

2.

Amounts net of taxes, pre-tax capital gains were $1 for  Q2 2007 and $2 for Q2 2006

3.

Amounts net of taxes, pre-tax interest expense was $5 for Q2 2007 and $10 for Q2 2006

4.

Combined Ratio = Sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of

premiums and service revenues earned and other income

20

($ millions)

Q2 2007

Q2 2006

Change

Core Earnings

1

$134

$85

$49

Capital Gains

2

1

2

(1)

Interest Expense

3

(4)

(7)

3

Net Income

$131

$80

$51

Combined Ratio

4

90.2%

96.2%

GMAC and ResCap maintain strong liquidity position

•

Cash and certain marketable securities of $17.5 billion at 6/30/07, up from 3/31/07

levels as a result of significant capital markets activity in the quarter

–

$4.5 billion of unsecured transactions for GMAC, and $4.0 billion for ResCap

–

$13.1 billion of whole loan sales and other secured funding for GMAC

•

Successfully completed renewals of 5-year and 364-day committed bank facilities

–

GMAC and ResCap

renewed roughly $20 billion of committed bank facilities

GMAC

converted

certain

credit

lines

to

drawable

facilities

with

lower

commitment

fees

GMAC and ResCap

will continue to balance prudent liquidity with a focus on the cost

of borrowings

Global Liquidity

* Includes $5.3B and $3.2B cash invested in a portfolio of highly liquid marketable securities

on 6/30/07 and 3/31/07 respectively

** MINT I was established in Q2 2007 and increased outstanding liquidity by $25B on a temporary

basis until Q3 2007 when the predecessor structure (MINT) will be replaced

21

($ billions)

6/30/07

3/31/07

Cash and Marketable Securities*

$18

$13

Unused Bank Facilities

25

31

Unused Conduit Capacity**

118

86

Unused Whole Loan Facility

43

44

Total Available Liquidity

$203

$174

$1.1

$1.2

$1.1

$6.2

9/30/2005

12/31/2006

3/31/2007

6/30/2007

GM Exposure

Certain unsecured credit exposure to GM U.S. entities capped contractually at $1.5 billion

•

U.S. exposure $1.1 billion at 6/30/07

Exposure monitored continuously

Governance

mandates

that

any

new

credit

exposure

over

$5

million

with

affiliated

parties

(includes both GM and Cerberus) requires GMAC Board approval

Secured Exposure

Unsecured Exposure

($ billions)

22

$4.1

$2.1

$1.9

$1.9

9/30/2005

12/31/2006

3/31/2007

6/30/2007

($ billions)

*

Represents

$4

billion

undrawn

credit

line

that

expired

on

Sept.

30,

2006

$6.2-$10.2*

Growth Initiatives

Encouraging progress leveraging GM relationships and experience to

facilitate growth of diversified wholesale and retail auto finance business

•

Maintaining our commitment to grow business with GM and GM dealers

•

Enrolled 2,400 diversified dealers year to date to participate in National retail

programs

•

Posted about 50% growth in used originations year over year through GMAC, Nuvell

and National channels

•

Exceeded two million vehicle sales on SmartAuction, our exclusive remarketing

channel

•

Building sales team to market vehicle service contracts beyond traditional GM

network

Continuing profitable expansion overseas for all GMAC segments

•

Growth in China Auto Finance business remains strong

•

Insurance operations completed acquisition of U.K. based Provident Insurance

•

ResCap

has agreed to acquire a small Canadian mortgage operation

•

Continuing Auto Finance, Mortgage and Insurance growth in Latin America

23

Solid performance in light of tough environment

•

Losses at ResCap

more than offset by strong performances at Auto Finance and Insurance

•

Sharp

reduction

in

ResCap’s

nonprime

exposure

rendered

company

less

vulnerable

to

U.S. mortgage market volatility

•

Given continued risks in U.S. residential mortgage sector, GMAC and ResCap continue to

maintain strong liquidity and capital position

–

Significant cash balances, large-scale committed funding facilities and access to

unsecured markets offer extensive financial flexibility

Significant challenges remain, but we are beginning to see the favorable

impact of the actions taken to reduce risk

•

Expect

continued

improvement

in

ResCap's

earnings

performance

in

the

second

half

of

the

year

•

Auto

Finance

and

Insurance

expected

to

perform

well,

although

at

more

moderate

growth

rates than in the first half of the year

Longer term, GMAC’s business diversity and strong liquidity will allow

company to withstand challenges and should spur successful earnings

growth

Summary

24

Supplemental Charts

ResCap

–

Condensed Income Statement

25

($ millions)

Q2 2007

Q2 2006

Revenue

Total financing revenue

$1,667

$1,821

Interest expense

(1,610)

(1,558)

Provision for credit losses

(327)

(123)

  Net financing (loss) revenue

(270)

140

Mortgage servicing fees

452

387

Servicing asset valuation and hedge activities, net

(152)

(171)

Net loan servicing income

300

216

Net gains on sales of loans

173

375

Other income

315

843

Noninterest expense

(722)

(695)

Income tax expense

(50)

(331)

Net income (loss)

($254)

$548

Auto Finance –

Condensed Income Statement

26

($ millions)

Q2 2007

Q2 2006

Revenue

Consumer

$1,399

$1,367

Commercial

443

419

Operating Leases

1,729

2,023

Total financing revenue

3,571

3,809

Interest expense

(2,098)

(2,437)

Provision for credit losses

(103)

(152)

Net financing revenue

1,370

1,220

Servicing fees

104

59

Net gains on sales of loans

226

129

Investment income

105

147

Other income

451

619

Total net automotive financing revenue and other income

2,256

2,174

Depreciation expense on operating leases

(1,173)

(1,344)

Noninterest

expense

(652)

(706)

Income tax benefit (expense)

(49)

13

Net income

$382

$137

Insurance –

Condensed Income Statement

27

($ millions)

Q2 2007

Q2 2006

Revenue

Insurance premiums and service revenue earned

$1,042

$1,042

Investment income

81

84

Other income

43

31

  Total Insurance premiums and other income

1,166

1,157

Insurance losses and loss adjustment expenses

(563)

(653)

Acquisition and underwriting expense

(396)

(363)

Premium tax and other expense

(19)

(24)

Income before income taxes

188

117

Income tax expense

(57)

(37)

  Net income

$131

$80

Reconciliation of Managed to Serviced Assets

28

*

Retail

receivables

included

in

whole

loan

sales

and

full

securitization

transactions

where

GMAC

is

no

longer

exposed

to

credit

and/or

interest

rate

risk

Retail Auto Finance

($ millions)

6/30/07

3/31/07

12/31/06

9/30/06

6/30/06

On-balance sheet assets

$58,973

$60,773

$61,105

$65,962

$62,394

Off-balance sheet securitized assets

7,564

5,632

6,591

4,391

5,108

Managed assets

66,537

66,406

67,696

70,353

67,503

Whole loan sales

19,179

19,657

19,354

19,683

20,706

Serviced assets

$85,716

$86,063

$87,050

$90,036

$88,209

Reconciliation of Insurance Core Earnings

29

1.

Amount within premium tax and other expense in Forms 10-Q and 10-K

2.

Amount within investment income in Forms 10-Q and 10-K

($ millions)

Q2 2007

Q2 2006

Net Income

$131

$80

Add: Pre-tax interest expense

1

5

10

Less: Pre-tax capital gains

2

1

2

Add: Estimated taxes on interest expense & capital gains

(1)

(3)

Core Earnings

$134

$85