By Jonathan Stempel

In a U.S. Securities and Exchange Commission filing, GMAC also said it will have no obligation to provide financing for vehicle leases. GMAC has lost money on leases because trade-in values are falling, especially on less fuel-efficient models such as large sport-utility vehicles.

GMAC is the main lender to GM customers, and also finances dealer inventories. Both companies are based in Detroit.

On December 29 the U.S. Treasury Department gave GMAC $5 billion from its $700 billion Troubled Asset Relief Program, and agreed to lend GM up to $1 billion to support GMAC. Five days earlier, the Federal Reserve granted GMAC bank holding company status, allowing it to tap lower-cost funding.

As part of the bailout, GM and private equity firm Cerberus Capital Management LP will reduce their respective 49 percent and 51 percent ownership stakes in GMAC.

The infusion and change in GMAC's business structure are designed to help keep the lender solvent, and avoid a potential bankruptcy. Earlier this week, GMAC eased its debt burden after persuading holders of $21.2 billion of debt to swap their stakes for $15.7 billion of new securities plus cash.

GMAC lost $7.9 billion in the 15 months ended September 30, largely from its mortgage operations, though credit problems on auto loans were also worsening.

In the SEC filing, GMAC said that for two years, GM will be able to offer incentives such as low-interest loans through other lenders, subject to various restrictions. Some of these restrictions will be lifted in December 2010, and all will be lifted in December 2013, the filing said.

GMAC had previously paid GM an annual exclusivity fee and was required to meet various financing targets for loans and leases, the filing said. That agreement had been in effect through November 2016, the filing said.

GM on Wednesday received an initial $4 billion installment from its own government emergency financing package.

In Friday morning trading, the automaker's shares were up 31 cents at $3.51.

(Reporting by Jonathan Stempel; Editing by Phil Berlowitz)