General Motors was a deeply troubled company in 2008.
Eh. Make that deeply, deeply, deeply troubled.
So was its finance arm, GMAC, which had plunged head-first into subprime mortgage lending, in addition to automotive lending. That left the company awash in billions of dollars worth of bad mortgages.
The federal government had to figure out a way to bail out both companies - because GM wouldn't survive if it didn't have a place to send customers for car loans, and if its dealers didn't have a place to get financing to buy the inventory.