GM Said to Decide Against Credit Unit, May Team Up With Banks

General Motors Co. has decided against creating its own finance unit and is instead talking with banks including JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. about bolstering its lending capabilities, people with direct knowledge of the decision said.

The banks would write loans and leases on cars, helping to spur sales, said four people with knowledge of the situation who asked not to be named because the discussions are private.