General Motors to Make Second Loan Payment of $1 Billion to the U.S.

2011 Chevrolet Volt by General Motors

General Motors Co. said it will make its second loan payment to the U.S. and Canadian Government on March 31st and reaffirmed their plan to pay back the loans by mid year.

GM will make a payment of $1 billion to the U.S. Treasury on the way to paying back $6.7 billion. At the same time General Motors will send $192 million toward paying off its Canadian loan of $1.4 billion. The first payments to the U.S. Treasury and Canadian government were made in December of 2009.

General Motors Co. CEO Ed Whitacre said on Thursday in a statement that "GM has every confidence that the remainder of the loans will be paid in full by June 2010, five years ahead of schedule". GM was not required to make any payments till July 2015.

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