GMAC Financial Services said today it will restructure its North American auto finance business and cut 930 jobs.

The cuts represent about 15% of the company’s 6,275 employees in the auto financing unit. GMAC said the cuts will help it cut costs and streamline its operations.

The company said operations will be consolidated into five regional centres in Toronto, Atlanta, Chicago, Dallas and Pittsburgh. The company currently has four Canadian offices.

The workforce reductions will occur at its U.S. and Canadian field offices, its central office in Detroit and at its Nuvell subsidiary.

GMAC said the restructuring is expected to be mostly complete by the end of this year.

“Although it is difficult to reduce staffing levels, we need to position GMAC with a more competitive cost structure and greater operational flexibility for future growth,” said president Bill Muir in a release.

GMAC is 51% owned by a consortium of investors led by Cerberus Capital Management, L.P., Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group, Inc.

General Motors, which started GMAC in 1919, owns the remaining 49% after selling the majority stake in November 2006.

Established to help dealers finance their inventory purchases and help customers buy vehicles, GMAC now deals in automotive financing, real estate financing and insurance.