GMAC to Sell $20 billion in Auto Loans

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00038935-gmac-to-sell-20-billion-in-auto-loans/

General Motors Acceptance Corp. (GMAC) said on Monday it agreed to sell up to $20 billion in U.S. retail automotive assets to Scotia Capital, the investment banking unit of Bank of Nova Scotia.

GMAC, the financial services unit of General Motors Corp., said the agreement calls for purchases by Scotiabank under a $6 billion revolving facility.

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