GMAC Financial Services to purchase rest of Capital Auto Receivables Asset Trust
GMAC Financial Services will exercise its option to purchase the remainder of Capital Auto Receivables Asset Trust (CARAT) 2005-SN1 on April 15. This will result in a termination of all of the outstanding CARAT 2005-SN1 Class B-1, B-2 and C asset backed notes. The Class B-1 and B-2 notes will be purchased at $1,000 per $1,000 face amount, plus accrued interest from March 17. A total of $10 million Class B-1 4.830 percent asset backed notes and $70 million Class B-2 Libor +0.750 percent asset backed notes were sold to the public in April 2005, of which $6,185,994.24 Class B-1 asset backed notes and $43,301,959.69 Class B-2 asset backed notes remain outstanding. The Class C notes will be purchased at $1,000 per $1,000 face amount, plus accrued interest from March 17. A total of $70.0 million Class C Libor +1.250 percent asset backed notes were sold to the public in April 2005. The notes may be presented and surrendered for payment to Citibank N.A., Agency & Trust Services, 111 Wall St., 15th Floor, New York, NY 10005. Interest on the notes will cease to accrue on and after April 15. |
