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.

From: search-autoparts/industry news