GM Annonces the Sale of $2 Billion in Auto Loans
According to Reuters, the finance arm of General Motors has sold about $2 billion of auto loans to help fund its operations.
Reuters reported that GM spokeswoman Toni Simonetti said the sale by General Motors Acceptance Corp. took place before the issuance of $17.6 billion of bonds by GM and GMAC last month.
Reuters added it was the first time that GMAC has sold auto loans outright, said Simonetti.
"It was about $2 billion dollars," Simonetti said.
The news agency said risk premiums on corporate bonds issued by GM and Ford ballooned last year amid worries over the financial viability of the Big 3, which are strapped with tens of billion of dollars in pension and health care liabilities.
"I think it was something that was viewed as opportunistic for them," Simonetti said of GMAC, which is expected to show strong profits this year. "It's not something that they had to do; it's something that they chose to do," she added.
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