GMAC Signs $10 Billion Funding Facility With Citigroup Unit
General Motors Acceptance Corp. recently signed a three-year $10 billion funding facility with a subsidiary of Citigroup Inc., according to Automotive News.
New York—General Motors Acceptance Corp. recently signed a three-year $10 billion funding facility with a subsidiary of Citigroup Inc., according to Automotive News.
The funding is part of a commitment made by Citigroup in connection with the sale of a 51 percent stake in GMAC, by GM, to an alliance led by Cerberus Capital Management L.P., which includes Citigroup, Aozora Bank Ltd. and a subsidiary of PNC Financial Services Group Inc.
The facility involves U.S. auto finance assets originated and acquired by GMAC, and is comprised of two parts that can be used in any combination up to $10 billion.
The first is a purchase commitment for up to $10 billion of rated asset-backed securities. The second is a commitment to purchase up to $4 billion of unrated notes backed by other U.S. assets not typically securitized by GMAC in its other secured funding programs.
GMAC will continue to service the assets.
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