Struggling to cope with its worst ever crisis, General Motors Corp.'s GMAC financial services unit has put up auto loans worth twenty billion dollars for sale to the corporate and investment banking arm of The Bank of Nova Scotia. Along with a similar deal concluded with Bank of America in July, the company plans to sell a total of seventy five billion dollars worth auto loans over the next five years. This sale of auto loans is primarily aimed at raising cash.
January 11, 2006
Mega sale of auto loans on the anvil
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