GMAC is selling some of their auto paper, maybe you should consider it to. We are getting top dollar for your buy here pay here auto paper. Currently .74 to .90 on the dollar.
You could might be able to save some money on taxes by selling some auto notes before the end of the year.
NEW YORK, Dec 5 (Reuters) - General Motors Acceptance Corp. (GMAC) said on Monday it agreed to sell up to $20 billion in U.S. retail automotive assets to Scotia Capital, the investment banking unit of Bank of Nova Scotia (BNS.TO: Quote, Profile, Research) (BNS.N: Quote, Profile, Research).
GMAC, the financial services unit of General Motors Corp. (GM.N: Quote, Profile, Research), said the agreement calls for purchases by Scotiabank under a $6 billion revolving facility.
This facility represents funding for up to $20 billion of GMAC U.S. retail automotive contracts during a five-year period from Nov. 2005 to Oct. 2010. Scotiabank will make an initial purchase of $3 billion in Dec. 2005.
Sourced from: www.today.reuters.com
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