Canadian Capital Auto Receivables Asset Trust
III
TORONTO, February 1, 2013 - The purchase by Royal
Bank of Canada ("RBC") of Ally Financial Inc.'s
("AFI") Canadian auto finance business, including
Ally Credit Canada Limited ("ACCL") was completed
today. Attached is a press
release issued by RBC providing additional details regarding
the completed transaction.
In connection with the purchase transaction, RBC has advised
Canadian Capital Auto Receivables Asset Trust III ("CCARAT
III") that it will be carrying out a number of corporate
reorganizations. As a result, effective as of today, RBC has
assumed the obligations of ACCL as seller and servicer of
all securitized receivables in which CCARAT III currently
has an interest, and as financial services agent of CCARAT
III. AFI's obligations under the performance guarantee it
previously provided in connection with the outstanding securitization
transaction will continue to apply to RBC's obligations as
seller and servicer.
The rating agencies that rate the notes issued by CCARAT
III have confirmed that the assumption of ACCL's obligations
as seller, servicer and financial services agent by RBC will
not result in a downgrade or withdrawal of any of their ratings.
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For more information, please contact:
Investors:
Robert Colangelo,
Associate Director, Investor Relations,
416-955-2049
Media:
Tanis Feasby, Director,
Financial Communications,
RBC, 416 955-5172
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