TORONTO, Feb. 1, 2013 /CNW/ - 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.
SOURCE: RBC
Investors:
Robert Colangelo, Associate Director, Investor Relations, RBC, 416 955-2049
Media:
Tanis Feasby, Director, Financial Communications, RBC, 416 955-5172