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Firms cash-in on car leasing deal
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Firms cash-in on car leasing deal

Corrs Chambers Westgarth has advised GMAC Australia LLC (GMAC) on the $1 billion sale of a portfolio of auto finance assets.The portfolio was acquired by Macquarie Bank Limited - advised by…

Corrs Chambers Westgarth has advised GMAC Australia LLC (GMAC) on the $1 billion sale of a portfolio of auto finance assets.

The portfolio was acquired by Macquarie Bank Limited - advised by Clayton Utz - and comprised loans and leases on approximately 60,000 cars.

Mallesons Stephen Jaques represented the syndication banks throughout the transaction.

Lead partner Justin Fox said the transaction was completed within a very short amount of time.

"GMAC had announced their intention to exit the Australian market. They had ceased to originate new loans and the book was running down," he said.

"The parties therefore had a finite window during which the trade made sense for all sides."

Corrs advised GMAC on all aspects of the transaction, including the unwinding of complex securitisation structures.

The Corrs team was lead by Justin Fox in association with partners Naomi Lawrie, John Munton, Andrew Galvin and Craig Milner.

Lawyers Chris Taylor and Clara Nguyen assisted.

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