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GMAC Exercises Option to Purchase Capital Auto Receivables Asset Trust 2002-2

Jun 24, 2005

DETROIT - General Motors Acceptance Corporation (GMAC) announced today that it will exercise its option to purchase the remainder of the Capital Auto Receivables Asset Trust 2002-2 on July 15, 2005. This will result in a termination of all of the outstanding Capital Auto Receivables Asset Trust 2002-2 Class A-4 4.500% Asset Backed Notes and all of the outstanding Capital Auto Receivables Asset Trust 2002-2 Class B 4.180% Asset Backed Certificates.

 

The Notes will be purchased at $493.81704087 per $1,000 face amount, plus accrued interest from June 15, 2005. A total of $344,000,000.00 of Capital Auto Receivables Asset Trust 2002-2 Class A-4 4.500% Asset Backed Notes were sold to the public in April 2002.

The Notes may be presented and surrendered for payment to JPMorgan Chase Bank, Institutional Trust Services, P.O. Box 2320, Dallas, TX 75221-2320. Interest on the Notes will cease to accrue on and after July 15, 2005.

The Certificates will be purchased at $126.58201364 per $1,000 face amount, plus accrued interest from June 15, 2005. A total of $53,448,686.47 of Capital Auto Receivables Asset Trust 2002-2 Class B 4.180% Asset Backed Certificates were sold to the public in April 2002.

The Certificates may be presented and surrendered for payment to Deutsche Bank, DB Services Tennessee, Inc., Corporate Trust & Agency Services, Securities Payment Unit, 648 Grassmere Park Road, Nashville, TN, 37211. Interest on the Certificates will cease to accrue on and after July 15, 2005.

Contacts:
Joanne K. Krell
313-665-0623
joanne.k.krell@gm.com