Press Room

GMAC Exercises Option to Purchase Capital Auto Receivables Asset Trust

Oct 30, 2006

DETROIT – GMAC Financial Services announced today that it will exercise its option to purchase the remainder of the Capital Auto Receivables Asset Trust 2003-1 on Nov. 15, 2006. This will result in a termination of all of the outstanding Capital Auto Receivables Asset Trust 2003-1 Class A-4a 3.100% Asset Backed Notes, all of the outstanding Capital Auto Receivables Asset Trust 2003-1 Class A-4b 1-Month LIBOR + 0.120% Asset Backed Notes, and all of the outstanding Capital Auto Receivables Asset Trust 2003-1 Class B 1-Month LIBOR + 0.470% Asset Backed Certificates.

The Class A-4a and Class A-4b Notes will be purchased at $863.82160406 per $1,000 face amount, plus accrued interest from Oct. 16, 2006. A total of $172,600,000 of Class A-4a 3.100% Asset Backed Notes and $150,000,000 of Class A-4b 1-Month LIBOR + 0.120% Asset Backed Notes were sold to the public in January 2003.

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 Nov. 15, 2006.

The Certificates will be purchased at $184.79971419 per $1,000 face amount, plus accrued interest from Oct. 16, 2006. A total of $93,444,888.51 of Capital Auto Receivables Asset Trust 2003-1 Class B 1-Month LIBOR + 0.470% Asset Backed Certificates were sold to the public in January 2003.

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 Nov. 15, 2006.

GMAC is a global, financial services company that operates in approximately 40 countries, in auto finance, residential mortgage, insurance and commercial finance businesses. With more than $300 billion in assets, it generated $2.4 billion in net income in 2005, on revenue of $19.2 billion.



Contacts:
Michael Stoller
GMAC Communications
313-665-0955
michael.stoller@gm.com

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