GMAC Exercises Option to Purchase 1997-A Grantor Trust

DETROIT - General Motors Acceptance Corporation announced today that it will exercise its option to purchase the remainder of the GMAC 1997-A Grantor Trust on May 15, 2000. This will result in a termination of all of the outstanding GMAC 1997-A Grantor Trust 6.50 percent Asset-Backed Certificates, Class A. The Certificates will be purchased at $87.3075032 per $1,000 face amount, plus 30 days accrued interest from April 17, 2000.

 

 

A total of $1,408,404,075.83 of GMAC 1997-A Grantor Trust 6.50 percent Asset-Backed Certificates, Class A were sold to the public in April 1997.

The Certificates may be presented and surrendered for payment to Bank One, National Association, formerly known as The First National Bank of Chicago, Registered Bond Processing Unit, 1 Bank One Plaza, Suite IL1-0124, Chicago, IL 60670-0124. Interest on the Certificates will cease to accrue as of May 14, 2000.