GMAC sells loan book to MARAC 02 July 2010 4:39PM Sophia Rodrigues Nearly 18 months after ceasing to write new retail and wholesale loans, GMAC NZ sold its retail motor vehicle financing book to MARAC Finance.The sale agreement was entered into on June 30, the final day of the extension of the company's liquidity facility with National Australia Bank. NAB provided a commitment for a three-year Warehouse Facility but GMAC did not sign the legal documents and instead waited for a prospective buyer.The liquidity facility drawn as of December 31, 2009 was NZ$72.6 million. On the same day, GMAC's net finance receivables stood at NZ$107.1 million, comprising mainly gross financing leases of NZ$53.5 million and NZ$68.1 million of retail leases and hire purchase.MARAC will pay around NZ$70 million to acquire the financing book, with the final price subject to adjustment based on customer receipts and expenses from May 31 till around July 30 when the transaction is expected to be completed. The purchase price will be paid in cash.MARAC sees the deal as a good strategic fit towards its aspiration to become a bank. Its parent Pyne Gould Corp recently announced a merger plan with Canterbury Building Society and Southern Cross Building Society.The deal will expand its presence in motor vehicle financing, which is one of its core business areas, MARAC said.GMAC NZ is owned by US-based GMAC Inc. General Motors, which previously owned the company, sold a 51 per cent controlling stake to a consortium of investors led by Cerberus Capital Management in 2006.In Australia GMAC sold its retail finance arm, Interleasing, to McMillan Shakespeare early this year.