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GMAC 1991-C CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 GMAC 1991-C CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 12 /PRNewswire/ -- GMAC 1991-C Grantor Trust, $1.2 billion Class A asset backed certificates are rated 'AAA' by Fitch. The high quality of the auto receivables and 9 percent subordination of the Class B certificates are the primary factors supporting the rating. GMAC's prudent underwriting standards and strong servicing capabilities also contribute to the overall credit quality of the pool. In addition, prioritization of cash receipts and the legal structure provide for timely payment of principal and interest to the certificateholders. This is the first GMAC auto loan transaction rated by Fitch.
 The certificates are secured by loans to finance new automobiles and light trucks and have original terms ranging from 24 to 60 months. No receivable will have any payment past due. Although the weighted average seasoning is only about three months, indicating a lack of payment histories, defaulted or delinquent loans will be more than offset by the 9 percent subordination and approximately 600 basis points of excess spread. The excess spread is available monthly to cover current losses. In addition, the pool is geographically well diversified, with concentrations of 17 percent in California, 9 percent in Florida, 7 percent in Illinois, and 6 percent in Texas.
 Credit enhancement will be provided by the 9 percent subordinated Class B certificates and a subordination spread account. The spread account will initially be funded with a 15 basis point deposit by GMAC Auto Receivables Corp. Thereafter, deposits to the spread account will consist of excess spread and principal and interest otherwise distributable to Class B until a specified balance has been reached. After the specified balance is reached, excess spread will still be available for liquidity and current losses. The high quality of the receivables, the level of credit enhancement and the availability of monthly excess cash flow supports the rating.
 GMAC's origination standards are based on a distinct credit scoring model developed by GMAC. This model, which incorporates numerous factors, screens for creditworthy borrowers. GMAC's 72 years of experience in auto financing provides a proven track record as a basis for evaluating potential losses on the pool.
 -0- 12/12/91
 /CONTACT: Mary Griffin, 212-908-0537, or Suzanne Mistretta,


212-908-0500, both of Fitch/ CO: GMAC ST: IN: FIN SU: RTG

JT -- NY043 -- 1932 12/12/91 12:05 EST
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Publication:PR Newswire
Date:Dec 12, 1991
Words:396
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