When General Motors acquired AmeriCredit last year, the companies talked about the newly christened General Motors Financial starting a leasing business at some point in the future. That future is now.
Today, GM Financial announced in a document submitted to the SEC that a syndicate of lenders has extended it a $600 million lease financing facility. The leasing warehouse facility, which will expire on Jan. 30, 2012, allows GM Financial to draw down funds backed by automotive leases.
Deutsche Bank and JPMorgan Chase are administering the facility.
The document makes no mention of who at GM Financial will run the new leasing business. The document was signed by GM Financial’s Executive Vice President, CFO and Treasurer Chris Choate.
