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SOURCE Canadian Capital Auto Receivables Asset Trust III
TORONTO, Oct. 15, 2013 /CNW/ - Canadian Capital Auto Receivables Asset Trust III ("CCARAT III") announced that it has been advised by Royal Bank of Canada ("RBC") that RBC, as Servicer, intends to elect to exercise its option to purchase all right, title and interest of CCARAT III in the portfolio of secured loans which secure the payment of the 2.716% Auto Loan Receivables-Backed Notes, Series 2010-1 (the "Notes") previously issued by CCARAT III. RBC has indicated that the purchase option will be exercised on October 17, 2013, and final payment of all amounts owing on the Notes shall be paid to the holders on October 17, 2013, in accordance with the terms of the Notes.
CCARAT III is a special purpose master trust, the business activities of
which are limited to the purchase, acquisition, administration and sale
of financial assets, including financial assets acquired from Ally
Credit Canada Limited and its affiliates, and the borrowing of funds or the issuance of
securities to finance these purchases.
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