OzCar was a special purpose vehicle (or trust) established by the Australian government to provide financing for car loans after GE Money Motor Solutions and GMAC abandoned the Australian market during a financial crisis.[1] Its establishment was announced in a media release on 5 December 2008 and it was legally established as a trust on 2 January 2009,[1] although it was not activated until 1 September 2009.[2] Its enabling legislation Car Dealership Financing Guarantee Appropriation Act 2009 received assent on 6 July 2009 and ceased on 4 April 2012 after repeal by the Financial Framework Legislation Amendment Act (No. 1) 2012.[3]
OzCar became involved in the OzCar affair in Australian politics.
References
edit- ^ a b "OzCar Car Dealership Financing Guarantee and Trust Arrangements". Australian government Treasury. 14 May 2009.
- ^ Wayne Swan (28 August 2009). "Activation of Car Dealership Financing Special Purpose Vehicle ('Ozcar')". Australian government Treasury.
- ^ "Car Dealership Financing Guarantee Appropriation Act 2009". Australian Government ComLaw.
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