TORONTO, Sept. 11, 2015 /CNW/ - Canadian Capital Auto Receivables Asset Trust II ("CCARAT II") 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 II in the portfolio of secured loans which secure the payment of (i) the 2.384% Auto Loan Receivables-Backed Notes, Series 2012-1, Class A-3, (ii) the 2.943% Auto Loan Receivables-Backed Notes, Series 2012-1, Class B, and (iii) the 3.732% Auto Loan Receivables-Backed Notes, Series 2012-1, Class C (collectively, the "Notes") previously issued by CCARAT II. RBC has indicated that the purchase option will be exercised on September 17, 2015, and final payment of all amounts owing on the Notes shall be paid to the holders on September 17, 2015, in accordance with the terms of the Notes.
CCARAT II 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 RBC and its affiliates (formerly from Ally Credit Canada Limited and its affiliates), and the borrowing of funds or the issuance of securities to finance these purchases.
SOURCE CCARAT II
For further information:
Maria McGee, Investor Relations, RBC, 416-955-7802
Sandra Nunes, Financial Communications, RBC, 416-974-1794