OzCar

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 04 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

  1. 1 2 "OzCar Car Dealership Financing Guarantee and Trust Arrangements". Australian government Treasury. 2009-05-14.
  2. ↑ Wayne Swan (2009-08-28). "Activation of Car Dealership Financing Special Purpose Vehicle ('Ozcar')". Australian government Treasury.
  3. ↑ "Car Dealership Financing Guarantee Appropriation Act 2009". Australian Government ComLaw.
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