2 Jul 2010

Marac to buy motor vehicle loan book

9:15 am on 2 July 2010

Marac Finance is buying GMAC's automotive finance firm's motor vehicle loan book for $70 million.

Marac, a subsidiary of Pyne Gould Corporation, will pay cash for the loan book, which includes secured loans, finance and operating leases.

Marac's personal finance general manager, Chris Flood, says the purchase will strengthen the company's position in the motor vehicle finance market.

Marac is in merger talks with the Canterbury Building Society and Southern Cross Building Society, and Mr Flood says the extra customers from GMAC will improve its access to its target market of small and medium-sized businesses and families.