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Stumble$55 billion in loans to be sold to Bank of America
Tuesday, July 26, 2005 | 11:10 a.m.
General Motors Corp., the world's largest automaker, will sell up to $55 billion in automotive finance assets over five years to Bank of America through GM's auto finance unit.
Bank of America will make an initial purchase of $5 billion and will purchase as much as an additional $10 billion each of the five fiscal years from July 2005 to June 2010, the companies said today in a statement.
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