Tab NavigationGMAC Commercial Finance Announces Launch of Pre-shipment Cover
Offered as an Extension to Import Factoring Services
NEW YORK (Dec. 19, 2007) – GMAC Commercial Finance (GMAC CF) announced today its pre-shipment cover is now available to overseas lenders providing supply chain finance. The pre-shipment cover protects global sellers and lenders against a buyer failing to fulfill its obligation due to insolvency during that critical time when the goods are in production. GMAC CF's pre-shipment cover is also designed to support overseas export factors, financers and banks that provide pre-shipment financing to sellers in their local markets, specifically in China, Hong Kong and Taiwan, and has been designed as an extension of GMAC CF's world-class import factoring facilities. The pre-shipment cover can be for up to 100 percent of the purchase order amount and provides protection for up to 90 days from the date of the purchase order. Lenders are also able to monitor their facilities utilizing GMAC CHOICE, a state-of-the-art, internet-based credit and accounts receivable management system, offering real-time secure access, giving lenders the ability to generate a variety of reports and the capability to drill down into specific transaction information. “There is a growing demand for supply chain solutions and today's buyers are less willing to secure their purchase orders with letters of credit or other forms of collateral,” said Ian Watson, global head of GMAC CF international operations. “By providing protection during the pre-shipment stage, sellers and their lenders can begin production without fear of the buyer becoming insolvent and unable to purchase the goods when completed. The pre-shipment cover transitions seamlessly into our Import Factoring product, reducing administrative burden and extending the protection for the duration of the sales cycle.” GMAC CF is one of the leading international factoring operations in the world providing full service facilities on a global basis. GMAC CF offers import and export factoring on a direct and two-factor basis, supply chain finance and full sales ledger management for a range of corporate clients and overseas correspondent factors. GMAC CF is a founding member of the International Factors Group (IFG) and a full member of Factors Chain International (FCI). GMAC CF is part of GMAC Financial Services, a global financial services company that operates in approximately 40 countries in the auto finance, real estate finance, commercial finance and insurance businesses. With a presence in over 30 cities around the globe and a loan portfolio in excess of $5 billion, GMAC CF has become one of the most trusted sources of capital for the middle-market businesses it serves. Through its three operating divisions, it provides a full breadth of leveraged finance products in and between North America and Europe, as well as global factoring and accounts receivable finance. Loan facilities are in the $5 million to $500 million (USD) range. Learn more at www.gmaccf.com. Contact: |
|
