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General Motors Selects GMAC Commercial Finance to Continue Early Payment Program


March 2005
 Filed under: GENERAL MOTORS CORPORATE Car News | GENERAL MOTORS CORPORATE Headlines
DETROIT – General Motors (GM) announced it would continue to offer an early payment program to its suppliers and has selected GMAC Commercial Finance (GMAC CF), a member of the GM family of business enterprises, to administer the program.
Early pay programs allow suppliers to be paid in advance of a buyer’s usual payment date. The early payment is commonly made by a third-party financial company and is adjusted to reflect a financing discount. The finance company is then paid by the automaker in the usual period of time. Launched in 1999, GM’s early pay program offering has provided suppliers with an important source of financial liquidity.

“GM originally implemented its early payment program to provide its strategic suppliers with an alternative source of financing,” said Mark Fischer, director of supply risk management, GM Global Purchasing and Supply Chain.

“After GE Capital announced plans to discontinue their early pay program, it was important for GM to continue to provide this benefit to its suppliers given the current challenges of the automotive industry. GMAC CF’s Supplier Early Payment Program’s (SEPP) advanced solution capability and its extensive experience in providing financing solutions to automotive suppliers will strengthen participating suppliers,” Fischer added.

GMAC CF entered the trade payables market in 2003 and has developed a unique program, which is evolving into the premier solution in the early pay market. The new GM program will be targeted to GM’s strategic suppliers.

“The suppliers’ need for liquidity was the catalyst for this program,” said Don Morrison, managing director GMAC CF. “We are impressed by GM’s commitment to continue the program and look forward to implementing our SEPP solution with GM’s suppliers.”

"Early payment programs are an important tool suppliers use to manage cash flow,” said Neil De Koker, president, Original Equipment Suppliers Association. “We appreciate GM's continued efforts with the financial community to keep these options open."

About General Motors

General Motors Corp. (NYSE: GM), the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM today employs about 324,000 people around the world. It has manufacturing operations in 32 countries and its vehicles are sold in 200 countries. In 2004, GM sold nearly 9 million cars and trucks globally, up 4 percent and the second-highest total in the company's history. GM's global headquarters are at the GM Renaissance Center in Detroit . More information on GM can be found at www.gm.com. For more information about GMAC CF go to www.gmaccf.com.

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