GMAC To Exercise Option To Buy CARAT

FOR RELEASE: April 8, 2002

GMAC Exercises Option To Purchase Capital Auto Receivables Asset Trust 1999-1

DETROIT - GMAC, a wholly-owned subsidiary of General Motors Corporation, announced today that it will exercise its option to purchase the remainder of the Capital Auto Receivables Asset Trust 1999-1 on April 15, 2002. This will result in a termination of all of the outstanding Capital Auto Receivables Asset Trust 1999-1 Class A-3 5.680% Asset Backed Notes. The notes will be purchased at $237.645 per $1,000 face amount, plus 30 days accrued interest from March 15, 2002.

A total of $403 million of Capital Auto Receivables Asset Trust 1999-1 Class A-3 5.680% Asset Backed Notes were sold to the public in March 1999.

The Notes may be presented and surrendered for payment to Bank One, National Association, formerly known as The First National Bank of Chicago, Registered Bond Processing Unit, 1 Bank One Plaza, Suite IL1-0124, Chicago, IL 60670-0124. Interest on the Notes will cease to accrue after April 14, 2002.