GMAC Financial Services Exercises Option to Purchase Capital Auto Receivables Asset Trust 2004-1

DETROIT, Sept. 4 -- GMAC Financial Services today announced that it will exercise its option to purchase the remainder of the Capital Auto Receivables Asset Trust (CARAT) 2004-1 on Sep. 17, 2007. This will result in a termination of all of the outstanding CARAT 2004-1 class A-4 2.64 percent asset backed notes and CARAT 2004-1 Class B 2.84 percent asset backed certificates.

The Class A-4 notes will be purchased at $416.18208422 per $1,000 face amount, plus accrued interest from Aug. 15, 2007. A total of $303 million of Class A-4 2.64 percent asset backed notes were sold to the public in March 2004.

The notes may be presented and surrendered for payment to The Bank of New York Trust Company, N.A., Global Corporate Trust Services, P.O. Box 2320, Dallas, Texas 75221-2320. Interest on the notes will cease to accrue on and after Sep. 17, 2007.

The certificates will be purchased at $1,000 per $1,000 face amount, plus accrued interest from Aug. 15, 2007. A total of $59.7 million of CARAT 2004-1 Class B 2.84 percent asset backed certificates were issued in March 2004.

The certificates may be presented and surrendered for payment to Deutsche Bank, DB Services Tennessee, Inc., Corporate Trust & Agency Services, Securities Payment Unit, 648 Grassmere Park Road, Nashville, TN, 37211. Interest on the certificates will cease to accrue on and after Sep. 17, 2007.

About GMAC Financial Services

GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. At Dec. 31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. For more information, go to www.gmacfs.com.