Item 1. Business*
Item 1A.
Item 1A. Risk Factors*
Item 1B.
Item 1B. Unresolved Staff Comments
Item 2.
Item 2. Properties*
Item 3.
Item 3. Legal Proceedings*
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders*
Part II
Item 5.
Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities*
Item 6.
Item 6. Selected Financial Data*
Item 7.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations*
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk*
Item 8.
Item 8. Financial Statements and Supplementary Data*
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure*
Item 9A(T).
Item 9A(T). Controls and Procedure*
Item 9B.
Item 9B. Other Information
Part III
Item 10.
Item 10. Directors, Executive Officers, and Corporate Governance of the Registrant*
Item 11.
Item 11. Executive Compensation*
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters*
Item 13.
Item 13. Certain Relationships, Related Transactions, and Director Independence*
Item 14.
Item 14. Principal Accounting Fees and Services*
Part IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules
Certification of Executive Officer Pursuant to Rule 13a-14/15d-14
Report on Assessment of Compliance with Servicing Criteria concerning activities of GMAC LLC
Report on Assessment of Compliance with Servicing Criteria concerning activities of The Bank of New York Trust Company, N.A.
Registered Public Accounting Firm Attestation Report on Assessment of Compliance with servicing activities of GMAC LLC
Registered Public Accounting Firm Attestation Report on Assessment of Compliance with servicing activities of The Bank of New York Trust Company, N.A.
Servicer Compliance Statement
*
Item is omitted in accordance with General Instructions J to Form 10-K.
Part I
Item 1B. Unresolved Staff Comments
Not Applicable.
Substitute information provided in accordance with General Instruction J to Form 10-K:
Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).
Not Applicable.
Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Financial Information).
Not Applicable.
Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).
Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this item.
Item 1117 of Regulation AB. Legal Proceedings.
There are no current legal proceedings pending, or to the best knowledge of management of such entity, threatened, against the Issuing Entity, the sponsor, the servicer or the depositor that, if determined adversely to such party, would be expected to have a material adverse effect on the performance of the notes.
Each of the owner trustee and the indenture trustee has represented to the Issuing Entity that it is not a party to any current legal proceedings, nor is its management aware of any legal proceedings threatened against it that, if determined adversely to such party, would be expected to have a material adverse effect on the performance of the notes.
Part II
Item 9B. Other Information
None
Part III
Substitute information provided in accordance with General Instruction J to Form 10-K:
Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119. The information has been provided previously in a prospectus, dated May 31, 2007, filed by the Issuing Entity, pursuant to Rule 424(b)(5) of the Securities Act of 1933, on June 4, 2007.
Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
Each of GMAC and the Indenture Trustee (each, a “Servicing Participant”) has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the Issuing Entity during the reporting period. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) during the Issuing Entity’s year ended December 31, 2007, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation
report (each, an “Attestation Report”) by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K.
GMAC’s Report on Assessment and the related Attestation Report have identified three instances of material noncompliance with the servicing criteria applicable to GMAC. Processes and procedures have been implemented to reinforce and ensure that all instances of material non-compliance are remediated. The instances of noncompliance are;
•
Reconciliations on certain custodial accounts were not always completed within the required timeframe, reviewed and approved by someone other than the person who prepared the reconciliation, and reconciling items were not always reviewed and cleared within the required timeframe.
•
Certain returned insurance premiums were not remitted in accordance with the transaction agreements.
•
Certain investor reports had been revised during the year indicating an error in the initial investor report.
The Indenture Trustee Report on Assessment identified an additional material noncompliance. Specifically, collections received on assets relating to a certain series of securities were deposited into a general account rather than the segregated account for each specific series. Processes have been implemented or are in place and being reinforced to ensure that all instances of noncompliance are remediated.
Item 1123 of Regulation AB. Servicer Compliance Statement.
GMAC has been identified as the servicer during the reporting period with respect to the pool assets held by the Issuing Entity. GMAC has provided a statement of compliance with the applicable servicing activities (the “Compliance Statement”), signed by an authorized officer, and such Compliance Statement is attached as an exhibit to this Form 10-K.
Part IV
Item 15. Exhibits, Financial Statement Schedules
(a)
List the following documents filed as a part of the report:
(1)
Financial Statements - Not Applicable.
(2)
Financial Statement Schedules - Not Applicable.
(3)
Exhibits
•
Series Supplement to Declaration of Trust between Central Originating Lease, LLC (“COLT, LLC”) as Residual Certificateholder, and Deutsche Bank Trust Company Delaware as Owner Trustee, dated as of June 7, 2007.
•
Trust Agreement between Capital Auto Receivables LLC (“CARI”), as Depositor, and Deutsche Bank Trust Company Delaware, as Owner Trustee, dated as of June 7, 2007.
•
CARAT Indenture between Capital Auto Receivables Asset Trust 2007-SN1 (“Issuing Entity”) and The Bank of New York Trust Company, N.A., as indenture trustee (the “Indenture Trustee”), dated as of June 7, 2007.
•
COLT Indenture between Central Originating Lease Trust (“COLT”) and the Bank of New York Trust Company, N.A., as the indenture trustee (the “Indenture Trustee”), dated as of June 7, 2007.
•
Certification of Executive Officer Pursuant to Rule 13a-14/15d-14.
•
Report on Assessment of Compliance with Servicing Criteria concerning activities of GMAC LLC for the year ended December 31, 2007.
Signature
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: March 31, 2008
Index of Exhibits