OzCar was a

special purpose vehicle A special-purpose entity (SPE), also called a special-purpose vehicle (SPV) or a financial vehicle corporation (FVC), is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, speci ...

(or trust) established by the

Australian government The Australian Government, also known as the Commonwealth Government or simply as the federal government, is the national executive government of Australia, a federal parliamentary constitutional monarchy. The executive consists of the pr ...

to provide financing for car loans after GE Money Motor Solutions and GMAC abandoned the Australian market during the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. Its establishment was announced in a media release on 5 December 2008 and it was legally established as a trust on 2 January 2009, although it was not activated until 1 September 2009. Its enabling legislation ''Car Dealership Financing Guarantee Appropriation Act 2009'' received assent on 6 July 2009 and ceased on 4 April 2012 after repeal by the ''Financial Framework Legislation Amendment Act (No. 1) 2012''. OzCar became involved in the OzCar affair in Australian politics.

References

Politics of Australia Financial history of Australia {{Australia-gov-stub