UPDATE 1-GMAC prices $3 bln auto loan ABS deal-source

Newswire

(Adds background, quotes) NEW YORK, May 25 (Reuters) - General Motors Acceptance Corp., the finance arm of General Motors Corp. , priced a largely oversubscribed $3.0 billion offering of asset-backed securities backed by auto loans on Wednesday, a source familiar with the deal said. The deal, which met with strong investor demand, had garnered orders twice the offering size before pricing, market sources said. "Going into the pricing, the deal had already received about $6 billion in ...

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