JACKSONVILLE, Fla. -

Investment and advisory firm Sunset Capital Assets said Tuesday its existing letter of intent to buy Motors Acceptance Corp. — which, along with its family of companies in the subprime auto space, is known as “MotorMax” — is being reassigned to Sunset partner company The Mint Leasing.

On Sept. 24, Sunset and The Mint Leasing announced a share exchange agreement, under which Sunset received just under 62.68 million Class A Common shares of The Mint Leasing.

The Mint Leasing is part of Sunset's Corporate Equity Division, under which it acts “as a primary driver in the automotive finance niche and is actively engaged in acquiring additional specialty finance companies in the near-term.”

Funding for the purchase of Motors Acceptance Corp. will be done via The Mint Leasing. Once the deal is done, officials estimate Motors Acceptance Corp. will initially add about $80 million in performing auto receivables and $30 million each year in revenue to The Mint Leasing.

Sunset said in the statement: “Sunset continually endeavors to create value by applying our strengths as a global investment and advisory firm. As such, Sunset will oversee the growth of the MLES platform via the recent share exchange agreement while allowing both firms to concentrate on their core competencies. By reassigning the LOI, this acquisition structure will allow Sunset to efficiently allocate capital, accomplish operational objectives, and mitigate risk in this dynamic marketplace.”