Australia's Money3 Corp. Ltd. closed the sale of its small amount credit contract lending business on May 20, according to a same-day release.

The company received the initial payment of A$35 million for the sale. The balance of the sale proceeds, expected to be A$10 million to A$11 million, is due over six monthly installments. The proceeds will go towards financing the growth of Money3's automotive loans business.

Under the deal, which was announced Feb. 25, Money3 sold its residual small amount credit contract business via a management buyout. At the same time, it acquired a New Zealand-based automotive finance company, Go Car Finance.