a disposition strategy that results in the highest recovery on a net present value basis , thus protecting the interests of the trust and its investors .
see note 9 goodwill and other intangible assets for additional information regarding servicing assets .
with our acquisition of national city on december 31 , 2008 , we acquired residual and other interests associated with national city 2019s credit card , automobile , mortgage , and sba loans securitizations .
in addition , we also assumed certain continuing involvement activities in these securitization transactions .
the credit card , automobile , and mortgage securitizations were transacted through qspes sponsored by national city .
these qspes were financed primarily through the issuance and sale of beneficial interests to independent third parties and were not consolidated on national city 2019s balance sheet .
consolidation of these qspes could be considered if circumstances or events subsequent to the securitization transaction dates would cause the entities to lose their 201cqualified 201d status .
no such events have occurred .
qualitative and quantitative information about these securitizations follows .
the following summarizes the assets and liabilities of the national city-sponsored securitization qspes at december 31 , 2008. .

( in millions )
credit card
automobile
mortgage
assets ( a )
$ 2129
$ 250
$ 319
liabilities
1824
250
319

( a ) represents period-end outstanding principal balances of loans transferred to the securitization qspes .
credit card loans at december 31 , 2008 , national city 2019s credit card securitization series 2005-1 , 2006-1 , 2007-1 , 2008-1 , 2008-2 , and 2008-3 were outstanding .
our continuing involvement in the securitized credit cards receivables consists primarily of servicing and a pro-rata undivided interest in all credit card receivables , or seller 2019s interest , in the qspe .
servicing fees earned approximate current market rates for servicing fees ; therefore , no servicing asset or liability existed at december 31 , 2008 .
we hold a clean-up call repurchase option to the extent a securitization series extends past its scheduled note principal payoff date .
to the extent this occurs , the clean-up call option is triggered when the principal balance of the asset-backed notes of any series reaches 5% ( 5 % ) of the initial principal balance of the asset-back notes issued at the securitization date .
our seller 2019s interest ranks equally with the investors 2019 interests in the trust .
as the amount of the assets in the securitized pool fluctuates due to customer payments , purchases , cash advances , and credit losses , the carrying amount of the seller 2019s interest will vary .
however , we are required to maintain seller 2019s interest at a minimum level of 5% ( 5 % ) of the initial invested amount in each series to ensure sufficient assets are available for allocation to the investors 2019 interests .
seller 2019s interest , which is recognized in portfolio loans on the consolidated balance sheet , was well above the minimum level at december 31 , 2008 .
retained interests acquired consisted of seller 2019s interest , an interest-only strip , and asset-backed securities issued by the credit card securitization qspe .
the initial carrying values of these retained interests were determined based upon their fair values at december 31 , 2008 .
seller 2019s interest is recognized in portfolio loans on the consolidated balance sheet and totaled approximately $ 315 million at december 31 , 2008 .
the interest-only strips are recognized in other assets on the consolidated balance sheet and totaled approximately $ 20 million at december 31 , 2008 .
the asset-backed securities are recognized in investment securities on the consolidated balance sheet and totaled approximately $ 25 million at december 31 , 2008 .
these retained interests represent the maximum exposure to loss associated with our involvement in this securitization .
automobile loans at december 31 , 2008 , national city 2019s auto securitization 2005-a was outstanding .
our continuing involvement in the securitized automobile loans consists primarily of servicing and limited requirements to repurchase transferred loans for breaches of representations and warranties .
as servicer , we hold a cleanup call on the serviced loans which gives us an option to repurchase the transferred loans when their outstanding principal balances reach 5% ( 5 % ) of the initial outstanding principal balance of the automobile loans securitized .
the class a notes issued by national city 2019s 2005-a auto securitization were purchased by a third-party commercial paper conduit .
national city 2019s subsidiary , national city bank , along with other financial institutions , agreed to provide backup liquidity to the conduit .
the conduit holds various third-party assets including beneficial interests in the cash flows of trade receivables , credit cards and other financial assets .
the conduit has no interests in subprime mortgage loans .
the conduit relies upon commercial paper for its funding .
in the event of a disruption in the commercial paper markets , the conduit could experience a liquidity event .
at such time , the conduit may require national city bank to purchase a 49% ( 49 % ) interest in a note representing a beneficial interest in national city 2019s securitized automobile loans .
another financial institution , affiliated with the conduit , has committed to purchase the remaining 51% ( 51 % ) interest in this same note .
upon the conduit 2019s request , national city bank would pay cash equal to the par value of the notes , less the corresponding portion of all defaulted loans , plus accrued interest .
in return , national city bank would be entitled to undivided interest in the cash flows of the collateral underlying the note .
national city bank receives an annual commitment fee of 7 basis points for providing this backup .

Question: for national city-sponsored securitization qspes at december 31 , 2008 , automobile was what percent of credit card assets?
Answer: 11.7%
Calculation: divide(250, 2129)