UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
SEPTEMBER 30, 1995, OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
___________ TO ___________
Commission file number 1-3754
GENERAL MOTORS ACCEPTANCE CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK 38-0572512
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
767 Fifth Avenue, New York, New York 10153
3044 WEST GRAND BOULEVARD, DETROIT, MICHIGAN 48202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-556-5000
The registrant meets the conditions set forth in General Instruction H(1)
(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced
disclosure format.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days. Yes X . No ___.
As of September 30, 1995, there were outstanding 22,000,000 shares of the
issuer's common stock.
DOCUMENTS INCORPORATED BY REFERENCE
None
This quarterly report, filed pursuant to Rule 13a-13 of the General Rules
and Regulations under the Securities Exchange Act of 1934, consists of the
following information as specified in Form 10-Q:
PART 1. FINANCIAL INFORMATION
The required information is given as to the registrant, General Motors
Acceptance Corporation and subsidiaries (the "Company" or "GMAC").
ITEM 1. FINANCIAL STATEMENTS.
1. Consolidated Balance Sheet, September 30, 1995,
December 31, 1994 and September 30, 1994.
2. Consolidated Statement of Income and Net Income
Retained for Use in the Business for the Third
Quarter and Nine Months Ended September 30, 1995
and 1994.
3. Consolidated Statement of Cash Flows for the Nine
Months Ended September 30, 1995 and 1994.
4. Notes to Financial Statements.
The above described Financial Statements are submitted herein as Exhibit 20.
In the opinion of management, the interim financial statements reflect all
adjustments, consisting of only normal recurring items which are necessary for a
fair presentation of the results for the interim periods presented. The results
for interim periods are unaudited and are not necessarily indicative of results
which may be expected for any other interim period or for the full year. These
financial statements should be read in conjunction with the consolidated
financial statements, the significant accounting policies, and the other notes
to the consolidated financial statements included in the Company's 1994 Annual
Report to the SEC on Form 10-K.
2
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OPERATIONAL HIGHLIGHTS
GMAC's consolidated earnings for the first nine months of 1995 were
improved over the respective prior year periods.
Period Ended September 30
Third Quarter | Nine Months
-------------------- | --------------------
1995 1994 | 1995 1994
--------- --------- | --------- ---------
(In millions of dollars) |
Financing Operations $ 222.2 $ 211.6 | $ 666.8 $ 582.2
Insurance Operations 31.5 33.0 | 101.0 96.0
--------- --------- | --------- ---------
Consolidated Net Income $ 253.7 $ 244.6 | $ 767.8 $ 678.2
========= ========= | ========= =========
Consolidated Return
on Average Equity 12.2% 12.3% 12.5% 11.4%
The 5% and 15% increases in the third quarter and the nine month net income
from financing operations resulted from more favorable funding margins and
increased average earning asset levels, principally wholesale receivables and
operating leases.
UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES
Industry deliveries of new passenger cars and trucks in the United States
in the third quarter of 1995 totaled 3.8 million units, unchanged from the third
quarter of 1994. Industry deliveries during the first nine months of 1995
totaled 11.5 million units, a 2% decrease from 11.7 million units for the first
nine months of 1994.
Deliveries of new General Motors (GM) vehicles in the U.S. were 1.2 million
units during the third quarter of 1995, an increase of 3% from the same period
last year. Deliveries during the first nine months of 1995 totaled 3.7 million
units, a 4% decrease from 3.8 million units for the first nine months of 1994.
GMAC financed 26% of new General Motors vehicles delivered in the U.S. during
the third quarter of 1995, a three percentage point increase compared to the
second quarter of 1995 and the third quarter of 1994. Penetration for the first
nine months of 1995 decreased to 24% of new GM deliveries, one percentage point
lower than the comparable 1994 period. The recent increase in penetration of
retail delivery financing is primarily related to improved competitive
conditions for GMAC.
3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
FINANCING VOLUME
During the third quarter of 1995, GMAC financing of new vehicles was 15% above
the prior year quarter while volume for the nine months ended September 30, 1995
was 3% below the comparable 1994 period.
Period Ended September 30, 1995
Third Quarter | Nine Months
------------------------ | ------------------------
United Other | United Other
States Countries Total | States Countries Total
------ --------- ----- | ------ --------- -----
(In thousands of units) |
Finance Contracts 221 114 335 | 626 335 961
Retail Leases 124 51 175 | 343 150 493
--- --- --- | --- --- ---
New Deliveries |
Financed 345 165 510 | 969 485 1,454
=== === === | === === =====
Period Ended September 30, 1994
Third Quarter | Nine Months
------------------------ | ------------------------
United Other | United Other
States Countries Total | States Countries Total
------ --------- ----- | ------ --------- -----
(In thousands of units) |
Finance Contracts 170 106 276 | 688 336 1,024
Retail Leases 124 44 168 | 338 134 472
--- --- --- | ----- --- -----
New Deliveries |
Financed 294 150 444 | 1,026 470 1,496
=== === === | ===== === =====
GMAC also provides wholesale financing for GM and other dealers' new and
used vehicle inventories. In the United States, inventory financing was provided
for 770,000 and 2,752,000 new GM vehicles in the third quarter and first nine
months of 1995, compared with 782,000 and 2,747,000 new GM vehicles during the
same periods in 1994. GMAC's U.S. wholesale financing represented 71.6% of all
GM sales to dealers during the first nine months of 1995, a decrease from 74.8%
for the comparable period a year ago.
For the third quarter of 1995, GMAC Mortgage Group (GMACMG) loan
origination, purchased mortgage servicing and correspondent loan volume totaled
$7.3 billion, an increase of $4.6 billion from $2.7 billion a year ago,
reflecting increases in commercial and residential loan production as well as
bulk purchases of residential mortgage servicing rights. Mortgages held for
resale increased as a result of the increased volume and a transfer of mortgages
from
4
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
mortgage loans held for investment which will be sold in the fourth quarter.
FINANCIAL CONDITION AND LIQUIDITY
Earning assets were $87.5 billion at September 30, 1995 compared to $82.1
billion and $77.4 billion at December 31, 1994 and September 30, 1994,
respectively. The higher asset levels are primarily attributable to increased
operating lease assets and retail finance receivables.
Finance receivables serviced by the Company, including sold receivables,
totaled $67.6 billion at September 30, 1995, compared to $67.1 billion at
December 31, 1994 and $64.1 billion at September 30, 1994.
During the third quarter of 1995, the Company completed its second sale of
wholesale receivables in the amount of $1.9 billion. Outstandings related to
these receivable sales comprise the Company's wholesale finance servicing
portfolio which totaled $4.3 billion at September 30, 1995 compared to $2.6
billion at December 31, 1994 and $1.9 billion at September 30, 1994.
As of September 30, 1995, GMAC's total borrowings were $69.4 billion
compared with $66.7 billion at December 31, 1994 and $61.6 billion at September
30, 1994. The Company's ratio of borrowings to equity capital was 8.4:1 at
September 30, 1995, as compared to 8.4:1 at December 31, 1994 and 7.8:1 at
September 30, 1994.
GMAC maintains substantial bank lines of credit and sells finance
receivables in the capital market. At September 30, 1995, GMAC maintained or had
access to approximately $31.5 billion of unused credit lines with banks
worldwide, an increase of $5.8 billion from December 31, 1994 and $4.5 billion
from September 30, 1994. Included in the unused credit lines are a committed
U.S. revolving credit facility of $10 billion and a $12.2 billion U.S.
asset-backed commercial paper liquidity and receivables credit facility
committed to a non-consolidated special purpose entity established to issue
asset-backed commercial paper. In addition, GMAC has committed bank credit
facilities to support the funding needs of the Company's Canadian and
international subsidiaries totaling $5.1 billion, of which $4.1 billion is
unused.
On October 26, 1995, Standard & Poor's Corporation (S&P), raised the credit
ratings of the Company and its parent, General Motors Corporation (GM) as well
as certain related affiliates. The S&P rating of the Company's senior debt was
upgraded from BBB+ to A-, eighth and seventh highest among ten investment grade
ratings available, respectively. The A- rating is assigned to bonds considered
to have a strong capacity to pay interest and repay
5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
principal. The Company's commercial paper rating was unchanged at A-2 while
the overall outlook is stable. Additional disclosures regarding credit ratings
are provided on Pages 15 and 16 of the Company's Form 10-K for the year ended
December 31, 1994.
The Company and its subsidiaries utilize a variety of interest rate and
currency derivative financial instruments in managing interest rate and foreign
exchange exposures. GMAC is not a dealer in derivative instruments but is an
end-user of such instruments in the normal course of business. By employing
derivative instruments to manage the risks of a multinational finance company,
GMAC is in a better position to offer attractive, competitive financing rates to
its customers. The derivative instruments utilized by the Company are relatively
straightforward and involve little complexity --centering on interest rate
swaps, caps and options as well as currency swaps and futures. The Company does
not use any of these classes of instruments for trading purposes, except for
limited mortgage-related transactions entered into by its wholly-owned mortgage
subsidiary. There were no significant changes in the Company's
derivatives-related exposures during the first nine months of 1995.
OPERATING RESULTS
Consolidated net pre-tax margin after interest and discount and
depreciation expense for the third quarter and first nine months of 1995
increased by $152.6 million and $293.2 million over the comparable 1994 periods.
The period-to-period improvements primarily reflect increased revenue from
higher earning asset levels and more favorable funding margins.
Interest and discount expense increased $181.3 million and $621.1 million
for the third quarter and first nine months of 1995 over the comparable periods
in 1994 due to increased funding levels and higher interest rates.
The Company's worldwide cost of funds for the third quarter of 1995
averaged 6.99%, an increase of 36 basis points from a year ago. The worldwide
cost of funds averaged 7.13% for the first nine months of 1995, an increase of
57 basis points from the comparable 1994 period. The higher funding costs are
primarily attributable to a significant increase in the general level of
short-term interest rates in the United States where the bank prime lending rate
climbed from an average 7.50% in the third quarter 1994 to an average 8.77% in
the third quarter 1995. Total borrowing costs for United States operations
averaged 6.90% for the third quarter and 6.98% for the first nine months of
1995, compared with 6.41% and 6.32%, respectively, for the same 1994 periods.
6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (concluded)
Significantly higher processing fees and investment income at GMAC Mortgage
produced the majority of the 15% and 28% increases in Other Income for the third
quarter and nine months ended September 30, 1995 over the comparable prior year
periods.
Net retail losses were 0.75% and 0.70% of total average serviced assets
during the third quarter and first nine months of 1995, compared to 0.49% and
0.48% for the same periods last year. The higher losses are primarily
attributable to an increase in used vehicle charge-off experience in the United
States and have been reflected in the 1995 provision for financing losses. The
effective income tax rate increased in 1995 to 40.8% from 36.0% in 1994
primarily due to increased taxes at foreign locations where tax rates exceed
U.S. statutory tax rates.
The combined mortgage servicing portfolio of GMACMG, including $18.4
billion of loans master-serviced by Residential Funding Corporation (RFC),
amounted to $69.7 billion at September 30, 1995, up $11.0 billion and $11.4
billion from December 31, 1994 and September 30, 1994, respectively. The
improvement primarily reflects increased commercial mortgage servicing from the
January 31, 1995 acquisition of Republic Realty Mortgage Corporation (RRMC) and
increased purchases of residential mortgage servicing.
Effective November 1, 1995, Motors Insurance Corporation ceased
underwriting credit life insurance coverages due to continued unfavorable
industry trends for this type of product.
In May 1995, the FASB issued SFAS No. 122, Accounting for Mortgage
Servicing Rights, amending SFAS No. 65, Accounting for Certain Mortgage Banking
Activities. This Statement eliminates the accounting distinction between rights
to service mortgage loans that are acquired through origination activities and
those acquired through purchase. The Company adopted this Standard during the
second quarter of 1995 effective January 1, 1995 and capitalized its originated
mortgage servicing rights, the effect of which was not material to consolidated
net income.
----------------------------------
7
RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30
-----------------
1995 1994
---- ----
1.35 1.34
The ratio of earnings to fixed charges has been computed by dividing
earnings before income taxes and fixed charges by the fixed charges. This ratio
includes the earnings and fixed charges of the Company and its consolidated
subsidiaries; fixed charges consist of interest, debt discount and expense and
the portion of rentals for real and personal properties in an amount deemed to
be representative of the interest factor.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) EXHIBITS:
20. General Motors Acceptance Corporation and
Subsidiaries Consolidated Financial Statements for
the Third Quarter and Nine Months Ended
September 30, 1995.
(b) REPORTS ON FORM 8-K:
No Current Report on Form 8-K was filed during the third quarter
ended September 30, 1995.
8
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
-------------------------------------
(Registrant)
s/ John D. Finnegan
-------------------------------------
Dated: November 13, 1995 John D. Finnegan, Executive Vice
----------------- President and Principal Financial
Officer
s/ Gerald E. Gross
-------------------------------------
Dated: November 13, 1995 Gerald E. Gross, Comptroller
----------------- and Principal Accounting Officer
9
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEET
Exhibit 20
Page 1 of 6
<TABLE>
<CAPTION>
Sept. 30 Dec. 31 Sept. 30
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
<S> <C> <C> <C>
Cash and Cash Equivalents .................................... $ 758.7 $ 1,339.5 $ 1,774.4
--------- --------- ---------
EARNING ASSETS
Investments in securities .................................... 4,282.2 3,891.7 3,937.1
Finance receivables, net (Note 1) ............................ 55,324.3 54,625.1 51,567.5
Net investment in operating leases ........................... 21,502.7 17,809.2 16,481.8
Notes receivable from General Motors Corporation ............. 1,600.0 1,080.5 1,296.4
Real estate mortgages - including mortgages held
for resale of $2,338.2, $1,244.0 and $1,505.0 ............... 2,914.6 2,164.6 2,126.9
Due and deferred from receivable sales (net) ................. 1,543.1 1,564.6 1,599.6
Other ........................................................ 294.2 938.9 381.4
--------- --------- ---------
Total earning assets ......................................... 87,461.1 82,074.6 77,390.7
--------- --------- ---------
OTHER ASSETS
Intangible assets, at cost less amortization ................. 549.0 377.4 362.7
Other nonearning assets ...................................... 1,590.3 1,745.9 1,680.9
--------- --------- ---------
Total other assets .......................................... 2,139.3 2,123.3 2,043.6
--------- --------- ---------
TOTAL ASSETS ................................................ $90,359.1 $85,537.4 $81,208.7
========= ========= =========
Notes, loans and debentures payable within one year (Note 2) . $37,563.3 $35,114.8 $30,451.5
--------- --------- ---------
ACCOUNTS PAYABLE AND OTHER LIABILITIES
General Motors Corporation and affiliated companies .......... 2,787.3 1,867.3 2,712.9
Interest ..................................................... 1,500.9 957.1 1,416.0
Unpaid insurance losses and loss adjustments ................. 1,552.0 1,563.6 1,581.6
Unearned insurance premiums .................................. 1,431.2 1,422.0 1,422.3
Deferred income taxes ........................................ 2,222.0 1,704.5 1,436.0
United States and foreign income and other taxes payable ..... 41.6 20.3 253.7
Other postretirement benefits ................................ 601.5 574.5 560.6
Other ........................................................ 2,499.7 2,880.0 2,356.4
--------- --------- ---------
Total accounts payable and other liabilities ................. 12,636.2 10,989.3 11,739.5
--------- --------- ---------
Notes, loans and debentures payable after one year (Note 3) .. 31,856.0 31,539.6 31,173.4
--------- --------- ---------
Common stock, $100 par value (authorized 25,000,000 shares,
outstanding 22,000,000 shares) .............................. 2,200.0 2,200.0 2,200.0
Net income retained for use in the business .................. 5,796.5 5,653.7 5,537.2
Net unrealized gains on securities ........................... 244.9 52.4 107.6
Unrealized accumulated foreign currency translation adjustment 62.2 (12.4) (0.5)
--------- --------- ---------
Total stockholder's equity ................................... 8,303.6 7,893.7 7,844.3
--------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ................... $90,359.1 $85,537.4 $81,208.7
========= ========= =========
Certain amounts for 1994 have been reclassified to conform with 1995
classifications.
Reference should be made to the Notes to Financial Statements.
</TABLE>
10
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF INCOME AND
NET INCOME RETAINED FOR USE IN THE BUSINESS
Exhibit 20
Page 2 of 6
Period Ended September 30
Third Quarter Nine Months
-------------------- --------------------
1995 1994 1995 1994
--------- --------- --------- ---------
(In millions of dollars)
FINANCING REVENUE
Retail and lease financing .... $ 857.6 $ 660.7 $ 2,380.3 $ 2,167.2
Leasing ....................... 1,618.9 1,300.4 4,591.2 3,486.0
Wholesale and term loans ...... 483.1 390.4 1,623.1 1,166.0
--------- --------- --------- ---------
Total financing revenue ....... 2,959.6 2,351.5 8,594.6 6,819.2
Interest and discount ......... (1,222.9) (1,041.6) (3,718.0) (3,096.9)
Depreciation on operating leases (1,135.6) (861.4) (3,176.6) (2,315.5)
--------- --------- --------- ---------
Net financing revenue ......... 601.1 448.5 1,700.0 1,406.8
Insurance premiums earned ..... 269.9 282.6 814.7 848.2
Other income .................. 490.3 426.2 1,551.7 1,215.7
--------- --------- --------- ---------
NET FINANCING REVENUE AND OTHER 1,361.3 1,157.3 4,066.4 3,470.7
EXPENSES
Salaries and benefits ......... 215.6 212.7 662.9 617.5
Other operating expenses ...... 345.9 309.8 987.7 863.6
Insurance losses and loss
adjustment expenses .......... 249.0 269.7 758.3 768.3
Provision for financing losses 118.9 (8.5) 307.2 110.4
Amortization of intangible
assets ....................... 21.0 6.8 54.0 39.6
--------- --------- --------- ---------
Total expenses ................ 950.4 790.5 2,770.1 2,399.4
--------- --------- --------- ---------
Income before income taxes .... 410.9 366.8 1,296.3 1,071.3
United States, foreign and
other income taxes ........... 157.2 122.2 528.5 385.7
--------- --------- --------- ---------
Income before cumulative effect
of accounting change ......... 253.7 244.6 767.8 685.6
Cumulative effect of accounting
change ....................... -- -- -- (7.4)
--------- --------- --------- ---------
NET INCOME .................... 253.7 244.6 767.8 678.2
Net income retained for use in
the business at beginning of
the period ................... 5,767.8 5,542.6 5,653.7 5,609.0
--------- --------- --------- ---------
Total ......................... 6,021.5 5,787.2 6,421.5 6,287.2
Cash dividends ................ 225.0 250.0 625.0 750.0
--------- --------- --------- ---------
NET INCOME RETAINED FOR USE IN THE
BUSINESS AT END OF THE PERIOD $ 5,796.5 $ 5,537.2 $ 5,796.5 $ 5,537.2
========= ========= ========= =========
Reference should be made to the Notes to Financial Statements.
11
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Exhibit 20
Page 3 of 6
<TABLE>
<CAPTION>
Nine Months Ended
September 30
--------------------
1995 1994
--------- ---------
(In millions of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Income before cumulative effect of accounting changes .... $ 767.8 $ 685.6
Depreciation ............................................. 3,202.6 2,338.2
Provision for financing losses ........................... 307.2 110.4
Mortgage loans-originations and purchases ................ (7,575.9) (8,168.7)
-proceeds on sale .......................... 6,481.7 8,396.0
Changes in the following items:
Due to General Motors Corporation and
affiliated companies ................................... 863.6 192.8
Taxes payable and deferred .............................. 625.6 469.6
Interest payable ........................................ 537.2 401.3
Other assets ............................................ 123.0 (466.6)
Other liabilities ....................................... (216.0) 372.5
Other .................................................... (214.6) 58.3
--------- ---------
Net cash provided by operating activities ................ 4,902.2 4,389.4
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance receivables-acquisitions ......................... (121,008.7)(114,308.9)
-liquidations ......................... 101,821.6 103,828.6
Notes receivable from General Motors Corporation ......... (519.5) 59.1
Operating leases-acquisitions ............................ (10,535.5) (9,742.2)
-liquidations ............................ 3,943.9 2,544.4
Investments in securities-acquisitions ................... (9,828.6) (9,802.4)
-liquidations ................... 9,529.3 9,563.6
Net increase in short-term investments ................... -- 6.2
Proceeds from sales of receivables-wholesale ............. 13,396.4 8,786.3
-retail ................ 5,264.3 4,747.0
Due and deferred from receivable sales ................... 60.2 282.7
Other .................................................... 818.9 (112.9)
--------- ---------
Net cash used in investing activities .................... (7,057.7) (4,148.5)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES Debt with original maturities 90 days and
over
-proceeds ........................................... 35,755.2 37,041.4
-liquidations ....................................... (36,366.6) (37,053.0)
Debt with original maturities less than 90 days
-net change ......................................... 2,808.4 (1,764.5)
Dividends paid ........................................... (625.0) (750.0)
Proceeds from issuance of stock .......................... -- 35.0
--------- ---------
Net cash provided by (used in) financing activities ...... 1,572.0 (2,491.1)
--------- ---------
Effect of exchange rate changes on cash and cash
equivalents ............................................. 2.7 (3.5)
--------- ---------
Net decrease in cash and cash equivalents ................ (580.8) (2,253.7)
Cash and cash equivalents at the beginning of the period . 1,339.5 4,028.1
--------- ---------
Cash and cash equivalents at the end of the period ....... $ 758.7 $ 1,774.4
========= =========
Certain amounts for 1994 have been reclassified to conform with 1995
classifications. Reference should be made to the Notes to Financial Statements.
</TABLE>
12
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
Exhibit 20
Page 4 of 6
NOTE 1. FINANCE RECEIVABLES
The composition of finance receivables outstanding at September 30, 1995,
December 31, 1994 and September 30, 1994 is summarized as follows:
Sept. 30 Dec. 31 Sept. 30
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
United States
Retail .......................... $25,362.9 $23,486.8 $23,632.1
Wholesale ....................... 13,258.1 14,560.9 12,382.6
Leasing and lease financing ..... 1,350.1 1,613.4 1,660.1
Term loans to dealers and others 3,992.0 3,753.6 3,523.0
--------- --------- ---------
Total United States .............. 43,963.1 43,414.7 41,197.8
--------- --------- ---------
Canada
Retail .......................... 888.2 1,101.1 1,269.8
Wholesale ....................... 1,520.9 1,335.1 1,373.8
Leasing and lease financing ..... 759.5 671.4 754.4
Term loans to dealers and others 154.9 128.0 122.8
--------- --------- ---------
Total Canada ..................... 3,323.5 3,235.6 3,520.8
--------- --------- ---------
Europe
Retail .......................... 6,044.6 5,340.5 5,328.3
Wholesale ....................... 3,042.3 3,413.8 2,744.2
Leasing and lease financing ..... 516.2 547.8 565.5
Term loans to dealers and others 231.4 249.3 228.2
--------- --------- ---------
Total Europe ..................... 9,834.5 9,551.4 8,866.2
--------- --------- ---------
Other Countries
Retail .......................... 1,834.5 1,306.3 1,104.2
Wholesale ....................... 482.2 565.9 502.4
Leasing and lease financing ..... 420.5 447.5 361.4
Term loans to dealers and others 115.8 106.9 93.1
--------- --------- ---------
Total Other Countries............. 2,853.0 2,426.6 2,061.1
--------- --------- ---------
Total finance receivables ........ 59,974.1 58,628.3 55,645.9
--------- --------- ---------
Deductions
Unearned income ................. 3,862.9 3,309.9 3,368.2
Allowance for financing losses .. 786.9 693.3 710.2
--------- --------- ---------
Total deductions ................. 4,649.8 4,003.2 4,078.4
--------- --------- ---------
Finance receivables, net ......... $55,324.3 $54,625.1 $51,567.5
========= ========= =========
13
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS (continued)
Exhibit 20
Page 5 of 6
NOTE 2. NOTES, LOANS AND DEBENTURES PAYABLE WITHIN ONE YEAR
Sept. 30 Dec. 31 Sept. 30
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
Short-term notes
Commercial paper................. $18,142.5 $18,644.4 $13,920.0
Master notes .................... 455.4 500.9 547.3
Demand notes .................... 2,931.6 2,542.6 2,490.0
Other ........................... 1,242.7 742.2 766.8
--------- --------- ---------
Total principal amount ........... 22,772.2 22,430.1 17,724.1
Unamortized discount ............. (104.4) (131.5) (117.2)
--------- --------- ---------
Total ............................ 22,667.8 22,298.6 17,606.9
--------- --------- ---------
Bank loans and overdrafts
United States ................... 690.0 552.0 563.0
Other Countries ................. 5,308.0 5,271.4 4,233.6
--------- --------- ---------
Total ............................ 5,998.0 5,823.4 4,796.6
--------- --------- ---------
Other notes, loans and debentures
payable within one year
United States:
Medium-term notes ............. 6,105.0 5,072.0 5,819.4
Other (net) ................... 2,034.4 1,164.6 1,515.1
Other countries................. 758.1 756.2 713.5
--------- --------- ---------
Total ............................ 8,897.5 6,992.8 8,048.0
--------- --------- ---------
Total payable within one year .... $37,563.3 $35,114.8 $30,451.5
========= ========= =========
14
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS (concluded)
Exhibit 20
Page 6 of 6
NOTE 3. NOTES, LOANS AND DEBENTURES PAYABLE AFTER ONE YEAR
Weighted average
interest rates at Sept. 30 Dec. 31 Sept. 30
September 30, 1995 1995 1994 1994
------------------ --------- --------- ---------
(In millions of dollars)
Maturity
- --------------
NOTES, LOANS
AND DEBENTURES
United States
currency
1995 ......... -- $ -- $ -- $ 1,286.3
1996 ......... 6.6% 2,006.6 8,588.5 8,070.7
1997 ......... 7.0% 8,215.8 6,539.7 5,836.8
1998 ......... 6.7% 4,850.1 2,048.3 2,020.4
1999 ......... 7.2% 3,579.6 3,209.1 3,182.4
2000 ......... 7.8% 2,403.0 1,443.1 1,671.2
2001 - 2005 .. 7.6% 3,666.0 2,703.3 2,449.1
2006 - 2010 .. 8.9% 500.0 500.0 500.0
2011 - 2015 .. 11.0% 1,077.2 1,077.2 1,077.2
2016 - 2049 .. 7.8% 375.0 375.0 375.0
--------- --------- ---------
Total United
States currency 26,673.3 26,484.2 26,469.1
Other currencies
1996 - 2004 .. 7.9% 5,951.6 5,844.9 5,500.7
--------- --------- ---------
Total notes,
loans and
debentures ... 32,624.9 32,329.1 31,969.8
Unamortized
discount ..... (768.9) (789.5) (796.4)
--------- --------- ---------
Total notes,
loans and
debentures
payable after
one year ..... $31,856.0 $31,539.6 $31,173.4
========= ========= =========
15
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE GENERAL
MOTORS ACCEPTANCE CORPORATION FORM 10-Q FOR THE PERIOD ENDING SEPTEMBER 30, 1995
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000040729
<NAME> GMAC FORM 10-Q ENDING 9/30/95
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 759
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
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<INVESTMENTS-HELD-FOR-SALE> 4282
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<TOTAL-ASSETS> 90359
<DEPOSITS> 0
<SHORT-TERM> 37563
<LIABILITIES-OTHER> 12636
<LONG-TERM> 31856
<COMMON> 2200
0
0
<OTHER-SE> 6104
<TOTAL-LIABILITIES-AND-EQUITY> 90359
<INTEREST-LOAN> 4004
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<INCOME-PRETAX> 1296
<INCOME-PRE-EXTRAORDINARY> 768
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