<PAGE>
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 JUNE 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 313-556-1508
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 June 30, 1995, there were outstanding 22,000,000 shares of the
issuer's common stock.
DOCUMENTS INCORPORATED BY REFERENCE
None
<PAGE>
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, June 30, 1995,
December 31, 1994 and June 30, 1994.
2. Consolidated Statement of Income and Net Income
Retained for Use in the Business for the Second
Quarter and Six Months Ended June 30, 1995 and
1994.
3. Consolidated Statement of Cash Flows for the Six
Months Ended June 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 has experienced continued improvements in consolidated earnings
throughout the first six months of 1995.
Period Ended June 30
Second Quarter | Six Months
-------------------- | --------------------
1995 1994 | 1995 1994
--------- --------- | --------- ---------
(In millions of dollars) |
Financing Operations $ 228.3 $ 184.6 | $ 444.6 $ 370.6
Insurance Operations 30.9 31.5 | 69.5 63.0
--------- --------- | --------- ---------
Consolidated Net Income $ 259.2 $ 216.1 | $ 514.1 $ 433.6
========= ========= | ========= =========
Consolidated Return
on Average Equity 12.6% 11.5% 12.6% 11.2%
The 24% and 20% increases in the second quarter and the six month
net income from financing operations resulted from more favorable
funding margins and increased earning asset levels, principally
wholesale receivables and operating leases. Higher capital gains
contributed to the 10% growth in income from insurance operations
for the first six months ended June 30, 1995.
UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES
Industry deliveries of new passenger cars and trucks in the United
States in the second quarter of 1995 decreased to 4.1 million units
from 4.2 million units in the second quarter of 1994. Industry
deliveries during the first six months of 1995 totaled 7.7 million
units, a 3% decrease from 7.9 million units for the first half of
1994.
Deliveries of new General Motors (GM) vehicles in the U.S. were 1.3
million units during the second quarter of 1995, a decrease of 5%
from the same period last year. Deliveries during the first six
months of 1995 totaled 2.4 million units, a 7% decrease from 2.6
million units for the first six months of 1994. GMAC financed 23%
of new General Motors vehicles delivered in the U.S. during the
second quarter of 1995, a one percentage point decrease compared to
the first quarter of 1995 but unchanged compared to the second
quarter of 1994. Penetration for the first six months of 1995
decreased to 23% of new GM deliveries, three percentage points lower
than the comparable 1994 period. The decline in penetration of
retail delivery financing reflects continued intense competitive
pressures.
3
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
FINANCING VOLUME
The number of new vehicles financed by GMAC during the second
quarter and six months ended June 30, 1995 is 2% and 10% below the
respective prior year levels as indicated below:
Period Ended June 30, 1995
Second Quarter | Six Months
------------------------ | ------------------------
United Other | United Other
States Countries Total | States Countries Total
------ --------- ----- | ------ --------- -----
(In thousands of units) |
Finance Contracts 222 112 334 | 405 221 626
Retail Leases 108 57 165 | 219 99 318
--- --- --- | --- --- ---
New Deliveries |
Financed 330 169 499 | 624 320 944
=== === === | === === ===
Period Ended June 30, 1994
Second Quarter | Six Months
------------------------ | ------------------------
United Other | United Other
States Countries Total | States Countries Total
------ --------- ----- | ------ --------- -----
(In thousands of units) |
Finance Contracts 211 123 334 | 518 230 748
Retail Leases 122 54 176 | 214 90 304
--- --- --- | --- --- -----
New Deliveries |
Financed 333 177 510 | 732 320 1,052
=== === === | === === =====
GMAC also provides wholesale financing for GM and other dealers' new
and used vehicle inventories. In the United States, inventory
financing was provided for 977,000 and 1,982,000 new GM vehicles in
the second quarter and first six months of 1995, compared with
996,000 and 1,965,000 new GM vehicles during the same periods in
1994. GMAC's wholesale financing represented 72.0% of all GM sales
to dealers during the first six months of 1995, a slight decrease
from 73.7% for the comparable period a year ago.
For the second quarter of 1995, GMAC Mortgage Group (GMACMG) loan
origination, purchased mortgage servicing and correspondent loan
volume totaled $5.7 billion, a decrease of $1.1 billion from $6.8
billion a year ago, reflecting a reduction in bulk acquisitions of
purchased mortgage servicing rights.
4
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
FINANCIAL CONDITION AND LIQUIDITY
Earning assets were $87.8 billion at June 30, 1995 compared to $82.1
billion and $79.1 billion at December 31, 1994 and June 30, 1994,
respectively. The higher asset levels are primarily attributable to
increased operating lease assets and wholesale finance receivables.
Finance receivables serviced by the Company, including sold
receivables, totaled $71.2 billion at June 30, 1995, compared to
$67.1 billion at December 31, 1994 and $67.7 billion at June 30,
1994.
As of June 30, 1995, GMAC's total borrowings were $70.6 billion
compared with $66.7 billion at December 31, 1994 and $64.4 billion
at June 30, 1994. The Company's ratio of borrowings to equity
capital was 8.5:1 at June 30, 1995, slightly above 8.4:1 and 8.2:1
at December 31, 1994 and June 30, 1994, respectively.
GMAC maintains substantial bank lines of credit and sells finance
receivables in the capital market. At June 30, 1995, GMAC
maintained or had access to approximately $30.0 billion of unused
credit lines with banks worldwide, an increase of $4.3 billion from
December 31, 1994 and $3.7 billion from June 30, 1994. Included in
the unused credit lines are a committed revolving credit facility of
$10 billion and a $10.9 billion asset-backed commercial paper
liquidity and receivables credit facility committed to a non-
consolidated special purpose entity established to issue asset-
backed commercial paper. Effective July 20, 1995, the special
purpose entity's liquidity facility was increased to $12.2 billion.
In addition, GMAC has $5.1 billion in committed bank credit
facilities to support the funding needs of the Company's
international subsidiaries.
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 half of
1995.
5
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
OPERATING RESULTS
Consolidated net pre-tax margin after interest and discount and
depreciation expense totaled $591.0 million and $1,098.9 million in
the second quarter and first six months of 1995, an increase of
$97.0 million and $140.6 million from the comparable 1994 periods.
The quarter-to-quarter improvement primarily reflects increased
revenue from the continued popularity of retail leasing as well as
increased wholesale finance outstandings, partially offset by
increased interest and discount expense.
Interest and discount expense increased to $1,275.3 million and
$2,495.1 million for the second quarter and first six months of 1995
compared with $1,045.3 million and $2,055.3 million for the second
quarter and first six months of 1994. The $230.0 million and $439.8
million increase from the comparable periods in 1994 is primarily
due to increased funding levels and higher interest rates.
The Company's worldwide cost of funds for the second quarter
averaged 7.25%, an increase of 72 basis points from a year ago. The
worldwide cost of funds averaged 7.20% for the first six months of
1995, an increase of 67 basis points from the comparable 1994
period. The higher funding costs are primarily attributable to a
significant increase in interest rates, especially in the United
States where the bank prime lending rate climbed from 7.25% to 9.00%
during the past twelve months. Total borrowing costs for United
States operations averaged 6.98% for the second quarter and 7.02%
for the first six months of 1995, compared with 6.31% and 6.28%,
respectively, for the same 1994 periods. The adverse effects of
these interest rate increases were minimized by an increased use of
lower cost floating rate funding as a percentage of GMAC's total
outstanding funding as well as a continued positive perception of
GMAC's financial position by the capital markets.
On May 30, 1995, Moody's Investors Service, Inc. (Moody's), raised
the credit ratings of the Company and its parent, General Motors
Corporation (GM) as well as certain related affiliates. The ratings
upgrades concluded a review which was initiated on March 17, 1995.
The Moody's rating of the Company's senior debt was upgraded from
Baa1 to A3, eighth and seventh highest among ten investment grade
ratings available, respectively. The A3 rating is assigned to bonds
considered to have "upper-medium grade" quality as they possess many
favorable investment attributes with security factors for principal
and interest considered to be adequate. The Company's commercial
paper was upgraded from Prime-2 to Prime-1, the highest of three
such ratings, reflecting superior ability for repayment of senior
short-term debt obligations and assured ability to access
alternative sources of liquidity. Additional disclosures regarding
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (concluded)
credit ratings are provided on Pages 15 and 16 of the Company's Form
10-K for the year ended December 31, 1994.
Net retail losses were 0.68% and 0.67% of total average serviced
assets during the second quarter and first six months of 1995,
compared to 0.42% 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 second quarter provision for financing losses. The
effective income tax rate increased in 1995 to 41.9% from 37.4% 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 $19.7
billion of loans master-serviced by Residential Funding Corporation
(RFC), amounted to $67.8 billion at June 30, 1995, up $9.1 billion
and $10.1 billion from December 31, 1994 and June 30, 1994,
respectively, primarily reflecting the acquisition of Republic
Realty Mortgage Corporation on January 31, 1995.
In May, 1995, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standard (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
<PAGE>
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended
June 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 Second Quarter and Six Months Ended June 30,
1995.
(b) REPORTS ON FORM 8-K:
A Current Report on Form 8-K dated May 30, 1995,
reporting matters under Item 5, Other Events was filed
during the second quarter ended June 30, 1995.
8
<PAGE>
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: August 10, 1995 John D. Finnegan, Executive Vice
--------------- President and Principal Financial
Officer
s/ Gerald E. Gross
-------------------------------------
Dated: August 10, 1995 Gerald E. Gross, Comptroller
--------------- and Principal Accounting Officer
9
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEET
Exhibit 20
Page 1 of 6
<TABLE>
<CAPTION>
June 30 Dec. 31 June 30
1995 1994 1994
<S> <C> <C> <C>
--------- --------- ---------
(In millions of dollars)
Cash and Cash Equivalents .................................... $ 1,476.1 $ 1,339.5 $ 2,345.7
--------- --------- ---------
EARNING ASSETS
Investments in securities .................................... 4,336.8 3,891.7 3,899.2
Finance receivables, net (Note 1) ............................ 58,789.4 54,625.1 54,282.1
Net investment in operating leases ........................... 20,026.7 17,809.2 14,658.9
Receivables from General Motors Corporation .................. -- 1,080.5 1,390.1
Real estate mortgages - including mortgages held
for resale of $1,793.1, $1,244.0 and $1,815.5 ............... 2,795.3 2,164.6 1,996.0
Due and deferred from receivable sales (net) ................. 1,608.0 1,564.6 2,587.3
Other ........................................................ 275.9 938.9 285.0
--------- --------- ---------
Total earning assets ......................................... 87,832.1 82,074.6 79,098.6
--------- --------- ---------
OTHER ASSETS
Intangible assets, at cost less amortization ................. 419.9 377.4 361.5
Other nonearning assets ...................................... 1,643.6 1,745.9 1,641.8
--------- --------- ---------
Total other assets ........................................... 2,063.5 2,123.3 2,003.3
--------- --------- ---------
TOTAL ASSETS ................................................. $91,371.7 $85,537.4 $83,447.6
========= ========= =========
Notes, loans and debentures payable within one year (Note 2) . $36,974.6 $35,114.8 $33,758.5
--------- --------- ---------
ACCOUNTS PAYABLE AND OTHER LIABILITIES
General Motors Corporation and affiliated companies .......... 2,925.7 1,867.3 2,902.0
Interest ..................................................... 1,203.5 957.1 1,117.7
Unpaid insurance losses and loss adjustments ................. 1,561.9 1,563.6 1,555.6
Unearned insurance premiums .................................. 1,418.3 1,422.0 1,401.3
Deferred income taxes ........................................ 1,911.2 1,704.5 1,262.8
United States and foreign income and other taxes payable ..... 177.5 20.3 267.2
Other postretirement benefits ................................ 596.9 574.5 550.4
Other ........................................................ 2,714.0 2,880.0 2,178.0
--------- --------- ---------
Total accounts payable and other liabilities ................. 12,509.0 10,989.3 11,235.0
--------- --------- ---------
Notes, loans and debentures payable after one year (Note 3) .. 33,626.3 31,539.6 30,652.5
--------- --------- ---------
Common stock, $100 par value (outstanding 22,000,000 shares in
June 1995 and December 1994; 21,650,000 shares in June 1994) 2,200.0 2,200.0 2,165.0
Net income retained for use in the business .................. 5,767.8 5,653.7 5,542.6
Net unrealized gains on securities ........................... 213.8 52.4 127.4
Unrealized accumulated foreign currency translation adjustment 80.2 (12.4) (33.4)
--------- --------- ---------
Total stockholder's equity ................................... 8,261.8 7,893.7 7,801.6
--------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ................... $91,371.7 $85,537.4 $83,447.6
========= ========= =========
Certain amounts for 1994 have been reclassified to conform with 1995 classifications.
</TABLE>
Reference should be made to the Notes to Financial Statements.
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 June 30
Second Quarter Six Months
-------------------- --------------------
1995 1994 1995 1994
--------- --------- --------- ---------
(In millions of dollars)
FINANCING REVENUE
Retail and lease financing .... $ 772.3 $ 769.2 $ 1,522.7 $ 1,506.5
Leasing ....................... 1,539.3 1,133.3 2,972.3 2,185.6
Wholesale and term loans ...... 606.0 402.2 1,140.0 775.6
--------- --------- --------- ---------
Total financing revenue ....... 2,917.6 2,304.7 5,635.0 4,467.7
Interest and discount ......... (1,275.3) (1,045.3) (2,495.1) (2,055.3)
Depreciation on operating leases (1,051.3) (765.4) (2,041.0) (1,454.1)
--------- --------- --------- ---------
Net financing revenue ......... 591.0 494.0 1,098.9 958.3
Insurance premiums earned ..... 273.5 286.2 544.8 565.6
Other income .................. 562.4 378.0 1,061.4 789.5
--------- --------- --------- ---------
NET FINANCING REVENUE AND OTHER 1,426.9 1,158.2 2,705.1 2,313.4
EXPENSES
Salaries and benefits ......... 221.7 191.5 447.3 404.8
Other operating expenses ...... 344.1 294.1 641.8 553.8
Insurance losses and loss
adjustment expenses .......... 253.4 259.6 509.3 498.6
Provision for financing losses 133.3 54.8 188.3 118.9
Amortization of intangible
assets ....................... 19.7 14.1 33.0 32.8
--------- --------- --------- ---------
Total expenses ................ 972.2 814.1 1,819.7 1,608.9
--------- --------- --------- ---------
Income before income taxes .... 454.7 344.1 885.4 704.5
United States, foreign and
other income taxes ........... 195.5 128.0 371.3 263.5
--------- --------- --------- ---------
Income before cumulative effect
of accounting change ......... 259.2 216.1 514.1 441.0
Cumulative effect of accounting
change ....................... -- -- -- (7.4)
--------- --------- --------- ---------
NET INCOME .................... 259.2 216.1 514.1 433.6
Net income retained for use in
the business at beginning of
the period ................... 5,708.6 5,576.5 5,653.7 5,609.0
--------- --------- --------- ---------
Total ......................... 5,967.8 5,792.6 6,167.8 6,042.6
Cash dividends ................ 200.0 250.0 400.0 500.0
--------- --------- --------- ---------
NET INCOME RETAINED FOR USE IN THE
BUSINESS AT END OF THE PERIOD $ 5,767.8 $ 5,542.6 $ 5,767.8 $ 5,542.6
========= ========= ========= =========
Reference should be made to the Notes to Financial Statements.
11
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Exhibit 20
Page 3 of 6
Six Months Ended
June 30
--------------------
1995 1994
--------- ---------
(In millions of dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Income before cumulative effect of accounting changes .... $ 514.1 $ 441.0
Depreciation ............................................. 2,058.1 1,467.6
Provision for financing losses ........................... 188.3 118.9
Mortgage loans-originations and purchases ................ (3,952.8) (6,425.8)
-proceeds on sale .......................... 3,403.7 6,437.8
Changes in the following items
Due to General Motors Corporation and
affiliated companies ................................... 1,012.1 401.9
Taxes payable and deferred .............................. 251.9 309.0
Interest payable ........................................ 239.1 107.2
Other assets ............................................ 82.2 (491.6)
Other liabilities ....................................... (281.9) 198.2
Other .................................................... (105.5) 22.7
--------- ---------
Net cash provided by operating activities ................ 3,409.3 2,586.9
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance receivables-acquisitions ......................... (85,616.7) (80,015.6)
-liquidations ......................... 70,504.1 71,433.0
Notes receivable from General Motors Corporation ......... 1,080.5 (34.6)
Operating leases-acquisitions ............................ (6,795.0) (6,252.2)
-liquidations ............................ 2,834.0 1,633.6
Investments in securities-acquisitions ................... (6,938.6) (5,633.6)
-liquidations ................... 6,746.4 5,542.4
Proceeds from sales of receivables-wholesale ............. 7,854.6 6,191.9
-retail ................ 3,378.1 2,453.4
Due and deferred from receivable sales ................... (4.9) (712.5)
Other .................................................... 693.0 329.6
--------- ---------
Net cash used in investing activities .................... (6,264.5) (5,064.6)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Debt with original maturities 90 days and over
-proceeds ........................................... 29,039.1 26,293.9
-liquidations ....................................... (25,048.9) (26,574.0)
Debt with original maturities less than 90 days
-net change ......................................... (593.4) 1,579.3
Dividends paid ........................................... (400.0) (500.0)
--------- ---------
Net cash provided by financing activities ................ 2,996.8 799.2
--------- ---------
Effect of exchange rate changes on cash and cash
equivalents ............................................. (5.0) (3.9)
--------- ---------
Net increase (decrease) in cash and cash equivalents ..... 136.6 (1,682.4)
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 ....... $ 1,476.1 $ 2,345.7
========= =========
</TABLE>
Certain amounts for 1994 have been reclassified to conform with 1995
classifications.
Reference should be made to the Notes to Financial Statements.
12
<PAGE>
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 June 30, 1995,
December 31, 1994 and June 30, 1994 is summarized as follows:
June 30 Dec. 31 June 30
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
United States
Retail .......................... $22,447.1 $23,486.8 $24,797.2
Wholesale ....................... 17,546.3 14,560.9 14,170.2
Leasing and lease financing ..... 1,433.3 1,613.4 1,815.1
Term loans to dealers and others 4,297.7 3,753.6 3,680.7
--------- --------- ---------
Total United States .............. 45,724.4 43,414.7 44,463.2
--------- --------- ---------
Canada
Retail .......................... 959.4 1,101.1 1,353.4
Wholesale ....................... 1,852.9 1,335.1 1,493.6
Leasing and lease financing ..... 732.4 671.4 736.5
Term loans to dealers and others 142.3 128.0 162.9
--------- --------- ---------
Total Canada ..................... 3,687.0 3,235.6 3,746.4
--------- --------- ---------
Europe
Retail .......................... 5,951.0 5,340.5 5,041.0
Wholesale ....................... 4,077.6 3,413.8 2,726.6
Leasing and lease financing ..... 589.0 547.8 515.5
Term loans to dealers and others 228.3 249.3 203.8
--------- --------- ---------
Total Europe ..................... 10,845.9 9,551.4 8,486.9
--------- --------- ---------
Other Countries
Retail .......................... 1,663.6 1,306.3 983.3
Wholesale ....................... 518.8 565.9 375.5
Leasing and lease financing ..... 474.5 447.5 322.9
Term loans to dealers and others 93.8 106.9 107.2
--------- --------- ---------
Total Other Countries............. 2,750.7 2,426.6 1,788.9
--------- --------- ---------
Total finance receivables ........ 63,008.0 58,628.3 58,485.4
--------- --------- ---------
Deductions
Unearned income ................. 3,478.6 3,309.9 3,438.8
Allowance for financing losses .. 740.0 693.3 764.5
--------- --------- ---------
Total deductions ................. 4,218.6 4,003.2 4,203.3
--------- --------- ---------
Finance receivables, net ......... $58,789.4 $54,625.1 $54,282.1
========= ========= =========
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
June 30 Dec. 31 June 30
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
Short-term notes
Commercial paper................. $18,840.0 $18,644.4 $16,855.6
Master notes .................... 643.3 500.9 563.3
Demand notes .................... 2,775.0 2,542.6 2,327.0
Other ........................... 975.2 742.2 588.4
--------- --------- ---------
Total principal amount ........... 23,233.5 22,430.1 20,334.3
Unamortized discount ............. (177.7) (131.5) (119.1)
--------- --------- ---------
Total ............................ 23,055.8 22,298.6 20,215.2
--------- --------- ---------
Bank loans and overdrafts
United States ................... 640.0 552.0 528.0
Other Countries ................. 5,819.5 5,271.4 4,603.1
--------- --------- ---------
Total ............................ 6,459.5 5,823.4 5,131.1
--------- --------- ---------
Other notes, loans and debentures
payable within one year
United States:
Medium-term notes ............. 5,323.1 5,072.0 6,466.0
Other (net) ................... 1,300.5 1,164.6 1,221.4
Other countries................. 835.7 756.2 724.8
--------- --------- ---------
Total ............................ 7,459.3 6,992.8 8,412.2
--------- --------- ---------
Total ............................ $36,974.6 $35,114.8 $33,758.5
========= ========= =========
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 June 30 Dec. 31 June 30
June 30, 1995 1995 1994 1994
----------------- --------- --------- ---------
(In millions of dollars)
Maturity
- --------------
NOTES, LOANS
AND DEBENTURES
United States
currency
1995 ......... -- $ -- $ -- $ 2,529.2
1996 ......... 7.1% 4,540.0 8,588.5 7,364.8
1997 ......... 7.1% 8,045.4 6,539.7 5,639.3
1998 ......... 6.8% 4,347.4 2,048.3 1,852.1
1999 ......... 7.2% 3,569.1 3,209.1 3,080.0
2000 ......... 7.9% 2,302.6 1,443.1 1,366.7
2001 - 2005 .. 7.6% 3,540.6 2,703.3 2,702.8
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 28,297.3 26,484.2 26,487.1
Other currencies
1996 - 2004 .. 7.8% 6,107.3 5,844.9 4,969.0
--------- --------- ---------
Total notes,
loans and
debentures ... 34,404.6 32,329.1 31,456.1
Unamortized
discount ..... (778.3) (789.5) (803.6)
--------- --------- ---------
Total notes,
loans and
debentures
payable after
one year ..... $33,626.3 $31,539.6 $30,652.5
========= ========= =========
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 June 30, 1995 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000040729
<NAME> GENERAL MOTORS ACCEPTANCE CORP. FORM 10-Q ENDING 6/30/95
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
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0
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