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 MARCH 31,
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 March 31, 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, March 31, 1995,
December 31, 1994 and March 31, 1994.
2. Consolidated Statement of Income and Net Income
Retained for Use in the Business for the Three
Months Ended March 31, 1995 and 1994.
3. Consolidated Statement of Cash Flows for the Three
Months Ended March 31, 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
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OPERATIONAL HIGHLIGHTS
For the first time since the second quarter of 1993, consolidated
earnings surpassed the $250 million mark.
Three Months Ended March 31,
----------------------------
1995 1994
------- -------
NET INCOME (in millions of dollars)
Financing Operations $ 216.3 $ 186.0
Insurance Operations 38.6 31.5
------- ------
Consolidated Net Income $ 254.9 $ 217.5
======= =======
Consolidated Return on Average Equity 12.7% 10.8%
The 16% increase in first quarter net income from financing operations
is attributable to a more favorable funding mix and increased earning
asset levels, primarily resulting from a 20% increase in worldwide
retail leasing volume. Capital gains as of March 31, 1995 were $23.1
million compared to $9.0 million as of March 31, 1994 which
contributed to the 23% growth in income from insurance operations.
FINANCING VOLUME (in thousands of units)
<TABLE>
For the Three Months Ended March 31,
--------------------------------------------------------
1995 1994
-------------------------- ---------------------------
United Other United Other
States Countries Total States Countries Total
------ --------- ----- ------ --------- -----
<S> <C> <C> <C> <C> <C> <C>
Finance Contracts 183 109 292 307 107 414
Retail Leases 111 42 153 92 36 128
--- --- --- --- --- ---
New Deliveries
Financed 294 151 445 399 143 542
=== === === === === ===
</TABLE>
Industry deliveries of new passenger cars and trucks in the United
States in the first quarter of 1995 decreased to 3.6 million units
from 3.7 million units in the first quarter of 1994. Deliveries of
new General Motors (GM) vehicles in the U.S. were 1.1 million units
for the first three months of 1995, a decrease of 8% from the same
period last year. GMAC financed 24% of new General Motors vehicles
delivered in the U.S. during the first quarter of 1995, a two
percentage point increase compared to the fourth quarter of 1994 but a
six percentage point decrease compared to the first quarter of 1994.
The quarter-to-quarter decline in penetration of retail delivery
financing reflects continued intense competitive pressures.
3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
GMAC also provides wholesale financing for GM and other dealers' new
and used vehicle inventories. In the United States, inventory
financing was provided for 1,005,000 and 969,000 new GM vehicles,
representing 72.7% and 75.6% of all GM sales to dealers during the
first quarter of 1995 and 1994, respectively.
For the first quarter of 1995, GMAC Mortgage Group (GMACMG) loan
origination, purchased mortgage servicing and correspondent loan
volume totaled $3.6 billion, a decrease of $1.5 billion from $5.1
billion a year ago, reflecting substantially reduced industry
origination volume as a result of increasing interest rates.
FINANCIAL CONDITION AND LIQUIDITY
Earning assets were $86.8 billion at March 31, 1995 compared to $82.1
billion and $77.3 billion at December 31, 1994 and March 31, 1994,
respectively. The higher asset levels are primarily attributable to
increased operating lease assets and wholesale finance receivables,
partially offset by reduced retail finance receivables.
Finance receivables serviced by the Company, including sold
receivables, totaled $70.2 billion at March 31, 1995, compared to
$67.1 billion at December 31, 1994 and $69.2 billion at March 31,
1994.
As of March 31, 1995, GMAC's total borrowings were $68.8 billion
compared with $66.7 billion at December 31, 1994 and $62.4 billion at
March 31, 1994. Debt due after one year comprised 87% of the increase
in borrowings over the comparable prior year period. The Company's
ratio of borrowings to equity capital was 8.4:1 at March 31, 1995,
unchanged from December 31, 1994, but slightly above 7.9:1 at March
31, 1994.
GMAC maintains substantial bank lines of credit and sells finance
receivables in the capital market. At March 31, 1995, GMAC maintained
or had access to approximately $28.8 billion of unused credit lines
with banks worldwide, an increase of $3.1 billion from December 31,
1994 and $2.7 billion from March 31, 1994. Included in the unused
credit lines are a committed bank credit facility of $10 billion, and
a $10.5 billion asset-backed commercial paper liquidity and
receivables credit facility to a non-consolidated special purpose
entity established to issue asset-backed commercial paper. In
addition, GMAC has $5.1 billion in committed bank credit facilities to
support the funding needs of the Company's international subsidiaries.
4
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
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 (including swaptions) 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 subsidiaries. There were not any significant changes in the
Company's use of its financial instruments during the first quarter of
1995.
OPERATING RESULTS
Consolidated net pre-tax margin after interest and discount and
depreciation expense totaled $507.9 million in the first quarter of
1995, up $43.6 million from the first quarter of 1994. The quarter-to-
quarter improvement primarily reflects increased revenue from the
continued popularity of retail leasing as well as increased wholesale
financing, partially offset by increased interest and discount
expense. The increase in the effective income tax rate in 1995
(40.8%) from 1994 (37.6%) is due to increased taxes at foreign
locations where tax rates exceed U.S. statutory tax rates.
Interest and discount expense increased to $1,219.8 million for the
first quarter of 1995 compared with $1,010.0 million for the first
quarter of 1994. The $209.8 million increase from the comparable
period in 1994 is primarily due to increased funding levels and higher
interest rates.
The Company's worldwide cost of funds for the first quarter averaged
7.16%, an increase of 64 basis points from a year ago. Total borrowing
costs for United States operations averaged 7.07% for the first
quarter of 1995, compared with 6.25% for the comparable 1994 period.
The higher funding costs are attributable to a significant increase in
general rates of interest, especially in the United States where the
bank prime lending rate has climbed from 6.25% to 9.00% during the
past twelve months. The adverse effects of these general interest
rate increases were minimized by a more favorable funding mix
resulting from an increased use of lower cost floating rate debt as a
percentage of GMAC's total outstanding debt as well as a continued
positive perception of GMAC's financial position by the capital
markets.
5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (concluded)
Net retail losses were 0.66% of total average serviced assets during
the first quarter of 1995, compared to 0.54% for the same period last
year. Retail losses as a percent of total serviced assets liquidated
increased slightly to 1.00% during the first quarter of 1995, compared
to 0.84% for the first quarter of 1994.
On January 31, 1995, GMAC Mortgage Corporation, through its wholly-
owned subsidiary GMAC Commercial Mortgage Corporation, acquired
Republic Realty Mortgage Corporation (RRMC) with a servicing portfolio
of $5.4 billion at March 31, 1995. The combined mortgage servicing
portfolio of GMACMG, including $23.8 billion of loans master-serviced
by Residential Funding Corporation (RFC), amounted to $65.4 billion at
March 31, 1995, up $6.7 billion and $10.3 billion from December 31,
1994 and March 31, 1994, respectively, primarily reflecting the
acquisition of RRMC.
----------------------------------
6
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31
------------------
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 Three Months Ended March 31, 1995.
(b) REPORTS ON FORM 8-K:
No Current Report on Form 8-K was filed during the first
quarter ended March 31, 1995.
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: May 12, 1995 John D. Finnegan, Executive Vice
------------ President and Principal Financial
Officer
s/ Gerald E. Gross
-------------------------------------
Dated: May 12, 1995 Gerald E. Gross, Comptroller
------------ and Principal Accounting Officer
7
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEET
Exhibit 20
Page 1 of 6
<TABLE> March 31 Dec. 31 March 31
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
<S> <C> <C> <C>
Cash and Cash Equivalents $ 1,655.7 $ 1,339.5 $ 2,386.0
--------- --------- ---------
EARNING ASSETS
Investments in securities 4,244.8 3,891.7 3,533.4
Finance receivables, net (Note 1) 57,257.8 54,625.1 54,430.4
Net investment in operating leases 19,207.3 17,809.2 12,635.0
Receivables from General Motors
Corporation 1,242.2 1,080.5 1,414.4
Real estate mortgages - including
mortgages held for resale of $1,611.2,
$1,244.0 and $1,997.1 2,579.7 2,164.6 2,063.7
Due and deferred from receivable
sales (net) 1,632.2 1,564.6 2,830.1
Other 600.7 938.9 393.9
--------- --------- ---------
Total earning assets 86,764.7 82,074.6 77,300.9
--------- --------- ---------
OTHER ASSETS
Intangible assets, at cost less
amortization 456.9 377.4 338.0
Other nonearning assets 1,533.4 1,745.9 1,605.9
--------- --------- ---------
Total other assets 1,990.3 2,123.3 1,943.9
--------- --------- ---------
TOTAL ASSETS $90,410.7 $85,537.4 $81,630.8
========= ========= =========
Notes, loans and debentures payable within
one year (Note 2) $35,347.8 $35,114.8 $34,551.8
--------- --------- ---------
ACCOUNTS PAYABLE AND OTHER LIABILITIES
General Motors Corporation and
affiliated companies 3,542.6 1,867.3 3,129.7
Interest 1,322.9 957.1 1,350.4
Unpaid insurance losses and loss
adjustments 1,573.2 1,563.6 1,578.1
Unearned insurance premiums 1,416.2 1,422.0 1,366.2
Deferred income taxes 1,969.5 1,704.5 1,162.5
United States and foreign income and
other taxes payable 7.4 20.3 196.8
Other postretirement benefits 586.3 574.5 533.9
Other 3,066.8 2,880.0 2,044.0
--------- --------- ---------
Total accounts payable and
other liabilities 13,484.9 10,989.3 11,361.6
--------- --------- ---------
Notes, loans and debentures payable after
one year (Note 3) 33,438.2 31,539.6 27,879.0
--------- --------- ---------
Common stock, $100 par value (outstanding
22,000,000 shares in March 1995 and
December 1994; 21,650,000 shares
in March 1994) 2,200.0 2,200.0 2,165.0
Net income retained for use in the
business 5,708.6 5,653.7 5,576.5
Net unrealized gains on securities 144.3 52.4 170.8
Unrealized accumulated foreign currency
translation adjustment 86.9 (12.4) (73.9)
--------- --------- ---------
Total stockholder's equity 8,139.8 7,893.7 7,838.4
--------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $90,410.7 $85,537.4 $81,630.8
========= ========= =========
</TABLE>
Reference should be made to the Notes to Financial Statements.
8
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF INCOME AND
NET INCOME RETAINED FOR THE BUSINESS
<TABLE>
Exhibit 20
Page 2 of 6
Three Months Ended
March 31
--------------------
1995 1994
--------- ---------
(In millions of dollars)
<S> <C> <C>
FINANCING REVENUE
Retail and lease financing $ 750.4 $ 737.3
Leasing 1,433.0 1,052.3
Wholesale and term loans 534.0 373.4
--------- ---------
Total financing revenue 2,717.4 2,163.0
Interest and discount (1,219.8) (1,010.0)
Depreciation on operating leases (989.7) (688.7)
--------- ---------
Net financing revenue 507.9 464.3
Insurance premiums earned 271.3 279.4
Other income 499.0 411.5
--------- ---------
NET FINANCING REVENUE AND OTHER 1,278.2 1,155.2
EXPENSES
Salaries and benefits 225.6 213.3
Other operating expenses 297.7 259.7
Insurance losses and loss adjustment expenses 255.9 239.0
Provision for financing losses 55.0 64.1
Amortization of intangible assets 13.3 18.7
--------- ---------
Total expenses 847.5 794.8
--------- ---------
Income before income taxes 430.7 360.4
United States, foreign and other income taxes 175.8 135.5
--------- ---------
Income before cumulative effect of accounting
change 254.9 224.9
Cumulative effect of accounting change -- (7.4)
--------- ---------
NET INCOME 254.9 217.5
Net income retained for use in the business
at beginning of the period 5,653.7 5,609.0
--------- ---------
Total 5,908.6 5,826.5
Cash dividends 200.0 250.0
--------- ---------
NET INCOME RETAINED FOR USE IN THE BUSINESS
AT END OF THE PERIOD $ 5,708.6 $ 5,576.5
========= =========
</TABLE>
Reference should be made to the Notes to Financial Statements.
9
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Exhibit 20
Page 3 of 6
<TABLE>
Three Months Ended
March 31
--------------------
1995 1994
--------- ---------
(In millions of dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Income before cumulative effect of accounting changes $ 254.9 $ 224.9
Depreciation 996.6 696.4
Provision for financing losses 55.0 64.1
Mortgage loans-originations and purchases (1,716.9) (4,179.7)
-proceeds on sale 1,349.7 4,264.2
Changes in the following items
Due to General Motors Corporation and
affiliated companies 1,607.3 645.6
Taxes payable and deferred 175.7 127.7
Interest payable 359.3 344.7
Other assets 209.7 (298.1)
Other liabilities 105.4 65.1
Other (135.4) 63.9
--------- ---------
Net cash provided by operating activities 3,261.3 2,018.8
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance receivables-acquisitions (42,056.7) (38,749.1)
-liquidations 33,890.5 34,832.8
Notes receivable General Motors Corporation (161.7) (58.9)
Operating leases-acquisitions (3,302.0) (2,647.1)
-liquidations 1,214.8 715.2
Investments in securities-acquisitions (3,616.6) (3,025.9)
-liquidations 3,406.8 2,958.6
Proceeds from sales of receivables-wholesale 3,989.1 2,210.1
-retail 2,062.5 1,376.4
Due and deferred from receivable sales (47.7) (973.1)
Other 344.5 334.7
--------- ---------
Net cash used in investing activities (4,276.5) (3,026.3)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Debt with original maturities 90 days and over
-proceeds 15,714.9 13,965.4
-liquidations (13,676.7) (14,902.9)
Debt with original maturities less than 90 days
-net change (500.5) 554.8
Dividends paid (200.0) (250.0)
--------- ---------
Net cash provided by (used in) financing activities 1,337.7 (632.7)
--------- ---------
Effect of exchange rate changes on cash
and cash equivalents (6.3) (1.9)
--------- ---------
Net increase (decrease) in cash and cash equivalents 316.2 (1,642.1)
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 $ 1,655.7 $ 2,386.0
========= =========
</TABLE>
Certain amounts for 1994 have been reclassified to conform with 1995
classifications.
Reference should be made to the Notes to Financial Statements.
10
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
Exhibit 20
Page 4 of 6
NOTE 1. FINANCE RECEIVABLES
<TABLE>
The composition of finance receivables outstanding at March 31, 1995, December 31, 1994
and March 31, 1994 is summarized as follows:
March 31 Dec. 31 March 31
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
<S> <C> <C> <C>
United States
Retail $21,487.2 $23,486.8 $25,227.0
Wholesale 17,199.7 14,560.9 14,412.0
Leasing and lease financing 1,558.2 1,613.4 1,911.4
Term loans to dealers and others 3,941.2 3,753.6 4,019.2
--------- --------- ---------
Total United States 44,186.3 43,414.7 45,569.6
--------- --------- ---------
Canada
Retail 1,016.2 1,101.1 1,268.3
Wholesale 1,802.7 1,335.1 1,589.5
Leasing and lease financing 660.3 671.4 643.0
Term loans to dealer and others 137.0 128.0 113.5
--------- --------- ---------
Total Canada 3,616.2 3,235.6 3,614.3
--------- --------- ---------
Europe
Retail 5,934.1 5,340.5 4,505.8
Wholesale 4,014.2 3,413.8 2,300.2
Leasing and lease financing 591.5 547.8 510.8
Term loans to dealers and others 233.9 249.3 199.3
--------- --------- ---------
Total Europe 10,773.7 9,551.4 7,516.1
--------- --------- ---------
Other Countries
Retail 1,472.8 1,306.3 918.4
Wholesale 605.6 565.9 599.4
Leasing and lease financing 460.4 447.5 303.1
Term loans to dealers and others 98.8 106.9 102.6
--------- --------- ---------
Total Other Countries 2,637.6 2,426.6 1,923.5
--------- --------- ---------
Total finance receivables 61,213.8 58,628.3 58,623.5
--------- --------- ---------
Deductions
Unearned income 3,267.6 3,309.9 3,430.0
Allowance for financing losses 688.4 693.3 763.1
--------- --------- ---------
Total deductions 3,956.0 4,003.2 4,193.1
--------- --------- ---------
Finance receivables, net $57,257.8 $54,625.1 $54,430.4
========= ========= =========
</TABLE>
11
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
March 31 Dec. 31 March 31
1995 1994 1994
--------- --------- ---------
(In millions of dollars)
Short-term notes
Commercial paper $18,359.5 $18,644.4 $15,780.7
Master notes 636.6 500.9 528.1
Demand notes 2,675.2 2,542.6 2,254.7
Other 1,676.9 742.2 451.5
--------- --------- ---------
Total principal amount 23,348.2 22,430.1 19,015.0
Unamortized discount (151.9) (131.5) (84.8)
--------- --------- ---------
Total 23,196.3 22,298.6 18,930.2
--------- --------- ---------
Bank loans and overdrafts
United States 493.0 552.0 728.0
Other Countries 4,771.5 5,271.4 4,400.9
--------- --------- ---------
Total 5,264.5 5,823.4 5,128.9
--------- --------- ---------
Other notes, loans and debentures
payable within one year
United States:
Medium-term notes 4,597.7 5,072.0 7,437.1
Other (net) 1,213.7 1,164.6 2,188.2
Other countries 1,075.6 756.2 867.4
--------- --------- ---------
Total 6,887.0 6,992.8 10,492.7
--------- --------- ---------
Total $35,347.8 $35,114.8 $34,551.8
========= ========= =========
12
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
<TABLE>
Weighted average
interest rates at March 31 Dec. 31 March 31
March 31, 1995 1995 1994 1994
----------------- --------- --------- ---------
(In millions of dollars)
<S> <C> <C> <C> <C>
Maturity
- --------------
NOTES, LOANS
AND DEBENTURES
United States
currency
1995 -- $ -- $ -- $ 3,888.4
1996 7.0% 6,788.6 8,588.5 5,969.9
1997 7.2% 7,304.6 6,539.7 4,758.0
1998 6.8% 3,590.9 2,048.3 1,459.8
1999 7.2% 3,496.5 3,209.1 2,344.6
2000 8.0% 1,881.9 1,443.1 1,186.2
2001 - 2005 7.7% 3,232.0 2,703.3 2,702.5
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 7.4% 375.0 375.0 375.0
--------- --------- ---------
Total United
States currency 28,246.7 26,484.2 24,261.6
Other currencies
1996 - 2004 7.7% 5,974.9 5,844.9 4,426.3
--------- --------- ---------
Total notes,
loans and
debentures 34,221.6 32,329.1 28,687.9
Unamortized
discount (783.4) (789.5) (808.9)
--------- --------- ---------
Total notes,
loans and
debentures
payable after
one year $33,438.2 $31,539.6 $27,879.0
========= ========= =========
</TABLE>
13
<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 March 31, 1995 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000040729
<NAME> GMAC 10-Q
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 1656
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4245
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 61214
<ALLOWANCE> 688
<TOTAL-ASSETS> 90411
<DEPOSITS> 0
<SHORT-TERM> 35348
<LIABILITIES-OTHER> 13485
<LONG-TERM> 33438
<COMMON> 2200
0
0
<OTHER-SE> 5940
<TOTAL-LIABILITIES-AND-EQUITY> 90411
<INTEREST-LOAN> 1284
<INTEREST-INVEST> 0
<INTEREST-OTHER> 1433
<INTEREST-TOTAL> 2717
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 2210
<INTEREST-INCOME-NET> 508
<LOAN-LOSSES> 55
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 793
<INCOME-PRETAX> 431
<INCOME-PRE-EXTRAORDINARY> 255
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 255
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
