================================================================================
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, 1996, 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 June 30, 1996, there were outstanding 22,000,000 shares of the issuer's
common stock.
DOCUMENTS INCORPORATED BY REFERENCE
None
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<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.
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 1995
Annual Report to the Securities and Exchange Commission on Form 10-K.
The Financial Statements described below are submitted herein as
Exhibit 20.
1. Consolidated Balance Sheet, June 30, 1996, December 31, 1995
and June 30, 1995.
2. Consolidated Statement of Income and Net Income Retained for
Use in the Business for the Second Quarter and Six Months Ended
June 30, 1996 and 1995.
3. Consolidated Statement of Cash Flows for the Six Months Ended
June 30, 1996 and 1995.
4. Notes to Consolidated Financial Statements.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
EARNINGS
Consolidated net income for the second quarter and six months increased by 35%
and 28% over the comparable prior year periods.
Period Ended June 30
SECOND QUARTER | SIX MONTHS
-------------- - ----------
1996 1995 | 1996 1995
---- ---- - ---- ----
(in millions of dollars) |
Financing Operations* $318.3 $228.3 | $590.1 $444.6
Insurance Operations** 31.7 30.9 | 69.0 69.5
------ ------ ------ ------
Consolidated Net Income $350.0 $259.2 | $659.1 $514.1
====== ====== ====== ======
* Includes GMAC Mortgage Group (GMACMG)
**Motors Insurance Corporation (MIC)
Consolidated Return
on Average Equity 16.7% 12.6% 15.8% 12.6%
The 39% and 33% increases in second quarter and six month net income from
financing operations, including GMACMG results, is primarily attributable to a
significant improvement in North American financing margins, principally in the
retail finance receivables and operating lease portfolios; and, to a lesser
extent, a lower effective tax rate in 1996 for GMAC's international financing
operations.
UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES
New vehicle deliveries in the U.S. were slightly above 1995 levels. Special rate
financing and incentivized leasing programs sponsored by General Motors
Corporation (GM) were a primary contributor to higher penetration of retail
delivery financing over the prior year period. Reduced participation in fleet
deliveries is predominantly attributable to National Car Rental System's
election to use other vehicle finance sources after it was sold by GM in June,
1995.
Period Ended June 30
SECOND QUARTER | SIX MONTHS
-------------- - ----------
1996 1995 | 1996 1995
---- ---- - ---- ----
(in millions of units) |
Industry ............... 4.3 4.1 | 8.0 7.7
General Motors ......... 1.4 1.3 | 2.5 2.4
|
New GM Vehicle Deliveries |
Financed by GMAC |
Retail (Instalment Sale |
Contracts and |
Operating Leases) .... 31.8% 25.4% | 31.4% 25.3%
Fleet Transactions |
(Lease Financing) ..... 4.7% 13.5% | 5.2% 16.1%
Total .................. 25.7% 23.0% | 25.9% 23.4%
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
FINANCING VOLUME
The number of new vehicle deliveries financed during the second quarter and six
months ended June 30, 1996 and 1995 are summarized below:
Period Ended June 30
SECOND QUARTER | SIX MONTHS
-------------- - ----------
1996 1995 | 1996 1995
---- ---- - ---- ----
(in thousands of units) |
UNITED STATES |
Retail Instalment Sale |
Contracts ........... 193 180 | 367 304
Operating Leases ..... 157 108 | 283 219
Leasing .............. 18 42 | 34 101
--- --- --- ---
New Deliveries Financed 368 330 | 684 624
=== === === ===
|
OTHER COUNTRIES |
Retail Instalment Sale |
Contracts ........... 77 92 | 160 184
Operating Leases ..... 60 57 | 108 99
Leasing .............. 22 20 | 40 37
--- --- --- ---
New Deliveries Financed 159 169 | 308 320
=== === === ===
|
WORLDWIDE |
Retail Instalment Sale |
Contracts ........... 270 272 | 527 488
Operating Leases ..... 217 165 | 391 318
Leasing .............. 40 62 | 74 138
--- --- --- ---
New Deliveries Financed 527 499 | 992 944
=== === === ===
GMAC also provides wholesale financing for GM and other dealers' new and used
vehicle inventories. In the United States, inventory financing was provided for
961,000 and 1,681,000 new GM vehicles during the second quarter and first six
months of 1996, compared with 977,000 and 1,982,000 new GM vehicles during the
same periods in 1995. GMAC's wholesale financing represented 69.9% of all GM
U.S. vehicle sales to dealers during the first six months of 1996, down from
72.0% for the comparable period a year ago.
INCOME AND EXPENSES
Consolidated financing revenue totaled $3.1 billion and $6.3 billion in the
second quarter and first six months of 1996, respectively, 7% and 12% above the
comparable 1995 periods. The increased retail and leasing revenues, principally
resulting from higher average asset levels in the U.S., were partially offset
by a reduction in wholesale financing revenue which is primarily attributable
to lower interest rate indexes upon which floor plan rates are based and the
April 1996 additional sale of wholesale receivables which GMAC continues to
service for a fee.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
The Company's worldwide cost of borrowing for the second quarter and first six
months of 1996 averaged 6.46% and 6.60%, respectively, a decrease of 79 and 60
basis points from the comparable periods of a year ago. Total borrowing costs
for U.S. operations averaged 6.36% and 6.50% for the second quarter and first
six months of 1996, compared to 6.98% and 7.02% for the respective periods in
1995. These improvements are attributable to two factors: 1) a lower general
level of short term interest rates as the U.S. prime lending rate for the six
month period averaged 62 basis points below 1995; and 2) the return to a more
traditional funding mix which emphasizes a greater proportion of floating rate
short-term borrowings.
Other income, including gains and fees related to sold finance receivables as
well as mortgage banking activities, totaled $540.8 million and $987.9 million
for the second quarter and first six months ended June 30, 1996, compared to
$562.4 million and $1,061.4 million during the comparable 1995 periods. The
decrease from prior year activity is principally the result of lower income from
sale of receivables transactions and interest income from GM receivables,
partially offset by higher fee and investment income at GMACMG.
Net retail losses were 1.17% and 1.20% of total average serviced assets during
the second quarter and first six months of 1996, compared to 0.68% and 0.67% for
the same periods last year. During the second quarter of 1996, the rate of
charge-off experience in the U.S. stabilized; resulting in the provision for
financing losses being 1% above the comparable 1995 period. For the six months
ended June 30, 1996, the provision for financing losses was $101.5 million above
the prior year of which $100.2 million is attributable to the first quarter.
Other operating expenses totaled $391.5 million and $737.0 million for the three
and six month periods ended June 30, 1996, a 14% and 15% increase over the
respective prior year periods, reflecting higher general operating costs
incidental to expanded business activities.
MORTGAGE OPERATIONS
The GMACMG maintained its position as a leading mortgage banker in the United
States. For the second quarter of 1996, loan origination, mortgage servicing
acquisitions and correspondent loan volume totaled $11.9 billion, an increase of
$6.4 billion from a year ago. This increase was due to a more favorable interest
rate environment compared to last year, and expanded participation in the market
for residential servicing rights. Reflecting this activity, the combined GMACMG
servicing portfolio increased 19% during the six month period to $96.2 billion,
42% above the $67.8 billion serviced at June 30, 1995.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
FINANCIAL CONDITION AND LIQUIDITY
At June 30, 1996, the Company owned assets and serviced automotive receivables
totaling $106.9 billion, $0.3 billion above year-end 1995, and $2.6 billion
above June 30, 1995. The increase is principally attributable to continued
growth of operating leases, partially offset by a decline in the total finance
receivables servicing portfolio. Earning assets totaled $93.1 billion at June
30, 1996 compared to $92.0 billion and $89.1 billion at December 31 and June 30,
1995, respectively.
Finance receivables serviced by the Company, including sold receivables, totaled
$70.4 billion at June 30, 1996, $1.3 billion and $1.8 billion below December 31
and June 30, 1995, respectively, with the reduction primarily attributable to
lower wholesale finance outstandings. However, during the second quarter of
1996, these serviced receivables increased by $1.3 billion, predominantly
resulting from a higher wholesale finance servicing portfolio due to GM's
resumed production of vehicles in North America following a strike during March
1996.
During the second quarter of 1996, the Company utilized its asset securitization
program by selling additional retail finance receivables totaling $1.1 billion
and wholesale finance receivables totaling $1.9 billion. The Company continues
to service these receivables for a fee.
Consolidated operating lease assets, net of depreciation, totaled $24.1 billion
at June 30, 1996, reflecting increases of 9% and 20% over December 31 and June
30, 1995, respectively. The portfolio growth reflects a continued trend of more
consumers selecting leasing as a method to finance vehicles.
The Company's due and deferred from receivable sales (net) totaled $1.2 billion
at June 30, 1996, 11% and 24% below December 31 and June 30, 1995, respectively.
The continued decrease is primarily attributable to the normal amortization of
net assets on sale of retail receivables transactions.
As of June 30, 1996, GMAC's total borrowings were $74.4 billion, a slight
decrease from $74.9 billion at December 31, 1995, but an increase from $70.6
billion at June 30, 1995. The higher mid-year to mid-year borrowings outstanding
were used to fund increased earning asset levels. GMAC's ratio of debt to total
stockholder's equity at June 30, 1996 was 8.9:1 compared to 9.1:1 at December
31, 1995 and 8.5:1 at June 30, 1995.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONCLUDED)
The Company and its subsidiaries maintain substantial bank lines of credit which
totaled $40.4 billion at June 30, 1996, compared to $40.0 billion at year-end
1995 and $38.1 billion at June 30, 1995. The unused portion of these credit
lines totaled $31.5 billion at June 30, 1996, $1.0 billion and $1.5 billion
higher than December 31 and June 30, 1995, respectively. Included in the unused
credit lines are a committed U.S. revolving credit facility of $10 billion which
serves primarily as back-up for GMAC's unsecured commercial paper program and a
$12.2 billion U.S. asset-backed commercial paper liquidity and receivables
credit facility for New Center Asset Trust (NCAT), a non-consolidated limited
purpose business trust established to issue asset-backed commercial paper.
As discussed in the Company's 1995 Annual Report on Form 10-K, a variety of
interest rate and currency derivative instruments are utilized in managing
interest rate and foreign exchange exposures. During the first six months ended
June 30, 1996, there were no significant changes in the Company's use of
derivative financial instruments or in the portfolio's fair value.
ACCOUNTING STANDARDS
In June 1996, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 125, "Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities" (SFAS No. 125). SFAS No.
125 is effective for transfers and servicing of financial assets and
extinguishments of liabilities occurring after December 31, 1996. The Company
has not yet determined the impact that this new accounting standard will have on
its consolidated operating results or financial position. The Company will adopt
this accounting standard on January 1, 1997, as required.
- -----------------------------------
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company did not become a party to any material pending legal proceedings
during the second quarter ended June 30, 1996, or prior to the filing of this
report.
ITEM 5. OTHER INFORMATION
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended
JUNE 30
-------
1996 1995
---- ----
1.43 1.35
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.
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, 1996.
(b) REPORTS ON FORM 8-K:
The Company did not file a Current Report on Form 8-K during the
quarter ended June 30, 1996.
<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/ ERIC A. FELDSTEIN
---------------------------------
Dated: AUGUST 8, 1996 Eric A. Feldstein, Executive Vice
-------------- President and Principal Financial
Officer
S/ GERALD E. GROSS
--------------------------------
Dated: AUGUST 8, 1996 Gerald E. Gross, Comptroller and
-------------- Principal Accounting Officer
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEET
Exhibit 20
Page 1 of 6
<CAPTION>
June 30 Dec. 31 June 30
1996 1995 1995
---- ---- ----
(in millions of dollars)
<S> <C> <C> <C>
Cash and Cash Equivalents .......................... $ 960.4 $ 1,448.6 $ 1,476.1
--------- --------- ---------
EARNING ASSETS
Investments in securities .......................... 4,365.7 4,328.2 4,336.8
Finance receivables, net (Note 1) .................. 59,331.9 60,404.9 59,801.4
Net investment in operating leases ................. 24,112.6 22,134.9 20,026.7
Real estate mortgages - held for resale ............ 1,768.6 1,486.8 1,391.6
- held for investment ........ 736.1 706.8 1,002.2
- lending receivables ........ 767.0 710.1 401.5
Due and deferred from receivable sales, net ........ 1,227.4 1,371.4 1,608.0
Other .............................................. 753.8 871.0 524.0
--------- -------- ---------
Total earning assets ............................ 93,063.1 92,014.1 89,092.2
--------- --------- ---------
OTHER ASSETS
Intangible assets, at cost less amortization ....... 166.4 166.8 171.8
Other nonearning assets ............................ 1,887.2 2,018.0 1,643.6
--------- --------- ---------
Total other assets .............................. 2,053.6 2,184.8 1,815.4
--------- --------- ---------
TOTAL ASSETS ....................................... $96,077.1 $95,647.5 $92,383.7
========= ========= =========
Notes, loans and debentures payable within
one year (Note 2) ................................. $43,165.9 $43,871.8 $36,974.6
--------- --------- ---------
ACCOUNTS PAYABLE AND OTHER LIABILITIES
General Motors Corporation and affiliated companies 1,959.1 1,787.6 2,925.7
Interest ........................................... 1,166.0 1,048.0 1,203.5
Unpaid insurance losses and loss adjustment expense 1,529.1 1,499.7 1,561.9
Unearned insurance premiums ........................ 1,426.6 1,421.9 1,418.3
Deferred income taxes .............................. 2,195.7 2,175.6 1,911.2
United States and foreign income and other taxes
payable ........................................... 140.2 294.5 177.5
Other postretirement benefits ...................... 622.0 600.4 596.9
Other .............................................. 4,320.4 3,628.1 3,726.0
--------- --------- ---------
Total accounts payable and other liabilities .... 13,359.1 12,455.8 13,521.0
--------- --------- ---------
Notes, loans and debentures payable after one year
(Note 3) .......................................... 31,210.1 31,050.6 33,626.3
--------- --------- ---------
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 ........ 5,893.8 5,734.7 5,767.8
Net unrealized gains on securities ................. 242.8 284.7 213.8
Unrealized accumulated foreign currency translation
adjustment ........................................ 5.4 49.9 80.2
--------- --------- ---------
Total stockholder's equity ...................... 8,342.0 8,269.3 8,261.8
--------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ......... $96,077.1 $95,647.5 $92,383.7
========= ========= =========
Certain amounts for 1995 have been reclassified to conform with 1996
classifications.
Reference should be made to the Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF INCOME AND
NET INCOME RETAINED FOR USE IN THE BUSINESS
Exhibit 20
Page 2 of 6
<CAPTION>
Period Ended June 30
SECOND QUARTER SIX MONTHS
-------------- ----------
1996 1995 1996 1995
---- ---- ---- ----
(in millions of dollars)
FINANCING REVENUE
<S> <C> <C> <C> <C>
Retail and lease financing ..... $ 955.7 $ 772.3 $ 1,913.2 $ 1,522.7
Operating leases ............... 1,784.6 1,539.3 3,522.9 2,972.3
Wholesale and term loans ....... 384.0 606.0 867.4 1,140.0
---------- ---------- --------- ----------
Total financing revenue ..... 3,124.3 2,917.6 6,303.5 5,635.0
Interest and discount .......... (1,224.6) (1,275.3) (2,464.3) (2,495.1)
Depreciation on operating leases (1,122.9) (1,051.3) (2,273.6) (2,041.0)
---------- ---------- --------- ----------
Net financing revenue ....... 776.8 591.0 1,565.6 1,098.9
Insurance premiums earned ...... 287.9 273.5 585.4 544.8
Other income ................... 540.8 562.4 987.9 1,061.4
---------- ---------- --------- ----------
NET FINANCING REVENUE AND
OTHER ...................... 1,605.5 1,426.9 3,138.9 2,705.1
---------- ---------- --------- ----------
EXPENSES
Salaries and benefits .......... 224.0 221.7 481.6 447.3
Other operating expenses ....... 391.5 344.1 737.0 641.8
Insurance losses and loss
adjustment expenses ........... 262.3 253.4 507.3 509.3
Provision for financing losses . 134.6 133.3 289.8 188.3
Amortization of intangible
assets ........................ 32.0 19.7 54.8 33.0
---------- ---------- --------- ----------
Total expenses .............. 1,044.4 972.2 2,070.5 1,819.7
---------- ---------- --------- ----------
Income before income taxes ..... 561.1 454.7 1,068.4 885.4
United States, foreign and other
income taxes .................. 211.1 195.5 409.3 371.3
---------- ---------- --------- ----------
NET INCOME .................. 350.0 259.2 659.1 514.1
Net income retained for use in
the business at beginning of
the period .................... 5,793.8 5,708.6 5,734.7 5,653.7
---------- ---------- --------- ----------
Total .......................... 6,143.8 5,967.8 6,393.8 6,167.8
Cash dividends ................. 250.0 200.0 500.0 400.0
---------- ---------- --------- ----------
NET INCOME RETAINED FOR USE
IN THE BUSINESS AT END OF
THE PERIOD ................. $ 5,893.8 $ 5,767.8 $ 5,893.8 $ 5,767.8
========== ========== ========= ==========
Reference should be made to the Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Exhibit 20
Page 3 of 6
<CAPTION>
Six Months Ended
JUNE 30
------------------------
1996 1995
---------- ------------
(in millions of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income .................................................. $ 659.1 $ 514.1
Depreciation ................................................ 2,292.7 2,058.1
Provision for financing losses .............................. 289.8 188.3
Gains on Sales of Finance Receivables ....................... (18.8) (38.2)
Mortgage loans-originations/purchases ....................... (9,447.1) (3,952.8)
-proceeds on sale ............................. 9,165.3 3,575.5
Mortgage related securities held for trading - acquisitions . (202.8) (116.8)
- liquidations . 113.4 155.6
Changes in the following items
Due to General Motors Corporation and affiliated companies . 206.8 1,012.1
Taxes payable and deferred ................................. (98.6) 251.9
Interest payable ........................................... 119.3 239.1
Other assets ............................................... 67.5 82.2
Other liabilities .......................................... 655.7 (249.9)
Other ........................................................ 138.5 (13.0)
--------- ---------
Net cash provided by operating activities ................. 3,940.8 3,706.2
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance receivables-acquisitions ............................. (73,916.3) (85,616.7)
-liquidations ............................. 56,094.8 70,472.1
Notes receivable from General Motors Corporation ............. (45.7) 1,080.5
Operating leases-acquisitions ................................ (9,894.8) (6,795.0)
-liquidations ................................ 5,508.1 2,834.0
Investments in securities-acquisitions ....................... (5,057.2) (6,821.8)
-liquidations ............................... 5,045.7 6,590.8
Proceeds from sales of receivables-wholesale ................. 17,466.3 7,854.6
-retail .................... 999.3 3,378.1
Due and deferred from receivable sales ....................... 162.8 (4.9)
Other ........................................................ 79.4 466.9
--------- ---------
Net cash used in investing activities ..................... (3,557.6) (6,561.4)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Debt with original maturities 90 days and over
-proceeds ............................................... 26,180.5 29,039.1
-liquidations ........................................... (25,264.4) (25,048.9)
Debt with original maturities less than 90 days-net change ... (1,290.2) (593.4)
Dividends paid ............................................... (500.0) (400.0)
--------- ---------
Net cash (used in) provided by financing activities ....... (874.1) 2,996.8
--------- ---------
Effect of exchange rate changes on cash and cash equivalents . 2.7 (5.0)
--------- ---------
Net (decrease)/increase in cash and cash equivalents ...... (488.2) 136.6
Cash and cash equivalents at the beginning of the period ..... 1,448.6 1,339.5
--------- ---------
Cash and cash equivalents at the end of the period ........... $ 960.4 $ 1,476.1
========= =========
Certain amounts for 1995 have been reclassified to conform with 1996
classifications.
Reference should be made to the Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Exhibit 20
Page 4 of 6
NOTE 1. FINANCE RECEIVABLES
The composition of finance receivables outstanding at June 30, 1996, December
31, 1995 and June 30, 1995 is summarized as follows:
June 30 Dec. 31 June 30
1996 1995 1995
------- ------- -------
(in millions of dollars)
United States
Retail ................................ $ 28,269.9 $ 26,979.9 $ 22,447.1
Wholesale ............................. 13,545.5 16,189.6 18,485.3
Leasing and lease financing ........... 1,268.3 1,327.3 1,454.0
Term loans to dealers and others ...... 4,003.1 3,729.6 4,297.7
---------- ---------- ----------
Total United States .................... 47,086.8 48,226.4 46,684.1
---------- ---------- ----------
Canada
Retail ................................ 649.8 786.8 959.4
Wholesale ............................. 1,851.4 1,512.2 1,905.2
Leasing and lease financing ........... 799.1 714.8 732.4
Term loans to dealers and others ...... 227.5 142.0 142.3
---------- ---------- ----------
Total Canada ........................... 3,527.8 3,155.8 3,739.3
---------- ---------- ----------
Europe
Retail ................................ 5,677.7 5,955.9 5,951.0
Wholesale ............................. 3,523.0 3,863.0 4,077.6
Leasing and lease financing ........... 550.7 567.0 589.0
Term loans to dealers and others ...... 217.8 230.5 228.3
---------- ---------- ----------
Total Europe ........................... 9,969.2 10,616.4 10,845.9
---------- ---------- ----------
Other Countries
Retail ................................ 2,059.9 1,908.6 1,663.6
Wholesale ............................. 806.2 656.1 518.8
Leasing and lease financing ........... 517.4 451.2 474.5
Term loans to dealers and others ...... 131.5 120.8 93.8
---------- ---------- ----------
Total Other Countries .................. 3,515.0 3,136.7 2,750.7
---------- ---------- ----------
Total finance receivables .............. 64,098.8 65,135.3 64,020.0
---------- ---------- ----------
Deductions
Unearned income ....................... 3,906.2 3,922.5 3,478.6
Allowance for financing losses ........ 860.7 807.9 740.0
---------- ---------- ----------
Total deductions ....................... 4,766.9 4,730.4 4,218.6
---------- ---------- ----------
Finance receivables, net ............... $ 59,331.9 $ 60,404.9 $ 59,801.4
========== ========== ==========
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Exhibit 20
Page 5 of 6
NOTE 2. NOTES, LOANS AND DEBENTURES PAYABLE WITHIN ONE YEAR
June 30 Dec. 31 June 30
1996 1995 1995
------- ------- -------
(in millions of dollars)
Short-term notes
Commercial paper ...................... $ 19,970.3 $ 21,926.0 $ 18,840.0
Master notes .......................... 297.0 253.5 643.3
Demand notes .......................... 3,292.2 3,037.4 2,775.0
Other ................................. 1,443.2 1,433.9 975.2
---------- ---------- ----------
Total principal amount ................. 25,002.7 26,650.8 23,233.5
Unamortized discount ................... (177.4) (343.8) (177.7)
---------- ---------- ----------
Total .................................. 24,825.3 26,307.0 23,055.8
---------- ---------- ----------
Bank loans and overdrafts
United States ......................... 1,255.0 1,014.0 640.0
Other Countries ....................... 5,831.1 7,031.7 5,819.5
---------- ---------- ----------
Total .................................. 7,086.1 8,045.7 6,459.5
---------- ---------- ----------
Other notes, loans and debentures
payable within one year
United States:
Medium-term notes .................. 8,464.0 6,920.9 5,323.1
Other (net) ........................ 2,014.5 1,776.1 1,300.5
Other countries ...................... 776.0 822.1 835.7
---------- ---------- ----------
Total .................................. 11,254.5 9,519.1 7,459.3
---------- ---------- ----------
Total payable within one year .......... $ 43,165.9 $ 43,871.8 $ 36,974.6
========== ========== ==========
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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
MATURITY JUNE 30, 1996 1996 1995 1995
- --------------------- ----------------- ---------- ---------- -------
Notes, Loans (in millions of dollars)
And Debentures
United States currency
1996 ............... -- $ -- $ -- $ 4,540.0
1997 ............... 6.6% 2,920.7 8,522.5 8,045.4
1998 ............... 6.3% 6,863.9 4,975.3 4,347.4
1999 ............... 6.9% 5,070.2 3,680.0 3,569.1
2000 ............... 7.4% 3,333.6 2,453.2 2,302.6
2001 ............... 7.1% 2,409.0 1,323.9 1,323.5
2002 - 2006 ........ 7.2% 4,602.6 3,777.6 2,217.1
2007 - 2011 ........ 10.3% 900.0 900.0 900.0
2012 - 2016 ........ 10.2% 677.2 977.2 977.2
2017 - 2049 ........ 5.2% 75.0 75.0 75.0
---------- ---------- ----------
Total United States currency 26,852.2 26,684.7 28,297.3
Other currencies
1996 - 2005 ........ 7.2% 5,107.3 5,130.0 6,107.3
---------- ---------- ----------
Total notes, loans and
debentures ......... 31,959.5 31,814.7 34,404.6
Unamortized discount (749.4) (764.1) (778.3)
---------- --------- ----------
Total notes, loans and
debentures payable after
one year ........... $ 31,210.1 $ 31,050.6 $ 33,626.3
========== ========== ==========
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