================================================================================
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, 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 March 31, 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, March 31, 1996, December 31, 1995
and March 31, 1995.
2. Consolidated Statement of Income and Net Income Retained for
Use in the Business for the Three Months Ended
March 31, 1996 and 1995.
3. Consolidated Statement of Cash Flows for the Three Months
Ended March 31, 1996 and 1995.
4. Notes to Financial Statements.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
EARNINGS
Consolidated net income for the quarter increased by 21% over the comparable
prior year period.
Three Months Ended March 31
---------------------------
1996 1995
------ ------
(in millions of dollars)
Financing Operations $271.8 $216.3
Insurance Operations* 37.3 38.6
------ ------
Consolidated Net Income $309.1 $254.9
====== ======
* Motors Insurance Corporation (MIC)
Consolidated Return on Average Equity 14.8% 12.7%
The 26% increase in first quarter net income from financing operations,
including GMAC Mortgage Group (GMACMG) results, is attributable to improvement
in North American financing margins, principally in the retail finance
receivables and operating lease portfolios, and higher earnings from mortgage
operations; partially offset by increases in provisions for financing losses and
operating expenses.
Lower capital gains recognition, partially offset by improved underwriting
results, led to the 3% decline in quarterly net income from insurance operations
from 1995.
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 (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
methods to finance vehicles after it was sold by GM in June, 1995.
Three Months Ended March 31
---------------------------
1996 1995
------ ------
(in millions of units)
Industry ................................ 3.7 3.6
General Motors .......................... 1.2 1.1
New GM Vehicle Deliveries Financed by GMAC
Retail (Instalment Sale Contracts and
Operating Leases) ..................... 30.9% 25.2%
Fleet Transactions (Lease Financing) ... 5.8% 18.8%
Total .................................... 26.1% 23.7%
<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 three months ended
March 31, 1996 and 1995 are summarized below:
Three Months Ended March 31
---------------------------
1996 1995
------ ------
(in thousands of units)
UNITED STATES
Retail Instalment Sale Contracts ...... 174 125
Operating Leases ...................... 125 111
Leasing ............................... 17 58
--- ---
New Deliveries Financed ................. 316 294
=== ===
OTHER COUNTRIES
Retail Instalment Sale Contracts ...... 83 91
Operating Leases ...................... 49 42
Leasing ............................... 17 18
--- ---
New Deliveries Financed ................. 149 151
=== ===
WORLDWIDE
Retail Instalment Sale Contracts ...... 257 216
Operating Leases ...................... 174 153
Leasing ............................... 34 76
--- ---
New Deliveries Financed ................. 465 445
=== ===
GMAC also provides wholesale financing for GM and other dealers' new and used
vehicle inventories. In the United States, inventory financing was provided for
720,000 and 1,005,000 new GM vehicles, representing 69.5% and 72.7% of all GM
sales to dealers during the first quarter of 1996 and 1995, respectively. The
decline in wholesale unit financing from the prior year period is predominantly
attributable to a temporary interruption of GM's North American vehicle
production during the latter half of March 1996 due to parts shortages caused by
a labor strike at two components plants.
INCOME AND EXPENSES
Consolidated financing revenue totaled $3,179.2 million in the first quarter of
1996, a 17% increase over the first quarter of 1995. The improvement is
primarily attributable to higher average retail finance receivables and
continued growth of the operating lease portfolio in the U.S.
The Company's worldwide cost of funds for the first quarter of 1996 averaged
6.74%, a decrease of 42 basis points from the first quarter of 1995. Total
borrowing costs for U.S. operations averaged 6.64% for the first quarter
compared to 7.07% for the same period 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 averaged 8.34% during the quarter, 49 basis
points below 1995; and 2) a greater proportion of floating rate short-term
funding in GMAC's funding mix in 1996 from a year earlier.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
Other income, including gains and fees related to sold finance receivables as
well as mortgage banking activities, totaled $447.1 million for the three months
ended March 31, 1996, compared to $499.0 million during the comparable 1995
period. The decrease from the prior year 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 1.22% of total average serviced assets during the first
quarter of 1996, compared to 0.66% for the same period last year. Increased
charge-off experience, primarily in the U.S., and additions to the Company's
allowance requirements led to the $155.2 million first quarter provision for
financing losses, $100.2 million above last year's comparable period. In
addition, other expenses totaled $870.9 million, a 10% increase over the prior
year period, reflecting higher salaries and benefits and general operating
costs.
MORTGAGE OPERATIONS
The GMACMG maintained its position as a leading mortgage banker in the United
States. For the first quarter of 1996, loan origination, mortgage servicing
acquisitions and correspondent loan volume totaled $15.5 billion, an increase of
$6.4 billion from a year ago. This increase was due to a more favorable interest
rate environment from a year ago and expanded participation in the market for
residential servicing rights. Reflecting this activity, the combined GMACMG
servicing portfolio increased 12% during the quarter to $91.1 billion, 39% above
the $65.4 billion serviced at March 31, 1995.
INSURANCE OPERATIONS
Continued improvements in underwriting results were offset by reduced investment
income as capital gains for the first quarter of 1996 totaled $12.8 million, a
decline of $10.3 million from the first quarter of 1995.
FINANCIAL CONDITION AND LIQUIDITY
At March 31, 1996, the Company owned assets and serviced automotive receivables
totaling $104.3 billion, a decline of $2.3 billion from year-end 1995, but $0.4
billion above the comparable prior year period. Earning assets totaled $91.5
billion at March 31, 1996, compared to $92.0 billion and $88.1 billion at
December 31 and March 31, 1995, respectively. The decline from year-end 1995 is
principally attributable to reduced wholesale finance receivables caused by the
aforementioned temporary interruption of GM vehicle production during the latter
half of March 1996. The higher earning asset levels over March 31, 1995 reflects
growth of the retail finance receivables and operating lease portfolios combined
with the Company's reduced utilization of asset securitizations to fund its
business activities.
During the first quarter of 1996, settlement terms between the Company and GM
related to certain wholesale financing of sales of GM products were changed from
expiration of transit time to shipment date. Interest is received from GM for
settlements made in advance of expiration of transit time.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONCLUDED)
Consolidated operating lease assets, net of depreciation, totaled $22.9 billion
at March 31, 1996, reflecting increases of 3% and 19% over December 31 and March
31, 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 $1.1 billion
at March 31, 1996, 18% and 31% below December 31 and March 31, 1995,
respectively. The continued decrease is primarily attributable to the normal
amortization of net assets on sale of retail receivables transactions. Other
earning assets declined 17% during the first quarter, principally due to reduced
inventories of vehicles acquired from fleet and rental customers of GM,
partially offset by increased mortgage servicing rights.
As of March 31, 1996, GMAC's total borrowings were $74.0 billion, a slight
decrease from $74.9 billion at December 31, 1995, but an increase from $68.8
billion at March 31, 1995. The higher quarter-to-quarter borrowings outstanding
were used to fund increased earning asset levels and reduce accounts payable and
other liabilities. GMAC's ratio of debt to total stockholder's equity at March
31, 1996 was 8.9:1 compared to 9.1:1 at December 31, 1995 and 8.5:1 at March 31,
1995.
The Company and its subsidiaries maintain substantial bank lines of credit which
totaled $40.4 billion at March 31, 1996, compared to $40.0 billion at year-end
1995 and $37.5 billion at March 31, 1995. The unused portion of these credit
lines totaled $31.6 billion at March 31, 1996, $1.2 billion and $2.8 billion
higher than December 31 and March 31, 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 its
interest rate and foreign exchange exposures. During the three months ended
March 31, 1996, there were no significant changes in the Company's use of
derivative financial instruments or in the portfolio's fair value.
-----------------------------------
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company did not become a party to any material pending legal proceedings
during the quarter ended March 31, 1996, or prior to the filing of this report.
ITEM 5. OTHER INFORMATION
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31
------------------
1996 1995
---- ----
1.41 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 Three Months
Ended March 31, 1996.
(b) REPORTS ON FORM 8-K:
The Company did not file a Current Report on Form 8-K during the
quarter ended March 31, 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: May 9, 1996 Eric A. Feldstein, Executive Vice
----------- President and Principal Financial
Officer
s/ Gerald E. Gross
-------------------------------------
Dated: May 9, 1996 Gerald E. Gross, Comptroller and
----------- Principal Accounting Officer
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEET
Exhibit 20
Page 1 of 6
March 31 Dec. 31 March 31
--------- --------- ---------
1996 1995 1995
(in millions of dollars)
<S> <C> <C> <C>
Cash and Cash Equivalents .......................... $ 1,361.6 $ 1,448.6 $ 1,655.7
--------- --------- ---------
EARNING ASSETS
Investments in securities .......................... 4,319.2 4,328.2 4,244.8
Finance receivables, net (Note 1) .................. 59,632.4 60,404.9 58,357.7
Net investment in operating leases ................. 22,875.9 22,134.9 19,207.3
Notes Receivable from General Motors Corporation ... -- -- 1,242.2
Real estate mortgages - held for resale ............ 1,550.0 1,486.8 1,342.7
- held for investment ........ 765.6 706.8 968.5
- lending receivables ........ 542.9 710.1 268.5
Due and deferred from receivable sales, net ........ 1,127.7 1,371.4 1,632.2
Other .............................................. 723.0 871.0 882.7
--------- --------- ---------
Total earning assets ............................ 91,536.7 92,014.1 88,146.6
--------- --------- ---------
OTHER ASSETS
Intangible assets, at cost less amortization ....... 165.5 166.8 174.9
Other nonearning assets ............................ 1,996.0 2,018.0 1,533.4
--------- --------- ---------
Total other assets .............................. 2,161.5 2,184.8 1,708.3
--------- --------- ---------
TOTAL ASSETS ....................................... $95,059.8 $95,647.5 $91,510.6
========= ========= =========
Notes, loans and debentures payable within
one year (Note 2) ................................. $43,297.3 $43,871.8 $35,347.8
--------- --------- ---------
ACCOUNTS PAYABLE AND OTHER LIABILITIES
General Motors Corporation and affiliated companies 1,667.3 1,787.6 3,542.6
Interest ........................................... 1,407.2 1,048.0 1,322.9
Unpaid insurance losses and loss adjustment expense 1,518.7 1,499.7 1,573.2
Unearned insurance premiums ........................ 1,428.0 1,421.9 1,416.2
Deferred income taxes .............................. 2,067.3 2,175.6 1,969.5
United States and foreign income and other taxes
payable ........................................... 343.8 294.5 7.4
Other postretirement benefits ...................... 614.6 600.4 586.3
Other .............................................. 3,716.7 3,628.1 4,166.7
--------- --------- ---------
Total accounts payable and other liabilities .... 12,763.6 12,455.8 14,584.8
--------- --------- ---------
Notes, loans and debentures payable after one year
(Note 3) .......................................... 30,709.4 31,050.6 33,438.2
--------- --------- ---------
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 ........ 5,793.8 5,734.7 5,708.6
Net unrealized gains on securities ................. 255.5 284.7 144.3
Unrealized accumulated foreign currency translation
adjustment ........................................ 40.2 49.9 86.9
--------- --------- ---------
Total stockholder's equity ...................... 8,289.5 8,269.3 8,139.8
--------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ......... $95,059.8 $95,647.5 $91,510.6
========= ========= =========
Certain amounts for 1995 have been reclassified to conform with 1996
classifications.
Reference should be made to the Notes to Financial Statements.
</TABLE>
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF INCOME AND
NET INCOME RETAINED FOR USE IN THE BUSINESS
Exhibit 20
Page 2 of 6
Three Months Ended
March 31
----------------------
1996 1995
---------- ----------
(in millions of dollars)
FINANCING REVENUE
Retail and lease financing ............................ $ 957.5 $ 750.4
Operating leases ...................................... 1,738.3 1,433.0
Wholesale and term loans .............................. 483.4 534.0
---------- ----------
Total financing revenue ............................ 3,179.2 2,717.4
Interest and discount ................................. (1,239.7) (1,219.8)
Depreciation on operating leases ...................... (1,150.7) (989.7)
---------- ----------
Net financing revenue .............................. 788.8 507.9
Insurance premiums earned ............................. 297.5 271.3
Other income .......................................... 447.1 499.0
---------- ----------
NET FINANCING REVENUE AND OTHER .................... 1,533.4 1,278.2
---------- ----------
EXPENSES
Salaries and benefits ................................. 257.6 225.6
Other operating expenses .............................. 345.5 297.7
Insurance losses and loss adjustment expenses ......... 245.0 255.9
Provision for financing losses ........................ 155.2 55.0
Amortization of intangible assets ..................... 22.8 13.3
---------- ----------
Total expenses ..................................... 1,026.1 847.5
---------- ----------
Income before income taxes ............................ 507.3 430.7
United States, foreign and other income taxes ......... 198.2 175.8
---------- ----------
NET INCOME ......................................... 309.1 254.9
Net income retained for use in the business
at beginning of the period ........................... 5,734.7 5,653.7
---------- ----------
Total ................................................. 6,043.8 5,908.6
Cash dividends ........................................ 250.0 200.0
---------- ----------
NET INCOME RETAINED FOR USE IN THE BUSINESS
AT END OF THE PERIOD .............................. $ 5,793.8 $ 5,708.6
========== ==========
Reference should be made to the Notes to Financial Statements.
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Exhibit 20
Page 3 of 6
Three Months Ended
March 31
------------------
1996 1995
----------- ---------
(in millions of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income ............................................................ $ 309.1 $ 254.9
Depreciation .......................................................... 1,160.1 996.6
Provision for financing losses ........................................ 155.2 55.0
Gains on Sales of Finance Receivables ................................. -- (19.9)
Mortgage loans-originations/purchases ................................. (5,141.5) (1,716.9)
-proceeds on sale ....................................... 5,078.3 1,388.5
Mortgage related securities held for trading - acquisitions ........... (110.1) (3.0)
- liquidations ........... 100.6 3.0
Changes in the following items
Due to General Motors Corporation and affiliated companies .......... (98.1) 1,607.3
Taxes payable and deferred .......................................... (67.9) 175.7
Interest payable .................................................... 359.1 359.3
Other assets ........................................................ (11.0) 209.7
Other liabilities ................................................... 81.2 225.4
Other ................................................................. 65.8 (42.7)
---------- ----------
Net cash provided by operating activities .......................... 1,880.8 3,492.9
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance receivables-acquisitions ...................................... (39,145.0) (42,056.7)
-liquidations ...................................... 33,812.0 33,770.5
Notes receivable from General Motors Corporation ...................... -- (161.7)
Operating leases-acquisitions ......................................... (4,207.6) (3,302.0)
-liquidations ......................................... 2,256.0 1,214.8
Investments in securities-acquisitions ................................ (2,887.2) (3,613.6)
-liquidations ................................ 2,893.3 3,403.8
Proceeds from sales of receivables-wholesale .......................... 5,876.2 3,989.1
-retail ............................. -- 2,062.5
Due and deferred from receivable sales ................................ 243.7 (47.7)
Other ................................................................. 257.7 232.9
---------- ----------
Net cash used in investing activities .............................. (900.9) (4,508.1)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES Debt with original maturities 90 days and
over
-proceeds ........................................................ 9,847.3 15,714.9
-liquidations .................................................... (11,202.6) (13,676.7)
Debt with original maturities less than 90 days-net change ............ 536.6 (500.5)
Dividends paid ........................................................ (250.0) (200.0)
---------- ----------
Net cash (used in) provided by financing activities ................ (1,068.7) 1,337.7
---------- ----------
Effect of exchange rate changes on cash and cash equivalents .......... 1.8 (6.3)
---------- ----------
Net (decrease)/increase in cash and cash equivalents ............... (87.0) 316.2
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 .................... $ 1,361.6 $ 1,655.7
========== ==========
Certain amounts for 1995 have been reclassified to conform with 1996
classifications.
Reference should be made to the Notes to Financial Statements.
</TABLE>
<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 March 31, 1996, December
31, 1995 and March 31, 1995 is summarized as follows:
March 31 Dec. 31 March 31
1996 1995 1995
---------- ---------- ----------
(in millions of dollars)
United States
Retail ................................ $ 28,275.2 $ 26,979.9 $ 21,487.2
Wholesale ............................. 13,968.3 16,189.6 18,081.7
Leasing and lease financing ........... 1,400.6 1,327.3 1,729.5
Term loans to dealers and others ...... 3,990.5 3,729.6 3,941.2
---------- ---------- ----------
Total United States .................... 47,634.6 48,226.4 45,239.6
---------- ---------- ----------
Canada
Retail ................................ 694.1 786.8 1,016.2
Wholesale ............................. 1,668.4 1,512.2 1,849.3
Leasing and lease financing ........... 717.0 714.8 660.3
Term loans to dealers and others ...... 159.0 142.0 137.0
---------- ---------- ----------
Total Canada ........................... 3,238.5 3,155.8 3,662.8
---------- ---------- ----------
Europe
Retail ................................ 5,773.7 5,955.9 5,934.1
Wholesale ............................. 3,613.7 3,863.0 4,014.2
Leasing and lease financing ........... 558.0 567.0 591.5
Term loans to dealers and others ...... 238.3 230.5 233.9
---------- ---------- ----------
Total Europe ........................... 10,183.7 10,616.4 10,773.7
---------- ---------- ----------
Other Countries
Retail ................................ 1,996.2 1,908.6 1,472.8
Wholesale ............................. 749.7 656.1 605.6
Leasing and lease financing ........... 485.2 451.2 460.4
Term loans to dealers and others ...... 118.8 120.8 98.8
---------- ---------- ----------
Total Other Countries .................. 3,349.9 3,136.7 2,637.6
---------- ---------- ----------
Total finance receivables .............. 64,406.7 65,135.3 62,313.7
---------- ---------- ----------
Deductions
Unearned income ....................... 3,927.4 3,922.5 3,267.6
Allowance for financing losses ........ 846.9 807.9 688.4
---------- ---------- ----------
Total deductions ....................... 4,774.3 4,730.4 3,956.0
---------- ---------- ----------
Finance receivables, net ............... $ 59,632.4 $ 60,404.9 $ 58,357.7
========== ========== ==========
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
Exhibit 20
Page 5 of 6
NOTE 2. NOTES, LOANS AND DEBENTURES PAYABLE WITHIN ONE YEAR
March 31 Dec. 31 March 31
1996 1995 1995
---------- ---------- ----------
(in millions of dollars)
Short-term notes
Commercial paper ...................... $ 20,138.5 $ 21,926.0 $ 18,359.5
Master notes .......................... 251.3 253.5 636.6
Demand notes .......................... 3,202.1 3,037.4 2,675.2
Other ................................. 1,242.2 1,433.9 1,676.9
---------- ---------- ----------
Total principal amount ................. 24,834.1 26,650.8 23,348.2
Unamortized discount ................... (144.2) (343.8) (151.9)
---------- ---------- ----------
Total .................................. 24,689.9 26,307.0 23,196.3
---------- ---------- ----------
Bank loans and overdrafts
United States ......................... 1,155.0 1,014.0 493.0
Other Countries ....................... 6,507.6 7,031.7 4,771.5
---------- ---------- ----------
Total .................................. 7,662.6 8,045.7 5,264.5
---------- ---------- ----------
Other notes, loans and debentures
payable within one year
United States:
Medium-term notes .................. 8,374.2 6,920.9 4,597.7
Other (net) ........................ 1,773.0 1,776.1 1,213.7
Other countries ...................... 797.6 822.1 1,075.6
---------- ---------- ----------
Total .................................. 10,944.8 9,519.1 6,887.0
---------- ---------- ----------
Total payable within one year .......... $ 43,297.3 $ 43,871.8 $ 35,347.8
========== ========== ==========
<PAGE>
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
Exhibit 20
Page 6 of 6
NOTE 3. NOTES, LOANS AND DEBENTURES PAYABLE AFTER ONE YEAR
Weighted average
interest rates at March 31 Dec. 31 March 31
Maturity March 31, 1996 1996 1995 1995
- --------------------- ----------------- ---------- ---------- ---------
Notes, Loans (in millions of dollars)
And Debentures
United States currency
1996 ............... -- $ -- $ -- $ 6,788.6
1997 ............... 6.9% 5,689.8 8,522.5 7,304.6
1998 ............... 6.3% 5,990.9 4,975.3 3,590.9
1999 ............... 7.0% 4,480.2 3,680.0 3,496.5
2000 ............... 7.6% 2,628.6 2,453.2 1,881.9
2001 ............... 7.3% 1,823.9 1,323.9 1,323.4
2002 - 2006 ........ 7.2% 4,077.6 3,777.6 1,908.6
2007 - 2011 ........ 10.3% 900.0 900.0 900.0
2012 - 2016 ........ 10.2% 677.2 977.2 977.2
2017 - 2049 ........ 5.5% 75.0 75.0 75.0
---------- ---------- ----------
Total United States currency 26,343.2 26,684.7 28,246.7
Other currencies
1996 - 2004 ........ 7.9% 5,122.0 5,130.0 5,974.9
---------- ---------- ----------
Total notes, loans and
debentures ......... 31,465.2 31,814.7 34,221.6
Unamortized discount (755.8) (764.1) (783.4)
---------- ---------- ----------
Total notes, loans and
debentures payable after
one year ........... $ 30,709.4 $ 31,050.6 $ 33,438.2
========== ========== ==========
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<LEGEND>
This Schedule contains summary financial information extracted from the General
Motors Acceptance Corporation Form 10-Q for the period ending March 31, 1996
and is qualified in its entirety by reference to such financial statements.
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<NAME> GMAC
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<TABLE> <S> <C>
<ARTICLE> 5
<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>
<RESTATED>
<CIK> 0000040729
<NAME> GMAC
<MULTIPLIER> 1000000
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<PERIOD-END> MAR-31-1995
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<NAME> GMAC
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<COMMON> 2200
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<CGS> 0
<TOTAL-COSTS> 5303
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 449
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<INCOME-TAX> 752
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<DISCONTINUED> 0
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