UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 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 September 30, 1996, 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.
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, September 30, 1996, December 31,
1995 and September 30, 1995.
2. Consolidated Statement of Income and Net Income Retained for
Use in the Business for the Third Quarter and Nine Months Ended
September 30, 1996 and 1995.
3. Consolidated Statement of Cash Flows for the Nine Months Ended
September 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 third quarter and nine months ended
September 30, 1996 increased by 21% and 26% over the comparable prior year
periods.
Period Ended September 30
Third Quarter | Nine Months
---------------- | -----------------
1996 1995 | 1996 1995
------ ------ | ------ ------
(in millions of dollars) |
Financing Operations* $252.4 $222.2 | $842.5 $666.8
Insurance Operations** 54.9 31.5 | 123.9 101.0
------ ------ | ------ ------
Consolidated Net Income $307.3 $253.7 | $966.4 $767.8
====== ====== ====== ======
* Includes GMAC Mortgage Group (GMACMG)
**Motors Insurance Corporation (MIC)
Consolidated Return
on Average Equity 14.5% 12.2% 15.3% 12.5%
The 14% and 26% increases in third quarter and nine month net income from
financing operations are primarily attributable to continued lending margin
improvements in North America, principally in the retail finance receivables and
operating lease portfolios; a lower effective tax rate in 1996 for the Company's
international financing operations; and GMACMG earnings growth.
Higher capital gains realization and improved commercial underwriting results
were the predominant contributors to the 74% and 23% favorable increases in
MIC's earnings for the three and nine month periods ended September 30, 1996
compared to the respective results for last year.
UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES
Special rate financing and incentivized leasing programs sponsored by General
Motors Corporation (GM) were a primary contributor to favorable gains in market
share for the first nine months of 1996 compared to 1995.
Period Ended September 30
Third Quarter | Nine Months
----------------- | -----------------
1996 1995 | 1996 1995
------ ------ | ------ ------
(in millions of units) |
Industry ............... 3.9 3.8 | 11.9 11.5
General Motors ......... 1.2 1.2 | 3.7 3.7
|
New GM Vehicle Deliveries |
Financed by GMAC |
Retail (Instalment Sale |
Contracts and |
Operating Leases) .... 29.0% 29.6% | 30.6% 26.8%
Fleet Transactions |
(Lease Financing) ..... 4.7% 4.7% | 5.0% 13.1%
Total .................. 24.9% 25.9% | 25.6% 24.2%
<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 third quarter and nine
months ended September 30, 1996 and 1995 are summarized below:
Period Ended September 30
Third Quarter | Nine Months
----------------- | ----------------
1996 1995 | 1996 1995
------ ------ | ------ ------
(in thousands of units) |
United States |
Retail Instalment Sale |
Contracts ........... 150 209 | 517 513
Operating Leases ..... 143 124 | 426 343
Leasing .............. 13 12 | 47 113
---- ---- | ----- -----
New Deliveries Financed 306 345 | 990 969
==== ==== | ===== =====
|
Other Countries |
Retail Instalment Sale |
Contracts ........... 91 100 | 251 284
Operating Leases ..... 58 51 | 166 150
Leasing .............. 22 14 | 62 51
---- ---- | ----- -----
New Deliveries Financed 171 165 | 479 485
==== ==== | ===== =====
|
Worldwide |
Retail Instalment Sale |
Contracts ........... 241 309 | 768 797
Operating Leases ..... 201 175 | 592 493
Leasing .............. 35 26 | 109 164
---- ---- | ----- -----
New Deliveries Financed 477 510 | 1,469 1,454
==== ==== ===== =====
GMAC also provides wholesale financing for GM and other dealers' new and used
vehicle inventories. In the United States, inventory financing was provided for
799,000 and 2,479,000 new GM vehicles during the third quarter and first nine
months of 1996, compared with 770,000 and 2,752,000 new GM vehicles during the
same periods in 1995. GMAC's wholesale financing represented 70.1% of all GM
U.S. vehicle sales to dealers during the first nine months of 1996, down from
71.6% for the comparable period a year ago.
INCOME AND EXPENSES
Consolidated financing revenue totaled $3.2 billion and $9.5 billion in the
third quarter and first nine months of 1996, respectively, 7% and 10% above the
comparable 1995 periods. Retail and leasing revenues were up by 13% for the
quarter, and 18% for the nine month period, principally due to higher average
asset levels in North America. Partially offsetting these improvements was a
decline in wholesale financing revenue which is primarily attributable to lower
average outstandings caused by the August 1995 and April 1996 sales of wholesale
receivables which GMAC continues to service for a fee. Additionally, lower
interest rate indexes upon which floor plan rates are based reduced wholesale
financing revenue.
<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 third quarter and first nine
months of 1996 averaged 6.49% and 6.56%, respectively, a decrease of 50 and 57
basis points from the comparable periods of a year ago. Total borrowing costs
for U.S. operations averaged 6.44% and 6.48% for the third quarter and first
nine months of 1996, compared to 6.90% and 6.98% for the respective periods in
1995. These improvements are predominantly attributable to a greater proportion
of floating rate borrowings in the U.S. during a period in which the general
level of short-term interest rates declined (e.g., the U.S. prime lending rate
for the first nine months of 1996 averaged 51 basis points below the comparable
period in 1995).
Annualized net retail losses were 1.23% and 1.21% of total average serviced
assets during the third quarter and first nine months of 1996, compared to 0.75%
and 0.70% for the same periods last year. For the three and nine month periods
ended September 30, 1996, the provision for financing losses increased by 21%
and 41% above the respective 1995 periods. In 1996, the Company has tightened
its credit standards and intensified collection efforts to stabilize this trend.
Other operating expenses totaled $473.8 million and $1,265.6 million for the
three and nine month periods ended September 30, 1996, 29% and 21% above the
respective prior year periods, reflecting higher general operating costs
incidental to expanded financing business activities.
MORTGAGE OPERATIONS
GMACMG has continued to maintain its position as a leading mortgage banker in
the United States. The favorable earnings growth for GMACMG in 1996 reflects
solid volume in all segments of the mortgage business and improvement in
interest rate spreads on mortgage assets. For the third quarter of 1996, loan
origination, mortgage servicing acquisitions and correspondent loan volume
totaled $12.8 billion, an increase of $6.0 billion from a year ago. This
increase was due to expanding residential and commercial industry volumes and
continued expansion of participation in the market for residential servicing
rights. Reflecting this activity, the combined GMACMG servicing portfolio at
September 30, 1996 totaled $103.9 billion, 28% and 49% higher than at December
31 and September 30, 1995, respectively.
INSURANCE OPERATIONS
MIC's net income for the respective three and nine month periods ended September
30, 1996 was $54.9 million and $123.9 million, 74% and 23% above the comparable
periods in 1995. Higher capital gains realization and improved commercial
underwriting results during the third quarter were the predominant contributors
to these earnings increases over last year.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
FINANCIAL CONDITION AND LIQUIDITY
At September 30, 1996, the Company owned assets and serviced automotive
receivables totaling $106.5 billion, $0.1 billion below year-end 1995, and $3.2
billion above September 30, 1995. Earning assets totaled $92.9 billion at
September 30, 1996, compared to $92.0 billion and $88.9 billion at December 31
and September 30, 1995, respectively. These increases over the comparable prior
year period are principally attributable to continued growth of the operating
lease portfolio.
Finance receivables serviced by the Company, including sold receivables, totaled
$68.7 billion at September 30, 1996, compared to $72.5 billion and $69.5 billion
at December 31 and September 30, 1995, respectively. The decline in the overall
servicing portfolio since year-end 1995 is primarily attributable to lower
wholesale finance receivables outstanding caused by reduced dealer inventories
which are seasonally low preceding new model year introduction.
During the third quarter of 1996, the Company continued to utilize its asset
securitization program by selling retail finance receivables totaling $1.1
billion. The Company continues to service these receivables for a fee.
Consolidated operating lease assets, net of depreciation, totaled $25.1 billion
at September 30, 1996, reflecting increases of 13% and 17% over December 31 and
September 30, 1995, respectively. The portfolio growth reflects a continued
trend of more consumers selecting leasing as a method to finance vehicles.
As of September 30, 1996, GMAC's total borrowings were $75.0 billion, an
increase from $74.9 billion and $69.4 billion at December 31 and September 30,
1995, respectively. The higher year-to-year debt levels were principally used to
fund increased earning asset levels. GMAC's ratio of debt to total stockholder's
equity at September 30, 1996 was 9.1:1, relatively unchanged from December 31,
1995, and higher than 8.4:1 at September 30, 1995.
The Company and its subsidiaries continue to maintain substantial bank lines of
credit which totaled $40.8 billion at September 30, 1996, compared to $40.0
billion at year-end 1995 and $39.6 billion at September 30, 1995. The unused
portion of these credit lines totaled $32.0 billion at September 30, 1996, $1.5
billion and $0.5 billion higher than December 31 and September 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.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (concluded)
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 nine months ended
September 30, 1996, there were no significant changes in the Company's use of
derivative financial instruments or in the portfolio's fair value.
CASH FLOWS
Cash provided by operating activities during the nine months ended September 30,
1996 totaled $4.7 billion, compared to $5.7 billion provided during the
corresponding 1995 period. The decrease is primarily attributable to reduced
payables to General Motors Corporation and affiliates.
Cash used for investing activities during the first nine months of 1996 totaled
$4.5 billion, compared to $7.8 billion during the same period in 1995, with the
decline primarily resulting from this year's reduced finance receivables
portfolio.
During the first nine months of 1996, cash used for financing activities totaled
$0.7 billion, reflecting $0.9 billion in dividends paid to General Motors
Corporation, partially offset by $0.2 billion in net borrowings activities. Cash
provided by financing activities during the first nine months of 1995 totaled
$1.6 billion as net debt increased $2.2 billion and dividends totaling $0.6
billion were paid to General Motors Corporation during that period.
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 certain transfers and servicing of financial assets and
extinguishments of liabilities occurring after December 31, 1996. The Company
has determined that implementing this new accounting standard will not have a
material effect 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 third quarter ended September 30, 1996, or prior to the filing of
this report.
ITEM 5. OTHER INFORMATION
RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 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 Third Quarter
and Nine Months Ended September 30, 1996.
(b) REPORTS ON FORM 8-K:
The Company did not file a Current Report on Form 8-K during the
quarter ended September 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: November 8, 1996 Eric A. Feldstein, Executive Vice
President and Principal Financial
Officer
s/ Gerald E. Gross
-------------------------------------
Dated: November 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
Sept. 30 Dec. 31 Sept. 30
1996 1995 1995
--------- --------- ---------
(in millions of dollars)
<S> <C> <C> <C>
Cash and Cash Equivalents .......................... $ 921.7 $ 1,448.6 $ 758.7
--------- --------- ---------
Earning Assets
Investments in securities .......................... 4,353.7 4,328.2 4,282.2
Finance receivables, net (Note 1) .................. 57,089.0 60,404.9 56,436.1
Net investment in operating leases ................. 25,114.1 22,134.9 21,502.7
Notes receivable from General Motors Corporation.... 136.9 -- 1,600.0
Real estate mortgages - held for resale ............ 2,110.6 1,486.8 1,817.7
- held for investment ........ 776.2 706.8 576.4
- lending receivables ........ 1,000.7 710.1 520.6
Due and deferred from receivable sales, net ........ 1,254.3 1,371.4 1,543.1
Other .............................................. 1,062.9 871.0 669.8
--------- --------- ---------
Total earning assets ............................ 92,898.4 92,014.1 88,948.6
--------- --------- ---------
Other Assets
Intangible assets, at cost less amortization ....... 170.9 166.8 173.3
Other nonearning assets ............................ 2,045.6 2,018.0 1,590.3
--------- --------- ---------
Total other assets .............................. 2,216.5 2,184.8 1,763.6
--------- --------- ---------
Total Assets ....................................... $96,036.6 $95,647.5 $91,470.9
========= ========= =========
Notes, loans and debentures payable within
one year (Note 2) ................................. $41,861.7 $43,871.8 $37,563.3
--------- --------- ---------
Accounts Payable And Other Liabilities
General Motors Corporation and affiliated companies 1,201.1 1,787.6 2,787.3
Interest ........................................... 1,489.4 1,048.0 1,500.9
Unpaid insurance losses and loss adjustment expense 1,509.5 1,499.7 1,552.0
Unearned insurance premiums ........................ 1,427.0 1,421.9 1,431.2
Deferred income taxes .............................. 2,322.1 2,175.6 2,222.0
United States and foreign income and other taxes
payable ........................................... 39.1 294.5 41.6
Other postretirement benefits ...................... 626.0 600.4 601.5
Other .............................................. 4,186.6 3,628.1 3,611.5
--------- --------- ---------
Total accounts payable and other liabilities .... 12,800.8 12,455.8 13,748.0
--------- --------- ---------
Notes, loans and debentures payable after one year
(Note 3) .......................................... 33,097.1 31,050.6 31,856.0
--------- --------- ---------
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 ........ 5,801.1 5,734.7 5,796.5
Net unrealized gains on securities ................. 257.7 284.7 244.9
Unrealized accumulated foreign currency translation
adjustment ........................................ 18.2 49.9 62.2
--------- --------- ---------
Total stockholder's equity ...................... 8,277.0 8,269.3 8,303.6
--------- --------- ---------
Total Liabilities And Stockholder's Equity ......... $96,036.6 $95,647.5 $91,470.9
========= ========= =========
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
CONSOLIDATED STATEMENT OF INCOME AND
NET INCOME RETAINED FOR USE IN THE BUSINESS
Exhibit 20
Page 2 of 6
Period Ended September 30
Third Quarter Nine Months
---------------------- ---------------------
1996 1995 1996 1995
---------- ---------- --------- ----------
(in millions of dollars)
Financing Revenue
Retail and lease financing ..... $ 945.8 $ 857.6 $ 2,859.0 $ 2,380.3
Operating leases ............... 1,856.4 1,618.9 5,379.3 4,591.2
Wholesale and term loans ....... 361.6 483.1 1,229.0 1,623.1
---------- ---------- --------- ----------
Total financing revenue ..... 3,163.8 2,959.6 9,467.3 8,594.6
Interest and discount .......... (1,220.3) (1,222.9) (3,684.6) (3,718.0)
Depreciation on operating leases (1,163.6) (1,135.6) (3,437.2) (3,176.6)
---------- ---------- --------- ----------
Net financing revenue ....... 779.9 601.1 2,345.5 1,700.0
Insurance premiums earned ...... 279.6 269.9 865.0 814.7
Other income ................... 557.3 490.3 1,545.2 1,551.7
---------- ---------- --------- ----------
Net Financing Revenue And
Other ...................... 1,616.8 1,361.3 4,755.7 4,066.4
---------- ---------- --------- ----------
Expenses
Salaries and benefits .......... 238.0 215.6 719.6 662.9
Other operating expenses ....... 473.8 366.9 1,265.6 1,041.7
Insurance losses and loss
adjustment expenses ........... 221.9 249.0 729.2 758.3
Provision for financing losses . 143.5 118.9 433.3 307.2
---------- ---------- --------- ----------
Total expenses .............. 1,077.2 950.4 3,147.7 2,770.1
---------- ---------- --------- ----------
Income before income taxes ..... 539.6 410.9 1,608.0 1,296.3
United States, foreign and other
income taxes .................. 232.3 157.2 641.6 528.5
---------- ---------- --------- ----------
Net Income .................. 307.3 253.7 966.4 767.8
Net income retained for use in
the business at beginning of
the period .................... 5,893.8 5,767.8 5,734.7 5,653.7
---------- ---------- --------- ----------
Total .......................... 6,201.1 6,021.5 6,701.1 6,421.5
Cash dividends ................. 400.0 225.0 900.0 625.0
---------- ---------- --------- ----------
Net Income Retained For Use
In The Business At End Of
The Period ................. $ 5,801.1 $ 5,796.5 $ 5,801.1 $ 5,796.5
========== ========== ========= ==========
Certain amounts for 1995 have been reclassified to conform with 1996
classifications.
Reference should be made to the Notes to Consolidated Financial Statements.
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Exhibit 20
Page 3 of 6
Nine Months Ended
September 30
----------------------
1996 1995
---------- ---------
(in millions of dollars)
<S> <C> <C>
Cash Flows From Operating Activities
Net income ...................................................... $ 966.4 $ 767.8
Depreciation .................................................... 3,465.8 3,202.6
Provision for financing losses .................................. 433.3 307.2
Gains on Sales of Finance Receivables ........................... (35.2) (38.2)
Mortgage loans-originations/purchases ........................... (14,116.9) (7,575.9)
-proceeds on sale ................................. 13,493.1 6,772.6
Mortgage related securities held for trading - acquisitions ..... (334.7) (273.7)
- liquidations ..... 287.3 401.5
Changes in the following items
Due to General Motors Corporation and affiliated companies .... (550.8) 863.6
Taxes payable and deferred .................................... (82.0) 625.6
Interest payable .............................................. 442.8 537.2
Other assets .................................................. 34.1 123.0
Other liabilities ............................................. 524.0 (84.1)
Other ........................................................... 161.1 22.6
--------- ---------
Net cash provided by operating activities .................... 4,688.3 5,651.8
--------- ---------
Cash Flows From Investing Activities
Finance receivables-acquisitions ................................ (118,786.6) (121,008.7)
-liquidations ................................ 92,875.2 102,189.6
Notes receivable from General Motors Corporation ................ (136.9) (519.5)
Operating leases-acquisitions ................................... (14,396.2) (10,535.5)
-liquidations ................................... 7,842.4 3,943.9
Investments in securities-acquisitions .......................... (8,992.7) (9,554.8)
-liquidations .......................... 8,974.8 9,127.7
Proceeds from sales of receivables-wholesale .................... 26,638.0 14,782.7
-retail ....................... 2,037.2 3,378.1
Due and deferred from receivable sales .......................... 152.3 60.2
Other ........................................................... (713.3) 329.0
---------- ---------
Net cash used in investing activities ........................ (4,505.8) (7,807.3)
---------- ---------
Cash Flows From Financing Activities
Debt with original maturities 90 days and over
-proceeds .................................................. 40,146.5 35,755.2
-liquidations .............................................. (37,865.7) (36,366.6)
Debt with original maturities less than 90 days-net change ...... (2,093.2) 2,808.4
Dividends paid .................................................. (900.0) (625.0)
---------- ---------
Net cash (used in)/provided by financing activities .......... (712.4) 1,572.0
---------- ---------
Effect of exchange rate changes on cash and cash equivalents .... 3.0 2.7
---------- ---------
Net decrease in cash and cash equivalents .................... (526.9) (580.8)
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 .............. $ 921.7 $ 758.7
========== =========
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>
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 September 30, 1996,
December 31, 1995 and September 30, 1995 is summarized as follows:
Sept. 30 Dec. 31 Sept. 30
1996 1995 1995
---------- ---------- ----------
(in millions of dollars)
United States
Retail ................................ $ 27,142.5 $ 26,979.9 $ 25,362.9
Wholesale ............................. 12,876.6 16,189.6 14,282.7
Leasing and lease financing ........... 1,262.1 1,327.3 1,382.0
Term loans to dealers and others ...... 3,923.6 3,729.6 3,992.0
---------- ---------- ----------
Total United States .................... 45,204.8 48,226.4 45,019.6
---------- ---------- ----------
Canada
Retail ................................ 663.2 786.8 888.2
Wholesale ............................. 1,622.1 1,512.2 1,576.2
Leasing and lease financing ........... 855.0 714.8 759.5
Term loans to dealers and others ...... 171.9 142.0 154.9
---------- ---------- ----------
Total Canada ........................... 3,312.2 3,155.8 3,378.8
---------- ---------- ----------
Europe
Retail ................................ 5,770.0 5,955.9 6,044.6
Wholesale ............................. 3,009.3 3,863.0 3,042.3
Leasing and lease financing ........... 544.0 567.0 516.2
Term loans to dealers and others ...... 235.4 230.5 231.4
---------- ---------- ----------
Total Europe ........................... 9,558.7 10,616.4 9,834.5
---------- ---------- ----------
Other Countries
Retail ................................ 2,112.8 1,908.6 1,834.5
Wholesale ............................. 842.2 656.1 482.2
Leasing and lease financing ........... 566.6 451.2 420.5
Term loans to dealers and others ...... 126.0 120.8 115.8
---------- ---------- ----------
Total Other Countries .................. 3,647.6 3,136.7 2,853.0
---------- ---------- ----------
Total finance receivables .............. 61,723.3 65,135.3 61,085.9
---------- ---------- ----------
Deductions
Unearned income ....................... 3,768.5 3,922.5 3,862.9
Allowance for financing losses ........ 865.8 807.9 786.9
---------- ---------- ----------
Total deductions ....................... 4,634.3 4,730.4 4,649.8
---------- ---------- ----------
Finance receivables, net ............... $ 57,089.0 $ 60,404.9 $ 56,436.1
========== ========== ==========
<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
Sept. 30 Dec. 31 Sept. 30
1996 1995 1995
---------- ---------- ----------
(in millions of dollars)
Short-term notes
Commercial paper ...................... $ 19,352.3 $ 21,926.0 $ 18,142.5
Master notes .......................... 294.0 253.5 455.4
Demand notes .......................... 3,450.7 3,037.4 2,931.6
Other ................................. 1,093.8 1,433.9 1,242.7
---------- ---------- ----------
Total principal amount ................. 24,190.8 26,650.8 22,772.2
Unamortized discount ................... (179.1) (343.8) (104.4)
---------- ---------- ----------
Total .................................. 24,011.7 26,307.0 22,667.8
---------- ---------- ----------
Bank loans and overdrafts
United States ......................... 1,238.0 1,014.0 690.0
Other Countries ....................... 6,458.5 7,031.7 5,308.0
---------- ---------- ----------
Total .................................. 7,696.5 8,045.7 5,998.0
---------- ---------- ----------
Other notes, loans and debentures
payable within one year
United States:
Medium-term notes .................. 7,726.8 6,920.9 6,105.0
Other (net) ........................ 1,513.9 1,776.1 2,034.4
Other countries ...................... 912.8 822.1 758.1
---------- ---------- ----------
Total .................................. 10,153.5 9,519.1 8,897.5
---------- ---------- ----------
Total payable within one year .......... $ 41,861.7 $ 43,871.8 $ 37,563.3
========== ========== ==========
<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 Sept. 30 Dec. 31 Sept. 30
Maturity Sept. 30, 1996 1996 1995 1995
- ---------------------- ----------------- ---------- ---------- ----------
Notes, Loans (in millions of dollars)
And Debentures
United States currency
1996 ................... -- $ -- $ -- $ 2,006.6
1997 ................... 6.6% 1,899.1 8,522.5 8,215.8
1998 ................... 6.3% 7,418.9 4,975.3 4,850.1
1999 ................... 6.9% 5,480.3 3,680.0 3,579.6
2000 ................... 7.4% 3,453.6 2,453.2 2,403.0
2001 ................... 7.1% 2,949.0 1,323.9 1,323.8
2002 - 2006 ............ 7.1% 5,401.3 3,777.6 2,342.2
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 28,254.4 26,684.7 26,673.3
Other currencies
1996 - 2005 ............ 6.7% 5,575.0 5,130.0 5,951.6
---------- ---------- ----------
Total notes, loans and
debentures ............. 33,829.4 31,814.7 32,624.9
Unamortized discount..... (732.3) (764.1) (768.9)
---------- ---------- ----------
Total notes, loans and
debentures payable after
one year ............... $ 33,097.1 $ 31,050.6 $ 31,856.0
========== ========== ==========
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