File No. 333-12023
U.S.$500,000,000
GENERAL MOTORS ACCEPTANCE CORPORATION
SMARTNOTES(SM)
DUE FROM NINE MONTHS TO THIRTY YEARS FROM DATE OF ISSUE
General Motors Acceptance Corporation (the "Company") may offer from
time to time its SmartNotes(sm) Due from Nine Months to Thirty Years from
Date of Issue (the "Notes"). The Notes offered by this Prospectus will
be limited to up to $500,000,000 aggregate initial offering price. The
Notes will be offered at varying maturities due from nine months to
thirty years from the date of issue (the "Issue Date"), as selected by
the purchaser and agreed to by the Company. Unless otherwise described
herein, the interest rate, issue price, stated maturity, interest payment
dates, whether the Notes are subject to redemption at the option of the
Company or replacement at the option of the holder prior to the maturity
date thereof (as further defined herein, the "Maturity Date") and certain
other terms (including, if applicable, a Survivor's Option (as such term
is defined in "Repayment Upon Death")) with respect to each Note will be
established at the time of issuance and set forth in a pricing supplement
to this Prospectus (a "Pricing Supplement"). Unless otherwise specified
in the applicable Pricing Supplement, Notes will be issued only in
denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. See "Description of Notes." The Notes are
unsecured and unsubordinated obligations of the Company and will rate
equally and ratably with all other unsecured and unsubordinated
indebtedness of the Company (other than obligations preferred by
mandatory provisions of law).
Pricing Supplement No. 48 Trade Date: 09/04/97
Issue Date: 09/09/97
Price to Interest Payment Survivor's
CUSIP Maturity Public Rate Frequency Option
----- -------- -------- --------- --------- ----------
37042 FLJ5 09/15/99 100.000% 6.000% Annual Yes
37042 FLK2 09/15/00 100.000% 6.050% Monthly Yes
37042 FLL0 09/15/00 100.000% 6.125% Semi-Annual Yes
37042 FLM8 09/15/02 100.000% 6.300% Monthly Yes
37042 FLN6 09/15/02 100.000% 6.350% Semi-Annual Yes
37042 FLP1 09/15/07 100.000% 6.625% Semi-Annual Yes
The interest rate on each Note will be a fixed rate established by
the Company at the Issue Date of such Note, which may be zero in the case
of certain Notes issued at a price representing a discount from the
principal amount payable upon the Maturity Date. See "Description of
Notes."
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The Notes may be issued in whole or in part in the form of one or
more global Notes to be deposited with or on behalf of The Depository
Trust Company ("DTC") or other depositary (DTC or such other depositary
as is specified in the applicable Pricing Supplement is herein referred
to as the "Depositary") and registered in the name of the Depositary's
nominee. Beneficial interests in the Notes will be shown on, and
transfers thereof will be effected only through, records maintained by
the Depositary and, with respect to the beneficial owners' interests, by
the Depositary's participants. Notes will not be issuable as
certificated Notes except under the limited circumstances described
herein. See "Description of Notes-Delivery and Form."
The Interest Payment Dates for a Note that provides for monthly
interest payments shall be the fifteenth day of each calendar month
commencing in the calendar month that next succeeds the month in which
the Note is issued. In the case of a Note that provides for quarterly
interest payments, the Interest Payment Dates shall be the fifteenth day
of each of the months specified in the Pricing Supplement, commencing in
the third succeeding calendar month following the month in which the Note
is issued. In the case of a Note that provides for semi-annual interest
payments, the Interest Payment dates shall be the fifteenth day of each
of the months specified in the Pricing Supplement, commencing in the
sixth succeeding calendar month following the month in which the Note is
issued. In the case of a Note that provides for annual interest
payments, the Interest Payment Date shall be the fifteenth day of the
month specified in the Pricing Supplement, commencing in the twelfth
succeeding calendar month following the month in which the Note is
issued. The Regular Record Date with respect to any Interest Payment
Date shall be the first day of the calendar month in which such Interest
Payment Date occurs, except that the Regular Record Date with respect to
the final Interest Payment Date shall be the final Interest Payment Date.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR
HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS OR ANY
PRICING SUPPLEMENT HERETO. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
__________________
PRICE TO AGENT'S DISCOUNTS PROCEEDS TO
PUBLIC (1)(2) AND COMMISSIONS (2) COMPANY (2)(3)
Per 100.00% .20% - 2.50% 97.50% - 99.80%
Note
Total $500,000,000 $1,000,000-$12,500,000 $487,500,000-$499,000,000
=========================================================================
(1) Unless otherwise specified in the applicable Pricing Supplement,
Notes will be issued at 100% of their principal amount.
<PAGE>
(2) The commission payable for each Note sold through The Chicago
Corporation (the "Purchasing Agent") will be computed based upon
the non-discounted price paid by the public (the "Price to
Public") for such Note and will depend on such Note's Maturity
Date. The Company has agreed to indemnify each of the agents
listed below (the "Agents") against certain liabilities,
including liabilities under the Securities Act of 1933,
as amended. See "Plan of Distribution."
(3) Before deducting expenses payable by the Company estimated
at $400,000.
The Notes are being offered on a continuous basis for sale by the
Company through one or more of the Agents listed below and each of the
Agents has agreed to use its reasonable best efforts to solicit offers to
purchase the Notes. Unless otherwise specified in an applicable Pricing
Supplement, the Notes will not be listed on any securities exchange, and
there can be no assurance that the Notes offered hereby will be sold or
that there will be a secondary market for the Notes. The Agents have
advised the Company that they may from time to time purchase and sell
Notes in the secondary market, but the Agents are not obligated to do so.
No termination date for the offering of the Notes has been established.
The Company reserves the right to withdraw, cancel or modify the offer
made hereby without notice. The Company or the Agent that solicits any
offer may reject such offer in whole or in part. See "Plan of
Distribution."
__________________
THE CHICAGO CORPORATION
A.G. EDWARDS & SONS, INC.
EDWARD D. JONES & CO., L.P.
PRUDENTIAL SECURITIES INCORPORATED
SMITH BARNEY INC.
September 19, 1996
