===============================================================================
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, 1997, 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, 1997, 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 consolidated 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 1996 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, 1997, December 31, 1996
and March 31, 1996.
2. Consolidated Statement of Income and Net Income Retained for
Use in the Business for the Three Months Ended
March 31, 1997 and 1996.
3. Consolidated Statement of Cash Flows for the Three Months Ended
March 31, 1997 and 1996.
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 quarter increased by 20% over the comparable
prior year period.
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31
---------------------------
1997 1996
---- ----
(in millions of dollars)
<S> <C> <C>
Financing Operations $293.6 $271.8
Insurance Operations* 78.4 37.3
------ ------
Consolidated Net Income $372.0 $309.1
====== ======
* Motors Insurance Corporation (MIC)
Consolidated Return on Average Equity 17.8% 14.8%
</TABLE>
The 8% improvement over 1996 first quarter net income from financing operations,
including GMAC Mortgage Group, Inc. (GMACMG) results, is principally
attributable to higher earnings from mortgage operations and continued strong
net interest margins in the United States and Canada.
A significant increase in realized capital gains was the predominant factor in
the first quarter of 1997 net income from insurance operations exceeding the
comparable 1996 period by 110%. Earnings from insurance operations also
benefited from improved underwriting results produced by multiple product lines.
UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES
During the first quarter of 1997, deliveries of new GM vehicles in the U.S. were
slightly below 1996 levels. Rate incentive programs sponsored by GM were a
primary contributor to the Company's higher financing penetration of retail
deliveries of new GM vehicles.
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31
---------------------------
1997 1996
---- ----
(in millions of units)
<S> <C> <C>
Industry ................................ 3.7 3.7
General Motors .......................... 1.1 1.2
New GM Vehicle Deliveries Financed by GMAC
Retail (Installment Sale Contracts and
Operating Leases) .................... 32.1% 30.9%
Fleet Transactions (Lease Financing) .. 4.2% 5.8%
Total ................................... 26.2% 26.1%
</TABLE>
<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, 1997 and 1996 are summarized below:
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31
---------------------------
1997 1996
---- ----
(in thousands of units)
UNITED STATES
<S> <C> <C>
Retail Installment Sale Contracts ..... 206 174
Operating Leases ...................... 82 125
Leasing ............................... 12 17
--- ---
New Deliveries Financed ................. 300 316
=== ===
OTHER COUNTRIES
Retail Installment Sale Contracts ..... 85 83
Operating Leases ...................... 65 49
Leasing ............................... 16 17
--- ---
New Deliveries Financed ................. 166 149
=== ===
WORLDWIDE
Retail Installment Sale Contracts ..... 291 257
Operating Leases ...................... 147 174
Leasing ............................... 28 34
--- ---
New Deliveries Financed ................. 466 465
=== ===
</TABLE>
During the first quarter of 1997, the Company financed a lower number of new
vehicles in the U.S. than during the comparable period in 1996 principally as a
result of a decline in GM deliveries, which was partially offset by improved
financing penetration. The decrease in operating lease originations was
primarily due to reduced leasing incentive programs sponsored by GM while the
offsetting increase in retail installment sale contracts was predominantly
driven by enhanced rate incentives sponsored by GM.
GMAC also provides wholesale financing for GM and other dealers' new and used
vehicle inventories. In the United States, inventory financing was provided for
841,000 and 720,000 new GM vehicles, representing 67.9% and 69.5% of all GM
sales to dealers during the first quarter of 1997 and 1996, respectively. First
quarter of 1996 inventory financing was reduced by the effects of a temporary
suspension of production at 26 of 29 GM assembly plants, which was caused by a
work stoppage at two components plants. The decline in the Company's U.S.
wholesale financing penetration reflects the intense competitive pressures in
this market segment.
INCOME AND EXPENSES
Total financing revenue totaled $3,174.7 million in the first quarter of 1997, a
slight decline of $4.5 million compared with the first quarter of 1996. The
relatively flat financing revenue was principally due to lower income from the
wholesale and retail lines that was substantially offset by higher revenues from
operating leases in the U.S. and Canada.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
Other income totaled $626.7 million for the three months ended March 31, 1997, a
$179.6 million increase over the comparable 1996 period. The 40% improvement is
primarily attributable to higher revenues from mortgage operations and an
increase in realized capital gains from insurance operations.
The Company's worldwide cost of borrowing for the first quarter of 1997 averaged
6.27%, a decrease of 47 basis points from the first quarter of 1996. Total
borrowing costs for U.S. operations averaged 6.31% for the first quarter of 1997
compared with 6.64% for the same period in 1996. The improvements over the first
quarter of 1996 are attributable to a greater proportion of floating rate debt
during 1997. As a result of lower borrowing costs substantially offsetting the
effect of a 10% increase in average borrowings, interest and discount expense
totaled $1,265.8 million for the first quarter of 1997, only 2% higher than the
first quarter of 1996.
Consolidated employment and other operating expenses totaled $694.2 million and
$625.9 million for the respective quarters ended March 31, 1997 and 1996. The
higher costs were predominantly attributable to increased business activities
associated with growth of the mortgage operations.
Net retail losses were 1.41% of total average serviced assets during the first
quarter of 1997, compared to 1.22% for the same period last year. The provision
for financing losses totaled $129.9 million and $155.2 million for the three
month periods ended March 31, 1997 and 1996, respectively. During the first
quarter of 1996, the Company increased its retail loss reserve requirements for
used vehicles financed in the U.S., a primary factor in last year's higher
provision.
MORTGAGE OPERATIONS
During the first quarter of 1997, GMACMG loan origination, mortgage servicing
acquisitions and correspondent loan volume totaled $9.5 billion, a decrease of
$6.0 billion compared with the first quarter of 1996. The lower first quarter
volume resulted substantially from a $6.0 billion reduction in mortgage
servicing acquisitions. However, GMACMG loan originations have continued to grow
as a result of expansion in the residential and commercial markets. Reflecting
the sustained growth over the past twelve months, the combined GMACMG servicing
portfolio, excluding GMAC term loans to dealers, totaled $110.7 billion at March
31, 1997 compared with the $107.3 billion and $91.1 billion serviced at December
31 and March 31, 1996, respectively.
FINANCIAL CONDITION AND LIQUIDITY
At March 31, 1997, the Company owned assets and serviced automotive receivables
totaling $109.4 billion, which was $1.3 billion and $5.0 billion higher than
December 31 and March 31, 1996, respectively. Earning assets totaled $99.5
billion at March 31, 1997 compared to $95.7 billion and $91.7 billion at
December 31 and March 31, 1996, respectively. The increase since year-end 1996
is primarily attributable to higher outstandings for wholesale receivables. The
greater asset levels over March 31, 1996 resulted principally from increased
wholesale finance receivables, operating lease assets and real estate mortgages.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
Finance receivables serviced by the Company, including sold receivables, totaled
$71.2 billion at March 31, 1997, compared with $69.1 billion and $70.1 billion
at December 31 and March 31, 1996, respectively. Similarly, on balance sheet
consolidated finance receivables at March 31, 1997 totaled $63.8 billion, 8% and
5% above December 31 and March 31, 1996, respectively. The higher balances over
the respective 1996 periods are predominately attributable to increased
wholesale units outstanding in the U.S., partially offset by a decline in
serviced retail receivables compared with March 31, 1996. The first quarter of
1997 increase in finance receivables also reflects the recent maturity of a
revolving trust of sold wholesale accounts. In addition, the effects of the
aforementioned work stoppage at two components plants are reflected in the lower
wholesale outstandings at March 31, 1996.
Investment in operating lease assets, net of accumulated depreciation, totaled
$24.6 billion at March 31, 1997, slightly below $24.9 billion at year-end 1996,
but higher than $22.9 billion at March 31, 1996. The decline in this portfolio
during the first quarter of 1997, which was offset by an increase in owned
retail finance receivables, is primarily due to reduced volume from leasing
incentive programs. The portfolio growth over last year's comparable quarter-end
reflects that more consumers continued to select leasing as a method to finance
vehicles throughout most of 1996.
Investments in securities at March 31, 1997 totaled $4.9 billion, compared with
$4.6 billion and $4.3 billion at December 31 and March 31, 1996, respectively.
The increase during the first quarter of 1997 is primarily attributable to the
January 1, 1997 adoption of Statement of Financial Accounting Standard No. 125,
Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities. This new accounting standard requires that excess servicing
fees, formerly included in other assets, be reclassified as financial assets. In
addition, growth of the mortgage-related securities portfolio during the past
twelve months contributed to the increase.
The Company's due and deferred from receivable sales (net) totaled $804.5
million at March 31, 1997, compared with $1,214.5 million and $1,127.7 million
at December 31 and March 31, 1996, respectively. The decrease during the first
quarter of 1997 resulted principally from the recent maturity of a revolving
trust of sold wholesale accounts and the Company's repurchase of retail
receivables outstanding from four prior sale transactions.
As of March 31, 1997, GMAC's total borrowings were $81.3 billion, compared with
$78.7 billion and $74.0 billion at December 31 and March 31, 1996, respectively.
The increased debt levels were used to fund increased earning asset levels. The
Company's ratio of debt to total stockholder's equity at March 31, 1997 was
9.9:1 compared to 9.5:1 at December 31, 1996 and 8.9:1 at March 31, 1996.
<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 $40.0 billion at March 31, 1997, compared to $40.7 billion at year-end
1996 and $40.4 billion at March 31, 1996. The unused portion of these credit
lines totaled $31.3 billion at March 31, 1997, $0.7 billion higher than December
31, 1996, but $0.3 billion lower than March 31, 1996. 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
$12.1 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 1996 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, 1997, 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, 1997, or prior to the filing of this report.
ITEM 5. OTHER INFORMATION
<TABLE>
<CAPTION>
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
MARCH 31,
-------------------
1997 1996
---- ----
<S> <C> <C>
1.49 1.41
</TABLE>
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, 1997.
(b) REPORTS ON FORM 8-K:
The Company did not file a Current Report on Form 8-K during the
quarter ended March 31, 1997.
<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 8, 1997 Eric A. Feldstein, Executive Vice
----------- President and Principal Financial
Officer
S/ GERALD E. GROSS
--------------------------------
Dated: MAY 8, 1997 Gerald E. Gross, Comptroller and
----------- Principal Accounting Officer
<PAGE>
<TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEET
Exhibit 20
Page 1 of 6
<CAPTION>
March 31 Dec. 31 March 31
1997 1996 1996
-------- ------- --------
(in millions of dollars)
<S> <C> <C> <C>
Cash and Cash Equivalents .......................... $ 666.6 $ 742.3 $ 1,361.6
---------- --------- ---------
Earning Assets
Investments in securities .......................... 4,934.3 4,556.8 4,319.2
Finance receivables, net (Note 1) .................. 62,850.5 58,380.0 59,632.4
Investment in operating leases, net ................ 24,623.9 24,909.5 22,875.9
Notes Receivable from General Motors Corporation ... 429.2 190.5 --
Real estate mortgages - held for sale .............. 2,758.7 2,785.0 1,550.0
- held for investment ........ 587.8 611.2 765.6
- lending receivables ........ 1,288.3 1,404.6 542.9
Due and deferred from receivable sales, net ........ 804.5 1,214.5 1,127.7
Other .............................................. 1,221.5 1,617.6 912.7
--------- --------- ---------
Total earning assets ............................ 99,498.7 95,669.7 91,726.4
--------- --------- ---------
Nonearning Assets .................................. 2,046.3 2,166.0 1,971.8
--------- --------- ---------
Total Assets ....................................... $102,211.6 $98,578.0 $95,059.8
========== ========= =========
Notes, loans and debentures payable within
one year (Note 2) ................................. $ 47,822.5 $45,809.9 $43,297.3
---------- --------- ---------
Accounts Payable And Other Liabilities
General Motors Corporation and affiliated companies 1,265.4 646.6 1,667.3
Interest ........................................... 1,374.7 1,065.2 1,407.2
Unpaid insurance losses and loss adjustment expense 1,590.5 1,581.9 1,518.7
Unearned insurance premiums ........................ 1,434.3 1,437.5 1,428.0
Deferred income taxes .............................. 1,973.4 2,215.8 2,067.3
United States and foreign income and other taxes
payable ........................................... 295.7 35.6 343.8
Other postretirement benefits ...................... 640.3 627.0 614.6
Other .............................................. 4,166.4 4,012.0 3,716.7
---------- --------- ---------
Total accounts payable and other liabilities .... 12,740.7 11,621.6 12,763.6
---------- --------- ---------
Notes, loans and debentures payable after one year
(Note 3) .......................................... 33,460.8 32,878.9 30,709.4
---------- --------- ---------
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 ........ 5,797.2 5,775.2 5,793.8
Net unrealized gains on securities ................. 223.7 276.7 255.5
Unrealized accumulated foreign currency translation
adjustment ........................................ (33.3) 15.7 40.2
---------- --------- ---------
Total stockholder's equity ...................... 8,187.6 8,267.6 8,289.5
---------- --------- ---------
Total Liabilities And Stockholder's Equity ......... $102,211.6 $98,578.0 $95,059.8
========== ========= =========
Certain amounts for 1996 have been reclassified to conform with 1997
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>
Three Months Ended
MARCH 31
------------------
1997 1996
---- ----
(in millions of dollars)
FINANCING REVENUE
<S> <C> <C>
Retail and lease financing ............................ $ 940.0 $ 957.5
Operating leases ...................................... 1,801.2 1,738.3
Wholesale and term loans .............................. 433.5 483.4
---------- ----------
Total financing revenue ............................ 3,174.7 3,179.2
Interest and discount ................................. (1,265.8) (1,239.7)
Depreciation on operating leases ...................... (1,158.2) (1,150.7)
---------- ----------
Net financing revenue .............................. 750.7 788.8
Insurance premiums earned ............................. 305.5 297.5
Other income .......................................... 626.7 447.1
---------- ----------
NET FINANCING REVENUE AND OTHER .................... 1,682.9 1,533.4
---------- ----------
EXPENSES
Salaries and benefits ................................. 265.5 257.6
Other operating expenses .............................. 428.7 368.3
Insurance losses and loss adjustment expenses ......... 228.3 245.0
Provision for financing losses ........................ 129.9 155.2
---------- ----------
Total expenses ..................................... 1,052.4 1,026.1
---------- ----------
Income before income taxes ............................ 630.5 507.3
United States, foreign and other income taxes ......... 258.5 198.2
---------- ----------
NET INCOME ......................................... 372.0 309.1
Net income retained for use in the business
at beginning of the period ........................... 5,775.2 5,734.7
---------- ----------
Total ................................................. 6,147.2 6,043.8
Cash dividends ........................................ 350.0 250.0
---------- ----------
NET INCOME RETAINED FOR USE IN THE BUSINESS
AT END OF THE PERIOD .............................. $ 5,797.2 $ 5,793.8
========== ==========
Certain amounts for 1996 have been reclassified to conform with 1997
classifications.
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>
Three Months Ended
MARCH 31
------------------
1997 1996
---- ----
(in millions of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income .................................................. $ 372.0 $ 309.1
Depreciation ................................................ 1,169.6 1,160.1
Provision for financing losses .............................. 129.9 155.2
Mortgage loans-originations/purchases ....................... (4,553.4) (5,141.5)
-proceeds on sale ............................. 4,579.7 5,078.3
Mortgage related securities held for trading - acquisitions . (319.8) (110.1)
- liquidations . 142.1 100.6
Changes in the following items:
Due to General Motors Corporation and affiliated companies. 638.4 (98.1)
Taxes payable and deferred ................................ 69.0 (67.9)
Interest payable .......................................... 313.2 359.1
Other assets .............................................. 87.2 (11.0)
Other liabilities ......................................... 194.3 81.2
Other ....................................................... 95.0 65.8
--------- ---------
Net cash provided by operating activities ................ 2,917.2 1,880.8
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance receivables-acquisitions ............................ (37,474.9) (39,145.0)
-liquidations ............................ 26,847.9 33,812.0
Notes receivable from General Motors Corporation ............ (238.7) --
Operating leases-acquisitions ............................... (4,174.8) (4,207.6)
-liquidations ............................... 3,101.4 2,256.0
Investments in securities-acquisitions ...................... (5,402.3) (2,887.2)
-liquidations ...................... 5,403.2 2,893.3
Proceeds from sales of receivables-wholesale ................ 5,537.9 5,876.2
Due and deferred from receivable sales ...................... 410.1 243.7
Other ....................................................... 185.7 257.7
--------- ---------
Net cash used in investing activities .................... (5,804.5) (900.9)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Debt with original maturities 90 days and over
-proceeds .............................................. 14,050.6 9,847.3
-liquidations .......................................... (14,076.5) (11,202.6)
Debt with original maturities less than 90 days-net change .. 3,184.8 536.6
Dividends paid .............................................. (350.0) (250.0)
--------- ---------
Net cash provided by/(used in) financing activities ...... 2,808.9 (1,068.7)
--------- ---------
Effect of exchange rate changes on cash and cash equivalents. 2.7 1.8
--------- ---------
Net decrease in cash and cash equivalents ................ (75.7) (87.0)
Cash and cash equivalents at the beginning of the period .... 742.3 1,448.6
--------- ---------
Cash and cash equivalents at the end of the period .......... $ 666.6 $ 1,361.6
========= =========
Certain amounts for 1996 have been reclassified to conform with 1997
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 March 31, 1997, December
31, 1996 and March 31, 1996 is summarized as follows:
<TABLE>
<CAPTION>
March 31 Dec. 31 March 31
1997 1996 1996
-------- ------- --------
(in millions of dollars)
United States
<S> <C> <C> <C>
Retail ................................ $ 27,842.4 $ 26,867.4 $ 28,275.2
Wholesale ............................. 17,723.5 13,825.8 13,968.3
Leasing and lease financing ........... 1,140.7 1,188.3 1,400.6
Term loans to dealers and others ...... 3,358.8 3,386.7 3,990.5
---------- ---------- ----------
Total United States .................... 50,065.4 45,268.2 47,634.6
---------- ---------- ----------
Europe
Retail ................................ 5,329.9 5,803.5 5,773.7
Wholesale ............................. 3,397.0 3,951.3 3,613.7
Leasing and lease financing ........... 532.8 561.9 558.0
Term loans to dealers and others ...... 237.5 241.9 238.3
---------- ---------- ----------
Total Europe ........................... 9,497.2 10,558.6 10,183.7
---------- ---------- ----------
Canada
Retail ................................ 839.2 657.8 694.1
Wholesale ............................. 2,172.1 1,615.8 1,668.4
Leasing and lease financing ........... 853.6 834.1 717.0
Term loans to dealers and others ...... 162.8 178.2 159.0
---------- ---------- ----------
Total Canada ........................... 4,027.7 3,285.9 3,238.5
---------- ---------- ----------
Other Countries
Retail ................................ 2,117.1 2,124.5 1,996.2
Wholesale ............................. 836.4 868.2 749.7
Leasing and lease financing ........... 609.5 611.1 485.2
Term loans to dealers and others ...... 169.4 134.6 118.8
---------- ---------- ----------
Total Other Countries .................. 3,732.4 3,738.4 3,349.9
---------- ---------- ----------
Total finance receivables .............. 67,322.7 62,851.1 64,406.7
---------- ---------- ----------
Deductions
Unearned income ....................... 3,564.2 3,549.3 3,927.4
Allowance for financing losses ........ 908.0 921.8 846.9
---------- ---------- ----------
Total deductions ....................... 4,472.2 4,471.1 4,774.3
---------- ---------- ----------
Finance receivables, net ............... $ 62,850.5 $ 58,380.0 $ 59,632.4
========== ========== ==========
</TABLE>
<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
<TABLE>
<CAPTION>
March 31 Dec. 31 March 31
1997 1996 1996
-------- ------- --------
(in millions of dollars)
Short-term notes
<S> <C> <C> <C>
Commercial paper ...................... $ 25,323.1 $ 22,650.8 $ 20,138.5
Master notes .......................... 304.8 289.3 251.3
Demand notes .......................... 3,543.2 3,396.4 3,202.1
Other ................................. 863.9 894.9 1,242.2
---------- ---------- ----------
Total principal amount ................. 30,035.0 27,231.4 24,834.1
Unamortized discount ................... (183.7) (189.4) (144.2)
---------- ---------- ----------
Total .................................. 29,851.3 27,042.0 24,689.9
---------- ---------- ----------
Bank loans and overdrafts
United States ......................... 1,124.4 1,068.0 1,155.0
Other countries ....................... 6,342.3 7,756.4 6,507.6
---------- ---------- ----------
Total .................................. 7,466.7 8,824.4 7,662.6
---------- ---------- ----------
Other notes, loans and debentures
payable within one year (net)
United States ........................ 9,726.8 9,180.7 10,147.2
Other countries ...................... 777.7 762.8 797.6
---------- ---------- ----------
Total .................................. 10,504.5 9,943.5 10,944.8
---------- ---------- ----------
Total payable within one year .......... $ 47,822.5 $ 45,809.9 $ 43,297.3
</TABLE>
========== ========== ==========
<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
<TABLE>
<CAPTION>
Weighted average
interest rates at March 31 Dec. 31 March 31
MATURITY MARCH 31, 1997 1997 1996 1996
- --------------------- ----------------- ---------- ---------- -------
Notes, Loans (in millions of dollars)
And Debentures
United States currency
<S> <C> <C> <C> <C>
1997 ............... -- $ -- $ -- $ 5,689.8
1998 ............... 6.1% 5,049.8 7,922.2 5,990.9
1999 ............... 6.8% 5,988.6 5,599.7 4,480.2
2000 ............... 7.2% 3,960.5 3,478.7 2,628.6
2001 ............... 7.0% 3,158.8 3,083.8 1,823.9
2002 ............... 6.6% 3,511.8 2,110.2 1,746.1
2003 - 2007 ........ 7.0% 4,217.2 3,602.5 2,331.4
2008 - 2012 ........ 10.2% 1,225.4 1,213.5 1,203.5
2013 - 2017 ........ 10.3% 373.8 373.8 373.8
2018 - 2049 ........ 5.5% 75.0 75.0 75.0
---------- ---------- ----------
Total United States currency 27,560.9 27,459.4 26,343.2
Other currencies
1997 - 2006 ........ 6.2% 6,634.8 6,157.9 5,122.0
---------- ---------- ----------
Total notes, loans and
debentures ......... 34,195.7 33,617.3 31,465.2
Unamortized discount (734.9) (738.4) (755.8)
---------- ---------- ----------
Total notes, loans and
debentures payable after
one year ........... $ 33,460.8 $ 32,878.9 $ 30,709.4
========== ========== ==========
</TABLE>
<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, 1997
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000040729
<NAME> GMAC
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
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0
0
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</TABLE>
