UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of Earliest Event Reported: (04-22-99)
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Exact name of registrant specified in its charter)
Delaware
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(State or other jurisdiction of incorporation or organization)
1-3754 38-0572512
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(Commission File No.) (I.R.S. Employer Identification No.)
3044 West Grand Boulevard, Detroit, Michigan 48202
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313-556-1508
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
General Motors Acceptance Corporation (GMAC) reported first quarter 1999
consolidated net income of $392 million, up 12% from $349 million earned in
the first quarter of 1998.
For the quarter, net income from automotive financing operations of $229
million was down 7% from $246 million earned last year because of a
significantly lower effective tax rate a year ago. On a pre-tax basis,
earnings of $389 million were up 7% from $365 million earned in the first
quarter of 1998 due to increased asset levels.
GMAC Insurance Holdings, Inc. generated net income of $65 million in the
first quarter of 1999, down 19% from $80 million earned last year. Earnings
were lower due to reduced investment income and underwriting results.
Investment income declined from a year ago due to falling interest rates and a
shift in asset mix toward equity securities.
GMAC Mortgage Group, Inc. had its best quarter in history, a reflection
of its strengthening competitive position in the industry. Net income of $98
million in the first quarter of 1999 represented an increase of $75 million
from last year. Earnings were enhanced by improved liquidity and tighter
credit spreads in the capital markets and, in part, reflect the benefit of
certain asset positions carried over from the prior quarter. The strong year-
over-year comparison also reflects unusually low earnings in the first quarter
of 1998 which were negatively impacted by accelerated prepayment experience on
mortgage assets.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf the
undersigned hereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Registrant)
Dated: April 22, 1999 By
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s/ Gerald E. Gross
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Gerald E. Gross, Comptroller