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: (06-08-99)
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)
<PAGE>
ITEM 5. OTHER EVENTS
GMAC BUYS BNY FINANCIAL CORPORATION
ACQUISITION POSITIONS GMAC TO BECOME INDUSTRY LEADER IN
ASSET-BASED LENDING AND FACTORING
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General Motors Acceptance Corporation (GMAC) and The Bank of New York
announced an agreement today for GMAC to acquire the asset-based lending
and factoring business of the bank. The acquired business unit, BNY
Financial Corporation and its affiliates (BNYFC), is one of the leading
asset-based lending and factoring operations in North America and the
United Kingdom with nearly 3,000 clients worldwide. The transaction is
targeted to close by the end of the second quarter and is subject to
customary regulatory approvals.
"This is an outstanding opportunity for GMAC to acquire an established
asset-based lending and factoring company with an experienced management
team that has achieved 17 consecutive years of increased profits," said
GMAC Chairman John D. Finnegan. "The acquisition of BNYFC will enable GMAC
to expand its existing asset-based lending business internationally and to
enter the factoring business in a substantial way. It will provide GMAC
with a solid platform to become an industry leader in commercial finance,"
Finnegan added.
BNYFC, headquartered in New York City, has 15 offices and over 900
employees worldwide. In 1998, BNYFC reported $26.7 billion in total sales
and $3.9 billion in total assets. BNYFC will be purchased for $1.8 billion.
The name of the new GMAC subsidiary will be GMAC Commercial Credit
Corporation.
BNYFC Chairman and CEO Joseph A. Grimaldi said, "We are very excited about
becoming a member of the GMAC family and their commitment to our business.
They are committed to our customers, our employees and our future growth.
This transaction will be transparent to our valued customers with the
exception of a name change, as the same people with whom they are
accustomed to doing business will continue to service them. Our employees
will retain their individual positions and titles."
Mr. Grimaldi will become President and CEO of the new subsidiary and will
report directly to John D. Finnegan.
GMAC, a wholly owned subsidiary of General Motors Corporation, is one of
the world's largest financial services companies with business lines in
automotive finance, commercial and residential mortgages, and insurance. At
March 31, 1999, GMAC's owned assets and serviced automobile receivables
exceeded $140 billion and combined serviced assets of the GMAC Mortgage
Group exceeded $250 billion.
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: June 8, 1999 By
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s/ Gerald E. Gross
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Gerald E. Gross, Comptroller
