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: (10-14-99)
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)
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ITEM 5. OTHER EVENTS
GMAC ANNOUNCES 1999 THIRD QUARTER EARNINGS
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General Motors Acceptance Corporation (GMAC) reported third quarter 1999
consolidated net income of $393 million, up 25% from $313 million earned in the
third quarter of 1998, GMAC President John D. Finnegan announced today. These
earnings represent record third quarter results for GMAC. Net income for the
first nine months of 1999 was $1,176 million, up 14% from $1,027 million
reported in the same period a year ago.
For the quarter, net income from automotive financing operations of $287 million
was up 15% from $250 million earned last year. Earnings were higher due
primarily to increased financing volumes, partially offset by a significantly
higher effective tax rate. Net income in the third quarter of 1998 was adversely
impacted by the effects of the GM strike. On a pre-tax basis, earnings of $487
million were up 37% from $355 million earned in the third quarter of 1998.
GMAC Insurance Holdings, Inc. generated net income of $55 million in the third
quarter of 1999, virtually unchanged from $54 million earned last year.
GMAC Mortgage Group, Inc. earned $51 million in the third quarter, an increase
of $42 million from last year. Earnings were higher primarily due to unusually
low earnings in the third quarter of 1998, which were negatively impacted by
illiquidity in the capital markets and 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: October 14, 1999 By
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s/ Gerald E. Gross
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Gerald E. Gross, Comptroller
