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: (07-18-00)
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 2ND QUARTER 2000 EARNINGS SUMMARY
General Motors Acceptance Corporation (GMAC) earned consolidated net
income of $395 million, up from the $391 million earned in the second quarter of
1999. Net income for the first six months of 2000 was $792 million, up 1% from
the $783 million reported in the same period a year ago.
For the quarter, net income from AUTOMOTIVE FINANCING OPERATIONS
totaled $278 million, up $3 million from the $275 million earned in the second
quarter of last year. The continued growth in assets and favorable credit losses
combined to offset the negative impact from recent increases in borrowing costs.
GMAC INSURANCE HOLDINGS, INC. generated net income of $57 million in
the second quarter of 2000, up 14% from the $50 million earned in the second
quarter of 1999. Earnings were higher primarily due to higher investment income
and capital gains.
GMAC MORTGAGE GROUP, INC. earned $60 million in the second quarter of
2000, down 9% from the $66 million earned for the same period last year. The
decline in year-over-year performance reflects a general slowdown in volume due
to rising mortgage interest rates.
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: July 18, 2000 By s/ GERALD E. GROSS
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Gerald E. Gross, Comptroller
