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: (01-17-01)
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.)
200 Renaissance Center, Detroit, Michigan 48265-2000
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313-665-6266
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
GMAC 2000 AND 4TH QUARTER 2000 EARNINGS SUMMARY
General Motors Acceptance Corporation (GMAC) earned consolidated net income of
$1,602 million, up 5% from the $1,527 million earned in 1999. These earnings are
an annual record for GMAC, with 2000 net income being the sixth straight year of
increase.
In 2000, net income from financing operations totaled $1,055 million,
virtually unchanged from the $1,057 million earned last year. Increased
financing volumes and asset levels were offset by the negative impact stemming
from the higher level of market interest rates during the year.
GMAC Insurance Holdings, Inc. generated net income of $220 million in
2000, up 5% from $210 million earned in 1999. The increase is due primarily to
improved operating results and higher investment income and capital gains.
GMAC Mortgage Group, Inc. earned a record $327 million in 2000, up 26%
from the $260 million earned last year. The strong year-over-year performance
reflects the benefit of strong international growth, lower cost of servicing and
increased mortgage originations during the second half of the year.
Fourth quarter 2000 consolidated results were a record for the quarter
and totaled $409 million, up 16% from the $352 million earned in the final
quarter of 1999. For the quarter, net income from financing operations totaled
$243 million, down 9% from $267 million earned a year ago. Higher asset levels
were more than offset by the negative impact stemming from an increase in
short-term interest rates and weaker off-lease residual values.
GMAC Insurance Holdings, Inc. generated net income of $50 million in
the fourth quarter of 2000, up 25% from the $40 million earned in the same
period last year. Earnings were higher primarily due to higher investment income
and capital gains.
GMAC Mortgage Group, Inc. earned $116 million in the fourth quarter, up
158% from the $45 million earned in the fourth quarter of 1999. Mortgage
operations posted strong earnings in the quarter reflecting higher originations,
increased securitization activity and a growing contribution from international
expansion activities.
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: January 17, 2001 By s/ GERALD E. GROSS
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(Gerald E. Gross, Comptroller)
