UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 1993, OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________
GMAC 1990-A GRANTOR TRUST 33-37995
GMAC 1991-A GRANTOR TRUST 33-39290
GMAC 1991-B GRANTOR TRUST 33-42657
GMAC 1991-C GRANTOR TRUST 33-44315
GMAC 1992-A GRANTOR TRUST 33-45204
GMAC 1992-C GRANTOR TRUST 33-46427
GMAC 1992-D GRANTOR TRUST 33-47999
GMAC 1992-E GRANTOR TRUST 33-48893
GMAC 1992-F GRANTOR TRUST 33-49037
GMAC 1992-G GRANTOR TRUST 33-49155
GMAC 1993-A GRANTOR TRUST 33-49197
GMAC 1993-B GRANTOR TRUST 33-49197
----------------------------- ---------------
(Exact name of registrants as Commission file
specified in its charter) number
A National Banking Association 36-0899825
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One First National Plaza,
Suite 0126, Chicago, Illinois 60670-0126
- ---------------------------------------- ----------
(Address of principal executive office) (Zip Code)
Registrants' telephone number, including area code 312-732-4000
------------
Securities registered pursuant to Section 12(b) of the Act: (None)
Section 12(g) of the Act: (None).
Indicate by check mark whether each of the registrants (1) has filed
all reports required to be filed by Section 13 of the Securities Exchange
Act of 1934 during the preceding 12 months, and (2) has been subject to
such filing requirements for the past 90 days. Yes X. No .
-- --
<PAGE>2
PART I.
ITEM 1. BUSINESS
Each of the Grantor Trusts, (the "Trusts"), listed below, was formed
by GMAC Auto Receivables Corporation (the "Seller") by selling and
assigning the receivables and the security interests in the vehicles
financed thereby to The First National Bank of Chicago, as Trustee, in
exchange for Class A certificates representing an undivided ownership
interest that ranges between approximately 91% and 94.5% in each Trust,
which were remarketed to the public, and Class B certificates representing
an undivided ownership interest that ranges between approximately 5.5% and
9% in each Trust, which were not offered to the public and initially were
held by the Seller. The right of the Class B certificateholders to receive
distribution of the receivables is subordinated to the rights of the Class
A certificateholders.
GRANTOR TRUST
-------------
GMAC 1990-A
GMAC 1991-A
GMAC 1991-B
GMAC 1991-C
GMAC 1992-A
GMAC 1992-C
GMAC 1992-D
GMAC 1992-E
GMAC 1992-F
GMAC 1992-G
GMAC 1993-A
GMAC 1993-B
_____________________
<PAGE>3
PART II
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Each of the Grantor Trusts, listed in the table as shown below, was
formed by GMAC Auto Receivables Corporation (the "Seller") pursuant to a
Pooling and Servicing Agreement between the Seller and The First National
Bank of Chicago, as trustee. Each Trust acquired retail finance
receivables from the Seller in the aggregate amount as shown below in
exchange for certificates representing undivided ownership interests in
each Trust. Each Trust's property includes a pool of retail instalment
sale contracts secured by new, and in some Trust's used, automobiles and
light trucks, certain monies due thereunder and security interests in the
vehicles financed thereby.
The certificates for each of the following Trusts consist of two
classes, entitled Asset Backed certificates, Class A and Asset Backed
certificates, Class B. The Class A certificates represent in the aggregate
an undivided ownership interest that ranges between approximately 91% and
94.5% of the Trusts and the Class B certificates represent in the aggregate
an undivided ownership interest that ranges between approximately 5.5% and
9% of the Trusts. Only the Class A certificates have been remarketed to
the public. The Class B certificates have not been offered to the public
and initially are being held by the Seller. The rights of the Class B
certificateholder to receive monthly distributions with respect to the
receivables are subordinated to the rights of the Class A
certificateholders.
Original Aggregate Amount
-----------------------------------
Date of Pooling Retail Asset Backed Certificates
Grantor and Servicing Finance -------------------------
Trust Agreement Receivables Class A Class B
- ------- ----------------- --------- -------- -------
(In millions of dollars)
GMAC 1990-A December 20, 1990 $1,162.6 $1,057.9 $104.7
GMAC 1991-A March 14, 1991 891.7 811.4 80.3
GMAC 1991-B September 17, 1991 1,007.4 916.7 90.7
GMAC 1991-C December 16, 1991 1,326.4 1,207.0 119.4
GMAC 1992-A January 30, 1992 2,001.4 1,851.3 150.1
GMAC 1992-C March 26, 1992 1,100.3 1,012.3 88.0
GMAC 1992-D June 4, 1992 1,647.6 1,499.3 148.3
GMAC 1992-E August 20, 1992 1,578.0 1,436.0 142.0
GMAC 1992-F September 29, 1992 1,644.6 1,496.6 148.0
GMAC 1992-G November 19, 1992 1,379.4 1,303.5 75.9
GMAC 1993-A March 24, 1993 1,403.0 1,297.8 105.2
GMAC 1993-B September 16, 1993 1,450.6 1,341.8 108.8
II-1
<PAGE>4
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (concluded)
General Motors Acceptance Corporation, the originator of the retail
receivables, continues to service the receivables for each of the
aforementioned Grantor Trusts and receives compensation and fees for such
services. Investors receive monthly payments of the pro rata portion of
principal and interest for each Trust as the receivables are liquidated.
------------------------
II-2
<PAGE>5
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
CROSS REFERENCE SHEET
Caption Page
- --------------------------------------------------- ------
GMAC 1990-A Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-4
Data for the Year Ended December 31, 1993.
GMAC 1991-A Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-9
Data for the Year Ended December 31, 1993.
GMAC 1991-B Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-14
Data for the Year Ended December 31, 1993.
GMAC 1991-C Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-19
Data for the Year Ended December 31, 1993.
GMAC 1992-A Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-24
Data for the Year Ended December 31, 1993.
GMAC 1992-C Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-29
Data for the Year Ended December 31, 1993.
GMAC 1992-D Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-34
Data for the Year Ended December 31, 1993.
GMAC 1992-E Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-39
Data for the Year Ended December 31, 1993.
GMAC 1992-F Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-44
Data for the Year Ended December 31, 1993.
GMAC 1992-G Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-49
Data for Year Ended from December 31, 1993.
GMAC 1993-A Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-54
Data for the period from March 24, 1993 to
December 31, 1993.
GMAC 1993-B Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-59
Data for period from September 16, 1993 to
December 31, 1993.
II-3
<PAGE>6
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1990-A Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1990-A Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for each of the three years in the period
ended December 31, 1993. These financial statements are the responsibility
of the Trust's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1990-A Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for each of the three years in the period ended December 31, 1993, on the
basis of accounting described in Note 1.
s\ DELOITTE & TOUCHE
- ----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-4
<PAGE>7
GMAC 1990-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) ................... 207.1 459.8
------- -------
TOTAL ASSETS ........................... 207.1 459.8
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ...................... 207.1 459.8
------- -------
TOTAL LIABILITIES ...................... 207.1 459.8
======= =======
Reference should be made to the Notes to
Financial Statements.
II-5
<PAGE>8
GMAC 1990-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the years ended December 31, 1993, 1992 and 1991
(in millions of dollars)
1993 1992 1991
----- ----- -----
Distributable Income $ $ $
Allocable to Principal ............... 252.7 344.1 358.7
Allocable to Interest ............... 27.7 52.9 82.6
----- ----- -----
Distributable Income ................... 280.4 397.0 441.3
===== ===== =====
Income Distributed ..................... 280.4 397.0 441.3
===== ===== =====
Reference should be made to the Notes to
Financial Statements.
II-6
<PAGE>9
GMAC 1990-A GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1990-A Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On December 20, 1990, GMAC 1990-A Grantor Trust acquired retail finance
receivables aggregating approximately $1,162.6 million from the Seller in
exchange for certificates representing undivided ownership interests of 91%
for the Class A certificates and 9% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder, and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing January 15, 1991. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 8.25% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-7
<PAGE>10
GMAC 1990-A GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 70.0 9.0 79.0
Second quarter ..................... 69.0 7.5 76.5
Third quarter ...................... 61.8 6.2 68.0
Fourth quarter ..................... 51.9 5.0 56.9
--------- -------- -----
Total ......................... 252.7 27.7 280.4
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 90.4 16.0 106.4
Second quarter ..................... 90.0 14.1 104.1
Third quarter ...................... 86.1 12.3 98.4
Fourth quarter ..................... 77.6 10.5 88.1
--------- -------- -----
Total ......................... 344.1 52.9 397.0
========= ======== =====
1991 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 86.6 23.4 110.0
Second quarter ..................... 93.2 21.7 114.9
Third quarter ...................... 90.8 19.7 110.5
Fourth quarter ..................... 88.1 17.8 105.9
--------- -------- -----
Total ......................... 358.7 82.6 441.3
========= ======== =====
II-8
<PAGE>11
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1991-A Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1991-A Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the two years in the period ended
December 31, 1993 and the period March 14, 1991 (inception) through
December 31, 1991. These financial statements are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1991-A Grantor Trust at
December 31, 1993 and 1992 and its distributable income and distributions
for the two years in the period ended December 31, 1993 and the period
March 14, 1991 (inception) through December 31, 1991, on the basis of
accounting described in Note 1.
s/ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-9
<PAGE>12
GMAC 1991-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) ................... 162.0 370.4
------- -------
TOTAL ASSETS ........................... 162.0 370.4
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ...................... 162.0 370.4
------- -------
TOTAL LIABILITIES ...................... 162.0 370.4
======= =======
Reference should be made to the Notes to
Financial Statements.
II-10
<PAGE>13
GMAC 1991-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the years ended December 31, 1993, 1992 and the period March 14, 1991
(inception) through December 31, 1991
(in millions of dollars)
1993 1992 1991
----- ----- -----
$ $ $
Distributable Income
Allocable to Principal ................ 208.3 290.7 230.6
Allocable to Interest ................ 21.2 41.2 46.7
----- ----- -----
Distributable Income .................... 229.5 331.9 277.3
===== ===== =====
Income Distributed ...................... 229.5 331.9 277.3
===== ===== =====
Reference should be made to the Notes to
Financial Statements.
II-11
<PAGE>14
GMAC 1991-A GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1991-A Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On March 14, 1991, GMAC 1991-A Grantor Trust acquired retail finance
receivables aggregating approximately $891.7 million from the Seller in
exchange for certificates representing undivided ownership interests of 91%
for the Class A certificates and 9% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder, and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing April 15, 1991. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 7.90% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-12
<PAGE>15
GMAC 1991-A GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 58.0 6.9 64.9
Second quarter ..................... 55.5 5.8 61.3
Third quarter ...................... 50.6 4.7 55.3
Fourth quarter ..................... 44.2 3.8 48.0
--------- -------- -----
Total ......................... 208.3 21.2 229.5
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 78.5 12.5 91.0
Second quarter ..................... 75.1 11.0 86.1
Third quarter ...................... 71.9 9.5 81.4
Fourth quarter ..................... 65.2 8.2 73.4
--------- -------- -----
Total ......................... 290.7 41.2 331.9
========= ======== =====
1991 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Second quarter ..................... 78.6 17.1 95.7
Third quarter ...................... 76.7 15.6 92.3
Fourth quarter ..................... 75.3 14.0 89.3
--------- -------- -----
Total ......................... 230.6 46.7 277.3
========= ======== =====
II-13
<PAGE>16
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1991-B Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1991-B Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the two years in the period ended
December 31, 1993 and the period September 17, 1991 (inception) through
December 31, 1991. These financial statements are the responsibility of
the Trust's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1991-B Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the two years in the period ended December 31, 1993 and the period
September 17, 1991 (inception) through December 31, 1991, on the basis of
accounting described in Note 1.
s\ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-14
<PAGE>17
GMAC 1991-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) ................... 306.4 582.8
------- -------
TOTAL ASSETS ........................... 306.4 582.8
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ...................... 306.4 582.8
------- -------
TOTAL LIABILITIES ...................... 306.4 582.8
======= =======
Reference should be made to the Notes to
Financial Statements.
II-15
<PAGE>18
GMAC 1991-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the years ended December 31, 1993, 1992 and the period September 17,
1991 (inception) through December 31, 1991
(in millions of dollars)
1993 1992 1991
------ ------ ------
$ $ $
Distributable Income
Allocable to Principal ............... 276.3 340.7 83.9
Allocable to Interest ............... 30.4 51.5 16.5
------ ------ ------
Distributable Income ................... 306.7 392.2 100.4
====== ====== ======
Income Distributed ..................... 306.7 392.2 100.4
====== ====== ======
Reference should be made to the Notes to
Financial Statements.
II-16
<PAGE>19
GMAC 1991-B GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1991-B Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On September 17, 1991, GMAC 1991-B Grantor Trust acquired retail finance
receivables aggregating approximately $1,007.4 million from the Seller in
exchange for certificates representing undivided ownership interests of 91%
for the Class A certificates and 9% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing October 15, 1991. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 6.75% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-17
<PAGE>20
GMAC 1991-B GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 72.7 9.4 82.1
Second quarter ..................... 74.8 8.2 83.0
Third quarter ...................... 68.3 7.0 75.3
Fourth quarter ..................... 60.5 5.8 66.3
--------- -------- -----
Total ......................... 276.3 30.4 306.7
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 87.1 15.1 102.2
Second quarter ..................... 89.5 13.6 103.1
Third quarter ...................... 84.9 12.1 97.0
Fourth quarter ..................... 79.2 10.7 89.9
--------- -------- -----
Total ......................... 340.7 51.5 392.2
========= ======== =====
1991 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Fourth quarter ..................... 83.9 16.5 100.4
========= ======== =====
II-18
<PAGE>21
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1991-C Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1991-C Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the years then ended. These financial
statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1991-C Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the years then ended, on the basis of accounting described in Note 1.
s\ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-19
<PAGE>22
GMAC 1991-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) ................... 496.0 874.6
------- -------
TOTAL ASSETS ........................... 496.0 874.6
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ...................... 496.0 874.6
------- -------
TOTAL LIABILITIES ...................... 496.0 874.6
======= =======
Reference should be made to the Notes to
Financial Statements.
II-20
<PAGE>23
GMAC 1991-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the years ended December 31, 1993 and 1992
(in millions of dollars)
1993 1992
-------- --------
$ $
Distributable Income
Allocable to Principal ...................... 378.5 451.8
Allocable to Interest ...................... 39.7 63.3
-------- --------
Distributable Income .......................... 418.2 515.1
======== ========
Income Distributed ............................ 418.2 515.1
======== ========
Reference should be made to the Notes to
Financial Statements.
II-21
<PAGE>24
GMAC 1991-C GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1991-C Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On December 16, 1991, GMAC 1991-C Grantor Trust acquired retail finance
receivables aggregating approximately $1,326.4 million from the Seller in
exchange for certificates representing undivided ownership interests of 91%
for the Class A certificates and 9% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder, and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing January 15, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 5.70% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-22
<PAGE>25
GMAC 1991-C GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 96.7 12.0 108.7
Second quarter ..................... 101.1 10.6 111.7
Third quarter ...................... 95.2 9.2 104.4
Fourth quarter ..................... 85.5 7.9 93.4
--------- -------- -----
Total ......................... 378.5 39.7 418.2
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 120.6 18.3 138.9
Second quarter ..................... 115.3 16.6 131.9
Third quarter ...................... 109.9 15.0 124.9
Fourth quarter ..................... 106.0 13.4 119.4
--------- -------- -----
Total ......................... 451.8 63.3 515.1
========= ======== =====
II-23
<PAGE>26
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1992-A Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1992-A Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the year ended December 31, 1993 and
the period January 30, 1992 (inception) through December 31, 1992. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1992-A Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the year ended December 31, 1993 and the period January 30, 1992
(inception) through December 31, 1992, on the basis of accounting described
in Note 1.
s\ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-24
<PAGE>27
GMAC 1992-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) .............................. 370.7 1,052.5
------- -------
TOTAL ASSETS ...................................... 370.7 1,052.5
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ................................. 370.7 1,052.5
------- -------
TOTAL LIABILITIES ................................. 370.7 1,052.5
======= =======
Reference should be made to the Notes to
Financial Statements.
II-25
<PAGE>28
GMAC 1992-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the year ended December 31, 1993 and the period January 30, 1992
(inception) through December 31, 1992
(in millions of dollars)
1993 1992
------- -------
$ $
Distributable Income
Allocable to Principal ...................... 681.7 948.9
Allocable to Interest ...................... 35.4 72.0
------- -------
Distributable Income .......................... 717.1 1,020.9
======= =======
Income Distributed ............................ 717.1 1,020.9
======= =======
Reference should be made to the Notes to
Financial Statements.
II-26
<PAGE>29
GMAC 1992-A GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-A Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On January 30, 1992, GMAC 1992-A Grantor Trust acquired retail finance
receivables aggregating approximately $2,001.4 million from the Seller in
exchange for certificates representing undivided ownership interests of
92.5% for the Class A certificates and 7.5% for the Class B certificates in
the Trust. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing February 18, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 5.05% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-27
<PAGE>30
GMAC 1992-A GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 206.9 12.4 219.3
Second quarter ..................... 192.5 9.8 202.3
Third quarter ...................... 157.7 7.5 165.2
Fourth quarter ..................... 124.6 5.7 130.3
--------- -------- -----
Total ......................... 681.7 35.4 717.1
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 171.8 16.5 188.3
Second quarter ..................... 278.3 21.9 300.2
Third quarter ...................... 263.6 18.4 282.0
Fourth quarter ..................... 235.2 15.2 250.4
--------- -------- -------
Total ......................... 948.9 72.0 1,020.9
========= ======== =======
II-28
<PAGE>31
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1992-C Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1992-C Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the year ended December 31, 1993 and
the period March 26, 1992 (inception) through December 31, 1992. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1992-C Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the year ended December 31, 1993 and the period March 26, 1992
(inception) through December 31, 1992, on the basis of accounting described
in Note 1.
s\ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-29
<PAGE>32
GMAC 1992-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) .............................. 311.3 716.3
------- -------
TOTAL ASSETS ...................................... 311.3 716.3
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) .................................. 311.3 716.3
------- -------
TOTAL LIABILITIES ................................. 311.3 716.3
======= =======
Reference should be made to the Notes to
Financial Statements.
II-30
<PAGE>33
GMAC 1992-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the year ended December 31, 1993 and the period March 26, 1992
(inception) through December 31, 1992
(in millions of dollars)
1993 1992
------- -------
$ $
Distributable Income
Allocable to Principal ...................... 405.0 384.0
Allocable to Interest ...................... 31.0 41.2
------- -------
Distributable Income .......................... 436.0 425.2
======= =======
Income Distributed ............................ 436.0 425.2
======= =======
Reference should be made to the Notes to
Financial Statements.
II-31
<PAGE>34
GMAC 1992-C GRANTOR TRUST (continued))
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-C Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On March 26, 1992, GMAC 1992-C Grantor Trust acquired retail finance
receivables aggregating approximately $1,100.3 million from the Seller in
exchange for certificates representing undivided ownership interests of 92%
for the Class A certificates and 8% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing April 15, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 5.95% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-32
<PAGE>35
GMAC 1992-C GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 109.2 10.1 119.3
Second quarter ..................... 109.3 8.5 117.8
Third quarter ...................... 99.7 6.9 106.6
Fourth quarter ..................... 86.8 5.5 92.3
--------- -------- -----
Total ......................... 405.0 31.0 436.0
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Second quarter ..................... 133.1 15.7 148.8
Third quarter ...................... 129.8 13.7 143.5
Fourth quarter ..................... 121.1 11.8 132.9
--------- -------- -----
Total ......................... 384.0 41.2 425.2
========= ======== =====
II-33
<PAGE>36
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1992-D Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1992-D Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the year ended December 31, 1993 and
the period June 4, 1992 (inception) through December 31, 1992. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1992-D Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the year ended December 31, 1993 and the period June 4, 1992
(inception) through December 31, 1992, on the basis of accounting described
in Note 1.
s/ DELOITTE & TOUCHE
- ----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-34
<PAGE>37
GMAC 1992-D GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) .............................. 702.0 1,270.4
------- -------
TOTAL ASSETS ...................................... 702.0 1,270.4
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ................................. 702.0 1,270.4
------- -------
TOTAL LIABILITIES ................................. 702.0 1,270.4
======= =======
Reference should be made to the Notes to
Financial Statements.
II-35
<PAGE>38
GMAC 1992-D GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the year ended December 31, 1993 and the period June 4,1992 (inception)
through December 31, 1992
(in millions of dollars)
1993 1992
------ ------
$ $
Distributable Income
Allocable to Principal ...................... 568.4 377.2
Allocable to Interest ...................... 55.4 48.0
------ ------
Distributable Income .......................... 623.8 425.2
====== ======
Income Distributed ............................ 623.8 425.2
====== ======
Reference should be made to the Notes to
Financial Statements.
II-36
<PAGE>39
GMAC 1992-D GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-D Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On June 4, 1992, GMAC 1992-D Grantor Trust acquired retail finance
receivables aggregating approximately $1,647.6 million from the Seller in
exchange for certificates representing undivided ownership interests of 91%
for the Class A certificates and 9% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing June 15, 1992. Principal consists of payments
on the receivables that are allocable to repayment of the amount sold as
determined on a constant interest rate basis (the "actuarial method").
Interest is passed through and distributed to Class A certificateholders at
one-twelfth of the pass through rate of 5.55% per annum. Interest consists
of payments on the receivables that are allocable to finance charges, using
the actuarial method, net of fees and expenses. The rights of the Class B
certificateholders to receive monthly distributions with respect to the
receivables are subordinated to the rights of the Class A
certificateholders. A distribution date is the 15th day of each month (or,
if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-37
<PAGE>40
GMAC 1992-D GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 148.6 16.9 165.5
Second quarter ..................... 153.3 14.8 168.1
Third quarter ...................... 140.7 12.8 153.5
Fourth quarter ..................... 125.8 10.9 136.7
--------- -------- -----
Total ......................... 568.4 55.4 623.8
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Second quarter ..................... 50.7 7.6 58.3
Third quarter ...................... 166.9 21.4 188.3
Fourth quarter ..................... 159.6 19.0 178.6
--------- -------- -----
Total ......................... 377.2 48.0 425.2
========= ======== =====
II-38
<PAGE>41
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1992-E Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1992-E Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the year ended December 31, 1993 and
the period August 20, 1992 (inception) through December 31, 1992. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1992-E Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the year ended December 31, 1993 and the period August 20, 1992
(inception) through December 31, 1992, on the basis of accounting described
in Note 1.
s\ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-39
<PAGE>42
GMAC 1992-E GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) .............................. 885.4 1,398.0
------- -------
TOTAL ASSETS ...................................... 885.4 1,398.0
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ................................. 885.4 1,398.0
------- -------
TOTAL LIABILITIES ................................. 885.4 1,398.0
======= =======
Reference should be made to the Notes to
Financial Statements.
II-40
<PAGE>43
GMAC 1992-E GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the year ended December 31, 1993 and the period August 20, 1992
(inception) through December 31, 1992
(in millions of dollars)
1993 1992
------- -------
$ $
Distributable Income
Allocable to Principal ...................... 512.6 180.0
Allocable to Interest ...................... 55.1 23.9
------- -------
Distributable Income .......................... 567.7 203.9
======= =======
Income Distributed ............................ 567.7 203.9
======= =======
Reference should be made to the Notes to
Financial Statements.
II-41
<PAGE>44
GMAC 1992-E GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-E Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On August 20, 1992, GMAC 1992-E Grantor Trust acquired retail finance
receivables aggregating approximately $1,578.0 million from the Seller in
exchange for certificates representing undivided ownership interests of 91%
for the Class A certificates and 9% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing September 15, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 4.75% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-42
<PAGE>45
GMAC 1992-E GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 128.3 16.1 144.4
Second quarter ..................... 134.8 14.5 149.3
Third quarter ...................... 129.0 13.0 142.0
Fourth quarter ..................... 120.5 11.5 132.0
--------- -------- -----
Total ......................... 512.6 55.1 567.7
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Third quarter ...................... 46.1 6.2 52.3
Fourth quarter ..................... 133.9 17.7 151.6
--------- -------- -----
Total ......................... 180.0 23.9 203.9
========= ======== =====
II-43
<PAGE>46
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1992-F Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1992-F Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the year ended December 31, 1993 and
the period September 29, 1992 (inception) through December 31, 1992. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1992-F Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the year ended December 31, 1993 and the period September 29, 1992
(inception) through December 31, 1992, on the basis of accounting described
in Note 1.
s\ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-44
<PAGE>47
GMAC 1992-F GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) .............................. 908.7 1,492.8
------- -------
TOTAL ASSETS ...................................... 908.7 1,492.8
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ................................. 908.7 1,492.8
------- -------
TOTAL LIABILITIES ................................. 908.7 1,492.8
======= =======
Reference should be made to the Notes to
Financial Statements.
II-45
<PAGE>48
GMAC 1992-F GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the year ended December 31, 1993 and the period September 29, 1992
(inception) through December 31, 1992
(in millions of dollars)
1993 1992
------ ------
$ $
Distributable Income
Allocable to Principal ...................... 584.1 151.8
Allocable to Interest ...................... 55.0 17.9
------ ------
Distributable Income .......................... 639.1 169.7
====== ======
Income Distributed ............................ 639.1 169.7
====== ======
Reference should be made to the Notes to
Financial Statements.
II-46
<PAGE>49
GMAC 1992-F GRANTOR TRUST (continued))
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-F Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On September 29, 1992, GMAC 1992-F Grantor Trust acquired retail finance
receivables aggregating approximately $1,644.6 million from the Seller in
exchange for certificates representing undivided ownership interests of 91%
for the Class A certificates and 9% for the Class B certificates in the
Trust. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder, and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing October 15, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 4.50% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-47
<PAGE>50
GMAC 1992-F GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 146.9 16.2 163.1
Second quarter ..................... 151.2 14.6 165.8
Third quarter ...................... 147.3 12.9 160.2
Fourth quarter ..................... 138.7 11.3 150.0
--------- -------- -----
Total ......................... 584.1 55.0 639.1
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Fourth quarter ..................... 151.8 17.9 169.7
========= ======== =====
II-48
<PAGE>51
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1992-G Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1992-G Grantor Trust as of December 31, 1993 and 1992, and the related
Statement of Distributable Income for the year ended December 31, 1993 and
the period November 19, 1992 (inception) through December 31, 1992. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1992-G Grantor Trust at
December 31, 1993 and 1992, and its distributable income and distributions
for the year ended December 31, 1993 and the period November 19, 1992
(inception) through December 31, 1992, on the basis of accounting described
in Note 1.
s/ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-49
<PAGE>52
GMAC 1992-G GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31 Dec. 31
1993 1992
------- -------
ASSETS $ $
Receivables (Note 2) .............................. 335.3 1,288.5
------- -------
TOTAL ASSETS ...................................... 335.3 1,288.5
======= =======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ................................. 335.3 1,288.5
------- -------
TOTAL LIABILITIES ................................. 335.3 1,288.5
======= =======
Reference should be made to the Notes to
Financial Statements.
II-50
<PAGE>53
GMAC 1992-G GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the year ended December 31, 1993 and the period November 19, 1992
(inception) through December 31, 1992
(in millions of dollars)
1993 1992
------ ------
$ $
Distributable Income
Allocable to Principal ...................... 953.1 91.0
Allocable to Interest ...................... 35.2 4.9
------ ------
Distributable Income .......................... 988.3 95.9
====== ======
Income Distributed ............................ 988.3 95.9
====== ======
Reference should be made to the Notes to
Financial Statements.
II-51
<PAGE>54
GMAC 1992-G GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-G Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On November 19, 1992, GMAC 1992-G Grantor Trust acquired retail finance
receivables aggregating approximately $1,379.4 million from the Seller in
exchange for certificates representing undivided ownership interests of
94.5% for the Class A certificates and 5.5% for the Class B certificates in
the Trust. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder, and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing December 15, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 4.30% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-52
<PAGE>55
GMAC 1992-G GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
First quarter ...................... 268.1 12.9 281.0
Second quarter ..................... 258.3 10.0 268.3
Third quarter ...................... 230.4 7.3 237.7
Fourth quarter ..................... 196.3 5.0 201.3
--------- -------- -----
Total ......................... 953.1 35.2 988.3
========= ======== =====
1992 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Fourth quarter ..................... 91.0 4.9 95.9
========= ======== =====
II-53
<PAGE>56
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1993-A Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1993-A Grantor Trust as of December 31, 1993 and the related Statement
of Distributable Income for the period March 24, 1993 (inception) through
December 31, 1993. These financial statements are the responsibility of
the Trust's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1993-A Grantor Trust at
December 31, 1993 and its distributable income and distributions for the
period March 24, 1993 (inception) through December 31, 1993, on the basis
of accounting described in Note 1.
s\ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-54
<PAGE>57
GMAC 1993-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31
1993
-------
ASSETS $
Receivables (Note 2) .............................. 845.9
-------
TOTAL ASSETS ...................................... 845.9
=======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ................................. 845.9
-------
TOTAL LIABILITIES ................................. 845.9
=======
Reference should be made to the Notes to
Financial Statements.
II-55
<PAGE>58
GMAC 1993-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the period March 24, 1992 (inception) through December 31, 1993
(in millions of dollars)
1993
-----
$
Distributable Income
Allocable to Principal .................... 557.0
Allocable to Interest .................... 35.6
-----
Distributable Income ......................... 592.6
=====
Income Distributed ........................... 592.6
=====
Reference should be made to the Notes to
Financial Statements.
II-56
<PAGE>59
GMAC 1993-A GRANTOR TRUST (continued))
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1993-A Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On March 24, 1993, GMAC 1993-A Grantor Trust acquired retail finance
receivables aggregating approximately $1,403.0 million from the Seller in
exchange for certificates representing undivided ownership interests of
92.5% for the Class A certificates and 7.5% for the Class B certificates in
the Trust. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder, and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing April 15, 1993. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 4.15% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-57
<PAGE>60
GMAC 1993-A GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Second quarter ..................... 196.7 13.9 210.6
Third quarter ...................... 194.4 11.8 206.2
Fourth quarter ..................... 165.9 9.9 175.8
--------- -------- -----
Total ......................... 557.0 35.6 592.6
========= ======== =====
II-58
<PAGE>61
INDEPENDENT AUDITORS' REPORT
March 22, 1994
The GMAC 1993-B Grantor Trust, its Certificateholders, GMAC Auto
Receivables Corporation, and The First National Bank of Chicago:
We have audited the accompanying Statement of Assets and Liabilities of the
GMAC 1993-B Grantor Trust as of December 31, 1993 and the related Statement
of Distributable Income for the period September 16, 1993 (inception)
through December 31, 1993. These financial statements are the
responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial
statements are prepared on the basis of cash receipts and disbursements,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1993-B Grantor Trust at
December 31, 1993 and its distributable income and distributions for the
period September 16, 1993 (inception) through December 31, 1993, on the
basis of accounting described in Note 1.
s/ DELOITTE & TOUCHE
- -----------------------
DELOITTE & TOUCHE
600 Renaissance Center
Detroit, Michigan 48243
II-59
<PAGE>62
GMAC 1993-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Dec. 31
1993
-------
ASSETS $
Receivables (Note 2) .............................. 1,269.0
-------
TOTAL ASSETS ...................................... 1,269.0
=======
LIABILITIES
Asset-backed Certificates
(Notes 2 and 3) ................................. 1,269.0
-------
TOTAL LIABILITIES ................................. 1,269.0
=======
Reference should be made to the Notes to
Financial Statements.
II-60
<PAGE>63
GMAC 1993-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the period September 16, 1993 (inception) through December 31, 1993
(in millions of dollars)
1993
-----
$
Distributable Income
Allocable to Principal .................... 181.6
Allocable to Interest .................... 13.9
-----
Distributable Income ......................... 195.5
=====
Income Distributed ........................... 195.5
=====
Reference should be made to the Notes to
Financial Statements.
II-61
<PAGE>64
GMAC 1993-B GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1993-B Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in
accordance with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather than when
earned and distributions to certificateholders are recognized when paid
rather than when the obligation is incurred. All expenses of the Trust are
paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On September 16, 1993, GMAC 1993-B Grantor Trust acquired retail finance
receivables aggregating approximately $1,450.6 million from the Seller in
exchange for certificates representing undivided ownership interests of
92.5% for the Class A certificates and 7.5% for the Class B certificates in
the Trust. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder, and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the
last day of any month on or after which the principal balance declines
below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing October 15, 1993. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 4.00% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the
rights of the Class A certificateholders. A distribution date is the 15th
day of each month (or, if such 15th day is not a business day, the next
following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as
a corporation for federal income tax purposes. Each certificateholder will
be treated as the owner of a pro rata undivided interest in each of the
receivables in the Trust.
II-62
<PAGE>65
GMAC 1993-B GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
(in millions of dollars)
1993 Quarters Principal Interest Total
- ------------------------------------ --------- -------- -----
$ $ $
Fourth quarter ..................... 181.6 13.9 195.5
========= ======== =====
II-63
<PAGE>66
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
(a) (1) FINANCIAL STATEMENTS.
Included in Part II, Item 8, of Form 10-K.
(a) (2) FINANCIAL STATEMENT SCHEDULES.
All schedules have been omitted because they are inapplicable or
because the information called for is shown in the financial
statements or notes thereto.
(a) (3) EXHIBITS (Included in Part II of this report).
-- GMAC 1990-A Grantor Trust Financial Statements for the Year
Ended December 31, 1993.
-- GMAC 1991-A Grantor Trust Financial Statement for the Year
Ended December 31, 1993.
-- GMAC 1991-B Grantor Trust Financial Statements for the Year
Ended December 31, 1993.
-- GMAC 1991-C Grantor Trust Financial Statements for the Year
Ended December 31, 1993.
-- GMAC 1992-A Grantor Trust Financial Statements for the Year
Ended December 31, 1993.
-- GMAC 1992-C Grantor Trust Financial Statement for the Year
Ended December 31, 1993.
-- GMAC 1992-D Grantor Trust Financial Statements for the Year
Ended December 31, 1993.
-- GMAC 1992-E Grantor Trust Financial Statements for the Year
Ended December 31, 1993.
-- GMAC 1992-F Grantor Trust Financial Statements for the Year
Ended December 31, 1993.
-- GMAC 1992-G Grantor Trust Financial Statement for the Year
Ended December 31, 1993.
-- GMAC 1993-A Grantor Trust Financial Statements for the period
March 24, 1993 through December 31, 1993.
-- GMAC 1993-B Grantor Trust Financial Statements for the period
September 16, 1993 through December 31, 1993.
(b) REPORTS ON FORM 8-K.
No current reports on Form 8-K have been filed by any of the
above-mentioned Grantor Trusts during the fourth quarter ended
December 31, 1993
ITEMS 2, 3, 4, 5, 6, 9, 10, 11, 12 and 13 are inapplicable and have been
omitted.
IV-1
<PAGE>67
SIGNATURE
Pursuant to the requirements of Section 13 of the Securities Exchange Act
of 1934, the Trustee has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
GMAC 1990-A GRANTOR TRUST
GMAC 1991-A GRANTOR TRUST
GMAC 1991-B GRANTOR TRUST
GMAC 1991-C GRANTOR TRUST
GMAC 1992-A GRANTOR TRUST
GMAC 1992-C GRANTOR TRUST
GMAC 1992-D GRANTOR TRUST
GMAC 1992-E GRANTOR TRUST
GMAC 1992-F GRANTOR TRUST
GMAC 1992-G GRANTOR TRUST
GMAC 1993-A GRANTOR TRUST
GMAC 1993-B GRANTOR TRUST
The First National Bank of Chicago
(Trustee)
s\ Steven M. Wagner
----------------------------------
(Steven M. Wagner, Vice President)
Date: March 30, 1994
--------------
IV-2
