UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1994, 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
GMAC 1994-A 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 offices) (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 .
-- --
This quarterly report, filed pursuant to Rule 13a-13 of the General Rules
and Regulations under the Securities Exchange Act of 1934, consists of the
following information as specified in Form 10-Q:
PART I. FINANCIAL INFORMATION
The required information is given as to each of the registrants as shown
on page 1 herein.
ITEM 1. FINANCIAL STATEMENTS.
1. Statement of Assets and Liabilities, June 30, 1994,
December 31, 1993 and June 30, 1993.
2. Statement of Distributable Income for the Six Months
Ended June 30, 1994 and 1993.
3. Notes to Financial Statements.
The above described Financial Statements for each of the registrants
are submitted herewith as Exhibits 20.1, 20.2, 20.3, 20.4, 20.5, 20.6, 20.7,
20.8, 20.9, 20.10, 20.11, 20.12 and 20.13.
In the opinion of management, the interim financial statements reflect
all adjustments, consisting of normal recurring items, which are necessary for
a fair presentation of the results for the interim periods presented.
PART II
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Each of the Grantor Trusts, listed in the table on the following
page, 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.
(continued)
-2-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (concluded).
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% in the
Trusts and the Class B certificates represent in the aggregate an undivided
ownership interest that ranges between approximately 5.5% and 9% in 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 are 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.
Retail Finance Receivables
--------------------------------------
Date of Pooling Asset-Backed Certificates
Grantor and Servicing Aggregate -------------------------
Trust Agreement Amount 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
GMAC 1994-A June 28, 1994 1,151.9 1,077.0 74.9
General Motors Acceptance Corporation (GMAC), 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 received by each Trust as the receivables are
liquidated.
____________________
-3-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
20.1 GMAC 1990-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.2 GMAC 1991-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.3 GMAC 1991-B Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.4 GMAC 1991-C Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.5 GMAC 1992-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.6 GMAC 1992-C Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.7 GMAC 1992-D Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.8 GMAC 1992-E Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.9 GMAC 1992-F Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.10 GMAC 1992-G Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.11 GMAC 1993-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.12 GMAC 1993-B Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994.
20.13 GMAC 1994-A Grantor Trust Financial Statement for the
period June 28, 1994 (inception) through June 30, 1994.
(b) Reports on Form 8-K:
No current reports on Form 8-K have been filed by any of the
abovementioned Grantor Trusts during the quarter ended
June 30, 1994.
______________________
-4-
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
GMAC 1994-A GRANTOR TRUST
by: The First National Bank of Chicago
---------------------------------------
(Trustee)
s\
---------------------------------------
(Steven M. Wagner, Vice President)
Date: August 15, 1994
---------------
-5-
EXHIBIT INDEX
Exhibit
Number Exhibit Name
- - -------- -------------------------------------------------------
20.1 GMAC 1990-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.2 GMAC 1991-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.3 GMAC 1991-B Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.4 GMAC 1991-C Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.5 GMAC 1992-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.6 GMAC 1992-C Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.7 GMAC 1992-D Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.8 GMAC 1992-E Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.9 GMAC 1992-F Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.10 GMAC 1992-G Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.11 GMAC 1993-A Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994 and 1993.
20.12 GMAC 1993-B Grantor Trust Financial Statements for the
Six Months Ended June 30, 1994.
20.13 GMAC 1994-A Grantor Trust Financial Statement for the
period June 28, 1994 (inception) through June 30, 1994.
Exhibit 20.1
Page 1 of 3
GMAC 1990-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31,
1994 1993
--------- ---------
ASSETS
Receivables (Note 2) ..................... $ 119.5 $ 207.1
--------- ---------
TOTAL ASSETS ............................. $ 119.5 $ 207.1
========= =========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 119.5 $ 207.1
--------- ---------
TOTAL LIABILITIES ........................ $ 119.5 $ 207.1
========= =========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.1
Page 2 of 3
GMAC 1990-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
---------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ........... $ 42.5 $ 69.0 $ 87.6 $ 139.0
Allocable to Interest ........... 3.0 7.5 6.9 16.5
------- -------- ------- -------
Distributable Income ............... $ 45.5 $ 76.5 $ 94.5 $ 155.5
======= ======== ======= =======
Income Distributed ................. $ 45.5 $ 76.5 $ 94.5 $ 155.5
======= ======== ======= =======
Reference should be made to the Notes to Financial Statements.
Exhibit 20.1
Page 3 of 3
GMAC 1990-A GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on which the
principal balance declines below 10% of the aggregate amount financed. On
June 16, 1994, GMAC exercised the option and repurchased the remaining
receivables in GMAC 1990-A Grantor Trust as of July 15, 1994.
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.
Exhibit 20.2
Page 1 of 3
GMAC 1991-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31,
1994 1993
-------- --------
ASSETS
Receivables (Note 2) ..................... $ 92.9 $ 162.0
-------- --------
TOTAL ASSETS ............................. $ 92.9 $ 162.0
======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 92.9 $ 162.0
-------- --------
TOTAL LIABILITIES ........................ $ 92.9 $ 162.0
======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.2
Page 2 of 3
GMAC 1991-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ........... $ 32.0 $ 55.5 $ 69.1 $ 113.5
Allocable to Interest ........... 2.2 5.8 5.1 12.7
------- ------- -------- --------
Distributable Income ............... $ 34.2 $ 61.3 $ 74.2 $ 126.2
======= ======= ======== =========
Income Distributed ................. $ 34.2 $ 61.3 $ 74.2 $ 126.2
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.2
Page 3 of 3
GMAC 1991-A GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on which the
principal balance declines below 10% of the aggregate amount financed. On
June 16, 1994, GMAC exercised the option and repurchased the remaining
receivables in GMAC 1991-A Grantor Trust as of July 15, 1994.
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.
Exhibit 20.3
Page 1 of 3
GMAC 1991-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 203.3 $ 306.4 $ 435.2
-------- -------- --------
TOTAL ASSETS ............................. $ 203.3 $ 306.4 $ 435.2
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 203.3 $ 306.4 $ 435.2
-------- -------- --------
TOTAL LIABILITIES ........................ $ 203.3 $ 306.4 $ 435.2
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.3
Page 2 of 3
GMAC 1991-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ........... $ 50.1 $ 74.8 $ 103.1 $ 147.5
Allocable to Interest ........... 3.9 8.2 8.8 17.6
------- ------- -------- --------
Distributable Income ............... $ 54.0 $ 83.0 $ 111.9 $ 165.1
======= ======= ======== ========
Income Distributed ................. $ 54.0 $ 83.0 $ 111.9 $ 165.1
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.3
Page 3 of 3
GMAC 1991-B GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.4
Page 1 of 3
GMAC 1991-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 346.8 $ 496.0 $ 676.8
-------- -------- --------
TOTAL ASSETS ............................. $ 346.8 $ 496.0 $ 676.8
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 346.8 $ 496.0 $ 676.8
-------- -------- --------
TOTAL LIABILITIES ........................ $ 346.8 $ 496.0 $ 676.8
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.4
Page 2 of 3
GMAC 1991-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 73.9 $ 101.1 $ 149.2 $ 197.8
Allocable to Interest ......... 5.6 10.6 12.3 22.6
-------- -------- -------- --------
Distributable Income ............. $ 79.5 $ 111.7 $ 161.5 $ 220.4
======== ======== ======== ========
Income Distributed ............... $ 79.5 $ 111.7 $ 161.5 $ 220.4
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.4
Page 3 of 3
GMAC 1991-C GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.5
Page 1 of 3
GMAC 1992-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 191.3 $ 370.7 $ 653.0
-------- -------- --------
TOTAL ASSETS ............................. $ 191.3 $ 370.7 $ 653.0
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 191.3 $ 370.7 $ 653.0
-------- -------- --------
TOTAL LIABILITIES ........................ $ 191.3 $ 370.7 $ 653.0
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.5
Page 2 of 3
GMAC 1992-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 81.2 $ 192.5 $ 179.4 $ 399.4
Allocable to Interest ......... 3.1 9.8 7.3 22.2
-------- -------- -------- --------
Distributable Income ............. $ 84.3 $ 202.3 $ 186.7 $ 421.6
======== ======== ======== ========
Income Distributed ............... $ 84.3 $ 202.3 $ 186.7 $ 421.6
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.5
Page 3 of 3
GMAC 1992-A GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.6
Page 1 of 3
GMAC 1992-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 167.2 $ 311.3 $ 497.7
-------- -------- --------
TOTAL ASSETS ............................. $ 167.2 $ 311.3 $ 497.7
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 167.2 $ 311.3 $ 497.7
-------- -------- --------
TOTAL LIABILITIES ........................ $ 167.2 $ 311.3 $ 497.7
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.6
Page 2 of 3
GMAC 1992-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 68.1 $ 109.3 $ 144.1 $ 218.5
Allocable to Interest ......... 3.1 8.5 7.3 18.6
-------- -------- -------- --------
Distributable Income ............. $ 71.2 $ 117.8 $ 151.4 $ 237.1
======== ======== ======== ========
Income Distributed ............... $ 71.2 $ 117.8 $ 151.4 $ 237.1
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.6
Page 3 of 3
GMAC 1992-C GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.7
Page 1 of 3
GMAC 1992-D GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 480.2 $ 702.0 $ 968.5
-------- -------- --------
TOTAL ASSETS ............................. $ 480.2 $ 702.0 $ 968.5
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 480.2 $ 702.0 $ 968.5
-------- -------- --------
TOTAL LIABILITIES ........................ $ 480.2 $ 702.0 $ 968.5
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.7
Page 2 of 3
GMAC 1992-D GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 108.5 $ 153.3 $ 221.8 $ 301.9
Allocable to Interest ......... 7.6 14.8 16.8 31.7
-------- -------- -------- --------
Distributable Income ............. $ 116.1 $ 168.1 $ 238.6 $ 333.6
======== ======== ======== ========
Income Distributed ............... $ 116.1 $ 168.1 $ 238.6 $ 333.6
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.7
Page 3 of 3
GMAC 1992-D GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.8
Page 1 of 3
GMAC 1992-E GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 663.9 $ 885.4 $1,135.0
-------- -------- --------
TOTAL ASSETS ............................. $ 663.9 $ 885.4 $1,135.0
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 663.9 $ 885.4 $1,135.0
-------- -------- --------
TOTAL LIABILITIES ........................ $ 663.9 $ 885.4 $1,135.0
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.8
Page 2 of 3
GMAC 1992-E GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 110.9 $ 134.8 $ 221.5 $ 263.1
Allocable to Interest ......... 8.7 14.5 18.8 30.6
-------- -------- -------- --------
Distributable Income ............. $ 119.6 $ 149.3 $ 240.3 $ 293.7
======== ======== ======== ========
Income Distributed ............... $ 119.6 $ 149.3 $ 240.3 $ 293.7
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.8
Page 3 of 3
GMAC 1992-E GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.9
Page 1 of 3
GMAC 1992-F GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 654.4 $ 908.7 $1,194.7
-------- -------- --------
TOTAL ASSETS ............................. $ 654.4 $ 908.7 $1,194.7
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 654.4 $ 908.7 $1,194.7
-------- -------- --------
TOTAL LIABILITIES ........................ $ 654.4 $ 908.7 $1,194.7
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.9
Page 2 of 3
GMAC 1992-F GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 124.8 $ 151.2 $ 254.3 $ 298.1
Allocable to Interest ......... 8.3 14.6 18.0 30.8
-------- -------- -------- --------
Distributable Income ............. $ 133.1 $ 165.8 $ 272.3 $ 328.9
======== ======== ======== ========
Income Distributed ............... $ 133.1 $ 165.8 $ 272.3 $ 328.9
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.9
Page 3 of 3
GMAC 1992-F GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.10
Page 1 of 3
GMAC 1992-G GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 68.9 $ 335.3 $ 762.0
-------- -------- --------
TOTAL ASSETS ............................. $ 68.9 $ 335.3 $ 762.0
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 68.9 $ 335.3 $ 762.0
-------- -------- --------
TOTAL LIABILITIES ........................ $ 68.9 $ 335.3 $ 762.0
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.10
Page 2 of 3
GMAC 1992-G GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 112.7 $ 258.3 $ 266.4 $ 526.4
Allocable to Interest ......... 1.5 10.0 4.5 22.9
-------- -------- -------- --------
Distributable Income ............. $ 114.2 $ 268.3 $ 270.9 $ 549.3
======== ======== ======== ========
Income Distributed ............... $ 114.2 $ 268.3 $ 270.9 $ 549.3
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.10
Page 3 of 3
GMAC 1992-G GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.11
Page 1 of 3
GMAC 1993-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31, June 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ..................... $ 574.6 $ 845.9 $1,206.3
-------- -------- --------
TOTAL ASSETS ............................. $ 574.6 $ 845.9 $1,206.3
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 574.6 $ 845.9 $1,206.3
-------- -------- --------
TOTAL LIABILITIES ........................ $ 574.6 $ 845.9 $1,206.3
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.11
Page 2 of 3
GMAC 1993-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 127.0 $ 196.7 $ 271.3 $ 196.7
Allocable to Interest ......... 6.8 13.9 15.1 13.9
-------- -------- -------- --------
Distributable Income ............. $ 133.8 $ 210.6 $ 286.4 $ 210.6
======== ======== ======== ========
Income Distributed ............... $ 133.8 $ 210.6 $ 286.4 $ 210.6
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.11
Page 3 of 3
GMAC 1993-A GRANTOR TRUST (concluded)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The Statement of Assets and Liabilities of the GMAC 1993-A Grantor Trust (the
"Trust") is prepared on the basis of cash receipts and cash disbursements.
Such statement differs 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. Certain 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 on or after the date on 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.
Exhibit 20.12
Page 1 of 3
GMAC 1993-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30, Dec. 31,
1994 1993
-------- --------
ASSETS
Receivables (Note 2) ..................... $ 937.0 $1,269.0
-------- --------
TOTAL ASSETS ............................. $ 937.0 $1,269.0
======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 937.0 $1,269.0
-------- --------
TOTAL LIABILITIES ........................ $ 937.0 $1,269.0
======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.12
Page 2 of 3
GMAC 1993-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended June 30
Second Quarter Six Months
-------------- -----------
1994 1994
---- ----
Distributable Income
Allocable to Principal ...................... $ 158.1 $ 332.0
Allocable to Interest ...................... 10.4 22.5
-------- --------
Distributable Income .......................... $ 168.5 $ 354.5
======== ========
Income Distributed ............................ $ 168.5 $ 354.5
======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.12
Page 3 of 3
GMAC 1993-B GRANTOR TRUST (concluded)
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. Certain 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 on or after the date on 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.
Exhibit 20.13
Page 1 of 2
GMAC 1994-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
June 30,
1994
--------
ASSETS
Receivables (Note 2) ..................... $1,151.9
--------
TOTAL ASSETS ............................. $1,151.9
========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $1,151.9
--------
TOTAL LIABILITIES ........................ $1,151.9
========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.13
Page 2 of 2
GMAC 1994-A GRANTOR TRUST (concluded)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1994-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. Certain expenses of the Trust are paid by GMAC
Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On June 28, 1994, GMAC 1994-A Grantor Trust acquired retail finance
receivables aggregating approximately $1,151.9 million from the Seller in
exchange for certificates representing undivided ownership interests of 93.5%
for the Class A certificates and 6.5% 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 on or after the date on 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 July 15, 1994. 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 6.30% 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.
GMAC 1993-B GRANTOR TRUST (concluded)
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. Certain 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.
