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 SEPTEMBER 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 .
-- --
<PAGE>2
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, September 30, 1994,
December 31, 1993 and September 30, 1993.
2. Statement of Distributable Income for the Three Months and Nine
Months Ended September 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-
<PAGE>3
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-
<PAGE>4
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
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.2 GMAC 1991-A Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.3 GMAC 1991-B Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.4 GMAC 1991-C Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.5 GMAC 1992-A Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.6 GMAC 1992-C Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.7 GMAC 1992-D Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.8 GMAC 1992-E Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.9 GMAC 1992-F Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.10 GMAC 1992-G Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.11 GMAC 1993-A Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and for the period March 24, 1993 (inception) through
September 30, 1993.
20.12 GMAC 1993-B Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and for the period September 16, 1993 (inception)
through September 30, 1993.
20.13 GMAC 1994-A Grantor Trust Financial Statements for the
period June 28, 1994 (inception) through September 30,
1994.
27.1 Financial Data Schedule for 1990-A Grantor Trust
(for SEC electronic filing information only).
27.2 Financial Data Schedule for 1991-A Grantor Trust
(for SEC electronic filing information only).
27.3 Financial Data Schedule for 1991-B Grantor Trust
(for SEC electronic filing information only).
-4-
<PAGE>5
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (continued).
27.4 Financial Data Schedule for 1991-C Grantor Trust
(for SEC electronic filing information only).
27.5 Financial Data Schedule for 1992-A Grantor Trust
(for SEC electronic filing information only).
27.6 Financial Data Schedule for 1992-C Grantor Trust
(for SEC electronic filing information only).
27.7 Financial Data Schedule for 1992-D Grantor Trust
(for SEC electronic filing information only).
27.8 Financial Data Schedule for 1992-E Grantor Trust
(for SEC electronic filing information only).
27.9 Financial Data Schedule for 1992-F Grantor Trust
(for SEC electronic filing information only).
27.10 Financial Data Schedule for 1992-G Grantor Trust
(for SEC electronic filing information only).
27.11 Financial Data Schedule for 1993-A, 1993-B and 1994-A
Grantor Trusts (for SEC electronic filing information
only).
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(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
September 30, 1994.
-5-
<PAGE>6
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)
---------------------------------------
(Steven M. Wagner, Vice President)
Date: November 14, 1994
-----------------
-6-
<PAGE>7
EXHIBIT INDEX
Exhibit
Number Exhibit Name
- -------- -------------------------------------------------------
20.1 GMAC 1990-A Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.2 GMAC 1991-A Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.3 GMAC 1991-B Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.4 GMAC 1991-C Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.5 GMAC 1992-A Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.6 GMAC 1992-C Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.7 GMAC 1992-D Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.8 GMAC 1992-E Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.9 GMAC 1992-F Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.10 GMAC 1992-G Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and 1993.
20.11 GMAC 1993-A Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and for the period March 24, 1993 (inception) through
September 30, 1993.
20.12 GMAC 1993-B Grantor Trust Financial Statements for the
Three Months and Nine Months Ended September 30, 1994
and for the period September 16, 1993 (inception)
through September 30, 1993.
20.13 GMAC 1994-A Grantor Trust Financial Statements for the
period June 28, 1994 (inception) through September 30,
1994.
<PAGE>8
Exhibit 20.1
Page 1 of 3
GMAC 1990-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 0.0 $ 207.1 $ 259.0
-------- -------- --------
TOTAL ASSETS ........................... $ 0.0 $ 207.1 $ 259.0
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 0.0 $ 207.1 $ 259.0
-------- -------- --------
TOTAL LIABILITIES ...................... $ 0.0 $ 207.1 $ 259.0
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>9
Exhibit 20.1
Page 2 of 3
GMAC 1990-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ........... $ 119.5 $ 61.8 $ 207.1 $ 200.8
Allocable to Interest ........... 0.9 6.2 7.8 22.7
------- ------- -------- --------
Distributable Income ............... $ 120.4 $ 68.0 $ 214.9 $ 223.5
======= ======= ======== ========
Income Distributed ................. $ 120.4 $ 68.0 $ 214.9 $ 223.5
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>10
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.
<PAGE>11
Exhibit 20.2
Page 1 of 3
GMAC 1991-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 0.0 $ 162.0 $ 206.3
-------- -------- --------
TOTAL ASSETS ........................... $ 0.0 $ 162.0 $ 206.3
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 0.0 $ 162.0 $ 206.3
-------- -------- --------
TOTAL LIABILITIES ...................... $ 0.0 $ 162.0 $ 206.3
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>12
Exhibit 20.2
Page 2 of 3
GMAC 1991-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ........... $ 92.9 $ 50.6 $ 162.0 $ 164.1
Allocable to Interest ........... 0.7 4.7 5.8 17.4
------- ------- -------- --------
Distributable Income ............... $ 93.6 $ 55.3 $ 167.8 $ 181.5
======= ======= ======== ========
Income Distributed ................. $ 93.6 $ 55.3 $ 167.8 $ 181.5
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>13
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.
<PAGE>14
Exhibit 20.3
Page 1 of 3
GMAC 1991-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 160.8 $ 306.4 $ 367.0
-------- -------- --------
TOTAL ASSETS ........................... $ 160.8 $ 306.4 $ 367.0
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 160.8 $ 306.4 $ 367.0
-------- -------- --------
TOTAL LIABILITIES ...................... $ 160.8 $ 306.4 $ 367.0
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>15
Exhibit 20.3
Page 2 of 3
GMAC 1991-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 42.5 $ 68.3 $ 145.6 $ 215.8
Allocable to Interest ......... 3.2 7.0 12.0 24.6
------- ------- -------- --------
Distributable Income ............. $ 45.7 $ 75.3 $ 157.6 $ 240.4
======= ======= ======== ========
Income Distributed ............... $ 45.7 $ 75.3 $ 157.6 $ 240.4
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>16
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.
<PAGE>17
Exhibit 20.4
Page 1 of 3
GMAC 1991-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 282.9 $ 496.0 $ 581.6
-------- -------- --------
TOTAL ASSETS ........................... $ 282.9 $ 496.0 $ 581.6
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 282.9 $ 496.0 $ 581.6
-------- -------- --------
TOTAL LIABILITIES ...................... $ 282.9 $ 496.0 $ 581.6
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>18
Exhibit 20.4
Page 2 of 3
GMAC 1991-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 63.9 $ 95.2 $ 213.1 $ 293.0
Allocable to Interest ......... 4.6 9.2 16.9 31.8
-------- -------- -------- --------
Distributable Income ............. $ 68.5 $ 104.4 $ 230.0 $ 324.8
======== ======== ======== ========
Income Distributed ............... $ 68.5 $ 104.4 $ 230.0 $ 324.8
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>19
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.
<PAGE>20
Exhibit 20.5
Page 1 of 3
GMAC 1992-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 131.3 $ 370.7 $ 495.3
-------- -------- --------
TOTAL ASSETS ........................... $ 131.3 $ 370.7 $ 495.3
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 131.3 $ 370.7 $ 495.3
-------- -------- --------
TOTAL LIABILITIES ...................... $ 131.3 $ 370.7 $ 495.3
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>21
Exhibit 20.5
Page 2 of 3
GMAC 1992-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 60.0 $ 157.7 $ 239.4 $ 557.1
Allocable to Interest ......... 2.2 7.5 9.5 29.7
-------- -------- -------- --------
Distributable Income ............. $ 62.2 $ 165.2 $ 248.9 $ 586.8
======== ======== ======== ========
Income Distributed ............... $ 62.2 $ 165.2 $ 248.9 $ 586.8
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>22
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.
<PAGE>23
Exhibit 20.6
Page 1 of 3
GMAC 1992-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 116.2 $ 311.3 $ 398.1
-------- -------- --------
TOTAL ASSETS ........................... $ 116.2 $ 311.3 $ 398.1
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 116.2 $ 311.3 $ 398.1
-------- -------- --------
TOTAL LIABILITIES ...................... $ 116.2 $ 311.3 $ 398.1
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>24
Exhibit 20.6
Page 2 of 3
GMAC 1992-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 51.0 $ 99.7 $ 195.1 $ 318.2
Allocable to Interest ......... 2.2 6.9 9.5 25.5
-------- -------- -------- --------
Distributable Income ............. $ 53.2 $ 106.6 $ 204.6 $ 343.7
======== ======== ======== ========
Income Distributed ............... $ 53.2 $ 106.6 $ 204.6 $ 343.7
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>25
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.
<PAGE>26
Exhibit 20.7
Page 1 of 3
GMAC 1992-D GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 384.3 $ 702.0 $ 827.8
-------- -------- --------
TOTAL ASSETS ........................... $ 384.3 $ 702.0 $ 827.8
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 384.3 $ 702.0 $ 827.8
-------- -------- --------
TOTAL LIABILITIES ...................... $ 384.3 $ 702.0 $ 827.8
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>27
Exhibit 20.7
Page 2 of 3
GMAC 1992-D GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 95.9 $ 140.7 $ 317.7 $ 442.6
Allocable to Interest ......... 6.2 12.8 23.0 44.5
-------- -------- -------- --------
Distributable Income ............. $ 102.1 $ 153.5 $ 340.7 $ 487.1
======== ======== ======== ========
Income Distributed ............... $ 102.1 $ 153.5 $ 340.7 $ 487.1
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>28
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.
<PAGE>29
Exhibit 20.8
Page 1 of 3
GMAC 1992-E GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 566.0 $ 885.4 $1,005.9
-------- -------- --------
TOTAL ASSETS ........................... $ 566.0 $ 885.4 $1,005.9
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 566.0 $ 885.4 $1,005.9
-------- -------- --------
TOTAL LIABILITIES ...................... $ 566.0 $ 885.4 $1,005.9
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>30
Exhibit 20.8
Page 2 of 3
GMAC 1992-E GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 97.9 $ 129.0 $ 319.4 $ 392.1
Allocable to Interest ......... 7.5 13.0 26.3 43.6
-------- -------- -------- --------
Distributable Income ............. $ 105.4 $ 142.0 $ 345.7 $ 435.7
======== ======== ======== ========
Income Distributed ............... $ 105.4 $ 142.0 $ 345.7 $ 435.7
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>31
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.
<PAGE>32
Exhibit 20.9
Page 1 of 3
GMAC 1992-F GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 541.6 $ 908.7 $1,047.4
-------- -------- --------
TOTAL ASSETS ........................... $ 541.6 $ 908.7 $1,047.4
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 541.6 $ 908.7 $1,047.4
-------- -------- --------
TOTAL LIABILITIES ...................... $ 541.6 $ 908.7 $1,047.4
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>33
Exhibit 20.9
Page 2 of 3
GMAC 1992-F GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 112.8 $ 147.3 $ 367.1 $ 445.4
Allocable to Interest ......... 6.9 12.9 24.9 43.7
-------- -------- -------- --------
Distributable Income ............. $ 119.7 $ 160.2 $ 392.0 $ 489.1
======== ======== ======== ========
Income Distributed ............... $ 119.7 $ 160.2 $ 392.0 $ 489.1
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>34
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.
<PAGE>35
Exhibit 20.10
Page 1 of 3
GMAC 1992-G GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 0.0 $ 335.3 $ 531.6
-------- -------- --------
TOTAL ASSETS ........................... $ 0.0 $ 335.3 $ 531.6
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 0.0 $ 335.3 $ 531.6
-------- -------- --------
TOTAL LIABILITIES ...................... $ 0.0 $ 335.3 $ 531.6
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>36
Exhibit 20.10
Page 2 of 3
GMAC 1992-G GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ......... $ 68.9 $ 230.4 $ 335.3 $ 756.8
Allocable to Interest ......... 0.5 7.3 5.0 30.2
-------- -------- -------- --------
Distributable Income ............. $ 69.4 $ 237.7 $ 340.3 $ 787.0
======== ======== ======== ========
Income Distributed ............... $ 69.4 $ 237.7 $ 340.3 $ 787.0
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>37
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. On August 16, 1994, GMAC exercised the option and
repurchased the remaining receivables in GMAC 1992-G Grantor Trust as of
September 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 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.
<PAGE>38
Exhibit 20.11
Page 1 of 3
GMAC 1993-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 468.2 $ 845.9 $1,011.9
-------- -------- --------
TOTAL ASSETS ........................... $ 468.2 $ 845.9 $1,011.9
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 468.2 $ 845.9 $1,011.9
-------- -------- --------
TOTAL LIABILITIES ...................... $ 468.2 $ 845.9 $1,011.9
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>39
Exhibit 20.11
Page 2 of 3
GMAC 1993-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
March 24,
(inception)
Period Ended September 30 through
Third Quarter Nine Months Sept. 30,
------------- ----------- ---------
1994 1993 1994 1993
---- ---- ---- ----
Distributable Income
Allocable to Principal ...... $ 106.4 $ 194.4 $ 377.7 $ 391.1
Allocable to Interest ...... 5.6 11.8 20.7 25.7
-------- -------- -------- --------
Distributable Income .......... $ 112.0 $ 206.2 $ 398.4 $ 416.8
======== ======== ======== ========
Income Distributed ............ $ 112.0 $ 206.2 $ 398.4 $ 416.8
======== ======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>40
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.
<PAGE>41
Exhibit 20.12
Page 1 of 3
GMAC 1993-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
-------- -------- --------
ASSETS
Receivables (Note 2) ................... $ 799.2 $1,269.0 $1,450.6
-------- -------- --------
TOTAL ASSETS ........................... $ 799.2 $1,269.0 $1,450.6
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ...................... $ 799.2 $1,269.0 $1,450.6
-------- -------- --------
TOTAL LIABILITIES ...................... $ 799.2 $1,269.0 $1,450.6
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>42
Exhibit 20.12
Page 2 of 3
GMAC 1993-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
(in millions of dollars)
Period Ended September 30
Third Quarter Nine Months
------------- -----------
1994 1994
---- ----
Distributable Income
Allocable to Principal .................. $ 137.8 $ 469.8
Allocable to Interest .................. 8.9 31.4
-------- --------
Distributable Income ...................... $ 146.7 $ 501.2
======== ========
Income Distributed ........................ $ 146.7 $ 501.2
======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>43
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
asacorporation 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.
<PAGE>44
Exhibit 20.13
Page 1 of 3
GMAC 1994-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
(in millions of dollars)
Sept. 30,
1994
--------
ASSETS
Receivables (Note 2) ..................... $1,026.9
--------
TOTAL ASSETS ............................. $1,026.9
========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $1,026.9
--------
TOTAL LIABILITIES ........................ $1,026.9
========
Reference should be made to the Notes to Financial Statements.
<PAGE>45
Exhibit 20.13
Page 2 of 3
GMAC 1994-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME
For the period June 28, 1994 (inception) through September 30, 1994 (in
millions of dollars)
1994
----
Distributable Income
Allocable to Principal ...................... $ 125.0
Allocable to Interest ...................... 17.5
--------
Distributable Income .......................... $ 142.5
========
Income Distributed ............................ $ 142.5
========
Reference should be made to the Notes to Financial Statements.
<PAGE>46
Exhibit 20.13
Page 3 of 3
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.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1990-A Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000868571
<NAME>GMAC 1990-A GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 0
<ALLOWANCE> 0
<TOTAL-ASSETS> 0
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 0
<INTEREST-LOAN> 8
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 8
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 8
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 8
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial informtion extracted from the Grantor
Trust 1991-A Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000872551
<NAME>GMAC 1991-A GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 0
<ALLOWANCE> 0
<TOTAL-ASSETS> 0
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 0
<INTEREST-LOAN> 6
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 6
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 6
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 6
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1991-B Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000872552
<NAME>GMAC 1991-B GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 161
<ALLOWANCE> 0
<TOTAL-ASSETS> 161
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 161
<INTEREST-LOAN> 12
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 12
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 12
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 12
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trusts 1991-C Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000872553
<NAME>GMAC 1991-C GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 283
<ALLOWANCE> 0
<TOTAL-ASSETS> 283
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 283
<INTEREST-LOAN> 17
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 17
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 17
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 17
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1992-A Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000882234
<NAME>GMAC 1992-A GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 131
<ALLOWANCE> 0
<TOTAL-ASSETS> 131
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 131
<INTEREST-LOAN> 10
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 10
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 10
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 10
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1992-C Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000882239
<NAME>GMAC 1992-C GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 116
<ALLOWANCE> 0
<TOTAL-ASSETS> 116
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 116
<INTEREST-LOAN> 10
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 10
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 10
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 10
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1992-D Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000882240
<NAME>GMAC 1992-D GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 384
<ALLOWANCE> 0
<TOTAL-ASSETS> 384
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 384
<INTEREST-LOAN> 23
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 23
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 23
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 23
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 23
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1992-E Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000890539
<NAME>GMAC 1992-E GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 566
<ALLOWANCE> 0
<TOTAL-ASSETS> 566
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 566
<INTEREST-LOAN> 26
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 26
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 26
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 26
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 26
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1992-F Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000882243
<NAME>GMAC 1992-F GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 542
<ALLOWANCE> 0
<TOTAL-ASSETS> 542
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 542
<INTEREST-LOAN> 25
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 25
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 25
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 25
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 25
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trust 1992-G Form 10-Q for the period ending September 30, 1994 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>0000882244
<NAME>GMAC 1992-G GRANTOR TRUST
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 0
<ALLOWANCE> 0
<TOTAL-ASSETS> 0
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 0
<INTEREST-LOAN> 5
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 5
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 5
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 5
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Grantor
Trusts 1993-A, 1993-B and 1994-A Form 10-Q for the period ending
September 30, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK>0000869739
<NAME>GMAC Auto Receivables Corporation
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 2,294
<ALLOWANCE> 0
<TOTAL-ASSETS> 2,294
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 2,294
<INTEREST-LOAN> 70
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 70
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 70
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 70
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 70
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
