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, 1995, OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________.
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 1993-A GRANTOR TRUST 33-49197
GMAC 1993-B GRANTOR TRUST 33-49197
GMAC 1994-A GRANTOR TRUST 33-49197
GMAC 1995-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, Septemer 30, 1995,
December 31, 1994 and September 30, 1994.
2. Statement of Distributable Income for the Nine Months
Ended September 30, 1995 and 1994.
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 and 20.11.
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 cases used automobiles and light trucks, certain monies
due thereunder and security interests in the vehicles financed thereby.
-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 in the Trusts that ranges between approximately 91% and
93.5%. The Class B certificates represent in the aggregate an undivided
ownership interest in the Trusts that ranges between approximately 6.5% and
9%. 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 Retail Asset-Backed Certificates
Grantor and Servicing Finance -------------------------
Trust Agreement Receivables Class A Class B
- ------- ----------------- ----------- -------- -------
(in millions of dollars)
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 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
GMAC 1995-A March 16, 1995 1,104.6 1,032.8 71.8
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 1991-B Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.2 GMAC 1991-C Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.3 GMAC 1992-A Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.4 GMAC 1992-C Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.5 GMAC 1992-D Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.6 GMAC 1992-E Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.7 GMAC 1992-F Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.8 GMAC 1993-A Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.9 GMAC 1993-B Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and 1994.
20.10 GMAC 1994-A Grantor Trust Financial Statements for the
Nine Months Ended September 30, 1995 and the period
June 28, 1994 (inception) through September 30, 1994.
20.11 GMAC 1995-A Grantor Trust Financial Statements for the
period March 16, 1995 (inception) through September 30,
1995.
(b) Reports on Form 8-K:
No current reports on Form 8-K have been filed by any of the
aforementioned Grantor Trusts during the quarter ended
September 30, 1995.
______________________
-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 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 1993-A GRANTOR TRUST
GMAC 1993-B GRANTOR TRUST
GMAC 1994-A GRANTOR TRUST
GMAC 1995-A GRANTOR TRUST
by: The First National Bank of Chicago
---------------------------------------
(Trustee)
s/ Steven M. Wagner
---------------------------------------
(Steven M. Wagner, Vice President)
Date: November 13, 1995
-----------------
-5-
Exhibit 20.1
Page 1 of 3
GMAC 1991-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 0.0 $ 124.0 $ 160.8
-------- -------- --------
TOTAL ASSETS ............................. $ 0.0 $ 124.0 $ 160.8
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 0.0 $ 124.0 $ 160.8
-------- -------- --------
TOTAL LIABILITIES ........................ $ 0.0 $ 124.0 $ 160.8
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.1
Page 2 of 3
GMAC 1991-B GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 64.4 $ 42.5 $ 124.0 $ 145.6
Allocable to Interest ........... 0.7 3.2 4.0 12.0
------- ------- -------- -------
Distributable Income ............... $ 65.1 $ 45.7 $ 128.0 $ 157.6
======= ======= ======== ========
Income Distributed ................. $ 65.1 $ 45.7 $ 128.0 $ 157.6
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.1
Page 3 of 3
GMAC 1991-B GRANTOR TRUST
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 in the
Trust of 91% for the Class A certificates and 9% for the Class B
certificates. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the last
day of any month on or after which the principal balance declines below 10%
of the aggregate amount financed. On June 15, 1995, GMAC exercised the
option and repurchased the remaining receivables in GMAC 1991-B Grantor
Trust as of July 17, 1995.
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. The 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-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
--------- --------- ---------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 100.4 $ 228.7 $ 282.9
-------- -------- --------
TOTAL ASSETS ............................. $ 100.4 $ 228.7 $ 282.9
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 100.4 $ 228.7 $ 282.9
-------- -------- --------
TOTAL LIABILITIES ........................ $ 100.4 $ 228.7 $ 282.9
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.2
Page 2 of 3
GMAC 1991-C GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 38.6 $ 63.9 $ 128.3 $ 213.1
Allocable to Interest ........... 1.8 4.6 7.2 16.9
------- ------- -------- --------
Distributable Income ............... $ 40.4 $ 68.5 $ 135.5 $ 230.0
======= ======= ======== ========
Income Distributed ................. $ 40.4 $ 68.5 $ 135.5 $ 230.0
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.2
Page 3 of 3
GMAC 1991-C GRANTOR TRUST
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 in the
Trust of 91% for the Class A certificates and 9% for the Class B
certificates. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the last
day of any month on or after which the principal balance declines below 10%
of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing January 15, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount
sold as determined on a constant interest rate basis (the "actuarial
method"). Interest is passed through and distributed to Class A
certificateholders at one-twelfth of the pass through rate of 5.70% per
annum. Interest consists of payments on the receivables that are allocable
to finance charges, using the actuarial method, net of fees and expenses.
The rights of the Class B certificateholders to receive monthly
distributions with respect to the receivables are subordinated to the rights
of the Class A certificateholders. The 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 1992-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
--------- -------- ---------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 0.0 $ 89.4 $ 131.3
-------- -------- --------
TOTAL ASSETS ............................. $ 0.0 $ 89.4 $ 131.3
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 0.0 $ 89.4 $ 131.3
-------- -------- --------
TOTAL LIABILITIES ........................ $ 0.0 $ 89.4 $ 131.3
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.3
Page 2 of 3
GMAC 1992-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 34.8 $ 60.0 $ 89.4 $ 239.4
Allocable to Interest ........... 0.3 2.2 1.9 9.5
------- ------- -------- -------
Distributable Income ............... $ 35.1 $ 62.2 $ 91.3 $ 248.9
======= ======= ======== ========
Income Distributed ................. $ 35.1 $ 62.2 $ 91.3 $ 248.9
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.3
Page 3 of 3
GMAC 1992-A GRANTOR TRUST
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 in the
Trust of 92.5% for the Class A certificates and 7.5% for the Class B
certificates. The Trust property includes a pool of retail instalment sale
contracts for new automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the last
day of any month on or after which the principal balance declines below 10%
of the aggregate amount financed. On June 15, 1995, GMAC exercised the
option and repurchased the remaining receivables in GMAC 1992-A Grantor
Trust as of July 17, 1995.
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. The 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 1992-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 0.0 $ 80.0 $ 116.2
-------- -------- --------
TOTAL ASSETS ............................. $ 0.0 $ 80.0 $ 116.2
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 0.0 $ 80.0 $ 116.2
-------- -------- --------
TOTAL LIABILITIES ........................ $ 0.0 $ 80.0 $ 116.2
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.4
Page 2 of 3
GMAC 1992-C GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 35.0 $ 51.0 $ 80.0 $ 195.1
Allocable to Interest ........... 0.3 2.2 2.0 9.5
------- ------- ------- --------
Distributable Income ............... $ 35.3 $ 53.2 $ 82.0 $ 204.6
======= ======= ======= ========
Income Distributed ................. $ 35.3 $ 53.2 $ 82.0 $ 204.6
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.4
Page 3 of 3
GMAC 1992-C GRANTOR TRUST
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 in the
Trust of 92% for the Class A certificates and 8% for the Class B certificates.
The Trust property includes a pool of retail instalment sale contracts for new
automobiles and light trucks, certain monies due thereunder and security
interests in the vehicles financed thereby. The Seller has the option to
repurchase the remaining receivables as of the last day of any month on or
after which the principal balance declines below 10% of the aggregate amount
financed. On June 15, 1995, GMAC exercised the option and repurchased the
remaining receivables in GMAC 1992-C Grantor Trust as of July 17, 1995.
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. The 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-D GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 111.4 $ 300.7 $ 384.3
-------- -------- --------
TOTAL ASSETS ............................. $ 111.4 $ 300.7 $ 384.3
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 111.4 $ 300.7 $ 384.3
-------- -------- --------
TOTAL LIABILITIES ........................ $ 111.4 $ 300.7 $ 384.3
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.5
Page 2 of 3
GMAC 1992-D GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 49.8 $ 95.9 $ 189.3 $ 317.7
Allocable to Interest ........... 2.0 6.2 8.6 23.0
------- ------- -------- --------
Distributable Income ............... $ 51.8 $ 102.1 $ 197.9 $ 340.7
======= ======= ======== ========
Income Distributed ................. $ 51.8 $ 102.1 $ 197.9 $ 340.7
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.5
Page 3 of 3
GMAC 1992-D GRANTOR TRUST
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 in the
Trust of 91% for the Class A certificates and 9% for the Class B
certificates. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the last
day of any month on or after which the principal balance declines below 10%
of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing June 15, 1992. Principal consists of payments
on the receivables that are allocable to repayment of the amount sold as
determined on a constant interest rate basis (the "actuarial method").
Interest is passed through and distributed to Class A certificateholders at
one-twelfth of the pass through rate of 5.55% per annum. Interest consists
of payments on the receivables that are allocable to finance charges, using
the actuarial method, net of fees and expenses. The rights of the Class B
certificateholders to receive monthly distributions with respect to the
receivables are subordinated to the rights of the Class A
certificateholders. The 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-E GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 260.2 $ 478.4 $ 566.0
-------- -------- --------
TOTAL ASSETS ............................. $ 260.2 $ 478.4 $ 566.0
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 260.2 $ 478.4 $ 566.0
-------- -------- --------
TOTAL LIABILITIES ........................ $ 260.2 $ 478.4 $ 566.0
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.6
Page 2 of 3
GMAC 1992-E GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 67.3 $ 97.9 $ 218.2 $ 319.4
Allocable to Interest ........... 3.6 7.5 13.5 26.3
------- ------- -------- --------
Distributable Income ............... $ 70.9 $ 105.4 $ 231.7 $ 345.7
======= ======= ======== ========
Income Distributed ................. $ 70.9 $ 105.4 $ 231.7 $ 345.7
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.6
Page 3 of 3
GMAC 1992-E GRANTOR TRUST
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 in the
Trust of 91% for the Class A certificates and 9% for the Class B certificates.
The Trust property includes a pool of retail instalment sale contracts for new
and used automobiles and light trucks, certain monies due thereunder and
security interests in the vehicles financed thereby. The Seller has the
option to repurchase the remaining receivables as of the last day of any month
on or after which the principal balance declines below 10% of the aggregate
amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing September 15, 1992. Principal consists of
payments on the receivables that are allocable to repayment of the amount sold
as determined on a constant interest rate basis (the "actuarial method").
Interest is passed through and distributed to Class A certificateholders at
one-twelfth of the pass through rate of 4.75% per annum. Interest consists of
payments on the receivables that are allocable to finance charges, using the
actuarial method, net of fees and expenses. The rights of the Class B
certificateholders to receive monthly distributions with respect to the
receivables are subordinated to the rights of the Class A certificateholders.
The 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-F GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 206.9 $ 442.6 $ 541.6
-------- -------- --------
TOTAL ASSETS ............................. $ 206.9 $ 442.6 $ 541.6
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 206.9 $ 442.6 $ 541.6
-------- -------- --------
TOTAL LIABILITIES ........................ $ 206.9 $ 442.6 $ 541.6
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.7
Page 2 of 3
GMAC 1992-F GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 68.8 $ 112.8 $ 235.7 $ 367.1
Allocable to Interest ........... 2.9 6.9 11.2 24.9
------- ------- -------- --------
Distributable Income ............... $ 71.7 $ 119.7 $ 246.9 $ 392.0
======= ======= ======== ========
Income Distributed ................. $ 71.7 $ 119.7 $ 246.9 $ 392.0
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.7
Page 3 of 3
GMAC 1992-F GRANTOR TRUST
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 in the
Trust of 91% for the Class A certificates and 9% for the Class B certificates.
The Trust property includes a pool of retail instalment sale contracts for new
and used automobiles and light trucks, certain monies due thereunder and
security interests in the vehicles financed thereby. The Seller has the
option to repurchase the remaining receivables as of the last day of any month
on or after which the principal balance declines below 10% of the aggregate
amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing October 15, 1992. Principal consists of payments
on the receivables that are allocable to repayment of the amount sold as
determined on a constant interest rate basis (the "actuarial method").
Interest is passed through and distributed to Class A certificateholders at
one-twelfth of the pass through rate of 4.50% per annum. Interest consists of
payments on the receivables that are allocable to finance charges, using the
actuarial method, net of fees and expenses. The rights of the Class B
certificateholders to receive monthly distributions with respect to the
receivables are subordinated to the rights of the Class A certificateholders.
The 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 1993-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
--------- -------- ---------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 185.5 $ 379.4 $ 468.2
-------- -------- --------
TOTAL ASSETS ............................. $ 185.5 $ 379.4 $ 468.2
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 185.5 $ 379.4 $ 468.2
-------- -------- --------
TOTAL LIABILITIES ........................ $ 185.5 $ 379.4 $ 468.2
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.8
Page 2 of 3
GMAC 1993-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 55.5 $ 106.4 $ 193.9 $ 377.7
Allocable to Interest ........... 2.4 5.6 8.9 20.7
------- ------- -------- --------
Distributable Income ............... $ 57.9 $ 112.0 $ 202.8 $ 398.4
======= ======= ======== ========
Income Distributed ................. $ 57.9 $ 112.0 $ 202.8 $ 398.4
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.8
Page 3 of 3
GMAC 1993-A GRANTOR TRUST
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 in the
Trust of 92.5% for the Class A certificates and 7.5% for the Class B
certificates. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the last
day of any month on or after which the principal balance declines below 10% of
the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing April 15, 1993. Principal consists of payments
on the receivables that are allocable to repayment of the amount sold as
determined on a constant interest rate basis (the "actuarial method").
Interest is passed through and distributed to Class A certificateholders at
one-twelfth of the pass through rate of 4.15% per annum. Interest consists of
payments on the receivables that are allocable to finance charges, using the
actuarial method, net of fees and expenses. The rights of the Class B
certificateholders to receive monthly distributions with respect to the
receivables are subordinated to the rights of the Class A certificateholders.
The 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 1993-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 389.3 $ 679.2 $ 799.2
-------- -------- --------
TOTAL ASSETS ............................. $ 389.3 $ 679.2 $ 799.2
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 389.3 $ 679.2 $ 799.2
-------- -------- --------
TOTAL LIABILITIES ........................ $ 389.3 $ 679.2 $ 799.2
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.9
Page 2 of 3
GMAC 1993-B GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994 1995 1994
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 87.1 $ 137.8 $ 289.9 $ 469.8
Allocable to Interest ........... 4.5 8.9 16.3 31.4
------- ------- -------- --------
Distributable Income ............... $ 91.6 $ 146.7 $ 306.2 $ 501.2
======= ======= ======== ========
Income Distributed ................. $ 91.6 $ 146.7 $ 306.2 $ 501.2
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.9
Page 3 of 3
GMAC 1993-B GRANTOR TRUST
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 in the
Trust of 92.5% for the Class A certificates and 7.5% for the Class B
certificates. 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. The 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 1994-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1995 1994 1994
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 593.2 $ 901.8 $1,026.9
-------- -------- --------
TOTAL ASSETS ............................. $ 593.2 $ 901.8 $1,026.9
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 593.2 $ 901.8 $1,026.9
-------- -------- --------
TOTAL LIABILITIES ........................ $ 593.2 $ 901.8 $1,026.9
======== ======== ========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.10
Page 2 of 3
GMAC 1994-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995 1994* 1995 1994*
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 98.3 $ 125.0 $ 308.6 $ 125.0
Allocable to Interest ........... 10.4 17.5 36.0 17.5
------- ------- -------- --------
Distributable Income ............... $ 108.7 $ 142.5 $ 344.6 $ 142.5
======= ======= ======== ========
Income Distributed ................. $ 108.7 $ 142.5 $ 344.6 $ 142.5
======= ======= ======== ========
* Represents the period June 28, 1994 (inception) through September 30, 1994.
Reference should be made to the Notes to Financial Statements.
Exhibit 20.10
Page 3 of 3
GMAC 1994-A GRANTOR TRUST
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 in the
Trust of 93.5% for the Class A certificates and 6.5% for the Class B
certificates. 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 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. The 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 1995-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, 1995
--------------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 858.3
--------
TOTAL ASSETS ............................. $ 858.3
========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 858.3
--------
TOTAL LIABILITIES ........................ $ 858.3
========
Reference should be made to the Notes to Financial Statements.
Exhibit 20.11
Page 2 of 3
GMAC 1995-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended Sept. 30
Third Quarter Nine Months
-------------- --------------
1995* 1995*
---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 127.5 $ 246.3
Allocable to Interest ........... 16.9 35.9
------- --------
Distributable Income ............... $ 144.4 $ 282.2
======= ========
Income Distributed ................. $ 144.4 $ 282.2
======= ========
* Represents the period March 16, 1995 (inception) through Sept. 30, 1995.
Reference should be made to the Notes to Financial Statements.
Exhibit 20.11
Page 3 of 3
GMAC 1995-A GRANTOR TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1995-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 16, 1995, GMAC 1995-A Grantor Trust acquired retail finance
receivables aggregating approximately $1,104.6 million from the Seller in
exchange for certificates representing undivided ownership interests in the
Trust of 93.5% for the Class A certificates and 6.5% for the Class B
certificates. The Trust property includes a pool of retail instalment sale
contracts for new and used automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby. The
Seller has the option to repurchase the remaining receivables as of the last
day of any month on or after which the principal balance declines below 10%
of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and
distributed pro rata to Class A and Class B certificateholders on each
distribution date commencing April 17, 1995. 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 7.15% 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. The 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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1991-B Grantor Trust Form 10-Q for the period ending
September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000872552
<NAME> GRANTOR TRUST 1991-B
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 4
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 4
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 4
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 4
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4
<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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1991-C Grantor Trust Form 10-Q for the period ending
September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000872553
<NAME> 1991-C GRANTOR TRUST
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 100
<ALLOWANCE> 0
<TOTAL-ASSETS> 100
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 100
<INTEREST-LOAN> 7
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 7
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 7
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 7
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7
<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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1992-A Grantor Trust Form 10-Q for the period ending
September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000882234
<NAME> 1992-A GRANTOR TRUST
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 2
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 2
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 2
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 2
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2
<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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1992-C Grantor Trust Form 10-Q for the period ending
September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000882239
<NAME> 1992-C GRANTOR TRUST
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 2
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 2
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 2
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 2
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2
<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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1992-D Grantor Trust Form 10-Q for the period ending
September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000882240
<NAME> 1992-D GRANTOR TRUST
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 111
<ALLOWANCE> 0
<TOTAL-ASSETS> 111
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 111
<INTEREST-LOAN> 9
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 9
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 9
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 9
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9
<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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1992-E Grantor Trust Form 10-Q for the period ending
September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000890539
<NAME> 1992-E GRANTOR TRUST
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 260
<ALLOWANCE> 0
<TOTAL-ASSETS> 260
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 260
<INTEREST-LOAN> 13
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 13
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 13
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 13
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13
<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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1992-F Grantor Trust Form 10-Q for the period ending
September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000882243
<NAME> 1992-F GRANTOR TRUST
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 207
<ALLOWANCE> 0
<TOTAL-ASSETS> 207
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 207
<INTEREST-LOAN> 11
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 11
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 11
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 11
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11
<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 Financial Data Schedule contains summary information from the GMAC Auto
Receivables Corporation 1993-A, 1993-B, 1994-A and 1995-A Grantor Trusts Form
10-Q for the period ending September 30, 1995 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000869739
<NAME> 1993-A, 1993-B, 1994-A and 1995-A GRANTOR TRUSTS
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<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> 2025
<ALLOWANCE> 0
<TOTAL-ASSETS> 2025
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 2025
<INTEREST-LOAN> 97
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 97
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 97
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 97
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 97
<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>
