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, 1996, OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE TRANSITION PERIOD FROM _________ TO __________.
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 .
<PAGE>
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, 1996,
December 31, 1995 and September 30, 1995.
2. Statement of Distributable Income for the Third Quarter
and Nine Months Ended September 30, 1996 and 1995.
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, and 20.5.
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. Effective February 22, 1996, the Board of Directors of GMAC
Auto Receivables Corporation approved the merger of and authorized the execution
of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc.
and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC
Auto Receivables Corporation has ceased and Capital Auto Receivables, Inc.
continues as the surviving corporation. 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 used automobiles and light trucks, certain monies due thereunder and
security interests in the vehicles financed thereby.
-2-
<PAGE>
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 percent and 93.5
percent. The Class B certificates represent in the aggregate an undivided
ownership interest in the Trusts that ranges between approximately 6.5 percent
and 9 percent. 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.
Aggregate Amount Financed
--------------------------------------
Date of Pooling Retail Asset-Backed Certificates
Grantor and Servicing Finance -------------------------
Trust Agreement Receivables Class A Class B
- ------- ----------------- ----------- ------- -------
(in millions of dollars)
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, 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>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
20.1 GMAC 1992-F Grantor Trust Financial Statements for the
Third Quarter and Nine Months Ended September 30, 1996
and 1995.
20.2 GMAC 1993-A Grantor Trust Financial Statements for the
Third Quarter and Nine Months Ended September 30, 1996
and 1995.
20.3 GMAC 1993-B Grantor Trust Financial Statements for the
Third Quarter and Nine Months Ended September 30, 1996
and 1995.
20.4 GMAC 1994-A Grantor Trust Financial Statements for the
Third Quarter and Nine Months Ended September 30, 1996
and 1995.
20.5 GMAC 1995-A Grantor Trust Financial Statements for
the Third Quarter and Nine Months Ended September 30,
1996, the Third Quarter 1995, and 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,
1996.
----------------------
-4-
<PAGE>
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 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, 1996
-----------------
-5-
<PAGE>
Exhibit 20.1
Page 1 of 3
GMAC 1992-F GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1996 1995 1995
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 40.7 $ 149.1 $ 206.9
-------- -------- --------
TOTAL ASSETS ............................. $ 40.7 $ 149.1 $ 206.9
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 40.7 $ 149.1 $ 206.9
-------- -------- --------
TOTAL LIABILITIES ........................ $ 40.7 $ 149.1 $ 206.9
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.1
Page 2 of 3
GMAC 1992-F GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1996 1995 1996 1995
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 23.6 $ 68.8 $ 108.4 $ 235.7
Allocable to Interest ........... 0.6 2.9 3.1 11.2
------- ------- -------- --------
Distributable Income ............... $ 24.2 $ 71.7 $ 111.5 $ 246.9
======= ======= ======== ========
Income Distributed ................. $ 24.2 $ 71.7 $ 111.5 $ 246.9
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.1
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 Capital Auto Receivables,
Inc. (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 percent for the Class A certificates and 9 percent 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 percent 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 percent 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.
<PAGE>
Exhibit 20.2
Page 1 of 3
GMAC 1993-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1996 1995 1995
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 53.6 $ 141.2 $ 185.5
-------- -------- --------
TOTAL ASSETS ............................. $ 53.6 $ 141.2 $ 185.5
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 53.6 $ 141.2 $ 185.5
-------- -------- --------
TOTAL LIABILITIES ........................ $ 53.6 $ 141.2 $ 185.5
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.2
Page 2 of 3
GMAC 1993-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1996 1995 1996 1995
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 23.2 $ 55.5 $ 87.6 $ 193.9
Allocable to Interest ........... 0.7 2.4 3.0 8.9
------- ------- -------- --------
Distributable Income ............... $ 23.9 $ 57.9 $ 90.6 $ 202.8
======= ======= ======== ========
Income Distributed ................. $ 23.9 $ 57.9 $ 90.6 $ 202.8
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.2
Page 3 of 3
GMAC 1993-A GRANTOR TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1993-A Grantor Trust (the "Trust") are
prepared on the basis of cash receipts and cash disbursements. Such financial
statements differ from financial statements prepared in accordance with
generally accepted accounting principles in that interest income and the related
assets are recognized when received rather than when earned and distributions to
certificateholders are recognized when paid rather than when the obligation is
incurred. Certain expenses of the Trust are paid by Capital Auto Receivables,
Inc. (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
percent for the Class A certificates and 7.5 percent 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 percent 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 percent 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.
<PAGE>
Exhibit 20.3
Page 1 of 3
GMAC 1993-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1996 1995 1995
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 150.9 $ 316.3 $ 389.3
-------- -------- --------
TOTAL ASSETS ............................. $ 150.9 $ 316.3 $ 389.3
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 150.9 $ 316.3 $ 389.3
-------- -------- --------
TOTAL LIABILITIES ........................ $ 150.9 $ 316.3 $ 389.3
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.3
Page 2 of 3
GMAC 1993-B GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1996 1995 1996 1995
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 46.7 $ 87.1 $ 165.4 $ 289.9
Allocable to Interest ........... 1.8 4.5 7.1 16.3
------- ------- -------- --------
Distributable Income ............... $ 48.5 $ 91.6 $ 172.5 $ 306.2
======= ======= ======== ========
Income Distributed ................. $ 48.5 $ 91.6 $ 172.5 $ 306.2
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.3
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 Capital Auto Receivables,
Inc. (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 percent for the Class A certificates and 7.5 percent 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 percent 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 percent 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.
<PAGE>
Exhibit 20.4
Page 1 of 3
GMAC 1994-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1996 1995 1995
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 293.2 $ 506.2 $ 593.2
-------- -------- --------
TOTAL ASSETS ............................. $ 293.2 $ 506.2 $ 593.2
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 293.2 $ 506.2 $ 593.2
-------- -------- --------
TOTAL LIABILITIES ........................ $ 293.2 $ 506.2 $ 593.2
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.4
Page 2 of 3
GMAC 1994-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1996 1995 1996 1995
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 63.2 $ 98.3 $ 213.0 $ 308.6
Allocable to Interest ........... 5.3 10.4 19.3 36.0
------- ------- -------- --------
Distributable Income ............... $ 68.5 $ 108.7 $ 232.3 $ 344.6
======= ======= ======== ========
Income Distributed ................. $ 68.5 $ 108.7 $ 232.3 $ 344.6
======= ======= ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.4
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 Capital Auto Receivables,
Inc. (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
percent for the Class A certificates and 6.5 percent 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 percent 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 percent 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.
<PAGE>
Exhibit 20.5
Page 1 of 3
GMAC 1995-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
Sept. 30, Dec. 31, Sept. 30,
1996 1995 1995
-------- -------- --------
(in millions of dollars)
ASSETS
Receivables (Note 2) ..................... $ 464.7 $ 744.3 $ 858.3
-------- -------- --------
TOTAL ASSETS ............................. $ 464.7 $ 744.3 $ 858.3
======== ======== ========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ........................ $ 464.7 $ 744.3 $ 858.3
-------- -------- --------
TOTAL LIABILITIES ........................ $ 464.7 $ 744.3 $ 858.3
======== ======== ========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.5
Page 2 of 3
GMAC 1995-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended September 30
Third Quarter Nine Months
-------------- --------------
1996 1995 1996 1995*
---- ---- ---- ----
(in millions of dollars)
Distributable Income
Allocable to Principal ........... $ 82.4 $ 127.5 $ 279.6 $ 246.3
Allocable to Interest ........... 9.3 16.9 32.9 35.9
------- ------- -------- --------
Distributable Income ............... $ 91.7 $ 144.4 $ 312.5 $ 282.2
======= ======= ======== ========
Income Distributed ................. $ 91.7 $ 144.4 $ 312.5 $ 282.2
======= ======= ======== ========
* Represents the period March 16, 1995 (inception) through September 30, 1995.
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.5
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 Capital Auto Receivables,
Inc. (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
percent for the Class A certificates and 6.5 percent 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 percent 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 percent 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 Auto
Receivables Corporation Form 10-Q for the period ended September 30, 1996 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000882243
<NAME> GRANTOR TRUSTS, 1992-F
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<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> 41
<ALLOWANCE> 0
<TOTAL-ASSETS> 41
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 41
<INTEREST-LOAN> 3
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 3
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 3
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3
<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 Auto
Receivables Corporation Form 10-Q for the period ending September 30, 1996 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000869739
<NAME> GRANTOR TRUSTS, 1993-A, 1993-B, 1994-A, 1995-A
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<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> 963
<ALLOWANCE> 0
<TOTAL-ASSETS> 963
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 963
<INTEREST-LOAN> 62
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 62
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 62
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 62
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 62
<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>
