UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE YEAR ENDED DECEMBER 31, 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 office) (Zip Code)
Registrants' telephone number, including area code 312-732-4000
------------
Securities registered pursuant to Section 12(b) of the Act: (None)
Section 12(g) of the Act: (None).
Indicate by check mark whether each of the registrants (1) has filed all reports
required to be filed by Section 13 of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days. Yes X No .
<PAGE>
PART I.
ITEM 1. BUSINESS
Each of the Grantor Trusts, (the "Trusts"), listed below, was formed by GMAC
Auto Receivables Corporation (the "Seller") by selling and assigning the
receivables and the security interests in the vehicles financed thereby to The
First National Bank of Chicago, as Trustee, in exchange for Class A and Class B
certificates. The Class A certificates were remarketed to the public and
represent an undivided ownership interest that ranges between approximately 91%
and 93.5% in each Trust. The Class B certificates were not offered to the public
and were held by the Seller and represent an undivided ownership interest that
ranges between approximately 6.5% and 9% in each Trust. The right of the Class B
certificateholders to receive distribution of the receivables is subordinated to
the rights of the Class A certificateholders.
GRANTOR TRUST
-------------
GMAC 1992-F
GMAC 1993-A
GMAC 1993-B
GMAC 1994-A
GMAC 1995-A
---------------------
<PAGE>
PART II
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Each of the Grantor Trusts, listed in the table shown below, was formed by GMAC
Auto Receivables Corporation (the "Seller") pursuant to a Pooling and Servicing
Agreement between the Seller and The First National Bank of Chicago, as Trustee.
Effective February 23, 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 in some cases used, automobiles and light trucks, certain monies due
thereunder and security interests in the vehicles financed thereby.
The certificates for each of the following Trusts consist of two classes,
entitled Asset-Backed certificates, Class A and Asset-Backed certificates, Class
B. The Class A certificates represent in the aggregate an undivided ownership
interest 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.
Original Aggregate Amount
-----------------------------------
Date of Pooling Retail Asset-Backed Certificates
Grantor and Servicing Finance -------------------------
Trust Agreement Receivables Class A Class B
- ------- ------------------ ----------- -------- -------
(in millions of dollars)
GMAC 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 for each
Trust as the receivables are liquidated.
------------------------
II-1
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
CROSS REFERENCE SHEET
Exhibit No. Caption Page
- ----------- ---------------------------------------------------- -----
-- GMAC 1992-F Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-3
Data for the Year Ended December 31, 1996.
-- GMAC 1993-A Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-8
Data for the Year Ended December 31, 1996.
-- GMAC 1993-B Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-13
Data for the Year Ended December 31, 1996.
-- GMAC 1994-A Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-18
Data for the Year Ended December 31, 1996.
-- GMAC 1995-A Grantor Trust, Independent Auditors'
Report, Financial Statements and Selected Quarterly II-23
Data for the Year Ended December 31, 1996.
27.1 Financial Data Schedule for GMAC 1992-F Grantor
Trust (for SEC electronic filing purposes only). --
27.2 Financial Data Schedule for GMAC 1993-A, 1993-B,
1994-A and 1995-A Grantor Trusts (for SEC electronic
filing purposes only). --
II-2
<PAGE>
INDEPENDENT AUDITORS' REPORT
March 3, 1997
The GMAC 1992-F Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1992-F Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for each of the three years in the period ended December
31, 1996. These financial statements are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements
are prepared on the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1992-F Grantor Trust at
December 31, 1996 and 1995, and its distributable income and distributions for
each of the three years in the period ended December 31, 1996, on the basis of
accounting described in Note 1.
s\ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243
II-3
<PAGE>
GMAC 1992-F GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
December 31,
1996 1995
------- -------
ASSETS (in millions of dollars)
Receivables (Note 2) .............................. $ 24.9 $ 149.1
------- -------
TOTAL ASSETS ...................................... $ 24.9 $ 149.1
======= =======
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ................................. $ 24.9 $ 149.1
------- -------
TOTAL LIABILITIES ................................. $ 24.9 $ 149.1
======= =======
Reference should be made to the Notes to Financial Statements.
II-4
<PAGE>
GMAC 1992-F GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Year Ended December 31,
1996 1995 1994
------ ------ ------
(in millions of dollars)
Distributable Income
Allocable to Principal ............... $ 124.2 $ 293.5 $ 466.1
Allocable to Interest ............... 3.5 13.3 30.6
------- ------- -------
Distributable Income ................... $ 127.7 $ 306.8 $ 496.7
======= ======= =======
Income Distributed ..................... $ 127.7 $ 306.8 $ 496.7
======= ======= =======
Reference should be made to the Notes to Financial Statements.
II-5
<PAGE>
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% 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. On January 15, 1997, GMAC exercised this option and repurchased the
remaining receivables in GMAC 1992-F Grantor Trust as of February 18, 1997.
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.
II-6
<PAGE>
GMAC 1992-F GRANTOR TRUST
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
1996 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 48.3 $ 1.5 $ 49.8
Second quarter ..................... 36.5 1.0 37.5
Third quarter ...................... 23.6 0.6 24.2
Fourth quarter ..................... 15.8 0.4 16.2
--------- -------- ---------
Total ......................... $ 124.2 $ 3.5 $ 127.7
========= ======== =========
1995 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 87.3 $ 4.6 $ 91.9
Second quarter ..................... 79.6 3.7 83.3
Third quarter ...................... 68.8 2.9 71.7
Fourth quarter ..................... 57.8 2.1 59.9
--------- -------- ---------
Total ......................... $ 293.5 $ 13.3 $ 306.8
========= ======== =========
1994 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 129.5 $ 9.7 $ 139.2
Second quarter ..................... 124.8 8.3 133.1
Third quarter ...................... 112.8 6.9 119.7
Fourth quarter ..................... 99.0 5.7 104.7
--------- -------- ---------
Total ......................... $ 466.1 $ 30.6 $ 496.7
========= ======== =========
II-7
<PAGE>
INDEPENDENT AUDITORS' REPORT
March 3, 1997
The GMAC 1993-A Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1993-A Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for each of the three years in the period ended December
31, 1996. These financial statements are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements
are prepared on the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1993-A Grantor Trust at
December 31, 1996 and 1995, and its distributable income and distributions for
each of the three years in the period ended December 31, 1996, on the basis of
accounting described in Note 1.
s\ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243
II-8
<PAGE>
GMAC 1993-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
December 31,
1996 1995
------- -------
ASSETS (in millions of dollars)
Receivables (Note 2) .............................. $ 36.0 $ 141.2
------- -------
TOTAL ASSETS ...................................... $ 36.0 $ 141.2
======= =======
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ................................. $ 36.0 $ 141.2
------- -------
TOTAL LIABILITIES ................................. $ 36.0 $ 141.2
======= =======
Reference should be made to the Notes to Financial Statements.
II-9
<PAGE>
GMAC 1993-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Year Ended December 31,
1996 1995 1994
------- ------- -------
(in millions of dollars)
Distributable Income
Allocable to Principal ............... $ 105.2 $ 238.2 $ 466.5
Allocable to Interest ............... 3.5 10.7 25.2
------- ------- -------
Distributable Income ................... $ 108.7 $ 248.9 $ 491.7
======= ======= =======
Income Distributed ..................... $ 108.7 $ 248.9 $ 491.7
======= ======= =======
Reference should be made to the Notes to Financial Statements.
II-10
<PAGE>
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%
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.
II-11
<PAGE>
GMAC 1993-A GRANTOR TRUST
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
1996 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 35.0 $ 1.3 $ 36.3
Second quarter ..................... 29.4 1.0 30.4
Third quarter ...................... 23.2 0.7 23.9
Fourth quarter ..................... 17.6 0.5 18.1
--------- -------- ---------
Total ......................... $ 105.2 $ 3.5 $ 108.7
========= ======== =========
1995 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 73.0 $ 3.6 $ 76.6
Second quarter ..................... 65.4 2.9 68.3
Third quarter ...................... 55.5 2.4 57.9
Fourth quarter ..................... 44.3 1.8 46.1
--------- -------- ---------
Total ......................... $ 238.2 $ 10.7 $ 248.9
========= ======== =========
1994 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 144.3 $ 8.3 $ 152.6
Second quarter ..................... 127.0 6.8 133.8
Third quarter ...................... 106.4 5.6 112.0
Fourth quarter ..................... 88.8 4.5 93.3
--------- -------- ---------
Total ......................... $ 466.5 $ 25.2 $ 491.7
========= ======== =========
II-12
<PAGE>
INDEPENDENT AUDITORS' REPORT
March 3, 1997
The GMAC 1993-B Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1993-B Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for each of the three years in the period ended December
31, 1996. These financial statements are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements
are prepared on the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1993-B Grantor Trust at
December 31, 1996 and 1995, and its distributable income and distributions for
each of the three years in the period ended December 31, 1996, on the basis of
accounting described in Note 1.
s/ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243
II-13
<PAGE>
GMAC 1993-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
December 31,
1996 1995
------- -------
ASSETS (in millions of dollars)
Receivables (Note 2) .............................. $ 113.6 $ 316.3
------- -------
TOTAL ASSETS ...................................... $ 113.6 $ 316.3
======= =======
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ................................. $ 113.6 $ 316.3
------- -------
TOTAL LIABILITIES ................................. $ 113.6 $ 316.3
======= =======
Reference should be made to the Notes to Financial Statements.
II-14
<PAGE>
GMAC 1993-B GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Year Ended December 31,
1996 1995 1994
------ ------ ------
(in millions of dollars)
Distributable Income
Allocable to Principal ............... $ 202.7 $ 362.9 $ 589.8
Allocable to Interest ............... 8.5 19.9 39.0
------- ------- -------
Distributable Income ................... $ 211.2 $ 382.8 $ 628.8
======= ======= =======
Income Distributed ..................... $ 211.2 $ 382.8 $ 628.8
======= ======= =======
Reference should be made to the Notes to Financial Statements.
II-15
<PAGE>
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% 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.
II-16
<PAGE>
GMAC 1993-B GRANTOR TRUST
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
1996 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First Quarter ...................... $ 62.4 $ 2.9 $ 65.3
Second Quarter ..................... 56.3 2.4 58.7
Third Quarter ...................... 46.7 1.8 48.5
Fourth quarter ..................... 37.3 1.4 38.7
--------- --------- ---------
Total ......................... $ 202.7 $ 8.5 $ 211.2
========= ======== =========
1995 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 105.0 $ 6.4 $ 111.4
Second quarter ..................... 97.8 5.4 103.2
Third quarter ...................... 87.1 4.5 91.6
Fourth quarter ..................... 73.0 3.6 76.6
--------- -------- ---------
Total ......................... $ 362.9 $ 19.9 $ 382.8
========= ======== =========
1994 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 173.9 $ 12.1 $ 186.0
Second quarter ..................... 158.1 10.4 168.5
Third quarter ...................... 137.8 8.9 146.7
Fourth quarter ..................... 120.0 7.6 127.6
--------- -------- ---------
Total ......................... $ 589.8 $ 39.0 $ 628.8
========= ======== =========
II-17
<PAGE>
INDEPENDENT AUDITORS' REPORT
March 3, 1997
The GMAC 1994-A Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1994-A Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for each of the two years in the period ended December
31, 1996 and the period June 28, 1994 (inception) through December 31, 1994.
These financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements
are prepared on the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1994-A Grantor Trust at
December 31, 1996 and 1995, and its distributable income and distributions for
each of the two years ended December 31, 1996 and the period June 28, 1994
(inception) through December 31, 1994, on the basis of accounting described in
Note 1.
s\ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243
II-18
<PAGE>
GMAC 1994-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
December 31,
1996 1995
------- -------
ASSETS (in millions of dollars)
Receivables (Note 2) .............................. $ 240.2 $ 506.2
------- -------
TOTAL ASSETS ...................................... $ 240.2 $ 506.2
======= =======
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ................................. $ 240.2 $ 506.2
------- -------
TOTAL LIABILITIES ................................. $ 240.2 $ 506.2
======= =======
Reference should be made to the Notes to Financial Statements.
II-19
<PAGE>
GMAC 1994-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Year Ended December 31,
1996 1995 1994*
------- ------- -------
(in millions of dollars)
Distributable Income
Allocable to Principal ................... $ 266.0 $ 395.6 $ 250.1
Allocable to Interest ................... 23.6 44.9 33.0
-------- -------- --------
Distributable Income ....................... $ 289.6 $ 440.5 $ 283.1
======== ======== ========
Income Distributed ......................... $ 289.6 $ 440.5 $ 283.1
======== ======== ========
* Represents the period June 28, 1994 (inception) through December 31, 1994.
Reference should be made to the Notes to Financial Statements.
II-20
<PAGE>
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%
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.
II-21
<PAGE>
GMAC 1994-A GRANTOR TRUST
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
1996 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First Quarter ...................... $ 77.3 $ 7.6 $ 84.9
Second Quarter ..................... 72.5 6.4 78.9
Third Quarter ...................... 63.2 5.3 68.5
Fourth Quarter ..................... 53.0 4.3 57.3
--------- -------- ---------
Total ......................... $ 266.0 $ 23.6 $ 289.6
========= ======== =========
1995 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First quarter ...................... $ 105.9 $ 13.6 $ 119.5
Second quarter ..................... 104.4 12.0 116.4
Third quarter ...................... 98.3 10.4 108.7
Fourth quarter ..................... 87.0 8.9 95.9
--------- -------- ---------
Total ......................... $ 395.6 $ 44.9 $ 440.5
========= ======== =========
1994 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
Third quarter ...................... $ 125.0 $ 17.5 $ 142.5
Fourth quarter ..................... 125.1 15.5 140.6
--------- -------- ---------
Total ......................... $ 250.1 $ 33.0 $ 283.1
========= ======== =========
II-22
<PAGE>
INDEPENDENT AUDITORS' REPORT
March 3, 1997
The GMAC 1995-A Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1995-A Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for the year ended December 31, 1996 and the period
March 16, 1995 (inception) through December 31, 1995. These financial statements
are the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements
are prepared on the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets and liabilities of the GMAC 1995-A Grantor Trust at
December 31, 1996 and 1995 and its distributable income and distributions for
the year ended December 31, 1996 and the period March 16, 1995 (inception)
through December 31, 1995, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243
II-23
<PAGE>
GMAC 1995-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
December 31,
1996 1995
------- -------
ASSETS (in millions of dollars)
Receivables (Note 2) .............................. $ 391.7 $ 744.3
------- -------
TOTAL ASSETS ...................................... $ 391.7 $ 744.3
======= =======
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) ................................. $ 391.7 $ 744.3
------- -------
TOTAL LIABILITIES ................................. $ 391.7 $ 744.3
======= =======
Reference should be made to the Notes to Financial Statements.
II-24
<PAGE>
GMAC 1995-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Year Ended December 31,
1996 1995*
-------- -------
(in millions of dollars)
Distributable Income
Allocable to Principal ...................... $ 352.6 $ 360.3
Allocable to Interest ...................... 40.7 50.5
-------- --------
Distributable Income .......................... $ 393.3 $ 410.8
======== ========
Income Distributed ............................ $ 393.3 $ 410.8
======== ========
* Represents the period March 16, 1995 (inception) through December 31, 1995.
Reference should be made to the Notes to Financial Statements.
II-25
<PAGE>
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%
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.
II-26
<PAGE>
GMAC 1995-A GRANTOR TRUST
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME
1996 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
First Quarter ...................... $ 102.6 $ 12.7 $ 115.3
Second Quarter ..................... 94.6 10.9 105.5
Third Quarter ...................... 82.4 9.3 91.7
Fourth Quarter ..................... 73.0 7.8 80.8
--------- -------- ---------
Total ......................... $ 352.6 $ 40.7 $ 393.3
========= ======== =========
1995 Quarters Principal Interest Total
- ------------------------------------ --------- -------- ---------
(in millions of dollars)
Second quarter ..................... $ 118.8 $ 19.0 $ 137.8
Third quarter ...................... 127.5 16.9 144.4
Fourth quarter ..................... 114.0 14.6 128.6
--------- -------- ---------
Total ......................... $ 360.3 $ 50.5 $ 410.8
========= ======== =========
II-27
<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
(a) (1) FINANCIAL STATEMENTS.
Included in Part II, Item 8, of Form 10-K.
(a) (2) FINANCIAL STATEMENT SCHEDULES.
All schedules have been omitted because they are not applicable or
because the information called for is shown in the financial
statements or notes thereto.
(a) (3) EXHIBITS (Included in Part II of this report).
-- GMAC 1992-F Grantor Trust Financial Statements for the Year
Ended December 31, 1996.
-- GMAC 1993-A Grantor Trust Financial Statements for the Year
Ended December 31, 1996.
-- GMAC 1993-B Grantor Trust Financial Statements for the Year
Ended December 31, 1996.
-- GMAC 1994-A Grantor Trust Financial Statements for the Year Ended
December 31, 1996.
-- GMAC 1995-A Grantor Trust Financial Statements for the Year Ended
December 31, 1996.
(b) REPORTS ON FORM 8-K.
No current reports on Form 8-K have been filed by any of the
above-mentioned Grantor Trusts during the fourth quarter ended
December 31, 1996.
ITEMS 2, 3, 4, 5, 6, 9, 10, 11, 12 and 13 are not applicable and have been
omitted.
IV-1
<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
----------------------------------
Vice President
Date: March 20, 1997
--------------
IV-2
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This Financial Data Schedule contains summary information from the Auto
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</LEGEND>
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<NAME> GRANTOR TRUST, 1992-F
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
This Financial Data Schedule contains summary information from the Auto
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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> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
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