UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997, OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE TRANSITION PERIOD FROM _________ TO __________.
GMAC 1997-A GRANTOR TRUST 333-06039
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(Exact name of registrants as Commission file
specified in its charter) number
A National Banking Association 36-0899825
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One First National Plaza,
Suite 0126, Chicago, Illinois 60670-0126
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(Address of principal executive offices) (Zip Code)
Registrants' telephone number, including area code 312-732-4000
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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, June 30, 1997.
2. Statement of Distributable Income for the Period April 15, 1997
(inception) through June 30, 1997.
3. Notes to Financial Statements.
The above described Financial Statements for each of the registrants are
submitted herewith as Exhibit 20.1.
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
The GMAC 1997-A Grantor Trust (the "Trust") was formed by Capital Auto
Receivables, Inc. (the "Seller") pursuant to a Pooling and Servicing Agreement,
dated April 15, 1997, between the Seller and The First National Bank of Chicago,
as trustee. The Trust acquired retail finance receivables from the Seller in the
aggregate amount of $ 1,502.3 Million in exchange for certificates representing
undivided ownership interests in the Trust. The 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 the Trust consist of two classes, entitled 6.50 percent
Asset-Backed Certificates, Class A, and 6.50 percent Asset-Backed Certificates,
Class B. The Class A certificates represent in the aggregate an undivided
ownership interest of 93.75 percent in the Trust. The Class B certificates
represent in the aggregate an undivided ownership interest of 6.25 percent in
the Trust. Only the Class A certificates have been remarketed to the public. The
Class B certificates have not been offered to the public and are currently being
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.
General Motors Acceptance Corporation, the originator of the retail receivables,
continues to service the receivables for the aforementioned Grantor Trust and
receives compensation and fees for such services. Investors receive monthly
payments of the pro rata portion of principal and interest received by the Trust
as the receivables are liquidated.
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-3-
<PAGE>
PART II. OTHER INFORMATION
ITEM 3. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
20.1 GMAC 1997-A Grantor Trust Financial Statements for the
Period April 15, 1997 (inception) through June 30, 1997.
(b) Reports on Form 8-K:
No current reports on Form 8-K have been filed by the aforementioned
Grantor Trust during the quarter ended June 30, 1997.
----------------------
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<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 1997-A GRANTOR TRUST
by: The First National Bank of Chicago
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(Trustee)
s/ Steven M. Wagner
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(Steven M. Wagner, Vice President)
Date: August 14, 1997
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<PAGE>
Exhibit 20.1
Page 1 of 3
GMAC 1997-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES
June 30,1997
----------------------
(in millions of dollars)
ASSETS
Receivables (Note 2) ............................... $1,383.8
--------
TOTAL ASSETS ....................................... $1,383.8
========
LIABILITIES
Asset-Backed Certificates
(Notes 2 and 3) .................................. $1,383.8
--------
TOTAL LIABILITIES .................................. $1,383.8
========
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.1
Page 2 of 3
GMAC 1997-A GRANTOR TRUST
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended
June 30, 1997*
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(in millions of dollars)
Distributable Income
Allocable to Principal ................... $ 118.5
Allocable to Interest ................... 15.9
--------
Distributable Income ....................... $ 134.4
========
Income Distributed ......................... $ 134.4
========
*Represents the period April 15, 1997 (inception) through June 30, 1997.
Reference should be made to the Notes to Financial Statements.
<PAGE>
Exhibit 20.1
Page 3 of 3
GMAC 1997-A GRANTOR TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1997-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 April 15, 1997, GMAC 1997-A Grantor Trust acquired retail finance receivables
aggregating approximately $1,502.3 million from the Seller in exchange for
certificates representing undivided ownership interests in the Trust of 93.75%
for the Class A certificates and 6.25% 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 May 15, 1997. 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 6.50% 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.
<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 June 30, 1997 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000893958
<NAME> GRANTOR TRUST, 1997-A
<MULTIPLIER> 1000000
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