UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12B-25
Notification of Late Filing
[X] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: December 31, 1996 Commission File Number: 0-25760
PART I
GENERAL ACCEPTANCE CORPORATION
(Exact name of Registrant as specified in its charter)
Indiana 35-1739977
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
1025 Acuff Road
Bloomington, IN 47404
(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone number: (812) 337-6000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered under Section 12(g) of the Act: Common Stock, no par
value
PART II
Form 10-K cannot be filed without unreasonable effort or expense and the
registrant seeks relief pursuant to Rule 12b-25 as follows:
[X] (a) For reasons described in Part III, Form 10-K for the fiscal year
ended December 31, 1996 cannot be timely filed without unreasonable effort or
expense, therefore, we are requesting a fifteen (15) day extension of time to
file such form.
[X] (b) Form 10-K will be filed on or before the 15th day following its
current due date of March 31, 1996.
[ ] (c) The accounting statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
The Company has been involved in significant negotiations with its
primary lender and a potential third party investor. Because of the
significant amount of time devoted to these negotiations by the Company's
Chief Financial Officer and other executive officers, the Company has not had
time to complete the Form 10-K for the fiscal year ended December 31, 1996.
The Form 10-K will be finished promptly and will be filed on or before the
15th day after its due date.
PART IV
(1) Name and telephone number of person to contact in regard to this
modification: Martin C. Bozarth, Chief Financial Officer, (812) 337-6023.
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by
the earnings statements to be included in the subject report or portion
thereof?
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reason why a reasonable
estimate of the results cannot be made.
The Company anticipates reporting a loss of $(1.45) per share for the
fiscal year ended December 31, 1996, compared to income of $0.13 per share for
the fiscal year ended December 31, 1995. The loss is due to (i) an increase
in the provision for credit losses due to charge-offs in 1996 which were
higher than anticipated, (ii) higher operating expenses associated with the
Company's efforts to strengthen its management team and further develop its
infrastructure and (iii) the establishment of a $4.7 million valuation reserve
for deferred taxes..
The Company anticipates that total net revenues will increase from $25.6
million in 1995 to $31.0 million in 1996, an increase of $5.4 million, or
21.1%. The increase is primarily due to higher interest and discount income
associated with a higher average level of contracts receivable in 1996 as
compared to 1995, as well as to higher gross profit on the sale of purchased
and trade automobiles at the Company dealerships in 1996 as compared to 1995.
The Company also anticipates that total expenses will increase from $24.3
million in 1995 to $37.8 million in 1996. The increase is primarily due to an
increase in the provision for credit losses due to charge-offs in 1996 which
were higher than anticipated, as well as to higher operating expenses
associated with the Company's efforts to strengthen its management team and
further develop its infrastructure.
<PAGE>
General Acceptance Corporation has caused this notification to be signed
on its behalf by the undersigned thereunto duly authorized.
Date: March 31, 1997 By: /S/ Martin C. Bozarth
Martin C. Bozarth
Chief Financial Officer
