UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
General Acceptance Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
368749107
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
SEC 1746 (12-91) Page 1 of 5
<PAGE>
CUSIP No. 368749107 13G Page 2
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
Russell E. Algood ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
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12 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 3 to Schedule 13G is being filed pursuant to Rule 13d-2(b)
under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Issuer first became subject to the Exchange Act in April, 1995, and at
that time, the Filing Person held shares exceeding 10% of the Issuer's Common
Stock. This filing reflects the sale of all common stock of the Issuer on
April 28, 1998, of which the Filing Person was a beneficial owner.
ITEM 1.
(a) Name of Issuer
General Acceptance Corporation
(b) Address of Issuer's Principal Executive Offices
1025 Acuff Road
Bloomington, IN 47404
ITEM 2.
(a) Name of Person(s) Filing
Russell E. Algood
(b) Address of Principal Business Office or, if None, Residence
2800 Olcott Boulevard
Bloomington, IN 47401
(c) Citizenship
United States of America
(d) Title of Class of Securities
Common
(e) CUSIP Number
368749107
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(b), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A:
Not Applicable
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ITEM 4. OWNERSHIP
(a) Amount Beneficially Owned:
0
(b) Percent of Class:
0%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
0
(ii) shared power to vote or to direct the vote
0
(iii) sole power to dispose or to direct the disposition of
0
(iv) shared power to dispose or to direct the disposition of
0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not Applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
None
ITEM 7. IDENTIFICATIOON AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not Applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable
ITEM 10. CERTIFICATION
Not Applicable
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
May 6, 1998
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Date
Russell E. Algood
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Signature
Russell E. Algood - Shareholder
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Name/Title
