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, 1995, OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO ___________ Commission file number 1-3754 GENERAL MOTORS ACCEPTANCE CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) NEW YORK 38-0572512 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 767 Fifth Avenue, New York, New York 10153 3044 WEST GRAND BOULEVARD, DETROIT, MICHIGAN 48202 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 313-556-5000 The registrant meets the conditions set forth in General Instruction H(1) (a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format. Indicate by check mark whether the registrant (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 ___. As of September 30, 1995, there were outstanding 22,000,000 shares of the issuer's common stock. DOCUMENTS INCORPORATED BY REFERENCE None 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 1. FINANCIAL INFORMATION The required information is given as to the registrant, General Motors Acceptance Corporation and subsidiaries (the "Company" or "GMAC"). ITEM 1. FINANCIAL STATEMENTS. 1. Consolidated Balance Sheet, September 30, 1995, December 31, 1994 and September 30, 1994. 2. Consolidated Statement of Income and Net Income Retained for Use in the Business for the Third Quarter and Nine Months Ended September 30, 1995 and 1994. 3. Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 1995 and 1994. 4. Notes to Financial Statements. The above described Financial Statements are submitted herein as Exhibit 20. In the opinion of management, the interim financial statements reflect all adjustments, consisting of only normal recurring items which are necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are unaudited and are not necessarily indicative of results which may be expected for any other interim period or for the full year. These financial statements should be read in conjunction with the consolidated financial statements, the significant accounting policies, and the other notes to the consolidated financial statements included in the Company's 1994 Annual Report to the SEC on Form 10-K. 2
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OPERATIONAL HIGHLIGHTS GMAC's consolidated earnings for the first nine months of 1995 were improved over the respective prior year periods. Period Ended September 30 Third Quarter | Nine Months -------------------- | -------------------- 1995 1994 | 1995 1994 --------- --------- | --------- --------- (In millions of dollars) | Financing Operations $ 222.2 $ 211.6 | $ 666.8 $ 582.2 Insurance Operations 31.5 33.0 | 101.0 96.0 --------- --------- | --------- --------- Consolidated Net Income $ 253.7 $ 244.6 | $ 767.8 $ 678.2 ========= ========= | ========= ========= Consolidated Return on Average Equity 12.2% 12.3% 12.5% 11.4% The 5% and 15% increases in the third quarter and the nine month net income from financing operations resulted from more favorable funding margins and increased average earning asset levels, principally wholesale receivables and operating leases. UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES Industry deliveries of new passenger cars and trucks in the United States in the third quarter of 1995 totaled 3.8 million units, unchanged from the third quarter of 1994. Industry deliveries during the first nine months of 1995 totaled 11.5 million units, a 2% decrease from 11.7 million units for the first nine months of 1994. Deliveries of new General Motors (GM) vehicles in the U.S. were 1.2 million units during the third quarter of 1995, an increase of 3% from the same period last year. Deliveries during the first nine months of 1995 totaled 3.7 million units, a 4% decrease from 3.8 million units for the first nine months of 1994. GMAC financed 26% of new General Motors vehicles delivered in the U.S. during the third quarter of 1995, a three percentage point increase compared to the second quarter of 1995 and the third quarter of 1994. Penetration for the first nine months of 1995 decreased to 24% of new GM deliveries, one percentage point lower than the comparable 1994 period. The recent increase in penetration of retail delivery financing is primarily related to improved competitive conditions for GMAC. 3 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) FINANCING VOLUME During the third quarter of 1995, GMAC financing of new vehicles was 15% above the prior year quarter while volume for the nine months ended September 30, 1995 was 3% below the comparable 1994 period. Period Ended September 30, 1995 Third Quarter | Nine Months ------------------------ | ------------------------ United Other | United Other States Countries Total | States Countries Total ------ --------- ----- | ------ --------- ----- (In thousands of units) | Finance Contracts 221 114 335 | 626 335 961 Retail Leases 124 51 175 | 343 150 493 --- --- --- | --- --- --- New Deliveries | Financed 345 165 510 | 969 485 1,454 === === === | === === ===== Period Ended September 30, 1994 Third Quarter | Nine Months ------------------------ | ------------------------ United Other | United Other States Countries Total | States Countries Total ------ --------- ----- | ------ --------- ----- (In thousands of units) | Finance Contracts 170 106 276 | 688 336 1,024 Retail Leases 124 44 168 | 338 134 472 --- --- --- | ----- --- ----- New Deliveries | Financed 294 150 444 | 1,026 470 1,496 === === === | ===== === ===== GMAC also provides wholesale financing for GM and other dealers' new and used vehicle inventories. In the United States, inventory financing was provided for 770,000 and 2,752,000 new GM vehicles in the third quarter and first nine months of 1995, compared with 782,000 and 2,747,000 new GM vehicles during the same periods in 1994. GMAC's U.S. wholesale financing represented 71.6% of all GM sales to dealers during the first nine months of 1995, a decrease from 74.8% for the comparable period a year ago. For the third quarter of 1995, GMAC Mortgage Group (GMACMG) loan origination, purchased mortgage servicing and correspondent loan volume totaled $7.3 billion, an increase of $4.6 billion from $2.7 billion a year ago, reflecting increases in commercial and residential loan production as well as bulk purchases of residential mortgage servicing rights. Mortgages held for resale increased as a result of the increased volume and a transfer of mortgages from 4 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) mortgage loans held for investment which will be sold in the fourth quarter. FINANCIAL CONDITION AND LIQUIDITY Earning assets were $87.5 billion at September 30, 1995 compared to $82.1 billion and $77.4 billion at December 31, 1994 and September 30, 1994, respectively. The higher asset levels are primarily attributable to increased operating lease assets and retail finance receivables. Finance receivables serviced by the Company, including sold receivables, totaled $67.6 billion at September 30, 1995, compared to $67.1 billion at December 31, 1994 and $64.1 billion at September 30, 1994. During the third quarter of 1995, the Company completed its second sale of wholesale receivables in the amount of $1.9 billion. Outstandings related to these receivable sales comprise the Company's wholesale finance servicing portfolio which totaled $4.3 billion at September 30, 1995 compared to $2.6 billion at December 31, 1994 and $1.9 billion at September 30, 1994. As of September 30, 1995, GMAC's total borrowings were $69.4 billion compared with $66.7 billion at December 31, 1994 and $61.6 billion at September 30, 1994. The Company's ratio of borrowings to equity capital was 8.4:1 at September 30, 1995, as compared to 8.4:1 at December 31, 1994 and 7.8:1 at September 30, 1994. GMAC maintains substantial bank lines of credit and sells finance receivables in the capital market. At September 30, 1995, GMAC maintained or had access to approximately $31.5 billion of unused credit lines with banks worldwide, an increase of $5.8 billion from December 31, 1994 and $4.5 billion from September 30, 1994. Included in the unused credit lines are a committed U.S. revolving credit facility of $10 billion and a $12.2 billion U.S. asset-backed commercial paper liquidity and receivables credit facility committed to a non-consolidated special purpose entity established to issue asset-backed commercial paper. In addition, GMAC has committed bank credit facilities to support the funding needs of the Company's Canadian and international subsidiaries totaling $5.1 billion, of which $4.1 billion is unused. On October 26, 1995, Standard & Poor's Corporation (S&P), raised the credit ratings of the Company and its parent, General Motors Corporation (GM) as well as certain related affiliates. The S&P rating of the Company's senior debt was upgraded from BBB+ to A-, eighth and seventh highest among ten investment grade ratings available, respectively. The A- rating is assigned to bonds considered to have a strong capacity to pay interest and repay 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) principal. The Company's commercial paper rating was unchanged at A-2 while the overall outlook is stable. Additional disclosures regarding credit ratings are provided on Pages 15 and 16 of the Company's Form 10-K for the year ended December 31, 1994. The Company and its subsidiaries utilize a variety of interest rate and currency derivative financial instruments in managing interest rate and foreign exchange exposures. GMAC is not a dealer in derivative instruments but is an end-user of such instruments in the normal course of business. By employing derivative instruments to manage the risks of a multinational finance company, GMAC is in a better position to offer attractive, competitive financing rates to its customers. The derivative instruments utilized by the Company are relatively straightforward and involve little complexity --centering on interest rate swaps, caps and options as well as currency swaps and futures. The Company does not use any of these classes of instruments for trading purposes, except for limited mortgage-related transactions entered into by its wholly-owned mortgage subsidiary. There were no significant changes in the Company's derivatives-related exposures during the first nine months of 1995. OPERATING RESULTS Consolidated net pre-tax margin after interest and discount and depreciation expense for the third quarter and first nine months of 1995 increased by $152.6 million and $293.2 million over the comparable 1994 periods. The period-to-period improvements primarily reflect increased revenue from higher earning asset levels and more favorable funding margins. Interest and discount expense increased $181.3 million and $621.1 million for the third quarter and first nine months of 1995 over the comparable periods in 1994 due to increased funding levels and higher interest rates. The Company's worldwide cost of funds for the third quarter of 1995 averaged 6.99%, an increase of 36 basis points from a year ago. The worldwide cost of funds averaged 7.13% for the first nine months of 1995, an increase of 57 basis points from the comparable 1994 period. The higher funding costs are primarily attributable to a significant increase in the general level of short-term interest rates in the United States where the bank prime lending rate climbed from an average 7.50% in the third quarter 1994 to an average 8.77% in the third quarter 1995. Total borrowing costs for United States operations averaged 6.90% for the third quarter and 6.98% for the first nine months of 1995, compared with 6.41% and 6.32%, respectively, for the same 1994 periods. 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (concluded) Significantly higher processing fees and investment income at GMAC Mortgage produced the majority of the 15% and 28% increases in Other Income for the third quarter and nine months ended September 30, 1995 over the comparable prior year periods. Net retail losses were 0.75% and 0.70% of total average serviced assets during the third quarter and first nine months of 1995, compared to 0.49% and 0.48% for the same periods last year. The higher losses are primarily attributable to an increase in used vehicle charge-off experience in the United States and have been reflected in the 1995 provision for financing losses. The effective income tax rate increased in 1995 to 40.8% from 36.0% in 1994 primarily due to increased taxes at foreign locations where tax rates exceed U.S. statutory tax rates. The combined mortgage servicing portfolio of GMACMG, including $18.4 billion of loans master-serviced by Residential Funding Corporation (RFC), amounted to $69.7 billion at September 30, 1995, up $11.0 billion and $11.4 billion from December 31, 1994 and September 30, 1994, respectively. The improvement primarily reflects increased commercial mortgage servicing from the January 31, 1995 acquisition of Republic Realty Mortgage Corporation (RRMC) and increased purchases of residential mortgage servicing. Effective November 1, 1995, Motors Insurance Corporation ceased underwriting credit life insurance coverages due to continued unfavorable industry trends for this type of product. In May 1995, the FASB issued SFAS No. 122, Accounting for Mortgage Servicing Rights, amending SFAS No. 65, Accounting for Certain Mortgage Banking Activities. This Statement eliminates the accounting distinction between rights to service mortgage loans that are acquired through origination activities and those acquired through purchase. The Company adopted this Standard during the second quarter of 1995 effective January 1, 1995 and capitalized its originated mortgage servicing rights, the effect of which was not material to consolidated net income. ---------------------------------- 7 RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30 ----------------- 1995 1994 ---- ---- 1.35 1.34 The ratio of earnings to fixed charges has been computed by dividing earnings before income taxes and fixed charges by the fixed charges. This ratio includes the earnings and fixed charges of the Company and its consolidated subsidiaries; fixed charges consist of interest, debt discount and expense and the portion of rentals for real and personal properties in an amount deemed to be representative of the interest factor. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) EXHIBITS: 20. General Motors Acceptance Corporation and Subsidiaries Consolidated Financial Statements for the Third Quarter and Nine Months Ended September 30, 1995. (b) REPORTS ON FORM 8-K: No Current Report on Form 8-K was filed during the third quarter ended September 30, 1995. 8 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GENERAL MOTORS ACCEPTANCE CORPORATION ------------------------------------- (Registrant) s/ John D. Finnegan ------------------------------------- Dated: November 13, 1995 John D. Finnegan, Executive Vice ----------------- President and Principal Financial Officer s/ Gerald E. Gross ------------------------------------- Dated: November 13, 1995 Gerald E. Gross, Comptroller ----------------- and Principal Accounting Officer 9
GENERAL MOTORS ACCEPTANCE CORPORATION CONSOLIDATED BALANCE SHEET Exhibit 20 Page 1 of 6 <TABLE> <CAPTION> Sept. 30 Dec. 31 Sept. 30 1995 1994 1994 --------- --------- --------- (In millions of dollars) <S> <C> <C> <C> Cash and Cash Equivalents .................................... $ 758.7 $ 1,339.5 $ 1,774.4 --------- --------- --------- EARNING ASSETS Investments in securities .................................... 4,282.2 3,891.7 3,937.1 Finance receivables, net (Note 1) ............................ 55,324.3 54,625.1 51,567.5 Net investment in operating leases ........................... 21,502.7 17,809.2 16,481.8 Notes receivable from General Motors Corporation ............. 1,600.0 1,080.5 1,296.4 Real estate mortgages - including mortgages held for resale of $2,338.2, $1,244.0 and $1,505.0 ............... 2,914.6 2,164.6 2,126.9 Due and deferred from receivable sales (net) ................. 1,543.1 1,564.6 1,599.6 Other ........................................................ 294.2 938.9 381.4 --------- --------- --------- Total earning assets ......................................... 87,461.1 82,074.6 77,390.7 --------- --------- --------- OTHER ASSETS Intangible assets, at cost less amortization ................. 549.0 377.4 362.7 Other nonearning assets ...................................... 1,590.3 1,745.9 1,680.9 --------- --------- --------- Total other assets .......................................... 2,139.3 2,123.3 2,043.6 --------- --------- --------- TOTAL ASSETS ................................................ $90,359.1 $85,537.4 $81,208.7 ========= ========= ========= Notes, loans and debentures payable within one year (Note 2) . $37,563.3 $35,114.8 $30,451.5 --------- --------- --------- ACCOUNTS PAYABLE AND OTHER LIABILITIES General Motors Corporation and affiliated companies .......... 2,787.3 1,867.3 2,712.9 Interest ..................................................... 1,500.9 957.1 1,416.0 Unpaid insurance losses and loss adjustments ................. 1,552.0 1,563.6 1,581.6 Unearned insurance premiums .................................. 1,431.2 1,422.0 1,422.3 Deferred income taxes ........................................ 2,222.0 1,704.5 1,436.0 United States and foreign income and other taxes payable ..... 41.6 20.3 253.7 Other postretirement benefits ................................ 601.5 574.5 560.6 Other ........................................................ 2,499.7 2,880.0 2,356.4 --------- --------- --------- Total accounts payable and other liabilities ................. 12,636.2 10,989.3 11,739.5 --------- --------- --------- Notes, loans and debentures payable after one year (Note 3) .. 31,856.0 31,539.6 31,173.4 --------- --------- --------- Common stock, $100 par value (authorized 25,000,000 shares, outstanding 22,000,000 shares) .............................. 2,200.0 2,200.0 2,200.0 Net income retained for use in the business .................. 5,796.5 5,653.7 5,537.2 Net unrealized gains on securities ........................... 244.9 52.4 107.6 Unrealized accumulated foreign currency translation adjustment 62.2 (12.4) (0.5) --------- --------- --------- Total stockholder's equity ................................... 8,303.6 7,893.7 7,844.3 --------- --------- --------- TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ................... $90,359.1 $85,537.4 $81,208.7 ========= ========= ========= Certain amounts for 1994 have been reclassified to conform with 1995 classifications. Reference should be made to the Notes to Financial Statements. </TABLE> 10
GENERAL MOTORS ACCEPTANCE CORPORATION CONSOLIDATED STATEMENT OF INCOME AND NET INCOME RETAINED FOR USE IN THE BUSINESS Exhibit 20 Page 2 of 6 Period Ended September 30 Third Quarter Nine Months -------------------- -------------------- 1995 1994 1995 1994 --------- --------- --------- --------- (In millions of dollars) FINANCING REVENUE Retail and lease financing .... $ 857.6 $ 660.7 $ 2,380.3 $ 2,167.2 Leasing ....................... 1,618.9 1,300.4 4,591.2 3,486.0 Wholesale and term loans ...... 483.1 390.4 1,623.1 1,166.0 --------- --------- --------- --------- Total financing revenue ....... 2,959.6 2,351.5 8,594.6 6,819.2 Interest and discount ......... (1,222.9) (1,041.6) (3,718.0) (3,096.9) Depreciation on operating leases (1,135.6) (861.4) (3,176.6) (2,315.5) --------- --------- --------- --------- Net financing revenue ......... 601.1 448.5 1,700.0 1,406.8 Insurance premiums earned ..... 269.9 282.6 814.7 848.2 Other income .................. 490.3 426.2 1,551.7 1,215.7 --------- --------- --------- --------- NET FINANCING REVENUE AND OTHER 1,361.3 1,157.3 4,066.4 3,470.7 EXPENSES Salaries and benefits ......... 215.6 212.7 662.9 617.5 Other operating expenses ...... 345.9 309.8 987.7 863.6 Insurance losses and loss adjustment expenses .......... 249.0 269.7 758.3 768.3 Provision for financing losses 118.9 (8.5) 307.2 110.4 Amortization of intangible assets ....................... 21.0 6.8 54.0 39.6 --------- --------- --------- --------- Total expenses ................ 950.4 790.5 2,770.1 2,399.4 --------- --------- --------- --------- Income before income taxes .... 410.9 366.8 1,296.3 1,071.3 United States, foreign and other income taxes ........... 157.2 122.2 528.5 385.7 --------- --------- --------- --------- Income before cumulative effect of accounting change ......... 253.7 244.6 767.8 685.6 Cumulative effect of accounting change ....................... -- -- -- (7.4) --------- --------- --------- --------- NET INCOME .................... 253.7 244.6 767.8 678.2 Net income retained for use in the business at beginning of the period ................... 5,767.8 5,542.6 5,653.7 5,609.0 --------- --------- --------- --------- Total ......................... 6,021.5 5,787.2 6,421.5 6,287.2 Cash dividends ................ 225.0 250.0 625.0 750.0 --------- --------- --------- --------- NET INCOME RETAINED FOR USE IN THE BUSINESS AT END OF THE PERIOD $ 5,796.5 $ 5,537.2 $ 5,796.5 $ 5,537.2 ========= ========= ========= ========= Reference should be made to the Notes to Financial Statements. 11 GENERAL MOTORS ACCEPTANCE CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS Exhibit 20 Page 3 of 6 <TABLE> <CAPTION> Nine Months Ended September 30 -------------------- 1995 1994 --------- --------- (In millions of dollars) CASH FLOWS FROM OPERATING ACTIVITIES <S> <C> <C> Income before cumulative effect of accounting changes .... $ 767.8 $ 685.6 Depreciation ............................................. 3,202.6 2,338.2 Provision for financing losses ........................... 307.2 110.4 Mortgage loans-originations and purchases ................ (7,575.9) (8,168.7) -proceeds on sale .......................... 6,481.7 8,396.0 Changes in the following items: Due to General Motors Corporation and affiliated companies ................................... 863.6 192.8 Taxes payable and deferred .............................. 625.6 469.6 Interest payable ........................................ 537.2 401.3 Other assets ............................................ 123.0 (466.6) Other liabilities ....................................... (216.0) 372.5 Other .................................................... (214.6) 58.3 --------- --------- Net cash provided by operating activities ................ 4,902.2 4,389.4 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES Finance receivables-acquisitions ......................... (121,008.7)(114,308.9) -liquidations ......................... 101,821.6 103,828.6 Notes receivable from General Motors Corporation ......... (519.5) 59.1 Operating leases-acquisitions ............................ (10,535.5) (9,742.2) -liquidations ............................ 3,943.9 2,544.4 Investments in securities-acquisitions ................... (9,828.6) (9,802.4) -liquidations ................... 9,529.3 9,563.6 Net increase in short-term investments ................... -- 6.2 Proceeds from sales of receivables-wholesale ............. 13,396.4 8,786.3 -retail ................ 5,264.3 4,747.0 Due and deferred from receivable sales ................... 60.2 282.7 Other .................................................... 818.9 (112.9) --------- --------- Net cash used in investing activities .................... (7,057.7) (4,148.5) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Debt with original maturities 90 days and over -proceeds ........................................... 35,755.2 37,041.4 -liquidations ....................................... (36,366.6) (37,053.0) Debt with original maturities less than 90 days -net change ......................................... 2,808.4 (1,764.5) Dividends paid ........................................... (625.0) (750.0) Proceeds from issuance of stock .......................... -- 35.0 --------- --------- Net cash provided by (used in) financing activities ...... 1,572.0 (2,491.1) --------- --------- Effect of exchange rate changes on cash and cash equivalents ............................................. 2.7 (3.5) --------- --------- Net decrease in cash and cash equivalents ................ (580.8) (2,253.7) Cash and cash equivalents at the beginning of the period . 1,339.5 4,028.1 --------- --------- Cash and cash equivalents at the end of the period ....... $ 758.7 $ 1,774.4 ========= ========= Certain amounts for 1994 have been reclassified to conform with 1995 classifications. Reference should be made to the Notes to Financial Statements. </TABLE> 12 GENERAL MOTORS ACCEPTANCE CORPORATION NOTES TO FINANCIAL STATEMENTS Exhibit 20 Page 4 of 6 NOTE 1. FINANCE RECEIVABLES The composition of finance receivables outstanding at September 30, 1995, December 31, 1994 and September 30, 1994 is summarized as follows: Sept. 30 Dec. 31 Sept. 30 1995 1994 1994 --------- --------- --------- (In millions of dollars) United States Retail .......................... $25,362.9 $23,486.8 $23,632.1 Wholesale ....................... 13,258.1 14,560.9 12,382.6 Leasing and lease financing ..... 1,350.1 1,613.4 1,660.1 Term loans to dealers and others 3,992.0 3,753.6 3,523.0 --------- --------- --------- Total United States .............. 43,963.1 43,414.7 41,197.8 --------- --------- --------- Canada Retail .......................... 888.2 1,101.1 1,269.8 Wholesale ....................... 1,520.9 1,335.1 1,373.8 Leasing and lease financing ..... 759.5 671.4 754.4 Term loans to dealers and others 154.9 128.0 122.8 --------- --------- --------- Total Canada ..................... 3,323.5 3,235.6 3,520.8 --------- --------- --------- Europe Retail .......................... 6,044.6 5,340.5 5,328.3 Wholesale ....................... 3,042.3 3,413.8 2,744.2 Leasing and lease financing ..... 516.2 547.8 565.5 Term loans to dealers and others 231.4 249.3 228.2 --------- --------- --------- Total Europe ..................... 9,834.5 9,551.4 8,866.2 --------- --------- --------- Other Countries Retail .......................... 1,834.5 1,306.3 1,104.2 Wholesale ....................... 482.2 565.9 502.4 Leasing and lease financing ..... 420.5 447.5 361.4 Term loans to dealers and others 115.8 106.9 93.1 --------- --------- --------- Total Other Countries............. 2,853.0 2,426.6 2,061.1 --------- --------- --------- Total finance receivables ........ 59,974.1 58,628.3 55,645.9 --------- --------- --------- Deductions Unearned income ................. 3,862.9 3,309.9 3,368.2 Allowance for financing losses .. 786.9 693.3 710.2 --------- --------- --------- Total deductions ................. 4,649.8 4,003.2 4,078.4 --------- --------- --------- Finance receivables, net ......... $55,324.3 $54,625.1 $51,567.5 ========= ========= ========= 13 GENERAL MOTORS ACCEPTANCE CORPORATION NOTES TO FINANCIAL STATEMENTS (continued) Exhibit 20 Page 5 of 6 NOTE 2. NOTES, LOANS AND DEBENTURES PAYABLE WITHIN ONE YEAR Sept. 30 Dec. 31 Sept. 30 1995 1994 1994 --------- --------- --------- (In millions of dollars) Short-term notes Commercial paper................. $18,142.5 $18,644.4 $13,920.0 Master notes .................... 455.4 500.9 547.3 Demand notes .................... 2,931.6 2,542.6 2,490.0 Other ........................... 1,242.7 742.2 766.8 --------- --------- --------- Total principal amount ........... 22,772.2 22,430.1 17,724.1 Unamortized discount ............. (104.4) (131.5) (117.2) --------- --------- --------- Total ............................ 22,667.8 22,298.6 17,606.9 --------- --------- --------- Bank loans and overdrafts United States ................... 690.0 552.0 563.0 Other Countries ................. 5,308.0 5,271.4 4,233.6 --------- --------- --------- Total ............................ 5,998.0 5,823.4 4,796.6 --------- --------- --------- Other notes, loans and debentures payable within one year United States: Medium-term notes ............. 6,105.0 5,072.0 5,819.4 Other (net) ................... 2,034.4 1,164.6 1,515.1 Other countries................. 758.1 756.2 713.5 --------- --------- --------- Total ............................ 8,897.5 6,992.8 8,048.0 --------- --------- --------- Total payable within one year .... $37,563.3 $35,114.8 $30,451.5 ========= ========= ========= 14
GENERAL MOTORS ACCEPTANCE CORPORATION NOTES TO FINANCIAL STATEMENTS (concluded) Exhibit 20 Page 6 of 6 NOTE 3. NOTES, LOANS AND DEBENTURES PAYABLE AFTER ONE YEAR Weighted average interest rates at Sept. 30 Dec. 31 Sept. 30 September 30, 1995 1995 1994 1994 ------------------ --------- --------- --------- (In millions of dollars) Maturity - -------------- NOTES, LOANS AND DEBENTURES United States currency 1995 ......... -- $ -- $ -- $ 1,286.3 1996 ......... 6.6% 2,006.6 8,588.5 8,070.7 1997 ......... 7.0% 8,215.8 6,539.7 5,836.8 1998 ......... 6.7% 4,850.1 2,048.3 2,020.4 1999 ......... 7.2% 3,579.6 3,209.1 3,182.4 2000 ......... 7.8% 2,403.0 1,443.1 1,671.2 2001 - 2005 .. 7.6% 3,666.0 2,703.3 2,449.1 2006 - 2010 .. 8.9% 500.0 500.0 500.0 2011 - 2015 .. 11.0% 1,077.2 1,077.2 1,077.2 2016 - 2049 .. 7.8% 375.0 375.0 375.0 --------- --------- --------- Total United States currency 26,673.3 26,484.2 26,469.1 Other currencies 1996 - 2004 .. 7.9% 5,951.6 5,844.9 5,500.7 --------- --------- --------- Total notes, loans and debentures ... 32,624.9 32,329.1 31,969.8 Unamortized discount ..... (768.9) (789.5) (796.4) --------- --------- --------- Total notes, loans and debentures payable after one year ..... $31,856.0 $31,539.6 $31,173.4 ========= ========= ========= 15