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, 1996, 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, 1996, 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. 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 1995 Annual Report to the Securities and Exchange Commission on Form 10-K. The Financial Statements described below are submitted herein as Exhibit 20. 1. Consolidated Balance Sheet, September 30, 1996, December 31, 1995 and September 30, 1995. 2. Consolidated Statement of Income and Net Income Retained for Use in the Business for the Third Quarter and Nine Months Ended September 30, 1996 and 1995. 3. Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 1996 and 1995. 4. Notes to Consolidated Financial Statements.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EARNINGS Consolidated net income for the third quarter and nine months ended September 30, 1996 increased by 21% and 26% over the comparable prior year periods. Period Ended September 30 Third Quarter | Nine Months ---------------- | ----------------- 1996 1995 | 1996 1995 ------ ------ | ------ ------ (in millions of dollars) | Financing Operations* $252.4 $222.2 | $842.5 $666.8 Insurance Operations** 54.9 31.5 | 123.9 101.0 ------ ------ | ------ ------ Consolidated Net Income $307.3 $253.7 | $966.4 $767.8 ====== ====== ====== ====== * Includes GMAC Mortgage Group (GMACMG) **Motors Insurance Corporation (MIC) Consolidated Return on Average Equity 14.5% 12.2% 15.3% 12.5% The 14% and 26% increases in third quarter and nine month net income from financing operations are primarily attributable to continued lending margin improvements in North America, principally in the retail finance receivables and operating lease portfolios; a lower effective tax rate in 1996 for the Company's international financing operations; and GMACMG earnings growth. Higher capital gains realization and improved commercial underwriting results were the predominant contributors to the 74% and 23% favorable increases in MIC's earnings for the three and nine month periods ended September 30, 1996 compared to the respective results for last year. UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES Special rate financing and incentivized leasing programs sponsored by General Motors Corporation (GM) were a primary contributor to favorable gains in market share for the first nine months of 1996 compared to 1995. Period Ended September 30 Third Quarter | Nine Months ----------------- | ----------------- 1996 1995 | 1996 1995 ------ ------ | ------ ------ (in millions of units) | Industry ............... 3.9 3.8 | 11.9 11.5 General Motors ......... 1.2 1.2 | 3.7 3.7 | New GM Vehicle Deliveries | Financed by GMAC | Retail (Instalment Sale | Contracts and | Operating Leases) .... 29.0% 29.6% | 30.6% 26.8% Fleet Transactions | (Lease Financing) ..... 4.7% 4.7% | 5.0% 13.1% Total .................. 24.9% 25.9% | 25.6% 24.2%
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) FINANCING VOLUME The number of new vehicle deliveries financed during the third quarter and nine months ended September 30, 1996 and 1995 are summarized below: Period Ended September 30 Third Quarter | Nine Months ----------------- | ---------------- 1996 1995 | 1996 1995 ------ ------ | ------ ------ (in thousands of units) | United States | Retail Instalment Sale | Contracts ........... 150 209 | 517 513 Operating Leases ..... 143 124 | 426 343 Leasing .............. 13 12 | 47 113 ---- ---- | ----- ----- New Deliveries Financed 306 345 | 990 969 ==== ==== | ===== ===== | Other Countries | Retail Instalment Sale | Contracts ........... 91 100 | 251 284 Operating Leases ..... 58 51 | 166 150 Leasing .............. 22 14 | 62 51 ---- ---- | ----- ----- New Deliveries Financed 171 165 | 479 485 ==== ==== | ===== ===== | Worldwide | Retail Instalment Sale | Contracts ........... 241 309 | 768 797 Operating Leases ..... 201 175 | 592 493 Leasing .............. 35 26 | 109 164 ---- ---- | ----- ----- New Deliveries Financed 477 510 | 1,469 1,454 ==== ==== ===== ===== GMAC also provides wholesale financing for GM and other dealers' new and used vehicle inventories. In the United States, inventory financing was provided for 799,000 and 2,479,000 new GM vehicles during the third quarter and first nine months of 1996, compared with 770,000 and 2,752,000 new GM vehicles during the same periods in 1995. GMAC's wholesale financing represented 70.1% of all GM U.S. vehicle sales to dealers during the first nine months of 1996, down from 71.6% for the comparable period a year ago. INCOME AND EXPENSES Consolidated financing revenue totaled $3.2 billion and $9.5 billion in the third quarter and first nine months of 1996, respectively, 7% and 10% above the comparable 1995 periods. Retail and leasing revenues were up by 13% for the quarter, and 18% for the nine month period, principally due to higher average asset levels in North America. Partially offsetting these improvements was a decline in wholesale financing revenue which is primarily attributable to lower average outstandings caused by the August 1995 and April 1996 sales of wholesale receivables which GMAC continues to service for a fee. Additionally, lower interest rate indexes upon which floor plan rates are based reduced wholesale financing revenue.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) The Company's worldwide cost of borrowing for the third quarter and first nine months of 1996 averaged 6.49% and 6.56%, respectively, a decrease of 50 and 57 basis points from the comparable periods of a year ago. Total borrowing costs for U.S. operations averaged 6.44% and 6.48% for the third quarter and first nine months of 1996, compared to 6.90% and 6.98% for the respective periods in 1995. These improvements are predominantly attributable to a greater proportion of floating rate borrowings in the U.S. during a period in which the general level of short-term interest rates declined (e.g., the U.S. prime lending rate for the first nine months of 1996 averaged 51 basis points below the comparable period in 1995). Annualized net retail losses were 1.23% and 1.21% of total average serviced assets during the third quarter and first nine months of 1996, compared to 0.75% and 0.70% for the same periods last year. For the three and nine month periods ended September 30, 1996, the provision for financing losses increased by 21% and 41% above the respective 1995 periods. In 1996, the Company has tightened its credit standards and intensified collection efforts to stabilize this trend. Other operating expenses totaled $473.8 million and $1,265.6 million for the three and nine month periods ended September 30, 1996, 29% and 21% above the respective prior year periods, reflecting higher general operating costs incidental to expanded financing business activities. MORTGAGE OPERATIONS GMACMG has continued to maintain its position as a leading mortgage banker in the United States. The favorable earnings growth for GMACMG in 1996 reflects solid volume in all segments of the mortgage business and improvement in interest rate spreads on mortgage assets. For the third quarter of 1996, loan origination, mortgage servicing acquisitions and correspondent loan volume totaled $12.8 billion, an increase of $6.0 billion from a year ago. This increase was due to expanding residential and commercial industry volumes and continued expansion of participation in the market for residential servicing rights. Reflecting this activity, the combined GMACMG servicing portfolio at September 30, 1996 totaled $103.9 billion, 28% and 49% higher than at December 31 and September 30, 1995, respectively. INSURANCE OPERATIONS MIC's net income for the respective three and nine month periods ended September 30, 1996 was $54.9 million and $123.9 million, 74% and 23% above the comparable periods in 1995. Higher capital gains realization and improved commercial underwriting results during the third quarter were the predominant contributors to these earnings increases over last year.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) FINANCIAL CONDITION AND LIQUIDITY At September 30, 1996, the Company owned assets and serviced automotive receivables totaling $106.5 billion, $0.1 billion below year-end 1995, and $3.2 billion above September 30, 1995. Earning assets totaled $92.9 billion at September 30, 1996, compared to $92.0 billion and $88.9 billion at December 31 and September 30, 1995, respectively. These increases over the comparable prior year period are principally attributable to continued growth of the operating lease portfolio. Finance receivables serviced by the Company, including sold receivables, totaled $68.7 billion at September 30, 1996, compared to $72.5 billion and $69.5 billion at December 31 and September 30, 1995, respectively. The decline in the overall servicing portfolio since year-end 1995 is primarily attributable to lower wholesale finance receivables outstanding caused by reduced dealer inventories which are seasonally low preceding new model year introduction. During the third quarter of 1996, the Company continued to utilize its asset securitization program by selling retail finance receivables totaling $1.1 billion. The Company continues to service these receivables for a fee. Consolidated operating lease assets, net of depreciation, totaled $25.1 billion at September 30, 1996, reflecting increases of 13% and 17% over December 31 and September 30, 1995, respectively. The portfolio growth reflects a continued trend of more consumers selecting leasing as a method to finance vehicles. As of September 30, 1996, GMAC's total borrowings were $75.0 billion, an increase from $74.9 billion and $69.4 billion at December 31 and September 30, 1995, respectively. The higher year-to-year debt levels were principally used to fund increased earning asset levels. GMAC's ratio of debt to total stockholder's equity at September 30, 1996 was 9.1:1, relatively unchanged from December 31, 1995, and higher than 8.4:1 at September 30, 1995. The Company and its subsidiaries continue to maintain substantial bank lines of credit which totaled $40.8 billion at September 30, 1996, compared to $40.0 billion at year-end 1995 and $39.6 billion at September 30, 1995. The unused portion of these credit lines totaled $32.0 billion at September 30, 1996, $1.5 billion and $0.5 billion higher than December 31 and September 30, 1995, respectively. Included in the unused credit lines are a committed U.S. revolving credit facility of $10 billion which serves primarily as back-up for GMAC's unsecured commercial paper program and a $12.2 billion U.S. asset-backed commercial paper liquidity and receivables credit facility for New Center Asset Trust (NCAT), a non-consolidated limited purpose business trust established to issue asset-backed commercial paper.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (concluded) As discussed in the Company's 1995 Annual Report on Form 10-K, a variety of interest rate and currency derivative instruments are utilized in managing interest rate and foreign exchange exposures. During the first nine months ended September 30, 1996, there were no significant changes in the Company's use of derivative financial instruments or in the portfolio's fair value. CASH FLOWS Cash provided by operating activities during the nine months ended September 30, 1996 totaled $4.7 billion, compared to $5.7 billion provided during the corresponding 1995 period. The decrease is primarily attributable to reduced payables to General Motors Corporation and affiliates. Cash used for investing activities during the first nine months of 1996 totaled $4.5 billion, compared to $7.8 billion during the same period in 1995, with the decline primarily resulting from this year's reduced finance receivables portfolio. During the first nine months of 1996, cash used for financing activities totaled $0.7 billion, reflecting $0.9 billion in dividends paid to General Motors Corporation, partially offset by $0.2 billion in net borrowings activities. Cash provided by financing activities during the first nine months of 1995 totaled $1.6 billion as net debt increased $2.2 billion and dividends totaling $0.6 billion were paid to General Motors Corporation during that period. ACCOUNTING STANDARDS In June 1996, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 125, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS No. 125). SFAS No. 125 is effective for certain transfers and servicing of financial assets and extinguishments of liabilities occurring after December 31, 1996. The Company has determined that implementing this new accounting standard will not have a material effect on its consolidated operating results or financial position. The Company will adopt this accounting standard on January 1, 1997, as required. -----------------------------------
PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company did not become a party to any material pending legal proceedings during the third quarter ended September 30, 1996, or prior to the filing of this report. ITEM 5. OTHER INFORMATION RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30 ----------------- 1996 1995 ---- ---- 1.43 1.35 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. 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, 1996. (b) REPORTS ON FORM 8-K: The Company did not file a Current Report on Form 8-K during the quarter ended September 30, 1996.
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/ Eric A. Feldstein ------------------------------------- Dated: November 8, 1996 Eric A. Feldstein, Executive Vice President and Principal Financial Officer s/ Gerald E. Gross ------------------------------------- Dated: November 8, 1996 Gerald E. Gross, Comptroller and Principal Accounting Officer
<TABLE> GENERAL MOTORS ACCEPTANCE CORPORATION CONSOLIDATED BALANCE SHEET Exhibit 20 Page 1 of 6 Sept. 30 Dec. 31 Sept. 30 1996 1995 1995 --------- --------- --------- (in millions of dollars) <S> <C> <C> <C> Cash and Cash Equivalents .......................... $ 921.7 $ 1,448.6 $ 758.7 --------- --------- --------- Earning Assets Investments in securities .......................... 4,353.7 4,328.2 4,282.2 Finance receivables, net (Note 1) .................. 57,089.0 60,404.9 56,436.1 Net investment in operating leases ................. 25,114.1 22,134.9 21,502.7 Notes receivable from General Motors Corporation.... 136.9 -- 1,600.0 Real estate mortgages - held for resale ............ 2,110.6 1,486.8 1,817.7 - held for investment ........ 776.2 706.8 576.4 - lending receivables ........ 1,000.7 710.1 520.6 Due and deferred from receivable sales, net ........ 1,254.3 1,371.4 1,543.1 Other .............................................. 1,062.9 871.0 669.8 --------- --------- --------- Total earning assets ............................ 92,898.4 92,014.1 88,948.6 --------- --------- --------- Other Assets Intangible assets, at cost less amortization ....... 170.9 166.8 173.3 Other nonearning assets ............................ 2,045.6 2,018.0 1,590.3 --------- --------- --------- Total other assets .............................. 2,216.5 2,184.8 1,763.6 --------- --------- --------- Total Assets ....................................... $96,036.6 $95,647.5 $91,470.9 ========= ========= ========= Notes, loans and debentures payable within one year (Note 2) ................................. $41,861.7 $43,871.8 $37,563.3 --------- --------- --------- Accounts Payable And Other Liabilities General Motors Corporation and affiliated companies 1,201.1 1,787.6 2,787.3 Interest ........................................... 1,489.4 1,048.0 1,500.9 Unpaid insurance losses and loss adjustment expense 1,509.5 1,499.7 1,552.0 Unearned insurance premiums ........................ 1,427.0 1,421.9 1,431.2 Deferred income taxes .............................. 2,322.1 2,175.6 2,222.0 United States and foreign income and other taxes payable ........................................... 39.1 294.5 41.6 Other postretirement benefits ...................... 626.0 600.4 601.5 Other .............................................. 4,186.6 3,628.1 3,611.5 --------- --------- --------- Total accounts payable and other liabilities .... 12,800.8 12,455.8 13,748.0 --------- --------- --------- Notes, loans and debentures payable after one year (Note 3) .......................................... 33,097.1 31,050.6 31,856.0 --------- --------- --------- 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 ........ 5,801.1 5,734.7 5,796.5 Net unrealized gains on securities ................. 257.7 284.7 244.9 Unrealized accumulated foreign currency translation adjustment ........................................ 18.2 49.9 62.2 --------- --------- --------- Total stockholder's equity ...................... 8,277.0 8,269.3 8,303.6 --------- --------- --------- Total Liabilities And Stockholder's Equity ......... $96,036.6 $95,647.5 $91,470.9 ========= ========= ========= Certain amounts for 1995 have been reclassified to conform with 1996 classifications. Reference should be made to the Notes to Consolidated Financial Statements. </TABLE>
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 ---------------------- --------------------- 1996 1995 1996 1995 ---------- ---------- --------- ---------- (in millions of dollars) Financing Revenue Retail and lease financing ..... $ 945.8 $ 857.6 $ 2,859.0 $ 2,380.3 Operating leases ............... 1,856.4 1,618.9 5,379.3 4,591.2 Wholesale and term loans ....... 361.6 483.1 1,229.0 1,623.1 ---------- ---------- --------- ---------- Total financing revenue ..... 3,163.8 2,959.6 9,467.3 8,594.6 Interest and discount .......... (1,220.3) (1,222.9) (3,684.6) (3,718.0) Depreciation on operating leases (1,163.6) (1,135.6) (3,437.2) (3,176.6) ---------- ---------- --------- ---------- Net financing revenue ....... 779.9 601.1 2,345.5 1,700.0 Insurance premiums earned ...... 279.6 269.9 865.0 814.7 Other income ................... 557.3 490.3 1,545.2 1,551.7 ---------- ---------- --------- ---------- Net Financing Revenue And Other ...................... 1,616.8 1,361.3 4,755.7 4,066.4 ---------- ---------- --------- ---------- Expenses Salaries and benefits .......... 238.0 215.6 719.6 662.9 Other operating expenses ....... 473.8 366.9 1,265.6 1,041.7 Insurance losses and loss adjustment expenses ........... 221.9 249.0 729.2 758.3 Provision for financing losses . 143.5 118.9 433.3 307.2 ---------- ---------- --------- ---------- Total expenses .............. 1,077.2 950.4 3,147.7 2,770.1 ---------- ---------- --------- ---------- Income before income taxes ..... 539.6 410.9 1,608.0 1,296.3 United States, foreign and other income taxes .................. 232.3 157.2 641.6 528.5 ---------- ---------- --------- ---------- Net Income .................. 307.3 253.7 966.4 767.8 Net income retained for use in the business at beginning of the period .................... 5,893.8 5,767.8 5,734.7 5,653.7 ---------- ---------- --------- ---------- Total .......................... 6,201.1 6,021.5 6,701.1 6,421.5 Cash dividends ................. 400.0 225.0 900.0 625.0 ---------- ---------- --------- ---------- Net Income Retained For Use In The Business At End Of The Period ................. $ 5,801.1 $ 5,796.5 $ 5,801.1 $ 5,796.5 ========== ========== ========= ========== Certain amounts for 1995 have been reclassified to conform with 1996 classifications. Reference should be made to the Notes to Consolidated Financial Statements.
<TABLE> GENERAL MOTORS ACCEPTANCE CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS Exhibit 20 Page 3 of 6 Nine Months Ended September 30 ---------------------- 1996 1995 ---------- --------- (in millions of dollars) <S> <C> <C> Cash Flows From Operating Activities Net income ...................................................... $ 966.4 $ 767.8 Depreciation .................................................... 3,465.8 3,202.6 Provision for financing losses .................................. 433.3 307.2 Gains on Sales of Finance Receivables ........................... (35.2) (38.2) Mortgage loans-originations/purchases ........................... (14,116.9) (7,575.9) -proceeds on sale ................................. 13,493.1 6,772.6 Mortgage related securities held for trading - acquisitions ..... (334.7) (273.7) - liquidations ..... 287.3 401.5 Changes in the following items Due to General Motors Corporation and affiliated companies .... (550.8) 863.6 Taxes payable and deferred .................................... (82.0) 625.6 Interest payable .............................................. 442.8 537.2 Other assets .................................................. 34.1 123.0 Other liabilities ............................................. 524.0 (84.1) Other ........................................................... 161.1 22.6 --------- --------- Net cash provided by operating activities .................... 4,688.3 5,651.8 --------- --------- Cash Flows From Investing Activities Finance receivables-acquisitions ................................ (118,786.6) (121,008.7) -liquidations ................................ 92,875.2 102,189.6 Notes receivable from General Motors Corporation ................ (136.9) (519.5) Operating leases-acquisitions ................................... (14,396.2) (10,535.5) -liquidations ................................... 7,842.4 3,943.9 Investments in securities-acquisitions .......................... (8,992.7) (9,554.8) -liquidations .......................... 8,974.8 9,127.7 Proceeds from sales of receivables-wholesale .................... 26,638.0 14,782.7 -retail ....................... 2,037.2 3,378.1 Due and deferred from receivable sales .......................... 152.3 60.2 Other ........................................................... (713.3) 329.0 ---------- --------- Net cash used in investing activities ........................ (4,505.8) (7,807.3) ---------- --------- Cash Flows From Financing Activities Debt with original maturities 90 days and over -proceeds .................................................. 40,146.5 35,755.2 -liquidations .............................................. (37,865.7) (36,366.6) Debt with original maturities less than 90 days-net change ...... (2,093.2) 2,808.4 Dividends paid .................................................. (900.0) (625.0) ---------- --------- Net cash (used in)/provided by financing activities .......... (712.4) 1,572.0 ---------- --------- Effect of exchange rate changes on cash and cash equivalents .... 3.0 2.7 ---------- --------- Net decrease in cash and cash equivalents .................... (526.9) (580.8) Cash and cash equivalents at the beginning of the period ........ 1,448.6 1,339.5 ---------- --------- Cash and cash equivalents at the end of the period .............. $ 921.7 $ 758.7 ========== ========= Certain amounts for 1995 have been reclassified to conform with 1996 classifications. Reference should be made to the Notes to Consolidated Financial Statements. </TABLE>
GENERAL MOTORS ACCEPTANCE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Exhibit 20 Page 4 of 6 NOTE 1. FINANCE RECEIVABLES The composition of finance receivables outstanding at September 30, 1996, December 31, 1995 and September 30, 1995 is summarized as follows: Sept. 30 Dec. 31 Sept. 30 1996 1995 1995 ---------- ---------- ---------- (in millions of dollars) United States Retail ................................ $ 27,142.5 $ 26,979.9 $ 25,362.9 Wholesale ............................. 12,876.6 16,189.6 14,282.7 Leasing and lease financing ........... 1,262.1 1,327.3 1,382.0 Term loans to dealers and others ...... 3,923.6 3,729.6 3,992.0 ---------- ---------- ---------- Total United States .................... 45,204.8 48,226.4 45,019.6 ---------- ---------- ---------- Canada Retail ................................ 663.2 786.8 888.2 Wholesale ............................. 1,622.1 1,512.2 1,576.2 Leasing and lease financing ........... 855.0 714.8 759.5 Term loans to dealers and others ...... 171.9 142.0 154.9 ---------- ---------- ---------- Total Canada ........................... 3,312.2 3,155.8 3,378.8 ---------- ---------- ---------- Europe Retail ................................ 5,770.0 5,955.9 6,044.6 Wholesale ............................. 3,009.3 3,863.0 3,042.3 Leasing and lease financing ........... 544.0 567.0 516.2 Term loans to dealers and others ...... 235.4 230.5 231.4 ---------- ---------- ---------- Total Europe ........................... 9,558.7 10,616.4 9,834.5 ---------- ---------- ---------- Other Countries Retail ................................ 2,112.8 1,908.6 1,834.5 Wholesale ............................. 842.2 656.1 482.2 Leasing and lease financing ........... 566.6 451.2 420.5 Term loans to dealers and others ...... 126.0 120.8 115.8 ---------- ---------- ---------- Total Other Countries .................. 3,647.6 3,136.7 2,853.0 ---------- ---------- ---------- Total finance receivables .............. 61,723.3 65,135.3 61,085.9 ---------- ---------- ---------- Deductions Unearned income ....................... 3,768.5 3,922.5 3,862.9 Allowance for financing losses ........ 865.8 807.9 786.9 ---------- ---------- ---------- Total deductions ....................... 4,634.3 4,730.4 4,649.8 ---------- ---------- ---------- Finance receivables, net ............... $ 57,089.0 $ 60,404.9 $ 56,436.1 ========== ========== ==========
GENERAL MOTORS ACCEPTANCE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Exhibit 20 Page 5 of 6 NOTE 2. NOTES, LOANS AND DEBENTURES PAYABLE WITHIN ONE YEAR Sept. 30 Dec. 31 Sept. 30 1996 1995 1995 ---------- ---------- ---------- (in millions of dollars) Short-term notes Commercial paper ...................... $ 19,352.3 $ 21,926.0 $ 18,142.5 Master notes .......................... 294.0 253.5 455.4 Demand notes .......................... 3,450.7 3,037.4 2,931.6 Other ................................. 1,093.8 1,433.9 1,242.7 ---------- ---------- ---------- Total principal amount ................. 24,190.8 26,650.8 22,772.2 Unamortized discount ................... (179.1) (343.8) (104.4) ---------- ---------- ---------- Total .................................. 24,011.7 26,307.0 22,667.8 ---------- ---------- ---------- Bank loans and overdrafts United States ......................... 1,238.0 1,014.0 690.0 Other Countries ....................... 6,458.5 7,031.7 5,308.0 ---------- ---------- ---------- Total .................................. 7,696.5 8,045.7 5,998.0 ---------- ---------- ---------- Other notes, loans and debentures payable within one year United States: Medium-term notes .................. 7,726.8 6,920.9 6,105.0 Other (net) ........................ 1,513.9 1,776.1 2,034.4 Other countries ...................... 912.8 822.1 758.1 ---------- ---------- ---------- Total .................................. 10,153.5 9,519.1 8,897.5 ---------- ---------- ---------- Total payable within one year .......... $ 41,861.7 $ 43,871.8 $ 37,563.3 ========== ========== ==========
GENERAL MOTORS ACCEPTANCE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 Maturity Sept. 30, 1996 1996 1995 1995 - ---------------------- ----------------- ---------- ---------- ---------- Notes, Loans (in millions of dollars) And Debentures United States currency 1996 ................... -- $ -- $ -- $ 2,006.6 1997 ................... 6.6% 1,899.1 8,522.5 8,215.8 1998 ................... 6.3% 7,418.9 4,975.3 4,850.1 1999 ................... 6.9% 5,480.3 3,680.0 3,579.6 2000 ................... 7.4% 3,453.6 2,453.2 2,403.0 2001 ................... 7.1% 2,949.0 1,323.9 1,323.8 2002 - 2006 ............ 7.1% 5,401.3 3,777.6 2,342.2 2007 - 2011 ............ 10.3% 900.0 900.0 900.0 2012 - 2016 ............ 10.2% 677.2 977.2 977.2 2017 - 2049 ............ 5.2% 75.0 75.0 75.0 ---------- ---------- ---------- Total United States currency 28,254.4 26,684.7 26,673.3 Other currencies 1996 - 2005 ............ 6.7% 5,575.0 5,130.0 5,951.6 ---------- ---------- ---------- Total notes, loans and debentures ............. 33,829.4 31,814.7 32,624.9 Unamortized discount..... (732.3) (764.1) (768.9) ---------- ---------- ---------- Total notes, loans and debentures payable after one year ............... $ 33,097.1 $ 31,050.6 $ 31,856.0 ========== ========== ==========