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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
April 15, 2003
(Date of report; date of
earliest event reported)
Commission file number: 1-3754
GENERAL MOTORS ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 38-0572512
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 Renaissance Center
P.O. Box 200 Detroit, Michigan
48265-2000
(Address of principal executive offices)
(Zip Code)
(313) 556-5000
(Registrant's telephone number, including area code)
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Item 9. Regulation FD Disclosure (Information Furnished in this Item 9 is
Furnished under Item 12)
In accordance with Securities and Exchange Commission Release No. 33-8126, the
following information, which is intended to be furnished under Item 12, "Results
of Operations," is instead being furnished under Item 9, "Regulation FD
Disclosure."
GMAC FIRST QUARTER 2003 EARNINGS SUMMARY
General Motors Acceptance Corporation (GMAC) recorded its highest quarterly
earnings ever in the first quarter of 2003, in large part due to record results
at the Mortgage Group. Consolidated net income of $699 million was up 59% from
the $439 million earned in the same quarter of 2002.
For the quarter, net income from financing operations totaled $302 million, up
$47 million from the $255 million earned in the prior year. The increase
reflects a combination of higher asset levels and lower credit loss provisions,
which more than offset the unfavorable impact of wider borrowing spreads and the
continued weakness in lease residuals.
GMAC Insurance Holdings, Inc. generated net income of $26 million in the first
quarter of 2003, down $10 million from the same period in 2002. The overall
reduction in earnings reflects a write-down of certain investment securities due
to the continued weaknesses in equity markets, partially offset by improved
underwriting results.
GMAC Mortgage Group, Inc. earned a quarterly record $371 million in the first
quarter of 2003, up 151% from the $148 million earned in the same period of
2002. The higher earnings reflect exceptional production volumes across all
three divisions in the Group.
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 hereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Registrant)
Dated: April 15, 2003 /s/ William F. Muir
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William F. Muir
Executive Vice President,
Chief Financial Officer and Director
Dated: April 15, 2003 /s/ Linda K. Zukauckas
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Linda K. Zukauckas
Controller and Principal Accounting Officer