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 AND EXCHANGE ACT OF 1934
Date of report (Date of Earliest Event Reported: (04-18-01)
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Exact name of registrant specified in its charter)
Delaware
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(State or other jurisdiction of incorporation or organization)
1-3754 38-0572512
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(Commission File No.) (I.R.S. Employer Identification No.)
200 Renaissance Center, Detroit, Michigan 48265-2000
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313-665-6266
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
GMAC 1ST QUARTER 2001 EARNINGS SUMMARY
General Motors Acceptance Corporation (GMAC) earned consolidated net
income in the 1st quarter of 2001 of $465 million, up 17% from the $397 million
earned in the 1st Quarter of 2000. These earnings represent the best quarter for
GMAC since 1991. Reported results include a $34 million favorable impact from a
cumulative effect of accounting change due to the adoption on January 1, 2001 of
SFAS 133, Accounting for Derivative Instruments and Hedging Activities and SFAS
138, which amends SFAS 133.
For the quarter, net income from financing operations totaled $334 million,
up 27% from $262 million earned in same period of 2000. The strong results can
be attributed to higher asset levels and increased securitization activity in
the first quarter of 2001.
GMAC Insurance Holdings, Inc. generated net income of $35 million in the
1st Quarter of 2001, down 44% from the $62 million earned in the same period of
2000. The decrease was due to industry-wide deterioration of loss trends in the
personal lines business, partially offset by favorable loss experiences in
certain commercial and mechanical programs.
GMAC Mortgage Group, Inc. earned $96 million in the first quarter of 2001,
up 32% from the $73 million earned in the same period last year. The increased
earnings from mortgage operations reflect higher originations and increased
securitization activity, as well as increased contributions from International
operations.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf the
undersigned hereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Registrant)
Dated: April 20, 2001 By s/ GERALD E. GROSS
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(Gerald E. Gross, Controller)