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: (04-16-2002)
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 2002 EARNINGS SUMMARY
General Motors Acceptance Corporation (GMAC) earned consolidated net income in
the 1st quarter of 2002 of $439 million, up 2% from the $431 million earned in
the 1st quarter of 2001, excluding the favorable $34 million one-time transition
adjustment from the adoption of SFAS No. 133, Accounting for Derivative
Instruments and Hedging Activities, as amended. All comparisons to the quarter a
year ago exclude the favorable impact of this transition adjustment.
For the quarter, net income from financing operations totaled $255 million,
down 12% from $290 million earned in the same period of 2001. The decline in
earnings reflects higher credit losses and unfavorable borrowing spreads, which
were partially offset by strong retail asset growth in North America from the
"Keep America Rolling" program.
GMAC Insurance Holdings, Inc. generated net income of $36 million in the
1st quarter of 2002, down $7 million from the same period of 2001. The decline
is fully accounted for by lower capital gains, which more than offset improved
underwriting results.
GMAC Mortgage Group, Inc. earned $148 million in the first quarter of 2002,
up from the $98 million earned in the same period last year. Gains were recorded
in both the residential and commercial mortgage sectors, reflecting continued
strong origination volumes.
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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 16, 2002 By s/ GERALD E. GROSS
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(Gerald E. Gross, Controller)