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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest Event Reported): (07-16-2002)
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 5. OTHER EVENTS
GMAC SECOND QUARTER 2002 EARNINGS SUMMARY
General Motors Acceptance Corporation (GMAC) earned consolidated net income in
the second quarter of 2002 of $431 million, down 4% from the record second
quarter earnings of $449 million reported a year ago. Net income for the first
six months of 2002 was $870 million, down $10 million from the $880 million
reported in the same period a year ago, 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 second quarter of 2002, net income from financing operations totaled
$347 million, down 4% from the $360 million earned in the same period of 2001.
This decline in earnings reflects higher credit losses and unfavorable borrowing
spreads, which more than offset the positive impact of higher retail asset
levels in North America.
GMAC Insurance Holdings, Inc. generated net income of $26 million in the second
quarter of 2002, down $15 million from the same period of 2001. The decline is
largely accounted for by the absence of capital gains reflecting weak equity
markets, which more than offset a continued improvement in underwriting results.
GMAC Mortgage Group, Inc. earned $58 million in the second quarter of 2002, up
from the $48 million earned in the same period last year. The higher earnings
reflect increased production volumes in both the residential and commercial
mortgage sectors, which were partially offset by a reduction in the value of
mortgage servicing rights given changes in actual and expected levels of
mortgage prepayments.
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: July 16, 2002 s/ WILLIAM F. MUIR
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William F. Muir
Executive Vice President,
Chief Financial Officer and Director
Dated: July 16, 2002 s/ LINDA K. ZUKAUCKAS
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Linda K. Zukauckas
Controller and Principal Accounting Officer