ITEM 1. BUSINESS
Each of the Grantor Trusts, (the "Trusts"), listed below, was formed by GMAC Auto Receivables Corporation (the "Seller") by selling and assigning the receivables and the security interests in the vehicles financed thereby to The First National Bank of Chicago, as Trustee, in exchange for Class A certificates representing an undivided ownership interest that ranges between approximately 91% and 93.5% in each Trust, which were remarketed to the public, and Class B certificates representing an undivided ownership interest that ranges between approximately 6.5% and 9% in each Trust, which were not offered to the public and initially were held by the Seller. The right of the Class B certificateholders to receive distribution of the receivables is subordinated to the rights of the Class A certificateholders.
GRANTOR TRUST -------------
GMAC 1991-B GMAC 1991-C GMAC 1992-A GMAC 1992-C GMAC 1992-D GMAC 1992-E GMAC 1992-F GMAC 1993-A GMAC 1993-B GMAC 1994-A _____________________
PART II.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Each of the Grantor Trusts, listed in the table as shown below, was formed by GMAC Auto Receivables Corporation (the "Seller") pursuant to a Pooling and Servicing Agreement between the Seller and The First National Bank of Chicago, as Trustee. Each Trust acquired retail finance receivables from the Seller in the aggregate amount as shown below in exchange for certificates representing undivided ownership interests in each Trust. Each Trust's property includes a pool of retail instalment sale contracts secured by automobiles and light trucks, certain monies due thereunder and security interests in the vehicles financed thereby.
The certificates for each of the following Trusts consist of two classes, entitled "Asset-Backed Certificates, Class A" and "Asset-Backed Certificates, Class B". The Class A Certificates represent in the aggregate an undivided ownership interest that ranges between approximately 91% and 93.5% of the Trusts and the Class B Certificates represent in the aggregate an undivided ownership interest that ranges between approximately 6.5% and 9% of the Trusts. Only the Class A Certificates have been remarketed to the public. The Class B Certificates have not been offered to the public and initially are being held by the Seller. The rights of the Class B Certificateholder to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A Certificateholders.
Original Aggregate Amount ----------------------------------- Date of Pooling Retail Asset-Backed Certificates Grantor and Servicing Finance ------------------------- Trust Agreement Receivables Class A Class B ------- ----------------- ----------- -------- ------- (In millions of dollars)
GMAC 1991-B September 17, 1991 1,007.4 916.7 90.7
GMAC 1991-C December 16, 1991 1,326.4 1,207.0 119.4
GMAC 1992-A January 30, 1992 2,001.4 1,851.3 150.1
GMAC 1992-C March 26, 1992 1,100.3 1,012.3 88.0
GMAC 1992-D June 4, 1992 1,647.6 1,499.3 148.3
GMAC 1992-E August 20, 1992 1,578.0 1,436.0 142.0
GMAC 1992-F September 29, 1992 1,644.6 1,496.6 148.0
GMAC 1993-A March 24, 1993 1,403.0 1,297.8 105.2
GMAC 1993-B September 16, 1993 1,450.6 1,341.8 108.8
GMAC 1994-A June 28, 1994 1,151.9 1,077.0 74.9
II-1
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (concluded)
General Motors Acceptance Corporation, the originator of the retail receivables, continues to service the receivables for each of the aforementioned Grantor Trusts and receives compensation and fees for such services. Investors receive monthly payments of the pro rata portion of principal and interest for each Trust as the receivables are liquidated.
------------------------
II-2
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
CROSS REFERENCE SHEET
Exhibit No. Caption Page ----------- ---------------------------------------------- ------
-- GMAC 1991-B Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-4 Data for the Year Ended December 31, 1994.
-- GMAC 1991-C Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-9 Data for the Year Ended December 31, 1994.
-- GMAC 1992-A Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-14 Data for the Year Ended December 31, 1994.
-- GMAC 1992-C Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-19 Data for the Year Ended December 31, 1994.
-- GMAC 1992-D Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-24 Data for the Year Ended December 31, 1994.
-- GMAC 1992-E Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-29 Data for the Year Ended December 31, 1994.
-- GMAC 1992-F Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-34 Data for the Year Ended December 31, 1994.
-- GMAC 1993-A Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-39 Data for the Year Ended December 31, 1994
-- GMAC 1993-B Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-44 Data for the Year Ended December 31, 1994.
-- GMAC 1994-A Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-49 Data for the period from June 28, 1994 to December 31, 1994.
27.1 Financial Data Schedule for GMAC 1991-B Grantor Trust (for SEC electronic filing purposes only). --
27.2 Financial Data Schedule for GMAC 1991-C Grantor Trust (for SEC electronic filing purposes only). --
27.3 Financial Data Schedule for GMAC 1992-A Grantor Trust (for SEC electronic filing purposes only). --
27.4 Financial Data Schedule for GMAC 1992-C Grantor Trust (for SEC electronic filing purposes only). --
27.5 Financial Data Schedule for GMAC 1992-D Grantor Trust (for SEC electronic filing purposes only). --
27.6 Financial Data Schedule for GMAC 1992-E Grantor Trust (for SEC electronic filing purposes only). --
27.7 Financial Data Schedule for GMAC 1992-F Grantor Trust (for SEC electronic filing purposes only). --
27.8 Financial Data Schedule for GMAC 1993-A, 1993-B and 1994-A Grantor Trusts (for SEC electronic -- filing purposes only). II-3
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1991-B Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1991-B Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for each of the three years in the period ended December 31, 1994. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1991-B Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for each of the three years in the period ended December 31, 1994, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-4
GMAC 1991-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, -------------------- 1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) ................... 124.0 306.4 ------- -------
TOTAL ASSETS ........................... 124.0 306.4 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ...................... 124.0 306.4 ------- -------
TOTAL LIABILITIES ...................... 124.0 306.4 ======= =======
Reference should be made to the Notes to Financial Statements.
II-5
GMAC 1991-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the years ended December 31, 1994, 1993 and 1992 (in millions of dollars)
1994 1993 1992 ------ ------ ------ $ $ $ Distributable Income
Allocable to Principal ............... 182.4 276.3 340.7
Allocable to Interest ............... 14.5 30.4 51.5 ------ ------ ------ Distributable Income ................... 196.9 306.7 392.2 ====== ====== ======
Income Distributed ..................... 196.9 306.7 392.2 ====== ====== ======
Reference should be made to the Notes to Financial Statements.
II-6
GMAC 1991-B GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1991-B Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On September 17, 1991, GMAC 1991-B Grantor Trust acquired retail finance receivables aggregating approximately $1,007.4 million from the Seller in exchange for certificates representing undivided ownership interests of 91% for the Class A certificates and 9% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing October 15, 1991. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 6.75% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-7
GMAC 1991-B GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 53.0 4.9 57.9
Second quarter ..................... 50.1 3.9 54.0
Third quarter ...................... 42.5 3.2 45.7
Fourth quarter ..................... 36.8 2.5 39.3 --------- -------- ----- Total ......................... 182.4 14.5 196.9 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 72.7 9.4 82.1
Second quarter ..................... 74.8 8.2 83.0
Third quarter ...................... 68.3 7.0 75.3
Fourth quarter ..................... 60.5 5.8 66.3 --------- -------- ----- Total ......................... 276.3 30.4 306.7 ========= ======== =====
1992 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 87.1 15.1 102.2
Second quarter ..................... 89.5 13.6 103.1
Third quarter ...................... 84.9 12.1 97.0
Fourth quarter ..................... 79.2 10.7 89.9 --------- -------- ----- Total ......................... 340.7 51.5 392.2 ========= ======== =====
II-8
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1991-C Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1991-C Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for each of the three years in the period ended December 31, 1994. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1991-C Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for each of the three years in the period ended December 31, 1994, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-9
GMAC 1991-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, ------------------- 1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) ................... 228.7 496.0 ------- -------
TOTAL ASSETS ........................... 228.7 496.0 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ...................... 228.7 496.0 ------- -------
TOTAL LIABILITIES ...................... 228.7 496.0 ======= =======
Reference should be made to the Notes to Financial Statements.
II-10
GMAC 1991-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the years ended December 31, 1994, 1993 and 1992 (in millions of dollars)
1994 1993 1992 ------ ------ ------ $ $ $ Distributable Income
Allocable to Principal ............... 267.3 378.5 451.8
Allocable to Interest ............... 20.7 39.7 63.3 ------ ------ ------ Distributable Income ................... 288.0 418.2 515.1 ====== ====== ======
Income Distributed ..................... 288.0 418.2 515.1 ====== ====== ======
Reference should be made to the Notes to Financial Statements.
II-11
GMAC 1991-C GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1991-C Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On December 16, 1991, GMAC 1991-C Grantor Trust acquired retail finance receivables aggregating approximately $1,326.4 million from the Seller in exchange for certificates representing undivided ownership interests of 91% for the Class A certificates and 9% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder, and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing January 15, 1992. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 5.70% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-12
GMAC 1991-C GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 75.2 6.7 81.9
Second quarter ..................... 74.0 5.6 79.6
Third quarter ...................... 63.9 4.6 68.5
Fourth quarter ..................... 54.2 3.8 58.0 --------- -------- ----- Total ......................... 267.3 20.7 288.0 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 96.7 12.0 108.7
Second quarter ..................... 101.1 10.6 111.7
Third quarter ...................... 95.2 9.2 104.4
Fourth quarter ..................... 85.5 7.9 93.4 --------- -------- ----- Total ......................... 378.5 39.7 418.2 ========= ======== =====
1992 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 120.6 18.3 138.9
Second quarter ..................... 115.3 16.6 131.9
Third quarter ...................... 109.9 15.0 124.9
Fourth quarter ..................... 106.0 13.4 119.4 --------- -------- ----- Total ......................... 451.8 63.3 515.1 ========= ======== =====
II-13
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1992-A Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1992-A Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for each of the two years in the period ended December 31, 1994 and the period January 30, 1992 (inception) through December 31, 1992. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1992-A Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for each of the two years in the period ended December 31, 1994 and the period January 30, 1992 (inception) through December 31, 1992, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-14
GMAC 1992-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, -------------------- 1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) .............................. 89.4 370.7 ------- -------
TOTAL ASSETS ...................................... 89.4 370.7 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ................................. 89.4 370.7 ------- -------
TOTAL LIABILITIES ................................. 89.4 370.7 ======= =======
Reference should be made to the Notes to Financial Statements.
II-15
GMAC 1992-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the years ended December 31, 1994, 1993 and the period January 30, 1992 (inception) through December 31, 1992 (in millions of dollars)
1994 1993 1992 ------- ------- ------- $ $ $ Distributable Income
Allocable to Principal ............... 281.3 681.7 948.9
Allocable to Interest ............... 11.0 35.4 72.0 ------- ------- ------- Distributable Income ................... 292.3 717.1 1,020.9 ======= ======= =======
Income Distributed ..................... 292.3 717.1 1,020.9 ======= ======= =======
Reference should be made to the Notes to Financial Statements.
II-16
GMAC 1992-A GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-A Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On January 30, 1992, GMAC 1992-A Grantor Trust acquired retail finance receivables aggregating approximately $2,001.4 million from the Seller in exchange for certificates representing undivided ownership interests of 92.5% for the Class A certificates and 7.5% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing February 18, 1992. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 5.05% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-17
GMAC 1992-A GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 98.2 4.2 102.4
Second quarter ..................... 81.3 3.1 84.4
Third quarter ...................... 60.0 2.2 62.2
Fourth quarter ..................... 41.8 1.5 43.3 --------- -------- ----- Total ......................... 281.3 11.0 292.3 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 206.9 12.4 219.3
Second quarter ..................... 192.5 9.8 202.3
Third quarter ...................... 157.7 7.5 165.2
Fourth quarter ..................... 124.6 5.7 130.3 --------- -------- ----- Total ......................... 681.7 35.4 717.1 ========= ======== =====
1992 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 171.8 16.5 188.3
Second quarter ..................... 278.3 21.9 300.2
Third quarter ...................... 263.6 18.4 282.0
Fourth quarter ..................... 235.2 15.2 250.4 --------- -------- ------- Total ......................... 948.9 72.0 1,020.9 ========= ======== =======
II-18
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1992-C Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1992-C Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for each of the two years in the period ended December 31, 1994 and the period March 26, 1992 (inception) through December 31, 1992. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1992-C Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for each of the two years in the period ended December 31, 1994 and the period March 26, 1992 (inception) through December 31, 1992, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-19
GMAC 1992-C GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, ------------------- 1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) .............................. 80.0 311.3 ------- -------
TOTAL ASSETS ...................................... 80.0 311.3 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) .................................. 80.0 311.3 ------- -------
TOTAL LIABILITIES ................................. 80.0 311.3 ======= =======
Reference should be made to the Notes to Financial Statements.
II-20
GMAC 1992-C GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the years ended December 31, 1994, 1993 and the period March 26, 1992 (inception) through December 31, 1992 (in millions of dollars)
1994 1993 1992 ------ ------ ------ $ $ $ Distributable Income
Allocable to Principal ............... 231.3 405.0 384.0
Allocable to Interest ............... 11.1 31.0 41.2 ------ ------ ------ Distributable Income ................... 242.4 436.0 425.2 ====== ====== ======
Income Distributed ..................... 242.4 436.0 425.2 ====== ====== ======
Reference should be made to the Notes to Financial Statements.
II-21
GMAC 1992-C GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-C Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On March 26, 1992, GMAC 1992-C Grantor Trust acquired retail finance receivables aggregating approximately $1,100.3 million from the Seller in exchange for certificates representing undivided ownership interests of 92% for the Class A certificates and 8% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing April 15, 1992. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 5.95% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-22
GMAC 1992-C GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 76.0 4.3 80.3
Second quarter ..................... 68.1 3.1 71.2
Third quarter ...................... 51.0 2.2 53.2
Fourth quarter ..................... 36.2 1.5 37.7 --------- -------- ----- Total ......................... 231.3 11.1 242.4 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 109.2 10.1 119.3
Second quarter ..................... 109.3 8.5 117.8
Third quarter ...................... 99.7 6.9 106.6
Fourth quarter ..................... 86.8 5.5 92.3 --------- -------- ----- Total ......................... 405.0 31.0 436.0 ========= ======== =====
1992 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
Second quarter ..................... 133.1 15.7 148.8
Third quarter ...................... 129.8 13.7 143.5
Fourth quarter ..................... 121.1 11.8 132.9 --------- -------- ----- Total ......................... 384.0 41.2 425.2 ========= ======== =====
II-23
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1992-D Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1992-D Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for each of the two years in the period ended December 31, 1994 and the period June 4, 1992 (inception) through December 31, 1992. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1992-D Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for each of the two years in the period ended December 31, 1994 and the period June 4, 1992 (inception) through December 31, 1992, on the basis of accounting described in Note 1.
s/ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-24
GMAC 1992-D GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, -------------------
1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) .............................. 300.7 702.0 ------- -------
TOTAL ASSETS ...................................... 300.7 702.0 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ................................. 300.7 702.0 ------- -------
TOTAL LIABILITIES ................................. 300.7 702.0 ======= =======
Reference should be made to the Notes to Financial Statements.
II-25
GMAC 1992-D GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the years ended December 31, 1994, 1993 and the period June 4, 1992 (inception) through December 31, 1992 (in millions of dollars)
1994 1993 1992 ------ ------ ------ $ $ $ Distributable Income
Allocable to Principal ............... 401.3 568.4 377.2
Allocable to Interest ............... 28.0 55.4 48.0 ------ ------ ------ Distributable Income ................... 429.3 623.8 425.2 ====== ====== ======
Income Distributed ..................... 429.3 623.8 425.2 ====== ====== ======
Reference should be made to the Notes to Financial Statements.
II-26
GMAC 1992-D GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-D Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On June 4, 1992, GMAC 1992-D Grantor Trust acquired retail finance receivables aggregating approximately $1,647.6 million from the Seller in exchange for certificates representing undivided ownership interests of 91% for the Class A certificates and 9% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing June 15, 1992. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 5.55% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-27
GMAC 1992-D GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 113.3 9.2 122.5
Second quarter ..................... 108.5 7.7 116.2
Third quarter ...................... 95.9 6.2 102.1
Fourth quarter ..................... 83.6 4.9 88.5 --------- -------- ----- Total ......................... 401.3 28.0 429.3 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 148.6 16.9 165.5
Second quarter ..................... 153.3 14.8 168.1
Third quarter ...................... 140.7 12.8 153.5
Fourth quarter ..................... 125.8 10.9 136.7 --------- -------- ----- Total ......................... 568.4 55.4 623.8 ========= ======== =====
1992 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
Second quarter ..................... 50.7 7.6 58.3
Third quarter ...................... 166.9 21.4 188.3
Fourth quarter ..................... 159.6 19.0 178.6 --------- -------- ----- Total ......................... 377.2 48.0 425.2 ========= ======== =====
II-28
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1992-E Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1992-E Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for each of the two years in the period ended December 31, 1994 and the period August 20, 1992 (inception) through December 31, 1992. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1992-E Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for each of the two years in the period ended December 31, 1994 and the period August 20, 1992 (inception) through December 31, 1992, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-29
GMAC 1992-E GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, --------------------- 1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) .............................. 478.4 885.4 ------- -------
TOTAL ASSETS ...................................... 478.4 885.4 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ................................. 478.4 885.4 ------- -------
TOTAL LIABILITIES ................................. 478.4 885.4 ======= =======
Reference should be made to the Notes to Financial Statements.
II-30
GMAC 1992-E GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the years ended December 31, 1994, 1993 and the period August 20, 1992 (inception) through December 31, 1992 (in millions of dollars)
1994 1993 1992 ------ ------ ------ $ $ $ Distributable Income
Allocable to Principal ............... 407.0 512.6 180.0
Allocable to Interest ............... 32.6 55.1 23.9 ------ ------ ------ Distributable Income ................... 439.6 567.7 203.9 ====== ====== ======
Income Distributed ..................... 439.6 567.7 203.9 ====== ====== ======
Reference should be made to the Notes to Financial Statements.
II-31
GMAC 1992-E GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-E Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On August 20, 1992, GMAC 1992-E Grantor Trust acquired retail finance receivables aggregating approximately $1,578.0 million from the Seller in exchange for certificates representing undivided ownership interests of 91% for the Class A certificates and 9% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing September 15, 1992. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 4.75% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-32
GMAC 1992-E GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 110.6 10.1 120.7
Second quarter ..................... 110.9 8.7 119.6
Third quarter ...................... 97.9 7.5 105.4
Fourth quarter ..................... 87.6 6.3 93.9 --------- -------- ----- Total ......................... 407.0 32.6 439.6 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 128.3 16.1 144.4
Second quarter ..................... 134.8 14.5 149.3
Third quarter ...................... 129.0 13.0 142.0
Fourth quarter ..................... 120.5 11.5 132.0 --------- -------- ----- Total ......................... 512.6 55.1 567.7 ========= ======== =====
1992 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
Third quarter ...................... 46.1 6.2 52.3
Fourth quarter ..................... 133.9 17.7 151.6 --------- -------- ----- Total ......................... 180.0 23.9 203.9 ========= ======== =====
II-33
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1992-F Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1992-F Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for each of the two years in the period ended December 31, 1994 and the period September 29, 1992 (inception) through December 31, 1992. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1992-F Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for each of the two years in the period ended December 31, 1994 and the period September 29, 1992 (inception) through December 31, 1992, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-34
GMAC 1992-F GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, -------------------- 1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) .............................. 442.6 908.7 ------- -------
TOTAL ASSETS ...................................... 442.6 908.7 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ................................. 442.6 908.7 ------- -------
TOTAL LIABILITIES ................................. 442.6 908.7 ======= =======
Reference should be made to the Notes to Financial Statements.
II-35
GMAC 1992-F GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the years ended December 31, 1994, 1993 and the period September 29, 1992 (inception) through December 31, 1992 (in millions of dollars)
1994 1993 1992 ------ ------ ------ $ $ $ Distributable Income
Allocable to Principal ............... 466.1 584.1 151.8
Allocable to Interest ............... 30.6 55.0 17.9 ------ ------ ------ Distributable Income ................... 496.7 639.1 169.7 ====== ====== ======
Income Distributed ..................... 496.7 639.1 169.7 ====== ====== ======
Reference should be made to the Notes to Financial Statements.
II-36
GMAC 1992-F GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1992-F Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On September 29, 1992, GMAC 1992-F Grantor Trust acquired retail finance receivables aggregating approximately $1,644.6 million from the Seller in exchange for certificates representing undivided ownership interests of 91% for the Class A certificates and 9% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder, and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing October 15, 1992. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 4.50% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-37
GMAC 1992-F GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 129.5 9.7 139.2
Second quarter ..................... 124.8 8.3 133.1
Third quarter ...................... 112.8 6.9 119.7
Fourth quarter ..................... 99.0 5.7 104.7 --------- -------- ----- Total ......................... 466.1 30.6 496.7 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 146.9 16.2 163.1
Second quarter ..................... 151.2 14.6 165.8
Third quarter ...................... 147.3 12.9 160.2
Fourth quarter ..................... 138.7 11.3 150.0 --------- -------- ----- Total ......................... 584.1 55.0 639.1 ========= ======== =====
1992 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
Fourth quarter ..................... 151.8 17.9 169.7 ========= ======== =====
II-38
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1993-A Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1993-A Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for the year ended December 31, 1994 and the period March 24, 1993 (inception) through December 31, 1993. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1993-A Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for the year ended December 31, 1994 and the period March 24, 1993 (inception) through December 31, 1993, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-39
GMAC 1993-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, --------------------- 1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) .............................. 379.4 845.9 ------- -------
TOTAL ASSETS ...................................... 379.4 845.9 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ................................. 379.4 845.9 ------- -------
TOTAL LIABILITIES ................................. 379.4 845.9 ======= =======
Reference should be made to the Notes to Financial Statements.
II-40
GMAC 1993-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the year ended December 31, 1994 and the period March 24, 1993 (inception) through December 31, 1993 (in millions of dollars)
1994 1993 -------- -------- $ $ Distributable Income
Allocable to Principal ...................... 466.5 557.0
Allocable to Interest ...................... 25.2 35.6 -------- -------- Distributable Income .......................... 491.7 592.6 ======== ========
Income Distributed ............................ 491.7 592.6 ======== ========
Reference should be made to the Notes to Financial Statements.
II-41
GMAC 1993-A GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1993-A Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On March 24, 1993, GMAC 1993-A Grantor Trust acquired retail finance receivables aggregating approximately $1,403.0 million from the Seller in exchange for certificates representing undivided ownership interests of 92.5% for the Class A certificates and 7.5% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder, and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing April 15, 1993. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 4.15% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-42
GMAC 1993-A GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 144.3 8.3 152.6
Second quarter ..................... 127.0 6.8 133.8
Third quarter ...................... 106.4 5.6 112.0
Fourth quarter ..................... 88.8 4.5 93.3 --------- -------- ----- Total ......................... 466.5 25.2 491.7 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
Second quarter ..................... 196.7 13.9 210.6
Third quarter ...................... 194.4 11.8 206.2
Fourth quarter ..................... 165.9 9.9 175.8 --------- -------- ----- Total ......................... 557.0 35.6 592.6 ========= ======== =====
II-43
INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1993-B Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1993-B Grantor Trust as of December 31, 1994 and 1993, and the related Statement of Distributable Income for the year ended December 31, 1994 and the period September 16, 1993 (inception) through December 31, 1993. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1993-B Grantor Trust at December 31, 1994 and 1993, and its distributable income and distributions for the year ended December 31, 1994 and the period September 16, 1993 (inception) through December 31, 1993, on the basis of accounting described in Note 1.
s/ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
II-44
GMAC 1993-B GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, ---------------------
1994 1993 ------- ------- ASSETS $ $
Receivables (Note 2) .............................. 679.2 1,269.0 ------- -------
TOTAL ASSETS ...................................... 679.2 1,269.0 ======= =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ................................. 679.2 1,269.0 ------- -------
TOTAL LIABILITIES ................................. 679.2 1,269.0 ======= =======
Reference should be made to the Notes to Financial Statements.
II-45
GMAC 1993-B GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the year ended December 31, 1994 and the period September 16, 1993 (inception) through December 31, 1993 (in millions of dollars)
1994 1993 -------- -------- $ $ Distributable Income
Allocable to Principal ...................... 589.8 181.6
Allocable to Interest ...................... 39.0 13.9 -------- -------- Distributable Income .......................... 628.8 195.5 ======== ========
Income Distributed ............................ 628.8 195.5 ======== ========
Reference should be made to the Notes to Financial Statements.
II-46
GMAC 1993-B GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1993-B Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On September 16, 1993, GMAC 1993-B Grantor Trust acquired retail finance receivables aggregating approximately $1,450.6 million from the Seller in exchange for certificates representing undivided ownership interests of 92.5% for the Class A certificates and 7.5% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder, and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing October 15, 1993. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 4.00% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
II-47
GMAC 1993-B GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
First quarter ...................... 173.9 12.1 186.0
Second quarter ..................... 158.1 10.4 168.5
Third quarter ...................... 137.8 8.9 146.7
Fourth quarter ..................... 120.0 7.6 127.6 --------- -------- ----- Total ......................... 589.8 39.0 628.8 ========= ======== =====
1993 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
Fourth quarter ..................... 181.6 13.9 195.5 ========= ======== =====
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INDEPENDENT AUDITORS' REPORT
March 10, 1995
The GMAC 1994-A Grantor Trust, its Certificateholders, GMAC Auto Receivables Corporation, and The First National Bank of Chicago, Trustee:
We have audited the accompanying Statement of Assets and Liabilities of the GMAC 1994-A Grantor Trust as of December 31, 1994 and the related Statement of Distributable Income for the period June 28, 1994 (inception) through December 31, 1994. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 1 to the financial statements, these financial statements are prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities of the GMAC 1994-A Grantor Trust at December 31, 1994 and its distributable income and distributions for the period June 28, 1994 (inception) through December 31, 1994, on the basis of accounting described in Note 1.
s\ Deloitte & Touche LLP ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243
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GMAC 1994-A GRANTOR TRUST
STATEMENT OF ASSETS AND LIABILITIES (in millions of dollars)
December 31, ------------ ASSETS $
Receivables (Note 2) .............................. 901.8 -------
TOTAL ASSETS ...................................... 901.8 =======
LIABILITIES
Asset-Backed Certificates (Notes 2 and 3) ................................. 901.8 -------
TOTAL LIABILITIES ................................. 901.8 =======
Reference should be made to the Notes to Financial Statements.
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GMAC 1994-A GRANTOR TRUST (continued)
STATEMENT OF DISTRIBUTABLE INCOME For the period June 28, 1994 (inception) through December 31, 1994 (in millions of dollars)
----- $ Distributable Income
Allocable to Principal ..................... 250.1
Allocable to Interest ..................... 33.0 ----- Distributable Income ......................... 283.1 =====
Income Distributed ........................... 283.1 =====
Reference should be made to the Notes to Financial Statements.
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GMAC 1994-A GRANTOR TRUST (continued)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of the GMAC 1994-A Grantor Trust (the "Trust") are prepared on the basis of cash receipts and cash disbursements. Such financial statements differ from financial statements prepared in accordance with generally accepted accounting principles in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred. Certain expenses of the Trust are paid by GMAC Auto Receivables Corporation (the "Seller").
NOTE 2. SALE OF CERTIFICATES
On June 28, 1994, GMAC 1994-A Grantor Trust acquired retail finance receivables aggregating approximately $1,151.9 million from the Seller in exchange for certificates representing undivided ownership interests of 93.5% for the Class A certificates and 6.5% for the Class B certificates in the Trust. The Trust property includes a pool of retail instalment sale contracts for automobiles and light trucks, certain monies due thereunder, and security interests in the vehicles financed thereby. The Seller has the option to repurchase the remaining receivables as of the last day of any month on or after which the principal balance declines below 10% of the aggregate amount financed.
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS
Principal (including prepayments) and interest are passed through and distributed pro rata to Class A and Class B certificateholders on each distribution date commencing July 15, 1994. Principal consists of payments on the receivables that are allocable to repayment of the amount sold as determined on a constant interest rate basis (the "actuarial method"). Interest is passed through and distributed to Class A certificateholders at one-twelfth of the pass through rate of 6.30% per annum. Interest consists of payments on the receivables that are allocable to finance charges, using the actuarial method, net of fees and expenses. The rights of the Class B certificateholders to receive monthly distributions with respect to the receivables are subordinated to the rights of the Class A certificateholders. A distribution date is the 15th day of each month (or, if such 15th day is not a business day, the next following business day).
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a grantor trust, and therefore is not taxable as a corporation for federal income tax purposes. Each certificateholder will be treated as the owner of a pro rata undivided interest in each of the receivables in the Trust.
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GMAC 1994-A GRANTOR TRUST (concluded)
SUPPLEMENTARY FINANCIAL DATA (unaudited)
SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME (in millions of dollars)
1994 Quarters Principal Interest Total ------------------------------------ --------- -------- ----- $ $ $
Third quarter ...................... 125.0 17.5 142.5
Fourth quarter ..................... 125.1 15.5 140.6 --------- -------- ----- Total ......................... 250.1 33.0 283.1 ========= ======== =====
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PART IV.
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
(a) (1) FINANCIAL STATEMENTS.
Included in Part II, Item 8, of Form 10-K.
(a) (2) FINANCIAL STATEMENT SCHEDULES.
All schedules have been omitted because they are not applicable or because the information called for is shown in the financial statements or notes thereto.
(a) (3) EXHIBITS (Included in Part II of this report).
-- GMAC 1991-B Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1991-C Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1992-A Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1992-C Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1992-D Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1992-E Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1992-F Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1993-A Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1993-B Grantor Trust Financial Statements for the Year Ended December 31, 1994.
-- GMAC 1994-A Grantor Trust Financial Statements for the period June 28, 1994 through December 31, 1994.
-- Financial Data Schedule for GMAC 1991-B Grantor Trust (for SEC electronic filing purposes only).
-- Financial Data Schedule for GMAC 1991-C Grantor Trust (for SEC electronic filing purposes only).
-- Financial Data Schedule for GMAC 1992-A Grantor Trust (for SEC electronic filing purposes only).
-- Financial Data Schedule for GMAC 1992-C Grantor Trust (for SEC electronic filing purposes only).
-- Financial Data Schedule for GMAC 1992-D Grantor Trust (for SEC electronic filing purposes only).
-- Financial Data Schedule for GMAC 1992-E Grantor Trust (for SEC electronic filing purposes only).
-- Financial Data Schedule for GMAC 1992-F Grantor Trust (for SEC electronic filing purposes only).
-- Financial Data Schedule for GMAC 1993-A, 1993-B and 1994-A Grantor Trusts (for SEC electronic filing purposes only).
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(b) REPORTS ON FORM 8-K.
No current reports on Form 8-K have been filed by any of the above-mentioned Grantor Trusts during the fourth quarter ended December 31, 1994.
ITEMS 2, 3, 4, 5, 6, 9, 10, 11, 12 and 13 are not applicable and have been omitted.
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SIGNATURE
Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Trustee has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GMAC 1991-B GRANTOR TRUST GMAC 1991-C GRANTOR TRUST GMAC 1992-A GRANTOR TRUST GMAC 1992-C GRANTOR TRUST GMAC 1992-D GRANTOR TRUST GMAC 1992-E GRANTOR TRUST GMAC 1992-F GRANTOR TRUST GMAC 1993-A GRANTOR TRUST GMAC 1993-B GRANTOR TRUST GMAC 1994-A GRANTOR TRUST
The First National Bank of Chicago (Trustee)
s/ Steven M. Wagner ---------------------------------- (Steven M. Wagner, Vice President)
Date: March 29, 1995 --------------
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