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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
October 15, 2002
(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 5. OTHER EVENTS
GMAC THIRD QUARTER 2002 EARNINGS SUMMARY
General Motors Acceptance Corporation (GMAC) earned consolidated net income in
the third quarter of 2002 of $476 million, up 9% from the third quarter earnings
of $437 million reported a year ago. Net income for the first nine months of
2002 was $1,346 million, up $29 million from the $1,317 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.
For the third quarter of 2002, net income from financing operations totaled $303
million, down 2% from the $310 million earned in same period of 2001. This
decline in earnings reflects higher credit provisions which more than offset the
positive impact of higher retail asset levels.
GMAC Insurance Holdings, Inc. generated net income of $20 million in the third
quarter of 2002, down $29 million from the same period of 2001. The reduction in
earnings reflects a write-down of certain investment securities primarily due to
the prolonged decline in equity markets. This weak investment performance more
than offset a continued improvement in underwriting results.
GMAC Mortgage Group, Inc. earned $153 million in the third quarter of 2002, up
from the $78 million earned in the same period last year. The higher earnings
reflect increased production volumes and higher servicing fees. The results also
reflect an improvement in hedge performance related to mortgage servicing
rights.
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: October 15, 2002 /s/ WILLIAM F. MUIR
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William F. Muir
Executive Vice President,
Chief Financial Officer and Director
Dated: October 15, 2002 /s/ LINDA K. ZUKAUCKAS
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Linda K. Zukauckas
Controller and Principal Accounting Officer