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: (01-16-2002)
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 2001 and 4th Quarter 2001 Earnings Summary
General Motors Acceptance Corporation (GMAC) earned consolidated net income of
$1,786 million in calendar year 2001, an increase of 11% from the $1,602 million
earned in 2000. These earnings set an annual record for GMAC, with 2001 net
income being the seventh straight year of increase.
In 2001, net income from financing operations totaled $1,255
million, up 19% from the $1,055 million earned in the prior year. Lower market
interest rates and increased asset levels more than offset weakness in off-lease
residual values, higher credit losses, and wider borrowing spreads that have
occurred in the wake of negative rating agency actions.
GMAC Insurance Holdings, Inc. generated net income of $200 million
in 2001, a decline of 9% from $220 million earned in 2000. The decrease is due
to a reduction in capital gains, reflecting general weakness in the equity
markets, partially offset by improved underwriting results.
GMAC Mortgage Group, Inc. earned $331 million in 2001, up slightly
from the $327 million earned last year. The results reflect strong new
origination volumes which kept pace with the large run-off of home mortgages
that occurs during periods of high refinance activity.
Fourth quarter 2001 consolidated results were a record for the
quarter and totaled $435 million, up 6% from the $409 million earned in the
final quarter of 2000. For the quarter, net income from financing operations
totaled $251 million, up from $243 million earned a year ago. GMAC Insurance
Holdings, Inc. generated net income of $76 million in the fourth quarter of
2001, up from the $50 million earned in the same period last year. GMAC Mortgage
Group, Inc. earned $108 million in the fourth quarter, down from the $116
million earned in the fourth quarter of 2000, yet still achieved their second
highest quarterly profit.
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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: January 16, 2002 By s/ GERALD E. GROSS
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(Gerald E. Gross, Controller)