EX-12 3 k80613exv12.htm EXHIBIT 12 exv12
 

Exhibit 12
General Motors Acceptance Corporation

Ratio of Earnings to Fixed Charges

                 
Nine Months Ended September 30, ($ in millions)   2003     2002  
 
   
 
Fixed Charges
                
Interest and discount expense (a)
   $ 5,602     $ 5,046  
Estimated interest within rental expense
     74       70  
 
  
   
 
 
     5,676       5,116  
Earnings
            
Pretax income from continuing operations before adjustments for minority interests in consolidated subsidiaries or income or loss from equity investees     3,440       2,224  
Fixed charges
     5,676       5,116  
 
  
   
 
 
   $ 9,116     $ 7,340  
Ratio of earnings to fixed charges
     1.61       1.43  
 
  
   
 

(a)     Excludes the effect of gains or losses on derivatives related to debt.