-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JbS03eCR5PXUiRhVeBjrCBEp8HeChsIfFRqq9AZGw8aUK6kMkGO60Fi+6tNTV1Au vpELiwj5TK+Oco/Eg63K3A== 0000869739-96-000006.txt : 19960314 0000869739-96-000006.hdr.sgml : 19960314 ACCESSION NUMBER: 0000869739-96-000006 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960313 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMAC AUTO RECEIVABLES CORP CENTRAL INDEX KEY: 0000869739 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 382963650 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-37995 FILM NUMBER: 96534346 BUSINESS ADDRESS: STREET 1: 1209 ORANGE ST STREET 2: C/O CORPORATION TRUST CENTER CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3026587581 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMAC 1991-C GRANTOR TRUST CENTRAL INDEX KEY: 0000872553 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 382963650 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-44315-01 FILM NUMBER: 96534347 BUSINESS ADDRESS: STREET 1: 3044W GRAND BLVD STREET 2: C/O CORPORATION TRUST CENTER CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135561240 MAIL ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMAC 1992-D GRANTOR TRUST CENTRAL INDEX KEY: 0000882240 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-47999-01 FILM NUMBER: 96534348 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD ANNEX 103 STREET 2: C/O CORPORATION TRUST CNTR CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135561240 MAIL ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMAC 1992-F GRANTOR TRUST CENTRAL INDEX KEY: 0000882243 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 382963650 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-49037-01 FILM NUMBER: 96534349 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD ANNEX 103 CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 313-556-12 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMAC 1992-E GRANTOR TRUST CENTRAL INDEX KEY: 0000890539 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-48893-01 FILM NUMBER: 96534350 BUSINESS ADDRESS: STREET 1: 3044 WEST GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 MAIL ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 10-K 1 GMAC ARC 12/31/95 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) X ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 1995, OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________ GMAC 1991-C GRANTOR TRUST 33-44315 GMAC 1992-D GRANTOR TRUST 33-47999 GMAC 1992-E GRANTOR TRUST 33-48893 GMAC 1992-F GRANTOR TRUST 33-49037 GMAC 1993-A GRANTOR TRUST 33-49197 GMAC 1993-B GRANTOR TRUST 33-49197 GMAC 1994-A GRANTOR TRUST 33-49197 GMAC 1995-A GRANTOR TRUST 33-49197 ----------------------------- --------------- (Exact name of registrants as Commission file specified in its charter) number A National Banking Association 36-0899825 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One First National Plaza, Suite 0126, Chicago, Illinois 60670-0126 - ---------------------------------------- ---------- (Address of principal executive office) (Zip Code) Registrants' telephone number, including area code 312-732-4000 ------------ Securities registered pursuant to Section 12(b) of the Act: (None) Section 12(g) of the Act: (None). Indicate by check mark whether each of the registrants (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X. No . -- -- PART I. 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 and Class B certificates. The Class A certificates were remarketed to the public and represent an undivided ownership interest that ranges between approximately 91% and 93.5% in each Trust. The Class B certificates were not offered to the public and were held by the Seller and represent an undivided ownership interest that ranges between approximately 6.5% and 9% in each Trust. 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-C GMAC 1992-D GMAC 1992-E GMAC 1992-F GMAC 1993-A GMAC 1993-B GMAC 1994-A GMAC 1995-A --------------------- PART II ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Each of the Grantor Trusts, listed in the table 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 new, and in some cases used, 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 in the Trusts that ranges between approximately 91% and 93.5%. The Class B certificates represent in the aggregate an undivided ownership interest in the Trusts that ranges between approximately 6.5% and 9%. Only the Class A certificates have been remarketed to the public. The Class B certificates have not been offered to the public and are 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-C December 16, 1991 $ 1,326.4 $ 1,207.0 $ 119.4 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 GMAC 1995-A March 16, 1995 1,104.6 1,032.8 71.8 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. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. CROSS REFERENCE SHEET Exhibit No. Caption Page - ----------- ---------------------------------------------------- ------ -- GMAC 1991-C Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-4 Data for the Year Ended December 31, 1995. -- GMAC 1992-D Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-10 Data for the Year Ended December 31, 1995. -- GMAC 1992-E Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-16 Data for the Year Ended December 31, 1995. -- GMAC 1992-F Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-22 Data for the Year Ended December 31, 1995. -- GMAC 1993-A Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-28 Data for the Year Ended December 31, 1995. -- GMAC 1993-B Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-34 Data for the Year Ended December 31, 1995. -- GMAC 1994-A Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-40 Data for the Year Ended December 31, 1995 -- GMAC 1995-A Grantor Trust, Independent Auditors' Report, Financial Statements and Selected Quarterly II-46 Data for the period from March 16, 1995 (inception) through December 31, 1995. 27.1 Financial Data Schedule for GMAC 1991-C Grantor Trust (for SEC electronic filing purposes only). -- 27.2 Financial Data Schedule for GMAC 1992-D Grantor Trust (for SEC electronic filing purposes only). -- 27.3 Financial Data Schedule for GMAC 1992-E Grantor Trust (for SEC electronic filing purposes only). -- 27.4 Financial Data Schedule for GMAC 1992-F Grantor Trust (for SEC electronic filing purposes only). -- 27.5 Financial Data Schedule for GMAC 1993-A, 1993-B, 1994-A and 1995-A Grantor Trusts (for SEC electronic filing purposes only). -- II-3 INDEPENDENT AUDITORS' REPORT March 1, 1996 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, 1995 and 1994, and the related Statement of Distributable Income for each of the three years in the period ended December 31, 1995. 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, 1995 and 1994, and its distributable income and distributions for each of the three years in the period ended December 31, 1995, 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-C GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 1994 ------- ------- (in millions of dollars) ASSETS Receivables (Note 2) ................... $ 69.6 $ 228.7 ------- ------- TOTAL ASSETS ........................... $ 69.6 $ 228.7 ======= ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ...................... $ 69.6 $ 228.7 ------- ------- TOTAL LIABILITIES ...................... $ 69.6 $ 228.7 ======= ======= Reference should be made to the Notes to Financial Statements. II-5 GMAC 1991-C GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995 1994 1993 ------ ------ ------ (in millions of dollars) Distributable Income Allocable to Principal ............... $ 159.1 $ 267.3 $ 378.5 Allocable to Interest ............... 8.5 20.7 39.7 ------- ------- ------- Distributable Income ................... $ 167.6 $ 288.0 $ 418.2 ======= ======= ======= Income Distributed ..................... $ 167.6 $ 288.0 $ 418.2 ======= ======= ======= Reference should be made to the Notes to Financial Statements. II-6 GMAC 1991-C GRANTOR TRUST 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 in the Trust of 91% for the Class A certificates and 9% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new 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. On January 16, 1996, GMAC exercised this option and repurchased the remaining receivables in GMAC 1991-C Grantor Trust as of February 15, 1996. 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. The 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-C GRANTOR TRUST NOTE TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23, 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc. and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. ____________________ II-8 GMAC 1991-C GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) First quarter ...................... $ 45.8 $ 3.0 $ 48.8 Second quarter ..................... 43.9 2.4 46.3 Third quarter ...................... 38.6 1.8 40.4 Fourth quarter ..................... 30.8 1.3 32.1 --------- -------- --------- Total ......................... $ 159.1 $ 8.5 $ 167.6 ========= ======== ========= 1994 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 ========= ======== ========= II-9 INDEPENDENT AUDITORS' REPORT March 1, 1996 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, 1995 and 1994, and the related Statement of Distributable Income for each of the three years in the period ended December 31, 1995. 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, 1995 and 1994, and its distributable income and distributions for each of the three years in the period ended December 31, 1995, on the basis of accounting described in Note 1. s/ Deloitte & Touche LLP - ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243 II-10 GMAC 1992-D GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 1994 ------- ------- ASSETS (in millions of dollars) Receivables (Note 2) .............................. $ 76.0 $ 300.7 ------- ------- TOTAL ASSETS ...................................... $ 76.0 $ 300.7 ======= ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ................................. $ 76.0 $ 300.7 ------- ------- TOTAL LIABILITIES ................................. $ 76.0 $ 300.7 ======= ======= Reference should be made to the Notes to Financial Statements. II-11 GMAC 1992-D GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995 1994 1993 ------ ------ ------ (in millions of dollars) Distributable Income Allocable to Principal ............... $ 224.7 $ 401.3 $ 568.4 Allocable to Interest ............... 10.0 28.0 55.4 ------- ------ ------- Distributable Income ................... $ 234.7 $ 429.3 $ 623.8 ======= ======= ======= Income Distributed ..................... $ 234.7 $ 429.3 $ 623.8 ======= ======= ======= Reference should be made to the Notes to Financial Statements. II-12 GMAC 1992-D GRANTOR TRUST 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 in the Trust of 91% for the Class A certificates and 9% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new and used 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. On January 16, 1996, GMAC exercised this option and repurchased the remaining receivables in GMAC 1992-D Grantor Trust as of February 15, 1996. 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. The 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-13 GMAC 1992-D GRANTOR TRUST NOTE TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23, 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc. and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. __________________ II-14 GMAC 1992-D GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) First quarter ...................... $ 73.1 $ 3.8 $ 76.9 Second quarter ..................... 66.4 2.8 69.2 Third quarter ...................... 49.8 2.0 51.8 Fourth quarter ..................... 35.4 1.4 36.8 --------- -------- --------- Total ......................... $ 224.7 $ 10.0 $ 234.7 ========= ======== ========= 1994 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 ========= ======== ========= II-15 INDEPENDENT AUDITORS' REPORT March 1, 1996 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, 1995 and 1994, and the related Statement of Distributable Income for each of the three years in the period ended December 31, 1995. 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, 1995 and 1994, and its distributable income and distributions for each of the three years in the period ended December 31, 1995, on the basis of accounting described in Note 1. s\ Deloitte & Touche LLP - ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243 II-16 GMAC 1992-E GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 1994 ------- ------- ASSETS (in millions of dollars) Receivables (Note 2) .............................. $ 203.0 $ 478.4 ------- ------- TOTAL ASSETS ...................................... $ 203.0 $ 478.4 ======= ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ................................. $ 203.0 $ 478.4 ------- ------- TOTAL LIABILITIES ................................. $ 203.0 $ 478.4 ======= ======= Reference should be made to the Notes to Financial Statements. II-17 GMAC 1992-E GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995 1994 1993 ------ ------ ------ (in millions of dollars) Distributable Income Allocable to Principal ............... $ 275.4 $ 407.0 $ 512.6 Allocable to Interest ............... 16.3 32.6 55.1 ------ ------- ------- Distributable Income ................... $ 291.7 $ 439.6 $ 567.7 ======= ======= ======= Income Distributed ..................... $ 291.7 $ 439.6 $ 567.7 ======= ======= ======= Reference should be made to the Notes to Financial Statements. II-18 GMAC 1992-E GRANTOR TRUST 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 in the Trust of 91% for the Class A certificates and 9% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new and used 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. On February 15, 1996, GMAC exercised this option and repurchased the remaining receivables in GMAC 1992-E Grantor Trust as of March 15, 1996. 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. The 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-19 GMAC 1992-E GRANTOR TRUST NOTES TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23, 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc. and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. ________________ II-20 GMAC 1992-E GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) First quarter ...................... $ 76.7 $ 5.4 $ 82.1 Second quarter ..................... 74.2 4.5 78.7 Third quarter ...................... 67.3 3.6 70.9 Fourth quarter ..................... 57.2 2.8 60.0 --------- -------- --------- Total ......................... $ 275.4 $ 16.3 $ 291.7 ========= ======== ========= 1994 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 ========= ======== ========= II-21 INDEPENDENT AUDITORS' REPORT March 1, 1996 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, 1995 and 1994, and the related Statement of Distributable Income for each of the three years in the period ended December 31, 1995. 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, 1995 and 1994, and its distributable income and distributions for each of the three years in the period ended December 31, 1995, on the basis of accounting described in Note 1. s\ Deloitte & Touche LLP - ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243 II-22 GMAC 1992-F GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 1994 ------- ------- ASSETS (in millions of dollars) Receivables (Note 2) .............................. $ 149.1 $ 442.6 ------- ------- TOTAL ASSETS ...................................... $ 149.1 $ 442.6 ======= ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ................................. $ 149.1 $ 442.6 ------- ------- TOTAL LIABILITIES ................................. $ 149.1 $ 442.6 ======= ======= Reference should be made to the Notes to Financial Statements. II-23 GMAC 1992-F GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995 1994 1993 ------ ------ ------ (in millions of dollars) Distributable Income Allocable to Principal ............... $ 293.5 $ 466.1 $ 584.1 Allocable to Interest ............... 13.3 30.6 55.0 ------- ------- ------- Distributable Income ................... $ 306.8 $ 496.7 $ 639.1 ======= ======= ======= Income Distributed ..................... $ 306.8 $ 496.7 $ 639.1 ======= ======= ======= Reference should be made to the Notes to Financial Statements. II-24 GMAC 1992-F GRANTOR TRUST 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 in the Trust of 91% for the Class A certificates and 9% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new and used 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. The 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-25 GMAC 1992-F GRANTOR TRUST NOTES TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc. and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. _____________ II-26 GMAC 1992-F GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) First quarter ...................... $ 87.3 $ 4.6 $ 91.9 Second quarter ..................... 79.6 3.7 83.3 Third quarter ...................... 68.8 2.9 71.7 Fourth quarter ..................... 57.8 2.1 59.9 --------- -------- --------- Total ......................... $ 293.5 $ 13.3 $ 306.8 ========= ======== ========= 1994 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 ========= ======== ========= II-27 INDEPENDENT AUDITORS' REPORT March 1, 1996 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, 1995 and 1994, and the related Statement of Distributable Income for each of the two years in the period ended December 31, 1995 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, 1995 and 1994, and its distributable income and distributions for each of the two years in the period ended December 31, 1995 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-28 GMAC 1993-A GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 1994 ------- ------- ASSETS (in millions of dollars) Receivables (Note 2) .............................. $ 141.2 $ 379.4 ------- ------- TOTAL ASSETS ...................................... $ 141.2 $ 379.4 ======= ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ................................. $ 141.2 $ 379.4 ------- ------- TOTAL LIABILITIES ................................. $ 141.2 $ 379.4 ======= ======= Reference should be made to the Notes to Financial Statements. II-29 GMAC 1993-A GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995 1994 1993* ------ ------ ------ (in millions of dollars) Distributable Income Allocable to Principal ............... $ 238.2 $ 466.5 $ 557.0 Allocable to Interest ............... 10.7 25.2 35.6 ------- ------- ------- Distributable Income ................... $ 248.9 $ 491.7 $ 592.6 ======= ======= ======= Income Distributed ..................... $ 248.9 $ 491.7 $ 592.6 ======= ======= ======= * Represents the period March 24, 1993 (inception) through December 31, 1993. Reference should be made to the Notes to Financial Statements. II-30 GMAC 1993-A GRANTOR TRUST 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 in the Trust of 92.5% for the Class A certificates and 7.5% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new and used 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. The 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-31 GMAC 1993-A GRANTOR TRUST NOTES TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23, 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc. and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. _________________ II-32 GMAC 1993-A GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) First quarter ...................... $ 73.0 $ 3.6 $ 76.6 Second quarter ..................... 65.4 2.9 68.3 Third quarter ...................... 55.5 2.4 57.9 Fourth quarter ..................... 44.3 1.8 46.1 --------- -------- --------- Total ......................... $ 238.2 $ 10.7 $ 248.9 ========= ======== ========= 1994 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 - ------------------------------------ --------- -------- ----- (in millions of dollars) 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-33 INDEPENDENT AUDITORS' REPORT March 1, 1996 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, 1995 and 1994, and the related Statement of Distributable Income for each of the two years in the period ended December 31, 1995 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, 1995 and 1994, and its distributable income and distributions for each of the two years in the period ended December 31, 1995 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-34 GMAC 1993-B GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 1994 ------- ------- ASSETS (in millions of dollars) Receivables (Note 2) .............................. $ 316.3 $ 679.2 ------- ------- TOTAL ASSETS ...................................... $ 316.3 $ 679.2 ======= ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ................................. $ 316.3 $ 679.2 ------- ------- TOTAL LIABILITIES ................................. $ 316.3 $ 679.2 ======= ======= Reference should be made to the Notes to Financial Statements. II-35 GMAC 1993-B GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995 1994 1993* ------ ------ ------ (in millions of dollars) Distributable Income Allocable to Principal ............... $ 362.9 $ 589.8 $ 181.6 Allocable to Interest ............... 19.9 39.0 13.9 ------- ------- ------- Distributable Income ................... $ 382.8 $ 628.8 $ 195.5 ======= ======= ======= Income Distributed ..................... $ 382.8 $ 628.8 $ 195.5 ======= ======= ======= * Represents the period September 16, 1993 (inception) through December 31, 1993. Reference should be made to the Notes to Financial Statements. II-36 GMAC 1993-B GRANTOR TRUST 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 in the Trust of 92.5% for the Class A certificates and 7.5% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new and used 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. The 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 1993-B GRANTOR TRUST NOTES TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23, 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc. and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. __________________ II-38 GMAC 1993-B GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) First quarter ...................... $ 105.0 $ 6.4 $ 111.4 Second quarter ..................... 97.8 5.4 103.2 Third quarter ...................... 87.1 4.5 91.6 Fourth quarter ..................... 73.0 3.6 76.6 --------- -------- --------- Total ......................... $ 362.9 $ 19.9 $ 382.8 ========= ======== ========= 1994 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) 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 - ------------------------------------ --------- -------- ----- (in millions of dollars) Fourth quarter ..................... $ 181.6 $ 13.9 $ 195.5 ========= ======== ========= II-39 INDEPENDENT AUDITORS' REPORT March 1, 1996 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, 1995 and 1994, and the related Statement of Distributable Income for the year ended December 31, 1995 and 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 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 1994-A Grantor Trust at December 31, 1995 and 1994, and its distributable income and distributions for the year ended December 31, 1995 and 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 II-40 GMAC 1994-A GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 1994 ------- ------- ASSETS (in millions of dollars) Receivables (Note 2) .............................. $ 506.2 $ 901.8 ------- ------- TOTAL ASSETS ...................................... $ 506.2 $ 901.8 ======= ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ................................. $ 506.2 $ 901.8 ------- ------- TOTAL LIABILITIES ................................. $ 506.2 $ 901.8 ======= ======= Reference should be made to the Notes to Financial Statements. II-41 GMAC 1994-A GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995 1994* -------- -------- (in millions of dollars) Distributable Income Allocable to Principal ...................... $ 395.6 $ 250.1 Allocable to Interest ...................... 44.9 33.0 -------- -------- Distributable Income .......................... $ 440.5 $ 283.1 ======== ======== Income Distributed ............................ $ 440.5 $ 283.1 ======== ======== * Represents the period June 28, 1994 (inception) through December 31, 1994. Reference should be made to the Notes to Financial Statements. II-42 GMAC 1994-A GRANTOR TRUST 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 in the Trust of 93.5% for the Class A certificates and 6.5% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new and used 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. The 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-43 GMAC 1994-A GRANTOR TRUST NOTES TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23, 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc., and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. _______________ II-44 GMAC 1994-A GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) First quarter ...................... $ 105.9 $ 13.6 $ 119.5 Second quarter ..................... 104.4 12.0 116.4 Third quarter ...................... 98.3 10.4 108.7 Fourth quarter ..................... 87.0 8.9 95.9 --------- -------- --------- Total ......................... $ 395.6 $ 44.9 $ 440.5 ========= ======== ========= 1994 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) Third quarter ...................... $ 125.0 $ 17.5 $ 142.5 Fourth quarter ..................... 125.1 15.5 140.6 --------- -------- --------- Total ......................... $ 250.1 $ 33.0 $ 283.1 ========= ======== ========= II-45 INDEPENDENT AUDITORS' REPORT March 1, 1996 The GMAC 1995-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 1995-A Grantor Trust as of December 31, 1995 and the related Statement of Distributable Income for the period March 16, 1995 (inception) through December 31, 1995. 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 1995-A Grantor Trust at December 31, 1995 and its distributable income and distributions for the period March 16, 1995 (inception) through December 31, 1995, on the basis of accounting described in Note 1. s\ Deloitte & Touche LLP - ------------------------- Deloitte & Touche LLP 600 Renaissance Center Detroit, Michigan 48243 II-46 GMAC 1995-A GRANTOR TRUST STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 ----------------- ASSETS (in millions of dollars) Receivables (Note 2) .............................. $ 744.3 ------- TOTAL ASSETS ...................................... $ 744.3 ======= LIABILITIES Asset-Backed Certificates (Notes 2 and 3) ................................. $ 744.3 ------- TOTAL LIABILITIES ................................. $ 744.3 ======= Reference should be made to the Notes to Financial Statements. II-47 GMAC 1995-A GRANTOR TRUST STATEMENT OF DISTRIBUTABLE INCOME Year Ended December 31, 1995* ----------------- (in millions of dollars) Distributable Income Allocable to Principal ...................... $ 360.3 Allocable to Interest ...................... 50.5 -------- Distributable Income .......................... $ 410.8 ======== Income Distributed ............................ $ 410.8 ======== * Represents the period March 16, 1995 (inception) through December 31, 1995. Reference should be made to the Notes to Financial Statements. II-48 GMAC 1995-A GRANTOR TRUST NOTES TO FINANCIAL STATEMENTS NOTE 1. BASIS OF ACCOUNTING The financial statements of the GMAC 1995-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 16, 1995, GMAC 1995-A Grantor Trust acquired retail finance receivables aggregating approximately $1,104.6 million from the Seller in exchange for certificates representing undivided ownership interests in the Trust of 93.5% for the Class A certificates and 6.5% for the Class B certificates. The Trust property includes a pool of retail instalment sale contracts for new and used 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 17, 1995. 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 7.15% 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. The 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-49 GMAC 1995-A GRANTOR TRUST NOTES TO FINANCIAL STATEMENTS NOTE 5. SUBSEQUENT EVENT Effective February 23, 1996, the Board of Directors of GMAC Auto Receivables Corporation approved the merger of and authorized the execution of an Agreement and Plan of Merger by and between Capital Auto Receivables, Inc. and GMAC Auto Receivables Corporation. The separate corporate existence of GMAC Auto Receivables Corporation shall cease and Capital Auto Receivables, Inc. shall continue as the surviving corporation. _________________ II-50 GMAC 1995-A GRANTOR TRUST SUPPLEMENTARY FINANCIAL DATA (unaudited) SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME 1995 Quarters Principal Interest Total - ------------------------------------ --------- -------- ----- (in millions of dollars) Second quarter ..................... $ 118.8 $ 19.0 $ 137.8 Third quarter ...................... 127.5 16.9 144.4 Fourth quarter ..................... 114.0 14.6 128.6 --------- -------- --------- Total ......................... $ 360.3 $ 50.5 $ 410.8 ========= ======== ========= II-51 PART IV 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-C Grantor Trust Financial Statements for the Year Ended December 31, 1995. -- GMAC 1992-D Grantor Trust Financial Statements for the Year Ended December 31, 1995. -- GMAC 1992-E Grantor Trust Financial Statements for the Year Ended December 31, 1995. -- GMAC 1992-F Grantor Trust Financial Statements for the Year Ended December 31, 1995. -- GMAC 1993-A Grantor Trust Financial Statements for the Year Ended December 31, 1995. -- GMAC 1993-B Grantor Trust Financial Statements for the Year Ended December 31, 1995. -- GMAC 1994-A Grantor Trust Financial Statements for the Year Ended December 31, 1995. -- GMAC 1995-A Grantor Trust Financial Statements for the period March 16, 1995 through December 31, 1995. (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, 1995. ITEMS 2, 3, 4, 5, 6, 9, 10, 11, 12 and 13 are not applicable and have been omitted. IV-1 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-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 GMAC 1995-A GRANTOR TRUST The First National Bank of Chicago (Trustee) s\ Steven M. Wagner ---------------------------------- (Steven M. Wagner, Vice President) Date: March 13, 1996 -------------- IV-2 EX-27.1 2
9 This Financial Data Schedule contains summary information from the Auto Receivables Corporation Form 10-K for the year ended December 31, 1995 and is qualified in its entirety by reference to such financial statements. 0000872553 GRANTOR TRUSTS, 1991-C 1000000 YEAR DEC-31-1995 DEC-31-1995 0 0 0 0 0 0 0 70 0 70 0 0 0 0 0 0 0 0 70 9 0 0 9 0 0 9 0 0 0 9 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.2 3
9 This Financial Data Schedule contains summary information from the Auto Receivables Corporation Form 10-K for the year ended December 31, 1995 and is qualified in its entirety by reference to such financial statements. 0000882240 GRANTOR TRUSTS, 1992-D 1000000 YEAR DEC-31-1995 DEC-31-1995 0 0 0 0 0 0 0 76 0 76 0 0 0 0 0 0 0 0 76 10 0 0 10 0 0 10 0 0 0 10 0 0 0 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.3 4
9 This Financial Data Schedule contains summary information from the Auto Receivables Corporation Form 10-K for the year ended December 31, 1995 and is qualified in its entirety by reference to such financial statements. 0000890539 GRANTOR TRUSTS, 1992-E 1000000 YEAR DEC-31-1995 DEC-31-1995 0 0 0 0 0 0 0 203 0 203 0 0 0 0 0 0 0 0 203 16 0 0 16 0 0 16 0 0 0 16 0 0 0 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.4 5
9 This Financial Data Schedule contains summary information from the Auto Receivables Corporation Form 10-K for the year ended December 31, 1995 and is qualified in its entirety by reference to such financial statements. 0000882243 GRANTOR TRUSTS, 1992-F 1000000 YEAR DEC-31-1995 DEC-31-1995 0 0 0 0 0 0 0 149 0 149 0 0 0 0 0 0 0 0 149 13 0 0 13 0 0 13 0 0 0 13 0 0 0 13 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.5 6
9 This Financial Data Schedule contains summary information from the Auto Receivables Corporation Form 10-K for the year ended December 31, 1995 and is qualified in its entirety by reference to such financial statements. 0000869739 GRANTOR TRUSTS, 1993-A, 1993-B, 1994-A, 1995-A 1000000 YEAR DEC-31-1995 DEC-31-1995 0 0 0 0 0 0 0 1708 0 1708 0 0 0 0 0 0 0 0 1708 126 0 0 126 0 0 126 0 0 0 126 0 0 0 126 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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