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GMAC ANNOUNCES 1993 FIRST-QUARTER EARNINGS RESULTS

 DETROIT, April 28 /PRNewswire/ -- General Motors Acceptance Corporation's consolidated net income totaled $284.1 million for the first quarter of 1993, Chairman Robert T. O'Connell announced today. These earnings compared with $349.1 million a year earlier -- excluding a $282.6 million unfavorable charge against 1992 first-quarter earnings resulting from the implementation of SFAS No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions.
 "GMAC's first-quarter results reflected actions previously taken to maintain a strong liquidity posture," Mr. O'Connell said. "GMAC is well positioned now to aggressively serve the needs of General Motors and its dealers. The first-quarter earnings approximate the level achieved in the last three quarters of 1992 and are a good start to the 1993 calendar year."
 In the first quarter of 1993, net income from financing operations, including mortgage results, totaled $250.3 million compared with $289.2 million last year -- excluding a $232.8 million unfavorable charge in 1992 associated with the implementation of SFAS No. 106. The decrease in net income is due to reduced interest rate margins, lower asset levels and reduced gains from receivable sales, partially offset by improved loss trends and strong earnings from GMAC's International Operations.
 Insurance operations contributed $33.8 million compared with the $59.9 million reported during the previous year -- excluding a $49.8 million unfavorable charge in 1992 associated with the implementation of SFAS No. 106. The decrease is due to unfavorable commercial lines underwriting results, offset partially by higher capital gains.
 In the United States, GMAC financed or leased 26 percent of new GM vehicles sold during the first quarter of 1993 compared with 36 percent a year ago. GMAC financed or leased 282,000 new cars or trucks in the United States in the first quarter, compared with 413,000 vehicles during the prior year period. Outside the United States, 124,000 new vehicles were financed compared with 145,000 a year ago.
 GMAC's SmartBuy program, a balloon payment finance plan introduced last April, continued to be very successful. Volume from the SmartBuy program, combined with worldwide leasing volume (primarily acquired under GMAC's SmartLease program), totaled 95,000 units for the first quarter of 1993. There were 84,000 units leased a year ago.
 Retail installment, lease financing, operating leases and leasing contracts purchased worldwide totaled $8.3 billion for the first three months of 1993, compared with $11.3 billion for the first quarter of 1992.
 -0- 4/28/93
 /CONTACT: T.P. Sullivan, 313-556-1020, or L.A. Kosinski, 313-556-1022, both of GMAC/
 (GM)


CO: General Motors Acceptance Corporation ST: Michigan IN: AUT FIN SU: ERN

JG-ML -- DE014 -- 1891 04/28/93 10:32 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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