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GMAC REPORTS IMPROVED SECOND QUARTER RESULTS

 DETROIT, July 28 /PRNewswire/ -- Consolidated net income of General Motors Acceptance Corporation (GMAC) for the second quarter of 1993 totaled $285.4 million, $3.0 million above the 1992 second quarter, GMAC Chairman Robert T. O'Connell announced today.
 "The worldwide GMAC Financial Services organization has performed extremely well in 1993 and is aggressively supporting General Motors and its dealers," O'Connell said. "Going forward, we are looking to grow our automotive financing and leasing business, our insurance business, and our mortgage finance business."
 Net income from financing operations, including mortgage company results, for the 1993 second quarter totaled $213.6 million, $23.7 million below the same period last year. The decrease reflected lower earning asset levels and tighter margins in North America, partially offset by continued profitable growth in GMAC's international operations.
 Insurance operations generated net income of $71.8 million for the second quarter of 1993, $26.7 million above the same quarter in 1992. The increase primarily reflected higher capital gains.
 For the first six months of 1993, GMAC's consolidated net income totaled $569.5 million. These earnings compared with $631.5 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.
 In the United States, GMAC financed or leased 28 percent (or 390,000 units) of new GM vehicles sold in the 1993 second quarter, compared with 32 percent (or 402,000 units) a year earlier. Outside the United States, 143,000 new vehicles were financed or leased by GMAC, compared with 154,000 units a year ago.
 GMAC, a wholly owned subsidiary of General Motors Corp. (NYSE: GM), is one of the largest and most successful financial services companies in the world. Since 1919, GMAC has extended more than $719 billion of credit to help consumers purchase or lease more than 129 million cars and trucks.
 -0- 7/28/93
 /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: FIN AUT SU: ERN

ML -- DE011 -- 6694 07/28/93 10:07 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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