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GMAC ANNOUNCES 1992 THIRD QUARTER CONSOLIDATED NET INCOME

 GMAC ANNOUNCES 1992 THIRD QUARTER CONSOLIDATED NET INCOME
 DETROIT, Oct. 28 /PRNewswire/ -- Consolidated net income of General Motors Acceptance Corporation totaled $301 million in the third quarter and $942 million in the first nine months of 1992, GMAC Chairman Robert T. O'Connell announced today. These 1992 earnings compare with $346 million and $936 million for the third quarter and first nine months of 1991, respectively, after excluding a nonrecurring favorable adjustment reported in 1991. (Restated 1991 consolidated earnings of $1,267 million for the first nine months reflect a $332 million favorable adjustment to net income due to the implementation in 1991 of SFAS No. 109, a new accounting standard for income taxes.)
 For the third quarter of 1992, GMAC's net income from financing operations, including mortgage results, totaled $249 million, compared with $293 million in the comparable period last year. Mr. O'Connell attributed the decrease in the quarterly net income to the lower amount of retail receivables held by GMAC and declining earning rates, as well as a higher effective tax rate, partially offset by lower borrowing costs and improving loss trends. Mr. O'Connell noted that the lower amount of retail receivables held by GMAC was primarily due to the cumulative effect of GMAC's sales of retail receivables during the past year.
 Insurance operations generated net income of $52 million for the third quarter of 1992, virtually unchanged from 1991.
 For the first nine months of 1992, net income from financing operations, including mortgage results, totaled $784 million, compared with $810 million for the same period in 1991 (excluding the $299 million favorable impact of SFAS No. 109). Insurance operations generated net income of $158 million for the first nine months of 1992, up from $126 million in the same 1991 period (after excluding the $33 million favorable impact of SFAS No. 109).
 In the United States, GMAC financed or leased 38 percent of new GM vehicles sold, compared with 39 percent in the third quarter of 1991. GMAC financed or leased 466,000 new cars and trucks in the United States in the third quarter, compared with 499,000 units in the 1991 period. Outside the United States, 135,000 new vehicles were financed or leased by GMAC, compared with 165,000 units a year ago.
 GMAC's SmartBuy program, a financing alternative that comprehends features of leasing while retaining the individual aspect of ownership, continued its strong performance during the third quarter. Volume from the SmartBuy program, combined with worldwide leasing volume (primarily acquired under GMAC's SmartLease program) totaled 109,000 units during the third quarter of 1992, compared with 97,000 units a year ago.
 Retail instalment, leasing and lease financing contracts purchased worldwide totaled $12 billion for the third quarter of 1992, essentially unchanged from the corresponding 1991 period.
 -0- 10/28/92
 /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-JG -- DE011 -- 5869 10/28/92 10:07 EST
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Date:Oct 28, 1992
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