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Gmac Auto Receivables Corp, et al. · 10-Q · For 3/31/97

Filed On 5/15/97 · SEC Files 33-37995, 33-49037-01 · Accession Number 869739-97-4

  As Of               Filer                 Filing     As/For/On Docs:Pgs

 5/15/97  Gmac Auto Receivables Corp        10-Q        3/31/97    3:18
          Gmac 1992-F Grantor Trust

Quarterly Report · Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Gmac - Arc 3/31/97 10q                                14±    37K 
 2: EX-27.1     FDS 1992f                                              2±     4K 
 3: EX-27.2     FDS 1993-A, 1993-B, 1994a & 1995-A                     2±     4K

10-Q · Gmac - Arc 3/31/97 10q
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Exhibits and Reports on Form 8-K Financial Statements Management's Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (concluded)
1	1st Page - Filing Submission
"	Item 1. Financial Statements
"	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (concluded)
"	Item 6. Exhibits and Reports on Form 8-K







UNITED STATES SECURITIES AND EXCHANGE COMMISSION    
Washington, D.C. 20549

 FORM 10-Q

(Mark One)                                                                      

X    QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES  EXCHANGE      
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997, OR       

___   TRANSITION   REPORT  PURSUANT  TO  SECTION  13  OF  THE  SECURITIES       
EXCHANGE ACT OF 1934 FOR THE  TRANSITION  PERIOD FROM  _________ TO 
----------.                                                         

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 offices)                 (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   .                                                                          

This  quarterly  report,  filed pursuant to Rule 13a-13 of the General Rules and
Regulations under the Securities Exchange Act of 1934, consists of the following
information as specified in Form 10-Q:                                          

 PART I. FINANCIAL INFORMATION

The required information is given as to each of the registrants as shown on page
1 herein.                                                                       

ITEM 1. FINANCIAL STATEMENTS                                                    

1.  Statement of Assets and Liabilities, March 31, 1997,        
December 31, 1996 and March 31, 1996.                   
2.  Statement of Distributable Income for the Three Months      
Ended March 31, 1997 and 1996.                          
3.  Notes to Financial Statements.                              

The  above  described  Financial  Statements  for  each of the  registrants  are
submitted herewith as Exhibits 20.1, 20.2, 20.3, 20.4, and 20.5.                

In the opinion of  management,  the  interim  financial  statements  reflect all
adjustments,  consisting of normal  recurring  items,  which are necessary for a
fair presentation of the results for the interim periods presented.             

 PART II

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION            
AND RESULTS OF OPERATIONS                                     

Each of the  Grantor  Trusts,  listed in the table on the  following  page,  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. 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  has ceased and Capital  Auto  Receivables,  Inc.
continues as the  surviving  corporation.  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 used  automobiles  and light trucks,  certain  monies due thereunder and
security interests in the vehicles financed thereby.                            

-2-     

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION            
AND RESULTS OF OPERATIONS (concluded)                         

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 percent and 93.5
percent.  The Class B  certificates  represent  in the  aggregate  an  undivided
ownership  interest in the Trusts that ranges between  approximately 6.5 percent
and 9 percent. 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.                                                 

                               Aggregate Amount Financed

                                    --------------------------------------
              Date of Pooling       Retail     Asset-Backed Certificates
Grantor           and Servicing        Finance     --------------------------   
Trust             Agreement         Receivables     Class A      Class B      
-------         -----------------    -----------     -------      -------       
                                (in millions of dollars)

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        

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  received by
each Trust as the receivables are liquidated.                                   

--------------------      

-3-         

PART II. OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                       

(a) Exhibits:                                                 

             20.1 GMAC 1992-F Grantor Trust  Financial  Statements for the Three
Months Ended March 31, 1997 and 1996.       

             20.2 GMAC 1993-A Grantor Trust  Financial  Statements for the Three
Months Ended March 31, 1997 and 1996.       

             20.3 GMAC 1993-B Grantor Trust  Financial  Statements for the Three
Months Ended March 31, 1997 and 1996.       

             20.4 GMAC 1994-A Grantor Trust  Financial  Statements for the Three
Months Ended March 31, 1997 and 1996.       

             20.5 GMAC 1995-A Grantor Trust  Financial  Statements for the Three
Months Ended March 31, 1997 and 1996.       

(b)  Reports on Form 8-K:                                       

           No  current  reports  on  Form  8-K  have  been  filed  by any of the
           aforementioned  Grantor  Trusts  during the  quarter  ended March 31,
1997.                                                     

----------------------  

-4-   

 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 1992-F GRANTOR TRUST
                         GMAC 1993-A GRANTOR TRUST
                         GMAC 1993-B GRANTOR TRUST
                         GMAC 1994-A GRANTOR TRUST
                         GMAC 1995-A GRANTOR TRUST

                           by:    The First National Bank of Chicago
                           -----------------------------------------
                       (Trustee)

     s/ Steven M. Wagner
                           -----------------------------------------
                        (Steven M. Wagner, Vice President)

Date: May 15, 1997                                                              
------------                                                        

 -5-

                                                                    Exhibit 20.1
                                                                     Page 1 of 3

 GMAC 1992-F GRANTOR TRUST

 STATEMENT OF ASSETS AND LIABILITIES

                                        March 31,    Dec. 31,    March 31,
                                       1997         1996        1996
                                       --------     --------    --------
                                          (in millions of dollars)
ASSETS                                                                          

Receivables (Note 2) ..................... $    0.0     $   24.9    $  100.8    
                                       --------     --------    --------

TOTAL ASSETS ............................. $    0.0     $   24.9    $  100.8    
                                       ========     ========    ========

LIABILITIES                                                                     

Asset-Backed Certificates                                                       
(Notes 2 and 3) ........................ $    0.0     $   24.9    $  100.8  
                                       --------     --------    --------

TOTAL LIABILITIES ........................ $    0.0     $   24.9    $  100.8    
                                       ========     ========    ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.1
                                                                     Page 2 of 3

 GMAC 1992-F GRANTOR TRUST

 STATEMENT OF DISTRIBUTABLE INCOME

                                            Three Months Ended
                                             March 31,
                                               ---------------------
                                              1997          1996
                                              ----          ----
                                                (in millions of dollars)
Distributable Income                                                            

Allocable to Principal.........................    $   24.9   $   48.3      

Allocable to Interest .........................         0.2        1.5      
                                             --------   --------
Distributable Income.............................    $   25.1   $   49.8        
                                             ========   ========

Income Distributed...............................    $   25.1   $   49.8        
                                             ========   ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.1
                                                                     Page 3 of 3

 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 Capital Auto  Receivables,
Inc. (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.  On January 15, 1997,  GMAC exercised this option and  repurchased the
remaining receivables in GMAC 1992-F Grantor Trust as of February 18, 1997.     

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.                                                                   

                                                                    Exhibit 20.2
                                                                     Page 1 of 3

 GMAC 1993-A GRANTOR TRUST

 STATEMENT OF ASSETS AND LIABILITIES

                                     March 31,     Dec. 31,    March 31,
                                   1997           1996        1996
                                     ---------     --------    ---------
                                      (in millions of dollars)
ASSETS                                                                          

Receivables (Note 2) ..................... $   22.9     $   36.0    $  106.2    
                                       --------     --------    --------

TOTAL ASSETS ............................. $   22.9     $   36.0    $  106.2    
                                       ========     ========    ========

LIABILITIES                                                                     

Asset-Backed Certificates                                                       
(Notes 2 and 3) ........................ $   22.9     $   36.0    $  106.2  
                                       --------     --------    --------

TOTAL LIABILITIES ........................ $   22.9     $   36.0    $  106.2    
                                       ========     ========    ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.2
                                                                     Page 2 of 3

 GMAC 1993-A GRANTOR TRUST

 STATEMENT OF DISTRIBUTABLE INCOME

                                            Three Months Ended
                                             March 31,
                                            ------------------
                                              1997          1996
                                              ----          ----
                                              (in millions of dollars)
Distributable Income                                                            

Allocable to Principal.........................    $   13.1   $   35.0      

Allocable to Interest .........................         0.3        1.3      
                                             --------   --------
Distributable Income ............................    $   13.4   $   36.3        
                                             ========   ========

Income Distributed...............................    $   13.4   $   36.3        
                                             ========   ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.2
                                                                     Page 3 of 3

 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 Capital Auto  Receivables,
Inc. (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.                                                                   

                                                                    Exhibit 20.3
                                                                     Page 1 of 3

     GMAC 1993-B GRANTOR TRUST

       STATEMENT OF ASSETS AND LIABILITIES

                                        March 31,    Dec. 31,    March 31,
                                       1997         1996        1996
                                       --------     --------    --------
                                        (in millions of dollars)
ASSETS                                                                          

Receivables (Note 2) ..................... $   82.7     $  113.6    $  253.9    
                                       --------     --------    --------

TOTAL ASSETS ............................. $   82.7     $  113.6    $  253.9    
                                       ========     ========    ========

LIABILITIES                                                                     

Asset-Backed Certificates                                                       
(Notes 2 and 3) ........................ $   82.7     $  113.6    $  253.9  
                                       --------     --------    --------

TOTAL LIABILITIES ........................ $   82.7     $  113.6    $  253.9    
                                       ========     ========    ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.3
                                                                     Page 2 of 3

 GMAC 1993-B GRANTOR TRUST

 STATEMENT OF DISTRIBUTABLE INCOME

                                            Three Months Ended
                                             March 31,
                                            ------------------
                                              1997          1996
                                              ----          ----
                                              (in millions of dollars)
Distributable Income                                                            

Allocable to Principal.........................    $   30.9   $   62.4      

Allocable to Interest .........................         1.0        2.9      
                                             --------   --------
Distributable Income ............................    $   31.9   $   65.3        
                                             ========   ========

Income Distributed ..............................    $   31.9   $   65.3        
                                             ========   ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.3
                                                                     Page 3 of 3

 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 Capital Auto  Receivables,
Inc. (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.                                                                   

                                                                    Exhibit 20.4
                                                                     Page 1 of 3

 GMAC 1994-A GRANTOR TRUST

 STATEMENT OF ASSETS AND LIABILITIES

                                        March 31,    Dec. 31,    March 31,
                                       1997         1996        1996
                                       --------     --------    --------
                                        (in millions of dollars)
ASSETS                                                                          

Receivables (Note 2) ..................... $  193.6     $  240.2    $  428.9    
                                       --------     --------    --------

TOTAL ASSETS ............................. $  193.6     $  240.2    $  428.9    
                                       ========     ========    ========

LIABILITIES                                                                     

Asset-Backed Certificates                                                       
(Notes 2 and 3) ........................ $  193.6     $  240.2    $  428.9  
                                       --------     --------    --------

TOTAL LIABILITIES ........................ $  193.6     $  240.2    $  428.9    
                                       ========     ========    ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.4
                                                                     Page 2 of 3

 GMAC 1994-A GRANTOR TRUST

 STATEMENT OF DISTRIBUTABLE INCOME

                                            Three Months Ended
                                             March 31,
                                            ------------------
                                              1997          1996
                                              ----          ----
                                              (in millions of dollars)
Distributable Income                                                            

Allocable to Principal.........................    $   46.6   $   77.3      

Allocable to Interest .........................         3.5        7.6      
                                             --------   --------
Distributable Income ............................    $   50.1   $   84.9        
                                             ========   ========

Income Distributed ..............................    $   50.1   $   84.9        
                                             ========   ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.4
                                                                     Page 3 of 3

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 Capital Auto  Receivables,
Inc. (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.                                                                   

                                                                    Exhibit 20.5
                                                                     Page 1 of 3

 GMAC 1995-A GRANTOR TRUST

 STATEMENT OF ASSETS AND LIABILITIES

                                        March 31,    Dec. 31,    March 31,
                                       1997         1996        1996
                                       --------     --------    --------
                                        (in millions of dollars)
ASSETS                                                                          

Receivables (Note 2) ..................... $  327.9     $  391.7    $  641.7    
                                       --------     --------    --------

TOTAL ASSETS ............................. $  327.9     $  391.7    $  641.7    
                                       ========     ========    ========

LIABILITIES                                                                     

Asset-Backed Certificates                                                       
(Notes 2 and 3) ........................ $  327.9     $  391.7    $  641.7  
                                       --------     --------    --------

TOTAL LIABILITIES ........................ $  327.9     $  391.7    $  641.7    
                                       ========     ========    ========

Reference should be made to the Notes to Financial Statements.                  

                                                                    Exhibit 20.5
                                                                     Page 2 of 3

 GMAC 1995-A GRANTOR TRUST

 STATEMENT OF DISTRIBUTABLE INCOME

                                            Three Months Ended
                                             March 31,
                                             -------------------
                                              1997          1996
                                              ----          ----
                                              (in millions of dollars)
Distributable Income                                                            

Allocable to Principal.........................    $   63.8   $  102.6      

Allocable to Interest  ........................         6.6       12.7      
                                             --------   --------
Distributable Income ............................    $   70.4   $  115.3        
                                             ========   ========

Income Distributed ..............................    $   70.4   $  115.3        
                                             ========   ========

                                                                    Exhibit 20.5
                                                                     Page 3 of 3

 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 Capital Auto  Receivables,
Inc. (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.

Dates Referenced Herein and Documents Incorporated By Reference

This 10-Q Filing	Date	Other Filings

	9/29/92
	10/15/92
	3/24/93
	4/15/93
	9/16/93
	10/15/93
	6/28/94
	7/15/94
	3/16/95
	4/17/95
	2/23/96
	3/31/96	10-Q
	12/31/96	10-K
	1/15/97
	2/18/97
For The Period Ended	3/31/97
Filed On / Filed As Of	5/15/97

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Gmac Auto Receivables Corp, et al. · 10-Q · For 3/31/97

Filed On 5/15/97 · SEC Files 33-37995, 33-49037-01 · Accession Number 869739-97-4

Quarterly Report · Form 10-QFiling Table of Contents

10-Q · Gmac - Arc 3/31/97 10qDocument Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

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