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GMAC Reports $786 Million in Earnings

April 23, 2004

NEW YORK--General Motors Corp.'s first quarter earnings exceeded expectations at $1.28 billion, due largely to General Motors Acceptance Corp.'s success. The finance unit reported earnings of $786 million, up from $699 million a year ago, according to Reuters.

But analysts say that auto financing may suffer if interest rates go up. Alan Greenspan hinted this week that the Federal Reserve may raise rates this year as the economy improves. GM officials said rising rates wouldn't significantly impact GMAC's earnings.

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