GMAC Earnings Up 2 Percent From Last Year
General Motors Acceptance Corporation (GMAC), the captive finance arm of General Motors Corp., earned $439 million in the first quarter of 2002, up 2 percent from the prior-year period when earnings totalled $431 million.
These results reflect a significant increase in earnings from mortgage operations, with continued strong origination volumes in both the residential and commercial sectors, according to GMAC.
Income from automotive financing operations declined due to higher credit losses and unfavorable borrowing spreads, which were only partially offset by strong retail asset growth in North America.
Income from insurance operations was down slightly in the quarter as lower capital gains more than offset improved underwriting results.
As a result of stronger-than-expected U.S. industry sales in the first quarter and improving economic indicators, General Motors is now forecasting total U.S. industry vehicle sales to be approximately 16.5 million units in 2002.
GM's U.S. dealer inventories remain lean at approximately 1 million units, and second-quarter North American production is expected to increase approximately 10 percent over the second quarter of 2001, to approximately 1.5 million units.
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