GMAC Expecting Another Relatively Strong Year
General Motors Corp. officials told financial analysts that its finance arm, General Motors Acceptance Corp. (GMAC), expects another relatively strong year in 2002, with net income of approximately $1.65 billion, down slightly from 2001, due to several external factors.
GMAC's results are expected to be unfavourably affected by increased borrowing costs, off-lease residual values that will result in lower book gains, and slightly higher credit losses. But these factors will be partially offset by likely improvements in mortgage operations, according to John Devine, vice chairman and chief financial officer of GM.
GM is forecasting total U.S. industry vehicle sales in 2002 "in the range of" 15.0 million to 15.5 million units, down about 10 percent from 2001 levels, which were the second highest in history.
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