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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
December 2, 2003
(Date of report; date of
earliest event reported)
Commission file number: 1-3754
GENERAL MOTORS ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 38-0572512
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 Renaissance Center
P.O. Box 200 Detroit, Michigan
48265-2000
(Address of principal executive offices)
(Zip Code)
(313) 556-5000
(Registrant's telephone number, including area code)
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Item 5. Other Events
GMAC TO RETAIN COMMERCIAL MORTGAGE BUSINESS
DETROIT - General Motors Acceptance Corporation (GMAC) today said it has decided
to retain ownership of its commercial mortgage business. The decision comes at
the completion of GMAC's evaluation of funding alternatives, which included the
possible sale of all or a portion of the commercial mortgage business (which is
conducted through a wholly-owned subsidiary named GMAC Commercial Holding
Corp.).
Earlier this year, GMAC indicated it was pursuing a possible sale of the
commercial mortgage business as a means of continued access to capital for the
growing concern. Since then, GMAC Commercial Holding Corp. has continued to post
record operating results, with origination volume and earnings during the first
nine months of 2003 already at or above the levels achieved during the full year
of 2002. In addition, the overall capital markets environment has improved
considerably from the difficult environment in 2002 and early 2003.
"Since our evaluation of a possible sale began, the commercial mortgage business
has continued to perform extremely well," said GMAC Chairman and President Eric
A. Feldstein. "In addition, through our recent discussions with major industry
participants we now believe that alternative large-scale funding mechanisms
should be available without requiring a sale of the business. As a result, we
will seek to establish alternative funding mechanisms to provide for the ongoing
capital requirements of the commercial mortgage business while providing
liquidity relief to GMAC."
GMAC Commercial Holding Corp. has more than 100 offices in nine countries and is
the leading servicer of commercial mortgages in the United States, with a
servicing portfolio of nearly $250 billion at September 30, 2003. For the nine
months ended September 30, 2003, GMAC Commercial Holding Corp. had origination
volume of nearly $20 billion and earned net income of approximately $243
million. Total assets of GMAC Commercial Holding Corp. at September 30, 2003
were approximately $14.6 billion.
In this press release and related comments by General Motors and GMAC
management, our use of the words "expect," "anticipate," "estimate," "forecast,"
"objective," "plan," "goal," "target," and similar expressions is intended to
identify forward looking statements. While these statements represent our
current judgment on what the future may hold, and we believe these judgments are
reasonable, actual results may differ materially due to numerous important
factors that are described in GM's and GMAC's most recent report on SEC Form
10-K which may be revised or supplemented in subsequent reports on SEC Forms
10-Q and 8-K. Such factors include, among others, the following: changes in
economic conditions, currency exchange rates or political stability; shortages
of fuel, labor strikes or work stoppages; market acceptance of the corporation's
new products; significant changes in the competitive environment; changes in
laws, regulations and tax rates; and, the ability of the corporation to achieve
reductions in cost and employment levels to realize production efficiencies and
implement capital expenditures at levels and times planned by management.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Registrant)
Dated: December 2, 2003 /s/ William F. Muir
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William F. Muir
Executive Vice President,
Chief Financial Officer and Director
Dated: December 2, 2003 /s/ Linda K. Zukauckas
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Linda K. Zukauckas
Controller and Principal Accounting Officer