Exhibit 99
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared with the cooperation of General Motors
Acceptance Corporation ("GMAC"). Neither the underwriters, GMAC nor any of their
affiliates makes any representation as to the accuracy or completeness of the
Information herein. The Information contained herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in the communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based on the data in the prospectus and the
prospectus supplement ("Offering Documents") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
Merrill Lynch ABS Trading Desk at (212) 449-3659.
GMAC 1997-A Grantor Trust
Capital Auto Receivables, Inc., Seller
General Motors Acceptance Corporation, Servicer
Subject to Revision
Term Sheet Dated April __, 1997
Capitalized terms used below which are not defined below have the meanings
specified in the Prospectus of Capital Auto Receivables, Inc. Dated April __,
1997 and pertaining to GMAC Grantor Trusts. A copy of such Prospectus is
available from the Securities and Exchange Commission.
Issuer........................ GMAC 1997-A Grantor Trust (the "Trust" or the
"Issuer").
The Certificates.............. 1) ____% Asset Backed Certificates, Class A
(the "Class A Certificates") in the
aggregate initial principal amount of
$-,---,---,---.--.
2) The Class B Certificates will be retained
by Capital Auto Receivables, Inc..
Terms of the Certificates:
A. Distribution Dates........ Principal and interest, to the extent of the
Pass Through Rate of ___% per annum, will be
distributed on the 15th day of each month (or
the next following business day) beginning May
15, 1997.
B. Interest.................. On each Distribution Date, interest will be
passed through to the Class A
Certificateholders as of the Record Date at
the Pass Through Rate on the Class A
Certificate Balance. Interest on the Class A
Certificates will accrue from the most recent
Distribution Date on which interest has been
paid to but excluding the current Distribution
Date, to the extent of funds available from
(i) the Class A Percentage of the Available
Interest, (ii) the Subordination Spread
Account and (iii) the Class B Distributable
Amount.
C. Principal................. On each Distribution Date, the Trustee will
pass through and distribute pro rata to Class
A Certificateholders as of the Record Date,
with respect to Scheduled Interest
Receivables, all Scheduled Payments of
principal, the principal portion of all
prepayments in full and certain partial
prepayments received during the related
Monthly Period and, with respect to Simple
Interest Receivables, all payments allocable
to principal that are received by the Trustee
during the related Monthly Period, in each
case to the extent of funds available from (i)
the Class A Percentage of the Available
Principal, (ii) the Subordination Spread
Account and (iii) the remainder of the Total
Available Amount.
D. Optional Purchase......... The Servicer may purchase all of the property
of the related Trust as of the last day of the
related Monthly Period on or after which the
aggregate Principal Balance declines below 10%
of the Aggregate Amount Financed.
Subordination................. The rights of the Class B Certificateholder to
receive distributions to which they would
otherwise be entitled with respect to the
Receivables held by the related Trust will be
subordinated to the rights of the Class A
Certificateholders.
Subordinated Spread Account... A Subordinated Spread Account will be created
with an initial deposit by the Seller of cash
or certain investments maturing on or prior to
the related initial Distribution Date and
having a value equal to the Subordination
Initial Deposit. The funds in the
Subordination Spread Account will thereafter
be supplemented by the deposit of amounts
otherwise distributable to the Class B
Certificateholder until the amount of funds in
the Subordination Spread Account reaches an
amount equal to the Specified Subordination
Spread Account Balance. Thereafter, amounts
otherwise distributable to the Class B
Certificateholder will be deposited in the
Subordination Spread Account to the extent
necessary to maintain the amount of funds in
the Subordination Spread Account at an amount
equal to the Specified Subordination Spread
Account Balance. Amounts in the Subordination
Spread Account on any Distribution Date in
excess of the Specified Subordination Spread
Account Balance for such Distribution Date
generally will be released to the Class B
Certificateholder.
Rating........................ As a condition of issuance, the Class A
Certificates will be rated in the highest
category by at least one nationally recognized
rating agency.
THE RECEIVABLES POOL:
The Receivables to be included in the Receivables Pool related to the Class A
Certificates were selected from the Servicer's portfolio based on several
criteria, including that such Receivable (i) has a first payment due date on or
after January 1, 1994, (ii) has an original term of 6 to 60 months, (iii)
provides for finance charges at an annual percentage rate between 6.00% and
20.00%, (iv) as of the Cutoff Date, was not more than 29 days past due and (v)
satisfies the other criteria set forth in the Prospectus under the caption "The
Receivables." As of the Cutoff Date, Scheduled Interest Receivables represented
approximately 49.6% of the Receivables Pool by aggregate principal balance, with
the remainder being Simple Interest Receivables.
The Aggregate Amount Financed under the Receivables is $1,502,297,680.89. The
Receivables Pool has an average annual percentage rate of 11.33% and a weighted
average remaining maturity of 43.70 months. The composition and distribution by
annual percentage rate of the Receivables Pool are as set forth in the following
tables:
Weighted Average
Annual Percentage
Rate of Aggregate Amount Number of Average Amount
Receivables Financed Contracts in Pool Financed
(Range)
- ------------------- ------------------ ------------------ ------------------
11.33% $1,502,297,680.89 130,485 $11,513.18
(6.00 to 20.00%)
Weighted Average
Original Maturity Weighted Average Scheduled
(Range) Remaining Weighted Average
Maturity Life (1)
- ------------------- ------------------ ------------------
55.58 months 43.70 months 24.10 months
(6 to 60 months)
(1)Based on Scheduled Payments due on and after the Cutoff Date and assuming
that no prepayments on the Receivables are made and that all payments on
Simple Interest Receivables are received on their respective due dates.
DISTRIBUTION BY ANNUAL PERCENTAGE RATE OF THE RECEIVABLES POOL
Percentage of
Number of Amount Aggregate Amount
Annual Percentage Rate Range CONTRACTS FINANCED FINANCED
--------- -------- --------
6.00% to 7.00% 2,170 $16,158,928.29 1.1%
7.01% to 8.00% 6,317 63,377,719.73 4.2
8.01% to 9.00% 17,593 225,143,816.54 15.0
9.01% to 10.00% 26,638 334,912,127.88 22.3
10.01% to 11.00% 22,723 272,953,307.25 18.2
11.01% to 12.00% 13,343 156,678,329.90 10.4
12.01% to 13.00% 9,702 106,195,201.49 7.1
13.01% to 14.00% 6,631 70,525,032.31 4.7
14.01% to 15.00% 5,395 57,047,579.40 3.8
15.01% to 16.00% 4,638 48,151,236.14 3.2
16.01% to 17.00% 3,964 39,349,521.73 2.6
17.01% to 18.00% 4,236 42,735,614.57 2.8
18.01% to 19.00% 4,409 43,739,580.81 2.9
19.01% to 20.00% 2,726 25,329,684.85 1.7
------- ---------------- ------
Total 130,485 $1,502,297,680.89 100.0%
THE RECEIVABLES POOL (CONTINUED):
The Receivables Pool includes Receivables originated in 46 states and the
District of Columbia. The following table sets forth the percentage of the
Aggregate Amount Financed in the states with the largest concentration of
Receivables. No other state accounts for more than 4.0% of the Aggregate Amount
Financed.
Percentage of Aggregate
State (1) Amount Financed
---------- -----------------------
Texas 12.9%
California 10.3
Florida 7.2
Georgia 6.9
Michigan 6.4
(1) Based on billing address of the obligors on the Receivables.
Approximately 60.0% of the aggregate principal balance of the Receivables,
constituting 53.4% of the number of Receivables, as of the Cutoff Date,
represent Receivables acquired by new vehicles. The remainder are secured by
used vehicles.
DELINQUENCIES, REPOSSESSIONS AND NET LOSSES
Set forth below is certain information concerning GMAC's experience in the
United States pertaining to delinquencies on new and used retail automobile and
light truck receivables and repossessions and net loss information relating to
its entire vehicle portfolio (including receivables previously sold which
General Motors Acceptance Corporation continues to service). There can be no
assurance that the delinquency, repossession and net loss experience on the
Receivables Pool will be comparable to that set forth below.
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
NEW AND USED VEHICLE CONTRACTS
Total Retail Contracts Outstanding
at End of the Period (in thousands) 3,005 3,518 3,892 4,589 5,217
Average Daily Delinquency
31-60 days........................3.14% 2.75% 2.32% 2.35% 2.43%
61-90 days........................0.22 0.19 0.12 0.11 0.12
91 days or more...................0.03 0.02 0.02 0.02 0.02
Percent of Portfolio with Recourse
to Dealers at End of the Period .....1.9% 2.4% 3.6% 4.1% 6.0%
Repossessions as a Percent of Average
Number of Contracts Outstanding......3.59% 3.07% 2.31% 2.17% 2.41%
Net Losses as a Percent
of Liquidations (1)..................2.64% 1.57% 0.96% 1.03% 1.46%
Net Losses as a Percent
of Average Receivables (1)...........1.58% 0.95% 0.57% 0.64% 0.89%
(1) Percentage based on gross accounts receivable including unearned
income.