UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549


                                  FORM 10-K

(Mark One)

 X   ANNUAL REPORT PURSUANT  TO SECTION  13 OF THE  SECURITIES  EXCHANGE  ACT OF
     1934 FOR THE YEAR ENDED DECEMBER 31, 1996, OR

___  TRANSITION  REPORT  PURSUANT  TO SECTION 13 OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________

      GMAC 1992-F GRANTOR TRUST                          33-49037
      GMAC 1993-A GRANTOR TRUST                          33-49197
      GMAC 1993-B GRANTOR TRUST                          33-49197
      GMAC 1994-A GRANTOR TRUST                          33-49197
      GMAC 1995-A GRANTOR TRUST                          33-49197
      -----------------------------                   ---------------
      (Exact name of registrants as                   Commission file
      specified in its charter)                           number


      A National Banking Association                    36-0899825
      -------------------------------               -------------------
      (State or other jurisdiction of                (I.R.S. Employer
      incorporation or organization)                Identification No.)

      One First National Plaza,
      Suite 0126, Chicago, Illinois                    60670-0126
      ----------------------------------------         ----------
      (Address of principal executive office)          (Zip Code)


      Registrants' telephone number, including area code 312-732-4000
                                                         ------------

Securities registered pursuant to Section 12(b) of the Act:  (None)
Section 12(g) of the Act:  (None).

Indicate by check mark whether each of the registrants (1) has filed all reports
required to be filed by Section 13 of the Securities Exchange Act of 1934 during
the  preceding 12 months,  and (2) has been subject to such filing  requirements
for the past 90 days. Yes X No .

<PAGE>
                                    PART I.

ITEM 1. BUSINESS

Each of the Grantor  Trusts,  (the "Trusts"),  listed below,  was formed by GMAC
Auto  Receivables  Corporation  (the  "Seller")  by selling  and  assigning  the
receivables and the security  interests in the vehicles  financed thereby to The
First National Bank of Chicago,  as Trustee, in exchange for Class A and Class B
certificates.  The  Class A  certificates  were  remarketed  to the  public  and
represent an undivided ownership interest that ranges between  approximately 91%
and 93.5% in each Trust. The Class B certificates were not offered to the public
and were held by the Seller and represent an undivided  ownership  interest that
ranges between approximately 6.5% and 9% in each Trust. The right of the Class B
certificateholders to receive distribution of the receivables is subordinated to
the rights of the Class A certificateholders.

                                  GRANTOR TRUST
                                  -------------

                                   GMAC 1992-F
                                   GMAC 1993-A
                                   GMAC 1993-B
                                   GMAC 1994-A
                                   GMAC 1995-A
                              ---------------------



<PAGE>

                                     PART II

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

Each of the Grantor Trusts,  listed in the table shown below, was formed by GMAC
Auto Receivables  Corporation (the "Seller") pursuant to a Pooling and Servicing
Agreement between the Seller and The First National Bank of Chicago, as Trustee.
Effective  February  23, 1996,  the Board of Directors of GMAC Auto  Receivables
Corporation  approved the merger of and authorized the execution of an Agreement
and Plan of Merger by and between Capital Auto  Receivables,  Inc. and GMAC Auto
Receivables   Corporation.   The  separate  corporate  existence  of  GMAC  Auto
Receivables Corporation has ceased and Capital Auto Receivables,  Inc. continues
as the surviving  corporation.  Each Trust acquired  retail finance  receivables
from the  Seller  in the  aggregate  amount  as  shown  below  in  exchange  for
certificates  representing  undivided  ownership  interests in each Trust.  Each
Trust's property  includes a pool of retail instalment sale contracts secured by
new, and in some cases used,  automobiles  and light trucks,  certain monies due
thereunder and security interests in the vehicles financed thereby.

The  certificates  for each of the  following  Trusts  consist  of two  classes,
entitled Asset-Backed certificates, Class A and Asset-Backed certificates, Class
B. The Class A  certificates  represent in the aggregate an undivided  ownership
interest in the Trusts  that ranges  between  approximately  91% and 93.5%.  The
Class B certificates  represent in the aggregate an undivided ownership interest
in the Trusts that ranges  between  approximately  6.5% and 9%. Only the Class A
certificates  have been remarketed to the public.  The Class B certificates have
not been  offered to the public  and are held by the  Seller.  The rights of the
Class B certificateholder  to receive monthly  distributions with respect to the
receivables are subordinated to the rights of the Class A certificateholders.

                                             Original Aggregate Amount
                                       -----------------------------------
                 Date of Pooling        Retail     Asset-Backed Certificates
Grantor           and Servicing         Finance    -------------------------
 Trust              Agreement          Receivables  Class A        Class B
-------         ------------------     -----------  --------       -------
                                             (in millions of dollars)

GMAC 1992-F     September 29, 1992       1,644.6     1,496.6         148.0

GMAC 1993-A     March 24, 1993           1,403.0     1,297.8         105.2

GMAC 1993-B     September 16, 1993       1,450.6     1,341.8         108.8

GMAC 1994-A     June 28, 1994            1,151.9     1,077.0          74.9

GMAC 1995-A     March 16, 1995           1,104.6     1,032.8          71.8



General Motors Acceptance Corporation, the originator of the retail receivables,
continues  to service the  receivables  for each of the  aforementioned  Grantor
Trusts and receives  compensation and fees for such services.  Investors receive
monthly  payments of the pro rata  portion of  principal  and  interest for each
Trust as the receivables are liquidated.

                           ------------------------


                                    II-1
<PAGE>

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.


                         CROSS REFERENCE SHEET

Exhibit No.                    Caption                               Page
-----------   ----------------------------------------------------   -----


     --       GMAC 1992-F Grantor Trust, Independent Auditors'
              Report, Financial Statements and Selected Quarterly     II-3
              Data for the Year Ended December 31, 1996.

     --       GMAC 1993-A Grantor Trust, Independent Auditors'
              Report, Financial Statements and Selected Quarterly     II-8
              Data for the Year Ended December 31, 1996.

     --       GMAC 1993-B Grantor Trust, Independent Auditors'
              Report, Financial Statements  and Selected  Quarterly  II-13 
              Data for the Year Ended December 31, 1996.

     --       GMAC 1994-A Grantor Trust, Independent Auditors'
              Report, Financial Statements and Selected Quarterly    II-18
              Data for the Year Ended December 31, 1996.

     --       GMAC 1995-A Grantor Trust, Independent Auditors' 
              Report, Financial Statements  and Selected  Quarterly  II-23
              Data for the Year Ended December 31, 1996.

     27.1     Financial Data Schedule for GMAC 1992-F Grantor
              Trust (for SEC electronic filing purposes only).         --

     27.2     Financial Data Schedule for GMAC 1993-A, 1993-B,
              1994-A and 1995-A Grantor Trusts (for SEC electronic
              filing purposes only).                                   --


                                      II-2

<PAGE>


                          INDEPENDENT AUDITORS' REPORT


March 3, 1997


The GMAC 1992-F Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:

We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1992-F Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for each of the three years in the period ended December
31, 1996.  These  financial  statements  are the  responsibility  of the Trust's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

As described in Note 1 to the financial  statements,  these financial statements
are  prepared  on the  basis  of cash  receipts  and  disbursements,  which is a
comprehensive  basis of  accounting  other than  generally  accepted  accounting
principles.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the  assets  and  liabilities  of the GMAC  1992-F  Grantor  Trust at
December 31, 1996 and 1995, and its  distributable  income and distributions for
each of the three years in the period ended  December 31, 1996,  on the basis of
accounting described in Note 1.



s\ Deloitte & Touche LLP
-------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243





                                      II-3

<PAGE>

                            GMAC 1992-F GRANTOR TRUST

                       STATEMENT OF ASSETS AND LIABILITIES



                                                        December 31,
                                                     1996          1995
                                                    -------       -------
ASSETS                                             (in millions of dollars)

Receivables (Note 2) .............................. $  24.9       $ 149.1
                                                    -------       -------

TOTAL ASSETS ...................................... $  24.9       $ 149.1
                                                    =======       =======


LIABILITIES

Asset-Backed Certificates
  (Notes 2 and 3) ................................. $  24.9       $ 149.1
                                                    -------       -------

TOTAL LIABILITIES ................................. $  24.9       $ 149.1
                                                    =======       =======



Reference should be made to the Notes to Financial Statements.





                                   II-4

<PAGE>

                            GMAC 1992-F GRANTOR TRUST

                        STATEMENT OF DISTRIBUTABLE INCOME





                                              Year Ended December 31,
                                           1996        1995        1994
                                          ------      ------      ------
                                             (in millions of dollars)
Distributable Income

  Allocable to Principal ...............  $ 124.2     $ 293.5     $ 466.1

  Allocable to Interest  ...............      3.5        13.3        30.6
                                          -------     -------     -------
Distributable Income ...................  $ 127.7     $ 306.8     $ 496.7
                                          =======     =======     =======


Income Distributed .....................  $ 127.7     $ 306.8     $ 496.7
                                          =======     =======     =======



Reference should be made to the Notes to Financial Statements.



                                    II-5
<PAGE>


                            GMAC 1992-F GRANTOR TRUST

                         NOTES TO FINANCIAL STATEMENTS


NOTE 1.  BASIS OF ACCOUNTING

The  financial  statements  of the GMAC 1992-F  Grantor  Trust (the "Trust") are
prepared on the basis of cash receipts and cash  disbursements.  Such  financial
statements  differ  from  financial   statements  prepared  in  accordance  with
generally accepted accounting principles in that interest income and the related
assets are recognized when received rather than when earned and distributions to
certificateholders  are recognized  when paid rather than when the obligation is
incurred.  Certain  expenses of the Trust are paid by Capital Auto  Receivables,
Inc. (the "Seller").


NOTE 2.  SALE OF CERTIFICATES

On  September  29, 1992,  GMAC 1992-F  Grantor  Trust  acquired  retail  finance
receivables  aggregating  approximately  $1,644.6  million  from the  Seller  in
exchange for  certificates  representing  undivided  ownership  interests in the
Trust of 91% for the Class A certificates  and 9% for the Class B  certificates.
The Trust property  includes a pool of retail  instalment sale contracts for new
and used  automobiles  and light  trucks,  certain  monies due  thereunder,  and
security  interests in the vehicles financed thereby.  The Seller has the option
to repurchase  the remaining  receivables  as of the last day of any month on or
after which the principal  balance  declines  below 10% of the aggregate  amount
financed.  On January 15, 1997,  GMAC exercised this option and  repurchased the
remaining receivables in GMAC 1992-F Grantor Trust as of February 18, 1997.


NOTE 3.  PRINCIPAL AND INTEREST PAYMENTS

Principal   (including   prepayments)   and  interest  are  passed  through  and
distributed  pro  rata  to  Class  A and  Class  B  certificateholders  on  each
distribution date commencing October 15, 1992. Principal consists of payments on
the receivables that are allocable to repayment of the amount sold as determined
on a constant interest rate basis (the "actuarial  method").  Interest is passed
through and distributed to Class A certificateholders at one-twelfth of the pass
through  rate  of  4.50%  per  annum.  Interest  consists  of  payments  on  the
receivables that are allocable to finance charges,  using the actuarial  method,
net of fees and  expenses.  The  rights  of the  Class B  certificateholders  to
receive monthly  distributions  with respect to the receivables are subordinated
to the rights of the Class A  certificateholders.  The distribution  date is the
15th day of each month (or,  if such 15th day is not a  business  day,  the next
following business day).


NOTE 4.  FEDERAL INCOME TAX

The Trust is  classified as a grantor  trust,  and therefore is not taxable as a
corporation  for federal  income tax purposes.  Each  certificateholder  will be
treated as the owner of a pro rata undivided interest in each of the receivables
in the Trust.




                                      II-6

<PAGE>

                            GMAC 1992-F GRANTOR TRUST

                    SUPPLEMENTARY FINANCIAL DATA (unaudited)

                    SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME





1996 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $    48.3   $    1.5   $    49.8

Second quarter .....................         36.5        1.0        37.5

Third quarter ......................         23.6        0.6        24.2

Fourth quarter .....................         15.8        0.4        16.2
                                        ---------   --------   ---------
     Total .........................    $   124.2   $    3.5   $   127.7
                                        =========   ========   =========



1995 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $    87.3   $    4.6   $    91.9

Second quarter .....................         79.6        3.7        83.3

Third quarter ......................         68.8        2.9        71.7

Fourth quarter .....................         57.8        2.1        59.9
                                        ---------   --------   ---------
     Total .........................    $   293.5   $   13.3   $   306.8
                                        =========   ========   =========



1994 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $   129.5   $    9.7   $   139.2

Second quarter .....................        124.8        8.3       133.1

Third quarter ......................        112.8        6.9       119.7

Fourth quarter .....................         99.0        5.7       104.7
                                        ---------   --------   ---------
     Total .........................    $   466.1   $   30.6   $   496.7
                                        =========   ========   =========




                                    II-7
<PAGE>

                          INDEPENDENT AUDITORS' REPORT


March 3, 1997

The GMAC 1993-A Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:

We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1993-A Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for each of the three years in the period ended December
31, 1996.  These  financial  statements  are the  responsibility  of the Trust's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

As described in Note 1 to the financial  statements,  these financial statements
are  prepared  on the  basis  of cash  receipts  and  disbursements,  which is a
comprehensive  basis of  accounting  other than  generally  accepted  accounting
principles.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the  assets  and  liabilities  of the GMAC  1993-A  Grantor  Trust at
December 31, 1996 and 1995, and its  distributable  income and distributions for
each of the three years in the period ended  December 31, 1996,  on the basis of
accounting described in Note 1.


s\ Deloitte & Touche LLP
-------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243


                                  II-8

<PAGE>

                            GMAC 1993-A GRANTOR TRUST

                       STATEMENT OF ASSETS AND LIABILITIES


                                                        December 31,
                                                     1996          1995
                                                    -------       -------
ASSETS                                             (in millions of dollars)

Receivables (Note 2) .............................. $  36.0       $ 141.2
                                                    -------       -------

TOTAL ASSETS ...................................... $  36.0       $ 141.2
                                                    =======       =======


LIABILITIES

Asset-Backed Certificates
  (Notes 2 and 3) ................................. $  36.0       $ 141.2
                                                    -------       -------

TOTAL LIABILITIES ................................. $  36.0       $ 141.2
                                                    =======       =======



Reference should be made to the Notes to Financial Statements.




                                    II-9

<PAGE>

                            GMAC 1993-A GRANTOR TRUST

                        STATEMENT OF DISTRIBUTABLE INCOME


                                              Year Ended December 31,
                                           1996        1995        1994
                                          -------     -------     -------
                                             (in millions of dollars)
Distributable Income

  Allocable to Principal ...............  $ 105.2     $ 238.2     $ 466.5

  Allocable to Interest  ...............      3.5        10.7        25.2
                                          -------     -------     -------
Distributable Income ...................  $ 108.7     $ 248.9     $ 491.7
                                          =======     =======     =======


Income Distributed .....................  $ 108.7     $ 248.9     $ 491.7
                                          =======     =======     =======





Reference should be made to the Notes to Financial Statements.




                                    II-10

<PAGE>

                            GMAC 1993-A GRANTOR TRUST

                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  BASIS OF ACCOUNTING

The  financial  statements  of the GMAC 1993-A  Grantor  Trust (the "Trust") are
prepared on the basis of cash receipts and cash  disbursements.  Such  financial
statements  differ  from  financial   statements  prepared  in  accordance  with
generally accepted accounting principles in that interest income and the related
assets are recognized when received rather than when earned and distributions to
certificateholders  are recognized  when paid rather than when the obligation is
incurred.  Certain  expenses of the Trust are paid by Capital Auto  Receivables,
Inc. (the "Seller").


NOTE 2.  SALE OF CERTIFICATES

On March 24, 1993, GMAC 1993-A Grantor Trust acquired retail finance receivables
aggregating  approximately  $1,403.0  million  from the Seller in  exchange  for
certificates  representing  undivided  ownership interests in the Trust of 92.5%
for the Class A certificates  and 7.5% for the Class B  certificates.  The Trust
property  includes a pool of retail  instalment  sale contracts for new and used
automobiles  and light  trucks,  certain  monies due  thereunder,  and  security
interests  in the  vehicles  financed  thereby.  The  Seller  has the  option to
repurchase the remaining receivables as of the last day of any month on or after
which the principal balance declines below 10% of the aggregate amount financed.


NOTE 3.  PRINCIPAL AND INTEREST PAYMENTS

Principal   (including   prepayments)   and  interest  are  passed  through  and
distributed  pro  rata  to  Class  A and  Class  B  certificateholders  on  each
distribution date commencing April 15, 1993.  Principal  consists of payments on
the receivables that are allocable to repayment of the amount sold as determined
on a constant interest rate basis (the "actuarial  method").  Interest is passed
through and distributed to Class A certificateholders at one-twelfth of the pass
through  rate  of  4.15%  per  annum.  Interest  consists  of  payments  on  the
receivables that are allocable to finance charges,  using the actuarial  method,
net of fees and  expenses.  The  rights  of the  Class B  certificateholders  to
receive monthly  distributions  with respect to the receivables are subordinated
to the rights of the Class A  certificateholders.  The distribution  date is the
15th day of each month (or,  if such 15th day is not a  business  day,  the next
following business day).


NOTE 4.  FEDERAL INCOME TAX

The Trust is  classified as a grantor  trust,  and therefore is not taxable as a
corporation  for federal  income tax purposes.  Each  certificateholder  will be
treated as the owner of a pro rata undivided interest in each of the receivables
in the Trust.








                                    II-11

<PAGE>

                            GMAC 1993-A GRANTOR TRUST

                    SUPPLEMENTARY FINANCIAL DATA (unaudited)

                    SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME





1996 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $    35.0   $    1.3   $    36.3

Second quarter .....................         29.4        1.0        30.4

Third quarter ......................         23.2        0.7        23.9

Fourth quarter .....................         17.6        0.5        18.1
                                        ---------   --------   ---------
     Total .........................    $   105.2   $    3.5   $   108.7
                                        =========   ========   =========



1995 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $    73.0   $    3.6   $    76.6

Second quarter .....................         65.4        2.9        68.3

Third quarter ......................         55.5        2.4        57.9

Fourth quarter .....................         44.3        1.8        46.1
                                        ---------   --------   ---------
     Total .........................    $   238.2   $   10.7   $   248.9
                                        =========   ========   =========



1994 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $   144.3   $    8.3   $   152.6

Second quarter .....................        127.0        6.8       133.8

Third quarter ......................        106.4        5.6       112.0

Fourth quarter .....................         88.8        4.5        93.3
                                        ---------   --------   ---------
     Total .........................    $   466.5   $   25.2   $   491.7
                                        =========   ========   =========




                                    II-12

<PAGE>

                        INDEPENDENT AUDITORS' REPORT

March 3, 1997


The GMAC 1993-B Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:

We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1993-B Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of Distributable Income for each of the three years in the period ended December
31, 1996.  These  financial  statements  are the  responsibility  of the Trust's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

As described in Note 1 to the financial  statements,  these financial statements
are  prepared  on the  basis  of cash  receipts  and  disbursements,  which is a
comprehensive  basis of  accounting  other than  generally  accepted  accounting
principles.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the  assets  and  liabilities  of the GMAC  1993-B  Grantor  Trust at
December 31, 1996 and 1995, and its  distributable  income and distributions for
each of the three years in the period ended  December 31, 1996,  on the basis of
accounting described in Note 1.




s/ Deloitte & Touche LLP
-------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243




                                    II-13

<PAGE>

                            GMAC 1993-B GRANTOR TRUST

                       STATEMENT OF ASSETS AND LIABILITIES



                                                        December 31,
                                                     1996          1995
                                                    -------       -------
ASSETS                                             (in millions of dollars)

Receivables (Note 2) .............................. $ 113.6       $ 316.3
                                                    -------       -------

TOTAL ASSETS ...................................... $ 113.6       $ 316.3
                                                    =======       =======


LIABILITIES

Asset-Backed Certificates
  (Notes 2 and 3) ................................. $ 113.6       $ 316.3
                                                    -------       -------

TOTAL LIABILITIES ................................. $ 113.6       $ 316.3
                                                    =======       =======




Reference should be made to the Notes to Financial Statements.







                                    II-14

<PAGE>

                            GMAC 1993-B GRANTOR TRUST

                        STATEMENT OF DISTRIBUTABLE INCOME


                                              Year Ended December 31,
                                           1996        1995        1994
                                          ------      ------      ------
                                             (in millions of dollars)
Distributable Income

  Allocable to Principal ...............  $ 202.7     $ 362.9     $ 589.8

  Allocable to Interest  ...............      8.5        19.9        39.0
                                          -------     -------     -------
Distributable Income ...................  $ 211.2     $ 382.8     $ 628.8
                                          =======     =======     =======


Income Distributed .....................  $ 211.2     $ 382.8     $ 628.8
                                          =======     =======     =======





Reference should be made to the Notes to Financial Statements.






                                     II-15

<PAGE>

                            GMAC 1993-B GRANTOR TRUST

                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  BASIS OF ACCOUNTING

The  financial  statements  of the GMAC 1993-B  Grantor  Trust (the "Trust") are
prepared on the basis of cash receipts and cash  disbursements.  Such  financial
statements  differ  from  financial   statements  prepared  in  accordance  with
generally accepted accounting principles in that interest income and the related
assets are recognized when received rather than when earned and distributions to
certificateholders  are recognized  when paid rather than when the obligation is
incurred.  Certain  expenses of the Trust are paid by Capital Auto  Receivables,
Inc. (the "Seller").


NOTE 2.  SALE OF CERTIFICATES

On  September  16, 1993,  GMAC 1993-B  Grantor  Trust  acquired  retail  finance
receivables  aggregating  approximately  $1,450.6  million  from the  Seller  in
exchange for  certificates  representing  undivided  ownership  interests in the
Trust  of  92.5%  for  the  Class  A  certificates  and  7.5%  for  the  Class B
certificates.  The Trust  property  includes  a pool of retail  instalment  sale
contracts  for new and used  automobiles  and light trucks,  certain  monies due
thereunder,  and security interests in the vehicles financed thereby. The Seller
has the option to repurchase the remaining receivables as of the last day of any
month  on or  after  which  the  principal  balance  declines  below  10% of the
aggregate amount financed.


NOTE 3.  PRINCIPAL AND INTEREST PAYMENTS

Principal   (including   prepayments)   and  interest  are  passed  through  and
distributed  pro  rata  to  Class  A and  Class  B  certificateholders  on  each
distribution date commencing October 15, 1993. Principal consists of payments on
the receivables that are allocable to repayment of the amount sold as determined
on a constant interest rate basis (the "actuarial  method").  Interest is passed
through and distributed to Class A certificateholders at one-twelfth of the pass
through  rate  of  4.00%  per  annum.  Interest  consists  of  payments  on  the
receivables that are allocable to finance charges,  using the actuarial  method,
net of fees and  expenses.  The  rights  of the  Class B  certificateholders  to
receive monthly  distributions  with respect to the receivables are subordinated
to the rights of the Class A  certificateholders.  The distribution  date is the
15th day of each month (or,  if such 15th day is not a  business  day,  the next
following business day).


NOTE 4.  FEDERAL INCOME TAX

The Trust is  classified as a grantor  trust,  and therefore is not taxable as a
corporation  for federal  income tax purposes.  Each  certificateholder  will be
treated as the owner of a pro rata undivided interest in each of the receivables
in the Trust.








                                     II-16

<PAGE>

                            GMAC 1993-B GRANTOR TRUST

                    SUPPLEMENTARY FINANCIAL DATA (unaudited)

                    SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME





1996 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First Quarter ......................    $    62.4   $    2.9   $    65.3

Second Quarter .....................         56.3        2.4        58.7

Third Quarter ......................         46.7        1.8        48.5

Fourth quarter .....................         37.3        1.4        38.7
                                        ---------  ---------   ---------
     Total .........................    $   202.7   $    8.5   $   211.2
                                        =========   ========   =========



1995 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $   105.0   $    6.4   $   111.4

Second quarter .....................         97.8        5.4       103.2

Third quarter ......................         87.1        4.5        91.6

Fourth quarter .....................         73.0        3.6        76.6
                                        ---------   --------   ---------
     Total .........................    $   362.9   $   19.9   $   382.8
                                        =========   ========   =========



1994 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $   173.9   $   12.1   $   186.0

Second quarter .....................        158.1       10.4       168.5

Third quarter ......................        137.8        8.9       146.7

Fourth quarter .....................        120.0        7.6       127.6
                                        ---------   --------   ---------
     Total .........................    $   589.8   $   39.0   $   628.8
                                        =========   ========   =========




                                    II-17

<PAGE>

                          INDEPENDENT AUDITORS' REPORT


March 3, 1997


The GMAC 1994-A Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:

We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1994-A Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of  Distributable  Income for each of the two years in the period ended December
31, 1996 and the period June 28, 1994  (inception)  through  December  31, 1994.
These financial statements are the responsibility of the Trust's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

As described in Note 1 to the financial  statements,  these financial statements
are  prepared  on the  basis  of cash  receipts  and  disbursements,  which is a
comprehensive  basis of  accounting  other than  generally  accepted  accounting
principles.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the  assets  and  liabilities  of the GMAC  1994-A  Grantor  Trust at
December 31, 1996 and 1995, and its  distributable  income and distributions for
each of the two years  ended  December  31,  1996 and the period  June 28,  1994
(inception)  through December 31, 1994, on the basis of accounting  described in
Note 1.


s\ Deloitte & Touche LLP
-------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243




                                    II-18

<PAGE>

                            GMAC 1994-A GRANTOR TRUST

                       STATEMENT OF ASSETS AND LIABILITIES



                                                        December 31,
                                                     1996          1995
                                                    -------       -------
ASSETS                                             (in millions of dollars)

Receivables (Note 2) .............................. $ 240.2       $ 506.2
                                                    -------       -------

TOTAL ASSETS ...................................... $ 240.2       $ 506.2
                                                    =======       =======


LIABILITIES

Asset-Backed Certificates
  (Notes 2 and 3) ................................. $ 240.2       $ 506.2
                                                    -------       -------

TOTAL LIABILITIES ................................. $ 240.2       $ 506.2
                                                    =======       =======




Reference should be made to the Notes to Financial Statements.





                                    II-19

<PAGE>

                            GMAC 1994-A GRANTOR TRUST

                        STATEMENT OF DISTRIBUTABLE INCOME



                                                 Year Ended December 31,
                                               1996       1995      1994*
                                             -------     -------   -------
                                                 (in millions of dollars)
Distributable Income

  Allocable to Principal ................... $  266.0   $  395.6   $  250.1

  Allocable to Interest  ...................     23.6       44.9       33.0
                                             --------   --------   --------
Distributable Income ....................... $  289.6   $  440.5   $  283.1
                                             ========   ========   ========


Income Distributed ......................... $  289.6   $  440.5   $  283.1
                                             ========   ========   ========


* Represents the period June 28, 1994 (inception) through December 31, 1994.



Reference should be made to the Notes to Financial Statements.


                                    II-20

<PAGE>

                          GMAC 1994-A GRANTOR TRUST

                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  BASIS OF ACCOUNTING

The  financial  statements  of the GMAC 1994-A  Grantor  Trust (the "Trust") are
prepared on the basis of cash receipts and cash  disbursements.  Such  financial
statements  differ  from  financial   statements  prepared  in  accordance  with
generally accepted accounting principles in that interest income and the related
assets are recognized when received rather than when earned and distributions to
certificateholders  are recognized  when paid rather than when the obligation is
incurred.  Certain  expenses of the Trust are paid by Capital Auto  Receivables,
Inc. (the "Seller").


NOTE 2.  SALE OF CERTIFICATES

On June 28, 1994, GMAC 1994-A Grantor Trust acquired retail finance  receivables
aggregating  approximately  $1,151.9  million  from the Seller in  exchange  for
certificates  representing  undivided  ownership interests in the Trust of 93.5%
for the Class A certificates  and 6.5% for the Class B  certificates.  The Trust
property  includes a pool of retail  instalment  sale contracts for new and used
automobiles  and light  trucks,  certain  monies due  thereunder,  and  security
interests  in the  vehicles  financed  thereby.  The  Seller  has the  option to
repurchase the remaining receivables as of the last day of any month on or after
which the principal balance declines below 10% of the aggregate amount financed.


NOTE 3.  PRINCIPAL AND INTEREST PAYMENTS

Principal   (including   prepayments)   and  interest  are  passed  through  and
distributed  pro  rata  to  Class  A and  Class  B  certificateholders  on  each
distribution  date commencing July 15, 1994.  Principal  consists of payments on
the receivables that are allocable to repayment of the amount sold as determined
on a constant interest rate basis (the "actuarial  method").  Interest is passed
through and distributed to Class A certificateholders at one-twelfth of the pass
through  rate  of  6.30%  per  annum.  Interest  consists  of  payments  on  the
receivables that are allocable to finance charges,  using the actuarial  method,
net of fees and  expenses.  The  rights  of the  Class B  certificateholders  to
receive monthly  distributions  with respect to the receivables are subordinated
to the rights of the Class A  certificateholders.  The distribution  date is the
15th day of each month (or,  if such 15th day is not a  business  day,  the next
following business day).


NOTE 4.  FEDERAL INCOME TAX

The Trust is  classified as a grantor  trust,  and therefore is not taxable as a
corporation  for federal  income tax purposes.  Each  certificateholder  will be
treated as the owner of a pro rata undivided interest in each of the receivables
in the Trust.








                                    II-21

<PAGE>


                            GMAC 1994-A GRANTOR TRUST

                    SUPPLEMENTARY FINANCIAL DATA (unaudited)

                    SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME





1996 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First Quarter ......................    $    77.3   $    7.6   $    84.9

Second Quarter .....................         72.5        6.4        78.9

Third Quarter ......................         63.2        5.3        68.5

Fourth Quarter .....................         53.0        4.3        57.3
                                        ---------   --------   ---------
     Total .........................    $   266.0   $   23.6   $   289.6
                                        =========   ========   =========



1995 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First quarter ......................    $   105.9   $   13.6   $   119.5

Second quarter .....................        104.4       12.0       116.4

Third quarter ......................         98.3       10.4       108.7

Fourth quarter .....................         87.0        8.9        95.9
                                        ---------   --------   ---------
     Total .........................    $   395.6   $   44.9   $   440.5
                                        =========   ========   =========



1994 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

Third quarter ......................    $   125.0   $   17.5   $   142.5

Fourth quarter .....................        125.1       15.5       140.6
                                        ---------   --------   ---------
     Total .........................    $   250.1   $   33.0   $   283.1
                                        =========   ========   =========







                                    II-22

<PAGE>

                          INDEPENDENT AUDITORS' REPORT


March 3, 1997


The GMAC 1995-A Grantor Trust, its Certificateholders, Capital Auto Receivables,
Inc., and The First National Bank of Chicago, Trustee:

We have audited the accompanying Statement of Assets and Liabilities of the GMAC
1995-A Grantor Trust as of December 31, 1996 and 1995, and the related Statement
of  Distributable  Income for the year ended  December  31,  1996 and the period
March 16, 1995 (inception) through December 31, 1995. These financial statements
are the  responsibility  of the Trust's  management.  Our  responsibility  is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance   about  whether  the  financial   statements  are  free  of  material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

As described in Note 1 to the financial  statements,  these financial statements
are  prepared  on the  basis  of cash  receipts  and  disbursements,  which is a
comprehensive  basis of  accounting  other than  generally  accepted  accounting
principles.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the  assets  and  liabilities  of the GMAC  1995-A  Grantor  Trust at
December 31, 1996 and 1995 and its  distributable  income and  distributions for
the year ended  December  31,  1996 and the period  March 16,  1995  (inception)
through December 31, 1995, on the basis of accounting described in Note 1.


s\ Deloitte & Touche LLP
-------------------------
Deloitte & Touche LLP
600 Renaissance Center
Detroit, Michigan 48243




                                    II-23

<PAGE>

                            GMAC 1995-A GRANTOR TRUST

                       STATEMENT OF ASSETS AND LIABILITIES



                                                         December 31,
                                                      1996          1995
                                                    -------       -------
ASSETS                                            (in millions of dollars)

Receivables (Note 2) .............................. $ 391.7       $ 744.3
                                                    -------       -------

TOTAL ASSETS ...................................... $ 391.7       $ 744.3
                                                    =======       =======


LIABILITIES

Asset-Backed Certificates
  (Notes 2 and 3) ................................. $ 391.7       $ 744.3
                                                    -------       -------

TOTAL LIABILITIES ................................. $ 391.7       $ 744.3
                                                    =======       =======




Reference should be made to the Notes to Financial Statements.






                                           II-24

<PAGE>

                            GMAC 1995-A GRANTOR TRUST

                        STATEMENT OF DISTRIBUTABLE INCOME



                                              Year Ended December 31,
                                                  1996      1995*
                                                --------   -------
                                             (in millions of dollars)
Distributable Income

  Allocable to Principal ...................... $  352.6  $  360.3

  Allocable to Interest  ......................     40.7      50.5
                                                --------  --------
Distributable Income .......................... $  393.3  $  410.8
                                                ========  ========


Income Distributed ............................ $  393.3  $  410.8
                                                ========  ========



* Represents the period March 16, 1995 (inception) through December 31, 1995.



Reference should be made to the Notes to Financial Statements.


                                      II-25

<PAGE>

                            GMAC 1995-A GRANTOR TRUST

                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  BASIS OF ACCOUNTING

The  financial  statements  of the GMAC 1995-A  Grantor  Trust (the "Trust") are
prepared on the basis of cash receipts and cash  disbursements.  Such  financial
statements  differ  from  financial   statements  prepared  in  accordance  with
generally accepted accounting principles in that interest income and the related
assets are recognized when received rather than when earned and distributions to
certificateholders  are recognized  when paid rather than when the obligation is
incurred.  Certain  expenses of the Trust are paid by Capital Auto  Receivables,
Inc. (the "Seller").


NOTE 2.  SALE OF CERTIFICATES

On March 16, 1995, GMAC 1995-A Grantor Trust acquired retail finance receivables
aggregating  approximately  $1,104.6  million  from the Seller in  exchange  for
certificates  representing  undivided  ownership interests in the Trust of 93.5%
for the Class A certificates  and 6.5% for the Class B  certificates.  The Trust
property  includes a pool of retail  instalment  sale contracts for new and used
automobiles  and light  trucks,  certain  monies  due  thereunder  and  security
interests  in the  vehicles  financed  thereby.  The  Seller  has the  option to
repurchase the remaining receivables as of the last day of any month on or after
which the principal balance declines below 10% of the aggregate amount financed.


NOTE 3.  PRINCIPAL AND INTEREST PAYMENTS

Principal   (including   prepayments)   and  interest  are  passed  through  and
distributed  pro  rata  to  Class  A and  Class  B  certificateholders  on  each
distribution date commencing April 17, 1995.  Principal  consists of payments on
the receivables that are allocable to repayment of the amount sold as determined
on a constant interest rate basis (the "actuarial  method").  Interest is passed
through and distributed to Class A certificateholders at one-twelfth of the pass
through  rate  of  7.15%  per  annum.  Interest  consists  of  payments  on  the
receivables that are allocable to finance charges,  using the actuarial  method,
net of fees and  expenses.  The  rights  of the  Class B  certificateholders  to
receive monthly  distributions  with respect to the receivables are subordinated
to the rights of the Class A  certificateholders.  The distribution  date is the
15th day of each month (or,  if such 15th day is not a  business  day,  the next
following business day).


NOTE 4.  FEDERAL INCOME TAX

The Trust is  classified as a grantor  trust,  and therefore is not taxable as a
corporation  for federal  income tax purposes.  Each  certificateholder  will be
treated as the owner of a pro rata undivided interest in each of the receivables
in the Trust.








                                      II-26

<PAGE>

                            GMAC 1995-A GRANTOR TRUST

                    SUPPLEMENTARY FINANCIAL DATA (unaudited)

                    SUMMARY OF QUARTERLY DISTRIBUTABLE INCOME





1996 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

First Quarter ......................    $   102.6   $   12.7   $   115.3

Second Quarter .....................         94.6       10.9       105.5

Third Quarter ......................         82.4        9.3        91.7

Fourth Quarter .....................         73.0        7.8        80.8
                                        ---------   --------   ---------
     Total .........................    $   352.6   $   40.7   $   393.3
                                        =========   ========   =========



1995 Quarters                           Principal   Interest     Total
------------------------------------    ---------   --------   ---------
                                             (in millions of dollars)

Second quarter .....................    $   118.8   $   19.0   $   137.8

Third quarter ......................        127.5       16.9       144.4

Fourth quarter .....................        114.0       14.6       128.6
                                        ---------   --------   ---------
     Total .........................    $   360.3   $   50.5   $   410.8
                                        =========   ========   =========





                                    II-27

<PAGE>

                                   PART IV


ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.


   (a) (1) FINANCIAL STATEMENTS.

           Included in Part II, Item 8, of Form 10-K.

   (a) (2) FINANCIAL STATEMENT SCHEDULES.

           All schedules have been omitted because they are not  applicable or
           because the information called for is shown in the financial 
           statements or notes thereto.

   (a) (3) EXHIBITS (Included in Part II of this report).


           -- GMAC 1992-F  Grantor Trust  Financial  Statements for the Year
              Ended December 31, 1996. 

           -- GMAC 1993-A Grantor Trust  Financial  Statements for the Year 
              Ended December 31, 1996. 

           -- GMAC 1993-B  Grantor Trust  Financial  Statements  for the Year
              Ended December 31, 1996. 

           -- GMAC 1994-A Grantor Trust Financial  Statements for the Year Ended
              December 31, 1996. 

           -- GMAC 1995-A Grantor Trust Financial Statements for the Year Ended
              December 31, 1996.

 (b)     REPORTS ON FORM 8-K.

            No  current  reports  on Form  8-K  have  been  filed  by any of the
            above-mentioned  Grantor  Trusts  during  the fourth  quarter  ended
            December 31, 1996.

ITEMS 2, 3, 4, 5, 6, 9,  10,  11,  12 and 13 are not  applicable  and have  been
omitted.


                                      IV-1

<PAGE>

                                    SIGNATURE


Pursuant to the  requirements  of Section 13 of the  Securities  Exchange Act of
1934,  the Trustee has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                      GMAC 1992-F GRANTOR TRUST
                                      GMAC 1993-A GRANTOR TRUST
                                      GMAC 1993-B GRANTOR TRUST
                                      GMAC 1994-A GRANTOR TRUST
                                      GMAC 1995-A GRANTOR TRUST


                                  By: The First National Bank of Chicago
                                  --------------------------------------
                                      (Trustee)



                                  s/  Steven M. Wagner
                                  ----------------------------------
                                      Vice President

Date: March 20, 1997
      --------------

                                    IV-2