News Column

GM 'Financial' Reports Quarterly Results

Oct. 31, 2012

General Motors Financial Co.("GM Financial" or the "Company") announced net income of $124 million for the quarter ended September 30, 2012, compared to $109 million for the quarter ended September 30, 2011. Net income for the nine months ended September 30, 2012 was $373 million, compared to $282 million for the nine months ended September 30, 2011.

Consumer loan originations were $1.5 billion for the quarter ended September 30, 2012, compared to $1.5 billion for the quarter ended June 30, 2012, and $1.4 billion for the quarter ended September 30, 2011. Consumer loan originations for the nine months ended September 30, 2012 were $4.4 billion, compared to $3.8 billion for the nine months ended September 30, 2011. The outstanding balance of consumer finance receivables totaled $10.9 billion at September 30, 2012.

Lease originations of General Motors Company ("GM") vehicles were $299 million for the quarter ended September 30, 2012, compared to $394 million for the quarter ended June 30, 2012 and $189 million for the quarter ended September 30, 2011. Lease originations for the nine months ended September 30, 2012 were $1.1 billion, compared to $672 million for the nine months ended September 30, 2011. Leased vehicles, net, totaled $1.6 billion at September 30, 2012.

Consumer finance receivables 31-to-60 days delinquent were 5.2% of the portfolio at September 30, 2012, compared to 4.7% at September 30, 2011. Accounts more than 60 days delinquent were 1.9% of the portfolio at September 30, 2012, compared to 1.7% a year ago.

Annualized net credit losses were 2.5% of average consumer finance receivables for the quarter ended September 30, 2012, compared to 3.0% for the quarter ended September 30, 2011. For the nine months ended September 30, 2012, annualized consumer net credit losses were 2.2%, compared to 3.1% last year.

The Company had total available liquidity of $3.1 billion at September 30, 2012, consisting of $1.8 billion of unrestricted cash, approximately $1.0 billion of borrowing capacity on unpledged eligible assets and $300 million on a line of credit from GM.


For more coverage on the automotive industry, please see HispanicBusiness' Auto Channel



Source: Copyright Business Wire 2012


Story Tools