Quarterly Earnings Up for GM Financial

FORT WORTH, Texas – General Motors Financial Co. reported net income of $112 million for the quarter ending on March 31, compared to $77 million for the year-ago period

Loan originations were $1.4 billion for quarter, compared to $1.2 billion in previous quarter and $1.1 billion for the year-ago quarter. The outstanding balance of finance receivables totaled $10 billion.

Lease originations of General Motors vehicles were $384 million for the quarter, compared to $314 million for the quarter ended December 31 and $311 million for the year-ago quarter. Leased vehicles totaled $1.1 billion for the quarter.

Finance receivables 31-to-60 days delinquent were 3.2 percent of the portfolio, compared to 3.8 percent for the year-ago period. Accounts more than 60 days delinquent were 1.2 percent of the portfolio, compared to 1.5 percent a year ago.

Annualized net charge-offs were 2.5 percent of average finance receivables for the quarter, compared to 4 percent for the year-ago quarter.

The company had total available liquidity of $1.9 billion, consisting of $609 million of unrestricted cash, approximately $1 billion of borrowing capacity on unpledged eligible assets and $300 million on a line of credit from GM.