GM Financial Posts First Quarter Profit Increase
General Motors Financial Company Inc. reported net income of $77 million for the quarter ended March 31, 2011, up from $63 million in the year-ago period.
FORT WORTH, Texas — General Motors Financial Company Inc. reported net income of $77 million for the quarter ended March 31, 2011, up from $63 million in the year-ago period.
Loan originations were $1.1 billion for the quarter ended March 31, 2011, compared to $935 million for the quarter ended Dec. 31, 2010 and $624 million for the quarter ended March 31, 2010.
Lease originations were $311 million for the quarter ended March 31, 2011, compared to $11 million for the quarter ended Dec. 31, 2010.
Loan and lease financing for new GM vehicles accounted for 38.8 percent of total loan and lease originations for the quarter ended March 31, 2011, compared to 19 percent for the quarter ended Dec. 31, 2010. Finance receivables totaled $8.7 billion at March 31, 2011.
Finance receivables 31-to-60 days delinquent were 3.8 percent of the portfolio at March 31, 2011, compared to 5.3 percent at March 31, 2010. Accounts more than 60 days delinquent were 1.5 percent of the portfolio at March 31, 2011, compared to 2.2 percent a year ago.
Annualized net charge-offs were 4 percent of average finance receivables for the quarter ended March 31, 2011, compared to 7.6 percent for the quarter ended March 31, 2010.
The company had total available liquidity of $710 million at March 31, 2011, consisting of $333 million of unrestricted cash, approximately $77 million of borrowing capacity on unpledged eligible assets and $300 million on a line of credit from GM.
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