GM Financial Reports Strong 3Q Results
GM Financial reported today that it recorded a net income of $109 million for the third quarter and $282 million for the nine months ending Sept. 30, 2011.
FORT WORTH, Texas — GM Financial reported today that it recorded a net income of $109 million for the third quarter and $282 million for the nine months ending Sept. 30, 2011.
Loan originations were $1.4 billion, compared to $1.3 billion for the second quarter and $959 million for year-ago quarter.
The company announced loan originations increased for the first nine month of year to $3.8 billion, compared to $2.5 billion during the year-ago period. Finance receivables totaled $9.4 billion at September 30, 2011.
Lease originations of GM vehicles were up as well, reaching $189 million in the third quarter compared to $173 million in the second quarter. Lease originations totaled $672 million for the nine months of 2011, while leased vehicles totaled $564 million for the same time period.
Finance receivables 31-to-60 days delinquent accounted for 4.7 percent of the portfolio, down from 6.2 percent during the year-ago period. Accounts more than 60 days delinquent also were down, accounting for 1.7 percent of the portfolio vs. 2.5 percent a year ago.
Annualized net charge-offs were 3 percent of average finance receivables for the third quarter, compared to 5.4 percent during the year-ago quarter. Annualized net charge-offs were 3.1 percent for the first nine months, compared to 5.8 percent last year.
GM Financial had total available liquidity of $1.5 billion through September, consisting of $307 million of unrestricted cash, approximately $860 million of borrowing capacity on unpledged eligible assets and $300 million on a line of credit from GM, according to the company. For more information, visit www.americredit.com.
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