Quarterly Earnings Up for GM Financial
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.
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.
More Auto Finance
Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
Read More →
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →