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
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 →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →