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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________ 
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number 1-10667
______________________________________________ 
General Motors Financial Company, Inc.
(Exact name of registrant as specified in its charter)
Texas75-2291093
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
801 Cherry Street, Suite 3500, Fort Worth, Texas 76102
(Address of principal executive offices, including Zip Code)
(817) 302-7000
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
5.250% Senior Notes due 2026GM/26New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐   No  ☒ 
As of July 21, 2025, there were 5,050,000 shares of the registrant’s common stock, par value $0.0001 per share, outstanding. All shares of the registrant’s common stock are owned by General Motors Holdings LLC, a wholly-owned subsidiary of General Motors Company.
The registrant is a wholly-owned subsidiary of General Motors Company and meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Quarterly Report on Form 10-Q with a reduced disclosure format as permitted by Instruction H(2).


INDEX
 Page
PART I
Item 1.Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Notes to Condensed Consolidated Financial Statements
Note 1. Business and Basis of Presentation
Note 2. Related Party Transactions
Note 3. Finance Receivables
Note 4. Leased Vehicles
Note 5. Equity in Net Assets of Nonconsolidated Affiliates
Note 6. Debt
Note 7. Variable Interest Entities
Note 8. Derivative Financial Instruments and Hedging Activities
Note 9. Commitments and Contingencies
Note 10. Shareholders' Equity
Note 11. Income Taxes
Note 12. Segment Reporting
Note 13. Regulatory Capital and Other Regulatory Matters
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
PART II
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 6.
Exhibits
Signature

Table of Contents
GENERAL MOTORS FINANCIAL COMPANY, INC.
PART I
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
 June 30, 2025December 31, 2024
ASSETS
Cash and cash equivalents$8,403 $5,094 
Finance receivables, net of allowance for loan losses of $2,720 and $2,458
91,840 93,510 
Leased vehicles, net (Note 4; Note 7)
33,196 31,586 
Goodwill and intangible assets1,176 1,169 
Equity in net assets of nonconsolidated affiliates (Note 5)
1,257 1,206 
Related party receivables (Note 2)
636 473 
Other assets (Note 7)
8,068 7,992 
Total assets$144,576 $141,030 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 6; Note 7)
$50,913 $49,573 
Unsecured debt (Note 6)
67,620 64,691 
Deferred income2,496 2,389 
Related party payables (Note 2)
137 106 
Other liabilities7,847 9,079 
Total liabilities129,012 125,838 
Commitments and contingencies (Note 9)
Shareholders' equity (Note 10)
Common stock, $0.0001 par value per share
— — 
Preferred stock, $0.01 par value per share
— — 
Additional paid-in capital8,826 8,814 
Accumulated other comprehensive income (loss)(1,422)(1,531)
Retained earnings8,159 7,909 
Total shareholders' equity15,564 15,193 
Total liabilities and shareholders' equity$144,576 $141,030 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
1
Table of Contents
GENERAL MOTORS FINANCIAL COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Revenue
Finance charge income$2,048 $1,876 $4,073 $3,662 
Leased vehicle income1,940 1,803 3,842 3,603 
Other income267 239 503 464 
Total revenue4,255 3,918 8,419 7,729 
Costs and expenses
Operating expenses523 479 1,035 937 
Leased vehicle expenses1,052 972 2,105 2,019 
Provision for loan losses (Note 3)
354 174 682 378 
Interest expense1,638 1,485 3,235 2,881 
Total costs and expenses3,567 3,109 7,058 6,215 
Equity income (loss) (Note 5)
16 14 28 45 
Income (loss) before income taxes704 822 1,389 1,559 
Income tax expense (benefit) (Note 11)
194 212 379 412 
Net income (loss)510 610 1,009 1,147 
Less: cumulative dividends on preferred stock30 30 59 59 
Net income (loss) attributable to common shareholder$480 $581 $950 $1,088 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income (loss)$510 $610 $1,009 $1,147 
Other comprehensive income (loss), net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $2, $3, $32, $(6)
(5)(9)(96)17 
Foreign currency translation adjustment142 (159)205 (224)
Other comprehensive income (loss), net of tax137 (168)109 (207)
Comprehensive income (loss)$647 $442 $1,118 $940 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions) (Unaudited)
Common StockPreferred StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal
Shareholders'
Equity
Balance at January 1, 2024$— $— $8,783 $(1,208)$7,967 $15,542 
Net income (loss)— — — — 536 536 
Other comprehensive income (loss)— — — (39)— (39)
Stock-based compensation— — 6 — — 6 
Dividends paid (Note 10)
— — — — (450)(450)
Balance at March 31, 2024— — 8,789 (1,246)8,054 15,596 
Net income (loss)— — — — 610 610 
Other comprehensive income (loss)— — — (168)— (168)
Stock-based compensation— — 8 — — 8 
Dividends paid (Note 10)
— — — — (450)(450)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2024$— $— $8,797 $(1,414)$8,155 $15,538 
Balance at January 1, 2025$— $— $8,814 $(1,531)$7,909 $15,193 
Net income (loss)— — — — 499 499 
Other comprehensive income (loss)— — — (28)— (28)
Stock-based compensation— — 8 — — 8 
Dividends paid (Note 10)
— — — — (350)(350)
Balance at March 31, 2025— — 8,822 (1,559)8,058 15,321 
Net income (loss)— — — — 510 510 
Other comprehensive income (loss)— — — 137 — 137 
Stock-based compensation— — 4 — — 4 
Dividends paid (Note 10)
— — — — (350)(350)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2025$— $— $8,826 $(1,422)$8,159 $15,564 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Six Months Ended June 30,
20252024
Cash flows from operating activities
Net income (loss)$1,009 $1,147 
Depreciation and amortization2,629 2,626 
Accretion and amortization of loan and leasing fees(811)(728)
Undistributed earnings of nonconsolidated affiliates, net(28)(45)
Provision for loan losses682 378 
Deferred income taxes207 287 
Gain on termination of leased vehicles(347)(417)
Other operating activities(143)(26)
Changes in assets and liabilities:
Other assets623 (304)
Other liabilities145 253 
Related party payables99 44 
Net cash provided by (used in) operating activities4,065 3,214 
Cash flows from investing activities
Purchases and funding of finance receivables(19,270)(17,025)
Principal collections and recoveries on finance receivables18,055 15,577 
Net change in floorplan and other short-duration receivables2,847 (2,991)
Purchases of leased vehicles(8,591)(7,489)
Proceeds from termination of leased vehicles5,326 6,157 
Other investing activities(10)(10)
Net cash provided by (used in) investing activities(1,642)(5,781)
Cash flows from financing activities
Net change in debt (original maturities of three months or less)41 296 
Borrowings and issuances of secured debt15,557 13,984 
Payments on secured debt(14,456)(14,762)
Borrowings and issuances of unsecured debt13,093 15,367 
Payments on unsecured debt(12,267)(9,053)
Debt issuance costs(95)(112)
Dividends paid(759)(959)
Net cash provided by (used in) financing activities1,115 4,760 
Net increase (decrease) in cash, cash equivalents and restricted cash 3,538 2,194 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash64 (58)
Cash, cash equivalents and restricted cash at beginning of period8,081 8,249 
Cash, cash equivalents and restricted cash at end of period$11,683 $10,384 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
June 30, 2025
Cash and cash equivalents$8,403 
Restricted cash included in other assets3,281 
Total$11,683 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Business and Basis of Presentation
General Motors Financial Company, Inc. (sometimes referred to as we, us, our, the Company, or GM Financial), the wholly-owned captive finance subsidiary of General Motors Company (GM), is a global provider of automobile finance solutions. We provide retail loan and lease financing across the credit spectrum to support vehicle sales. Additionally, we offer commercial lending products to dealers, including floorplan financing, which is lending to finance new and used vehicle inventory, and dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, or to purchase and/or finance dealership real estate. We also offer and finance vehicle-related service contracts and other products and services.
Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation.
The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission on January 28, 2025 (2024 Form 10-K).
The condensed consolidated financial statements at June 30, 2025, and for the three and six months ended June 30, 2025 and 2024, are unaudited and, in management’s opinion, include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations. The results for interim periods are not necessarily indicative of results for a full year. The condensed consolidated balance sheet at December 31, 2024 was derived from audited annual financial statements. Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.
Subsequent Event On July 4, 2025, the One Big Beautiful Bill Act (the Act) was signed into law. Key provisions of the Act include the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) and an accelerated phase-out or elimination of most clean energy tax credits that were originally expanded under the Inflation Reduction Act of 2022 (IRA), such as the Commercial Clean Vehicle Credit which is set to expire on September 30, 2025. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $10,000 per year in interest on new, U.S.-assembled personal vehicles purchased between 2025 and 2028. We are currently unable to estimate the financial impact of the Act.
Note 2. Related Party Transactions
We offer loan and lease finance products through GM-franchised dealers to customers purchasing new vehicles manufactured by GM and certain used vehicles and make commercial loans directly to GM-franchised dealers and their affiliates. Certain of our dealer customers are consolidated by GM, and receivables from those customers are included in finance receivables, net.
Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on retail loan and lease finance products. In addition, GM makes cash payments to us to cover interest payments on certain commercial loans we make to GM-franchised dealers. We received subvention payments from GM of $918 million and $934 million for the three months ended June 30, 2025 and 2024, and $1.6 billion and $1.7 billion for the six months ended June 30, 2025 and 2024. Subvention due from GM is recorded as a related party receivable.
Cruise is the GM global segment focused on autonomous driving strategy for personal vehicles. We previously provided a line of credit to Cruise to fund the purchase of autonomous vehicles from GM in support of commercialization. The line of credit expired on December 31, 2024, and all outstanding borrowings were paid off as of March 31, 2025. Amounts due from Cruise were included in finance receivables, net.
Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.
We are included in GM's consolidated U.S. federal income tax return and certain U.S. state returns, and we are obligated to pay GM for our share of the related tax liabilities. During both the six months ended June 30, 2025 and 2024, no payments were
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
made to GM for state and federal income taxes. Amounts due from (owed to) GM for income taxes are recorded as a related party receivable (payable).
The following tables present balance sheet and income statement data for related party transactions:
Balance Sheet DataJune 30, 2025December 31, 2024
Commercial finance receivables due from dealers consolidated by GM
$324 $279 
Commercial finance receivables due from Cruise$— $395 
Subvention receivable from GM$579 $360 
Commercial loan funding payable to GM$101 $100 
Taxes receivable from (payable to) GM$(20)$70 
Three Months Ended June 30,Six Months Ended June 30,
Income Statement Data2025202420252024
Interest subvention earned on retail finance receivables(a)
$342 $316 $686 $624 
Interest subvention earned on commercial finance receivables(a)
$22 $30 $45 $57 
Leased vehicle subvention earned(b)
$437 $359 $852 $723 
_________________
(a) Included in finance charge income.
(b) Included as a reduction to leased vehicle expenses.
Under the support agreement with GM (the Support Agreement), if our earning assets leverage ratio at the end of any calendar quarter exceeds the applicable threshold set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage ratio within the applicable threshold. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting.
Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding. GM also agrees to certain provisions in the Support Agreement intended to ensure we maintain adequate access to liquidity. Pursuant to these provisions, GM provides us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility, and GM will use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $14.1 billion of GM's unsecured revolving credit facilities consisting of a five-year, $10.0 billion facility (the five-year facility) and a three-year, $4.1 billion facility (the three-year facility). We also have exclusive access to GM's $2.0 billion 364-Day Revolving Credit Facility (GM Revolving 364-Day Credit Facility). We had no borrowings outstanding under any of the GM revolving credit facilities at June 30, 2025 or December 31, 2024. In March 2025, GM renewed the five-year facility, which now matures March 25, 2030, the three-year facility, which now matures March 25, 2028, and the GM Revolving 364-Day Credit Facility, which now matures March 24, 2026.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 3. Finance Receivables
June 30, 2025December 31, 2024
Retail finance receivables
Retail finance receivables(a)
$77,837 $76,066 
Less: allowance for loan losses(2,630)(2,400)
Total retail finance receivables, net75,207 73,667 
Commercial finance receivables
Commercial finance receivables(a)(b)
16,723 19,901 
Less: allowance for loan losses
(91)(58)
Total commercial finance receivables, net16,633 19,843 
Total finance receivables, net$91,840 $93,510 
Fair value utilizing Level 2 inputs$16,633 $19,843 
Fair value utilizing Level 3 inputs$76,842 $74,729 
________________
(a)    Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(b)    Includes dealer financing of $16.2 billion and $18.9 billion, and other financing of $571 million and $999 million at June 30, 2025 and December 31, 2024. Commercial finance receivables are presented net of dealer cash management balances of $3.2 billion and $3.4 billion at June 30, 2025 and December 31, 2024.
Rollforward of Allowance for Retail Loan Losses A summary of the activity in the allowance for retail loan losses is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Allowance for retail loan losses beginning balance$2,479 $2,320 $2,400 $2,308 
Provision for loan losses349 159 648 364 
Charge-offs(488)(411)(967)(816)
Recoveries270 222 520 434 
Foreign currency translation
19 (28)28 (30)
Allowance for retail loan losses ending balance$2,630 $2,261 $2,630 $2,261 
The allowance for retail loan losses as a percentage of retail finance receivables was 3.4% and 3.2% at June 30, 2025 and December 31, 2024. The allowance ratio is based on factors including portfolio credit quality, expectations for recovery rates and economic outlook.
Retail Credit Quality Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at June 30, 2025 and December 31, 2024:
Year of OriginationJune 30, 2025
 20252024202320222021PriorTotalPercent
Prime - FICO Score 680 and greater$13,597 $20,025 $12,446 $7,360 $3,959 $1,810 $59,196 76.1 %
Near-prime - FICO Score 620 to 6792,048 3,046 1,821 1,194 804 393 9,306 12.0 
Sub-prime - FICO Score less than 6201,992 2,992 1,719 1,234 857 541 9,335 12.0 
Retail finance receivables$17,636 $26,063 $15,986 $9,788 $5,620 $2,744 $77,837 100.0 %
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Year of OriginationDecember 31, 2024
 20242023202220212020PriorTotalPercent
Prime - FICO Score 680 and greater$24,155 $15,814 $9,749 $5,424 $2,559 $366 $58,067 76.3 %
Near-prime - FICO Score 620 to 6793,547 2,227 1,507 1,077 473 159 8,990 11.8 
Sub-prime - FICO Score less than 6203,399 2,059 1,546 1,141 543 322 9,008 11.8 
Retail finance receivables$31,101 $20,100 $12,802 $7,642 $3,575 $847 $76,066 100.0 %
We review the ongoing credit quality of our retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles, and, subject to local laws, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status for each vintage of the portfolio at June 30, 2025 and December 31, 2024, as well as summary totals for June 30, 2024. The tables also present gross charge-offs by vintage for the six months ended June 30, 2025 and the year ended December 31, 2024:
Year of OriginationJune 30, 2025June 30, 2024
20252024202320222021PriorTotalPercentTotalPercent
0 - 30 days$17,493 $25,437 $15,415 $9,327 $5,280 $2,523 $75,474 97.0 %$71,211 97.1 %
31 - 60 days103 435 394 325 247 161 1,665 2.1 1,551 2.1 
Greater than 60 days36 167 157 125 85 57 626 0.8 509 0.7 
Finance receivables more than 30 days delinquent139 602 550 450 333 218 2,291 2.9 2,060 2.8 
In repossession4 24 21 11 7 3 71 0.1 64 0.1 
Finance receivables more than 30 days delinquent or in repossession143 626 571 461 340 221 2,362 3.0 2,124 2.9 
Retail finance receivables$17,636 $26,063 $15,986 $9,788 $5,620 $2,744 $77,837 100.0 %$73,335 100.0 %
Gross charge-offs$16 $292 $283 $195 $113 $67 $967 
Year of OriginationDecember 31, 2024
20242023202220212020PriorTotalPercent
0 - 30 days$30,581 $19,411 $12,207 $7,178 $3,350 $710 $73,438 96.5 %
31 - 60 days374 481 425 340 166 99 1,885 2.5 
Greater than 60 days128 188 155 115 55 36 677 0.9 
Finance receivables more than 30 days delinquent502 669 580 455 221 135 2,562 3.4 
In repossession17 19 14 10 3 2 66 0.1 
Finance receivables more than 30 days delinquent or in repossession519 689 595 464 225 136 2,628 3.5 
Retail finance receivables$31,101 $20,100 $12,802 $7,642 $3,575 $847 $76,066 100.0 %
Gross charge-offs$171 $556 $495 $305 $126 $102 $1,754 
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $910 million and $958 million at June 30, 2025 and December 31, 2024. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Loan Modifications Under certain circumstances, we may agree to modify the terms of an existing loan with a borrower for various reasons, including financial difficulties. For those borrowers experiencing financial difficulties, we may provide interest rate reductions, principal forgiveness, payment deferments, term extensions or a combination thereof. A loan that is deferred greater than six months in the preceding twelve months would be considered to be other-than-insignificantly delayed. In such circumstances, we must determine whether the modification should be accounted for as an extinguishment of the original loan and a creation of a new loan, or the continuation of the original loan with modifications.
The amortized costs at June 30, 2025 and 2024 of the loans modified during the three and six months ended June 30, 2025 and 2024 were insignificant. The unpaid principal balances, net of recoveries, of loans charged off during the reporting period that were modified within 12 months preceding default were insignificant for the three and six months ended June 30, 2025 and 2024.
Commercial Credit Quality Our commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters, as well as advances to certain GM subsidiaries.
For our dealer financing, we use proprietary models to assign a risk rating to each dealer. We perform periodic credit reviews of each dealership and adjust the dealership's risk rating, if necessary. There is limited credit risk associated with other financing due to the structure of the business relationships.
Our dealer risk model and risk rating categories are as follows:
Dealer Risk RatingDescription
IPerforming accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
IIPerforming accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
IIINon-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IVNon-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable.
Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the dealer finance receivables portfolio by dealer risk rating at June 30, 2025 and December 31, 2024:
Year of OriginationJune 30, 2025
Dealer Risk RatingRevolving20252024202320222021PriorTotalPercent
I
$13,089 $167 $252 $159 $331 $184 $242 $14,423 89.3 %
II
910 10 27 29 14 36 5 1,031 6.4 
III
587 4 50 5 14 23 15 699 4.3 
IV
— — — — — — — — 0.0 
Balance at end of period$14,586 $181 $329 $192 $359 $243 $263 $16,152 100.0 %
Year of OriginationDecember 31, 2024
Dealer Risk RatingRevolving20242023202220212020PriorTotalPercent
I
$16,429 $350 $211 $360 $237 $267 $32 $17,885 94.6 %
II
621 — 10 26 3 2 — 663 3.5 
III
305 10 4 — 22 — 12 354 1.9 
IV
1 — — — — — — 1 0.0 
Balance at end of period$17,356 $360 $225 $385 $263 $269 $44 $18,902 100.0 %
Floorplan advances comprise 99.1% and 99.5% of the total revolving balances at June 30, 2025 and December 31, 2024. Dealer term loans are presented by year of origination.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
At June 30, 2025 and December 31, 2024, substantially all of our commercial finance receivables were current with respect to payment status, and activity in the allowance for commercial loan losses was insignificant for the three and six months ended June 30, 2025 and 2024. There were no commercial finance receivables on nonaccrual status at June 30, 2025 and December 31, 2024.
There were insignificant charge-offs during the six months ended June 30, 2025, and no loan modifications were extended to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024.
Note 4. Leased Vehicles
June 30, 2025December 31, 2024
Leased vehicles(a)
$39,758 $38,187 
Less: accumulated depreciation(6,562)(6,601)
Leased vehicles, net$33,196 $31,586 
________________
(a)    Net of vehicle acquisition costs, less manufacturer incentives and investment tax credits.
Depreciation expense related to leased vehicles, net was $1.2 billion for both the three months ended June 30, 2025 and 2024, and $2.4 billion for both the six months ended June 30, 2025 and 2024.
The following table summarizes minimum rental payments due to us as lessor under operating leases at June 30, 2025:
Years Ending December 31,
20252026202720282029ThereafterTotal
Lease payments under operating leases
$2,926 $4,566 $2,375 $526 $33 $— $10,426 
Note 5. Equity in Net Assets of Nonconsolidated Affiliates
We use the equity method to account for our equity interest in joint ventures. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as equity income (loss).
There have been no ownership changes in our joint ventures since December 31, 2024. The following table presents certain aggregated operating data of our joint ventures:
Three Months Ended June 30,Six Months Ended June 30,
Summarized Operating Data2025202420252024
Finance charge income$129 $248 $282 $534 
Income before income taxes$60 $52 $109 $172 
Net income$45 $39 $82 $129 
At June 30, 2025 and December 31, 2024, we had undistributed earnings of $757 million and $729 million related to our nonconsolidated affiliates.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 6. Debt
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt
Revolving credit facilities$1,564 $1,564 $5,426 $5,426 
Securitization notes payable49,349 49,640 44,147 44,327 
Total secured debt50,913 51,204 49,573 49,753 
Unsecured debt
Senior notes56,424 57,079 53,632 54,177 
Credit facilities2,140 2,146 2,178 2,174 
Other unsecured debt9,056 9,087 8,880 8,906 
Total unsecured debt67,620 68,312 64,691 65,258 
Total secured and unsecured debt$118,532 $119,516 $114,264 $115,010 
Fair value utilizing Level 2 inputs$117,071 $112,941 
Fair value utilizing Level 3 inputs$2,445 $2,070 
Secured Debt Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 7 for further information.
During the six months ended June 30, 2025, we renewed revolving credit facilities with a total borrowing capacity of $12.0 billion, and we issued $14.8 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 4.80% and maturity dates ranging from 2027 to 2037.
Unsecured Debt During the six months ended June 30, 2025, we issued $8.4 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.33% and maturity dates ranging from 2027 to 2035.
General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.
Compliance with Debt Covenants Several of our revolving credit facilities require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured debt obligations contain covenants including limitations on our ability to incur certain liens. At June 30, 2025, we were in compliance with these debt covenants.
Note 7. Variable Interest Entities
Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:
June 30, 2025December 31, 2024
Restricted cash(a)
$2,992 $2,761 
Finance receivables$50,843 $55,456 
Lease related assets$16,978 $14,252 
Secured debt$50,941 $49,646 
_______________
(a) Included in other assets.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 8. Derivative Financial Instruments and Hedging Activities
We are exposed to certain risks arising from both our business operations and economic conditions. We manage interest rate risk primarily by using derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. We use derivative financial instruments to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings.
Certain of our foreign operations expose us to fluctuations of foreign interest rates and exchange rates. We primarily finance our earning assets with debt in the same currency to minimize the impact to earnings from our exposure to fluctuations in exchange rates. When we use a different currency, these fluctuations may impact the value of our cash receipts and payments in terms of our functional currency. We enter into derivative financial instruments to protect the value or fix the amount of certain assets and liabilities in terms of the relevant functional currency.
The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:
 June 30, 2025December 31, 2024
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$43,883 $158 $511 $36,145 $32 $621 
Cash flow hedges
Interest rate swaps2,179 23 26 1,873 35 4 
Foreign currency swaps9,087 686 51 8,363 80 508 
Derivatives not designated as hedges
Interest rate contracts121,711 504 781 123,346 833 1,294 
Total$176,860 $1,370 $1,368 $169,727 $981 $2,427 
 The gross amounts of the fair value of our derivative instruments that are classified as assets or liabilities are included in other assets or other liabilities, respectively. Amounts accrued for interest payments in a net receivable position are included in other assets. Amounts accrued for interest payments in a net payable position are included in other liabilities. All our derivatives are categorized within Level 2 of the fair value hierarchy. The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves.
We primarily enter into derivative instruments through AmeriCredit Financial Services, Inc. (AFSI); however, our SPEs may also be parties to derivative instruments. Agreements between AFSI and its derivative counterparties include rights of setoff for positions with offsetting values or for collateral held or posted. At June 30, 2025 and December 31, 2024, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $652 million and $693 million. At June 30, 2025 and December 31, 2024, we held $62 million and $190 million of collateral from counterparties that was available for netting against our asset positions. At June 30, 2025 and December 31, 2024, we had $687 million and $1.2 billion of collateral posted to counterparties that was available for netting against our liability positions.
The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:
Carrying Amount of
Hedged Items
Cumulative Amount of Fair Value
Hedging Adjustments(a)
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Unsecured debt$35,924 $36,664 $759 $1,281 
 _________________
(a)Includes $594 million and $719 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at June 30, 2025 and December 31, 2024.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps$(200)$— $62 $— $(521)$— $192 $— 
Interest rate swaps149 — (130)— 400 — (287)— 
Cash flow hedges
Interest rate swaps4 — 4 — 8 — 11 — 
Hedged items - foreign currency swaps(c)
— (652)— 30 — (992)— 208 
Foreign currency swaps(18)652 (34)(30)(52)992 (75)(206)
Derivatives not designated as hedges
Interest rate contracts(22)— 42 — (14)— 75 — 
Foreign currency contracts— — — (2)— — — — 
Total income (loss) recognized$(86)$— $(56)$(2)$(179)$(1)$(84)$1 
_________________
(a)Total interest expense was $1.6 billion and $1.5 billion for the three months ended June 30, 2025 and 2024, and $3.2 billion and $2.9 billion for the six months ended June 30, 2025 and 2024.
(b)Total operating expenses were $523 million and $479 million for the three months ended June 30, 2025 and 2024, and $1.0 billion and $937 million for the six months ended June 30, 2025 and 2024.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:
 Gains (Losses) Recognized In
Accumulated Other Comprehensive Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cash flow hedges
Interest rate swaps$(10)$17 $(24)$26 
Foreign currency swaps489 (74)645 (215)
Total$478 $(57)$621 $(189)
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cash flow hedges
Interest rate swaps$(4)$(2)$(6)$(7)
Foreign currency swaps(480)49 (711)212 
Total$(483)$48 $(717)$206 
All amounts reclassified from accumulated other comprehensive income (loss) were recorded to operating expenses or interest expense. During the next 12 months, we estimate $61 million of gains will be reclassified into pre-tax earnings from derivatives designated for hedge accounting.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 9. Commitments and Contingencies
Legal Proceedings We are subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against us could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus we cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm.
We establish reserves for legal matters when it is probable that a loss associated with the matter has been incurred and the amount of the loss can be reasonably estimated. The actual costs of resolving legal matters may be higher or lower than any amounts reserved for these matters. At June 30, 2025, we estimated our reasonably possible legal exposure for unfavorable outcomes to be approximately $26 million, and we have accrued an insignificant amount.
Indirect Tax-Related Matters We accrue non-income tax liabilities for contingencies when we believe that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they will be charged against income at that time.
In evaluating indirect tax matters, we take into consideration factors such as our historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. We reevaluate and update our accruals as matters progress over time. We estimate our reasonably possible loss in excess of amounts accrued to be up to $161 million at June 30, 2025.
Note 10. Shareholders' Equity
June 30, 2025December 31, 2024
Common Stock
Number of shares authorized10,000,000 10,000,000 
Number of shares issued and outstanding5,050,000 5,050,000 
During the six months ended June 30, 2025 and 2024, our Board of Directors declared and paid dividends of $700 million and $900 million on our common stock to General Motors Holdings LLC.
June 30, 2025December 31, 2024
Preferred Stock
Number of shares authorized250,000,000 250,000,000 
Number of shares issued and outstanding(a)
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock,
Series A (Series A Preferred Stock)		1,000,000 1,000,000 
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock,
Series B (Series B Preferred Stock)		500,000 500,000 
Fixed-Rate Reset Cumulative Perpetual Preferred Stock,
Series C (Series C Preferred Stock)		500,000 500,000 
_________________
(a)Issued at a liquidation preference of $1,000 per share.
During both the six months ended June 30, 2025 and 2024, we paid dividends of $29 million to holders of record of our Series A Preferred Stock, $16 million to holders of record of our Series B Preferred Stock, and $14 million to holders of record of our Series C Preferred Stock.
On June 20, 2025, our Board of Directors declared a dividend of $28.75 per share, $29 million in the aggregate, on our Series A Preferred Stock, a dividend of $32.50 per share, $16 million in the aggregate, on our Series B Preferred Stock, and a dividend of $28.50 per share, $14 million in the aggregate, on our Series C Preferred Stock, payable on September 30, 2025 to holders of record at September 15, 2025. Accordingly, $59 million has been set aside for payment of these dividends.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following table summarizes the significant components of accumulated other comprehensive income (loss):
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Unrealized gain (loss) on hedges
Beginning balance$(13)$23 $77 $(3)
Change in value of hedges, net of tax
(5)(9)(96)17 
Ending balance$(18)$14 $(18)$14 
Foreign currency translation adjustment
Beginning balance$(1,546)$(1,270)$(1,609)$(1,206)
Translation gain (loss)142 (159)205 (224)
Ending balance$(1,404)$(1,429)$(1,404)$(1,429)
Note 11. Income Taxes
We are included in GM’s consolidated U.S. federal income tax return and certain states’ income tax returns. Net operating losses and certain tax credits generated by us have been utilized by GM; however, income tax expense and deferred tax balances are presented in our financial statements as if we filed our own tax returns in each jurisdiction. Refer to Note 1 for additional information on the Act, which became law subsequent to June 30, 2025, and to Note 2 for further information on related party taxes.
Note 12. Segment Reporting
We analyze the results of our business through the following reportable segments: North America and International. Our chief operating decision-maker, the President and Chief Executive Officer, evaluates the operating results through reportable segment income before income taxes. This financial metric is used to review operating trends, perform analytical comparisons between periods and among geographic regions, and to monitor budget-to-actual variances on a monthly basis in order to assess performance and allocate resources.
Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China. The management of each segment is responsible for executing our strategies.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Three Months Ended June 30, 2025
North AmericaInternationalTotal
Revenue from reportable segments$3,852 $391 $4,243 
Reconciliation of revenue
Other revenue(a)
12 
Total revenue
$4,255 
Costs and expenses(b)
Salaries and benefits251 38 
Leased vehicle depreciation1,215 20 
(Gain) loss on termination of leased vehicles
(191)— 
Provision for loan losses314 40 
Interest expense1,462 176 
GM Protection claim losses13 — 
Other segment items(c)
148 52 
Equity income
— 16 
Reportable segment income before income taxes
$640 $81 $720 
Reconciliation to income before income taxes
Other loss(d)
(17)
Income before income taxes
$704 
Three Months Ended June 30, 2024
North AmericaInternationalTotal
Revenue from reportable segments$3,527 $387 $3,914 
Reconciliation of revenue
Other revenue(a)
4 
Total revenue
$3,918 
Costs and expenses(b)
Salaries and benefits242 39 
Leased vehicle depreciation1,162 19 
(Gain) loss on termination of leased vehicles
(215)— 
Provision for loan losses150 24 
Interest expense1,315 170 
GM Protection claim losses7 — 
Other segment items(c)
121 58 
Equity income
— 14 
Reportable segment income before income taxes
$745 $90 $835 
Reconciliation to income before income taxes
Other loss(d)
(13)
Income before income taxes
$822 
________________
(a)Revenue from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
(b)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision-maker.
(c)Other segment items for each reportable segment primarily include professional fees, supplies and equipment, occupancy costs, depreciation and amortization, and commission expense.
(d)Income/loss from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Six Months Ended June 30, 2025
North AmericaInternationalTotal
Revenue from reportable segments$7,630 $768 $8,398 
Reconciliation of revenue
Other revenue(a)
21 
Total revenue
$8,419 
Costs and expenses(b)
Salaries and benefits523 76 
Leased vehicle depreciation2,400 38 
(Gain) loss on termination of leased vehicles
(347)— 
Provision for loan losses606 76 
Interest expense2,887 349 
GM Protection claim losses23 — 
Other segment items(c)
274 101 
Equity income
— 28 
Reportable segment income before income taxes
$1,265 $156 $1,421 
Reconciliation to income before income taxes
Other loss(d)
(32)
Income before income taxes
$1,389 
Six Months Ended June 30, 2024
North AmericaInternationalTotal
Revenue from reportable segments$6,942 $781 $7,723 
Reconciliation of revenue
Other revenue(a)
6 
Total revenue
$7,729 
Costs and expenses(b)
Salaries and benefits497 76 
Leased vehicle depreciation2,387 38 
Gain on termination of leased vehicles
(417)— 
Provision for loan losses321 57 
Interest expense2,544 337 
GM Protection claim losses12 — 
Other segment items(c)
218 114 
Equity income— 45 
Reportable segment income before income taxes$1,380 $204 $1,584 
Reconciliation to income before income taxes
Other loss(d)
(25)
Income before income taxes
$1,559 
________________
(a)Revenue from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
(b)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision-maker.
(c)Other segment items for each reportable segment primarily include professional fees, supplies and equipment, occupancy costs, depreciation and amortization, and commission expense.
(d)Income/loss from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following table presents certain balance sheet information by segment:
June 30, 2025December 31, 2024
North AmericaInternationalTotalNorth AmericaInternationalTotal
Finance receivables, net$84,779 $7,060 $91,840 $87,084 $6,426 $93,510 
Leased vehicles, net$32,760 $436 $33,196 $31,236 $350 $31,586 
Assets from reportable segments$134,386 $10,029 $144,414 $131,643 $9,254 $140,897 
Other assets(a)
162 .134 
Total assets$144,576 .$141,030 
______________
(a)Assets from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
Note 13. Regulatory Capital and Other Regulatory Matters
We are required to comply with a wide variety of laws and regulations. Certain of our entities operate in international markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that certain of these entities meet minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory capital requirements as most recently reported. Total assets of our regulated international banks and finance companies were approximately $8.3 billion and $7.5 billion at June 30, 2025 and December 31, 2024.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-looking statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of this MD&A, the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (SEC) on January 28, 2025 (2024 Form 10-K), and the "Risk Factors" section of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the SEC on May 1, 2025 for a discussion of these risks and uncertainties.
Basis of Presentation
This MD&A should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto and the audited consolidated financial statements and notes thereto included in our 2024 Form 10-K.
Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Average balances are calculated using daily balances, where available. Otherwise, average balances are calculated using monthly balances.
Recent Developments
In the first quarter of 2025, the U.S. Government announced new tariffs, including some tariffs specifically related to the automotive industry. The tariff environment remains highly dynamic. Refer to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 for a full discussion of the risks associated with the U.S. tariff environment.
On July 4, 2025, the Act was signed into law. Key provisions of the Act include the permanent extension of certain expiring provisions of the TCJA and an accelerated phase-out or elimination of most clean energy tax credits that were originally expanded under the IRA, such as the Commercial Clean Vehicle Credit which is set to expire on September 30, 2025. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $10,000 per year in interest on new, U.S.-assembled personal vehicles purchased between 2025 and 2028. We are currently unable to estimate the financial impact of the Act.
Results of Operations
Key Drivers Income before income taxes for the six months ended June 30, 2025 and 2024 was $1.4 billion and $1.6 billion. Changes in key drivers of income before income taxes include the following:
•Finance charge income on retail finance receivables increased $396 million primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations.
•Leased vehicle income increased $239 million primarily due to an increase in the average balance of the leased vehicles portfolio.
•Interest expense increased $354 million primarily due to an increase in the average debt outstanding, as well as an increase in the effective rate of interest on our debt, resulting from higher benchmark rates on new issuances relative to maturing debt.
•Leased vehicle expenses increased $86 million primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025.
•Provision for loan losses increased $304 million primarily due to increased loan origination volume.
For the year ending December 31, 2025, we expect to recognize income before income taxes in the $2.5 billion to $3.0 billion range.
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Three Months Ended June 30, 2025 compared to Three Months Ended June 30, 2024
Average Earning Assets
Three Months Ended June 30,2025 vs. 2024
20252024AmountPercentage
Average retail finance receivables$77,577 $73,553 $4,024 5.5 %
Average commercial finance receivables16,628 15,858 769 4.9 %
Average finance receivables94,205 89,411 4,793 5.4 %
Average leased vehicles, net32,786 30,203 2,582 8.6 %
Average earning assets$126,990 $119,614 $7,376 6.2 %
Retail finance receivables purchased$9,534 $8,623 $911 10.6 %
Leased vehicles purchased$5,398 $4,963 $435 8.8 %
Average retail finance receivables increased primarily due to new loan originations in excess of principal collections and payoffs. Our penetration of GM's retail sales in the U.S. was 34.4% and 37.5% for the three months ended June 30, 2025 and 2024. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.
Average commercial finance receivables increased primarily due to higher floorplan penetration. Our floorplan dealer penetration in the U.S. was 47.8% and 46.9% at June 30, 2025 and 2024.
Leased vehicles purchased increased primarily due to growth in GM sales and higher net capitalized cost, partially offset by lower lease sales mix.
RevenueThree Months Ended June 30,2025 vs. 2024
20252024AmountPercentage
Finance charge income
Retail finance receivables
$1,743 $1,548 $195 12.6 %
Commercial finance receivables
$305 $328 $(23)(7.1)%
Leased vehicle income
$1,940 $1,803 $137 7.6 %
Other income$267 $239 $28 11.7 %
Equity income
$16 $14 $2 13.5 %
Effective yield - retail finance receivables
9.0 %8.5 %
Effective yield - commercial finance receivables
7.3 %8.3 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.
Finance Charge Income - Commercial Finance Receivables Finance charge income on commercial finance receivables decreased primarily due to a decrease in the effective yield resulting from lower benchmark rates, partially offset by an increase in the size of the portfolio.
Leased Vehicle Income Leased vehicle income increased primarily due to an increase in the average balance of the leased vehicles portfolio.
Other Income Other income increased primarily due to growth in vehicle protection contract sales.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Costs and Expenses
Three Months Ended June 30,2025 vs. 2024
20252024AmountPercentage
Operating expenses$523 $479 $44 9.1 %
Leased vehicle expenses$1,052 $972 $80 8.2 %
Provision for loan losses$354 $174 $180 103.5 %
Interest expense$1,638 $1,485 $154 10.3 %
Average debt outstanding$117,686 $107,692 $9,994 9.3 %
Effective rate of interest on debt5.6 %5.5 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.7% and 1.6% for the three months ended June 30, 2025 and 2024.
Leased Vehicle Expenses Leased vehicle expenses increased primarily due to increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio.
Provision for Loan Losses Provision for loan losses increased primarily due to increased loan origination volume.
Interest Expense Interest expense increased primarily due to an increase in average debt outstanding, as well as a slight increase in the effective rate of interest on our debt.
Taxes Our consolidated effective income tax rates were 28.1% and 26.2% of income before income taxes and equity income for the three months ended June 30, 2025 and 2024.
Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $(5) million and $(9) million for the three months ended June 30, 2025 and 2024. The change in unrealized gain (loss) was primarily due to changes in the fair value of our foreign currency swap agreements.
Unrealized gains and losses on cash flow hedges of our floating rate debt are reclassified into earnings in the same period during which the hedged transactions affect earnings via principal remeasurement or accrual of interest expense.
Foreign Currency Translation Adjustment Foreign currency translation adjustments included in other comprehensive income (loss) were $142 million and $(159) million for the three months ended June 30, 2025 and 2024. Translation adjustments resulted from changes in the values of our international currency-denominated assets and liabilities as the value of the U.S. Dollar changed in relation to international currencies. The foreign currency translation gain for the three months ended June 30, 2025 was primarily due to appreciating values of the Mexican Peso, Canadian Dollar, Brazilian Real, and Chinese Yuan Renminbi in relation to the U.S. Dollar. The foreign currency translation loss for the three months ended June 30, 2024 was primarily due to depreciating values of the Mexican Peso and Brazilian Real in relation to the U.S. Dollar.
Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024
Average Earning Assets
Six Months Ended June 30,2025 vs. 2024
20252024AmountPercentage
Average retail finance receivables$77,264 $73,199 $4,065 5.6 %
Average commercial finance receivables17,392 15,003 2,389 15.9 %
Average finance receivables94,656 88,202 6,454 7.3 %
Average leased vehicles, net32,381 30,284 2,098 6.9 %
Average earning assets$127,038 $118,486 $8,552 7.2 %
Retail finance receivables purchased$19,098 $16,952 $2,146 12.7 %
Leased vehicles purchased$10,382 $9,271 $1,111 12.0 %
Average retail finance receivables increased primarily due to new loan originations in excess of principal collections and payoffs. Our penetration of GM's retail sales in the U.S. was 35.4% and 38.6% for the six months ended June 30, 2025 and 2024. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.
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Average commercial finance receivables increased primarily due to higher floorplan penetration. Our floorplan dealer penetration in the U.S. was 47.8% and 46.9% at June 30, 2025 and 2024.
Leased vehicles purchased increased primarily due to growth in GM sales and higher net capitalized cost, partially offset by lower lease sales mix.
RevenueSix Months Ended June 30,2025 vs. 2024
20252024AmountPercentage
Finance charge income
Retail finance receivables
$3,437 $3,041 $396 13.0 %
Commercial finance receivables
$636 $621 $15 2.4 %
Leased vehicle income
$3,842 $3,603 $239 6.6 %
Other income$503 $464 $39 8.5 %
Equity income
$28 $45 $(17)(38.1)%
Effective yield - retail finance receivables
9.0 %8.4 %
Effective yield - commercial finance receivables
7.4 %8.3 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.
Leased Vehicle Income Leased vehicle income increased primarily due to an increase in the average balance of the leased vehicles portfolio.
Other Income Other income increased primarily due to growth in vehicle protection contract sales.
Equity Income Equity income decreased primarily due to lower earning asset levels at our joint ventures in China.
Costs and Expenses
Six Months Ended June 30,2025 vs. 2024
20252024AmountPercentage
Operating expenses$1,035 $937 $98 10.5 %
Leased vehicle expenses$2,105 $2,019 $86 4.3 %
Provision for loan losses$682 $378 $304 80.4 %
Interest expense$3,235 $2,881 $354 12.3 %
Average debt outstanding$116,598 $106,465 $10,133 9.5 %
Effective rate of interest on debt5.6 %5.4 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets was 1.6% for both the six months ended June 30, 2025 and 2024.
Leased Vehicle Expenses Leased vehicle expenses increased primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025.
Provision for Loan Losses Provision for loan losses increased primarily due to increased loan origination volume.
Interest Expense Interest expense increased primarily due to an increase in average debt outstanding, as well as an increase in the effective rate of interest on our debt, resulting from higher benchmark rates on new issuances relative to maturing debt.
Taxes Our consolidated effective income tax rates were 27.9% and 27.2% of income before income taxes and equity income for the six months ended June 30, 2025 and 2024.
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Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $(96) million and $17 million for the six months ended June 30, 2025 and 2024. The change in unrealized gain (loss) was primarily due to changes in the fair value of our foreign currency swap agreements.
Unrealized gains and losses on cash flow hedges of our floating rate debt are reclassified into earnings in the same period during which the hedged transactions affect earnings via principal remeasurement or accrual of interest expense.
Foreign Currency Translation Adjustment Foreign currency translation adjustments included in other comprehensive income (loss) were $205 million and $(224) million for the six months ended June 30, 2025 and 2024. Translation adjustments resulted from changes in the values of our international currency-denominated assets and liabilities as the value of the U.S. Dollar changed in relation to international currencies. The foreign currency translation gain for the six months ended June 30, 2025 was primarily due to appreciating values of the Brazilian Real, Mexican Peso, Canadian Dollar, and Chinese Yuan Renminbi in relation to the U.S. Dollar. The foreign currency translation loss for the six months ended June 30, 2024 was primarily due to depreciating values of the Brazilian Real, Mexican Peso, Chinese Yuan Renminbi and Canadian Dollar in relation to the U.S. Dollar.
Earning Assets Quality
Retail Finance Receivables Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. A summary of the credit risk profile by FICO score or its equivalent, determined at origination, of the retail finance receivables is as follows:
June 30, 2025December 31, 2024
 AmountPercentAmountPercent
Prime - FICO Score 680 and greater$59,196 76.1 %$58,067 76.3 %
Near-prime - FICO Score 620 to 6799,306 12.0 8,990 11.8 
Sub-prime - FICO Score less than 6209,335 12.0 9,008 11.8 
Retail finance receivables77,837 100.0 %76,066 100.0 %
Less: allowance for loan losses(2,630)(2,400)
Retail finance receivables, net$75,207 $73,667 
Number of outstanding contracts3,295,341 3,285,728 
Average amount of outstanding contracts (in dollars)(a)
$23,620 $23,151 
Allowance for loan losses as a percentage of retail finance receivables3.4 %3.2 %
_________________ 
(a)Average amount of outstanding contracts is calculated as retail finance receivables, divided by number of outstanding contracts.
Delinquency The following is a consolidated summary of delinquent retail finance receivables:
June 30, 2025June 30, 2024
AmountPercentAmountPercent
31 - 60 days$1,665 2.1 %$1,551 2.1 %
Greater than 60 days626 0.8 509 0.7 
Total finance receivables more than 30 days delinquent2,291 2.9 2,060 2.8 
In repossession71 0.1 64 0.1 
Total finance receivables more than 30 days delinquent or in repossession$2,362 3.0 %$2,124 2.9 %
Loan Modifications Loan modifications extended to borrowers experiencing financial difficulty were insignificant for the three and six months ended June 30, 2025 and 2024. Refer to Note 3 to our condensed consolidated financial statements for further information on loan modifications.
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Net Charge-offs The following table presents charge-off data with respect to our retail finance receivables portfolio:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Charge-offs$488 $411 $967 $816 
Less: recoveries(270)(222)(520)(434)
Net charge-offs$217 $189 $446 $382 
Net charge-offs as an annualized percentage of average retail finance receivables1.1 %1.0 %1.2 %1.0 %
Net charge-offs for the three and six months ended June 30, 2025 increased slightly compared to the same periods in 2024, consistent with our expectations of moderating credit performance.
Commercial Finance ReceivablesJune 30, 2025December 31, 2024
Commercial finance receivables$16,723 $19,901 
Less: allowance for loan losses
(91)(58)
Commercial finance receivables, net$16,633 $19,843 
Number of dealers2,525 2,537 
Average carrying amount per dealer$7 $8 
Allowance for loan losses as a percentage of commercial finance receivables0.5 %0.3 %
No commercial loans were modified for the three and six months ended June 30, 2025 and 2024. Substantially all of our commercial finance receivables were current with respect to payment status at June 30, 2025 and December 31, 2024.
Leased Vehicles The following table summarizes activity in our operating lease portfolio (in thousands, except where noted):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating leases purchased105 104 203 197 
Operating leases terminated99 114 192 233 
Operating leased vehicles returned(a)
20 26 45 54 
Percentage of leased vehicles returned(b)
21 %23 %23 %23 %
________________ 
(a)Represents the number of vehicles returned to us for remarketing.
(b)Calculated as the number of operating leased vehicles returned divided by the number of operating leases terminated.
The return rate is largely dependent on the level of used vehicle values at lease termination compared to contractual residual values at lease inception. The return rates continued to be lower than historical levels as used vehicle prices have generally remained higher than contractual residual values. Gains on terminations of leased vehicles were $191 million and $347 million for the three and six months ended June 30, 2025 compared to $215 million and $417 million for the same periods in 2024. The decrease in gains is primarily due to fewer terminated leases in 2025.
The following table summarizes the residual value based on our most recent estimates and the number of units included in leased vehicles, net by vehicle type (units in thousands):
June 30, 2025December 31, 2024
Residual ValueUnitsPercentage
of Units		Residual ValueUnitsPercentage
of Units
Crossovers$13,320 634 66.4 %$13,184 635 67.3 %
Trucks8,135 237 24.9 7,458 224 23.7 
SUVs2,477 55 5.7 2,260 53 5.6 
Cars561 29 3.0 590 31 3.3 
Total$24,493 954 100.0 %$23,492 943 100.0 %
At both June 30, 2025 and 2024, 99.4% of our operating leases were current with respect to payment status.
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Liquidity and Capital Resources
General Our primary sources of cash are finance charge income, leasing income and proceeds from the sale of terminated leased vehicles, net proceeds from credit facilities, securitizations, secured and unsecured borrowings, and collections and recoveries on finance receivables. Our expected material uses of cash are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt, funding credit enhancement requirements in connection with securitizations and secured credit facilities, interest costs, operating expenses, income taxes and dividend payments.
Typically, our purchase and funding of retail and commercial finance receivables and leased vehicles are initially financed by utilizing cash and borrowings on our secured credit facilities. Subsequently, we typically obtain long-term financing for finance receivables and leased vehicles through securitization transactions and the issuance of unsecured debt.
The following table summarizes our available liquidity:
LiquidityJune 30, 2025December 31, 2024
Cash and cash equivalents(a)
$8,403 $5,094 
Borrowing capacity on unpledged eligible assets25,748 21,548 
Borrowing capacity on committed unsecured lines of credit874 665 
Borrowing capacity on the Junior Subordinated Revolving Credit Facility1,000 1,000 
Borrowing capacity on the GM Revolving 364-Day Credit Facility2,000 2,000 
Available liquidity$38,025 $30,307 
_________________
(a)Includes $414 million and $389 million in unrestricted cash outside of the U.S. at June 30, 2025 and December 31, 2024, of which certain amounts are considered to be indefinitely invested based on specific plans for reinvestment.
At June 30, 2025, available liquidity increased from December 31, 2024, primarily due to increased available borrowing capacity on unpledged eligible assets, resulting from the issuance of securitization transactions and unsecured debt, and an increase in cash and cash equivalents. We generally target liquidity levels to support at least six months of our expected net cash outflows, including new originations, without access to new debt financing transactions or other capital markets activity. At June 30, 2025, available liquidity exceeded our liquidity targets.
Cash Flow The following table summarizes our cash flow activities.

Six Months Ended June 30,2025 vs. 2024
20252024
Net cash provided by (used in) operating activities$4,065 $3,214 $851 
Net cash provided by (used in) investing activities$(1,642)$(5,781)$4,139 
Net cash provided by (used in) financing activities$1,115 $4,760 $(3,645)
The following table summarizes our net cash provided by (used in) operating activities. For further detail on our net cash provided by (used in) investing and financing activities, please refer to the Condensed Consolidated Statements of Cash Flows.
Six Months Ended June 30,2025 vs. 2024
Operating Activities20252024
Net income (loss)$1,009 $1,147 $(138)
Depreciation and amortization2,629 2,626 3 
Accretion and amortization of loan and leasing fees(811)(728)(83)
Provision for loan losses682 378 304 
Other non-cash income(518)(488)(30)
Changes in assets and liabilities
867 (7)874 
Deferred income taxes207 287 (80)
Net cash provided by (used in) operating activities$4,065 $3,214 $851 
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Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Rating, Moody’s Investors Service and Standard & Poor’s. The credit ratings assigned to us from all the credit rating agencies are closely associated with their opinions on GM. As of July 15, 2025, all credit ratings remained unchanged since December 31, 2024.
Credit Facilities In the normal course of business, in addition to using our available cash, we fund our operations by borrowing under our credit facilities, which may be secured and/or structured as securitizations or may be unsecured. We repay these borrowings as appropriate under our liquidity management strategy.
At June 30, 2025, credit facilities consist of the following:
Facility TypeFacility AmountAdvances Outstanding
Revolving retail asset-secured facilities(a)
$22,969 $1,194 
Revolving commercial asset-secured facilities(b)
4,482 371 
Total secured27,451 1,564 
Unsecured committed facilities927 53 
Unsecured uncommitted facilities(c)
2,086 2,086 
Total unsecured3,013 2,140 
Junior Subordinated Revolving Credit Facility1,000 — 
GM Revolving 364-Day Credit Facility2,000 — 
Total $33,464 $3,704 
_________________
(a)Includes committed and uncommitted revolving credit facilities backed by retail finance receivables and leases. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had no advances outstanding and $580 million in unused borrowing capacity on these uncommitted facilities at June 30, 2025.
(b)Includes revolving credit facilities backed by loans to dealers for floorplan financing.
(c)The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $1.9 billion in unused borrowing capacity on these facilities at June 30, 2025.
Refer to Note 6 to our condensed consolidated financial statements for further discussion.
Securitization Notes Payable We periodically finance our retail and commercial finance receivables and leases through public and private term securitization transactions, where the securitization markets are sufficiently developed.
Our securitizations and credit facilities generally utilize special purpose entities, which are also variable interest entities that meet the requirements to be consolidated in our financial statements. Refer to Note 7 to our condensed consolidated financial statements for further discussion.
Unsecured Debt We periodically access the unsecured debt capital markets through the issuance of senior unsecured notes. At June 30, 2025, the aggregate principal amount of our outstanding unsecured senior notes was $57.4 billion.
We issue other unsecured debt through demand notes, commercial paper and other bank and non-bank funding sources. At June 30, 2025, we had $3.6 billion outstanding in demand notes and $3.2 billion under the U.S. commercial paper program.
Support Agreement - Leverage Ratio Our earning assets leverage ratio calculated in accordance with the terms of the support agreement with GM (the Support Agreement) was 8.95x and 9.24x at June 30, 2025 and December 31, 2024, and the applicable leverage ratio threshold was 12.00x. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting.
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Asset and Liability Maturity Profile We define our asset and liability maturity profile as the cumulative maturities of our finance receivables, investment in leased vehicles, net of accumulated depreciation, cash and cash equivalents and other assets less our cumulative debt maturities. We manage our balance sheet so that asset maturities will exceed debt maturities each year. The following chart presents our cumulative maturities for assets and debt at June 30, 2025:
2025202620272028 and Thereafter
Encumbered assets$12,210 $35,936 $53,083 $70,813 
Unencumbered assets41,662 58,923 70,819 73,763 
Total assets53,872 94,859 123,903 144,576 
Secured debt8,784 25,853 38,190 50,944 
Unsecured debt11,003 21,141 32,814 68,637 
Total debt(a)
19,787 46,995 71,003 119,581 
Net excess liquidity$34,085 $47,865 $52,900 $24,995 
_________________ 
(a)Excludes unamortized debt premium/(discount), unamortized debt issuance costs and fair value adjustments.
Non-GAAP Measures
Net Income Attributable to Common Shareholder - adjusted We use net income attributable to common shareholder - adjusted, a non-GAAP measure, to calculate our return on average tangible common equity - adjusted because it excludes certain adjustments that are not considered part of our core operations. It is calculated by subtracting the dividends paid to preferred shareholders from net income, after any adjustments.
The following table presents our reconciliation of net income attributable to common shareholder - adjusted to net income, the most directly comparable GAAP measure:
Four Quarters Ended
June 30, 2025June 30, 2024
Net income attributable to common shareholder$1,604 $2,118 
Adjustment - impairment charge(a)
320 — 
Net income attributable to common shareholder - adjusted$1,924 $2,118 
______________ 
(a)This impairment charge was to write down our SAIC-GMAC equity investment to its fair value.
Return on Average Common Equity Return on average common equity is a generally accepted accounting principles (GAAP) measure widely used to measure earnings in relation to invested capital. We calculate return on average common equity as net income attributable to common shareholder divided by average common equity. Our return on average common equity decreased to 11.8% for the four quarters ended June 30, 2025 from 15.5% for the four quarters ended June 30, 2024, primarily due to lower earnings driven by the $320 million impairment charge on our SAIC-GMAC equity investment recorded in the three months ended December 2024.
Return on Average Tangible Common Equity - adjusted We use return on average tangible common equity - adjusted, a non-GAAP measure, to measure our contribution to GM's enterprise profitability and cash flows. We calculate average tangible common equity - adjusted as net income attributable to common shareholder - adjusted divided by average tangible common equity. Our return on average tangible common equity - adjusted decreased to 15.5% for the four quarters ended June 30, 2025 from 17.0% for the four quarters ended June 30, 2024.
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The following table presents our reconciliation of return on average tangible common equity - adjusted to return on average common equity, the most directly comparable GAAP measure:
Four Quarters Ended
June 30, 2025June 30, 2024
Net income attributable to common shareholder - adjusted
$1,924 $2,118 
Average equity$15,574 $15,623 
Less: average preferred equity(1,969)(1,969)
Average common equity13,605 13,654 
Less: average goodwill and intangible assets(1,173)(1,182)
Average tangible common equity$12,432 $12,472 
Return on average common equity
11.8 %15.5 %
Return on average tangible common equity - adjusted
15.5 %17.0 %
Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures have limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. These non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve our return on average tangible common equity. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. For these reasons, we believe these non-GAAP measures are useful to our investors.
Critical Accounting Estimates
The preparation of condensed financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amount of revenue and expenses in the periods presented. Actual results could differ from those estimates, due to inherent uncertainties in making estimates, and those differences may be material. The critical accounting estimates that affect the condensed consolidated financial statements and the judgment and assumptions used are consistent with those described in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Form 10-K.
Forward-Looking Statements
This report contains several "forward-looking statements." Forward-looking statements are those that use words such as "believe," "expect," "intend," "plan," "may," "likely," "should," "estimate," "continue," "future" or "anticipate" and other comparable expressions. These words indicate future events and trends. Forward-looking statements are our current views with respect to future events and financial performance. These forward-looking statements are subject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or from those anticipated by us. The most significant risks are detailed from time to time in our filings and reports with the SEC, including our 2024 Form 10-K and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the SEC on May 1, 2025. It is advisable not to place undue reliance on our forward-looking statements. We undertake no obligation to, and do not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.
The following factors are among those that may cause actual results to differ materially from historical results or from the forward-looking statements:
•GM's ability to produce and sell new vehicles that we finance in the markets we serve;
•uncertainty regarding the impact of tariffs on the automotive industry, GM’s business, and the general economy, including the financial health of our borrowers;
•dealers' effectiveness in marketing our financial products to consumers;
•the viability of GM-franchised dealers that are commercial loan customers;
•the sufficiency, availability and cost of sources of financing, including credit facilities, securitization programs and secured and unsecured debt issuances;
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•the adequacy of our underwriting criteria for loans and leases and the level of net charge-offs, delinquencies and prepayments on the loans and leases we purchase or originate;
•our ability to effectively manage capital or liquidity consistent with evolving business, operational or financing needs, risk management standards and regulatory or supervisory requirements;
•the adequacy of our allowance for loan losses on our finance receivables;
•our ability to maintain and expand our market share due to competition in the automotive finance industry from a large number of banks, credit unions, independent finance companies and other captive automotive finance subsidiaries;
•changes in the automotive industry that result in a change in demand for vehicles and related vehicle financing;
•the effect, interpretation or application of new or existing laws, regulations, court decisions, legal proceedings and accounting pronouncements;
•adverse determinations with respect to the application of existing laws, or the results of any audits from tax authorities, as well as changes in tax laws and regulations, supervision, enforcement and licensing across various jurisdictions;
•the prices at which used vehicles are sold in the wholesale auction markets;
•vehicle return rates, our ability to estimate residual value at lease inception and the residual value performance on vehicles we lease;
•interest rate fluctuations and certain related derivatives exposure, including risks from our hedging activities;
•our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;
•uncertainties associated with benchmark interest rates;
•our ability to attract and retain qualified employees;
•pandemics, epidemics, disease outbreaks and other public health crises;
•our ability to secure private data, proprietary information, manage risks related to security breaches, cyberattacks and other disruptions to networks and systems owned or maintained by us or third parties and comply with enterprise data regulations in all key market regions;
•foreign currency exchange rate fluctuations and other risks applicable to our operations outside of the U.S.;
•changes in tax regulations and earnings forecasts could prevent full utilization of available tax incentives and tax credits;
•changes in local, regional, national or international economic, social or political conditions; and
•impact and uncertainties related to climate-related events and climate change legislation.
If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected.
Available Information
Our internet website is www.gmfinancial.com. Our website contains detailed information about us and our subsidiaries. Our Investor Center website at https://investor.gmfinancial.com contains a significant amount of information about our Company, including financial and other information for investors. We encourage the public to visit our website, as we frequently update and post new information about the Company on our website, and it is possible that this information could be deemed to be material information. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.
Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments to those reports, are available free of charge on our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. These reports can also be found on the SEC website at www.sec.gov.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our exposure to market risk since December 31, 2024. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2024 Form 10-K.        
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Item 4. Controls and Procedures
Disclosure Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer (CEO) and principal financial officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.
Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of June 30, 2025, as required by paragraph (b) of Rules 13a-15 or 15d-15. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025.
Changes in Internal Control over Financial Reporting There have not been any changes in our internal control over financial reporting during the three months ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II
Item 1. Legal Proceedings
Refer to Note 9 to our condensed consolidated financial statements for information relating to legal proceedings.
Item 1A. Risk Factors
We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 2024 Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.
Item 6. Exhibits
3.1Incorporated by Reference
3.2Incorporated by Reference
4.1Incorporated by Reference
31.1Filed Herewith
31.2
Filed Herewith
32
Furnished Herewith
101
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Shareholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements
Filed Herewith
104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, formatted as iXBRL and contained in Exhibit 101
Filed Herewith
*  *  *  *  *  *  *
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 General Motors Financial Company, Inc.
 (Registrant)
Date:July 22, 2025 By:
/S/    RICHARD A. GOKENBACH, JR.
 
Richard A. Gokenbach, Jr.
 Executive Vice President and
 Chief Financial Officer
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