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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 March 31, 2021
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 May 4, 2021, 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 (Unaudited)
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. Summary of Significant Accounting Policies
Note 2. Related Party Transactions
Note 3. Finance Receivables
Note 4. Leased Vehicles
Note 5. Equity in Net Assets of Non-consolidated 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


GENERAL MOTORS FINANCIAL COMPANY, INC.
PART I
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts) (unaudited)
 March 31, 2021December 31, 2020
ASSETS
Cash and cash equivalents$6,343 $5,063 
Finance receivables, net (Note 3; Note 7 VIEs)
58,585 58,390 
Leased vehicles, net (Note 4; Note 7 VIEs)
40,343 39,819 
Goodwill1,169 1,173 
Equity in net assets of non-consolidated affiliates (Note 5)
1,630 1,581 
Related party receivables (Note 2)
669 643 
Other assets (Note 7 VIEs)
6,451 7,156 
Total assets$115,190 $113,825 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 6; Note 7 VIEs)
$39,965 $39,982 
Unsecured debt (Note 6)
53,730 52,443 
Deferred income2,989 3,048 
Related party payables (Note 2)
210 269 
Other liabilities4,496 4,485 
Total liabilities101,390 100,227 
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 capital8,650 8,642 
Accumulated other comprehensive loss(1,332)(1,309)
Retained earnings6,482 6,265 
Total shareholders' equity13,800 13,598 
Total liabilities and shareholders' equity$115,190 $113,825 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions) (unaudited)
Three Months Ended March 31,
 20212020
Revenue
Finance charge income$1,016 $1,006 
Leased vehicle income2,321 2,463 
Other income70 92 
Total revenue3,407 3,561 
Costs and expenses
Operating expenses411 358 
Leased vehicle expenses1,244 1,697 
Provision for loan losses (Note 3)
(26)466 
Interest expense650 835 
Total costs and expenses2,279 3,356 
Equity income (Note 5)
54 25 
Income before income taxes1,182 230 
Income tax provision (Note 11)
304 63 
Net income 878 167 
Less: cumulative dividends on preferred stock30 23 
Net income attributable to common shareholder$848 $144 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions) (unaudited)
Three Months Ended March 31,
20212020
Net income $878 $167 
Other comprehensive loss, net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $(17), $39
49 (117)
Foreign currency translation adjustment(72)(426)
Other comprehensive loss, net of tax(23)(543)
Comprehensive income (loss)$855 $(376)
The accompanying notes are an integral part of these condensed consolidated financial statements.

2

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in millions) (unaudited)
Common StockPreferred StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTotal
Shareholders'
Equity
Balance at January 1, 2020$ $ $8,101 $(1,119)$5,744 $12,726 
Adoption of accounting standard— — — — (643)(643)
Net income
— — — — 167 167 
Other comprehensive loss— — — (543)— (543)
Stock based compensation
— — 9 — — 9 
Dividends paid (Note 10)
— — — — (400)(400)
Balance at March 31, 2020$ $ $8,110 $(1,662)$4,868 $11,316 
Balance at January 1, 2021$ $ $8,642 $(1,309)$6,265 $13,598 
Net income
— — — — 878 878 
Other comprehensive loss— — — (23)— (23)
Stock based compensation
— — 8 — — 8 
Dividends paid (Note 10)
— — — — (661)(661)
Balance at March 31, 2021$ $ $8,650 $(1,332)$6,482 $13,800 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (unaudited)
Three Months Ended March 31,
20212020
Cash flows from operating activities
Net income$878 $167 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization1,715 1,829 
Accretion and amortization of loan and leasing fees(410)(512)
Undistributed earnings of non-consolidated affiliates, net(54)(25)
Provision for loan losses(26)466 
Deferred income taxes216 46 
Stock-based compensation expense8 8 
Gain on termination of leased vehicles(416)(89)
Other operating activities23 48 
Changes in assets and liabilities:
Other assets48 (62)
Other liabilities(361)333 
Related party payables(96)4 
Net cash provided by operating activities1,525 2,213 
Cash flows from investing activities
Purchases of retail finance receivables, net(8,245)(6,435)
Principal collections and recoveries on retail finance receivables
5,749 4,890 
Net collections (funding) of commercial finance receivables2,079 (505)
Purchases of leased vehicles, net(6,066)(3,733)
Proceeds from termination of leased vehicles4,919 3,088 
Other investing activities(17)(15)
Net cash used in investing activities(1,581)(2,710)
Cash flows from financing activities
Net change in debt (original maturities less than three months)1,547 13 
Borrowings and issuances of secured debt8,720 16,259 
Payments on secured debt(8,663)(9,616)
Borrowings and issuances of unsecured debt4,385 3,243 
Payments on unsecured debt(3,879)(1,644)
Debt issuance costs(46)(28)
Dividends paid(661)(445)
Net cash provided by financing activities1,403 7,782 
Net increase in cash, cash equivalents and restricted cash 1,347 7,285 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(50)(159)
Cash, cash equivalents and restricted cash at beginning of period8,126 7,102 
Cash, cash equivalents and restricted cash at end of period$9,423 $14,228 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
March 31, 2021
Cash and cash equivalents$6,343 
Restricted cash included in other assets3,080 
Total $9,423 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Summary of Significant Accounting Policies
Basis of Presentation The condensed 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, 2020, as filed with the Securities and Exchange Commission (SEC) on February 10, 2021 (2020 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions.
The condensed consolidated financial statements at March 31, 2021, and for the three months ended March 31, 2021 and 2020, 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, 2020 was derived from audited annual financial statements.
Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (GM). We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments: North America (the North America Segment) and International (the International Segment). 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.
Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope", which amended Topic 848 reference rate reform to clarify the scope and availability of expedients for certain derivative instruments affected by reference rate reform. We have elected various optional expedients in Topic 848 related to hedging relationships and expect to make future elections related to contract modifications and other hedging relationships. The future election and application of these expedients are not expected to have a material impact on our consolidated financial statements.
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. We also offer commercial loans to dealers that are consolidated by GM and those balances are included in our 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 are included in GM's consolidated U.S. federal income tax returns and certain U.S. state returns, and we are obligated to pay GM for our share of tax liabilities. On January 25, 2021, we made a payment of $163 million to GM for state and federal income taxes for the years ended 2020, 2019 and 2018. Amounts owed to GM for income taxes are accrued and recorded as a related party payable. In addition, amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following tables present related party transactions:
Balance Sheet DataMarch 31, 2021December 31, 2020
Commercial finance receivables, net due from dealers consolidated by GM(a)
$313 $398 
Subvention receivable(b)
$668 $642 
Commercial loan funding payable(c)
$61 $23 
Taxes payable(c)
$148 $244 
Three Months Ended March 31,
Income Statement Data20212020
Interest subvention earned on retail finance receivables(d)
$179 $141 
Interest subvention earned on commercial finance receivables(d)
$9 $15 
Leased vehicle subvention earned(e)
$721 $805 
_________________
(a)Included in finance receivables, net.
(b)Included in related party receivables. We received subvention payments from GM of $1.0 billion and $1.1 billion for the three months ended March 31, 2021 and 2020.
(c)Included in related party payables.
(d)Included in finance charge income.
(e)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 to 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 from time to time.
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 (the Junior Subordinated Revolving Credit Facility), and GM agrees to use commercially reasonable efforts to ensure 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 $15.5 billion of GM's unsecured revolving credit facilities consisting of a three-year, $4.3 billion facility and a five-year, $11.2 billion facility. We also have exclusive access to the GM $2.0 billion 364-day revolving credit facility (GM Revolving 364-Day Credit Facility).
In April 2021, GM increased the total borrowing capacity of the five-year, $10.5 billion facility to $11.2 billion and extended the termination date for a $9.9 billion portion of the five-year facility by three years, now set to mature on April 18, 2026. The termination date of April 18, 2023 for the remaining portion of the five-year facility remains unchanged. GM also renewed and increased the total borrowing capacity of the three-year, $4.0 billion facility to $4.3 billion, which now matures on April 7, 2024, and renewed the GM Revolving 364-Day Credit Facility, which now matures on April 6, 2022. At March 31, 2021, we had no borrowings outstanding under any of the GM revolving credit facilities.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 3. Finance Receivables
March 31, 2021December 31, 2020
Retail finance receivables
Retail finance receivables, net of fees(a)
$53,397 $51,288 
Less: allowance for loan losses(1,784)(1,915)
Total retail finance receivables, net51,613 49,373 
Commercial finance receivables
Commercial finance receivables, net of fees(b)
7,023 9,080 
Less: allowance for loan losses(51)(63)
Total commercial finance receivables, net6,972 9,017 
Total finance receivables, net$58,585 $58,390 
Fair value utilizing Level 2 inputs$6,972 $9,017 
Fair value utilizing Level 3 inputs$53,524 $51,645 
________________
(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(b) Net of dealer cash management balances of $1.5 billion and $1.4 billion at March 31, 2021 and December 31, 2020.

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 March 31,
20212020
Allowance for retail loan losses beginning balance$1,915 $866 
Impact of adopting ASU 2016-13 801 
Provision for loan losses(13)456 
Charge-offs(253)(340)
Recoveries149 156 
Foreign currency translation(14)(60)
Allowance for retail loan losses ending balance$1,784 $1,879 
The allowance for retail loan losses decreased by $95 million as of March 31, 2021 compared to March 31, 2020, primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.
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 March 31, 2021 and December 31, 2020:
Year of OriginationMarch 31, 2021
 20212020201920182017PriorTotalPercent
Prime - FICO Score 680 and greater$5,554 $17,004 $6,171 $3,841 $1,565 $478 $34,613 64.8 %
Near-prime - FICO Score 620 to 6791,167 3,377 1,870 1,062 509 231 8,216 15.4 
Sub-prime - FICO Score less than 6201,227 3,516 2,611 1,517 994 703 10,568 19.8 
Retail finance receivables, net of fees$7,948 $23,897 $10,652 $6,420 $3,068 $1,412 $53,397 100.0 %
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Year of OriginationDecember 31, 2020
 20202019201820172016PriorTotalPercent
Prime - FICO Score 680 and greater$18,685 $7,033 $4,491 $1,917 $555 $119 $32,800 64.0 %
Near-prime - FICO Score 620 to 6793,695 2,097 1,232 603 225 83 7,935 15.4 
Sub-prime - FICO Score less than 6203,803 2,920 1,740 1,173 610 307 10,553 20.6 
Retail finance receivables, net of fees$26,183 $12,050 $7,463 $3,693 $1,390 $509 $51,288 100.0 %
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 delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2021 and December 31, 2020, as well as summary totals for March 31, 2020:
Year of OriginationMarch 31, 2021March 31, 2020
20212020201920182017PriorTotalPercentTotalPercent
0 - 30 days$7,934 $23,640 $10,363 $6,218 $2,927 $1,285 $52,367 98.1 %$40,886 96.2 %
31 - 60 days13 179 204 148 104 93 741 1.4 1,157 2.7 
Greater than 60 days1 68 75 48 34 31 257 0.5 441 1.1 
Finance receivables more than 30 days delinquent14 247 279 196 138 124 998 1.9 1,598 3.8 
In repossession 10 10 6 3 3 32  20  
Finance receivables more than 30 days delinquent or in repossession14 257 289 202 141 127 1,030 1.9 1,618 3.8 
Retail finance receivables, net of fees$7,948 $23,897 $10,652 $6,420 $3,068 $1,412 $53,397 100.0 %$42,504 100.0 %
Year of OriginationDecember 31, 2020
20202019201820172016PriorTotalPercent
0 - 30 days$25,894 $11,591 $7,131 $3,454 $1,249 $421 $49,740 97.0 %
31 - 60 days210 325 235 170 102 61 1,103 2.1 
Greater than 60 days72 123 90 64 37 26 412 0.8 
Finance receivables more than 30 days delinquent282 448 325 234 139 87 1,515 2.9 
In repossession7 11 7 5 2 1 33 0.1 
Finance receivables more than 30 days delinquent or in repossession289 459 332 239 141 88 1,548 3.0 
Retail finance receivables, net of fees$26,183 $12,050 $7,463 $3,693 $1,390 $509 $51,288 100.0 %
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $538 million and $714 million at March 31, 2021 and December 31, 2020.
Impaired Retail Finance Receivables - TDRs The outstanding amortized cost of retail finance receivables that are considered troubled debt restructurings (TDRs) was $2.1 billion at March 31, 2021, including $214 million in nonaccrual loans. Additional TDR activity is presented below:
Three Months Ended March 31,
20212020
Number of loans classified as TDRs during the period11,376 15,268 
Outstanding amortized cost of loans classified as TDRs during the period$234 $287 
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The unpaid principal balances, net of recoveries, of loans charged off during the reporting period within 12 months of being modified as a TDR were $14 million and $20 million for the three months ended March 31, 2021 and 2020.
Commercial Credit Quality Our commercial finance receivables consist of dealer financings, primarily for dealer inventory purchases. Proprietary models are used 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.
Our commercial 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 credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2021 and December 31, 2020:
Year of Origination(a)
March 31, 2021
Dealer Risk RatingRevolving20212020201920182017PriorTotalPercent
I
$5,380 $108 $538 $154 $66 $106 $49 $6,401 91.1 %
II
352 4 2 18 10 10 10 406 5.8
III
150 9 4 8 28 1 15 215 3.1
IV
1       1 
Balance at end of period$5,883 $121 $544 $180 $104 $117 $74 $7,023 100.0 %
________________
(a) Floorplan advances comprise 94% of the total revolving balance. Dealer term loans are presented by year of origination.
Year of Origination(a)
December 31, 2020
Dealer Risk Rating
Revolving20202019201820172016PriorTotalPercent
I
$7,210 $579 $179 $77 $110 $43 $19 $8,217 90.5 %
II
508 2 18 11 15 18 34 606 6.7
III
203  8 29 2 11  253 2.8
IV
      4 4 
Balance at end of period$7,921 $581 $205 $117 $127 $72 $57 $9,080 100.0 %
________________
(a) Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination.
At March 31, 2021, 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 months ended March 31, 2021 and 2020. There were no commercial finance receivables on non-accrual status and none were classified as TDRs at March 31, 2021.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 4. Leased Vehicles
March 31, 2021December 31, 2020
Leased vehicles$59,062 $58,915 
Manufacturer subvention(8,776)(8,915)
Net capitalized cost50,286 50,000 
Less: accumulated depreciation(9,943)(10,181)
Leased vehicles, net$40,343 $39,819 
Depreciation expense related to leased vehicles, net was $1.7 billion and $1.8 billion in the three months ended March 31, 2021 and 2020.
The following table summarizes minimum rental payments due to us as lessor under operating leases at March 31, 2021:
Years Ending December 31,
20212022202320242025ThereafterTotal
Lease payments under operating leases
$4,824 $4,420 $2,049 $254 $7 $ $11,554 
Note 5. Equity in Net Assets of Non-consolidated Affiliates
We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.
There have been no ownership changes in our joint ventures since December 31, 2020. The following table presents certain aggregated operating data of our joint ventures:
Three Months Ended March 31,
Summarized Operating Data20212020
Finance charge income$430 $359 
Income before income taxes$203 $96 
Net income$153 $72 
At March 31, 2021 and December 31, 2020, we had undistributed earnings of $701 million and $647 million related to our non-consolidated affiliates.
Note 6. Debt
March 31, 2021December 31, 2020
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt
Revolving credit facilities$1,594 $1,595 $3,733 $3,735 
Securitization notes payable38,371 38,697 36,249 36,645 
Total secured debt39,965 40,292 39,982 40,380 
Unsecured debt
Senior notes47,983 49,875 46,798 48,922 
Credit facilities1,283 1,278 1,535 1,531 
Other unsecured debt4,464 4,468 4,110 4,115 
Total unsecured debt53,730 55,621 52,443 54,568 
Total secured and unsecured debt$93,695 $95,913 $92,425 $94,948