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(“GM Financial” or the “Company”) announced net income of $558 million for the quarter ended September 30, 2023, compared to $571 million for the quarter ended June 30, 2023, and $688 million for the quarter ended September 30, 2022. Net income for the nine months ended September 30, 2023 was $1.7 billion, compared to $2.5 billion for the nine months ended September 30, 2022.

Retail loan originations were $9.5 billion for the quarter ended September 30, 2023, compared to $9.1 billion for the quarter ended June 30, 2023, and $9.4 billion for the quarter ended September 30, 2022. Retail loan originations for the nine months ended September 30, 2023 were $27.7 billion, compared to $26.4 billion for the nine months ended September 30, 2022. The outstanding balance of retail finance receivables, net of fees was $71.7 billion at September 30, 2023, compared to $69.7 billion at June 30, 2023 and $63.5 billion at September 30, 2022.

Operating lease originations were $4.3 billion for the quarter ended September 30, 2023, compared to $4.6 billion for the quarter ended June 30, 2023, and $3.5 billion for the quarter ended September 30, 2022. Operating lease originations for the nine months ended September 30, 2023 were $12.8 billion, compared to $10.9 billion for the nine months ended September 30, 2022. Leased vehicles, net was $31.1 billion at September 30, 2023, compared to $31.6 billion at June 30, 2023 and $33.8 billion at September 30, 2022.

The outstanding balance of commercial finance receivables, net of fees was $12.2 billion at September 30, 2023, compared to $11.5 billion at June 30, 2023 and $9.5 billion at September 30, 2022.

Retail finance receivables 31-60 days delinquent were 2.0% of the portfolio at September 30, 2023 and 1.9% at September 30, 2022. Accounts more than 60 days delinquent were 0.7% of the portfolio at September 30, 2023 and 0.6% at September 30, 2022.

Annualized net charge-offs were 1.0% of average retail finance receivables for the quarter ended September 30, 2023 and 0.7% for the quarter ended September 30, 2022. For the nine months ended September 30, 2023, annualized net charge-offs were 0.9%, compared to 0.7% for the nine months ended September 30, 2022.

The Company had total available liquidity of $29.7 billion at September 30, 2023, consisting of $4.1 billion of cash and cash equivalents, $22.1 billion of borrowing capacity on unpledged eligible assets, $0.6 billion of borrowing capacity on committed unsecured lines of credit, $1.0 billion of borrowing capacity on the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity on the GM Revolving 364-Day Credit Facility.

Earnings resulting from the Company's equity investment in joint ventures that conduct automotive finance operations in China were $33 million for the quarter ended September 30, 2023, compared to $37 million for the quarter ended June 30, 2023 and $44 million for the quarter ended September 30, 2022. Earnings for the nine months ended September 30, 2023 were $111 million, compared to $148 million for the nine months ended September 30, 2022.

General Motors Financial Company, Inc. is the wholly owned captive finance subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. Additional materials addressing the Company’s results of operations for the quarter ended September 30, 2023 can be accessed via the Investor Relations section of the Company’s website at https://investor.gmfinancial.com.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
Finance charge income	$	1,621	$	1,158	$	4,480	$	3,230
Leased vehicle income	1,820		1,912		5,458		5,967
Other income	200		118		543		292
Total revenue	3,641		3,187		10,481		9,489
Costs and expenses
Operating expenses	461		436		1,359		1,202
Leased vehicle expenses	998		939		3,048		2,650
Provision for loan losses	235		180		533		500
Interest expense	1,240		764		3,374		1,984
Total costs and expenses	2,933		2,320		8,314		6,336
Equity income	33		44		111		148
Income before income taxes	741		911		2,278		3,301
Income tax provision	184		223		565		822
Net income (loss)	558		688		1,713		2,479
Less: cumulative dividends on preferred stock	30		30		89		89
Net income (loss) attributable to common shareholder	$	528	$	659	$	1,624	$	2,390


	September 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	4,112	$	4,005
Finance receivables, net of allowance for loan losses $2,258 and $2,096	81,650		74,514
Leased vehicles, net	31,061		32,701
Goodwill and intangible assets	1,182		1,171
Equity in net assets of nonconsolidated affiliates	1,691		1,665
Related party receivables	869		495
Other assets	9,423		7,995
Total assets	$	129,986	$	122,545
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt	$	45,271	$	42,131
Unsecured debt	57,244		54,723
Deferred income	2,308		2,248
Related party payables	477		115
Other liabilities	9,274		8,318
Total liabilities	114,574		107,535
Total shareholders' equity	15,412		15,010
Total liabilities and shareholders' equity	$	129,986	$	122,545


	Three Months Ended September 30,				Nine Months Ended September 30,
Originations	2023		2022		2023		2022

Retail finance receivables originations	$	9,499	$	9,396	$	27,705	$	26,431
Lease originations	$	4,323	$	3,503	$	12,834	$	10,915


	Three Months Ended September 30,				Nine Months Ended September 30,
Average Earning Assets	2023		2022		2023		2022

Average retail finance receivables	$	70,881	$	62,549	$	68,740	$	60,614
Average commercial finance receivables	11,760		8,200		11,179		7,655
Average finance receivables	82,641		70,749		79,919		68,269
Average leased vehicles, net	31,326		34,581		31,771		35,943
Average earning assets	$	113,967	$	105,330	$	111,690	$	104,212


Ending Earning Assets	September 30, 2023		December 31, 2022

Retail finance receivables, net of fees	$	71,704	$	65,322
Commercial finance receivables, net of fees	12,204		11,288
Leased vehicles, net	31,061		32,701
Ending earning assets	$	114,969	$	109,311


Finance Receivables	September 30, 2023		December 31, 2022

Retail
Retail finance receivables, net of fees	$	71,704	$	65,322
Less: allowance for loan losses	(2,224)		(2,062)
Total retail finance receivables, net	69,480		63,260
Commercial
Commercial finance receivables, net of fees	12,204		11,288
Less: allowance for loan losses	(34)		(34)
Total commercial finance receivables, net	12,170		11,254
Total finance receivables, net	$	81,650	$	74,514


Allowance for Loan Losses	September 30, 2023		December 31, 2022

Allowance for loan losses as a percentage of retail finance receivables, net of fees	3.1	%	3.2	%
Allowance for loan losses as a percentage of commercial finance receivables, net of fees	0.3	%	0.3	%


Delinquencies	September 30, 2023		September 30, 2022

Loan delinquency as a percentage of ending retail finance receivables:
31 - 60 days	2.0	%	1.9	%
Greater than 60 days	0.7		0.6
Total	2.7	%	2.5	%


	Three Months Ended September 30,						Nine Months Ended September 30,
Charge-offs and Recoveries	2023			2022			2023			2022

Charge-offs	$	366		$	289		$	1,012		$	811
Less: recoveries	(196)			(171)			(573)			(510)
Net charge-offs	$	171		$	118		$	439		$	301
Net charge-offs as an annualized percentage of average retail finance receivables	1.0		%	0.7		%	0.9		%	0.7		%


	Three Months Ended September 30,				Nine Months Ended September 30,
Operating Expenses	2023		2022		2023		2022

Operating expenses as an annualized percentage of average earning assets	1.6	%	1.6	%	1.6	%	1.5	%