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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 September 30, 2023
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 October 23, 2023, 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. 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 Nonconsolidated Affiliates
Note 6. Debt
Note 7. Variable Interest Entities and Other Transfers of Finance Receivables
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)
 September 30, 2023December 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 (Note 4; Note 7)
31,061 32,701 
Goodwill and intangible assets1,182 1,171 
Equity in net assets of nonconsolidated affiliates (Note 5)
1,691 1,665 
Related party receivables (Note 2)
869 495 
Other assets (Note 7)
9,423 7,995 
Total assets$129,986 $122,545 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 6; Note 7)
$45,271 $42,131 
Unsecured debt (Note 6)
57,244 54,723 
Deferred income2,308 2,248 
Related party payables (Note 2)
477 115 
Other liabilities9,274 8,318 
Total liabilities114,574 107,535 
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 capital8,770 8,742 
Accumulated other comprehensive income (loss)(1,302)(1,373)
Retained earnings7,944 7,641 
Total shareholders' equity15,412 15,010 
Total liabilities and shareholders' equity$129,986 $122,545 
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 INCOME
(In millions) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Revenue
Finance charge income$1,621 $1,158 $4,480 $3,230 
Leased vehicle income1,820 1,912 5,458 5,967 
Other income200 118 543 292 
Total revenue3,641 3,187 10,481 9,489 
Costs and expenses
Operating expenses461 436 1,359 1,202 
Leased vehicle expenses998 939 3,048 2,650 
Provision for loan losses (Note 3)
235 180 533 500 
Interest expense1,240 764 3,374 1,984 
Total costs and expenses2,933 2,320 8,314 6,336 
Equity income (Note 5)
33 44 111 148 
Income before income taxes741 911 2,278 3,301 
Income tax provision (Note 11)
184 223 565 822 
Net income (loss)558 688 1,713 2,479 
Less: cumulative dividends on preferred stock30 30 89 89 
Net income (loss) attributable to common shareholder$528 $659 $1,624 $2,390 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income (loss)$558 $688 $1,713 $2,479 
Other comprehensive income (loss), net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $(26), $—, $(13), $(37)
80 (1)38 114 
Foreign currency translation adjustment(70)(175)32 (244)
Other comprehensive income (loss), net of tax10 (176)70 (130)
Comprehensive income (loss)$568 $512 $1,783 $2,349 
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, 2022$— $— $8,692 $(1,273)$6,375 $13,794 
Net income (loss)— — — — 962 962 
Other comprehensive income (loss)— — — 238 — 238 
Stock-based compensation— — 10 — — 10 
Balance at March 31, 2022— — 8,701 (1,034)7,337 15,004 
Net income (loss)— — — — 829 829 
Other comprehensive income (loss)— — — (192)— (192)
Stock-based compensation— — 11 — — 11 
Dividends paid (Note 10)
— — — — (750)(750)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2022— — 8,713 (1,226)7,357 14,844 
Net income (loss)— — — — 688 688 
Other comprehensive income (loss)— — — (176)— (176)
Stock based compensation
— — 10 — — 10 
Dividends paid (Note 10)
— — — — (275)(275)
Balance at September 30, 2022$— $— $8,723 $(1,402)$7,770 $15,091 
Balance at January 1, 2023$— $— $8,742 $(1,373)$7,641 $15,010 
Net income (loss)— — — — 584 584 
Other comprehensive income (loss)— — — 49 — 49 
Stock-based compensation— — 7 — — 7 
Dividends paid (Note 10)
— — — — (450)(450)
Balance at March 31, 2023— — 8,749 (1,323)7,775 15,201 
Net income (loss)— — — — 571 571 
Other comprehensive income (loss)— — — 11 — 11 
Stock-based compensation— — 11 — — 11 
Dividends paid (Note 10)
— — — — (450)(450)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2023— — 8,760 (1,312)7,837 15,284 
Net income (loss)— — — — 558 558 
Other comprehensive income (loss)— — — 10 — 10 
Stock based compensation
— — 10 — — 10 
Dividends paid (Note 10)
— — — — (450)(450)
Balance at September 30, 2023$— $— $8,770 $(1,302)$7,944 $15,412 
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)
Nine Months Ended September 30,
20232022
Cash flows from operating activities
Net income (loss)$1,713 $2,479 
Depreciation and amortization3,935 3,801 
Accretion and amortization of loan and leasing fees(995)(950)
Undistributed earnings of nonconsolidated affiliates, net(111)(122)
Provision for loan losses533 500 
Deferred income taxes(15)353 
Stock-based compensation expense29 32 
Gain on termination of leased vehicles(664)(990)
Other operating activities(160)(116)
Changes in assets and liabilities:
Other assets(510)(1,298)
Other liabilities701 259 
Related party payables406 (118)
Net cash provided by (used in) operating activities4,862 3,829 
Cash flows from investing activities
Purchases and funding of finance receivables, net(27,675)(26,557)
Principal collections and recoveries on finance receivables21,132 20,604 
Net change in floorplan and other short-duration receivables(701)(2,655)
Purchases of leased vehicles, net(10,247)(9,062)
Proceeds from termination of leased vehicles9,860 11,052 
Capital contribution to nonconsolidated affiliates— (26)
Other investing activities(272)(83)
Net cash provided by (used in) investing activities(7,903)(6,726)
Cash flows from financing activities
Net change in debt (original maturities less than three months)(24)1,189 
Borrowings and issuances of secured debt23,898 23,385 
Payments on secured debt(20,827)(21,927)
Borrowings and issuances of unsecured debt13,441 10,420 
Payments on unsecured debt(10,823)(9,409)
Debt issuance costs(116)(106)
Dividends paid(1,469)(1,144)
Net cash provided by (used in) financing activities4,080 2,408 
Net increase (decrease) in cash, cash equivalents and restricted cash 1,038 (488)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash41 (11)
Cash, cash equivalents and restricted cash at beginning of period6,676 7,183 
Cash, cash equivalents and restricted cash at end of period$7,755 $6,684 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
September 30, 2023
Cash and cash equivalents$4,112 
Restricted cash included in other assets3,643 
Total$7,755 
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. Summary of Significant Accounting Policies
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, 2022, as filed with the Securities and Exchange Commission on January 31, 2023 (2022 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.
The condensed consolidated financial statements at September 30, 2023, and for the three and nine months ended September 30, 2023 and 2022, 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, 2022 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 (North America Segment) and International (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 March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) and enhances certain disclosure requirements. We adopted ASU 2022-02 on a modified retrospective basis on January 1, 2023. The impact of the adoption of ASU 2022-02 was insignificant. Refer to Note 3 for additional information.
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 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 $629 million and $732 million for the three months ended September 30, 2023 and 2022, and $2.3 billion and $1.7 billion for the nine months ended September 30, 2023 and 2022. Subvention due from GM is recorded as a related party receivable.
Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.
Cruise is the GM global segment responsible for the development and commercialization of autonomous vehicle technology. We have a multi-year credit agreement with Cruise whereby we may provide advances to Cruise, over time, through 2024, to fund the purchase of autonomous vehicles from GM. At September 30, 2023 and December 31, 2022, Cruise had $276 million and $113 million of borrowings outstanding and access to an additional $4.3 billion in advances under the credit agreement. Amounts due from Cruise are included in finance receivables, net.
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 the related tax liabilities. During the nine months ended September 30, 2023 and 2022, we made payments of $67 million and $508 million to GM for state and federal income taxes related to the tax years 2020 through 2023. Amounts owed to GM for income taxes 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 DataSeptember 30, 2023December 31, 2022
Commercial finance receivables, net due from dealers consolidated by GM$163 $187 
Cruise receivables$276 $113 
Subvention receivable$837 $469 
Commercial loan funding payable$62 $105 
Taxes payable$412 $8 
Three Months Ended September 30,Nine Months Ended September 30,
Income Statement Data2023202220232022
Interest subvention earned on retail finance receivables(a)
$289 $242 $826 $674 
Interest subvention earned on commercial finance receivables(a)
$30 $17 $79 $41 
Leased vehicle subvention earned(b)
$382 $456 $1,165 $1,503 
_________________
(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 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, 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 and a three-year, $4.1 billion 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 September 30, 2023 and December 31, 2022.
In March 2023, GM renewed and reduced the total borrowing capacity of the five-year, $11.2 billion facility to $10.0 billion, which now matures on March 31, 2028. GM also renewed and reduced the total borrowing capacity of the three-year, $4.3 billion facility to $4.1 billion, which now matures on March 31, 2026, and renewed the GM Revolving 364-day Credit Facility, which now matures on March 30, 2024.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 3. Finance Receivables
September 30, 2023December 31, 2022
Retail finance receivables
Retail finance receivables, net of fees(a)
$71,704 $65,322 
Less: allowance for loan losses(2,224)(2,062)
Total retail finance receivables, net69,480 63,260 
Commercial finance receivables
Commercial finance receivables, net of fees(b)
12,204 11,288 
Less: allowance for loan losses(34)(34)
Total commercial finance receivables, net12,170 11,254 
Total finance receivables, net$81,650 $74,514 
Fair value utilizing Level 2 inputs$12,170 $11,254 
Fair value utilizing Level 3 inputs$68,690 $62,150 
________________
(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(b) Net of dealer cash management balances of $2.4 billion and $1.9 billion at September 30, 2023 and December 31, 2022.
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 September 30,Nine Months Ended September 30,
2023202220232022
Allowance for retail loan losses beginning balance$2,166 $1,987 $2,062 $1,839 
Provision for loan losses236 179 534 506 
Charge-offs(366)(289)(1,012)(811)
Recoveries196 171 573 510 
Foreign currency translation and other(8)(4)66 — 
Allowance for retail loan losses ending balance$2,224 $2,044 $2,224 $2,044 
The allowance for retail loan losses as a percentage of retail finance receivables, net was 3.1% at September 30, 2023 and 3.2% at December 31, 2022.
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 September 30, 2023 and December 31, 2022:
Year of OriginationSeptember 30, 2023
 20232022202120202019PriorTotalPercent
Prime - FICO Score 680 and greater$19,330 $17,114 $10,013 $5,602 $1,325 $467 $53,851 75.1 %
Near-prime - FICO Score 620 to 6792,556 2,485 1,930 1,031 420 179 8,600 12.0 
Sub-prime - FICO Score less than 6202,391 2,608 2,085 1,145 676 348 9,253 12.9 
Retail finance receivables, net of fees$24,278 $22,207 $14,028 $7,777 $2,421 $994 $71,704 100.0 %
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Year of OriginationDecember 31, 2022
 20222021202020192018PriorTotalPercent
Prime - FICO Score 680 and greater$22,677 $13,399 $7,991 $2,254 $1,019 $205 $47,543 72.8 %
Near-prime - FICO Score 620 to 6793,202 2,601 1,487 688 310 104 8,392 12.8 
Sub-prime - FICO Score less than 6203,211 2,746 1,604 1,051 496 280 9,388 14.4 
Retail finance receivables, net of fees$29,090 $18,745 $11,081 $3,992 $1,824 $589 $65,322 100.0 %
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 September 30, 2023 and December 31, 2022, as well as summary totals for September 30, 2022. The first table also presents our charge-offs for the nine months ended September 30, 2023 by vintage:
Year of OriginationSeptember 30, 2023September 30, 2022
20232022202120202019PriorTotalPercentTotalPercent
0 - 30 days$24,021 $21,631 $13,489 $7,478 $2,242 $873 $69,735 97.3 %$61,836 97.4 %
31 - 60 days187 408 389 219 133 88 1,424 2.0 1,185 1.9 
Greater than 60 days59 146 135 73 43 31 488 0.7 394 0.6 
Finance receivables more than 30 days delinquent246 555 524 292 175 119 1,911 2.7 1,579 2.5 
In repossession11 21 14 7 4 2 58 0.1 46 0.1 
Finance receivables more than 30 days delinquent or in repossession257 575 538 299 179 121 1,969 2.7 1,625 2.6 
Retail finance receivables, net of fees$24,278 $22,207 $14,028 $7,777 $2,421 $994 $71,704 100.0 %$63,461 100.0 %
Charge-offs$52 $355 $303 $148 $85 $69 $1,012 
Year of OriginationDecember 31, 2022
20222021202020192018PriorTotalPercent
0 - 30 days$28,676 $18,128 $10,702 $3,743 $1,685 $493 $63,426 97.1 %
31 - 60 days310 452 275 184 103 69 1,393 2.1 
Greater than 60 days93 150 98 62 35 26 465 0.7 
Finance receivables more than 30 days delinquent403 603 373 246 138 95 1,857 2.8 
In repossession11 14 6 4 2 1 39 0.1 
Finance receivables more than 30 days delinquent or in repossession414 617 380 249 140 96 1,896 2.9 
Retail finance receivables, net of fees$29,090 $18,745 $11,081 $3,992 $1,824 $589 $65,322 100.0 %
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $731 million and $685 million at September 30, 2023 and December 31, 2022. 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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GENERAL MOTORS FINANCIAL COMPANY, INC.

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 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 effect of these modifications is already included in the allowance for credit losses because our estimated allowance represents currently expected credit losses. A change to the allowance for credit losses is generally not recorded upon modification.
The amortized cost at September 30, 2023 of the loans modified during the three and nine months ended September 30, 2023 was 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 nine months ended September 30, 2023.
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 September 30, 2023 and December 31, 2022:
Year of OriginationSeptember 30, 2023
Dealer Risk RatingRevolving20232022202120202019PriorTotalPercent
I
$10,252 $320 $541 $309 $321 $94 $36 $11,874 97.3 %
II
142 — 2 1 — — — 146 1.2 
III
150 — 16 9 — 8 — 184 1.6 
IV
— — — — — — — — — 
Balance at end of period$10,545 $320 $559 $320 $322 $102 $36 $12,204 100.0 %
Year of OriginationDecember 31, 2022
Dealer Risk Rating
Revolving20222021202020192018PriorTotalPercent
I
$9,624 $566 $361 $372 $102 $45 $24 $11,094 98.3 %
II
89 — 1 — — — — 91 0.8 
III
78 15 — — 10 — — 104 0.9 
IV
— — — — — — — — — 
Balance at end of period$9,791 $581 $363 $372 $112 $45 $25 $11,288 100.0 %
Floorplan advances comprise 95% and 97% of the total revolving balances at September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022, 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 nine months ended September 30, 2023 and 2022. There were no commercial finance receivables on nonaccrual status at September 30, 2023 and December 31, 2022.
During the nine months ended September 30, 2023, there were insignificant charge-offs and no loan modifications extended to borrowers experiencing financial difficulty.
Note 4. Leased Vehicles
September 30, 2023December 31, 2022
Leased vehicles$43,356 $46,069 
Manufacturer subvention(4,579)(5,150)
Net capitalized cost38,777 40,919 
Less: accumulated depreciation(7,716)(8,218)
Leased vehicles, net$31,061 $32,701 
Depreciation expense related to leased vehicles, net was $1.2 billion for both the three months ended September 30, 2023 and 2022 and $3.7 billion and $3.6 billion for the nine months ended September 30, 2023 and 2022.
The following table summarizes minimum rental payments due to us as lessor under operating leases at September 30, 2023:
Years Ending December 31,
20232024202520262027ThereafterTotal
Lease payments under operating leases
$1,415 $4,319 $2,554 $821 $63 $2 $9,172 
Note 5. Equity in Net Assets of Nonconsolidated 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, 2022. The following table presents certain aggregated operating data of our joint ventures:
Three Months Ended September 30,Nine Months Ended September 30,
Summarized Operating Data2023202220232022
Finance charge income$328 $391 $1,071 $1,266 
Income before income taxes$127 $168 $423 $564 
Net income$95 $126 $317 $424 
At September 30, 2023 and December 31, 2022, we had undistributed earnings of $906 million and $795 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
September 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt
Revolving credit facilities$4,736 $4,736 $3,931 $3,931 
Securitization notes payable40,534 40,081 38,200 37,537 
Total secured debt45,271 44,817 42,131 41,467 
Unsecured debt
Senior notes47,442 45,523 46,111 43,676 
Credit facilities1,864 1,858 1,473 1,448 
Other unsecured debt7,938 7,956 7,139 7,146 
Total unsecured debt57,244 55,338 54,723 52,270 
Total secured and unsecured debt$102,515 $100,155 $96,854 $93,738 
Fair value utilizing Level 2 inputs$98,032 $91,545 
Fair value utilizing Level 3 inputs$2,123 $2,192 
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 nine months ended September 30, 2023, we renewed credit facilities with a total borrowing capacity of $17.7 billion, and we issued $18.1 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 5.49% and maturity dates ranging from 2023 to 2035.
Unsecured Debt During the nine months ended September 30, 2023, we issued $8.3 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.51% and maturity dates ranging from 2026 to 2033.
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 September 30, 2023, we were in compliance with these debt covenants.
Note 7. Variable Interest Entities and Other Transfers of Finance Receivables
Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:
September 30, 2023December 31, 2022
Restricted cash(a)
$3,458 $2,535 
Finance receivables, net of fees$43,931 $38,774 
Lease related assets$16,120 $18,456 
Secured debt$45,334 $42,188 
_______________
(a) Included in other assets.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Other Transfers of Finance Receivables Under certain debt agreements, we transfer finance receivables to entities that we do not control through majority voting interest or through contractual arrangements. These transfers do not meet the criteria to be considered sales under GAAP; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements, similar to the treatment of finance receivables and related debt of our consolidated VIEs. Any collections received on the transferred receivables are available only for the repayment of the related debt. At September 30, 2023 and December 31, 2022, an insignificant amount in finance receivables had been transferred in secured funding arrangements to third-party banks, relating to an insignificant amount in secured debt outstanding.
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 economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our assets and liabilities and 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. Our derivative financial instruments are used 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:
 September 30, 2023December 31, 2022
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$21,820 $— $827 $19,950 $— $821 
Cash flow hedges
Interest rate swaps1,881 27 4 1,434 34 1 
Foreign currency swaps7,674 20 547 6,852 — 586 
Derivatives not designated as hedges
Interest rate contracts117,215 2,248 2,299 113,975 2,268 1,984 
Total$148,589 $2,295 $3,677 $142,212 $2,302 $3,392 
 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 both September 30, 2023 and December 31, 2022, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $1.3 billion. At September 30, 2023 and December 31, 2022, we held $685 million and $553 million of collateral from counterparties that was available for netting against our asset positions. At September 30, 2023 and December 31, 2022, we had $1.7 billion and $1.5 billion of collateral posted to counterparties that was available for netting against our liability positions.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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)
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Unsecured debt$29,545 $28,319 $1,224 $781 
 _________________
(a)Includes $615 million and $86 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2023 and December 31, 2022.
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
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$327 $— $346 $— $443 $— $1,023 $— 
Interest rate swaps(334)— (341)— (454)— (963)— 
Hedged items - foreign currency swaps(c)
— — — — — — — 23 
Foreign currency swaps— — — — — — (2)(24)
Cash flow hedges
Interest rate swaps10 — 4 — 29 — 9 — 
Hedged items - foreign currency swaps(c)
— 260 — 470 — 60 — 1,129 
Foreign currency swaps(40)(260)(42)(470)(114)(60)(123)(1,129)
Derivatives not designated as hedges
Interest rate contracts48 — 31 — 158 — 59 — 
Total income (loss) recognized$11 $— $(2)$— $63 $— $4 $— 
_________________
(a)Total interest expense was $1.2 billion and $764 million for the three months ended September 30, 2023 and 2022, and $3.4 billion and $2.0 billion for the nine months ended September 30, 2023 and 2022.
(b)Total operating expenses were $461 million and $436 million for the three months ended September 30, 2023 and 2022, and $1.4 billion and $1.2 billion for the nine months ended September 30, 2023 and 2022.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 September 30,Nine Months Ended September 30,
2023202220232022
Fair value hedges
Foreign currency swaps$— $— $— $(2)
Cash flow hedges
Interest rate swaps15 (1)12 9 
Foreign currency swaps(154)(383)(81)(832)
Total$(139)$(384)$(69)$(825)
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Fair value hedges
Foreign currency swaps$— $— $— $2 
Cash flow hedges
Interest rate swaps(7)(3)(22)(6)
Foreign currency swaps226 386 129 944 
Total$219 $383 $107 $940 
All amounts reclassified from accumulated other comprehensive income (loss) were recorded to interest expense. During the next 12 months, we estimate $20 million in losses will be reclassified into pre-tax earnings from derivatives designated for hedge accounting.
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.
In accordance with the current accounting standards for loss contingencies, 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 September 30, 2023, we estimated our reasonably possible legal exposure for unfavorable outcomes to be approximately $157 million, and we have accrued $143 million.
Other Administrative Tax Matters We accrue non-income tax liabilities for contingencies when management believes 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, where there is a reasonable possibility that losses exceeding amounts already recognized may be incurred. Our estimate of the additional range of loss is up to $176 million at September 30, 2023.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 10. Shareholders' Equity
September 30, 2023December 31, 2022
Common Stock
Number of shares authorized10,000,000 10,000,000 
Number of shares issued and outstanding5,050,000 5,050,000 
During the nine months ended September 30, 2023 and 2022, our Board of Directors declared and paid dividends of $1.4 billion and $1.0 billion on our common stock to General Motors Holdings LLC.
September 30, 2023December 31, 2022
Preferred Stock
Number of shares authorized250,000,000 250,000,000 
Number of shares issued and outstanding
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 
During both the nine months ended September 30, 2023 and 2022, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, $32 million to holders of record of our Series B Preferred Stock, and $29 million to holders of record of our Series C Preferred Stock.
The following table summarizes the significant components of accumulated other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Unrealized gain (loss) on hedges
Beginning balance$(63)$39 $(21)$(77)
Change in value of hedges, net of tax
80 (1)38 114 
Ending balance17 38 17 38 
Defined benefit plans
Beginning balance1 — 1 1 
Unrealized gain (loss) on subsidiary pension, net of tax— — — — 
Ending balance1 — 1 — 
Foreign currency translation adjustment
Beginning balance(1,250)(1,265)(1,352)(1,197)
Translation gain (loss), net of tax(70)(175)32 (244)
Ending balance(1,320)(1,441)(1,320)(1,441)
Total accumulated other comprehensive income (loss)$(1,302)$(1,402)$(1,302)$(1,402)
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 2 for further information on related party taxes payable.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 12. Segment Reporting
Our chief operating decision maker evaluates the operating results and performance of our business based on our North America and International Segments. The management of each segment is responsible for executing our strategies. Key operating data for our operating segments were as follows:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
North
America		InternationalTotalNorth
America		InternationalTotal
Total revenue$3,290 $351 $3,641 $2,939 $248 $3,187 
Operating expenses365 96 461 352 84 436 
Leased vehicle expenses978 21 998 926 14 939 
Provision for loan losses197 38 235 148 32 180 
Interest expense1,086 154 1,240 671 93 764 
Equity income— 33 33 — 44 44 
Income before income taxes$665 $76 $741 $842 $68 $911 
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
North
America		InternationalTotalNorth
America		InternationalTotal
Total revenue$9,508 $973 $10,481 $8,773 $716 $9,489 
Operating expenses1,091 268 1,359 970 232 1,202 
Leased vehicle expenses2,993 55 3,048 2,610 40 2,650 
Provision for loan losses446 87 533 416 84 500 
Interest expense2,958 416 3,374 1,738 246 1,984 
Equity income— 111 111 — 148 148 
Income before income taxes$2,021 $257 $2,278 $3,039 $262 $3,301 
September 30, 2023December 31, 2022
North
America		InternationalTotalNorth
America		InternationalTotal
Finance receivables, net$75,744 $5,906 $81,650 $69,705 $4,809 $74,514 
Leased vehicles, net$30,735 $326 $31,061 $32,454 $247 $32,701 
Total assets$120,837 $9,150 $129,986 $114,612 $7,934 $122,545 
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 $6.9 billion and $5.8 billion at September 30, 2023 and December 31, 2022.
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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 and the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (SEC) on January 31, 2023 (2022 Form 10-K), 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 2022 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.
Overview
GM’s collectively-bargained labor agreement with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) expired on September 14, 2023. On September 15, 2023, the UAW initiated a strike at certain of GM’s U.S. facilities and have intermittently expanded the strike to additional facilities since then, causing stoppages to some vehicle production and parts distribution activities across GM’s U.S. operations. GM continues to negotiate a new labor agreement with the UAW; however, a prolonged work stoppage could have a material effect on our business.
On August 16, 2022, the Inflation Reduction Act of 2022 (the IRA) was enacted. The IRA modified climate and clean energy tax provisions, including the consumer credit for electric vehicle (EV) purchases, and added new corporate tax credits for commercial EV purchases. We expect to generate commercial EV tax credits that will impact net income and future cash payments for income taxes. We will continue to evaluate the IRA impact on our financial results as additional regulatory guidance is issued.
Results of Operations
Key Drivers Income before income taxes for the nine months ended September 30, 2023 decreased to $2.3 billion from $3.3 billion for the nine months ended September 30, 2022. Key drivers of the change include the following:
•Finance charge income on retail finance receivables increased $843 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, as we pass through increased interest costs in our pricing of new loans.
•Finance charge income on commercial finance receivables increased $407 million primarily due to an increase in the effective yield as a result of higher benchmark rates, as well as an increase in the size of the portfolio.
•Leased vehicle income decreased $509 million primarily due to a decrease in the average balance of the leased vehicles portfolio.
•Other income increased $251 million primarily due to higher investment income resulting from an increase in benchmark interest rates.
•Interest expense increased $1.4 billion primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates and increased credit spreads, as well as an increase in the average debt outstanding.
•Leased vehicle expenses increased $398 million primarily due to a $326 million decrease in lease termination gains due to higher leased portfolio net book values at termination and fewer terminated leases, and a $69 million increase in depreciation on leased vehicles.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Non-GAAP Measure
Return on Average Common Equity Return on average common equity is a generally accepted accounting principle (GAAP) measure widely used to measure earnings in relation to invested capital. Our return on average common equity decreased to 16.4% for the four quarters ended September 30, 2023 from 25.3% for the four quarters ended September 30, 2022 primarily due to decreased earnings.
Return on Average Tangible Common Equity We use return on average tangible common equity, a non-GAAP measure, to measure our contribution to General Motors Company's (GM) enterprise profitability and cash flows. Our return on average tangible common equity decreased to 18.0% for the four quarters ended September 30, 2023 from 27.9% for the four quarters ended September 30, 2022 primarily due to decreased earnings.
The following table presents our reconciliation of return on average tangible common equity to return on average common equity, the most directly comparable GAAP measure:
Four Quarters Ended
September 30, 2023September 30, 2022
Net income attributable to common shareholder$2,200 $3,269 
Average equity$15,358 $14,871 
Less: average preferred equity(1,969)(1,969)
Average common equity13,389 12,902 
Less: average goodwill and intangible assets(1,177)(1,171)
Average tangible common equity$12,212 $11,731 
Return on average common equity16.4 %25.3 %
Return on average tangible common equity18.0 %27.9 %
Our calculation of this non-GAAP measure 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 this non-GAAP measure has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. This non-GAAP measure allows 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 this measure 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 this non-GAAP measure is useful to our investors.
Three Months Ended September 30, 2023 compared to Three Months Ended September 30, 2022
Average Earning Assets
Three Months Ended September 30,2023 vs. 2022
20232022AmountPercentage
Average retail finance receivables$70,881 $62,549 $8,332 13.3 %
Average commercial finance receivables11,760 8,200 3,560 43.4 %
Average finance receivables82,641 70,749 11,892 16.8 %
Average leased vehicles, net31,326 34,581 (3,255)(9.4)%
Average earning assets$113,967 $105,330 $8,637 8.2 %
Retail finance receivables purchased$9,499 $9,396 $103 1.1 %
Leased vehicles purchased$4,323 $3,503 $820 23.4 %
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 40.8% and 42.9% for the three months ended September 30, 2023 and 2022. 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 growth in the average amount financed per dealer, resulting from increased new vehicle inventory, as well as higher floorplan penetration.
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Leased vehicles purchased increased primarily due to growth in GM sales, higher lease sales mix, and higher net capitalized cost.
RevenueThree Months Ended September 30,2023 vs. 2022
20232022AmountPercentage
Finance charge income
Retail finance receivables
$1,371 $1,041 $330 31.7 %
Commercial finance receivables
$250 $117 $133 113.7 %
Leased vehicle income
$1,820 $1,912 $(92)(4.8)%
Other income$200 $118 $82 69.5 %
Equity income
$33 $44 $(11)(25.0)%
Effective yield - retail finance receivables
7.7 %6.6 %
Effective yield - commercial finance receivables
8.4 %5.7 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased 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, as we pass through increased interest costs in our pricing of new loans. 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 increased primarily due to an increase in the effective yield as a result of higher benchmark rates, as well as an increase in the size of the portfolio.
Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the average balance of the leased vehicles portfolio.
Other Income Other income increased primarily due to higher investment income resulting from an increase in benchmark interest rates.
Costs and Expenses
Three Months Ended September 30,2023 vs. 2022
20232022AmountPercentage
Operating expenses$461 $436 $25 5.7 %
Leased vehicle expenses$998 $939 $59 6.3 %
Provision for loan losses$235 $180 $55 30.6 %
Interest expense$1,240 $764 $476 62.3 %
Average debt outstanding$101,917 $93,656 $8,261 8.8 %
Effective rate of interest on debt4.8 %3.2 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.6% for both the three months ended September 30, 2023 and 2022.
Leased Vehicle Expenses Leased vehicle expenses increased primarily due to a $37 million decrease in lease termination gains due to higher leased portfolio net book values at termination and fewer terminated leases, and a $20 million increase in depreciation on leased vehicles.
Provision for Loan Losses Provision for loan losses increased compared to the same period in 2022. Provision expense is recorded in amounts sufficient to bring our allowance for loan losses to a level that we consider adequate to absorb expected losses on the finance receivables portfolio.
Interest Expense Interest expense increased primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates and increased credit spreads, as well as an increase in the average debt outstanding.
Taxes Our consolidated effective income tax rate was 25.9% and 25.7% of income before income taxes and equity income for the three months ended September 30, 2023 and 2022.
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Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) were $80 million and $(1) million for the three months ended September 30, 2023 and 2022. 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 $(70) million and $(175) million for the three months ended September 30, 2023 and 2022. 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 loss for the three months ended September 30, 2023 was primarily due to depreciating values of the Brazilian Real, Canadian Dollar, and Chilean Peso in relation to the U.S. Dollar. The foreign currency translation loss for the three months ended September 30, 2022 was primarily due to depreciating values of the Chinese Yuan Renminbi, Canadian Dollar and Brazilian Real in relation to the U.S. Dollar.
Nine Months Ended September 30, 2023 compared to Nine Months Ended September 30, 2022
Average Earning Assets
Nine Months Ended September 30,2023 vs. 2022
20232022AmountPercentage
Average retail finance receivables
$68,740 $60,614 $8,126 13.4 %
Average commercial finance receivables
11,179 7,655 3,524 46.0 %
Average finance receivables
79,919 68,269 11,650 17.1 %
Average leased vehicles, net
31,771 35,943 (4,172)(11.6)%
Average earning assets
$111,690 $104,212 $7,478 7.2 %
Retail finance receivables purchased
$27,705 $26,431 $1,274 4.8 %
Leased vehicles purchased
$12,834 $10,915 $1,919 17.6 %
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 42.5% and 44.5% for the nine months ended September 30, 2023 and 2022. 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 growth in the average amount financed per dealer, resulting from increased new vehicle inventory, as well as higher floorplan penetration.
Leased vehicles purchased increased primarily due to growth in GM sales, higher lease sales mix, and higher net capitalized cost.
Revenue
Nine Months Ended September 30,2023 vs. 2022
20232022AmountPercentage
Finance charge income
Retail finance receivables
$3,806 $2,963 $843 28.5 %
Commercial finance receivables
$674 $267 $407 152.4 %
Leased vehicle income
$5,458 $5,967 $(509)(8.5)%
Other income$543 $292 $251 86.0 %
Equity income
$111 $148 $(37)(25.0)%
Effective yield - retail finance receivables
7.4 %6.5 %
Effective yield - commercial finance receivables
8.1 %4.7 %
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, as we pass through increased interest costs in our pricing of new loans. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Finance Charge Income - Commercial Finance Receivables Finance charge income on commercial finance receivables increased primarily due to an increase in the effective yield as a result of higher benchmark rates, as well as an increase in the size of the portfolio.
Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the average balance of the leased vehicles portfolio.
Other Income Other income increased primarily due to higher investment income resulting from an increase in benchmark interest rates.
Costs and Expenses
Nine Months Ended September 30,2023 vs. 2022
20232022AmountPercentage
Operating expenses
$1,359 $1,202 $157 13.1 %
Leased vehicle expenses
$3,048 $2,650 $398 15.0 %
Provision for loan losses
$533 $500 $33 6.6 %
Interest expense
$3,374 $1,984 $1,390 70.1 %
Average debt outstanding
$99,515 $93,137 $6,378 6.8 %
Effective rate of interest on debt
4.5 %2.8 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.6% and 1.5% for the nine months ended September 30, 2023 and 2022.
Leased Vehicle Expenses Leased vehicle expenses increased primarily due to a $326 million decrease in lease termination gains due to higher leased portfolio net book values at termination and fewer terminated leases, and a $69 million increase in depreciation on leased vehicles.
Interest Expense Interest expense increased primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates and increased credit spreads, as well as an increase in the average debt outstanding.
Taxes Our consolidated effective income tax rate was 26.1% of income before income taxes and equity income for both the nine months ended September 30, 2023 and 2022.
Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) were $38 million and $114 million for the nine months ended September 30, 2023 and 2022. 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 $32 million and $(244) million for the nine months ended September 30, 2023 and 2022. 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 nine months ended September 30, 2023 was primarily due to appreciating values of the Mexican Peso and Brazilian Real, partially offset by the depreciating value of the Chinese Yuan Renminbi in relation to the U.S. Dollar. The foreign currency translation loss for the nine months ended September 30, 2022 was primarily due to depreciating values of the Chinese Yuan Renminbi and Canadian Dollar in relation to the U.S. Dollar.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
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:
September 30, 2023December 31, 2022
 AmountPercentAmountPercent
Prime - FICO Score 680 and greater$53,851 75.1 %$47,543 72.8 %
Near-prime - FICO Score 620 to 6798,600 12.0 8,392 12.8 
Sub-prime - FICO Score less than 6209,253 12.9 9,388 14.4 
Retail finance receivables, net of fees71,704 100.0 %65,322 100.0 %
Less: allowance for loan losses(2,224)(2,062)
Retail finance receivables, net$69,480 $63,260 
Number of outstanding contracts3,088,540 2,942,175 
Average amount of outstanding contracts (in dollars)(a)
$23,216 $22,202 
Allowance for loan losses as a percentage of retail finance receivables, net of fees3.1 %3.2 %
_________________ 
(a)Average amount of outstanding contracts is calculated as retail finance receivables, net of fees, divided by number of outstanding contracts.
Delinquency The following is a consolidated summary of delinquent retail finance receivables:
September 30, 2023September 30, 2022
AmountPercentAmountPercent
31 - 60 days$1,424 2.0 %$1,185 1.9 %
Greater than 60 days488 0.7 394 0.6 
Total finance receivables more than 30 days delinquent1,911 2.7 1,579 2.5 
In repossession58 0.1 46 0.1 
Total finance receivables more than 30 days delinquent or in repossession$1,969 2.7 %$1,625 2.6 %
At September 30, 2023, delinquency increased slightly from September 30, 2022, but continued to be lower than historical levels. We expect that delinquency will increase over time relative to current levels but may remain below pre-pandemic levels due to improvement in the credit mix of the portfolio.
Loan Modifications Loan modifications extended to the borrowers experiencing financial difficulty were insignificant for the three and nine months ended September 30, 2023. Refer to Note 3 to our condensed consolidated financial statements for further information on loan modifications.
Net Charge-offs The following table presents charge-off data with respect to our retail finance receivables portfolio:
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
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 receivables1.0 %0.7 %0.9 %0.7 %
Net charge-offs for the three and nine months ended September 30, 2023 increased compared to the same period in 2022 but continued to be lower than historical levels. We expect net charge-offs will increase over time relative to current levels but may remain below pre-pandemic levels due to improvement in the credit mix of the portfolio.
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Commercial Finance ReceivablesSeptember 30, 2023December 31, 2022
Commercial finance receivables, net of fees$12,204 $11,288 
Less: allowance for loan losses(34)(34)
Commercial finance receivables, net$12,170 $11,254 
Number of dealers2,467 2,431 
Average carrying amount per dealer$5 $5 
Allowance for loan losses as a percentage of commercial finance receivables, net of fees0.3 %0.3 %
No commercial loans were modified for the three and nine months ended September 30, 2023. Activity in the allowance for commercial loan losses was insignificant for the three and nine months ended September 30, 2023 and 2022, and substantially all of our commercial finance receivables were current with respect to payment status at September 30, 2023 and December 31, 2022.
Leased Vehicles The following table summarizes activity in our operating lease portfolio (in thousands, except where noted):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Operating leases purchased93 80 278 250 
Operating leases terminated124 140 377 442 
Operating leased vehicles returned(a)
12 4 31 8 
Percentage of leased vehicles returned(b)
9 %3 %8 %2 %
________________ 
(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. Return rates have been significantly lower than historical levels as used vehicle prices have generally remained higher than contractual residual values. Gains on terminations of leased vehicles were $230 million and $664 million for the three and nine months ended September 30, 2023 compared to $267 million and $990 million for the same periods in 2022. The decrease in gains is primarily due to higher leased portfolio net book values at termination and fewer terminated leases.
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):
September 30, 2023December 31, 2022
Residual ValueUnitsPercentage
of Units		Residual ValueUnitsPercentage
of Units
Crossovers$13,214 669 67.3 %$14,207 736 67.3 %
Trucks6,825 214 21.6 6,961 228 20.9 
SUVs2,410 60 6.1 2,595 66 6.0 
Cars790 50 5.0 964 63 5.8 
Total$23,238 994 100.0 %$24,727 1,092 100.0 %
At both September 30, 2023 and 2022, 99.5% of our operating leases were current with respect to payment status.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
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:
LiquiditySeptember 30, 2023December 31, 2022
Cash and cash equivalents(a)
$4,112 $4,005 
Borrowing capacity on unpledged eligible assets22,053 22,041 
Borrowing capacity on committed unsecured lines of credit560 460 
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$29,724 $29,506 
_________________
(a)Includes $379 million and $384 million in unrestricted cash outside of the U.S. at September 30, 2023 and December 31, 2022. This cash is considered to be indefinitely invested based on specific plans for reinvestment.
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 September 30, 2023, available liquidity exceeded our liquidity targets.
Cash FlowNine Months Ended September 30,2023 vs. 2022
20232022
Net cash provided by (used in) operating activities$4,862 $3,829 $1,033 
Net cash provided by (used in) investing activities$(7,903)$(6,726)$(1,177)
Net cash provided by (used in) financing activities$4,080 $2,408 $1,672 
During the nine months ended September 30, 2023, net cash provided by operating activities increased primarily due to an increase in finance charge income of $1.3 billion, a net increase in cash provided by counterparty derivative collateral posting activities of $1.1 billion, a decrease in taxes paid to GM of $441 million and an increase in other income of $251 million, partially offset by an increase in interest paid of $1.4 billion and a decrease in leased vehicle income of $509 million.
During the nine months ended September 30, 2023, net cash used in investing activities increased primarily due to an increase in purchases of leased vehicles and finance receivables of $2.3 billion, and a decrease in proceeds from termination of leased vehicles of $1.2 billion, partially offset by a decrease in the net change in floorplan and other short-duration receivables of $2.0 billion, and an increase in collections and recoveries on finance receivables of $528 million.
During the nine months ended September 30, 2023, net cash provided by financing activities increased primarily due to an increase in debt borrowings and issuances of $2.3 billion, partially offset by an increase in dividend payments of $325 million and an increase in debt repayments of $314 million.
Status of Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings (Fitch), Moody's Investors Service (Moody's) and Standard & Poor's (S&P). The credit ratings assigned to us from all the credit rating agencies are closely associated with their opinions on GM. In March 2023, Moody's upgraded our senior unsecured notes rating to Baa2 from Baa3 and the short-term commercial paper rating to P-2 from P-3. In September 2023, Fitch upgraded our senior unsecured notes rating to BBB from BBB-, upgraded our short-term commercial paper rating to F2 from F3, and changed our outlook to Stable from Positive. As of October 16, 2023, all other credit ratings remained unchanged since December 31, 2022.
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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 September 30, 2023, credit facilities consist of the following:
Facility TypeFacility AmountAdvances Outstanding
Revolving retail asset-secured facilities(a)
$22,648 $4,420 
Revolving commercial asset-secured facilities(b)
4,211 316 
Total secured26,860 4,736 
Unsecured committed facilities634 74 
Unsecured uncommitted facilities(c)
1,790 1,790 
Total unsecured2,424 1,864 
Junior Subordinated Revolving Credit Facility1,000 — 
GM Revolving 364-Day Credit Facility2,000 — 
Total $32,284 $6,601 
_________________
(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 an insignificant amount in advances outstanding and $628 million in unused borrowing capacity on these uncommitted facilities at September 30, 2023.
(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 $1.8 billion in unused borrowing capacity on these facilities at September 30, 2023.
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. A summary of securitization notes payable is as follows:
Year of Transaction
Maturity Date (a)
Original Note
Issuance (b)
Note Balance
At September 30, 2023
2019April 2024-July 2027$3,250 $917 
2020October 2023-August 2028$13,204 3,401 
2021May 2025-June 2034$20,070 6,063 
2022November 2024-October 2035$23,711 14,047 
2023October 2023-April 2035$18,141 16,176 
Total active securitizations40,604 
Debt issuance costs(70)
Total $40,534 
_________________ 
(a)Maturity dates represent legal final maturity of issued notes. The notes are expected to be paid based on amortization of the finance receivables and leases pledged.
(b)At historical foreign currency exchange rates at the time of issuance.
Our securitizations 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 September 30, 2023, the aggregate principal amount of our outstanding unsecured senior notes was $48.8 billion.
We issue other unsecured debt through demand notes, commercial paper offerings and other bank and non-bank funding sources. At September 30, 2023, we had $3.7 billion outstanding in demand notes and $2.7 billion under the U.S. commercial paper program.
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LIBOR Transition The International Swaps and Derivatives Association launched its Interbank Offered Rate (IBOR) Fallbacks Supplement and IBOR Fallbacks Protocol, which came into effect on January 25, 2021. The supplement incorporates fallbacks for new derivatives linked to LIBOR, and the protocol enables market participants to incorporate fallbacks for certain legacy derivatives linked to LIBOR. We adhered to the protocol prior to the June 30, 2023 cessation date and have transitioned all of our LIBOR-based derivative exposure.
For residual exposure after the LIBOR cessation date, including agreements that convert to a future LIBOR-based floating rate, we expect to leverage available relevant contractual and statutory solutions to transition such exposure. Refer to "Risk Factors" in our 2022 Form 10-K.
Support Agreement - Leverage Ratio Our earning assets leverage ratio calculated in accordance with the terms of the Support Agreement was 8.16x and 7.91x at September 30, 2023 and December 31, 2022, 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 from time to time.
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 September 30, 2023:
2023202420252026 and Thereafter
Encumbered assets$13,432 $37,100 $51,234 $63,509 
Unencumbered assets17,737 33,901 48,783 66,477 
Total assets31,169 71,001 100,017 129,986 
Secured debt9,590 26,488 36,579 45,343 
Unsecured debt8,168 17,786 28,530 58,625 
Total debt(a)
17,758 44,273 65,108 103,968 
Net excess liquidity$13,411 $26,728 $34,909 $26,018 
_________________ 
(a)Excludes unamortized debt premium/(discount), unamortized debt issuance costs, and fair value adjustments.
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 2022 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 2022 Form 10-K. We caution readers 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.
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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 sell new vehicles that we finance in the markets we serve;
•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;
•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 or operational 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 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;
•our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;
•changes in the determination of benchmark rates;
•pandemics, epidemics, disease outbreaks and other public health crises, including the COVID-19 pandemic;
•our ability to secure private data, proprietary information, manage risks related to security breaches 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 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 investors to visit our website, as we frequently update and post new information about our 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, 2022. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2022 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 September 30, 2023, 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 September 30, 2023.
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 September 30, 2023, 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 2022 Form 10-K.
Item 6. Exhibits
3.1Incorporated by Reference
3.2Incorporated 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 quarter ended September 30, 2023, 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 quarter ended September 30, 2023, formatted as iXBRL and contained in Exhibit 101
Filed Herewith

*  *  *  *  *  *  *
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GENERAL MOTORS FINANCIAL COMPANY, INC.
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:October 24, 2023 By:
/S/    SUSAN B. SHEFFIELD        
 Susan B. Sheffield
 Executive Vice President and
 Chief Financial Officer
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