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(“GM Financial” or the “Company”) announced net income of $499 million for the quarter ended September 30, 2024, compared to $610 million for the quarter ended June 30, 2024, and $558 million for the quarter ended September 30, 2023. Net income for the nine months ended September 30, 2024 was $1.6 billion, compared to $1.7 billion for the nine months ended September 30, 2023.

Retail loan originations were $9.4 billion for the quarter ended September 30, 2024, compared to $8.6 billion for the quarter ended June 30, 2024, and $9.5 billion for the quarter ended September 30, 2023. Retail loan originations for the nine months ended September 30, 2024 were $26.3 billion, compared to $27.7 billion for the nine months ended September 30, 2023. The outstanding balance of retail finance receivables was $74.4 billion at September 30, 2024, compared to $73.3 billion at June 30, 2024 and $71.7 billion at September 30, 2023.

Operating lease originations were $4.9 billion for the quarter ended September 30, 2024, compared to $5.0 billion for the quarter ended June 30, 2024, and $4.3 billion for the quarter ended September 30, 2023. Operating lease originations for the nine months ended September 30, 2024 were $14.1 billion, compared to $12.8 billion for the nine months ended September 30, 2023. Leased vehicles, net was $31.0 billion at September 30, 2024, compared to $30.3 billion at June 30, 2024 and $31.1 billion at September 30, 2023.

The outstanding balance of commercial finance receivables was $19.0 billion at September 30, 2024, compared to $17.1 billion at June 30, 2024 and $12.2 billion at September 30, 2023.

Retail finance receivables 31-60 days delinquent were 2.3% of the portfolio at September 30, 2024 and 2.0% at September 30, 2023. Accounts more than 60 days delinquent were 0.8% of the portfolio at September 30, 2024 and 0.7% at September 30, 2023.

Annualized net charge-offs were 1.2% of average retail finance receivables for the quarter ended September 30, 2024 and 1.0% for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, annualized net charge-offs were 1.1%, compared to 0.9% for the nine months ended September 30, 2023.

The Company had total available liquidity of $34.3 billion at September 30, 2024, consisting of $4.9 billion of cash and cash equivalents, $25.7 billion of borrowing capacity on unpledged eligible assets, $0.7 billion of borrowing capacity on committed unsecured lines of credit, $1.0 billion of borrowing capacity on the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity on the GM Revolving 364-Day Credit Facility.

Earnings resulting from the Company's equity investment in joint ventures that conduct automotive finance operations in China were $10 million for the quarter ended September 30, 2024, compared to $14 million for the quarter ended June 30, 2024 and $33 million for the quarter ended September 30, 2023. Earnings for the nine months ended September 30, 2024 were $55 million, compared to $111 million for the nine months ended September 30, 2023.

General Motors Financial Company, Inc. is the wholly owned captive finance subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. Additional materials addressing the Company’s results of operations for the quarter ended September 30, 2024 can be accessed via the Investor Relations section of the Company’s website at https://investor.gmfinancial.com.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Finance charge income	$	1,965	$	1,621	$	5,627	$	4,480
Leased vehicle income	1,828		1,820		5,431		5,458
Other income	238		200		702		543
Total revenue	4,031		3,641		11,760		10,481
Costs and expenses
Operating expenses	478		461		1,416		1,359
Leased vehicle expenses	1,027		998		3,046		3,048
Provision for loan losses	298		235		676		533
Interest expense	1,550		1,240		4,431		3,374
Total costs and expenses	3,354		2,933		9,569		8,314
Equity income	10		33		55		111
Income before income taxes	687		741		2,246		2,278
Income tax provision	189		184		601		565
Net income (loss)	499		558		1,646		1,713
Less: cumulative dividends on preferred stock	30		30		89		89
Net income (loss) attributable to common shareholder	$	469	$	528	$	1,557	$	1,624


	September 30, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	4,852	$	5,282
Finance receivables, net of allowance for loan losses $2,377 and $2,344	90,985		84,637
Leased vehicles, net	30,956		30,582
Goodwill and intangible assets	1,176		1,184
Equity in net assets of nonconsolidated affiliates	1,570		1,670
Related party receivables	407		540
Other assets	7,814		8,116
Total assets	$	137,759	$	132,011
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt	$	43,570	$	45,243
Unsecured debt	67,796		60,084
Deferred income	2,350		2,313
Related party payables	101		445
Other liabilities	8,362		8,383
Total liabilities	122,180		116,468
Total shareholders' equity	15,580		15,542
Total liabilities and shareholders' equity	$	137,759	$	132,011


	Three Months Ended September 30,				Nine Months Ended September 30,
Originations	2024		2023		2024		2023

Retail finance receivables originations	$	9,371	$	9,499	$	26,323	$	27,705
Lease originations	4,874		4,323		14,146		12,834
Total originations	$	14,245	$	13,822	$	40,469	$	40,539


	Three Months Ended September 30,				Nine Months Ended September 30,
Average Earning Assets	2024		2023		2024		2023

Average retail finance receivables	$	73,944	$	70,881	$	73,455	$	68,740
Average commercial finance receivables	17,449		11,760		15,770		11,179
Average finance receivables	91,393		82,641		89,225		79,919
Average leased vehicles, net	30,624		31,326		30,414		31,771
Average earning assets	$	122,017	$	113,967	$	119,638	$	111,690


Ending Earning Assets	September 30, 2024		December 31, 2023

Retail finance receivables	$	74,384	$	72,729
Commercial finance receivables	18,978		14,251
Leased vehicles, net	30,956		30,582
Ending earning assets	$	124,318	$	117,562


Finance Receivables	September 30, 2024		December 31, 2023

Retail
Retail finance receivables	$	74,384	$	72,729
Less: allowance for loan losses	(2,323)		(2,308)
Total retail finance receivables, net	72,060		70,421
Commercial
Commercial finance receivables	18,978		14,251
Less: allowance for loan losses	(54)		(36)
Total commercial finance receivables, net	18,924		14,216
Total finance receivables, net	$	90,985	$	84,637


Allowance for Loan Losses	September 30, 2024		December 31, 2023

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


Delinquencies	September 30, 2024		September 30, 2023

Loan delinquency as a percentage of retail finance receivables:
31 - 60 days	2.3	%	2.0	%
Greater than 60 days	0.8		0.7
Total	3.1	%	2.7	%


	Three Months Ended September 30,						Nine Months Ended September 30,
Charge-offs and Recoveries	2024			2023			2024			2023

Charge-offs	$	439		$	366		$	1,255		$	1,012
Less: recoveries	(217)			(196)			(652)			(573)
Net charge-offs	$	222		$	171		$	604		$	439
Net charge-offs as an annualized percentage of average retail finance receivables	1.2		%	1.0		%	1.1		%	0.9		%


	Three Months Ended September 30,				Nine Months Ended September 30,
Operating Expenses	2024		2023		2024		2023

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