Finance Receivables

3 Months Ended

Mar. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Finance Receivables

Finance Receivables

	March 31, 2025		December 31, 2024
Retail finance receivables
Retail finance receivables(a)	$	76,995	$	76,066
Less: allowance for loan losses	(2,479)		(2,400)
Total retail finance receivables, net	74,516		73,667
Commercial finance receivables
Commercial finance receivables(a)(b)	16,885		19,901
Less: allowance for loan losses	(88)		(58)
Total commercial finance receivables, net	16,797		19,843
Total finance receivables, net	$	91,313	$	93,510
Fair value utilizing Level 2 inputs	$	16,797	$	19,843
Fair value utilizing Level 3 inputs	$	75,840	$	74,729

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(a)    Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(b)    Includes dealer financing of $16.4 billion and $18.9 billion, and other financing of $519 million and $999 million at March 31, 2025 and December 31, 2024. Commercial finance receivables are presented net of dealer cash management balances of $3.2 billion and $3.4 billion at March 31, 2025 and December 31, 2024.

Rollforward of Allowance for Retail Loan Losses A summary of the activity in the allowance for retail loan losses is as follows:

	Three Months Ended March 31,
	2025		2024
Allowance for retail loan losses beginning balance	$	2,400	$	2,308
Provision for loan losses	299		205
Charge-offs	(479)		(405)
Recoveries	250		213
Foreign currency translation	9		(1)
Allowance for retail loan losses ending balance	$	2,479	$	2,320

The allowance for retail loan losses as a percentage of retail finance receivables was 3.2% at both March 31, 2025 and December 31, 2024.

Retail Credit Quality Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at March 31, 2025 and December 31, 2024:

	Year of Origination												March 31, 2025
	2025		2024		2023		2022		2021		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	7,142	$	22,001	$	14,108	$	8,508	$	4,659	$	2,322	$	58,740	76.3	%
Near-prime - FICO Score 620 to 679	1,029		3,311		2,017		1,347		936		502		9,142		11.9
Sub-prime - FICO Score less than 620	970		3,197		1,881		1,385		992		687		9,113		11.8
Retail finance receivables	$	9,141	$	28,510	$	18,006	$	11,240	$	6,586	$	3,511	$	76,995	100.0	%

	Year of Origination												December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	24,155	$	15,814	$	9,749	$	5,424	$	2,559	$	366	$	58,067	76.3	%
Near-prime - FICO Score 620 to 679	3,547		2,227		1,507		1,077		473		159		8,990		11.8
Sub-prime - FICO Score less than 620	3,399		2,059		1,546		1,141		543		322		9,008		11.8
Retail finance receivables	$	31,101	$	20,100	$	12,802	$	7,642	$	3,575	$	847	$	76,066	100.0	%

We review the ongoing credit quality of our retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles, and, subject to local laws, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status for each vintage of the portfolio at March 31, 2025 and December 31, 2024, as well as summary totals for March 31, 2024. The tables also present gross charge-offs by vintage for the three months ended March 31, 2025 and the year ended December 31, 2024:

	Year of Origination												March 31, 2025				March 31, 2024
	2025		2024		2023		2022		2021		Prior		Total		Percent		Total		Percent
0 - 30 days	$	9,115	$	27,942	$	17,420	$	10,750	$	6,228	$	3,253	$	74,707	97.0	%	$	71,225	97.3	%
31 - 60 days	25		404		419		357		269		193		1,667		2.2		1,463		2.0
Greater than 60 days	1		143		146		121		83		62		556		0.7		482		0.7
Finance receivables more than 30 days delinquent	26		547		566		478		351		255		2,223		2.9		1,945		2.7
In repossession	—		21		20		13		7		3		65		0.1		60		0.1
Finance receivables more than 30 days delinquent or in repossession	27		568		585		491		359		259		2,288		3.0		2,005		2.7
Retail finance receivables	$	9,141	$	28,510	$	18,006	$	11,240	$	6,586	$	3,511	$	76,995	100.0	%	$	73,230	100.0	%
Gross charge-offs	$	—	$	133	$	147	$	101	$	61	$	37	$	479

	Year of Origination												December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total		Percent
0 - 30 days	$	30,581	$	19,411	$	12,207	$	7,178	$	3,350	$	710	$	73,438	96.5	%
31 - 60 days	374		481		425		340		166		99		1,885		2.5
Greater than 60 days	128		188		155		115		55		36		677		0.9
Finance receivables more than 30 days delinquent	502		669		580		455		221		135		2,562		3.4
In repossession	17		19		14		10		3		2		66		0.1
Finance receivables more than 30 days delinquent or in repossession	519		689		595		464		225		136		2,628		3.5
Retail finance receivables	$	31,101	$	20,100	$	12,802	$	7,642	$	3,575	$	847	$	76,066	100.0	%
Gross charge-offs	$	171	$	556	$	495	$	305	$	126	$	102	$	1,754

The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $831 million and $958 million at March 31, 2025 and December 31, 2024. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession.

Loan Modifications Under certain circumstances, we may agree to modify the terms of an existing loan with a borrower for various reasons, including financial difficulties. For those borrowers experiencing financial difficulties, we may provide interest rate reductions, principal forgiveness, payment deferments, term extensions or a combination thereof. A loan that is deferred greater than six months in the preceding twelve months would be considered to be other-than-insignificantly delayed. In such circumstances, we must determine whether the modification should be accounted for as an extinguishment of the original loan and a creation of a new loan, or the continuation of the original loan with modifications.

The amortized costs at March 31, 2025 and 2024 of the loans modified during the three months ended March 31, 2025 and 2024 were insignificant. The unpaid principal balances, net of recoveries, of loans charged off during the reporting period that were modified within 12 months preceding default were insignificant for the three months ended March 31, 2025 and 2024.

Commercial Credit Quality Our commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters, as well as advances to certain GM subsidiaries.

For our dealer financing, we use proprietary models to assign a risk rating to each dealer and perform periodic credit reviews of each dealership. We adjust the dealership's risk rating, if necessary. There is limited credit risk associated with other financing due to the structure of the business relationships.

Our dealer risk model and risk rating categories are as follows:

Dealer Risk Rating	Description
I	Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
II	Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
III	Non-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IV	Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable.

Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the dealer credit risk profile by dealer risk rating at March 31, 2025 and December 31, 2024:

	Year of Origination														March 31, 2025
Dealer Risk Rating	Revolving		2025		2024		2023		2022		2021		Prior		Total		Percent
I	$	13,742	$	102	$	311	$	178	$	352	$	221	$	256	$	15,163	92.7	%
II	645		2		28		12		11		7		1		705		4.3
III	428		2		8		6		14		24		15		498		3.0
IV	1		—		—		—		—		—		—		1		0.0
Balance at end of period	$	14,817	$	105	$	347	$	196	$	377	$	253	$	272	$	16,365	100.0	%

	Year of Origination														December 31, 2024
Dealer Risk Rating	Revolving		2024		2023		2022		2021		2020		Prior		Total		Percent
I	$	16,429	$	350	$	211	$	360	$	237	$	267	$	32	$	17,885	94.6	%
II	621		—		10		26		3		2		—		663		3.5
III	305		10		4		—		22		—		12		354		1.9
IV	1		—		—		—		—		—		—		1		0.0
Balance at end of period	$	17,356	$	360	$	225	$	385	$	263	$	269	$	44	$	18,902	100.0	%

Floorplan advances comprise 99.3% and 99.5% of the total revolving balances at March 31, 2025 and December 31, 2024. Dealer term loans are presented by year of origination.

At March 31, 2025 and December 31, 2024, substantially all of our commercial finance receivables were current with respect to payment status, and activity in the allowance for commercial loan losses was insignificant for the three months ended March 31, 2025 and 2024. There were no commercial finance receivables on nonaccrual status at March 31, 2025 and December 31, 2024.

There were insignificant charge-offs during the three months ended March 31, 2025, and no loan modifications were extended to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024.