Finance Receivables

9 Months Ended

Sep. 30, 2025

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

Finance Receivables

Finance Receivables

	September 30, 2025		December 31, 2024
Retail finance receivables
Retail finance receivables(a)	$	75,857	$	76,066
Less: allowance for loan losses	(2,651)		(2,400)
Total retail finance receivables, net	73,206		73,667
Commercial finance receivables
Commercial finance receivables(a)(b)	17,081		19,901
Less: allowance for loan losses	(85)		(58)
Total commercial finance receivables, net	16,996		19,843
Total finance receivables, net	$	90,202	$	93,510
Fair value utilizing Level 2 inputs	$	16,996	$	19,843
Fair value utilizing Level 3 inputs	$	74,957	$	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 $16.6 billion and $18.9 billion, and other financing of $471 million and $999 million at September 30, 2025 and December 31, 2024. Commercial finance receivables are presented net of dealer cash management balances of $3.4 billion at both September 30, 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Allowance for retail loan losses beginning balance	$	2,630	$	2,261	$	2,400	$	2,308
Provision for loan losses	250		293		898		658
Charge-offs	(494)		(439)		(1,461)		(1,255)
Recoveries	257		217		778		652
Foreign currency translation	8		(10)		36		(39)
Allowance for retail loan losses ending balance	$	2,651	$	2,323	$	2,651	$	2,323

The allowance for retail loan losses as a percentage of retail finance receivables was 3.5% and 3.2% at September 30, 2025 and December 31, 2024. The allowance ratio is based on factors including portfolio credit quality, expectations for recovery rates and economic outlook.

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, 2025 and December 31, 2024:

	Year of Origination												September 30, 2025
	2025		2024		2023		2022		2021		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	18,457	$	16,962	$	10,727	$	6,263	$	3,293	$	1,376	$	57,078	75.2	%
Near-prime - FICO Score 620 to 679	2,927		2,712		1,619		1,044		681		300		9,282		12.2
Sub-prime - FICO Score less than 620	2,948		2,758		1,554		1,090		730		418		9,497		12.5
Retail finance receivables	$	24,333	$	22,431	$	13,900	$	8,397	$	4,704	$	2,093	$	75,857	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 September 30, 2025 and December 31, 2024, as well as summary totals for September 30, 2024. The tables also present gross charge-offs by vintage for the nine months ended September 30, 2025 and the year ended December 31, 2024:

	Year of Origination												September 30, 2025				September 30, 2024
	2025		2024		2023		2022		2021		Prior		Total		Percent		Total		Percent
0 - 30 days	$	24,021	$	21,756	$	13,324	$	7,939	$	4,378	$	1,900	$	73,318	96.7	%	$	71,977	96.8	%
31 - 60 days	221		466		395		324		235		139		1,779		2.3		1,718		2.3
Greater than 60 days	79		184		160		122		85		52		682		0.9		616		0.8
Finance receivables more than 30 days delinquent	300		649		555		446		319		191		2,461		3.2		2,333		3.1
In repossession	11		26		20		12		6		2		78		0.1		73		0.1
Finance receivables more than 30 days delinquent or in repossession	312		676		575		458		325		194		2,540		3.3		2,407		3.2
Retail finance receivables	$	24,333	$	22,431	$	13,900	$	8,397	$	4,704	$	2,093	$	75,857	100.0	%	$	74,384	100.0	%
Gross charge-offs	$	75	$	447	$	412	$	277	$	158	$	92	$	1,461

	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 $980 million and $958 million at September 30, 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 September 30, 2025 and 2024 of the loans modified during the three and nine months ended September 30, 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 and nine months ended September 30, 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. We perform periodic credit reviews of each dealership and 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 finance receivables portfolio by dealer risk rating at September 30, 2025 and December 31, 2024:

	Year of Origination														September 30, 2025
Dealer Risk Rating	Revolving		2025		2024		2023		2022		2021		Prior		Total		Percent
I	$	13,511	$	272	$	245	$	140	$	315	$	176	$	214	$	14,873	89.5	%
II	973		12		27		28		9		35		2		1,087		6.5
III	547		6		41		10		14		17		15		651		3.9
IV	—		—		—		—		—		—		—		—		—
Balance at end of period	$	15,032	$	290	$	313	$	178	$	339	$	228	$	231	$	16,611	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 99.1% and 99.5% of the total revolving balances at September 30, 2025 and December 31, 2024. Dealer term loans are presented by year of origination.

At September 30, 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 and nine months ended September 30, 2025 and 2024. There were no commercial finance receivables on nonaccrual status at September 30, 2025 and December 31, 2024.

There were insignificant charge-offs during the nine months ended September 30, 2025, and no loan modifications were extended to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024.

Transfers of Finance Receivables During the three months ended September 30, 2025, we reclassified $2.0 billion in retail finance receivables held-for-investment to finance receivables held-for-sale. A previously recorded insignificant allowance for loan losses was reversed through provision for loan losses at the time of reclassification. The finance receivables were sold to third-party purchasers for $2.0 billion in cash proceeds, and we recognized an insignificant gain on the sale. The transaction met the sale criteria under ASC 860. We have continuing involvement with the finance receivables transferred, primarily in our role as servicer. The outstanding balance of the transferred finance receivables subject to continuing involvement was $1.9 billion at September 30, 2025. Refer to Note 1 for information on sale criteria under ASC 860 and to Note 10 for information on our representations and warranties related to the sale.