Variable Interest Entities

Securitizations and credit facilities

We use special purpose entities ("SPEs") that are considered VIEs to issue variable funding notes to third party bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing related assets transferred by us to the VIEs ("Securitized Assets"). We hold variable interests in the VIEs that could potentially be significant to the VIEs. We determined that we are the primary beneficiary of the SPEs because: (1) the servicing responsibilities for the Securitized Assets give us the power to direct the activities that most significantly impact the performance of the VIEs; and (2) the variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that we provide as the servicer. We are not required and do not currently intend to provide additional financial support to these SPEs. While these subsidiaries are included in our condensed consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to our creditors.

We recognize finance charge, lease vehicle and fee income on the securitized assets and interest expense on the secured debt issued in a securitization transaction, and record a provision for loan losses to recognize probable loan losses inherent in the securitized assets.

The following table summarizes the assets and liabilities of our consolidated VIEs related to securitization and credit facilities (in millions):



	June 30, 2015		December 31, 2014
Restricted cash	$	1,818	$	1,721
Finance receivables, net	$	23,859	$	23,109
Leased vehicle assets	$	6,877	$	4,595
Secured debt	$	24,651	$	22,794

These amounts are related to securitization and credit facilities held by consolidated VIEs. Liabilities recognized as a result of consolidating these entities generally do not represent claims against us or our other subsidiaries and assets recognized generally are for the benefit of these entities operations and cannot be used to satisfy our or our subsidiaries obligations.

Other VIEs

We consolidate certain operating entities that provide auto finance and financial services, which we do not control through a majority voting interest. We manage these entities and maintain a controlling financial interest in them and are exposed to the risks of ownership through contractual arrangements. The majority voting interests in these entities are indirectly wholly-owned by our parent, GM.

The following table summarizes the assets and liabilities of these entities (in millions):



	June 30, 2015		December 31, 2014
Assets^(a)	$	3,585	$	3,696
Liabilities^(b)	$	2,872	$	3,184

_________________


(a)	Comprised primarily of finance receivables of $3.2 billion and $3.6 billion at June 30, 2015 and December 31, 2014.


(b)	Comprised primarily of debt of $2.1 billion and $2.5 billion at June 30, 2015 and December 31, 2014.

The following table summarizes the revenue and net income of these entities (in millions):



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Total Revenue	$	40	$	60	$	81	$	118
Net Income	$	8	$	11	$	19	$	21

Transfers of finance receivables to non-VIEs

Under certain debt agreements, we transfer finance receivables to entities which are not considered VIEs. These transfers do not meet the criteria to be considered sales; 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 June 30, 2015 and December 31, 2014, $2.1 billion and $2.5 billion in finance receivables had been transferred in secured funding arrangements to such entities, to which $2.0 billion and $2.4 billion in secured debt was outstanding.