GM Financial Reports Less Income, Lower Delinquencies Featured

By Staff Writer May 02, 2019 548

GM Financial Company Inc. net income declined in the first quarter to $271 million, compared to $318 million in the fourth quarter, and $369 million for the first quarter of 2018.


Retail loan originations were $7.2 billion for the quarter, compared to $8.4 billion for the fourth quarter and $5.1 billion for the first quarter of 2018. The outstanding balance of retail finance receivables, net of fees was $41.8 billion, compared to $40.7 billion at Dec. 31, 2018 and $34.3 billion at March 31. Operating lease originations were $5.2 billion for the quarter, compared to $5.2 billion for the fourth quarter and $5.7 billion for the first quarter of 2018.


Retail finance receivables 31-60 days delinquent were 2.5 percent of the portfolio at March 31, compared to 3.7 percent at March 31, 2018. Accounts more than 60 days delinquent were 1 percent of the portfolio at March 31, compared with 1.7 percent at March 31, 2018.


Annualized net charge-offs were 1.6 percent of average retail finance receivables for the first quarter, compared with 2.1 percent for the first quarter 2018.


GM Financial had total available liquidity of $28.3 billion at March 31, consisting of $5.3 billion of cash and cash equivalents, $19.7 billion of borrowing capacity on unpledged eligible assets, $0.3 billion of borrowing capacity on committed unsecured lines of credit, $1 billion of borrowing capacity on the Junior Subordinated Revolving Credit Facility from GM, and $2 billion of borrowing capacity on the GM Revolving 364-Day Credit Facility.

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Last modified on Thursday, 02 May 2019 13:53