General Motors Financial Company Inc. announced income from continuing operations of $270 million for the quarter ended June 30, compared to $143 million for the quarter ended June 30, 2016.
Retail loan originations were $5.3 billion for the quarter, compared to $5.6 billion for the quarter ended March 31 and $3.2 billion for the quarter ended June 30, 2016. The outstanding balance of retail finance receivables was $31.1 billion at June 30.
Operating lease originations were $6.7 billion for the quarter, compared to $6.3 billion for the quarter ended March 31 and $6.5 billion for the quarter ended June 30, 2016. Leased vehicles, net were $39.7 billion at June 30.
The outstanding balance of commercial finance receivables was $9.7 billion at June 30 compared to $8.5 billion at March 31 and $6 billion at June 30, 2016.
Retail finance receivables 31-60 days delinquent were 3.4 percent of the portfolio at June 30, compared with 4.3 at June 30, 2016. Accounts more than 60 days delinquent were 1.5 percent of the portfolio compared with 1.9 percent at June 30, 2016.
Annualized net charge-offs were 1.7 percent of average retail finance receivables for the quarter, compared with 2.2 percent for the quarter ended June 30, 2016.
GM Financial had total available liquidity of $17 billion at June 30, consisting of $5.2 billion of cash and cash equivalents, $10.7 billion of borrowing capacity on unpledged eligible assets, $0.1 billion of borrowing capacity on committed unsecured lines of credit and $1 billion of borrowing capacity on a junior subordinated revolving credit facility from GM.
The Conference Board Consumer Confidence Index, which had declined marginally in June, improved in July.
The Index now stands at 121.1, up from 117.3 in June.
Consumers’ outlook for the labor market improved. The proportion expecting more jobs in the months ahead was unchanged at 19.2 percent, but those anticipating fewer jobs decreased to 13.3 percent from 14.6 percent.
Consumers, however, were not as upbeat about their income prospects as in June. The percentage of consumers expecting an improvement in their income declined moderately to 20 percent from 20.9 percent, while the proportion expecting a decline increased to 10 percent from 9.3 percent.