GM Financial Receivables and Transactions | GM Financial Receivables and Transactions March 31, 2024 December 31, 2023 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables $ 73,230 $ 14,317 $ 87,547 $ 72,729 $ 13,734 $ 86,463 Less: allowance for loan losses (2,320) (35) (2,355) (2,308) (36) (2,344) GM Financial receivables, net $ 70,911 $ 14,282 $ 85,193 $ 70,421 $ 13,698 $ 84,119 Fair value of GM Financial receivables utilizing Level 2 inputs $ 14,282 $ 13,698 Fair value of GM Financial receivables utilizing Level 3 inputs $ 71,427 $ 70,911 __________ (a) Commercial finance receivables include dealer financing of $13.9 billion and $13.3 billion, and other financing of $378 million and $476 million at March 31, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $2.8 billion and $2.6 billion at March 31, 2024 and December 31, 2023. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. Three Months Ended March 31, 2024 March 31, 2023 Allowance for loan losses at beginning of period $ 2,344 $ 2,096 Provision for loan losses 204 131 Charge-offs (405) (322) Recoveries 213 187 Effect of foreign currency and other (1) 61 Allowance for loan losses at end of period $ 2,355 $ 2,152 The allowance for loan losses as a percentage of finance receivables was 2.7% at March 31, 2024 and December 31, 2023. Retail Finance Receivables GM Financial's retail finance receivable 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 retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2024 and December 31, 2023: Year of Origination March 31, 2024 2024 2023 2022 2021 2020 Prior Total Percent Prime – FICO score 680 and greater $ 6,124 $ 21,739 $ 14,060 $ 8,080 $ 4,274 $ 1,055 $ 55,332 75.6 % Near-prime – FICO score 620 to 679 902 2,981 2,076 1,566 787 380 8,692 11.9 % Sub-prime – FICO score less than 620 967 2,821 2,172 1,682 878 685 9,206 12.6 % Retail finance receivables $ 7,993 $ 27,542 $ 18,308 $ 11,329 $ 5,938 $ 2,120 $ 73,230 100.0 % Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime – FICO score 680 and greater $ 23,940 $ 15,581 $ 9,039 $ 4,926 $ 1,076 $ 320 $ 54,882 75.5 % Near-prime – FICO score 620 to 679 3,234 2,281 1,746 906 350 129 8,647 11.9 % Sub-prime – FICO score less than 620 3,079 2,397 1,884 1,010 573 257 9,200 12.6 % Retail finance receivables $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % GM Financial reviews the ongoing credit quality of 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, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $721 million and $809 million at March 31, 2024 and December 31, 2023. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2024 and December 31, 2023, as well as summary totals for March 31, 2023: Year of Origination March 31, 2024 March 31, 2023 2024 2023 2022 2021 2020 Prior Total Percent Total Percent 0-to-30 days $ 7,973 $ 27,054 $ 17,743 $ 10,856 $ 5,689 $ 1,911 $ 71,225 97.3 % $ 66,109 97.6 % 31-to-60 days 19 342 406 352 188 156 1,463 2.0 % 1,188 1.8 % Greater-than-60 days 1 125 140 109 56 50 482 0.7 % 363 0.5 % Finance receivables more than 30 days delinquent 20 467 547 461 245 206 1,945 2.7 % 1,551 2.3 % In repossession — 21 19 12 4 3 60 0.1 % 44 0.1 % Finance receivables more than 30 days delinquent or in repossession 20 488 566 473 249 209 2,005 2.7 % 1,595 2.4 % Retail finance receivables $ 7,993 $ 27,542 $ 18,308 $ 11,329 $ 5,938 $ 2,120 $ 73,230 100.0 % $ 67,704 100.0 % Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent 0-to-30 days $ 29,816 $ 19,602 $ 12,098 $ 6,533 $ 1,825 $ 599 $ 70,472 96.9 % 31-to-60 days 318 470 415 227 130 78 1,637 2.3 % Greater-than-60 days 102 168 142 76 42 29 559 0.8 % Finance receivables more than 30 days delinquent 421 637 557 302 172 107 2,196 3.0 % In repossession 17 20 14 6 3 1 61 0.1 % Finance receivables more than 30 days delinquent or in repossession 437 657 572 308 175 108 2,257 3.1 % Retail finance receivables $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing, proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. The credit risk associated with other financing is limited due to the structure of the business relationships. GM Financial's dealer risk model and risk rating categories are as follows: 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 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 of 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, 2024 and December 31, 2023: Year of Origination(a) March 31, 2024 Dealer Risk Rating Revolving 2024 2023 2022 2021 2020 Prior Total Percent I $ 12,056 $ 56 $ 248 $ 389 $ 289 $ 294 $ 62 $ 13,395 96.1 % II 274 — 3 7 — — — 284 2.0 % III 217 4 5 15 12 — 7 261 1.9 % IV — — — — — — — — — % Balance at end of period $ 12,547 $ 60 $ 256 $ 411 $ 302 $ 294 $ 69 $ 13,939 100.0 % __________ (a) Floorplan advances comprise 99.1% of the total revolving balance. Dealer term loans are presented by year of origination. Year of Origination(a) December 31, 2023 Dealer Risk Rating Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 11,513 $ 279 $ 403 $ 297 $ 301 $ 75 $ 11 $ 12,879 97.1 % II 182 — 2 2 — — — 187 1.4 % III 152 1 15 12 — 11 — 192 1.4 % IV — — — — — — — — — % Balance at end of period $ 11,846 $ 281 $ 421 $ 311 $ 301 $ 86 $ 11 $ 13,257 100.0 % __________ (a) Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination. Transactions with GM Financial The following tables show transactions between our Automotive segments, Cruise and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. March 31, 2024 December 31, 2023 Condensed Consolidated Balance Sheets(a) Commercial finance receivables due from GM consolidated dealers $ 183 $ 164 Commercial finance receivables due from Cruise $ 395 $ 353 Subvention receivable from GM(b) $ 600 $ 508 Commercial loan funding payable to GM $ 179 $ 55 Three Months Ended March 31, 2024 March 31, 2023 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 335 $ 279 Leased vehicle subvention earned $ 364 $ 393 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $777 million and $749 million in the three months ended March 31, 2024 and 2023. GM Financial's Board of Directors declared and paid dividends of $450 million on its common stock in the three months ended March 31, 2024 and 2023. |