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GM Financial Receivables and Transactions | 9 Months Ended
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Sep. 30, 2018
GM Financial [Member] |
Finance Receivables [Line Items] |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions
| September 30, 2018 |  | December 31, 2017
| Retail |  | Commercial |  | Total |  | Retail |  | Commercial |  | Total
Finance receivables, collectively evaluated for impairment, net of fees | $ | 35,442 |  |  | $ | 10,601 |  |  | $ | 46,043 |  |  | $ | 30,486 |  |  | $ | 9,935 |  |  | $ | 40,421 |
Finance receivables, individually evaluated for impairment, net of fees | 2,308 |  |  | 67 |  |  | 2,375 |  |  | 2,228 |  |  | 22 |  |  | 2,250 |
GM Financial receivables | 37,750 |  |  | 10,668 |  |  | 48,418 |  |  | 32,714 |  |  | 9,957 |  |  | 42,671 |
Less: allowance for loan losses | (839 | ) |  | (61 | ) |  | (900 | ) |  | (889 | ) |  | (53 | ) |  | (942 | )
GM Financial receivables, net | $ | 36,911 |  |  | $ | 10,607 |  |  | $ | 47,518 |  |  | $ | 31,825 |  |  | $ | 9,904 |  |  | $ | 41,729 |
Fair value of GM Financial receivables utilizing Level 2 inputs |  |  |  |  |  |  | $ | 10,607 |  |  |  |  |  |  |  |  | $ | 9,904 |
Fair value of GM Financial receivables utilizing Level 3 inputs |  |  |  |  | $ | 36,551 |  |  |  |  |  |  | $ | 31,831 |
| Three Months Ended |  | Nine Months Ended
| September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017
Allowance for loan losses at beginning of period | $ | 873 |  |  | $ | 893 |  |  | $ | 942 |  |  | $ | 805 |
Provision for loan losses | 180 |  |  | 204 |  |  | 444 |  |  | 573 |
Charge-offs | (285 | ) |  | (287 | ) |  | (878 | ) |  | (858 | )
Recoveries | 130 |  |  | 135 |  |  | 398 |  |  | 420 |
Effect of foreign currency | 2 |  |  | 3 |  |  | (6 | ) |  | 8 |
Allowance for loan losses at end of period | $ | 900 |  |  | $ | 948 |  |  | $ | 900 |  |  | $ | 948 |
The allowance for loan losses on retail and commercial finance receivables included a collective allowance of $575 million and $611 million and a specific allowance of $325 million and $331 million at September 30, 2018 and December 31, 2017. Retail Finance Receivables We use proprietary scoring systems in the underwriting process that measure the credit quality of retail finance receivables using several factors, such as credit bureau information, consumer credit risk scores (e.g. FICO score or its equivalent) and contract characteristics. We also consider other factors such as employment history, financial stability and capacity to pay. Subsequent to origination we review the credit quality of retail finance receivables based on customer payment activity. At September 30, 2018 and December 31, 2017, 27% and 33% of retail finance receivables were from consumers with sub-prime credit scores, which are defined as FICO or equivalent scores of less than 620 at the time of loan origination. An account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $847 million and $778 million at September 30, 2018 and December 31, 2017. The following table summarizes the contractual amount of delinquent retail finance receivables, which is not significantly different than the recorded investment of the retail finance receivables:
| September 30, 2018 |  | September 30, 2017
| Amount |  | Percent of Contractual Amount Due |  | Amount |  | Percent of Contractual Amount Due
31-to-60 days delinquent | $ | 1,302 |  |  | 3.5 | % |  | $ | 1,176 |  |  | 3.6 | %
Greater-than-60 days delinquent | 498 |  |  | 1.3 | % |  | 521 |  |  | 1.6 | %
Total finance receivables more than 30 days delinquent | 1,800 |  |  | 4.8 | % |  | 1,697 |  |  | 5.2 | %
In repossession | 53 |  |  | 0.1 | % |  | 55 |  |  | 0.2 | %
Total finance receivables more than 30 days delinquent or in repossession | $ | 1,853 |  |  | 4.9 | % |  | $ | 1,752 |  |  | 5.4 | %
Retail finance receivables classified as troubled debt restructurings and individually evaluated for impairment were $2.3 billion and $2.2 billion and the allowance for loan losses included $317 million and $328 million of specific allowances on these receivables at September 30, 2018 and December 31, 2017. Commercial Finance Receivables Our commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used 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. Dealers in Group VI are subject to additional restrictions on funding, including suspension of lines of credit and liquidation of assets. The commercial finance receivables on non-accrual status were insignificant at September 30, 2018 and December 31, 2017. The following table summarizes the credit risk profile by dealer risk rating of the commercial finance receivables:
|  | September 30, 2018 |  | December 31, 2017
Group I | – Dealers with superior financial metrics | $ | 2,077 |  |  | $ | 1,915 |
Group II | – Dealers with strong financial metrics | 3,905 |  |  | 3,465 |
Group III | – Dealers with fair financial metrics | 3,197 |  |  | 3,239 |
Group IV | – Dealers with weak financial metrics | 960 |  |  | 997 |
Group V | – Dealers warranting special mention due to elevated risks | 422 |  |  | 260 |
Group VI | – Dealers with loans classified as substandard, doubtful or impaired | 107 |  |  | 81 |
|  | $ | 10,668 |  |  | $ | 9,957 |
Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are shown in GM Financial's condensed consolidated balance sheets and statements of income. All balance sheet amounts in the table below are eliminated. Income statement amounts may not fully eliminate due to timing.
| September 30, 2018 |  | December 31, 2017
Condensed Consolidated Balance Sheets |  |  |
Commercial finance receivables, net due from GM consolidated dealers | $ | 437 |  |  | $ | 355 |
Direct-financing lease receivables from GM subsidiaries | $ | 125 |  |  | $ | 88 |
Subvention receivable(a) | $ | 735 |  |  | $ | 306 |
Commercial loan funding payable | $ | 86 |  |  | $ | 90 |
| Three Months Ended |  | Nine Months Ended
| September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017
Condensed Consolidated Statements of Income |  |  |  |  |  |  |
Interest subvention earned on finance receivables | $ | 142 |  |  | $ | 129 |  |  | $ | 409 |  |  | $ | 361 |
Leased vehicle subvention earned | $ | 827 |  |  | $ | 786 |  |  | $ | 2,438 |  |  | $ | 2,246 |
__________
(a) | Cash paid by Automotive segments to GM Financial for subvention was $1.1 billion for the three months ended September 30, 2018 and 2017 and $2.8 billion and $3.3 billion for the nine months ended September 30, 2018 and 2017.
GM Financial’s Board of Directors declared a $375 million dividend on its common stock on October 26, 2018, which we received on October 30, 2018.

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI http://asc.fasb.org/topic&trid=2196771 + Details
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