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GM Financial Receivables and Transactions | 9 Months Ended
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Sep. 30, 2019
GM Financial [Member] |
Finance Receivables [Line Items] |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions
| September 30, 2019 |  | December 31, 2018
| Retail |  | Commercial(a) |  | Total |  | Retail |  | Commercial(a) |  | Total
Finance receivables, collectively evaluated for impairment, net of fees | $ | 39,507 |  |  | $ | 12,756 |  |  | $ | 52,263 |  |  | $ | 38,220 |  |  | $ | 12,235 |  |  | $ | 50,455 |
Finance receivables, individually evaluated for impairment, net of fees(b) | 2,390 |  |  | 40 |  |  | 2,430 |  |  | 2,348 |  |  | 41 |  |  | 2,389 |
GM Financial receivables | 41,897 |  |  | 12,796 |  |  | 54,693 |  |  | 40,568 |  |  | 12,276 |  |  | 52,844 |
Less: allowance for loan losses(b) | (856 | ) |  | (77 | ) |  | (933 | ) |  | (844 | ) |  | (67 | ) |  | (911 | )
GM Financial receivables, net | $ | 41,041 |  |  | $ | 12,719 |  |  | $ | 53,760 |  |  | $ | 39,724 |  |  | $ | 12,209 |  |  | $ | 51,933 |
Fair value of GM Financial receivables utilizing Level 2 inputs |  |  |  |  |  |  | $ | 12,719 |  |  |  |  |  |  |  |  | $ | 12,209 |
Fair value of GM Financial receivables utilizing Level 3 inputs |  |  |  |  | $ | 41,557 |  |  |  |  |  |  | $ | 39,430 |
__________
(a) | Net of dealer cash management balances of $1.2 billion and $922 million at September 30, 2019 and December 31, 2018. 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.
(b) | Retail finance receivables individually evaluated for impairment, net of fees are classified as troubled debt restructurings. The allowance for loan losses included $337 million and $321 million of specific allowances on these receivables at September 30, 2019 and December 31, 2018.
| Three Months Ended |  | Nine Months Ended
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Allowance for loan losses at beginning of period | $ | 957 |  |  | $ | 873 |  |  | $ | 911 |  |  | $ | 942 |
Provision for loan losses | 150 |  |  | 180 |  |  | 504 |  |  | 444 |
Charge-offs | (300 | ) |  | (285 | ) |  | (888 | ) |  | (878 | )
Recoveries | 134 |  |  | 130 |  |  | 411 |  |  | 398 |
Effect of foreign currency | (8 | ) |  | 2 |  |  | (5 | ) |  | (6 | )
Allowance for loan losses at end of period | $ | 933 |  |  | $ | 900 |  |  | $ | 933 |  |  | $ | 900 |
The allowance for loan losses on retail and commercial finance receivables included a collective allowance of $585 million and $586 million and a specific allowance of $348 million and $325 million at September 30, 2019 and December 31, 2018. Refer to Note 1 for expected impact of adoption of ASU 2016-13. 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, 2019 and December 31, 2018, 24% and 25% of retail finance receivables were from consumers with sub-prime credit scores, which are defined as a FICO score or its equivalent 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 $853 million and $888 million at September 30, 2019 and December 31, 2018. 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, 2019 |  | September 30, 2018
| Amount |  | Percent of Contractual Amount Due |  | Amount |  | Percent of Contractual Amount Due
31-to-60 days delinquent | $ | 1,252 |  |  | 3.0 | % |  | $ | 1,302 |  |  | 3.5 | %
Greater-than-60 days delinquent | 514 |  |  | 1.2 | % |  | 498 |  |  | 1.3 | %
Total finance receivables more than 30 days delinquent | 1,766 |  |  | 4.2 | % |  | 1,800 |  |  | 4.8 | %
In repossession | 48 |  |  | 0.1 | % |  | 53 |  |  | 0.1 | %
Total finance receivables more than 30 days delinquent or in repossession | $ | 1,814 |  |  | 4.3 | % |  | $ | 1,853 |  |  | 4.9 | %
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, 2019 and December 31, 2018. The following table summarizes the credit risk profile by dealer risk rating of the commercial finance receivables:
|  | September 30, 2019 |  | December 31, 2018
Group I | – Dealers with superior financial metrics | $ | 1,924 |  |  | $ | 2,192 |
Group II | – Dealers with strong financial metrics | 5,273 |  |  | 4,399 |
Group III | – Dealers with fair financial metrics | 3,994 |  |  | 4,064 |
Group IV | – Dealers with weak financial metrics | 1,199 |  |  | 1,116 |
Group V | – Dealers warranting special mention due to elevated risks | 332 |  |  | 422 |
Group VI | – Dealers with loans classified as substandard, doubtful or impaired | 74 |  |  | 83 |
|  | $ | 12,796 |  |  | $ | 12,276 |
Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.
| September 30, 2019 |  | December 31, 2018
Condensed Consolidated Balance Sheets(a) |  |  |
Commercial finance receivables, net due from GM consolidated dealers | $ | 502 |  |  | $ | 445 |
Finance receivables from GM subsidiaries | $ | 70 |  |  | $ | 134 |
Subvention receivable(b) | $ | 692 |  |  | $ | 727 |
Commercial loan funding payable | $ | 61 |  |  | $ | 61 |
| Three Months Ended |  | Nine Months Ended
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Condensed Consolidated Statements of Income |  |  |  |  |  |  |
Interest subvention earned on finance receivables | $ | 153 |  |  | $ | 142 |  |  | $ | 448 |  |  | $ | 409 |
Leased vehicle subvention earned | $ | 814 |  |  | $ | 827 |  |  | $ | 2,467 |  |  | $ | 2,438 |
__________
(a) | All balance sheet amounts are eliminated upon consolidation.
(b) | Cash paid by Automotive segments to GM Financial for subvention was $1.0 billion and $1.1 billion for the three months ended September 30, 2019 and 2018 and $3.1 billion and $2.8 billion for the nine months ended September 30, 2019 and 2018.
GM Financial's Board of Directors declared a $400 million dividend on its common stock on October 24, 2019, which we received on October 25, 2019.

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