XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

GM Financial Receivables and Transactions | 9 Months Ended
--- | ---
Sep. 30, 2020
GM Financial [Member] |
Finance Receivables [Line Items] |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions
| September 30, 2020 |  | December 31, 2019
| Retail |  | Commercial(a) |  | Total |  | Retail |  | Commercial(a) |  | Total
GM Financial receivables, net of fees | $ | 48,694 |  |  | $ | 8,062 |  |  | $ | 56,756 |  |  | $ | 42,229 |  |  | $ | 11,671 |  |  | $ | 53,900 |
Less: allowance for loan losses | (1,936) |  |  | (67) |  |  | (2,003) |  |  | (866) |  |  | (78) |  |  | (944) |
GM Financial receivables, net | $ | 46,758 |  |  | $ | 7,995 |  |  | $ | 54,753 |  |  | $ | 41,363 |  |  | $ | 11,593 |  |  | $ | 52,956 |
Fair value of GM Financial receivables utilizing Level 2 inputs |  |  |  |  | $ | 7,995 |  |  |  |  |  |  | $ | 11,593 |
Fair value of GM Financial receivables utilizing Level 3 inputs |  |  |  |  | $ | 48,972 |  |  |  |  |  |  | $ | 41,973 |
__________ (a)Net of dealer cash management balances of $1.4 billion and $1.2 billion at September 30, 2020 and December 31, 2019. 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 |  | Nine Months Ended
| September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
Allowance for loan losses at beginning of period | $ | 2,111 |  |  | $ | 957 |  |  | $ | 944 |  |  | $ | 911 |
Impact of adoption ASU 2016-13 (Note 1) | — |  |  | — |  |  | 801 |  |  | — |
Provision for loan losses | 31 |  |  | 150 |  |  | 824 |  |  | 504 |
Charge-offs | (282) |  |  | (300) |  |  | (895) |  |  | (888) |
Recoveries | 136 |  |  | 134 |  |  | 383 |  |  | 411 |
Effect of foreign currency | 7 |  |  | (8) |  |  | (54) |  |  | (5) |
Allowance for loan losses at end of period | $ | 2,003 |  |  | $ | 933 |  |  | $ | 2,003 |  |  | $ | 933 |
GM Financial's forecast for recovery rates improved during the three months ended September 30, 2020, resulting in decreased provision for loan losses. In the nine months ended September 30, 2020, the provision for loan losses increased primarily due to increased expected charge-offs and decreased expected recoveries as a result of the economic impact of the novel strain of the coronavirus (COVID-19) pandemic. 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. A summary of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at September 30, 2020 is as follows:
| Year of Origination |  | September 30, 2020 |  | December 31, 2019
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | Prior |  | Total |  | Percent |  | Total |  | Percent
Prime – FICO score 680 and greater | $ | 14,746 |  |  | $ | 8,064 |  |  | $ | 5,295 |  |  | $ | 2,348 |  |  | $ | 744 |  |  | $ | 177 |  |  | $ | 5 |  |  | $ | 31,379 |  |  | 64.4 | % |  | $ | 25,400 |  |  | 60.1 | %
Near-prime – FICO score 620 to 679 | 2,725 |  |  | 2,293 |  |  | 1,392 |  |  | 712 |  |  | 280 |  |  | 103 |  |  | 15 |  |  | 7,520 |  |  | 15.5 | % |  | 6,862 |  |  | 16.3 | %
Sub-prime – FICO score less than 620 | 2,701 |  |  | 2,922 |  |  | 1,785 |  |  | 1,265 |  |  | 707 |  |  | 311 |  |  | 104 |  |  | 9,795 |  |  | 20.1 | % |  | 9,967 |  |  | 23.6 | %
Retail finance receivables, net of fees | $ | 20,172 |  |  | $ | 13,279 |  |  | $ | 8,472 |  |  | $ | 4,325 |  |  | $ | 1,731 |  |  | $ | 591 |  |  | $ | 124 |  |  | $ | 48,694 |  |  | 100.0 | % |  | $ | 42,229 |  |  | 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 $742 million and $875 million at September 30, 2020 and December 31, 2019. The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at September 30, 2020:
| Year of Origination |  | September 30, 2020 |  | September 30, 2019
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | Prior |  | Total |  | Percent |  | Total(a) |  | Percent
Current | $ | 19,962 |  |  | $ | 12,848 |  |  | $ | 8,142 |  |  | $ | 4,083 |  |  | $ | 1,580 |  |  | $ | 513 |  |  | $ | 93 |  |  | $ | 47,221 |  |  | 97.0 | % |  |  |  |
31-to-60 days | 147 |  |  | 294 |  |  | 227 |  |  | 167 |  |  | 102 |  |  | 53 |  |  | 19 |  |  | 1,009 |  |  | 2.1 | % |  | $ | 1,252 |  |  | 3.0 | %
Greater-than-60 days | 57 |  |  | 122 |  |  | 92 |  |  | 69 |  |  | 45 |  |  | 23 |  |  | 11 |  |  | 419 |  |  | 0.8 | % |  | 514 |  |  | 1.2 | %
Finance receivables more than 30 days delinquent | 204 |  |  | 416 |  |  | 319 |  |  | 236 |  |  | 147 |  |  | 76 |  |  | 30 |  |  | 1,428 |  |  | 2.9 | % |  | 1,766 |  |  | 4.2 | %
In repossession | 6 |  |  | 15 |  |  | 11 |  |  | 6 |  |  | 4 |  |  | 2 |  |  | 1 |  |  | 45 |  |  | 0.1 | % |  | 48 |  |  | 0.1 | %
Finance receivables more than 30 days delinquent or in repossession | 210 |  |  | 431 |  |  | 330 |  |  | 242 |  |  | 151 |  |  | 78 |  |  | 31 |  |  | 1,473 |  |  | 3.0 | % |  | $ | 1,814 |  |  | 4.3 | %
Retail finance receivables, net of fees | $ | 20,172 |  |  | $ | 13,279 |  |  | $ | 8,472 |  |  | $ | 4,325 |  |  | $ | 1,731 |  |  | $ | 591 |  |  | $ | 124 |  |  | $ | 48,694 |  |  | 100.0 | % |  |  |  |
__________ (a)Represents the contractual amounts of delinquent retail finance receivables, which is not significantly different than the outstanding amortized cost for such receivables. The outstanding amortized cost of retail finance receivables that are considered TDRs was $2.3 billion at September 30, 2020, including $317 million in nonaccrual loans. Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financings, primarily for inventory purchases. 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 commercial finance receivables on nonaccrual status were insignificant at September 30, 2020. Prior to January 1, 2020, GM Financial estimated the allowance for loan losses based on an analysis of the experience of comparable commercial lenders. Effective January 1, 2020, GM Financial establishes the allowance for loan losses based on historical loss experience for the consolidated portfolio, in addition to forecast for industry vehicle sales. The updated 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 table summarizes the credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2020:
| Year of Origination(a) |  | September 30, 2020 |  |
| Revolving |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | Prior |  | Total |  | Percent |  |  |  |
I | $ | 6,468 |  |  | $ | 355 |  |  | $ | 177 |  |  | $ | 73 |  |  | $ | 98 |  |  | $ | 93 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 7,302 |  |  | 90.6 | % |  |  |  |
II | 411 |  |  | 1 |  |  | 7 |  |  | 3 |  |  | 3 |  |  | 13 |  |  | 13 |  |  | 22 |  |  | 473 |  |  | 5.9 | % |  |  |  |
III | 227 |  |  | — |  |  | 9 |  |  | 29 |  |  | 2 |  |  | 11 |  |  | 1 |  |  | — |  |  | 279 |  |  | 3.4 | % |  |  |  |
IV | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 8 |  |  | 0.1 | % |  |  |  |
Commercial finance receivables, net of fees | $ | 7,110 |  |  | $ | 356 |  |  | $ | 193 |  |  | $ | 105 |  |  | $ | 103 |  |  | $ | 117 |  |  | $ | 56 |  |  | $ | 22 |  |  | $ | 8,062 |  |  | 100.0 | % |  |  |  |
__________ (a)Floorplan advances comprise 98% of the total revolving balance. Dealer term loans are presented by year of origination. 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, 2020 |  | December 31, 2019
Condensed Consolidated Balance Sheets(a) |  |  |
Commercial finance receivables, net due from GM consolidated dealers | $ | 399 |  |  | $ | 478 |
Subvention receivable(b) | $ | 566 |  |  | $ | 676 |
Commercial loan funding payable | $ | 75 |  |  | $ | 74 |
| Three Months Ended |  | Nine Months Ended
| September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
Condensed Consolidated Statements of Income |  |  |  |  |  |  |
Interest subvention earned on finance receivables | $ | 178 |  |  | $ | 153 |  |  | $ | 496 |  |  | $ | 448 |
Leased vehicle subvention earned | $ | 749 |  |  | $ | 814 |  |  | $ | 2,319 |  |  | $ | 2,467 |
__________ (a)All balance sheet amounts are eliminated upon consolidation. (b)Cash paid by Automotive segments to GM Financial for subvention was $943 million and $1.0 billion i n the three months ended September 30, 2020 and 2019 a nd $3.0 billion and $3.1 billion in the nine months ended September 30, 2020 and 2019. GM Financial's Board of Directors declared and paid dividends of $800 million on its common stock in the nine months ended September 30, 2020.

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_AccountsNotesAndLoansReceivableLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
Name: | us-gaap_FinancingReceivablesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | gm_BusinessGroupAxis=gm_GmFinancialMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |