
	December 31, 2020						December 31, 2019
	Retail		Commercial(a)		Total		Retail		Commercial(a)		Total
GM Financial receivables	$	51,288	$	8,682	$	59,970	$	42,229	$	11,671	$	53,900
Less: allowance for loan losses	(1,915)		(63)		(1,978)		(866)		(78)		(944)
GM Financial receivables, net	$	49,373	$	8,619	$	57,992	$	41,363	$	11,593	$	52,956

Fair value of GM Financial receivables utilizing Level 2 inputs					$	8,619					$	11,593
Fair value of GM Financial receivables utilizing Level 3 inputs					$	51,645					$	41,973

(a)Net of dealer cash management balances of $1.4 billion and $1.2 billion at December 31, 2020 and 2019. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on their floorplan line by making principal payments to GM Financial in advance.


	Years Ended December 31,
	2020		2019		2018
Allowance for loan losses at beginning of period	$	944	$	911	$	942
Impact of adoption ASU 2016-13 (Note 2)	801		—		—
Provision for loan losses	881		726		642
Charge-offs	(1,169)		(1,246)		(1,199)
Recoveries	542		551		536
Effect of foreign currency	(21)		2		(10)
Allowance for loan losses at end of period	$	1,978	$	944	$	911

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 December 31, 2020 is as follows:


	Year of Origination												December 31, 2020				December 31, 2019
	2020		2019		2018		2017		2016		Prior		Total		Percent		Total		Percent
Prime – FICO score 680 and greater	$	18,685	$	7,033	$	4,491	$	1,917	$	555	$	119	$	32,800	64.0	%	$	25,400	60.1	%
Near-prime – FICO score 620 to 679	3,695		2,097		1,232		603		225		83		7,935		15.4	%	6,862		16.3	%
Sub-prime – FICO score less than 620	3,803		2,920		1,740		1,173		610		307		10,553		20.6	%	9,967		23.6	%
Retail finance receivables, net of fees	$	26,183	$	12,050	$	7,463	$	3,693	$	1,390	$	509	$	51,288	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 $714 million and $875 million at December 31, 2020 and 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 December 31, 2020:


	Year of Origination												December 31, 2020			December 31, 2019
	2020		2019		2018		2017		2016		Prior			Total		Percent		Total(a)		Percent
0-to-30 days	$	25,894	$	11,591	$	7,131	$	3,454	$	1,249	$	421		$	49,740	97.0	%
31-to-60 days	210		325		235		170		102		61			1,103		2.1	%	$	1,354	3.2	%
Greater-than-60 days	72		123		90		64		37		26			412		0.8	%	542		1.3	%
Finance receivables more than 30 days delinquent	282		448		325		234		139		87			1,515		2.9	%	1,896		4.5	%
In repossession	7		11		7		5		2		1			33		0.1	%	44		0.1	%
Finance receivables more than 30 days delinquent or in repossession	289		459		332		239		141		88			1,548		3.0	%	$	1,940	4.6	%
Retail finance receivables, net of fees	$	26,183	$	12,050	$	7,463	$	3,693	$	1,390	$	509		$	51,288	100.0	%

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 December 31, 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 December 31, 2020:


	Year of Origination(a)														December 31, 2020
	Revolving		2020		2019		2018		2017		2016		Prior			Total		Percent
I	$	6,968	$	510	$	159	$	63	$	95	$	43	$	19		$	7,857	90.5	%
II	491		2		18		2		3		18		34			568		6.5	%
III	203		—		8		29		2		11		—			253		2.9	%
IV	—		—		—		—		—		—		4			4		0.1	%
Commercial finance receivables, net of fees	$	7,662	$	512	$	185	$	94	$	100	$	72	$	57		$	8,682	100.0	%

Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's consolidated balance sheets and statements of income.


	December 31, 2020		December 31, 2019
Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers	$	398	$	478

Subvention receivable(b)	$	642	$	676
Commercial loan funding payable	$	23	$	74


	Years Ended December 31,
	2020		2019		2018
Consolidated Statements of Income
Interest subvention earned on finance receivables	$	679	$	588	$	554
Leased vehicle subvention earned	$	3,042	$	3,273	$	3,274

(b)Our Automotive segments made cash payments to GM Financial for subvention of $3.9 billion, $4.1 billion, and $3.8 billion in the years ended December 31, 2020, 2019 and 2018.

GM Financial's Board of Directors declared and paid dividends of $800 million, $400 million and $375 million on its common stock in the years ended December 31, 2020, 2019 and 2018.