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GM Financial Receivables and Transactions (Tables) - GM Financial

9 Months Ended

Sep. 30, 2021

Finance Receivables [Line Items]

GM Financial Receivables

			September 30, 2021																		December 31, 2020
			Retail						Commercial(a)						Total						Retail						Commercial(a)						Total
GM Financial receivables, net of fees			$	57,424					$	4,217					$	61,641					$	51,288					$	8,682					$	59,970
Less: allowance for loan losses			(1,863)						(40)						(1,903)						(1,915)						(63)						(1,978)
GM Financial receivables, net			$	55,561					$	4,177					$	59,738					$	49,373					$	8,619					$	57,992
Fair value of GM Financial receivables utilizing Level 2 inputs															$	4,177																	$	8,619
Fair value of GM Financial receivables utilizing Level 3 inputs															$	57,330																	$	51,645

__________

(a)Net of dealer cash management balances of $909 million and $1.4 billion at September 30, 2021 and December 31, 2020. 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.

Allowance for Loan Losses

			Three Months Ended												Nine Months Ended
			September 30, 2021						September 30, 2020						September 30, 2021						September 30, 2020
Allowance for loan losses at beginning of period			$	1,850					$	2,111					$	1,978					$	944
Impact of adoption ASU 2016-13			—						—						—						801
Provision for loan losses			141						31						174						824
Charge-offs			(207)						(282)						(664)						(895)
Recoveries			133						136						429						383
Effect of foreign currency			(14)						7						(14)						(54)
Allowance for loan losses at end of period			$	1,903					$	2,003					$	1,903					$	2,003

Intercompany Transactions

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, 2021						December 31, 2020
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers			$	184					$	398
Subvention receivable(b)			$	305					$	642
Commercial loan funding payable			$	17					$	23

			Three Months Ended												Nine Months Ended
			September 30, 2021						September 30, 2020						September 30, 2021						September 30, 2020
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables			$	211					$	178					$	610					$	496
Leased vehicle subvention earned			$	670					$	749					$	2,095					$	2,319

__________

(a)All balance sheet amounts are eliminated upon consolidation.

(b)Our Automotive segments made cash payments to GM Financial for subvention of $828 million and $943 million in the three months ended September 30, 2021 and 2020 and $2.9 billion and $3.0 billion in the nine months ended September 30, 2021 and 2020.

Retail Finance Receivables

Finance Receivables [Line Items]

Finance Receivables Credit Quality

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 September 30, 2021 and December 31, 2020:

			Year of Origination																																				September 30, 2021
			2021						2020						2019						2018						2017						Prior						Total						Percent
Prime – FICO score 680 and greater			$	15,723					$	13,839					$	4,697					$	2,747					$	996					$	219					$	38,221					66.5		%
Near-prime – FICO score 620 to 679			3,321						2,697						1,417						766						342						121						8,664						15.1		%
Sub-prime – FICO score less than 620			3,446						2,842						2,024						1,132						694						401						10,539						18.4		%
Retail finance receivables, net of fees			$	22,490					$	19,378					$	8,138					$	4,645					$	2,032					$	741					$	57,424					100.0		%

			Year of Origination																																										December 31, 2020
			2020						2019						2018						2017						2016						Prior												Total						Percent
Prime – FICO score 680 and greater			$	18,685					$	7,033					$	4,491					$	1,917					$	555					$	119											$	32,800					64.0		%
Near-prime – FICO score 620 to 679			3,695						2,097						1,232						603						225						83												7,935						15.4		%
Sub-prime – FICO score less than 620			3,803						2,920						1,740						1,173						610						307												10,553						20.6		%
Retail finance receivables, net of fees			$	26,183					$	12,050					$	7,463					$	3,693					$	1,390					$	509											$	51,288					100.0		%

Retail Finance Receivables Delinquency

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 September 30, 2021 and December 31, 2020, as well as summary totals for September 30, 2020:

			Year of Origination																																				September 30, 2021												September 30, 2020
			2021						2020						2019						2018						2017						Prior						Total						Percent						Total						Percent
0-to-30 days			$	22,252					$	19,030					$	7,825					$	4,443					$	1,894					$	642					$	56,086					97.7		%				$	47,221					97.0		%
31-to-60 days			174						257						231						151						103						73						989						1.7		%				1,009						2.1		%
Greater-than-60 days			57						81						74						47						32						24						315						0.5		%				419						0.8		%
Finance receivables more than 30 days delinquent			231						338						305						198						135						97						1,304						2.2		%				1,428						2.9		%
In repossession			7						10						8						4						3						2						34						0.1		%				45						0.1		%
Finance receivables more than 30 days delinquent or in repossession			238						348						313						202						138						99						1,338						2.3		%				1,473						3.0		%
Retail finance receivables, net of fees			$	22,490					$	19,378					$	8,138					$	4,645					$	2,032					$	741					$	57,424					100.0		%				$	48,694					100.0		%

			Year of Origination																																				December 31, 2020
			2020						2019						2018						2017						2016						Prior												Total						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		%
Greater-than-60 days			72						123						90						64						37						26												412						0.8		%
Finance receivables more than 30 days delinquent			282						448						325						234						139						87												1,515						2.9		%
In repossession			7						11						7						5						2						1												33						0.1		%
Finance receivables more than 30 days delinquent or in repossession			289						459						332						239						141						88												1,548						3.0		%
Retail finance receivables, net of fees			$	26,183					$	12,050					$	7,463					$	3,693					$	1,390					$	509											$	51,288					100.0		%

Commercial Finance Receivables

Finance Receivables [Line Items]

Finance Receivables Credit Quality

The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2021 and December 31, 2020:

			Year of Origination(a)																																										September 30, 2021
			Revolving						2021						2020						2019						2018						2017						Prior						Total						Percent
I			$	2,958					$	285					$	417					$	125					$	34					$	62					$	13					$	3,894					92.3		%
II			168						2						16						17						—						3						5						211						5.0		%
III			55						8						15						2						26						2						4						112						2.7		%
IV			—						—						—						—						—						—						—						—						—		%
Commercial finance receivables, net of fees			$	3,181					$	295					$	448					$	144					$	60					$	67					$	22					$	4,217					100.0		%

__________

(a)Floorplan advances comprise 94% of the total revolving balance. Dealer term loans are presented by year of origination.

			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		%

__________

(a)Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination.

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