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GM Financial Receivables and Transactions
 3 Months Ended
Mar. 31, 2022
GM Financial  
Finance Receivables [Line Items]  
GM Financial Receivables and Transactions GM Financial Receivables and Transactions
March 31, 2022December 31, 2021
RetailCommercial(a)TotalRetailCommercial(a)Total
GM Financial receivables, net of fees$59,503 $7,274 $66,776 $58,093 $6,609 $64,702 
Less: allowance for loan losses(1,884)(44)(1,928)(1,839)(47)(1,886)
GM Financial receivables, net$57,618 $7,230 $64,848 $56,254 $6,562 $62,816 
Fair value of GM Financial receivables utilizing Level 2 inputs$7,230 $6,562 
Fair value of GM Financial receivables utilizing Level 3 inputs$57,774 $57,613 
__________
(a)Net of dealer cash management balances of $1.2 billion and $1.0 billion at March 31, 2022 and December 31, 2021. 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
March 31, 2022March 31, 2021
Allowance for loan losses at beginning of period$1,886 $1,978 
Provision for loan losses122 (26)
Charge-offs(275)(253)
Recoveries177 150 
Effect of foreign currency18 (14)
Allowance for loan losses at end of period$1,928 $1,835 

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. 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 March 31, 2022 and December 31, 2021:

Year of OriginationMarch 31, 2022
20222021202020192018Prior TotalPercent
Prime – FICO score 680 and greater$6,019 $17,792 $11,121 $3,540 $1,912 $655 $41,039 69.0 %
Near-prime – FICO score 620 to 679856 3,569 2,153 1,089 553 274 8,494 14.3 %
Sub-prime – FICO score less than 620929 3,720 2,258 1,563 831 669 9,970 16.8 %
Retail finance receivables, net of fees$7,804 $25,081 $15,531 $6,192 $3,296 $1,599 $59,503 100.0 %
Year of OriginationDecember 31, 2021
20212020201920182017PriorTotalPercent
Prime – FICO score 680 and greater$19,729 $12,408 $4,078 $2,298 $763 $143 $39,419 67.9 %
Near-prime – FICO score 620 to 6793,856 2,388 1,229 648 274 84 8,479 14.6 %
Sub-prime – FICO score less than 6204,053 2,528 1,777 972 570 295 10,195 17.5 %
Retail finance receivables, net of fees$27,638 $17,324 $7,084 $3,918 $1,607 $522 $58,093 100.0 %

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 $527 million and $602 million at March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021, as well as summary totals for March 31, 2021:
Year of OriginationMarch 31, 2022March 31, 2021
20222021202020192018Prior TotalPercentTotalPercent
0-to-30 days$7,788 $24,672 $15,197 $5,934 $3,139 $1,448 $58,179 97.8 %$52,367 98.1 %
31-to-60 days15 298 246 192 119 113 983 1.7 %741 1.4 %
Greater-than-60 days— 95 79 59 34 34 302 0.5 %257 0.5 %
Finance receivables more than 30 days delinquent15 393 325 251 153 148 1,285 2.2 %998 1.9 %
In repossession— 16 9 7 3 3 39 0.1 %32 — %
Finance receivables more than 30 days delinquent or in repossession15 409 334 258 157 150 1,324 2.2 %1,030 1.9 %
Retail finance receivables, net of fees$7,804 $25,081 $15,531 $6,192 $3,296 $1,599 $59,503 100.0 %$53,397 100.0 %

Year of OriginationDecember 31, 2021
20212020201920182017PriorTotalPercent
0-to-30 days$27,270 $16,945 $6,772 $3,721 $1,478 $440 $56,626 97.5 %
31-to-60 days273 276 230 147 97 60 1,083 1.8 %
Greater-than-60 days83 93 76 46 30 21 349 0.6 %
Finance receivables more than 30 days delinquent356 369 306 193 127 81 1,432 2.4 %
In repossession12 10 6 4 2 1 35 0.1 %
Finance receivables more than 30 days delinquent or in repossession368 379 312 197 129 82 1,467 2.5 %
Retail finance receivables, net of fees$27,638 $17,324 $7,084 $3,918 $1,607 $522 $58,093 100.0 %

The outstanding amortized cost of retail finance receivables that are considered TDRs was $1.9 billion at March 31, 2022, including $183 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. There were no commercial finance receivables on nonaccrual status at March 31, 2022.

GM Financial's commercial risk model and risk rating categories are as follows:
RatingDescription
IPerforming accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
IIPerforming accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
IIINon-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected.
IVNon-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 tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2022 and December 31, 2021:
Year of OriginationMarch 31, 2022
Revolving20222021202020192018PriorTotalPercent
I$5,834 $129 $412 $398 $102 $44 $56 $6,974 95.9 %
II204 — 4 16 13 — 3 240 3.3 %
III58 — — — 1 — 1 60 0.8 %
IV— — — — — — — — — %
Commercial finance receivables, net of fees$6,095 $129 $416 $413 $115 $44 $60 $7,274 100.0 %

Year of OriginationDecember 31, 2021
Revolving20212020201920182017PriorTotalPercent
I$5,210 $420 $396 $120 $50 $50 $10 $6,256 94.7 %
II207 3 16 12 — 3 — 241 3.6 %
III81 8 15 2 — 2 4 112 1.7 %
IV— — — — — — — — — %
Commercial finance receivables, net of fees$5,498 $431 $427 $134 $50 $55 $14 $6,609 100.0 %
Floorplan advances comprise 94% of the total revolving balance at March 31, 2022 and December 31, 2021. 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.
March 31, 2022December 31, 2021
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers$122 $163 
Subvention receivable(b)$357 $282 
Commercial loan funding payable$41 $26 
Three Months Ended
March 31, 2022March 31, 2021
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables$221 $188 
Leased vehicle subvention earned$547 $721 
__________
(a)All balance sheet amounts are eliminated upon consolidation.
(b)Our Automotive segments made cash payments to GM Financial for subvention of $439 million and $1.0 billion in the three months ended March 31, 2022 and 2021.

GM Financial's Board of Directors declared and paid dividends of $600 million on its common stock in the three months ended March 31, 2021.