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GM Financial Receivables and Transactions | 9 Months Ended
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Sep. 30, 2023
GM Financial |
Finance Receivables [Line Items] |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions
| September 30, 2023 |  | December 31, 2022
| Retail |  | Commercial(a) |  | Total |  | Retail |  | Commercial(a) |  | Total
GM Financial receivables, net of fees | $ | 71,704 |  |  | $ | 11,765 |  |  | $ | 83,469 |  |  | $ | 65,322 |  |  | $ | 10,988 |  |  | $ | 76,310 |
Less: allowance for loan losses | (2,224) |  |  | (34) |  |  | (2,258) |  |  | (2,062) |  |  | (34) |  |  | (2,096) |
GM Financial receivables, net | $ | 69,480 |  |  | $ | 11,731 |  |  | $ | 81,211 |  |  | $ | 63,260 |  |  | $ | 10,954 |  |  | $ | 74,214 |
Fair value of GM Financial receivables utilizing Level 2 inputs |  |  |  |  | $ | 11,731 |  |  |  |  |  |  | $ | 10,954 |
Fair value of GM Financial receivables utilizing Level 3 inputs |  |  |  |  | $ | 68,690 |  |  |  |  |  |  | $ | 62,150 |
__________ (a)Net of dealer cash management balances of $2.4 billion and $1.9 billion at September 30, 2023 and December 31, 2022. 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, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Allowance for loan losses at beginning of period | $ | 2,202 |  |  | $ | 2,027 |  |  | $ | 2,096 |  |  | $ | 1,886 |
Provision for loan losses | 235 |  |  | 180 |  |  | 533 |  |  | 500 |
Charge-offs | (366) |  |  | (289) |  |  | (1,012) |  |  | (811) |
Recoveries | 196 |  |  | 173 |  |  | 574 |  |  | 511 |
Effect of foreign currency and other | (8) |  |  | (4) |  |  | 67 |  |  | — |
Allowance for loan losses at end of period | $ | 2,258 |  |  | $ | 2,086 |  |  | $ | 2,258 |  |  | $ | 2,086 |
The allowance for loan losses as a percentage of finance receivables, net was 2.7% at September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022:
| Year of Origination |  | September 30, 2023
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total |  | Percent
Prime – FICO score 680 and greater | $ | 19,330 |  |  | $ | 17,114 |  |  | $ | 10,013 |  |  | $ | 5,602 |  |  | $ | 1,325 |  |  | $ | 467 |  |  | $ | 53,851 |  |  | 75.1 | %
Near-prime – FICO score 620 to 679 | 2,556 |  |  | 2,485 |  |  | 1,930 |  |  | 1,031 |  |  | 420 |  |  | 179 |  |  | 8,600 |  |  | 12.0 | %
Sub-prime – FICO score less than 620 | 2,391 |  |  | 2,608 |  |  | 2,085 |  |  | 1,145 |  |  | 676 |  |  | 348 |  |  | 9,253 |  |  | 12.9 | %
Retail finance receivables, net of fees | $ | 24,278 |  |  | $ | 22,207 |  |  | $ | 14,028 |  |  | $ | 7,777 |  |  | $ | 2,421 |  |  | $ | 994 |  |  | $ | 71,704 |  |  | 100.0 | %
| Year of Origination |  |  |  | December 31, 2022
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  |  |  | Total |  | Percent
Prime – FICO score 680 and greater | $ | 22,677 |  |  | $ | 13,399 |  |  | $ | 7,991 |  |  | $ | 2,254 |  |  | $ | 1,019 |  |  | $ | 205 |  |  |  |  | $ | 47,543 |  |  | 72.8 | %
Near-prime – FICO score 620 to 679 | 3,202 |  |  | 2,601 |  |  | 1,487 |  |  | 688 |  |  | 310 |  |  | 104 |  |  |  |  | 8,392 |  |  | 12.8 | %
Sub-prime – FICO score less than 620 | 3,211 |  |  | 2,746 |  |  | 1,604 |  |  | 1,051 |  |  | 496 |  |  | 280 |  |  |  |  | 9,388 |  |  | 14.4 | %
Retail finance receivables, net of fees | $ | 29,090 |  |  | $ | 18,745 |  |  | $ | 11,081 |  |  | $ | 3,992 |  |  | $ | 1,824 |  |  | $ | 589 |  |  |  |  | $ | 65,322 |  |  | 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 $731 million and $685 million at September 30, 2023 and December 31, 2022. The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at September 30, 2023 and December 31, 2022, as well as summary totals for September 30, 2022:
| Year of Origination |  | September 30, 2023 |  | September 30, 2022
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total |  | Percent |  | Total |  | Percent
0-to-30 days | $ | 24,021 |  |  | $ | 21,631 |  |  | $ | 13,489 |  |  | $ | 7,478 |  |  | $ | 2,242 |  |  | $ | 873 |  |  | $ | 69,735 |  |  | 97.3 | % |  | $ | 61,836 |  |  | 97.4 | %
31-to-60 days | 187 |  |  | 408 |  |  | 389 |  |  | 219 |  |  | 133 |  |  | 88 |  |  | 1,424 |  |  | 2.0 | % |  | 1,185 |  |  | 1.9 | %
Greater-than-60 days | 59 |  |  | 146 |  |  | 135 |  |  | 73 |  |  | 43 |  |  | 31 |  |  | 488 |  |  | 0.7 | % |  | 394 |  |  | 0.6 | %
Finance receivables more than 30 days delinquent | 246 |  |  | 555 |  |  | 524 |  |  | 292 |  |  | 175 |  |  | 119 |  |  | 1,911 |  |  | 2.7 | % |  | 1,579 |  |  | 2.5 | %
In repossession | 11 |  |  | 21 |  |  | 14 |  |  | 7 |  |  | 4 |  |  | 2 |  |  | 58 |  |  | 0.1 | % |  | 46 |  |  | 0.1 | %
Finance receivables more than 30 days delinquent or in repossession | 257 |  |  | 575 |  |  | 538 |  |  | 299 |  |  | 179 |  |  | 121 |  |  | 1,969 |  |  | 2.7 | % |  | 1,625 |  |  | 2.6 | %
Retail finance receivables, net of fees | $ | 24,278 |  |  | $ | 22,207 |  |  | $ | 14,028 |  |  | $ | 7,777 |  |  | $ | 2,421 |  |  | $ | 994 |  |  | $ | 71,704 |  |  | 100.0 | % |  | $ | 63,461 |  |  | 100.0 | %
| Year of Origination |  | December 31, 2022
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  |  |  | Total |  | Percent
0-to-30 days | $ | 28,676 |  |  | $ | 18,128 |  |  | $ | 10,702 |  |  | $ | 3,743 |  |  | $ | 1,685 |  |  | $ | 493 |  |  |  |  | $ | 63,426 |  |  | 97.1 | %
31-to-60 days | 310 |  |  | 452 |  |  | 275 |  |  | 184 |  |  | 103 |  |  | 69 |  |  |  |  | 1,393 |  |  | 2.1 | %
Greater-than-60 days | 93 |  |  | 150 |  |  | 98 |  |  | 62 |  |  | 35 |  |  | 26 |  |  |  |  | 465 |  |  | 0.7 | %
Finance receivables more than 30 days delinquent | 403 |  |  | 603 |  |  | 373 |  |  | 246 |  |  | 138 |  |  | 95 |  |  |  |  | 1,857 |  |  | 2.8 | %
In repossession | 11 |  |  | 14 |  |  | 6 |  |  | 4 |  |  | 2 |  |  | 1 |  |  |  |  | 39 |  |  | 0.1 | %
Finance receivables more than 30 days delinquent or in repossession | 414 |  |  | 617 |  |  | 380 |  |  | 249 |  |  | 140 |  |  | 96 |  |  |  |  | 1,896 |  |  | 2.9 | %
Retail finance receivables, net of fees | $ | 29,090 |  |  | $ | 18,745 |  |  | $ | 11,081 |  |  | $ | 3,992 |  |  | $ | 1,824 |  |  | $ | 589 |  |  |  |  | $ | 65,322 |  |  | 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. There were no commercial finance receivables on nonaccrual status at September 30, 2023. GM Financial's commercial risk model and 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 tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2023 and December 31, 2022:
| Year of Origination(a) |  | September 30, 2023 |
| Revolving |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total |  | Percent |  |  |
I | $ | 10,129 |  |  | $ | 149 |  |  | $ | 414 |  |  | $ | 308 |  |  | $ | 321 |  |  | $ | 84 |  |  | $ | 31 |  |  | $ | 11,435 |  |  | 97.2 | % |  |  |
II | 142 |  |  | — |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 146 |  |  | 1.2 | % |  |  |
III | 150 |  |  | — |  |  | 16 |  |  | 9 |  |  | — |  |  | 8 |  |  | — |  |  | 184 |  |  | 1.6 | % |  |  |
IV | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  |  |
Commercial finance receivables, net of fees | $ | 10,421 |  |  | $ | 149 |  |  | $ | 432 |  |  | $ | 318 |  |  | $ | 322 |  |  | $ | 92 |  |  | $ | 31 |  |  | $ | 11,765 |  |  | 100.0 | % |  |  |
__________ (a)Floorplan advances comprise 95% of the total revolving balance. Dealer term loans are presented by year of origination.
| Year of Origination(a) |  | December 31, 2022 |  |
| Revolving |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  |  |  | Total |  | Percent |  |  |  |
I | $ | 9,493 |  |  | $ | 438 |  |  | $ | 356 |  |  | $ | 360 |  |  | $ | 91 |  |  | $ | 38 |  |  | $ | 18 |  |  |  |  | $ | 10,794 |  |  | 98.2 | % |  |  |  |
II | 89 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 91 |  |  | 0.8 | % |  |  |  |
III | 78 |  |  | 15 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  |  |  | 104 |  |  | 0.9 | % |  |  |  |
IV | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — | % |  |  |  |
Commercial finance receivables, net of fees | $ | 9,660 |  |  | $ | 453 |  |  | $ | 357 |  |  | $ | 360 |  |  | $ | 102 |  |  | $ | 38 |  |  | $ | 18 |  |  |  |  | $ | 10,988 |  |  | 100.0 | % |  |  |  |
__________ (a)Floorplan advances comprise 97% 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, 2023 |  | December 31, 2022
Condensed Consolidated Balance Sheets(a) |  |  |
Commercial finance receivables, net due from GM consolidated dealers | $ | 163 |  |  | $ | 187 |
Receivables from Cruise | $ | 276 |  |  | $ | 113 |
Subvention receivable(b) | $ | 837 |  |  | $ | 469 |
Commercial loan funding payable | $ | 62 |  |  | $ | 105 |
Taxes payable to GM | $ | 412 |  |  | $ | 8 |
| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Condensed Consolidated Statements of Income |  |  |  |  |  |  |
Interest subvention earned on finance receivables | $ | 319 |  |  | $ | 260 |  |  | $ | 906 |  |  | $ | 715 |
Leased vehicle subvention earned | $ | 382 |  |  | $ | 456 |  |  | $ | 1,165 |  |  | $ | 1,503 |
__________ (a)All balance sheet amounts are eliminated upon consolidation. (b)Our Automotive segments made cash payments to GM Financial for subvention of $629 million and $732 million in the three months ended September 30, 2023 and 2022 and $2.3 billion and $1.7 billion in the nine months ended September 30, 2023 and 2022. GM Financial's Board of Directors declared and paid dividends of $450 million and $275 million on its common stock in the three months ended September 30, 2023 and 2022 and $1.4 billion and $1.0 billion in the nine months ended September 30, 2023 and 2022.

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