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GM Financial Receivables and Transactions | 9 Months Ended
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Sep. 30, 2024
GM Financial |
Finance Receivables [Line Items] |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions
| September 30, 2024 |  | December 31, 2023
| Retail |  | Commercial(a) |  | Total |  | Retail |  | Commercial(a) |  | Total
GM Financial receivables | $ | 74,384 |  |  | $ | 18,375 |  |  | $ | 92,759 |  |  | $ | 72,729 |  |  | $ | 13,734 |  |  | $ | 86,463 |
Less: allowance for loan losses | (2,323) |  |  | (54) |  |  | (2,377) |  |  | (2,308) |  |  | (36) |  |  | (2,344) |
GM Financial receivables, net | $ | 72,060 |  |  | $ | 18,321 |  |  | $ | 90,382 |  |  | $ | 70,421 |  |  | $ | 13,698 |  |  | $ | 84,119 |
Fair value of GM Financial receivables utilizing Level 2 inputs |  |  |  |  | $ | 18,321 |  |  |  |  |  |  | $ | 13,698 |
Fair value of GM Financial receivables utilizing Level 3 inputs |  |  |  |  | $ | 73,614 |  |  |  |  |  |  | $ | 70,911 |
__________ (a)Commercial finance receivables include dealer financing of $17.8 billion and $13.3 billion, and other financing of $531 million and $476 million at September 30, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $3.2 billion and $2.6 billion at September 30, 2024 and December 31, 2023. 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, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Allowance for loan losses at beginning of period | $ | 2,311 |  |  | $ | 2,202 |  |  | $ | 2,344 |  |  | $ | 2,096 |
Provision for loan losses | 298 |  |  | 235 |  |  | 676 |  |  | 533 |
Charge-offs | (439) |  |  | (366) |  |  | (1,255) |  |  | (1,012) |
Recoveries | 217 |  |  | 196 |  |  | 653 |  |  | 574 |
Effect of foreign currency and other | (10) |  |  | (8) |  |  | (40) |  |  | 67 |
Allowance for loan losses at end of period | $ | 2,377 |  |  | $ | 2,258 |  |  | $ | 2,377 |  |  | $ | 2,258 |
The allowance for loan losses as a percentage of finance receivables was 2.6% and 2.7% at September 30, 2024 and December 31, 2023. 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, 2024 and December 31, 2023:
| Year of Origination |  | September 30, 2024
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total |  | Percent
Prime – FICO score 680 and greater | $ | 17,609 |  |  | $ | 17,704 |  |  | $ | 11,118 |  |  | $ | 6,255 |  |  | $ | 3,084 |  |  | $ | 544 |  |  | $ | 56,315 |  |  | 75.7 | %
Near-prime – FICO score 620 to 679 | 2,717 |  |  | 2,457 |  |  | 1,678 |  |  | 1,227 |  |  | 568 |  |  | 218 |  |  | 8,864 |  |  | 11.9 | %
Sub-prime – FICO score less than 620 | 2,752 |  |  | 2,326 |  |  | 1,758 |  |  | 1,311 |  |  | 639 |  |  | 419 |  |  | 9,205 |  |  | 12.4 | %
Retail finance receivables | $ | 23,078 |  |  | $ | 22,487 |  |  | $ | 14,553 |  |  | $ | 8,793 |  |  | $ | 4,291 |  |  | $ | 1,181 |  |  | $ | 74,384 |  |  | 100.0 | %
| Year of Origination |  |  |  | December 31, 2023
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |  | Total |  | Percent
Prime – FICO score 680 and greater | $ | 23,940 |  |  | $ | 15,581 |  |  | $ | 9,039 |  |  | $ | 4,926 |  |  | $ | 1,076 |  |  | $ | 320 |  |  |  |  | $ | 54,882 |  |  | 75.5 | %
Near-prime – FICO score 620 to 679 | 3,234 |  |  | 2,281 |  |  | 1,746 |  |  | 906 |  |  | 350 |  |  | 129 |  |  |  |  | 8,647 |  |  | 11.9 | %
Sub-prime – FICO score less than 620 | 3,079 |  |  | 2,397 |  |  | 1,884 |  |  | 1,010 |  |  | 573 |  |  | 257 |  |  |  |  | 9,200 |  |  | 12.6 | %
Retail finance receivables | $ | 30,253 |  |  | $ | 20,259 |  |  | $ | 12,670 |  |  | $ | 6,842 |  |  | $ | 2,000 |  |  | $ | 707 |  |  |  |  | $ | 72,729 |  |  | 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 $900 million and $809 million at September 30, 2024 and December 31, 2023. 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, 2024 and December 31, 2023, as well as summary totals for September 30, 2023:
| Year of Origination |  | September 30, 2024 |  | September 30, 2023
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total |  | Percent |  | Total |  | Percent
0-to-30 days | $ | 22,754 |  |  | $ | 21,853 |  |  | $ | 13,961 |  |  | $ | 8,328 |  |  | $ | 4,060 |  |  | $ | 1,021 |  |  | $ | 71,977 |  |  | 96.8 | % |  | $ | 69,735 |  |  | 97.3 | %
31-to-60 days | 231 |  |  | 442 |  |  | 419 |  |  | 338 |  |  | 171 |  |  | 117 |  |  | 1,718 |  |  | 2.3 | % |  | 1,424 |  |  | 2.0 | %
Greater-than-60 days | 81 |  |  | 167 |  |  | 155 |  |  | 116 |  |  | 55 |  |  | 41 |  |  | 616 |  |  | 0.8 | % |  | 488 |  |  | 0.7 | %
Finance receivables more than 30 days delinquent | 312 |  |  | 609 |  |  | 574 |  |  | 454 |  |  | 227 |  |  | 158 |  |  | 2,333 |  |  | 3.1 | % |  | 1,911 |  |  | 2.7 | %
In repossession | 13 |  |  | 25 |  |  | 18 |  |  | 11 |  |  | 4 |  |  | 2 |  |  | 73 |  |  | 0.1 | % |  | 58 |  |  | 0.1 | %
Finance receivables more than 30 days delinquent or in repossession | 325 |  |  | 634 |  |  | 592 |  |  | 465 |  |  | 231 |  |  | 160 |  |  | 2,407 |  |  | 3.2 | % |  | 1,969 |  |  | 2.7 | %
Retail finance receivables | $ | 23,078 |  |  | $ | 22,487 |  |  | $ | 14,553 |  |  | $ | 8,793 |  |  | $ | 4,291 |  |  | $ | 1,181 |  |  | $ | 74,384 |  |  | 100.0 | % |  | $ | 71,704 |  |  | 100.0 | %
| Year of Origination |  | December 31, 2023
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |  | Total |  | Percent
0-to-30 days | $ | 29,816 |  |  | $ | 19,602 |  |  | $ | 12,098 |  |  | $ | 6,533 |  |  | $ | 1,825 |  |  | $ | 599 |  |  |  |  | $ | 70,472 |  |  | 96.9 | %
31-to-60 days | 318 |  |  | 470 |  |  | 415 |  |  | 227 |  |  | 130 |  |  | 78 |  |  |  |  | 1,637 |  |  | 2.3 | %
Greater-than-60 days | 102 |  |  | 168 |  |  | 142 |  |  | 76 |  |  | 42 |  |  | 29 |  |  |  |  | 559 |  |  | 0.8 | %
Finance receivables more than 30 days delinquent | 421 |  |  | 637 |  |  | 557 |  |  | 302 |  |  | 172 |  |  | 107 |  |  |  |  | 2,196 |  |  | 3.0 | %
In repossession | 17 |  |  | 20 |  |  | 14 |  |  | 6 |  |  | 3 |  |  | 1 |  |  |  |  | 61 |  |  | 0.1 | %
Finance receivables more than 30 days delinquent or in repossession | 437 |  |  | 657 |  |  | 572 |  |  | 308 |  |  | 175 |  |  | 108 |  |  |  |  | 2,257 |  |  | 3.1 | %
Retail finance receivables | $ | 30,253 |  |  | $ | 20,259 |  |  | $ | 12,670 |  |  | $ | 6,842 |  |  | $ | 2,000 |  |  | $ | 707 |  |  |  |  | $ | 72,729 |  |  | 100.0 | %
Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing, 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 credit risk associated with other financing is limited due to the structure of the business relationships. GM Financial's dealer 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 dealer credit risk profile by dealer risk rating at September 30, 2024 and December 31, 2023:
| Year of Origination(a) |  | September 30, 2024 |
Dealer Risk Rating | Revolving |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total |  | Percent |  |  |
I | $ | 15,542 |  |  | $ | 251 |  |  | $ | 228 |  |  | $ | 380 |  |  | $ | 256 |  |  | $ | 280 |  |  | $ | 27 |  |  | $ | 16,965 |  |  | 95.1 | % |  |  |
II | 453 |  |  | — |  |  | 4 |  |  | 26 |  |  | 3 |  |  | 1 |  |  | — |  |  | 487 |  |  | 2.7 | % |  |  |
III | 341 |  |  | 10 |  |  | 4 |  |  | — |  |  | 24 |  |  | — |  |  | 12 |  |  | 393 |  |  | 2.2 | % |  |  |
IV | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  |  |
Balance at end of period | $ | 16,337 |  |  | $ | 261 |  |  | $ | 237 |  |  | $ | 406 |  |  | $ | 283 |  |  | $ | 281 |  |  | $ | 39 |  |  | $ | 17,844 |  |  | 100.0 | % |  |  |
__________ (a)Floorplan advances comprise 99.4% of the total revolving balance. Dealer term loans are presented by year of origination.
| Year of Origination(a) |  | December 31, 2023 |  |
Dealer Risk Rating | Revolving |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |  | Total |  | Percent |  |  |  |
I | $ | 11,513 |  |  | $ | 279 |  |  | $ | 403 |  |  | $ | 297 |  |  | $ | 301 |  |  | $ | 75 |  |  | $ | 11 |  |  |  |  | $ | 12,879 |  |  | 97.1 | % |  |  |  |
II | 182 |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  |  |  | 187 |  |  | 1.4 | % |  |  |  |
III | 152 |  |  | 1 |  |  | 15 |  |  | 12 |  |  | — |  |  | 11 |  |  | — |  |  |  |  | 192 |  |  | 1.4 | % |  |  |  |
IV | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — | % |  |  |  |
Balance at end of period | $ | 11,846 |  |  | $ | 281 |  |  | $ | 421 |  |  | $ | 311 |  |  | $ | 301 |  |  | $ | 86 |  |  | $ | 11 |  |  |  |  | $ | 13,257 |  |  | 100.0 | % |  |  |  |
__________ (a)Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination. There were no commercial finance receivables on nonaccrual status at September 30, 2024 and December 31, 2023. Transactions with GM Financial The following tables show transactions between our Automotive segments, Cruise and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.
| September 30, 2024 |  | December 31, 2023
Condensed Consolidated Balance Sheets(a) |  |  |
Commercial finance receivables due from GM consolidated dealers | $ | 208 |  |  | $ | 164 |
Commercial finance receivables due from Cruise | $ | 395 |  |  | $ | 353 |
Subvention receivable from GM(b) | $ | 350 |  |  | $ | 508 |
Commercial loan funding payable to GM | $ | 96 |  |  | $ | 55 |
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Condensed Consolidated Statements of Income |  |  |  |  |  |  |
Interest subvention earned on finance receivables | $ | 345 |  |  | $ | 319 |  |  | $ | 1,026 |  |  | $ | 906 |
Leased vehicle subvention earned | $ | 385 |  |  | $ | 382 |  |  | $ | 1,108 |  |  | $ | 1,165 |
__________ (a)All balance sheet amounts are eliminated upon consolidation. (b)Our Automotive segments made cash payments to GM Financial for subvention of $1.2 billion and $629 million in the three months ended September 30, 2024 and 2023 and $2.9 billion and $2.3 billion in the nine months ended September 30, 2024 and 2023. GM Financial's Board of Directors declared and paid dividends of $450 million and $1.4 billion on its common stock in the three and nine months ended September 30, 2024 and 2023.

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