GM Financial saw year-over-year growth in its third quarter, with net income increasing to $124 million from $109 million in 3Q11. Through September, net income was $373 million, compared with $282 million in the same period last year.
Consumer loan originations stayed flat with the second quarter’s $1.5 billion, while 3Q11 had $1.4 billion in originations. This year’s first nine months generated $4.4 billion in originations, up from $3.8 billion last year.
Though GM Financial’s lease originations dropped 24% from 2Q — to $299 million — volume was 58% ahead of last year’s third quarter. Through Sept. 30, the captive had originated $1.6 billion of leases.
Delinquencies also rose, in line with seasonal trends. For the quarter, 5.2% of loans were 31-to-60 days delinquent, up from 4.7% last year. Sixty-day delinquencies rose to 1.9% from 1.7% of the portfolio.
Sounds like the management appointments had just slightly more planning involved than did Fritz’s departure. Is Reuss related to the previous Reuss in GM management…. anyone know? Lloyd Reuss was GM President in the early 1990’s and a Director at some point.