On the heels of an announcement last week to finance Chrysler retail and floorplan loans, GMAC Financial Services today reported first quarter financial results. The bottom line: a $675 million loss for the company overall, but a $225 million profit for global auto operations.
Weaker credit performance contributed to the lower auto finance earnings, which had totaled $258 million in the first quarter of 2008.
Here’s a look at some earnings indicators:
* Originations: $3.4 billion, down from $13.1 billion in 1Q08
* Credit Losses: 2.41% of managed retail assets, up from 1.34% in 1Q08
* 30-Day Delinquencies: 3.08%, up from 2.42% in 1Q08
Here’s the earnings press release.
Click here for the presentation from today’s earnings call.
