“It’s important to note the second quarter marked the first full quarter in which we have positioned GMF as our exclusive lease provider. So I think it demonstrates we’re well underway with the GMF strategy that we have outlined,” said GM CEO Mary Barra in a conference call today.
North American lease originations for GM Financial were $5.6 billion in the second quarter, more than triple $1.5 billion a year ago. Lease originations were also more than double loan originations for the quarter, at $2.6 billion for North America, GM Financial said. Worldwide loan and lease originations combined were $9.9 billion for the quarter, up from $5.2 billion a year ago.
Dan Berce, GM Financial president and CEO, said in a conference call on Thursday $5.1 billion of the lease total was in the United States. “Because of lease exclusivity, our penetration of GM lease has reached virtually 100%. It was just 28% a year ago, so tremendous growth in that business for us,” he said.
GM new-vehicle loans and leases accounted for 83.5% of GM Financial originations in North America in the second quarter, up from 66.3% a year ago, the company said.