General Motors Financial Company, Inc. said its second quarter 2014 consumer loan originations were $3.6 billion for the second quarter ending June 30, compared to $3.4 billion for Q1, which ended March 31. Q2 2014 originations are up over $1 billion from the $2.5 billion the company reported for Q2 last year.
For the first six months of this year, consumer loan originations stood at $7 billion as of June 30, up from the $3.8 billion GMF reported for the six months ended June 30, 2013. The outstanding balance of consumer finance receivables totaled $25.1 billion as of June 30, 2014.
Consumer finance receivables 31-to-60 days delinquent were up slightly at 3.5% of the portfolio as of June 30, compared to 3.4% at June 30, 2013. Accounts more than 60 days delinquent were 1.6% of the portfolio as of June 30, which compares to the 1.4% the company reported a year ago.
According to the company’s 10-K, also filed today at the Securities and Exchange Commission, the average new consumer loan size increased to $22,900 for the three months ended June 30, 2014. That’s up from $21,800 for the same period in 2013.
GMF said in its earnings call presentation that its loan volume was up, but leasing volume was up even more significantly. The company also noted that its rollout of a new prime lending program to GM Dealers would continue, with the plan being to offer prime lending to all GM dealers by mid-2015. Right now, around 30% of GMF’s portfolio falls under subprime.
GMF closed two big securitizations so far this year; a $705 million lease ABS in April; as well as a $1.4 billion subprime ABS this past June.
