GM Financial Earnings Rise 31% in 3Q
General Motors Financial Co. reported net income of $161 million for the quarter ending Sept. 30, up from $123 million for the same quarter last year. GMF had $19.3 billion of retail receivables and $5.2 billion of commercial receivables outstanding as of Sept. 30.
Lease originations at the GM captive skyrocketed 143% year over year, to $727 million, while consumer loan originations shot up 67% year over year, to $2.5 billion.
As for loan performance, 3.8% of the consumer finance portfolio was 31-to-60 days delinquent, as of Sept. 30, down from 5.2% at the same time last year. Meanwhile, net credit losses improved to 1.9% of average receivables for the quarter, down from 2.5% in 3Q12.
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