GM Financial Earns $124 Million in 3Q
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.
