FORT WORTH, TEXAS – GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”) announced net income of $109 million for the quarter ended September 30, 2011, and $282 million for the nine months ended September 30, 2011. Loan originations were $1.4 billion for the quarter ended September 30, 2011, compared to $1.3 billion for the quarter ended June 30, 2011, and $959 million for the quarter ended September 30, 2010. Loan originations for the nine months ended September 30, 2011, were $3.8 billion, compared to $2.5 billion for the nine months ended September 30, 2010. Finance receivables totaled $9.4 billion at September 30, 2011.
- Earnings of $109 million
- Loan and lease originations of $1.5 billion
- Available liquidity of $1.5 billion
- Annualized net credit losses of 3.0%
Lease originations of General Motors Company (“GM”) vehicles were $189 million for the quarter ended September 30, 2011, compared to $173 million for the quarter ended June 30, 2011. Lease originations of GM vehicles totaled $672 million for the nine months ended September 30, 2011. Leased vehicles, net, totaled $564 million at September 30, 2011.
Finance receivables 31-to-60 days delinquent were 4.7% of the portfolio at September 30, 2011, compared to 6.2% at September 30, 2010. Accounts more than 60 days delinquent were 1.7% of the portfolio at September 30, 2011, compared to 2.5% a year ago.
Annualized net charge-offs were 3.0% of average finance receivables for the quarter ended September 30, 2011, compared to 5.4% for the quarter ended September 30, 2010. For the nine months ended September 30, 2011, annualized net charge-offs were 3.1%, compared to 5.8% last year.
The Company had total available liquidity of $1.5 billion at September 30, 2011, consisting of $307 million of unrestricted cash, approximately $860 million of borrowing capacity on unpledged eligible assets and $300 million on a line of credit from GM.
About GM Financial
General Motors Financial Company, Inc. provides auto finance solutions through auto dealers across the United States and Canada. GM Financial has approximately 3,400 employees, 700,000 customers and $10 billion in auto receivables and leases. The Company is a whollyowned subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties detailed from time to time in the Company’s filings and reports with the Securities and Exchange Commission including the Company’s transition report on Form 10-K/T for the six month period ended December 31, 2010. Such risks include – but are not limited to – variable economic conditions, adverse portfolio performance, volatile wholesale vehicle values, unpredictable leased vehicle residual values and return rates, reliance on warehouse financing and capital markets, the ability to continue to securitize loans, the continued availability of credit enhancement for securitization transactions on acceptable terms, fluctuating interest rates, competition, regulatory and legal changes, the high degree of risk associated with subprime borrowers, and exposure to litigation. These forward-looking statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. Actual events or results may differ materially. It is advisable not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to, and does not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.