FORT WORTH, TEXAS – GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”) announced net income of $104 million for the quarter ended December 31, 2011, and $386 million for the year ended December 31, 2011.
- Earnings of $104 million
- Loan and lease originations of $1.6 billion
- Available liquidity of $1.6 billion
- Annualized net credit losses of 3.3%
Loan originations were $1.2 billion for the quarter ended December 31, 2011, compared to $1.4 billion for the quarter ended September 30, 2011, and $935 million for the quarter ended December 31, 2010. Loan originations for the year ended December 31, 2011, were $5.1 billion, compared to $3.4 billion for the year ended December 31, 2010. The outstanding balance of finance receivables totaled $9.7 billion at December 31, 2011.
Lease originations of General Motors Company (“GM”) vehicles were $314 million for the quarter ended December 31, 2011, compared to $189 million for the quarter ended September 30, 2011 and $11 million for the quarter ended December 31, 2010. Lease originations of GM vehicles totaled $987 million for the year ended December 31, 2011. Leased vehicles, net, totaled $809 million at December 31, 2011.
Finance receivables 31-to-60 days delinquent were 5.3% of the portfolio at December 31, 2011, compared to 6.2% at December 31, 2010. Accounts more than 60 days delinquent were 1.9% of the portfolio at December 31, 2011, compared to 2.4% a year ago.
Annualized net charge-offs were 3.3% of average finance receivables for the quarter ended December 31, 2011, compared to 5.5% for the quarter ended December 31, 2010. For the year ended December 31, 2011, net charge-offs were 3.2%.
The Company had total available liquidity of $1.6 billion at December 31, 2011, consisting of $572 million of unrestricted cash, approximately $681 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 3,500 employees, 700,000 customers and $11 billion in auto receivables and leased vehicles. The Company is a wholly-owned subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. For more information, visit www.gmfinancial.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, GM’s ability to sell new vehicles in the U.S. and Canada that we finance, 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.