FORT WORTH, TEXAS – GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”), announced net income of $96 million for the quarter ended June 30, 2011, and $173 million for the six months ended June 30, 2011.
Below are highlights from the financial results:
• Earnings of $96 million
• Loan originations of $1.3 billion
• GM lease originations of $173 million
• Annualized net credit losses of 2.4%
Loan originations were $1.3 billion for the quarter ended June 30, 2011, compared to $1.1 billion for the quarter ended March 31, 2011, and $906 million for the quarter ended June 30, 2010. Lease originations of General Motors Company (“GM”) vehicles were $173 million for the quarter ended June 30, 2011, compared to $311 million for the quarter ended March 31, 2011. Loan and lease financing for new GM vehicles accounted for 38.0% of total loan and lease originations for the quarter ended June 30, 2011, compared to 38.8% for the quarter ended
March 31, 2011. Originations for the six months ended June 30, 2011, were $2.5 billion, compared to $1.5 billion for the six months ended June 30, 2010. Finance receivables totaled $9.1 billion at June 30, 2011.
Finance receivables 31-to-60 days delinquent were 4.4% of the portfolio at June 30, 2011, compared to 6.2% at June 30, 2010. Accounts more than 60 days delinquent were 1.7% of the portfolio at June 30, 2011, compared to 2.7% a year ago.
Annualized net charge-offs were 2.4% of average finance receivables for the quarter ended June 30, 2011, compared to 4.5% for the quarter ended June 30, 2010. For the six months ended June 30, 2011, annualized net charge-offs were 3.2%, compared to 6.1% last year.
The Company had total available liquidity of $1.5 billion at June 30, 2011, consisting of $526 million of unrestricted cash, approximately $675 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 3,300 employees, 700,000 customers and $9 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.
