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Banking Fort Worth's General Motors Financial reports 2Q results

Fort Worth’s General Motors Financial reports 2Q results

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Fort Worth-based General Motors Financial Co. Inc., the captive finance company for and a wholly-owned subsidiary of General Motors Co., reported earnings July 24 of $175 million for the quarter ended June 30, 2014, compared with $178 million for the year-ago quarter. Earnings for the six months ended June 30, 2014, however, increased, from $284 million a year ago to $320 million. Earnings include $16 million and $22 million in pre-tax acquisition and integration expenses for the quarter and six month periods ended June 30, 2013, respectively. Consumer loan originations were up slightly at June 30, to $3.6 billion from $3.4 billion for the quarter ended March 31, 2014, and $2.5 billion for the quarter ended June 30, 2013. Consumer loan originations for the six months as of June 30 were $7 billion, compared with $3.8 billion for the six months ended June 30, 2013. The outstanding balance of consumer finance receivables totaled $25.1 billion at June 30, 2014.

Operating lease originations of General Motors Co. vehicles jumped to $1.5 billion for the quarter ended June 30, compared with $773 million for the quarter ended March 31, 2014, and $834 million for the quarter ended June 30, 2013. Operating lease originations for the six months ended June 30, 2014, were $2.3 billion, compared with $1.5 billion for the six months ended June 30, 2013. Leased vehicles, net, totaled $4.7 billion at June 30, 2014. The outstanding balance of commercial finance receivables remained the same at June 30, a total of $7.1 billion, as on March 31, compared with $6.7 billion at Dec. 31, 2013. The company had total available liquidity of $4.8 billion at June 30, consisting of $1.4 billion of unrestricted cash, $1.8 billion of borrowing capacity on unpledged eligible assets, $990 million of borrowing capacity on unsecured lines of credit and $600 million of borrowing capacity on a line of credit from GM. GM Financial acquired Ally Financial’s auto finance and financial services operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Greece, Spain, Chile, Colombia and Mexico on April 1, 2013, and acquired Ally Financial’s auto finance and financial services operations in France and Portugal on June 1, 2013. The company also acquired Ally Financial’s auto finance and financial services operations in Brazil on October 1, 2013. The results of operations of the acquired entities are included since their respective acquisition dates.

Betty Dillard bdillard@bizpress.net

 

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