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GM Financial’s quarterly earnings rev up

🕐 1 min read

Fort Worth-based General Motors Financial Co. Inc., the captive finance company for and a wholly-owned subsidiary of General Motors Co., reported on Oct. 21 net income of $179 million for the quarter ended Sept. 30, 2015, compared with $158 million for the same period last year.

Earnings for the nine months ended Sept. 30 were $515 million, compared with $478 million for the nine months ended Sept. 30, 2014.

Consumer loan originations for the quarter were $4.7 billion, compared with $4.3 billion for the quarter ended June 30, 2015, and $4.1 billion for the quarter ended Sept. 30, 2014. Consumer loan originations for the nine months ended Sept. 30 were up, at $13.1 billion, compared with $11.1 billion for the same period 30 last year. The outstanding balance of consumer finance receivables was $28.0 billion at Sept. 30, 2015.

Quarterly operating lease originations were $6.2 billion, compared with $5.6 billion for the quarter ended June 30, 2015, and $1.8 billion for the quarter ended Sept. 30, 2014. Operating lease originations for the nine months ended Sept. 30, 2015, rose dramatically to $14.8 billion, compared with $4.1 billion for the same period in 2014. Leased vehicles, net was $16.9 billion at Sept. 30.

The company had total available liquidity of $11.6 billion at Sept. 30, consisting of $1.6 billion of cash and cash equivalents, $8.0 billion of borrowing capacity on unpledged eligible assets, $1.0 billion of borrowing capacity on unsecured lines of credit and $1.0 billion of borrowing capacity on a Junior Subordinated Revolving Credit Facility from GM.

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