Fort Worth-based General Motors Financial Co. Inc., the captive finance company for and a wholly-owned subsidiary of General Motors Co., reported April 23 net income of $150 million for the quarter ended March 31, 2015, compared with $145 million for the year-ago quarter.
Consumer loan originations were $4.1 billion for the quarter compared with $4.0 billion for the quarter ended Dec. 31, 2014, and $3.4 billion for the quarter ended March 31, 2014. The outstanding balance of consumer finance receivables totaled $25.6 billion at March 31, 2015.
Operating lease originations of General Motors vehicles were $3.0 billion for the quarter ended March 31, compared with $2.1 billion for the quarter ended Dec. 31, 2014, and $773 million for the quarter ended March 31, 2014. The net on leased vehicles totaled $8.9 billion at March 31, 2015.
The outstanding balance of commercial finance receivables was $7.6 billion at March 31, 2015, compared with $8.1 billion at Dec. 31, 2014, and $7.1 billion at March 31, 2014.
Consumer finance receivables delinquent 31 to 60 days were 3.4 percent of the portfolio at March 31, 2015, compared with 3.1 percent a year ago. Accounts more than 60 days delinquent were 1.4 percent of the portfolio at March 31, 2015, and 2014.
Annualized net credit losses were 1.8 percent of average consumer finance receivables for the quarters ended March 31, 2015, and 2014.
The company had total available liquidity of $10.9 billion at March 31, 2015, consisting of $2.1 billion of unrestricted cash, $7.2 billion of borrowing capacity on unpledged eligible assets, $0.6 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.
On Jan. 2, 2015, the company completed the acquisition of Ally Financial Inc.’s 40 percent equity interest in SAIC-GMAC Automotive Finance Co. Ltd. Also on Jan. 2, GM Financial sold a 5 percent equity interest in SAIC-GMAC to Shanghai Automotive Group Finance Co. Ltd. As a result of these transactions, the company owns a 35 percent equity interest in SAIC-GMAC. Income from that equity investment is included in the quarterly results beginning Jan. 2.