General Motors Financial Company said today that its net income of $150 million for Q1 2015 was up slightly for compared with $145 million for Q1 2014. Consumer loan “originations” were $4.1 billion for the quarter compared to $4.0 billion for the quarter ended December 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.
GM has now rebuilt its former GMAC Financial empire as a separate business after GMAC (aka Ally), one that went bankrupt over demonstrably and fraudulently bad home loans during the Great Recession.
At the beginning of January 2015, GMFC completed the acquisition of Ally Financial’s 40% equity interest in SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC). Also in January GMFC sold a 5% equity interest in SAIC-GMAC to Shanghai Automotive Group Finance Company. Because of these transactions GMFC now owns a 35% equity interest in SAIC-GMAC in China.
New operating leases of GM vehicles were $3 billion during Q1, compared to $2.1 billion for the quarter ended December 31, 2014, and $773 million for Q1 2014. The net of leased vehicles totaled $8.9 billion at March 31, 2015.
The outstanding balance of commercial finance receivables was $7.6 billion at the end of Q1 2015 compared to $8.1 billion at December 31, 2014 and $7.1 billion at March 31, 2014.
Consumer finance receivables 31-to-60 days delinquent were 3.4% of the portfolio at March 31, 2015, compared to 3.1% at March 31, 2014. Accounts more than 60 days delinquent were 1.4% of the portfolio at March 31, 2015.
Annualized net credit losses were 1.8% of the average of consumer finance receivables for the quarters ended March 31, 2015 and 2014.
GMFC 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 assets, $620 million of borrowing capacity on unsecured lines of credit and $1 billion of borrowing capacity on a Junior Subordinated Revolving Credit Facility from GM.
