GM Financial results hold steady

GM Financial, General Motors’ captive subsidiary, has announced net income of $189 million for the quarter ended June 30, 2016, compared to $186 million for the quarter ended June 30, 2015.

Net income for six months ended June 30, 2016 was $353 million, compared to $336 million for the six months ended June 30, 2015.

Consumer loan and lease originations in the June quarter totalled $10.7 billion, made up of $4.2 billion in loans and $6.5 billion in leases. Leased vehicles, net was $28.4 billion at June 30, 2016.

Retail loan originations for the six months ended June 30, 2016 were $8.3 billion, compared to $8.4 billion for the six months ended June 30, 2015. Operating lease originations for the six months ended June 30, 2016 were $13.3 billion, compared to $8.6 billion for the six months ended June 30, 2015.

The outstanding balance of commercial finance receivables was $9.4 billion at June 30, 2016 compared to $9.2 billion at March 31, 2016 and $7.8 billion at June 30, 2015.

Retail finance receivables 31-60 days delinquent were 3.4% of the portfolio at June 30, 2016 and 3.6% at June 30, 2015. Accounts more than 60 days delinquent were 1.5% of the portfolio at June 30, 2016 and 1.6% at June 30, 2015.

The lender had total available liquidity of $15.4 billion at June 30, 2016, consisting of $3.1 billion of cash and cash equivalents, $10.7 billion of borrowing capacity on unpledged eligible assets, $0.6 billion of borrowing capacity on committed unsecured lines of credit and $1 billion of borrowing capacity on a junior subordinated revolving credit facility from GM.

Additionally, earnings resulting from the company’s equity investment in SAIC-GMAC, a joint venture that conducts auto finance operations in China, were $37 million for the three months ended June 30, 2016 compared to $28 million for the three months ended June 30, 2015. Earnings for the six months ended June 30, 2016 were $73 million, compared to $56 million for the six months ended June 30, 2015.