GM Financial Reports Full Year and Fourth Quarter 2024 Operating Results

  • Full year net income of $1.9 billion; fourth quarter net income of $215 million
  • Full year net income-adjusted of $2.2 billion; fourth quarter net income-adjusted of $535 million
  • Full year retail loan and operating lease originations of $56.0 billion; $15.6 billion for the fourth quarter
  • Earning assets of $127.6 billion at December 31, 2024
  • Available liquidity of $30.3 billion at December 31, 2024

FORT WORTH, Texas--()--GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”) announced net income of $215 million for the quarter ended December 31, 2024, compared to $499 million for the quarter ended September 30, 2024, and $532 million for the quarter ended December 31, 2023. Net income for the year ended December 31, 2024 was $1.9 billion, compared to $2.2 billion for the year ended December 31, 2023.

The Company recorded a $320 million impairment charge to write down its SAIC-GMAC equity investment to its fair value. Net income adjusted for this impairment was $535 million for the quarter ended December 31, 2024 and $2.2 billion for the year ended December 31, 2024.

Retail loan originations were $10.6 billion for the quarter ended December 31, 2024, compared to $9.4 billion for the quarter ended September 30, 2024, and $8.3 billion for the quarter ended December 31, 2023. Retail loan originations for the year ended December 31, 2024 were $37.0 billion, compared to $36.0 billion for the year ended December 31, 2023. The outstanding balance of retail finance receivables was $76.1 billion at December 31, 2024, compared to $74.4 billion at September 30, 2024 and $72.7 billion at December 31, 2023.

Operating lease originations were $4.9 billion for the quarter ended December 31, 2024, compared to $4.9 billion for the quarter ended September 30, 2024, and $4.3 billion for the quarter ended December 31, 2023. Operating lease originations for the year ended December 31, 2024 were $19.1 billion, compared to $17.1 billion for the year ended December 31, 2023. Leased vehicles, net was $31.6 billion at December 31, 2024, compared to $31.0 billion at September 30, 2024 and $30.6 billion at December 31, 2023.

The outstanding balance of commercial finance receivables was $19.9 billion at December 31, 2024, compared to $19.0 billion at September 30, 2024 and $14.3 billion at December 31, 2023.

Retail finance receivables 31-60 days delinquent were 2.5% of the portfolio at December 31, 2024 and 2.3% at December 31, 2023. Accounts more than 60 days delinquent were 0.9% of the portfolio at December 31, 2024 and 0.8% at December 31, 2023.

Annualized net charge-offs were 1.3% of average retail finance receivables for the quarter ended December 31, 2024 and 1.2% for the quarter ended December 31, 2023. For the year ended December 31, 2024 net charge-offs were 1.2%, compared to 0.9% for the year ended December 31, 2023.

The Company had total available liquidity of $30.3 billion at December 31, 2024, consisting of $5.1 billion of cash and cash equivalents, $21.5 billion of borrowing capacity on unpledged eligible assets, $0.7 billion of borrowing capacity on committed unsecured lines of credit, $1.0 billion of borrowing capacity on the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity on the GM Revolving 364-Day Credit Facility.

Equity income from the Company's equity investment in joint ventures that conduct automotive finance operations in China was $9 million for the quarter ended December 31, 2024, compared to $10 million for the quarter ended September 30, 2024 and $27 million for the quarter ended December 31, 2023. Equity income for the year ended December 31, 2024 was $64 million, compared to $138 million for the year ended December 31, 2023.

About GM Financial

General Motors Financial Company, Inc. is the wholly owned captive finance subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. Additional materials addressing the Company’s results of operations for the quarter and full year ended December 31, 2024 can be accessed via the Investor Relations section of the Company’s website at https://investor.gmfinancial.com.

 

 
 
 

General Motors Financial Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited, in millions) 

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

2024

 

2023

 

2024

 

2023

Revenue

 

 

 

 

 

 

 

Finance charge income

$

2,042

 

 

$

1,725

 

$

7,669

 

 

$

6,204

Leased vehicle income

 

1,866

 

 

 

1,808

 

 

7,297

 

 

 

7,266

Other income

 

206

 

 

 

210

 

 

909

 

 

 

754

Total revenue

 

4,114

 

 

 

3,742

 

 

15,875

 

 

 

14,224

Costs and expenses

 

 

 

 

 

 

 

Operating expenses

 

387

 

 

 

458

 

 

1,802

 

 

 

1,818

Leased vehicle expenses

 

1,067

 

 

 

1,000

 

 

4,113

 

 

 

4,047

Provision for loan losses

 

353

 

 

 

293

 

 

1,029

 

 

 

826

Interest expense

 

1,598

 

 

 

1,311

 

 

6,030

 

 

 

4,685

Total costs and expenses

 

3,405

 

 

 

3,062

 

 

12,974

 

 

 

11,376

Equity income (loss)

 

9

 

 

 

27

 

 

64

 

 

 

138

Impairment of investment in nonconsolidated affiliate

 

(320

)

 

 

 

 

(320

)

 

 

Income (loss) before income taxes

 

399

 

 

 

707

 

 

2,645

 

 

 

2,985

Income tax provision (benefit)

 

184

 

 

 

175

 

 

784

 

 

 

741

Net income (loss)

 

215

 

 

 

532

 

 

1,860

 

 

 

2,245

Less: cumulative dividends on preferred stock

 

30

 

 

 

30

 

 

119

 

 

 

119

Net income (loss) attributable to common shareholder

$

185

 

 

$

502

 

$

1,742

 

 

$

2,126

 

Amounts may not add due to rounding. 

 
 
 
 

Condensed Consolidated Balance Sheets
(Unaudited, in millions) 

 

 

December 31, 2024

 

December 31, 2023

ASSETS

 

 

 

Cash and cash equivalents

$

5,094

 

$

5,282

Finance receivables, net of allowance for loan losses $2,458 and $2,344

 

93,510

 

 

84,637

Leased vehicles, net

 

31,586

 

 

30,582

Goodwill and intangible assets

 

1,169

 

 

1,184

Equity in net assets of nonconsolidated affiliates

 

1,206

 

 

1,670

Related party receivables

 

473

 

 

540

Other assets

 

7,992

 

 

8,116

Total assets

$

141,030

 

$

132,011

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Liabilities

 

 

 

Secured debt

$

49,573

 

$

45,243

Unsecured debt

 

64,691

 

 

60,084

Deferred income

 

2,389

 

 

2,313

Related party payables

 

106

 

 

445

Other liabilities

 

9,079

 

 

8,383

Total liabilities

 

125,838

 

 

116,468

Total shareholders' equity

 

15,193

 

 

15,542

Total liabilities and shareholders' equity

$

141,030

 

$

132,011

 

Amounts may not add due to rounding. 

 
 
 
 

Operational and Financial Data
(Unaudited, Dollars in millions)
Amounts may not add due to rounding 

 

 

Three Months Ended December 31,

 

Years Ended December 31,

Reconciliation for Net Income - Adjusted

2024

 

2023

 

2024

 

2023

Net income

$

215

 

$

532

 

$

1,860

 

$

2,245

Adjustment - impairment charge

 

320

 

 

 

 

320

 

 

Net income - adjusted

$

535

 

$

532

 

$

2,181

 

$

2,245

 
 

 

Three Months Ended December 31,

 

Years Ended December 31,

Originations

2024

 

2023

 

2024

 

2023

Retail finance receivables originations

$

10,637

 

$

8,272

 

$

36,960

 

$

35,977

Lease originations

 

4,943

 

 

4,280

 

 

19,089

 

 

17,113

Total originations

$

15,580

 

$

12,552

 

$

56,049

 

$

53,090

 
 

 

Three Months Ended December 31,

 

Years Ended December 31,

Average Earning Assets

2024

 

2023

 

2024

 

2023

Average retail finance receivables

$

75,318

 

$

72,449

 

$

73,917

 

$

69,678

Average commercial finance receivables

 

19,609

 

 

12,953

 

 

16,704

 

 

11,646

Average finance receivables

 

94,927

 

 

85,402

 

 

90,621

 

 

81,324

Average leased vehicles, net

 

31,288

 

 

30,781

 

 

30,641

 

 

31,521

Average earning assets

$

126,215

 

$

116,183

 

$

121,262

 

$

112,845

 
 

Ending Earning Assets

December 31, 2024

 

December 31, 2023

Retail finance receivables

$

76,066

 

$

72,729

Commercial finance receivables

 

19,901

 

 

14,251

Leased vehicles, net

 

31,586

 

 

30,582

Ending earning assets

$

127,554

 

$

117,562

 
 

Finance Receivables

December 31, 2024

 

December 31, 2023

Retail

 

 

 

Retail finance receivables

$

76,066

 

 

$

72,729

 

Less: allowance for loan losses

 

(2,400

)

 

 

(2,308

)

Total retail finance receivables, net

 

73,667

 

 

 

70,421

 

Commercial

 

 

 

Commercial finance receivables

 

19,901

 

 

 

14,251

 

Less: allowance for loan losses

 

(58

)

 

 

(36

)

Total commercial finance receivables, net

 

19,843

 

 

 

14,216

 

Total finance receivables, net

$

93,510

 

 

$

84,637

 

 
 

Allowance for Loan Losses

December 31, 2024

 

December 31, 2023

Allowance for loan losses as a percentage of retail finance receivables

3.2

%

 

3.2

%

Allowance for loan losses as a percentage of commercial finance receivables

0.3

%

 

0.3

%

 
 

Delinquencies

December 31, 2024

 

December 31, 2023

Loan delinquency as a percentage of retail finance receivables:

 

 

 

31 - 60 days

2.5

%

 

2.3

%

Greater than 60 days

0.9

 

 

0.8

 

Total

3.4

%

 

3.0

%

 
 

 

Three Months Ended December 31,

 

Years Ended December 31,

Charge-offs and Recoveries

2024

 

2023

 

2024

 

2023

Charge-offs

$

499

 

 

$

411

 

 

$

1,754

 

 

$

1,423

 

Less: recoveries

 

(249

)

 

 

(195

)

 

 

(901

)

 

 

(767

)

Net charge-offs

$

250

 

 

$

217

 

 

$

853

 

 

$

656

 

Net charge-offs as an annualized percentage of average retail finance receivables

 

1.3

%

 

 

1.2

%

 

 

1.2

%

 

 

0.9

%

 
 

 

Three Months Ended December 31,

 

Years Ended December 31,

Operating Expenses

2024

 

2023

 

2024

 

2023

Operating expenses as an annualized percentage of average earning assets

1.2

%

 

1.6

%

 

1.5

%

 

1.6

%

 
 

 

Contacts

Investor Relations contact:
Meagan Trampe
Vice President, Investor Relations
(817) 302-7385
Investors@gmfinancial.com

Contacts

Investor Relations contact:
Meagan Trampe
Vice President, Investor Relations
(817) 302-7385
Investors@gmfinancial.com