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GM Financial Reports September Quarter Operating Results


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FORT WORTH, TX--October 30, 2013: GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”) announced earnings of $161 million for the quarter ended September 30, 2013, compared to $123 million for the quarter ended September 30, 2012. Earnings for the nine months ended September 30, 2013 were $445 million, compared to $372 million for the nine months ended September 30, 2012. Earnings include $7 million and $29 million in pre-tax acquisition and integration expenses for the quarter and nine month period ended September 30, 2013, respectively.

Consumer loan originations were $2.5 billion for the quarter ended September 30, 2013, compared to $2.5 billion for the quarter ended June 30, 2013, and $1.5 billion for the quarter ended September 30, 2012. Consumer loan originations for the nine months ended September 30, 2013 were $6.3 billion, compared to $4.4 billion for the nine months ended September 30, 2012. The outstanding balance of consumer finance receivables totaled $19.3 billion at September 30, 2013.

Consumer loan originations in North America for the quarter and nine month period ended September 30, 2013 were $1.3 billion and $4.0 billion, respectively.

Operating lease originations of General Motors Company (“GM”) vehicles were $727 million for the quarter ended September 30, 2013, compared to $834 million for the quarter ended June 30, 2013 and $299 million for the quarter ended September 30, 2012. Operating lease originations for the nine months ended September 30, 2013 were $2.2 billion, compared to $1.1 billion for the nine months ended September 30, 2012. Leased vehicles, net, totaled $3.1 billion at September 30, 2013.

The outstanding balance of commercial finance receivables was $5.2 billion at September 30, 2013 compared to $4.9 billion at June 30, 2013 and $560 million at December 31, 2012. The outstanding balance of the North America commercial finance receivables at September 30, 2013 was $1.4 billion.

Consumer finance receivables 31-to-60 days delinquent were 3.8% of the portfolio at September 30, 2013, compared to 5.2% at September 30, 2012. Accounts more than 60 days delinquent were 1.5% of the portfolio at September 30, 2013, compared to 1.9% a year ago. Consumer finance receivables 31-to-60 and more than 60 days delinquent for North America were 6.0% and 2.2%, respectively, at September 30, 2013.

Annualized net credit losses were 1.9% of average consumer finance receivables for the quarter ended September 30, 2013, compared to 2.5% for the quarter ended September 30, 2012. For the nine months ended September 30, 2013, annualized consumer net credit losses were 1.9%, compared to 2.2% last year. Annualized net credit losses for North America as a percent of average North America consumer finance receivables were 2.8% and 2.5%, respectively, for the three and nine months ended September 30, 2013.

The Company had total available liquidity of $4.5 billion at September 30, 2013, consisting of $1.8 billion of unrestricted cash, approximately $1.9 billion of borrowing capacity on unpledged eligible assets, $249 million of borrowing capacity on unsecured lines of credit and $600 million on a line of credit from GM.

The Company acquired Ally Financial’s auto finance and financial services operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Greece, Spain, Chile, Colombia and Mexico on April 1, 2013 and acquired Ally Financial’s auto finance and financial services operations in France and Portugal on June 1, 2013. The results of operations of the acquired entities since the applicable acquisition dates are included in the results for the three and nine months ended September 30, 2013. The information provided below in the Consolidated Statements of Income, the Consolidated Balance Sheets and the accompanying operational and financial data for the three and nine months ended September 30, 2012 represent only operations in North America. Furthermore, the presentation convention has been changed from “thousands” to “millions” to simplify the review and analysis of the financial information. Some prior period amounts may not round under the new convention in a manner consistent with the previous presentation.