ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
State of Texas | 75-2291093 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | o | Accelerated filer | o | Non-accelerated filer (Do not check if a smaller reporting company) | ý | Smaller reporting company | o | Emerging growth company | o |
Page | ||
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 3,976 | $ | 2,815 | |||
40,864 | 33,475 | ||||||
41,775 | 34,342 | ||||||
Goodwill | 1,201 | 1,196 | |||||
Equity in net assets of non-consolidated affiliate (Note 6) | 1,119 | 944 | |||||
Related party receivables (Note 3) | 339 | 347 | |||||
Other assets (Note 8 VIEs) | 4,767 | 3,695 | |||||
Assets held for sale (Note 2) | 12,094 | 10,951 | |||||
Total assets | $ | 106,135 | $ | 87,765 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Liabilities | |||||||
$ | 40,775 | $ | 35,087 | ||||
Unsecured debt (Note 7) | 38,263 | 29,476 | |||||
Deferred income | 3,066 | 2,355 | |||||
Related party payables (Note 3) | 253 | 320 | |||||
Other liabilities | 2,449 | 2,141 | |||||
Liabilities held for sale (Note 2) | 10,858 | 9,693 | |||||
Total liabilities | 95,664 | 79,072 | |||||
Commitments and contingencies (Note 10) | |||||||
Shareholders' equity | |||||||
Common stock, $0.0001 par value per share, 10,000,000 shares authorized and 5,050,000 shares issued (Note 11) | — | — | |||||
Preferred stock, $0.01 par value per share, 250,000,000 shares authorized and 1,000,000 shares issued (Note 11) | — | — | |||||
Additional paid-in capital | 7,514 | 6,505 | |||||
Accumulated other comprehensive loss (Note 14) | (935 | ) | (1,238 | ) | |||
Retained earnings | 3,892 | 3,426 | |||||
Total shareholders' equity | 10,471 | 8,693 | |||||
Total liabilities and shareholders' equity | $ | 106,135 | $ | 87,765 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | |||||||||||||||
Finance charge income | $ | 837 | $ | 721 | $ | 2,401 | $ | 2,110 | |||||||
Leased vehicle income | 2,244 | 1,582 | 6,282 | 4,144 | |||||||||||
Other income | 80 | 57 | 216 | 175 | |||||||||||
Total revenue | 3,161 | 2,360 | 8,899 | 6,429 | |||||||||||
Costs and expenses | |||||||||||||||
Salaries and benefits | 224 | 195 | 621 | 536 | |||||||||||
Other operating expenses | 122 | 132 | 388 | 360 | |||||||||||
Total operating expenses | 346 | 327 | 1,009 | 896 | |||||||||||
Leased vehicle expenses | 1,670 | 1,197 | 4,648 | 3,148 | |||||||||||
Provision for loan losses | 204 | 167 | 573 | 501 | |||||||||||
Interest expense | 672 | 511 | 1,903 | 1,393 | |||||||||||
Total costs and expenses | 2,892 | 2,202 | 8,133 | 5,938 | |||||||||||
Equity income (Note 6) | 41 | 36 | 129 | 109 | |||||||||||
Income from continuing operations before income taxes | 310 | 194 | 895 | 600 | |||||||||||
Income tax provision (Note 12) | 124 | 60 | 260 | 185 | |||||||||||
Income from continuing operations | 186 | 134 | 635 | 415 | |||||||||||
Income (loss) from discontinued operations, net of tax (Note 2) | 16 | 13 | (169 | ) | 85 | ||||||||||
Net income | $ | 202 | $ | 147 | $ | 466 | $ | 500 | |||||||
Net income attributable to common shareholder | $ | 200 | $ | 147 | $ | 464 | $ | 500 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 202 | $ | 147 | $ | 466 | $ | 500 | |||||||
Other comprehensive income (loss), net of tax | |||||||||||||||
Unrealized loss on cash flow hedges, net of income tax benefit of $2, $1, $10 and $3 | (3 | ) | (1 | ) | (14 | ) | (5 | ) | |||||||
Defined benefit plans, net of income tax | — | — | (1 | ) | — | ||||||||||
Foreign currency translation adjustment, net of income tax expense of $21, $0, $30 and $0 | 120 | (10 | ) | 318 | 60 | ||||||||||
Other comprehensive income (loss), net of tax | 117 | (11 | ) | 303 | 55 | ||||||||||
Comprehensive income | $ | 319 | $ | 136 | $ | 769 | $ | 555 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Net cash provided by operating activities - continuing operations | $ | 4,795 | $ | 3,566 | |||
Net cash provided by operating activities - discontinued operations | 243 | 290 | |||||
Net cash provided by operating activities | 5,038 | 3,856 | |||||
Cash flows from investing activities | |||||||
Purchases of retail finance receivables, net | (15,267 | ) | (10,408 | ) | |||
Principal collections and recoveries on retail finance receivables | 9,410 | 7,368 | |||||
Net funding of commercial finance receivables | (1,557 | ) | (1,145 | ) | |||
Purchases of leased vehicles, net | (14,809 | ) | (14,939 | ) | |||
Proceeds from termination of leased vehicles | 4,649 | 1,799 | |||||
Other investing activities | (65 | ) | (59 | ) | |||
Net cash used in investing activities - continuing operations | (17,639 | ) | (17,384 | ) | |||
Net cash used in investing activities - discontinued operations | (468 | ) | (949 | ) | |||
Net cash used in investing activities | (18,107 | ) | (18,333 | ) | |||
Cash flows from financing activities | |||||||
Net change in debt (original maturities less than three months) | (305 | ) | (301 | ) | |||
Borrowings and issuance of secured debt | 26,731 | 18,420 | |||||
Payments on secured debt | (20,905 | ) | (12,525 | ) | |||
Borrowings and issuance of unsecured debt | 12,626 | 10,358 | |||||
Payments on unsecured debt | (4,375 | ) | (2,345 | ) | |||
Debt issuance costs | (131 | ) | (112 | ) | |||
Proceeds from issuance of preferred stock | 985 | — | |||||
Net cash provided by financing activities - continuing operations | 14,626 | 13,495 | |||||
Net cash provided by financing activities - discontinued operations | 63 | 601 | |||||
Net cash provided by financing activities | 14,689 | 14,096 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,620 | (381 | ) | ||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 112 | 22 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 5,302 | 5,002 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 7,034 | $ | 4,643 | |||
Cash, cash equivalents and restricted cash from continuing operations at end of period | $ | 6,469 | $ | 3,918 | |||
Cash, cash equivalents and restricted cash from discontinued operations at end of period | $ | 565 | $ | 725 |
September 30, 2017 | |||
Cash and cash equivalents | $ | 3,976 | |
Restricted cash included in other assets | 2,493 | ||
Total | $ | 6,469 |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 242 | $ | 386 | |||
Finance receivables, net | 11,303 | 9,715 | |||||
Related party receivables | — | 163 | |||||
Other assets | 549 | 687 | |||||
Total assets held for sale | $ | 12,094 | $ | 10,951 | |||
LIABILITIES | |||||||
Secured debt | $ | 4,872 | $ | 4,183 | |||
Unsecured debt | 5,469 | 5,130 | |||||
Related party payables | — | 80 | |||||
Other liabilities | 517 | 300 | |||||
Total liabilities held for sale | $ | 10,858 | $ | 9,693 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total revenue | $ | 148 | $ | 138 | $ | 422 | $ | 436 | |||||||
Interest expense | 24 | 30 | 70 | 112 | |||||||||||
Other expenses | 75 | 74 | 231 | 205 | |||||||||||
Total costs and expenses | 99 | 104 | 301 | 317 | |||||||||||
Income from discontinued operations before income taxes | 49 | 34 | 121 | 119 | |||||||||||
Loss on sale of discontinued operations before income taxes | 38 | — | 374 | — | |||||||||||
Income (loss) from discontinued operations before income taxes | 11 | 34 | (253 | ) | 119 | ||||||||||
Income tax (benefit) provision | (5 | ) | 21 | (84 | ) | 34 | |||||||||
Income (loss) from discontinued operations, net of tax | $ | 16 | $ | 13 | $ | (169 | ) | $ | 85 |
Balance Sheet Data | September 30, 2017 | December 31, 2016 | |||||
Commercial finance receivables, net due from dealers consolidated by GM(a) | $ | 349 | $ | 347 | |||
Direct-financing lease receivables from Maven(a) | $ | 96 | $ | — | |||
Subvention receivable(b) | $ | 338 | $ | 347 | |||
Commercial loan funding payable(c) | $ | 251 | $ | 320 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Income Statement Data | 2017 | 2016 | 2017 | 2016 | |||||||||||
Interest subvention earned on retail finance receivables(d) | $ | 115 | $ | 90 | $ | 319 | $ | 245 | |||||||
Interest subvention earned on commercial finance receivables(d) | $ | 14 | $ | 13 | $ | 42 | $ | 35 | |||||||
Leased vehicle subvention earned(e) | $ | 786 | $ | 591 | $ | 2,246 | $ | 1,588 |
(a) | Included in finance receivables, net. |
(b) | Included in related party receivables. We received subvention payments from GM of $1.1 billion and $1.0 billion for the three months ended September 30, 2017 and 2016, and $3.3 billion and $3.2 billion for the nine months ended September 30, 2017 and 2016. |
(c) | Included in related party payables. |
(d) | Included in finance charge income. |
(e) | Included as a reduction to leased vehicle expenses. |
September 30, 2017 | December 31, 2016 | ||||||
Retail finance receivables | |||||||
Retail finance receivables, collectively evaluated for impairment, net of fees | $ | 30,147 | $ | 24,480 | |||
Retail finance receivables, individually evaluated for impairment, net of fees | 2,170 | 1,920 | |||||
Total retail finance receivables, net of fees(a) | 32,317 | 26,400 | |||||
Less: allowance for loan losses - collective | (571 | ) | (489 | ) | |||
Less: allowance for loan losses - specific | (328 | ) | (276 | ) | |||
Total retail finance receivables, net | 31,418 | 25,635 | |||||
Commercial finance receivables | |||||||
Commercial finance receivables, collectively evaluated for impairment, net of fees | 9,468 | 7,853 | |||||
Commercial finance receivables, individually evaluated for impairment, net of fees | 27 | 27 | |||||
Total commercial finance receivables, net of fees | 9,495 | 7,880 | |||||
Less: allowance for loan losses - collective | (46 | ) | (36 | ) | |||
Less: allowance for loan losses - specific | (3 | ) | (4 | ) | |||
Total commercial finance receivables, net | 9,446 | 7,840 | |||||
Total finance receivables, net | $ | 40,864 | $ | 33,475 | |||
Fair value of finance receivables | $ | 40,957 | $ | 33,528 |
Retail Finance Receivables | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Allowance for retail loan losses beginning balance | $ | 844 | $ | 790 | $ | 765 | $ | 713 | |||||||
Provision for loan losses | 204 | 164 | 563 | 497 | |||||||||||
Charge-offs | (286 | ) | (284 | ) | (856 | ) | (826 | ) | |||||||
Recoveries | 135 | 128 | 420 | 403 | |||||||||||
Foreign currency translation | 2 | (2 | ) | 7 | 9 | ||||||||||
Allowance for retail loan losses ending balance | $ | 899 | $ | 796 | $ | 899 | $ | 796 |
September 30, 2017 | December 31, 2016 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Prime - FICO Score 680 and greater | $ | 12,332 | 45.7 | % | $ | 7,923 | 36.4 | % | |||||
Near-prime - FICO Score 620 to 679 | 4,194 | 15.6 | 3,468 | 15.9 | |||||||||
Sub-prime - FICO Score less than 620 | 10,443 | 38.7 | 10,395 | 47.7 | |||||||||
Balance at end of period | $ | 26,969 | 100.0 | % | $ | 21,786 | 100.0 | % |
September 30, 2017 | September 30, 2016 | ||||||||||||
Amount | Percent of Contractual Amount Due | Amount | Percent of Contractual Amount Due | ||||||||||
31 - 60 days | $ | 1,176 | 3.6 | % | $ | 1,112 | 4.4 | % | |||||
Greater than 60 days | 521 | 1.6 | 491 | 1.9 | |||||||||
Total finance receivables more than 30 days delinquent | 1,697 | 5.2 | 1,603 | 6.3 | |||||||||
In repossession | 55 | 0.2 | 57 | 0.2 | |||||||||
Total finance receivables more than 30 days delinquent or in repossession | $ | 1,752 | 5.4 | % | $ | 1,660 | 6.5 | % |
September 30, 2017 | December 31, 2016 | ||||||
Outstanding recorded investment | $ | 2,170 | $ | 1,920 | |||
Less: allowance for loan losses | (328 | ) | (276 | ) | |||
Outstanding recorded investment, net of allowance | $ | 1,842 | $ | 1,644 | |||
Unpaid principal balance | $ | 2,210 | $ | 1,967 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Average outstanding recorded investment | $ | 2,091 | $ | 1,785 | $ | 2,045 | $ | 1,725 | |||||||
Finance charge income recognized | $ | 56 | $ | 55 | $ | 173 | $ | 156 | |||||||
Number of loans classified as TDRs during the period | 23,015 | 18,548 | 56,853 | 49,327 | |||||||||||
Recorded investment of loans classified as TDRs during the period | $ | 407 | $ | 315 | $ | 997 | $ | 846 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||
Group I | - | Dealers with superior financial metrics | $ | 1,547 | 16.3 | % | $ | 1,389 | 17.6 | % | |||||
Group II | - | Dealers with strong financial metrics | 3,565 | 37.5 | 2,661 | 33.8 | |||||||||
Group III | - | Dealers with fair financial metrics | 3,112 | 32.8 | 2,775 | 35.2 | |||||||||
Group IV | - | Dealers with weak financial metrics | 931 | 9.8 | 631 | 8.0 | |||||||||
Group V | - | Dealers warranting special mention due to elevated risks | 238 | 2.5 | 334 | 4.2 | |||||||||
Group VI | - | Dealers with loans classified as substandard, doubtful or impaired | 102 | 1.1 | 90 | 1.2 | |||||||||
Balance at end of period | $ | 9,495 | 100.0 | % | $ | 7,880 | 100.0 | % |
September 30, 2017 | December 31, 2016 | ||||||
Leased vehicles | $ | 60,112 | $ | 48,340 | |||
Manufacturer subvention | (9,265 | ) | (7,686 | ) | |||
50,847 | 40,654 | ||||||
Less: accumulated depreciation | (9,072 | ) | (6,312 | ) | |||
Leased vehicles, net | $ | 41,775 | $ | 34,342 |
Years Ending December 31, | |||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Minimum rental payments under operating leases | $ | 1,800 | $ | 6,256 | $ | 3,861 | $ | 1,182 | $ | 110 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Summarized Operating Data(a) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Finance charge income | $ | 261 | $ | 229 | $ | 775 | $ | 700 | |||||||
Provision for loan losses | $ | 2 | $ | 7 | $ | (9 | ) | $ | 21 | ||||||
Interest expense | $ | 83 | $ | 65 | $ | 241 | $ | 192 | |||||||
Income before income taxes | $ | 157 | $ | 137 | $ | 490 | $ | 411 | |||||||
Net income | $ | 118 | $ | 103 | $ | 368 | $ | 308 |
(a) | This data represents that of the entire entity and not our 35% proportionate share. |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Secured debt | |||||||||||||||
Revolving credit facilities | $ | 4,751 | $ | 4,769 | $ | 8,503 | $ | 8,498 | |||||||
Securitization notes payable | 36,024 | 36,120 | 26,584 | 26,664 | |||||||||||
Total secured debt | 40,775 | 40,889 | 35,087 | 35,162 | |||||||||||
Unsecured debt | |||||||||||||||
Senior notes | 34,794 | 35,927 | 26,737 | 27,304 | |||||||||||
Credit facilities | 2,162 | 2,174 | 1,961 | 1,961 | |||||||||||
Other unsecured debt | 1,307 | 1,310 | 778 | 780 | |||||||||||
Total unsecured debt | 38,263 | 39,411 | 29,476 | 30,045 | |||||||||||
Total secured and unsecured debt | $ | 79,038 | $ | 80,300 | $ | 64,563 | $ | 65,207 | |||||||
Fair value utilizing Level 2 inputs | $ | 78,293 | $ | 62,951 | |||||||||||
Fair value utilizing Level 3 inputs | $ | 2,007 | $ | 2,256 |
September 30, 2017 | December 31, 2016 | ||||||
Restricted cash(a) | $ | 2,291 | $ | 1,780 | |||
Finance receivables, net of fees | $ | 26,451 | $ | 24,644 | |||
Lease related assets | $ | 23,751 | $ | 19,341 | |||
Secured debt | $ | 40,188 | $ | 34,185 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||
Level | Notional | Fair Value | Notional | Fair Value | |||||||||||||
Derivatives designated as hedges | |||||||||||||||||
Assets | |||||||||||||||||
Fair value hedges | |||||||||||||||||
Interest rate swaps | 2 | $ | 3,500 | $ | 20 | $ | — | $ | — | ||||||||
Cash flow hedges | |||||||||||||||||
Interest rate swaps | 2,3 | 2,561 | 12 | 3,070 | 12 | ||||||||||||
Foreign currency swaps | 2 | 1,356 | 60 | — | — | ||||||||||||
Total assets(a) | $ | 7,417 | $ | 92 | $ | 3,070 | $ | 12 | |||||||||
Liabilities | |||||||||||||||||
Fair value hedges | |||||||||||||||||
Interest rate swaps | 2 | $ | 7,860 | $ | 260 | $ | 7,700 | $ | 276 | ||||||||
Cash flow hedges | |||||||||||||||||
Interest rate swaps | 2,3 | — | — | 500 | 1 | ||||||||||||
Foreign currency swaps | 2 | — | — | 791 | 33 | ||||||||||||
Total liabilities(b) | $ | 7,860 | $ | 260 | $ | 8,991 | $ | 310 | |||||||||
Derivatives not designated as hedges | |||||||||||||||||
Assets | |||||||||||||||||
Interest rate swaps | 2,3 | $ | 33,218 | $ | 123 | $ | 7,959 | $ | 54 | ||||||||
Interest rate caps and floors | 2 | 16,810 | 43 | 9,698 | 26 | ||||||||||||
Foreign currency swaps | 2 | 1,182 | 85 | — | — | ||||||||||||
Total assets(a) | $ | 51,210 | $ | 251 | $ | 17,657 | $ | 80 | |||||||||
Liabilities | |||||||||||||||||
Interest rate swaps | 2,3 | $ | 12,823 | $ | 59 | $ | 6,170 | $ | 28 | ||||||||
Interest rate caps and floors | 2 | 18,467 | 43 | 12,146 | 26 | ||||||||||||
Foreign currency swaps | 2 | — | — | — | — | ||||||||||||
Total liabilities(b) | $ | 31,290 | $ | 102 | $ | 18,316 | $ | 54 |
(a) | Derivative assets are included in other assets in the condensed consolidated balance sheets. |
(b) | Derivative liabilities are included in other liabilities in the condensed consolidated balance sheets. Amounts accrued for interest payments in a net receivable position are included in other assets in the condensed consolidated balance sheets. |
Income (Losses) Recognized In Income | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Fair value hedges | |||||||||||||||
Interest rate contracts(a)(b) | $ | 9 | $ | 6 | $ | 38 | $ | 26 | |||||||
Cash flow hedges | |||||||||||||||
Interest rate contracts(a) | 2 | (1 | ) | 1 | (2 | ) | |||||||||
Foreign currency contracts(c) | 44 | (1 | ) | 99 | (1 | ) | |||||||||
Derivatives not designated as hedges | |||||||||||||||
Interest rate contracts(a) | 16 | 4 | 7 | 7 | |||||||||||
Foreign currency contracts(c)(d) | 37 | — | 72 | — | |||||||||||
Total | $ | 108 | $ | 8 | $ | 217 | $ | 30 |
(a) | Recognized in earnings as interest expense. |
(b) | Includes hedge ineffectiveness which reflects the net change in the fair value of interest rate contracts offset by the change in fair value of hedged debt attributable to the hedged risk. |
(c) | Recognized in earnings as other operating expenses and interest expense. |
(d) | Activity is partially offset by translation activity (included in other operating expenses) related to foreign currency-denominated loans. |
Gains (Losses) Recognized In Accumulated Other Comprehensive Loss | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cash flow hedges | |||||||||||||||
Interest rate contracts | $ | — | $ | 2 | $ | 1 | $ | (2 | ) | ||||||
Foreign currency contracts | 24 | — | 45 | — | |||||||||||
Total | $ | 24 | $ | 2 | $ | 46 | $ | (2 | ) |
Gains (Losses) Reclassified From Accumulated Other Comprehensive Loss Into Income | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cash flow hedges | |||||||||||||||
Interest rate contracts | $ | (1 | ) | $ | 1 | $ | — | $ | 1 | ||||||
Foreign currency contracts | (26 | ) | (4 | ) | (60 | ) | (4 | ) | |||||||
Total | $ | (27 | ) | $ | (3 | ) | $ | (60 | ) | $ | (3 | ) |
Three Months Ended September 30, 2017 | |||||||||||
North America | International | Total | |||||||||
Total revenue | $ | 2,868 | $ | 293 | $ | 3,161 | |||||
Operating expenses | 265 | 81 | 346 | ||||||||
Leased vehicle expenses | 1,662 | 8 | 1,670 | ||||||||
Provision for loan losses | 177 | 27 | 204 | ||||||||
Interest expense | 536 | 136 | 672 | ||||||||
Equity income | — | 41 | 41 | ||||||||
Income from continuing operations before income taxes | $ | 228 | $ | 82 | $ | 310 |
Three Months Ended September 30, 2016 | |||||||||||
North America | International | Total | |||||||||
Total revenue | $ | 2,092 | $ | 268 | $ | 2,360 | |||||
Operating expenses | 240 | 87 | 327 | ||||||||
Leased vehicle expenses | 1,194 | 3 | 1,197 | ||||||||
Provision for loan losses | 147 | 20 | 167 | ||||||||
Interest expense | 383 | 128 | 511 | ||||||||
Equity income | — | 36 | 36 | ||||||||
Income from continuing operations before income taxes | $ | 128 | $ | 66 | $ | 194 |
Nine Months Ended September 30, 2017 | |||||||||||
North America | International | Total | |||||||||
Total revenue | $ | 8,042 | $ | 857 | $ | 8,899 | |||||
Operating expenses | 766 | 243 | 1,009 | ||||||||
Leased vehicle expenses | 4,631 | 17 | 4,648 | ||||||||
Provision for loan losses | 497 | 76 | 573 | ||||||||
Interest expense | 1,488 | 415 | 1,903 | ||||||||
Equity income | — | 129 | 129 | ||||||||
Income from continuing operations before income taxes | $ | 660 | $ | 235 | $ | 895 |
Nine Months Ended September 30, 2016 | |||||||||||
North America | International | Total | |||||||||
Total revenue | $ | 5,666 | $ | 763 | $ | 6,429 | |||||
Operating expenses | 656 | 240 | 896 | ||||||||
Leased vehicle expenses | 3,143 | 5 | 3,148 | ||||||||
Provision for loan losses | 449 | 52 | 501 | ||||||||
Interest expense | 1,025 | 368 | 1,393 | ||||||||
Equity income | — | 109 | 109 | ||||||||
Income from continuing operations before income taxes | $ | 393 | $ | 207 | $ | 600 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||
Finance receivables, net | $ | 34,225 | $ | 6,639 | $ | 40,864 | $ | 27,617 | $ | 5,858 | $ | 33,475 | |||||||||||
Leased vehicles, net | $ | 41,657 | $ | 118 | $ | 41,775 | $ | 34,284 | $ | 58 | $ | 34,342 | |||||||||||
Total assets(a) | $ | 84,971 | $ | 21,164 | $ | 106,135 | $ | 68,656 | $ | 19,109 | $ | 87,765 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Unrealized gain (loss) on cash flow hedges | |||||||||||||||
Beginning balance | $ | 6 | $ | (4 | ) | $ | 17 | $ | — | ||||||
Change in value of cash flow hedges, net of tax | (3 | ) | (1 | ) | (14 | ) | (5 | ) | |||||||
Ending balance | 3 | (5 | ) | 3 | (5 | ) | |||||||||
Defined benefit plans | |||||||||||||||
Beginning balance | (21 | ) | (13 | ) | (20 | ) | (13 | ) | |||||||
Unrealized gain (loss) on subsidiary pension, net of tax | — | — | (1 | ) | — | ||||||||||
Ending balance | (21 | ) | (13 | ) | (21 | ) | (13 | ) | |||||||
Foreign currency translation adjustment | |||||||||||||||
Beginning balance | (1,037 | ) | (1,021 | ) | (1,235 | ) | (1,091 | ) | |||||||
Translation gain (loss), net of tax | 120 | (10 | ) | 318 | 60 | ||||||||||
Ending balance | (917 | ) | (1,031 | ) | (917 | ) | (1,031 | ) | |||||||
Total accumulated other comprehensive loss | $ | (935 | ) | $ | (1,049 | ) | $ | (935 | ) | $ | (1,049 | ) |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3,546 | $ | 430 | $ | — | $ | 3,976 | |||||||||
Finance receivables, net | — | 10,097 | 30,767 | — | 40,864 | ||||||||||||||
Leased vehicles, net | — | — | 41,775 | — | 41,775 | ||||||||||||||
Goodwill | 1,095 | — | 106 | — | 1,201 | ||||||||||||||
Equity in net assets of non-consolidated affiliate | — | — | 1,119 | — | 1,119 | ||||||||||||||
Related party receivables | — | 38 | 301 | — | 339 | ||||||||||||||
Other assets | 855 | 1,230 | 3,933 | (1,251 | ) | 4,767 | |||||||||||||
Assets held for sale | — | — | 12,095 | (1 | ) | 12,094 | |||||||||||||
Due from affiliates | 32,762 | 19,467 | — | (52,229 | ) | — | |||||||||||||
Investment in affiliates | 10,177 | 5,610 | — | (15,787 | ) | — | |||||||||||||
Total assets | $ | 44,889 | $ | 39,988 | $ | 90,526 | $ | (69,268 | ) | $ | 106,135 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 41,177 | $ | (402 | ) | $ | 40,775 | ||||||||
Unsecured debt | 34,047 | — | 4,216 | — | 38,263 | ||||||||||||||
Deferred income | — | — | 3,066 | — | 3,066 | ||||||||||||||
Related party payables | 2 | — | 251 | — | 253 | ||||||||||||||
Other liabilities | 369 | 772 | 2,157 | (849 | ) | 2,449 | |||||||||||||
Liabilities held for sale | — | — | 10,864 | (6 | ) | 10,858 | |||||||||||||
Due to affiliates | — | 32,576 | 19,648 | (52,224 | ) | — | |||||||||||||
Total liabilities | 34,418 | 33,348 | 81,379 | (53,481 | ) | 95,664 | |||||||||||||
Shareholders' equity | |||||||||||||||||||
Common stock | — | — | 698 | (698 | ) | — | |||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||||
Additional paid-in capital | 7,514 | 79 | 3,450 | (3,529 | ) | 7,514 | |||||||||||||
Accumulated other comprehensive loss | (935 | ) | (107 | ) | (874 | ) | 981 | (935 | ) | ||||||||||
Retained earnings | 3,892 | 6,668 | 5,873 | (12,541 | ) | 3,892 | |||||||||||||
Total shareholders' equity | 10,471 | 6,640 | 9,147 | (15,787 | ) | 10,471 | |||||||||||||
Total liabilities and shareholders' equity | $ | 44,889 | $ | 39,988 | $ | 90,526 | $ | (69,268 | ) | $ | 106,135 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2,284 | $ | 531 | $ | — | $ | 2,815 | |||||||||
Finance receivables, net | — | 4,969 | 28,506 | — | 33,475 | ||||||||||||||
Leased vehicles, net | — | — | 34,342 | — | 34,342 | ||||||||||||||
Goodwill | 1,095 | — | 101 | — | 1,196 | ||||||||||||||
Equity in net assets of non-consolidated affiliate | — | — | 944 | — | 944 | ||||||||||||||
Related party receivables | — | 25 | 322 | — | 347 | ||||||||||||||
Other assets | 506 | 884 | 3,065 | (760 | ) | 3,695 | |||||||||||||
Assets held for sale | — | — | 10,959 | (8 | ) | 10,951 | |||||||||||||
Due from affiliates | 24,548 | 16,065 | — | (40,613 | ) | — | |||||||||||||
Investment in affiliates | 8,986 | 6,445 | — | (15,431 | ) | — | |||||||||||||
Total assets | $ | 35,135 | $ | 30,672 | $ | 78,770 | $ | (56,812 | ) | $ | 87,765 | ||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 35,256 | $ | (169 | ) | $ | 35,087 | ||||||||
Unsecured debt | 26,076 | — | 3,400 | — | 29,476 | ||||||||||||||
Deferred income | — | — | 2,355 | — | 2,355 | ||||||||||||||
Related party payables | 1 | — | 319 | — | 320 | ||||||||||||||
Other liabilities | 365 | 690 | 1,677 | (591 | ) | 2,141 | |||||||||||||
Liabilities held for sale | — | — | 9,694 | (1 | ) | 9,693 | |||||||||||||
Due to affiliates | — | 24,437 | 16,183 | (40,620 | ) | — | |||||||||||||
Total liabilities | 26,442 | 25,127 | 68,884 | (41,381 | ) | 79,072 | |||||||||||||
Shareholder's equity | |||||||||||||||||||
Common stock | — | — | 698 | (698 | ) | — | |||||||||||||
Additional paid-in capital | 6,505 | 79 | 5,345 | (5,424 | ) | 6,505 | |||||||||||||
Accumulated other comprehensive loss | (1,238 | ) | (161 | ) | (1,223 | ) | 1,384 | (1,238 | ) | ||||||||||
Retained earnings | 3,426 | 5,627 | 5,066 | (10,693 | ) | 3,426 | |||||||||||||
Total shareholder's equity | 8,693 | 5,545 | 9,886 | (15,431 | ) | 8,693 | |||||||||||||
Total liabilities and shareholder's equity | $ | 35,135 | $ | 30,672 | $ | 78,770 | $ | (56,812 | ) | $ | 87,765 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | |||||||||||||||||||
Finance charge income | $ | — | $ | 146 | $ | 691 | $ | — | $ | 837 | |||||||||
Leased vehicle income | — | — | 2,244 | — | 2,244 | ||||||||||||||
Other income | — | 306 | — | (226 | ) | 80 | |||||||||||||
Total revenue | — | 452 | 2,935 | (226 | ) | 3,161 | |||||||||||||
Costs and expenses | |||||||||||||||||||
Salaries and benefits | — | 182 | 42 | — | 224 | ||||||||||||||
Other operating expenses | 94 | (48 | ) | 203 | (127 | ) | 122 | ||||||||||||
Total operating expenses | 94 | 134 | 245 | (127 | ) | 346 | |||||||||||||
Leased vehicle expenses | — | — | 1,670 | — | 1,670 | ||||||||||||||
Provision for loan losses | — | 196 | 8 | — | 204 | ||||||||||||||
Interest expense | 301 | 1 | 469 | (99 | ) | 672 | |||||||||||||
Total costs and expenses | 395 | 331 | 2,392 | (226 | ) | 2,892 | |||||||||||||
Equity income | 461 | 306 | 41 | (767 | ) | 41 | |||||||||||||
Income from continuing operations before income taxes | 66 | 427 | 584 | (767 | ) | 310 | |||||||||||||
Income tax (benefit) provision | (136 | ) | 40 | 220 | — | 124 | |||||||||||||
Income from continuing operations | 202 | 387 | 364 | (767 | ) | 186 | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | (6 | ) | 22 | — | 16 | |||||||||||||
Net income | 202 | 381 | 386 | (767 | ) | 202 | |||||||||||||
Net income attributable to common shareholder | $ | 200 | $ | 381 | $ | 386 | $ | (767 | ) | $ | 200 | ||||||||
Comprehensive income | $ | 319 | $ | 411 | $ | 525 | $ | (936 | ) | $ | 319 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | |||||||||||||||||||
Finance charge income | $ | — | $ | 127 | $ | 594 | $ | — | $ | 721 | |||||||||
Leased vehicle income | — | — | 1,582 | — | 1,582 | ||||||||||||||
Other income | — | 213 | 15 | (171 | ) | 57 | |||||||||||||
Total revenue | — | 340 | 2,191 | (171 | ) | 2,360 | |||||||||||||
Costs and expenses | |||||||||||||||||||
Salaries and benefits | — | 157 | 38 | — | 195 | ||||||||||||||
Other operating expenses | 6 | 54 | 173 | (101 | ) | 132 | |||||||||||||
Total operating expenses | 6 | 211 | 211 | (101 | ) | 327 | |||||||||||||
Leased vehicle expenses | — | — | 1,197 | — | 1,197 | ||||||||||||||
Provision for loan losses | — | 102 | 65 | — | 167 | ||||||||||||||
Interest expense | 171 | 54 | 356 | (70 | ) | 511 | |||||||||||||
Total costs and expenses | 177 | 367 | 1,829 | (171 | ) | 2,202 | |||||||||||||
Equity income | 267 | 202 | 36 | (469 | ) | 36 | |||||||||||||
Income from continuing operations before income taxes | 90 | 175 | 398 | (469 | ) | 194 | |||||||||||||
Income tax (benefit) provision | (72 | ) | (17 | ) | 149 | — | 60 | ||||||||||||
Income from continuing operations | 162 | 192 | 249 | (469 | ) | 134 | |||||||||||||
(Loss) income from discontinued operations, net of tax | (15 | ) | — | 28 | — | 13 | |||||||||||||
Net income | $ | 147 | $ | 192 | $ | 277 | $ | (469 | ) | $ | 147 | ||||||||
Comprehensive income | $ | 136 | $ | 183 | $ | 270 | $ | (453 | ) | $ | 136 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | |||||||||||||||||||
Finance charge income | $ | — | $ | 375 | $ | 2,026 | $ | — | $ | 2,401 | |||||||||
Leased vehicle income | — | — | 6,282 | — | 6,282 | ||||||||||||||
Other income | — | 870 | (15 | ) | (639 | ) | 216 | ||||||||||||
Total revenue | — | 1,245 | 8,293 | (639 | ) | 8,899 | |||||||||||||
Costs and expenses | |||||||||||||||||||
Salaries and benefits | — | 504 | 117 | — | 621 | ||||||||||||||
Other operating expenses | 200 | (43 | ) | 587 | (356 | ) | 388 | ||||||||||||
Total operating expenses | 200 | 461 | 704 | (356 | ) | 1,009 | |||||||||||||
Leased vehicle expenses | — | — | 4,648 | — | 4,648 | ||||||||||||||
Provision for loan losses | — | 356 | 217 | — | 573 | ||||||||||||||
Interest expense | 883 | (28 | ) | 1,331 | (283 | ) | 1,903 | ||||||||||||
Total costs and expenses | 1,083 | 789 | 6,900 | (639 | ) | 8,133 | |||||||||||||
Equity income | 1,051 | 797 | 129 | (1,848 | ) | 129 | |||||||||||||
(Loss) income from continuing operations before income taxes | (32 | ) | 1,253 | 1,522 | (1,848 | ) | 895 | ||||||||||||
Income tax (benefit) provision | (498 | ) | 199 | 559 | — | 260 | |||||||||||||
Income from continuing operations | 466 | 1,054 | 963 | (1,848 | ) | 635 | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | (13 | ) | (156 | ) | — | (169 | ) | |||||||||||
Net income | 466 | 1,041 | 807 | (1,848 | ) | 466 | |||||||||||||
Net income attributable to common shareholder | $ | 464 | $ | 1,041 | $ | 807 | $ | (1,848 | ) | $ | 464 | ||||||||
Comprehensive income | $ | 769 | $ | 1,095 | $ | 1,156 | $ | (2,251 | ) | $ | 769 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | |||||||||||||||||||
Finance charge income | $ | — | $ | 344 | $ | 1,766 | $ | — | $ | 2,110 | |||||||||
Leased vehicle income | — | — | 4,144 | — | 4,144 | ||||||||||||||
Other income | (1 | ) | 628 | 28 | (480 | ) | 175 | ||||||||||||
Total revenue | (1 | ) | 972 | 5,938 | (480 | ) | 6,429 | ||||||||||||
Costs and expenses | |||||||||||||||||||
Salaries and benefits | — | 432 | 104 | — | 536 | ||||||||||||||
Other operating expenses | 2 | 175 | 475 | (292 | ) | 360 | |||||||||||||
Total operating expenses | 2 | 607 | 579 | (292 | ) | 896 | |||||||||||||
Leased vehicle expenses | — | — | 3,148 | — | 3,148 | ||||||||||||||
Provision for loan losses | — | 282 | 219 | — | 501 | ||||||||||||||
Interest expense | 612 | (67 | ) | 1,036 | (188 | ) | 1,393 | ||||||||||||
Total costs and expenses | 614 | 822 | 4,982 | (480 | ) | 5,938 | |||||||||||||
Equity income | 858 | 538 | 109 | (1,396 | ) | 109 | |||||||||||||
Income from continuing operations before income taxes | 243 | 688 | 1,065 | (1,396 | ) | 600 | |||||||||||||
Income tax (benefit) provision | (272 | ) | 63 | 394 | — | 185 | |||||||||||||
Income from continuing operations | 515 | 625 | 671 | (1,396 | ) | 415 | |||||||||||||
(Loss) income from discontinued operations, net of tax | (15 | ) | — | 100 | — | 85 | |||||||||||||
Net income | $ | 500 | $ | 625 | $ | 771 | $ | (1,396 | ) | $ | 500 | ||||||||
Comprehensive income | $ | 555 | $ | 653 | $ | 837 | $ | (1,490 | ) | $ | 555 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
Net cash (used in) provided by operating activities - continuing operations | $ | (690 | ) | $ | 616 | $ | 4,869 | $ | — | $ | 4,795 | ||||||||
Net cash provided by (used in) operating activities - discontinued operations | 26 | (24 | ) | 241 | — | 243 | |||||||||||||
Net cash (used in) provided by operating activities | (664 | ) | 592 | 5,110 | — | 5,038 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||
Purchases of retail finance receivables, net | — | (15,709 | ) | (11,312 | ) | 11,754 | (15,267 | ) | |||||||||||
Principal collections and recoveries on retail finance receivables | — | 1,875 | 7,535 | — | 9,410 | ||||||||||||||
Proceeds from transfer of retail finance receivables, net | — | 8,787 | 2,967 | (11,754 | ) | — | |||||||||||||
Net funding of commercial finance receivables | — | (429 | ) | (1,128 | ) | — | (1,557 | ) | |||||||||||
Purchases of leased vehicles, net | — | — | (14,809 | ) | — | (14,809 | ) | ||||||||||||
Proceeds from termination of leased vehicles | — | — | 4,649 | — | 4,649 | ||||||||||||||
Other investing activities | — | (288 | ) | (10 | ) | 233 | (65 | ) | |||||||||||
Net change in due from affiliates | (8,213 | ) | (3,397 | ) | — | 11,610 | — | ||||||||||||
Net change in investment in affiliates | 54 | 1,686 | — | (1,740 | ) | — | |||||||||||||
Net cash used in investing activities - continuing operations | (8,159 | ) | (7,475 | ) | (12,108 | ) | 10,103 | (17,639 | ) | ||||||||||
Net cash provided by (used in) investing activities - discontinued operations | 131 | — | (599 | ) | — | (468 | ) | ||||||||||||
Net cash used in investing activities | (8,028 | ) | (7,475 | ) | (12,707 | ) | 10,103 | (18,107 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||
Net change in debt (original maturities less than three months) | 66 | — | (371 | ) | — | (305 | ) | ||||||||||||
Borrowings and issuance of secured debt | — | — | 26,964 | (233 | ) | 26,731 | |||||||||||||
Payments on secured debt | — | — | (20,905 | ) | — | (20,905 | ) | ||||||||||||
Borrowings and issuance of unsecured debt | 10,133 | — | 2,493 | — | 12,626 | ||||||||||||||
Payments on unsecured debt | (2,450 | ) | — | (1,925 | ) | — | (4,375 | ) | |||||||||||
Debt issuance costs | (42 | ) | — | (89 | ) | — | (131 | ) | |||||||||||
Proceeds from issuance of preferred stock | 985 | — | — | — | 985 | ||||||||||||||
Net capital contributions | — | — | (1,740 | ) | 1,740 | — | |||||||||||||
Net change in due to affiliates | — | 8,145 | 3,465 | (11,610 | ) | — | |||||||||||||
Net cash provided by financing activities - continuing operations | 8,692 | 8,145 | 7,892 | (10,103 | ) | 14,626 | |||||||||||||
Net cash provided by financing activities - discontinued operations | — | — | 63 | — | 63 | ||||||||||||||
Net cash provided by financing activities | 8,692 | 8,145 | 7,955 | (10,103 | ) | 14,689 | |||||||||||||
Net increase in cash, cash equivalents and restricted cash | — | 1,262 | 358 | — | 1,620 | ||||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | — | — | 112 | — | 112 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | — | 2,284 | 3,018 | — | 5,302 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | — | $ | 3,546 | $ | 3,488 | $ | — | $ | 7,034 | |||||||||
Cash, cash equivalents and restricted cash from continuing operations at end of period | $ | — | $ | 3,546 | $ | 2,923 | $ | — | $ | 6,469 | |||||||||
Cash, cash equivalents and restricted cash from discontinued operations at end of period | $ | — | $ | — | $ | 565 | $ | — | $ | 565 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
Cash and cash equivalents | $ | — | $ | 3,546 | $ | 430 | $ | — | $ | 3,976 | |||||||||
Restricted cash included in other assets | — | — | 2,493 | — | 2,493 | ||||||||||||||
Total | $ | — | $ | 3,546 | $ | 2,923 | $ | — | $ | 6,469 |
General Motors Financial Company, Inc. | Guarantor | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||
Net cash (used in) provided by operating activities - continuing operations | $ | (454 | ) | $ | (389 | ) | $ | 4,409 | $ | — | $ | 3,566 | |||||||
Net cash provided by operating activities - discontinued operations | (15 | ) | 10 | 295 | — | 290 | |||||||||||||
Net cash (used in) provided by operating activities | (469 | ) | (379 | ) | 4,704 | — | 3,856 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||
Purchases of retail finance receivables, net | — | (12,676 | ) | (10,047 | ) | 12,315 | (10,408 | ) | |||||||||||
Principal collections and recoveries on retail finance receivables | — | 1,274 | 6,094 | — | 7,368 | ||||||||||||||
Proceeds from transfer of retail finance receivables, net | — | 8,232 | 4,083 | (12,315 | ) | — | |||||||||||||
Net funding of commercial finance receivables | — | (335 | ) | (810 | ) | — | (1,145 | ) | |||||||||||
Purchases of leased vehicles, net | — | — | (14,939 | ) | — | (14,939 | ) | ||||||||||||
Proceeds from termination of leased vehicles | — | — | 1,799 | — | 1,799 | ||||||||||||||
Other investing activities | — | (219 | ) | (9 | ) | 169 | (59 | ) | |||||||||||
Net change in due from affiliates | (7,506 | ) | (6,621 | ) | — | 14,127 | — | ||||||||||||
Net change in investment in affiliates | 24 | 2,473 | — | (2,497 | ) | — | |||||||||||||
Net cash used in investing activities - continuing operations | (7,482 | ) | (7,872 | ) | (13,829 | ) | 11,799 | (17,384 | ) | ||||||||||
Net cash used in investing activities - discontinued operations | — | — | (949 | ) | — | (949 | ) | ||||||||||||
Net cash used in investing activities | (7,482 | ) | (7,872 | ) | (14,778 | ) | 11,799 | (18,333 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||
Net change in debt (original maturities less than three months) | 1 | — | (302 | ) | — | (301 | ) | ||||||||||||
Borrowings and issuance of secured debt | — | — | 18,589 | (169 | ) | 18,420 | |||||||||||||
Payments on secured debt | — | — | (12,525 | ) | — | (12,525 | ) | ||||||||||||
Borrowings and issuance of unsecured debt | 8,987 | — | 1,371 | — | 10,358 | ||||||||||||||
Payments on unsecured debt | (1,000 | ) | — | (1,345 | ) | — | (2,345 | ) | |||||||||||
Debt issuance costs | (37 | ) | — | (75 | ) | — | (112 | ) | |||||||||||
Net capital contributions | — | — | (2,497 | ) | 2,497 | — | |||||||||||||
Net change in due to affiliates | — | 7,643 | 6,484 | (14,127 | ) | — | |||||||||||||
Net cash provided by financing activities - continuing operations | 7,951 | 7,643 | 9,700 | (11,799 | ) | 13,495 | |||||||||||||
Net cash provided by financing activities - discontinued operations | — | — | 601 | — | 601 | ||||||||||||||
Net cash provided by financing activities | 7,951 | 7,643 | 10,301 | (11,799 | ) | 14,096 | |||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | — | (608 | ) | 227 | — | (381 | ) | ||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | — | — | 22 | — | 22 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | — | 2,319 | 2,683 | — | 5,002 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | — | $ | 1,711 | $ | 2,932 | $ | — | $ | 4,643 | |||||||||
Cash, cash equivalents and restricted cash from continuing operations at end of period | $ | — | $ | 1,711 | $ | 2,207 | $ | — | $ | 3,918 | |||||||||
Cash, cash equivalents and restricted cash from discontinued operations at end of period | $ | — | $ | — | $ | 725 | $ | — | $ | 725 |
Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||
Prime - FICO Score 680 and greater | $ | 24,082 | 74.2 | % | $ | 19,330 | 69.6 | % | |||||
Near-prime - FICO Score 620 to 679 | 3,783 | 11.7 | 3,606 | 13.0 | |||||||||
Sub-prime - FICO Score less than 620 | 4,577 | 14.1 | 4,829 | 17.4 | |||||||||
Total originations | $ | 32,442 | 100.0 | % | $ | 27,765 | 100.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Operating leases originated(a) | 174 | 161 | 530 | 518 | |||||||
Operating leases terminated(b) | 98 | 36 | 242 | 94 | |||||||
Operating lease vehicles returned(c) | 68 | 17 | 163 | 44 | |||||||
Return rate(d) | 69 | % | 47 | % | 67 | % | 47 | % |
(a) | Operating leases originated represents the number of operating leases we purchase during a given period. |
(b) | Operating leases terminated represents the number of vehicles for which the lease has ended during a given period. |
(c) | Operating lease vehicles returned represents the number of vehicles returned to us for remarketing at the end of the lease term. |
(d) | Return rates are calculated as the number of operating leases returned divided by the number of operating leases terminated. |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Residual Value | Units | Unit Percentage | Residual Value | Units | Unit Percentage | ||||||||||||||
Cars | $ | 5,968 | 460 | 28.6 | % | $ | 5,240 | 420 | 31.7 | % | |||||||||
Trucks | 6,722 | 276 | 17.1 | 5,231 | 224 | 16.9 | |||||||||||||
CUVs | 13,107 | 782 | 48.5 | 10,349 | 604 | 45.7 | |||||||||||||
SUVs | 3,456 | 93 | 5.8 | 2,791 | 75 | 5.7 | |||||||||||||
Total | $ | 29,253 | 1,611 | 100.0 | % | $ | 23,611 | 1,323 | 100.0 | % |
Average Earning Assets | Three Months Ended September 30, | 2017 vs. 2016 | ||||||||||||||||||||
2017 | 2016 | Change excluding FX | FX | Total change | % | |||||||||||||||||
Average retail finance receivables | $ | 31,796 | $ | 24,740 | $ | 6,905 | $ | 151 | $ | 7,056 | 28.5 | % | ||||||||||
Average commercial finance receivables | 9,617 | 6,161 | 3,397 | 59 | 3,456 | 56.1 | % | |||||||||||||||
Average finance receivables | 41,413 | 30,901 | 10,302 | 210 | 10,512 | 34.0 | % | |||||||||||||||
Average leased vehicles, net | 40,789 | 29,971 | 10,736 | 82 | 10,818 | 36.1 | % | |||||||||||||||
Average earning assets | $ | 82,202 | $ | 60,872 | $ | 21,038 | $ | 292 | $ | 21,330 | 35.0 | % | ||||||||||
Retail finance receivables purchased | $ | 4,686 | $ | 4,159 | $ | 495 | $ | 32 | $ | 527 | 12.7 | % | ||||||||||
Leased vehicles purchased | $ | 6,557 | $ | 6,129 | $ | 411 | $ | 17 | $ | 428 | 7.0 | % |
Revenue | Three Months Ended September 30, | 2017 vs. 2016 | ||||||||||||||||||||
2017 | 2016 | Change excluding FX | FX | Total change | % | |||||||||||||||||
Finance charge income | ||||||||||||||||||||||
Retail finance receivables | $ | 724 | $ | 655 | $ | 61 | $ | 8 | $ | 69 | 10.5 | % | ||||||||||
Commercial finance receivables | $ | 113 | $ | 66 | $ | 46 | $ | 1 | $ | 47 | 71.2 | % | ||||||||||
Leased vehicle income | $ | 2,244 | $ | 1,582 | $ | 655 | $ | 7 | $ | 662 | 41.8 | % | ||||||||||
Other income | $ | 80 | $ | 57 | $ | 21 | $ | 2 | $ | 23 | 40.4 | % | ||||||||||
Equity income | $ | 41 | $ | 36 | $ | 5 | $ | — | $ | 5 | 13.9 | % | ||||||||||
Effective yield - retail finance receivables | 9.0 | % | 10.5 | % | ||||||||||||||||||
Effective yield - commercial finance receivables | 4.7 | % | 4.3 | % |
Costs and Expenses | Three Months Ended September 30, | 2017 vs. 2016 | ||||||||||||||||||||
2017 | 2016 | Change excluding FX | FX | Total change | % | |||||||||||||||||
Operating expenses | $ | 346 | $ | 327 | $ | 18 | $ | 1 | $ | 19 | 5.8 | % | ||||||||||
Leased vehicle expenses | $ | 1,670 | $ | 1,197 | $ | 469 | $ | 4 | $ | 473 | 39.5 | % | ||||||||||
Provision for loan losses | $ | 204 | $ | 167 | $ | 36 | $ | 1 | $ | 37 | 22.2 | % | ||||||||||
Interest expense | $ | 672 | $ | 511 | $ | 157 | $ | 4 | $ | 161 | 31.5 | % | ||||||||||
Average debt outstanding | $ | 78,953 | $ | 56,902 | $ | 21,823 | $ | 228 | $ | 22,051 | 38.8 | % | ||||||||||
Effective rate of interest on debt | 3.4 | % | 3.6 | % |
Average Earning Assets | Nine Months Ended September 30, | 2017 vs. 2016 | ||||||||||||||||||||
2017 | 2016 | Change excluding FX | FX | Total change | % | |||||||||||||||||
Average retail finance receivables | $ | 29,918 | $ | 23,728 | $ | 6,030 | $ | 160 | $ | 6,190 | 26.1 | % | ||||||||||
Average commercial finance receivables | 8,844 | 5,731 | 3,091 | 22 | 3,113 | 54.3 | % | |||||||||||||||
Average finance receivables | 38,762 | 29,459 | 9,121 | 182 | 9,303 | 31.6 | % | |||||||||||||||
Average leased vehicles, net | 38,282 | 26,128 | 12,131 | 23 | 12,154 | 46.5 | % | |||||||||||||||
Average earning assets | $ | 77,044 | $ | 55,587 | $ | 21,252 | $ | 205 | $ | 21,457 | 38.6 | % | ||||||||||
Retail finance receivables purchased | $ | 15,546 | $ | 10,580 | $ | 4,872 | $ | 94 | $ | 4,966 | 46.9 | % | ||||||||||
Leased vehicles purchased | $ | 19,581 | $ | 19,327 | $ | 242 | $ | 12 | $ | 254 | 1.3 | % |
Revenue | Nine Months Ended September 30, | 2017 vs. 2016 | ||||||||||||||||||||
2017 | 2016 | Change excluding FX | FX | Total change | % | |||||||||||||||||
Finance charge income | ||||||||||||||||||||||
Retail finance receivables | $ | 2,098 | $ | 1,924 | $ | 140 | $ | 34 | $ | 174 | 9.0 | % | ||||||||||
Commercial finance receivables | $ | 303 | $ | 186 | $ | 113 | $ | 4 | $ | 117 | 62.9 | % | ||||||||||
Leased vehicle income | $ | 6,282 | $ | 4,144 | $ | 2,133 | $ | 5 | $ | 2,138 | 51.6 | % | ||||||||||
Other income | $ | 216 | $ | 175 | $ | 35 | $ | 6 | $ | 41 | 23.4 | % | ||||||||||
Equity income | $ | 129 | $ | 109 | $ | 24 | $ | (4 | ) | $ | 20 | 18.3 | % | |||||||||
Effective yield - retail finance receivables | 9.4 | % | 10.8 | % | ||||||||||||||||||
Effective yield - commercial finance receivables | 4.6 | % | 4.3 | % |
Costs and Expenses | Nine Months Ended September 30, | 2017 vs. 2016 | ||||||||||||||||||||
2017 | 2016 | Change excluding FX | FX | Total change | % | |||||||||||||||||
Operating expenses | $ | 1,009 | $ | 896 | $ | 103 | $ | 10 | $ | 113 | 12.6 | % | ||||||||||
Leased vehicle expenses | $ | 4,648 | $ | 3,148 | $ | 1,497 | $ | 3 | $ | 1,500 | 47.6 | % | ||||||||||
Provision for loan losses | $ | 573 | $ | 501 | $ | 70 | $ | 2 | $ | 72 | 14.4 | % | ||||||||||
Interest expense | $ | 1,903 | $ | 1,393 | $ | 489 | $ | 21 | $ | 510 | 36.6 | % | ||||||||||
Average debt outstanding | $ | 73,278 | $ | 52,378 | $ | 20,720 | $ | 180 | $ | 20,900 | 39.9 | % | ||||||||||
Effective rate of interest on debt | 3.5 | % | 3.6 | % |
Retail Finance Receivables | September 30, 2017 | December 31, 2016 | |||||
Retail finance receivables, net of fees | $ | 32,317 | $ | 26,400 | |||
Less: allowance for loan losses | (899 | ) | (765 | ) | |||
Retail finance receivables, net | $ | 31,418 | $ | 25,635 | |||
Number of outstanding contracts | 2,262,017 | 2,011,818 | |||||
Average amount of outstanding contracts (in dollars)(a) | $ | 14,287 | $ | 13,122 | |||
Allowance for loan losses as a percentage of retail finance receivables, net of fees | 2.8 | % | 2.9 | % |
(a) | Average amount of outstanding contracts consists of retail finance receivables, net of fees, divided by number of outstanding contracts. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Charge-offs | $ | 286 | $ | 284 | $ | 856 | $ | 826 | |||||||
Less: recoveries | (135 | ) | (128 | ) | (420 | ) | (403 | ) | |||||||
Net charge-offs | $ | 151 | $ | 156 | $ | 436 | $ | 423 | |||||||
Net charge-offs as an annualized percentage(a) | 1.9 | % | 2.5 | % | 1.9 | % | 2.4 | % |
(a) | Net charge-offs as an annualized percentage is calculated as a percentage of average retail finance receivables. |
Commercial Finance Receivables | September 30, 2017 | December 31, 2016 | |||||
Commercial finance receivables, net of fees | $ | 9,495 | $ | 7,880 | |||
Less: allowance for loan losses | (49 | ) | (40 | ) | |||
Total commercial finance receivables, net | $ | 9,446 | $ | 7,840 | |||
Number of dealers | 1,502 | 1,356 | |||||
Average carrying amount per dealer | $ | 6 | $ | 6 | |||
Allowance for loan losses as a percentage of commercial finance receivables, net of fees | 0.5 | % | 0.5 | % |
Liquidity | September 30, 2017 | December 31, 2016 | |||||
Cash and cash equivalents(a) | $ | 3,976 | $ | 2,815 | |||
Borrowing capacity on unpledged eligible assets | 12,661 | 8,321 | |||||
Borrowing capacity on committed unsecured lines of credit | 132 | 105 | |||||
Borrowing capacity on the Junior Subordinated Revolving Credit Facility | 1,000 | 1,000 | |||||
Available liquidity | $ | 17,769 | $ | 12,241 |
(a) | Includes $377 million and $454 million in unrestricted cash outside of the U.S. at September 30, 2017 and December 31, 2016. This cash is considered to be indefinitely invested based on specific plans for reinvestment of these earnings. |
Facility Type | Facility Amount | Advances Outstanding | ||||||
Revolving retail asset-secured facilities(a) | $ | 21,077 | $ | 4,563 | ||||
Revolving commercial asset-secured facilities(b) | 3,920 | 188 | ||||||
Total secured | 24,997 | 4,751 | ||||||
Unsecured committed facilities(c) | 132 | — | ||||||
Unsecured uncommitted facilities(d) | 2,162 | 2,162 | ||||||
Total unsecured | 2,294 | 2,162 | ||||||
Junior Subordinated Revolving Credit Facility | 1,000 | — | ||||||
Total | $ | 28,291 | $ | 6,913 |
(a) | Includes committed and uncommitted revolving credit facilities backed by retail finance receivables and leases. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $158 million in advances outstanding and $831 million in unused borrowing capacity on these facilities at September 30, 2017. |
(b) | Includes revolving credit facilities backed by loans to dealers for floorplan financing. |
(c) | Does not include $4.0 billion in liquidity available to us under GM's unsecured revolving credit facilities. |
(d) | The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $1.3 billion in unused borrowing capacity on these facilities at September 30, 2017. |
Year of Transaction | Maturity Date(a) | Original Note Issuance(b) | Note Balance At September 30, 2017 | |||||||||
2013 | October 2020 | - | October 2021 | $ | 4,058 | $ | 523 | |||||
2014 | July 2019 | - | March 2022 | $ | 6,336 | 1,685 | ||||||
2015 | July 2019 | - | December 2023 | $ | 13,110 | 5,553 | ||||||
2016 | April 2018 | - | September 2024 | $ | 15,528 | 10,652 | ||||||
2017 | August 2019 | - | February 2025 | $ | 19,039 | 17,686 | ||||||
Total active securitizations | 36,099 | |||||||||||
Debt issuance costs | (75 | ) | ||||||||||
Total | $ | 36,024 |
(a) | Maturity dates represent legal final maturity of issued notes. The notes are expected to be paid based on amortization of the finance receivables and leases pledged. |
(b) | At historical foreign currency exchange rates at the time of issuance. |
• | GM's ability to sell new vehicles that we finance in the markets we serve; |
• | the viability of GM-franchised dealers that are commercial loan customers; |
• | the availability and cost of sources of financing; |
• | our joint venture in China, which we cannot operate solely for our benefit and over which we have limited control; |
• | the level of net charge-offs, delinquencies and prepayments on the loans and leases we originate; |
• | the effect, interpretation or application of new or existing laws, regulations, court decisions and accounting pronouncements; |
• | the prices at which used cars are sold in the wholesale auction markets; |
• | vehicle return rates and the residual value performance on vehicles we lease; |
• | interest rate fluctuations and certain related derivatives exposure; |
• | foreign currency exchange rate fluctuations; |
• | our financial condition and liquidity, as well as future cash flows and earnings; |
• | changes in general economic and business conditions; |
• | competition; |
• | our ability to manage risks related to security breaches and other disruptions to our networks and systems; |
• | changes in business strategy, including expansion of product lines and credit risk appetite, acquisitions and divestitures; and |
• | risks and uncertainties associated with the consummation of the sale of GM's European Business to Peugeot S.A., including satisfaction of the closing conditions. |
Filed Herewith | ||||
Incorporated by Reference | ||||
Filed Herewith | ||||
Furnished with this Report | ||||
101.INS | XBRL Instance Document | Filed Herewith | ||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed Herewith | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed Herewith | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed Herewith | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed Herewith | ||
101.PRE | XBRL Taxonomy Presentation Linkbase Document | Filed Herewith |
* | The Company agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request. |
General Motors Financial Company, Inc. | |||||
(Registrant) | |||||
Date: | October 24, 2017 | By: | /S/ CHRIS A. CHOATE | ||
(Signature) | |||||
Chris A. Choate | |||||
Executive Vice President and | |||||
Chief Financial Officer |
1. | The name of the filing entity is General Motors Financial Company, Inc. |
2. | The filing entity is a Texas for-profit corporation. |
3. | Section 4.01 of Article IV of the Existing Certificate of Formation is hereby amended in its entirety so as to read as follows: |
(a) | The Corporation is authorized to issue two classes of stock which shall be designated, respectively, “Common Stock” and “Preferred Stock.” The aggregate number of shares of all classes of stock which the Corporation shall have authority to issue is two hundred sixty million (260,000,000), consisting of (a) ten million (10,000,000) shares of Common Stock, par value $1.00 per share (“Common Stock”), and (b) two hundred fifty million (250,000,000) shares of Preferred Stock, par value $0.01 per share (“Preferred Stock”).” |
4. | A new paragraph (b) is hereby added to Section 4.01 of Article 4 of the Existing Certificate of Formation and shall read in full as follows: |
“(b) | Effective as of the date of filing with the Texas Secretary of State of the Certificate of Amendment pursuant to which this paragraph (b) is added to this certificate of formation, each outstanding share of previously authorized Common Stock, par value $1.00 per share (the “Old Common Stock”), of the corporation shall be split and shall be deemed to be automatically converted and reclassified into 10,000 shares of Common Stock, par value $0.0001 per share, which shall be deemed to be fully paid and nonassessable. The shareholder of the corporation shall surrender its certificates representing Old Common Stock to the corporation, and upon receipt thereof, the corporation shall cause to be issued and delivered to the shareholder new certificates representing the shares of Common Stock into which its shares of Old Common Stock are split, reclassified and converted.” |
5. | These amendments made by this Certificate of Amendment have been made in accordance with the TBOC and have been approved in the manner required by the |
/s/ Frank E. Brown III | ||
Frank E. Brown III | ||
Senior Vice President, Corporate Counsel and Secretary |
1. | The name of the filing entity is General Motors Financial Company, Inc. and its file number issued by the Secretary of State is 107735100. |
2. | The filing instrument to be corrected is the Certificate of Amendment to the Amended and Restated Certificate of Formation of General Motors Financial Company, Inc. as filed with the Secretary of State on September 1, 2017. |
3. | Section 4.01(a) of Article IV of the Existing Certificate of Formation contains an inaccuracy or error to be corrected. The full text of the corrected provision is set forth below: |
(a) | The Corporation is authorized to issue two classes of stock which shall be designated, respectively, “Common Stock” and “Preferred Stock.” The aggregate number of shares of all classes of stock which the Corporation shall have authority to issue is two hundred sixty million (260,000,000), consisting of (a) ten million (10,000,000) shares of Common Stock, par value $0.0001 per share (“Common Stock”), and (b) two hundred fifty million (250,000,000) shares of Preferred Stock, par value $0.01 per share (“Preferred Stock”).” |
4. | The Existing Certificate of Formation contained an inaccurate or erroneous statement. This Certificate of Correction is submitted for the purpose of correcting the Existing Certificate of Formation. |
5. | After the Secretary of State files the Certificate of Correction, the Existing Certificate of Formation is considered to have been corrected on the date the Existing Certificate of Formation was originally filed except as to persons adversely affected. As to persons adversely affected by the correction, the Existing Certificate of Formation is considered to have been corrected on the date the Certificate of Correction is filed by the Secretary of State. |
/s/ Frank E. Brown III | ||
Frank E. Brown III | ||
Senior Vice President, Corporate Counsel and Secretary |
(1) | I have reviewed the Quarterly Report on Form 10-Q of General Motors Financial Company, Inc. (the "registrant") for the nine months ended September 30, 2017 (this "report"); |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: (i) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (ii) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (iii) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (iv) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to affect, the registrant's internal control over financial reporting; and |
(5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and to the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent function): (i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Daniel E. Berce | ||
Daniel E. Berce | ||
President and Chief Executive Officer |
(1) | I have reviewed the Quarterly Report on Form 10-Q of General Motors Financial Company, Inc. (the "registrant") for the nine months ended September 30, 2017 (this "report"); |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: (i) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (ii) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (iii) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (iv) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to affect, the registrant's internal control over financial reporting; and |
(5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and to the Audit Committee of the registrant's Board of Directors (or persons fulfilling the equivalent function): (i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Chris A. Choate | ||
Chris A. Choate | ||
Executive Vice President and Chief Financial Officer | ||
(1) | The Quarterly Report on Form 10-Q of the registrant for the nine months ended September 30, 2017 (the "report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the registrant. |
/s/ Daniel E. Berce | ||
Daniel E. Berce | ||
President and Chief Executive Officer |
(1) | The Quarterly Report on Form 10-Q of the registrant for the nine months ended September 30, 2017 (the "report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the registrant. |
/s/ Chris A. Choate | ||
Chris A. Choate | ||
Executive Vice President and Chief Financial Officer | ||
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Oct. 23, 2017 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | acf | |
Entity Registrant Name | General Motors Financial Company, Inc. | |
Entity Central Index Key | 0000804269 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,050,000 |
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,050,000 | 5,050,000 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 250,000,000,000,000 | 250,000,000,000,000 |
Preferred stock, shares issued | 1,000,000,000,000 | 1,000,000,000,000 |
Condensed Consolidated Statements Of Comprehensive Income Statement - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 202 | $ 147 | $ 466 | $ 500 |
Other comprehensive income (loss), net of tax | ||||
Unrealized loss on cash flow hedges, net of income tax benefit of $2, $1, $10 and $3 | (3) | (1) | (14) | (5) |
Defined benefit plans, net of income tax | 0 | 0 | (1) | 0 |
Foreign currency translation adjustment, net of income tax expense of $21, $0, $30 and $0 | 120 | (10) | 318 | 60 |
Other comprehensive income (loss), net of tax | 117 | (11) | 303 | 55 |
Comprehensive income | $ 319 | $ 136 | $ 769 | $ 555 |
Condensed Consolidated Statements Of Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Revenue | ||||
Finance charge income | $ 837 | $ 721 | $ 2,401 | $ 2,110 |
Leased vehicle income | 2,244 | 1,582 | 6,282 | 4,144 |
Other income | 80 | 57 | 216 | 175 |
Total revenue | 3,161 | 2,360 | 8,899 | 6,429 |
Costs and expenses | ||||
Salaries and benefits | 224 | 195 | 621 | 536 |
Other operating expenses | 122 | 132 | 388 | 360 |
Total operating expenses | 346 | 327 | 1,009 | 896 |
Leased vehicle expenses | 1,670 | 1,197 | 4,648 | 3,148 |
Provision for loan losses | 204 | 167 | 573 | 501 |
Interest expense | 672 | 511 | 1,903 | 1,393 |
Total costs and expenses | 2,892 | 2,202 | 8,133 | 5,938 |
Equity income (Note 6) | 41 | 36 | 129 | 109 |
Income from continuing operations before income taxes | 310 | 194 | 895 | 600 |
Income tax provision (Note 12) | 124 | 60 | 260 | 185 |
Income from continuing operations | 186 | 134 | 635 | 415 |
Income (loss) from discontinued operations, net of tax (Note 2) | 16 | 13 | (169) | 85 |
Net income | 202 | 147 | 466 | 500 |
Net income attributable to common shareholder | $ 200 | $ 147 | $ 464 | $ 500 |
Condensed Consolidated Statements Of Comprehensive Income (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Statement [Abstract] | ||||
Change in value of cash flow hedges, tax expense (benefit) | $ (2) | $ (1) | $ (10) | $ (3) |
Translation income (loss), tax | $ 21 | $ 0 | $ 30 | $ 0 |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities (VIEs). We consolidate certain operating entities that provide auto finance and financial services, which we do not control through a majority voting interest. We manage these entities and maintain a controlling financial interest in them and are exposed to the risks of ownership through contractual arrangements. The majority voting interests in these entities are indirectly wholly-owned by our parent, General Motors Company (GM). All intercompany transactions and balances have been eliminated in consolidation. Our operations in Europe are presented as discontinued operations, and the related assets and liabilities are presented as held for sale in our condensed consolidated financial statements for all periods presented. Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to continuing operations. Refer to Note 2 - "Discontinued Operations" for additional details regarding our planned disposal of these operations. The condensed consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the United States of America. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 7, 2017 (Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. The condensed consolidated financial statements at September 30, 2017, and for the three and nine months ended September 30, 2017 and 2016, are unaudited and, in management’s opinion, include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations. The results for interim periods are not necessarily indicative of results for a full year. In August 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" (ASU 2017-12), which simplifies the application of hedge accounting and more closely aligns hedge accounting with companies' risk management strategies thereby making more hedging strategies eligible for hedge accounting. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. ASU 2017-12 requires a cumulative-effect adjustment for certain items upon adoption. We are currently evaluating the impact the adoption of ASU 2017-12 will have on our consolidated financial statements. Segment Information We are the wholly-owned captive finance subsidiary of GM. We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments. The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in Brazil, Chile, Colombia, Mexico and Peru as well as our equity investment in SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC), a joint venture that conducts auto finance operations in China. |
Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On March 5, 2017, General Motors Holdings LLC, a wholly-owned subsidiary of GM and our parent, entered into a Master Agreement (the Agreement) with Peugeot S.A. Pursuant to the Agreement, Peugeot S.A. acquired on July 31, 2017 GM’s Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) and will acquire, together with a financial partner, certain of our European financial subsidiaries and branches (collectively, our European Operations and, together with Opel/Vauxhall Business, GM's European Business). The transfer of our European Operations is expected to close by the end of the year subject to the receipt of the necessary regulatory approvals and satisfaction of other closing conditions. The net consideration to be paid for our European Operations will be 0.8 times their book value at closing. Based on exchange rates at September 30, 2017, we estimate the net consideration will be approximately $1.1 billion, and we currently expect to recognize a disposal loss of approximately $500 million, subject to foreign currency fluctuations, which have had a favorable impact on the estimated loss. The purchase price is subject to certain adjustments as provided in the Agreement. During the nine months ended September 30, 2017, we recognized a portion of the disposal loss in accordance with ASC 360 - "Property, Plant and Equipment." We expect to recognize the remainder of the disposal loss at the closing of the transaction. The following table summarizes the assets and liabilities held for sale:
The following table summarizes the results of operations for the discontinued operations:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions We offer loan and lease finance products through GM-franchised dealers to customers purchasing new vehicles manufactured by GM and certain used vehicles and make commercial loans directly to GM-franchised dealers and their affiliates. We also offer commercial loans to dealers that are consolidated by GM and those balances are included in our finance receivables, net. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on retail loan and lease finance products. In addition, GM makes payments to us to cover certain interest payments on commercial loans. In March 2017, we executed an agreement to purchase certain program vehicles from Maven Drive LLC (Maven), a wholly-owned subsidiary of GM. We simultaneously leased these vehicles to Maven for use in their ride-sharing arrangements. We account for these leases as direct-financing leases, which are included in our finance receivables, net. We have related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days. The following tables present related party transactions:
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Under our support agreement with GM (the Support Agreement), if our earning assets leverage ratio at the end of any calendar quarter exceeds the applicable threshold set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage ratio to within the applicable threshold. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting from time to time. Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding and that GM will use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower of up to $4.0 billion under GM’s corporate revolving credit facilities. We have the ability to borrow up to $1.0 billion under GM's three-year, $4.0 billion unsecured revolving credit facility and $3.0 billion under GM's five-year, $10.5 billion unsecured revolving credit facility, subject to available capacity. GM also agreed to certain provisions in the Support Agreement intended to ensure that we maintain adequate access to liquidity. Pursuant to these provisions, GM provided us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility (the Junior Subordinated Revolving Credit Facility). We are included in GM's consolidated U.S. federal income tax returns. For taxable income we recognize in any period beginning on or after October 1, 2010, we are obligated to pay GM for our share of the consolidated U.S. federal and certain state tax liabilities. Amounts owed to GM for income taxes are accrued and recorded as a related party payable. At September 30, 2017 and December 31, 2016, there are no related party taxes payable to GM due to our taxable loss position. |
Finance Receivables |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables | Finance Receivables
(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs of $282 million and $178 million at September 30, 2017 and December 31, 2016. We estimate the fair value of retail finance receivables using observable and unobservable Level 3 inputs within a cash flow model. The inputs reflect assumptions regarding expected prepayments, deferrals, delinquencies, recoveries and charge-offs of the loans within the portfolio. The cash flow model produces an estimated amortization schedule of the finance receivables. The projected cash flows are then discounted to derive the fair value of the portfolio. Macroeconomic factors could affect the credit performance of the portfolio and, therefore, could potentially affect the assumptions used in our cash flow model. A substantial majority of our commercial finance receivables have variable interest rates. The carrying amount, a Level 2 input, is considered to be a reasonable estimate of fair value.
Retail Credit Quality Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. We use proprietary scoring systems in the underwriting process that measure the credit quality of the receivables using several factors, such as credit bureau information, consumer credit risk scores (e.g. FICO score or its equivalent), and contract characteristics. We also consider other factors, such as employment history, financial stability and capacity to pay. In North America, while we historically focused on consumers with lower than prime credit scores, we have expanded our prime lending programs. A summary of the credit risk profile by FICO score band or equivalent scores, determined at origination, of the retail finance receivables in North America is as follows:
In addition, we review the credit quality of our retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The following is a consolidated summary of the contractual amounts of delinquent retail finance receivables, which is not significantly different than the recorded investment for such receivables.
At September 30, 2017 and December 31, 2016, the accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $797 million and $798 million. Impaired Retail Finance Receivables - TDRs Retail finance receivables that become classified as troubled debt restructurings (TDRs) are separately assessed for impairment. A specific allowance is estimated based on the present value of the expected future cash flows of the receivable discounted at the loan's original effective interest rate. Accounts that become classified as TDRs because of a payment deferral accrue interest at the contractual rate and an additional fee is collected (where permitted) at each time of deferral and recorded as a reduction of accrued interest. No interest or fees are forgiven on a payment deferral to a customer; therefore, there are no additional financial effects of deferred loans becoming classified as TDRs. Accounts in the U.S. in Chapter 13 bankruptcy would have already been placed on non-accrual; therefore, there are no additional financial effects from these loans becoming classified as TDRs. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. The outstanding recorded investment for retail finance receivables that are considered to be TDRs and the related allowance is presented below:
Additional information about loans classified as TDRs is presented below:
The unpaid principal balance, net of recoveries, of loans that were charged off during the reporting period and were within 12 months of being modified as a TDR were insignificant for the three and nine months ended September 30, 2017 and 2016. Commercial Finance Receivables Commercial Credit Quality Our commercial finance receivables consist of dealer financings, primarily for inventory purchases. A proprietary model is used to assign a risk rating to each dealer. We perform periodic credit reviews of each dealership and adjust the dealership's risk rating, if necessary. Dealers in Group VI are subject to additional restrictions on funding, including suspension of lines of credit and liquidation of assets. The following table summarizes the credit risk profile by dealer risk rating of commercial finance receivables:
At September 30, 2017 and December 31, 2016, substantially all of our commercial finance receivables were current with respect to payment status. Commercial finance receivables on non-accrual status were insignificant, and none were classified as TDRs. Activity in the allowance for commercial loan losses was insignificant for the three and nine months ended September 30, 2017 and 2016. |
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Leased Vehicles | Leased Vehicles
The following table summarizes minimum rental payments due to us as lessor under operating leases:
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Equity in Net Assets of Non-consolidated Affiliate | Equity in Net Assets of Non-consolidated Affiliate We use the equity method to account for our equity interest in SAIC-GMAC, a joint venture that conducts auto finance operations in China. The income of SAIC-GMAC is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.
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There were no dividends received from SAIC-GMAC during the nine months ended September 30, 2017. We received dividends from SAIC-GMAC of $129 million during the nine months ended September 30, 2016. At September 30, 2017 and December 31, 2016 we had undistributed earnings of $271 million and $142 million related to SAIC-GMAC. |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt
The fair value of our debt measured utilizing Level 2 inputs was based on quoted market prices for identical instruments and if unavailable, quoted market prices of similar instruments. For debt with original maturity or revolving period of eighteen months or less par value is considered to be a reasonable estimate of fair value. The fair value of our debt measured utilizing Level 3 inputs was based on the discounted future net cash flows expected to be settled using current risk-adjusted rates. Secured Debt Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 - "Variable Interest Entities" for further discussion. During the nine months ended September 30, 2017, we entered into new credit facilities or renewed credit facilities with a total net additional borrowing capacity of $1.7 billion, and we issued $18.8 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.09% and legal final maturity dates ranging from 2019 to 2025. Unsecured Debt During the nine months ended September 30, 2017, we issued $10.6 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 2.87% and maturity dates ranging from 2019 to 2027. All of these notes are guaranteed by AmeriCredit Financial Services, Inc. (AFSI), our primary U.S. operating subsidiary, and $407 million in senior notes issued by subsidiaries in Canada and Mexico are also guaranteed by General Motors Financial Company, Inc. Compliance with Debt Covenants Several of our revolving credit facilities require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured senior notes contain covenants including limitations on our ability to incur certain liens. At September 30, 2017, we were in compliance with our debt covenants. |
Variable Interest Entities |
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:
_______________ (a) Included in other assets in the condensed consolidated balance sheets. These amounts are related to securitization and credit facilities held by consolidated VIEs. Our continuing involvement with these VIEs consists of servicing assets held by the entities and holding residual interests in the entities. We have determined that we are the primary beneficiary of each VIE because we hold both (i) the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance and (ii) the obligation to absorb losses from and the right to receive benefits of the VIEs that could potentially be significant to the VIEs. We are not required, and do not currently intend, to provide any additional financial support to these VIEs. Liabilities recognized as a result of consolidating these entities generally do not represent claims against us or our other subsidiaries and assets recognized generally are for the benefit of these entities operations and cannot be used to satisfy our or our other subsidiaries' obligations. |
Derivative Financial Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities
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The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The fair value for Level 3 instruments was derived using the income approach based on a discounted cash flow model, in which expected cash flows are discounted using current risk-adjusted rates. The activity for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was insignificant for the three and nine months ended September 30, 2017 and 2016.
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Commitments and Contingencies |
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Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees of Indebtedness The payments of principal and interest on senior notes issued by our top-tier holding company, our primary Canadian operating subsidiary and a European subsidiary are guaranteed by our primary U.S. operating subsidiary, AFSI. At September 30, 2017 and December 31, 2016, the par value of these senior notes was $37.3 billion and $29.0 billion. Refer to Note 16 - "Guarantor Condensed Consolidating Financial Statements" for further discussion. Legal Proceedings As a finance company, we are subject to various customer claims and litigation seeking damages and statutory penalties based upon, among other things, usury, disclosure inaccuracies, wrongful repossession, violations of bankruptcy stay provisions, certificate of title disputes, fraud, breach of contract, and discriminatory treatment of credit applicants. Some litigation against us could take the form of class action complaints by customers and certain legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. We establish reserves for legal claims when payments associated with the claims become probable and the payments can be reasonably estimated. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, it is generally very difficult to predict what the eventual outcome will be, and when the matter will be resolved. The actual costs of resolving legal claims may be higher or lower than any amounts reserved for the claims. At September 30, 2017, we estimate our reasonably possible legal exposure for unfavorable outcomes is up to $73 million excluding $38 million related to the discontinued operations. We have accrued $24 million excluding $10 million related to the discontinued operations. In 2014 and 2015, we were served with investigative subpoenas to produce documents from various state attorneys general and other local governmental offices relating to our automobile loan and lease business and securitization of automobile loans and leases. These investigations are ongoing and could in the future result in the imposition of damages, fines or other civil or criminal penalties. No assurance can be given that the ultimate outcome of the investigations or any resulting proceedings would not materially and adversely affect us or any of our subsidiaries and affiliates. Other Administrative Tax Matters We accrue non-income tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they will be charged against income at that time. In evaluating indirect tax matters, we take into consideration factors such as our historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. We reevaluate and update our accruals as matters progress over time. Where there is a reasonable possibility that losses exceeding amounts already recognized may be incurred, our estimate of the additional range of loss is up to $18 million excluding $18 million related to the discontinued operations. |
Shareholders' Equity |
9 Months Ended |
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Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity On September 1, 2017, we executed a 10,000 to 1 stock split of each share of our previously authorized common stock, par value $1.00 per share. Each outstanding share was deemed automatically converted into 10,000 shares of common stock, par value $0.0001 per share. In September 2017, we issued 1,000,000 shares, par value $0.01 per share, of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A, at a liquidation preference $1,000 per share, for net proceeds of $985 million. For the first 10 years after issuance, holders of the preferred stock will be entitled to receive cash dividend payments at an annual rate of 5.750%, payable semi-annually in arrears on March 30 and September 30 of each year beginning on March 30, 2018. After 10 years, holders of the preferred stock will be entitled to receive cash dividend payments at a floating rate equal to the then applicable three-month U.S. dollar LIBOR plus a spread of 3.598% per annum, payable quarterly in arrears, on March 30, June 30, September 30 and December 30 of each year. Dividends on the preferred stock are cumulative whether or not we have earnings, whether or not there are funds legally available for the payment of the dividends and whether or not the dividends are authorized or declared. The preferred stock does not have a maturity date. We may, at our option, redeem the shares of preferred stock, in whole or in part, at any time on or after September 30, 2027, at a price of $1,000 per share of preferred stock plus all accumulated and unpaid dividends. |
Income Taxes |
9 Months Ended |
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Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For interim income tax reporting we estimate our annual effective tax rate and apply it to our year-to-date ordinary income. Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded from the annualized effective tax rate. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. During the three and nine months ended September 30, 2017, income tax expense of $124 million and $260 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. During the three and nine months ended September 30, 2016, income tax expense of $60 million and $185 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. We are included in GM’s consolidated U.S. federal income tax return and for certain states’ income tax returns. Net operating losses and certain tax credits generated by us have been utilized by GM; however, income tax expense and deferred tax balances are presented in these financial statements as if we filed our own tax returns in each jurisdiction. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments: the North America Segment and the International Segment. The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in Brazil, Chile, Colombia, Mexico and Peru as well as our equity investment in SAIC-GMAC, a joint venture that conducts auto finance operations in China. Our chief operating decision maker evaluates the operating results and performance of our business based on these operating segments. The management of each segment is responsible for executing our strategies. As discussed in Note 2 - "Discontinued Operations," our European Operations are presented as discontinued operations and are excluded from our segment results for all periods presented. These operations were previously included in our International Segment. Key operating data for our operating segments were as follows:
________________ (a) International Segment includes assets held for sale of $12.1 billion and $11.0 billion at September 30, 2017 and December 31, 2016. |
Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss
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Regulatory Capital and other Regulatory Matters |
9 Months Ended |
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Sep. 30, 2017 | |
Regulatory Capital and Other Regulatory Matters [Abstract] | |
Regulatory Capital and other Regulatory Matters | Regulatory Capital and other Regulatory Matters We are required to comply with a wide variety of laws and regulations. Certain of our entities operate in international markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that certain of these entities meet minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory capital requirements as most recently reported. Total assets of our regulated international banks and finance companies were approximately $7.6 billion and $6.9 billion at September 30, 2017 and December 31, 2016. |
Guarantor Condensed Consolidating Financial Statements |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Condensed Consolidating Financial Statements | Guarantor Condensed Consolidating Financial Statements The payment of principal and interest on senior notes issued by our top-tier holding company is currently guaranteed solely by AFSI (the Guarantor) and none of our other subsidiaries (the Non-Guarantor Subsidiaries). The Guarantor is a 100% owned consolidated subsidiary and is unconditionally liable for the obligations represented by the senior notes. The Guarantor’s guarantee may be released only upon customary circumstances, the terms of which vary by issuance. Customary circumstances include the sale or disposition of all of the Guarantor’s assets or capital stock, the achievement of investment grade rating of the senior notes and legal or covenant defeasance. The condensed consolidating financial statements present consolidating financial data for (i) General Motors Financial Company, Inc. (on a parent-only basis), (ii) the Guarantor, (iii) the combined Non-Guarantor Subsidiaries and (iv) the parent company and our subsidiaries on a consolidated basis at September 30, 2017 and December 31, 2016, and for the three and nine months ended September 30, 2017 and 2016 (after the elimination of intercompany balances and transactions). Investments in subsidiaries are accounted for by the parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company's investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions. CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2017 (Unaudited)
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2017 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2016 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2017 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2016 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2017 (Unaudited)
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidating balance sheet:
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016 (Unaudited)
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities (VIEs). We consolidate certain operating entities that provide auto finance and financial services, which we do not control through a majority voting interest. We manage these entities and maintain a controlling financial interest in them and are exposed to the risks of ownership through contractual arrangements. The majority voting interests in these entities are indirectly wholly-owned by our parent, General Motors Company (GM). All intercompany transactions and balances have been eliminated in consolidation. Our operations in Europe are presented as discontinued operations, and the related assets and liabilities are presented as held for sale in our condensed consolidated financial statements for all periods presented. Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to continuing operations. Refer to Note 2 - "Discontinued Operations" for additional details regarding our planned disposal of these operations. The condensed consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the United States of America. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 7, 2017 (Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. The condensed consolidated financial statements at September 30, 2017, and for the three and nine months ended September 30, 2017 and 2016, are unaudited and, in management’s opinion, include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations. The results for interim periods are not necessarily indicative of results for a full year. |
Segment Information | Segment Information We are the wholly-owned captive finance subsidiary of GM. We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments. The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in Brazil, Chile, Colombia, Mexico and Peru as well as our equity investment in SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC), a joint venture that conducts auto finance operations in China. |
Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The following table summarizes the assets and liabilities held for sale:
The following table summarizes the results of operations for the discontinued operations:
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Related Party Transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following tables present related party transactions:
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Finance Receivables (Tables) |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables, Net |
(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs of $282 million and $178 million at September 30, 2017 and December 31, 2016. |
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Allowance for Credit Losses on Financing Receivables |
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Financing Receivable Credit Quality Indicators | A summary of the credit risk profile by FICO score band or equivalent scores, determined at origination, of the retail finance receivables in North America is as follows:
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Past Due Financing Receivables | The following is a consolidated summary of the contractual amounts of delinquent retail finance receivables, which is not significantly different than the recorded investment for such receivables.
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Troubled Debt Restructurings on Financing Receivables | The outstanding recorded investment for retail finance receivables that are considered to be TDRs and the related allowance is presented below:
Additional information about loans classified as TDRs is presented below:
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Financing Receivable Credit Quality Indicators for Commercial Lending | The following table summarizes the credit risk profile by dealer risk rating of commercial finance receivables:
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Leased Vehicles (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Subject to or Available for Operating Lease, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Leased Vehicles |
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Schedule of Future Minimum Rental Payments Receivable For Operating Leases | The following table summarizes minimum rental payments due to us as lessor under operating leases:
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Equity in Net Assets of Non-consolidated Affiliate (Tables) |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data of Nonconsolidated Affiliates | The income of SAIC-GMAC is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitization and Credit Facility VIEs [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to our consolidated VIEs:
_______________ (a) Included in other assets in the condensed consolidated balance sheets. |
Derivative Financial Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments |
_________________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Income |
_________________
|
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Key operating data for our operating segments were as follows:
________________ (a) International Segment includes assets held for sale of $12.1 billion and $11.0 billion at September 30, 2017 and December 31, 2016 |
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss |
|
Guarantor Condensed Consolidating Financial Statements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2017 (Unaudited)
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (Unaudited)
|
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Condensed Consolidating Statement of Income | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2017 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2016 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2017 (Unaudited)
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2016 (Unaudited)
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Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2017 (Unaudited)
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidating balance sheet:
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016 (Unaudited)
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Summary of Significant Accounting Policies - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2017
segment
| |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Discontinued Operations - Financial Information for Assets and Liabilities of Businesses Held for Sale (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
ASSETS | ||
Total assets held for sale | $ 12,094 | $ 10,951 |
LIABILITIES | ||
Total liabilities held for sale | 10,858 | 9,693 |
General Motors Holdings LLC [Member] | Discontinued Operations, Held-for-sale [Member] | ||
ASSETS | ||
Cash and cash equivalents | 242 | 386 |
Finance receivables, net | 11,303 | 9,715 |
Related party receivables | 0 | 163 |
Other assets | 549 | 687 |
Total assets held for sale | 12,094 | 10,951 |
LIABILITIES | ||
Secured debt | 4,872 | 4,183 |
Unsecured debt | 5,469 | 5,130 |
Related party payables | 0 | 80 |
Other liabilities | 517 | 300 |
Total liabilities held for sale | $ 10,858 | $ 9,693 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Finance receivables, net due | $ 96 | $ 96 | $ 0 | ||
Subvention receivable | 338 | 338 | 347 | ||
Leased vehicle subvention earned | 786 | $ 591 | 2,246 | $ 1,588 | |
Affiliated Entity [Member] | Retail Finance Receivables [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest subvention earned | 115 | 90 | 319 | 245 | |
Affiliated Entity [Member] | Commercial Finance Receivables [Member] | |||||
Related Party Transaction [Line Items] | |||||
Finance receivables, net due | 349 | 349 | 347 | ||
Commercial loan funding payable | 251 | 251 | $ 320 | ||
Interest subvention earned | 14 | 13 | 42 | 35 | |
Parent Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 1,100 | $ 1,000 | $ 3,300 | $ 3,200 |
Finance Receivables - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Accrual of finance charge income | $ 797 | $ 798 |
Finance Receivables - Allowance for Loan Losses (Details) - Retail Finance Receivables [Member] - Automobile Loan [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for retail loan losses beginning balance | $ 844 | $ 790 | $ 765 | $ 713 |
Provision for loan losses | 204 | 164 | 563 | 497 |
Charge-offs | (286) | (284) | (856) | (826) |
Recoveries | 135 | 128 | 420 | 403 |
Foreign currency translation | 2 | (2) | 7 | 9 |
Allowance for retail loan losses ending balance | $ 899 | $ 796 | $ 899 | $ 796 |
Finance Receivables - Credit Quality (Details) - North America Segment [Member] - Automobile Loan [Member] - Retail Finance Receivables [Member] - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 26,969 | $ 21,786 |
Finance receivables credit indicator, Percent | 100.00% | 100.00% |
Prime - FICO Score 680 and greater [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 12,332 | $ 7,923 |
Finance receivables credit indicator, Percent | 45.70% | 36.40% |
Near-prime - FICO Score 620 to 679 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 4,194 | $ 3,468 |
Finance receivables credit indicator, Percent | 15.60% | 15.90% |
Sub-prime - FICO Score less than 620 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 10,443 | $ 10,395 |
Finance receivables credit indicator, Percent | 38.70% | 47.70% |
Finance Receivables - Troubled Debt Restructurings (Details) - North America Segment [Member] - Automobile Loan [Member] $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
loan
|
Sep. 30, 2016
USD ($)
loan
|
Sep. 30, 2017
USD ($)
loan
|
Sep. 30, 2016
USD ($)
loan
|
Dec. 31, 2016
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding recorded investment | $ 2,170 | $ 2,170 | $ 1,920 | ||
Less: allowance for loan losses | (328) | (328) | (276) | ||
Outstanding recorded investment, net of allowance | 1,842 | 1,842 | 1,644 | ||
Unpaid principal balance | 2,210 | 2,210 | $ 1,967 | ||
Average outstanding recorded investment | 2,091 | $ 1,785 | 2,045 | $ 1,725 | |
Finance charge income recognized | $ 56 | $ 55 | $ 173 | $ 156 | |
Number of loans classified as TDRs during the period | loan | 23,015 | 18,548 | 56,853 | 49,327 | |
Recorded investment of loans classified as TDRs during the period | $ 407 | $ 315 | $ 997 | $ 846 |
Leased Vehicles - Summary of Leased Vehicles (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Property Subject to or Available for Operating Lease, Net [Abstract] | ||
Leased vehicles | $ 60,112 | $ 48,340 |
Manufacturer subvention | (9,265) | (7,686) |
Leased vehicles accounted for operating leases net of manufacturing incentives | 50,847 | 40,654 |
Less: accumulated depreciation | (9,072) | (6,312) |
Leased vehicles, net | $ 41,775 | $ 34,342 |
Leased Vehicles - Minimum Rental Payments (Details) $ in Millions |
Sep. 30, 2017
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2017 | $ 1,800 |
2018 | 6,256 |
2019 | 3,861 |
2020 | 1,182 |
2021 | $ 110 |
Equity in Net Assets of Non-consolidated Affiliate (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Noncontrolling Interest [Line Items] | |||||
Net income | $ 41,000,000 | $ 36,000,000 | $ 129,000,000 | $ 109,000,000 | |
SAIC-GMAC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Finance charge income | 261,000,000 | 229,000,000 | 775,000,000 | 700,000,000 | |
Provision for loan losses | 2,000,000 | 7,000,000 | (9,000,000) | 21,000,000 | |
Interest expense | 83,000,000 | 65,000,000 | 241,000,000 | 192,000,000 | |
Income before income taxes | 157,000,000 | 137,000,000 | 490,000,000 | 411,000,000 | |
Net income | $ 118,000,000 | $ 103,000,000 | $ 368,000,000 | 308,000,000 | |
Ownership interest (percent) | 35.00% | 35.00% | |||
Cash dividends received | $ 0 | $ 129,000,000 | |||
Undistributed earnings | $ 271,000,000 | $ 271,000,000 | $ 142,000,000 |
Debt - Narrative (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Increase in credit facilities during period | $ 1,700,000,000 | |
Secured Debt [Member] | Securitization Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 18,800,000,000 | |
Weighted average interest rate | 2.09% | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 37,275,000,000 | $ 29,008,000,000 |
Weighted average interest rate | 2.87% | |
Increase in Senior Notes during the period | $ 10,600,000,000 | |
Parent Company [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 407,000,000 |
Variable Interest Entities - Assets and Liabilities of Consolidated VIE's (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Finance receivables, net of fees | $ 40,864 | $ 33,475 |
Lease related assets | 41,775 | 34,342 |
Securitization and Credit Facility VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 2,291 | 1,780 |
Finance receivables, net of fees | 26,451 | 24,644 |
Lease related assets | 23,751 | 19,341 |
Secured debt | $ 40,188 | $ 34,185 |
Commitments and Contingencies - Narrative (Details) - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Commitment and Contingencies [Line Items] | ||
Estimate of possible loss | $ 73,000,000 | |
Loss accrual | 24,000,000 | |
Indirect tax contingency | 18,000,000 | |
Discontinued Operations [Member] | ||
Commitment and Contingencies [Line Items] | ||
Estimate of possible loss | 38,000,000 | |
Loss accrual | 10,000,000 | |
Indirect tax contingency | 18,000,000 | |
Senior Notes [Member] | ||
Commitment and Contingencies [Line Items] | ||
Debt instrument, face amount | $ 37,275,000,000 | $ 29,008,000,000 |
Shareholders' Equity (Details) $ / shares in Units, $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
Sep. 01, 2017
$ / shares
|
Sep. 30, 2017
USD ($)
$ / shares
shares
|
Aug. 31, 2017
$ / shares
|
Dec. 31, 2016
$ / shares
|
|
Class of Stock [Line Items] | ||||
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 1.00 | $ 0.0001 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock split conversion ratio | 10,000 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period (shares) | shares | 1,000,000 | |||
Preferred stock issued during period | $ | $ 985 | |||
Term of fixed rate dividend payments | 10 years | |||
Preferred stock par value (in dollars per share) | $ 0.01 | |||
Liquidation preference (in dollars per share) | $ 1,000 | |||
Preferred stock dividend rate | 5.75% | |||
Series A Preferred Stock [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock variable dividend rate | 3.598% |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) provision | $ 124 | $ 60 | $ 260 | $ 185 |
Segment Reporting - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2017
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting - Operations Reporting by Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Finance receivables, net | $ 40,864 | $ 33,475 |
Leased vehicles, net | 41,775 | 34,342 |
Total assets(a) | 106,135 | 87,765 |
Assets held for sale | 12,094 | 10,951 |
North America Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net | 34,225 | 27,617 |
Leased vehicles, net | 41,657 | 34,284 |
Total assets(a) | 84,971 | 68,656 |
International Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net | 6,639 | 5,858 |
Leased vehicles, net | 118 | 58 |
Total assets(a) | $ 21,164 | $ 19,109 |
Regulatory Capital and other Regulatory Matters (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 106,135 | $ 87,765 |
International Regulated Bank And Finance Companies [Member] | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 7,600 | $ 6,900 |
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