10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________________ 

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number 1-10667

______________________________________________ 

General Motors Financial Company, Inc.

(Exact name of registrant as specified in its charter)

Texas	75-2291093
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

801 Cherry Street, Suite 3500, Fort Worth, Texas 76102

(Address of principal executive offices, including Zip Code)

(817) 302-7000

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
5.250% Senior Notes due 2026	GM/26	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐   No  ☒ 

As of April 24, 2023, there were 5,050,000 shares of the registrant’s common stock, par value $0.0001 per share, outstanding. All shares of the registrant’s common stock are owned by General Motors Holdings LLC, a wholly-owned subsidiary of General Motors Company.

The registrant is a wholly-owned subsidiary of General Motors Company and meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Quarterly Report on Form 10-Q with a reduced disclosure format as permitted by Instruction H(2).

INDEX

		Page
PART I
Item 1.	Condensed Consolidated Financial Statements	1
	Condensed Consolidated Balance Sheets (Unaudited)	1
	Condensed Consolidated Statements of Income (Unaudited)	2
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Shareholders' Equity (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Notes to Condensed Consolidated Financial Statements	5
	Note 1. Summary of Significant Accounting Policies	5
	Note 2. Related Party Transactions	5
	Note 3. Finance Receivables	7
	Note 4. Leased Vehicles	10
	Note 5. Equity in Net Assets of Nonconsolidated Affiliates	10
	Note 6. Debt	10
	Note 7. Variable Interest Entities and Other Transfers of Finance Receivables	11
	Note 8. Derivative Financial Instruments and Hedging Activities	12
	Note 9. Commitments and Contingencies	14
	Note 10. Shareholders' Equity	15
	Note 11. Income Taxes	15
	Note 12. Segment Reporting	16
	Note 13. Regulatory Capital and Other Regulatory Matters	16
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26
PART II
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 6.	Exhibits	27
	Signature	28

GENERAL MOTORS FINANCIAL COMPANY, INC.

PART I

Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts) (Unaudited)

	March 31, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	4,352	$	4,005
Finance receivables, net of allowance for loan losses $2,152 and $2,096 (Note 3; Note 7)	76,178		74,514
Leased vehicles, net (Note 4; Note 7)	31,848		32,701
Goodwill and intangible assets	1,180		1,171
Equity in net assets of nonconsolidated affiliates (Note 5)	1,725		1,665
Related party receivables (Note 2)	639		495
Other assets (Note 7)	7,643		7,995
Total assets	$	123,565	$	122,545
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 6; Note 7)	$	41,253	$	42,131
Unsecured debt (Note 6)	56,814		54,723
Deferred income	2,250		2,248
Related party payables (Note 2)	457		115
Other liabilities	7,590		8,318
Total liabilities	108,364		107,535
Commitments and contingencies (Note 9)
Shareholders' equity (Note 10)
Common stock, $0.0001 par value per share	—		—
Preferred stock, $0.01 par value per share	—		—
Additional paid-in capital	8,749		8,742
Accumulated other comprehensive income (loss)	(1,323)		(1,373)
Retained earnings	7,775		7,641
Total shareholders' equity	15,201		15,010
Total liabilities and shareholders' equity	$	123,565	$	122,545

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

1

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions) (Unaudited)

	Three Months Ended March 31,
	2023		2022
Revenue
Finance charge income	$	1,368	$	1,010
Leased vehicle income	1,818		2,066
Other income	156		80
Total revenue	3,343		3,156
Costs and expenses
Operating expenses	442		372
Leased vehicle expenses	1,039		855
Provision for loan losses (Note 3)	131		122
Interest expense	1,000		577
Total costs and expenses	2,613		1,926
Equity income (Note 5)	41		54
Income before income taxes	771		1,284
Income tax provision (Note 11)	186		322
Net income (loss)	584		962
Less: cumulative dividends on preferred stock	30		30
Net income (loss) attributable to common shareholder	$	555	$	932

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions) (Unaudited)

	Three Months Ended March 31,
	2023		2022
Net income (loss)	$	584	$	962
Other comprehensive income (loss), net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $17, $(31)	(52)		95
Foreign currency translation adjustment	102		144
Other comprehensive income (loss), net of tax	49		238
Comprehensive income (loss)	$	633	$	1,200

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

2

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In millions) (Unaudited)

	Common Stock		Preferred Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Shareholders' Equity
Balance at January 1, 2022	$	—	$	—	$	8,692	$	(1,273)	$	6,375	$	13,794
Net income (loss)	—		—		—		—		962		962
Other comprehensive income (loss)	—		—		—		238		—		238
Stock-based compensation	—		—		10		—		—		10
Balance at March 31, 2022	$	—	$	—	$	8,701	$	(1,034)	$	7,337	$	15,004
Balance at January 1, 2023	$	—	$	—	$	8,742	$	(1,373)	$	7,641	$	15,010
Net income (loss)	—		—		—		—		584		584
Other comprehensive income (loss)	—		—		—		49		—		49
Stock-based compensation	—		—		7		—		—		7
Dividends paid (Note 10)	—		—		—		—		(450)		(450)
Balance at March 31, 2023	$	—	$	—	$	8,749	$	(1,323)	$	7,775	$	15,201

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

3

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions) (Unaudited)

	Three Months Ended March 31,
	2023		2022
Cash flows from operating activities
Net income (loss)	$	584	$	962
Depreciation and amortization	1,316		1,275
Accretion and amortization of loan and leasing fees	(315)		(292)
Undistributed earnings of nonconsolidated affiliates, net	(41)		(54)
Provision for loan losses	131		122
Deferred income taxes	(233)		306
Gain on termination of leased vehicles	(206)		(369)
Other operating activities	(67)		(92)
Changes in assets and liabilities:
Other assets	141		(381)
Other liabilities	38		(144)
Related party payables	375		(85)
Net cash provided by (used in) operating activities	1,724		1,248
Cash flows from investing activities
Purchases and funding of finance receivables, net	(9,105)		(8,144)
Principal collections and recoveries on finance receivables	6,774		6,904
Net change in floorplan and other short-duration receivables	734		(541)
Purchases of leased vehicles, net	(3,154)		(2,990)
Proceeds from termination of leased vehicles	3,264		3,732
Other investing activities	(6)		(10)
Net cash provided by (used in) investing activities	(1,493)		(1,048)
Cash flows from financing activities
Net change in debt (original maturities less than three months)	(143)		712
Borrowings and issuances of secured debt	6,960		6,332
Payments on secured debt	(7,920)		(8,367)
Borrowings and issuances of unsecured debt	4,526		4,352
Payments on unsecured debt	(2,670)		(2,416)
Debt issuance costs	(31)		(37)
Dividends paid	(509)		(59)
Net cash provided by (used in) financing activities	213		517
Net increase (decrease) in cash, cash equivalents and restricted cash	443		717
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	29		53
Cash, cash equivalents and restricted cash at beginning of period	6,676		7,183
Cash, cash equivalents and restricted cash at end of period	$	7,148	$	7,953

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:

	March 31, 2023
Cash and cash equivalents	$	4,352
Restricted cash included in other assets	2,796
Total	$	7,148

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

4

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Summary of Significant Accounting Policies

Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation.

The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission on January 31, 2023 (2022 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

The condensed consolidated financial statements at March 31, 2023, and for the three months ended March 31, 2023 and 2022, 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. The condensed consolidated balance sheet at December 31, 2022 was derived from audited annual financial statements.

Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (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: North America (North America Segment) and International (International Segment). Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China.

Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) and enhances certain disclosure requirements. We adopted ASU 2022-02 on a modified retrospective basis on January 1, 2023. The impact of the adoption of ASU 2022-02 was insignificant. Refer to Note 3 for additional information.

Note 2. 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 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 cash payments to us to cover interest payments on certain commercial loans we make to GM-franchised dealers. We received subvention payments from GM of $749 million and $439 million for the three months ended March 31, 2023 and 2022. Subvention due from GM is recorded as a related party receivable.

Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.

Cruise is the GM global segment responsible for the development and commercialization of autonomous vehicle technology. We have a multi-year credit agreement with Cruise whereby we may provide advances to Cruise, over time, through 2024, to fund the purchase of autonomous vehicles from GM. At March 31, 2023 and December 31, 2022, Cruise had $151 million and $113 million of borrowings outstanding and access to an additional $4.5 billion in advances under the credit agreement. Amounts due from Cruise are included in finance receivables, net.

We are included in GM's consolidated U.S. federal income tax returns and certain U.S. state returns, and we are obligated to pay GM for our share of tax liabilities. During the three months ended March 31, 2023, no payments were made to GM for state and federal income taxes. During the three months ended March 31, 2022, we made payments of $89 million to GM for state and federal income taxes related to the years 2021 and 2020. Amounts owed to GM for income taxes are recorded as a related party payable.

5

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The following tables present related party transactions:

Balance Sheet Data	March 31, 2023		December 31, 2022
Commercial finance receivables, net due from dealers consolidated by GM	$	163	$	187
Cruise receivables	$	151	$	113
Subvention receivable	$	594	$	469
Commercial loan funding payable	$	72	$	105
Taxes payable	$	374	$	8

	Three Months Ended March 31,
Income Statement Data	2023		2022
Interest subvention earned on retail finance receivables(a)	$	257	$	210
Interest subvention earned on commercial finance receivables(a)	$	22	$	10
Leased vehicle subvention earned(b)	$	393	$	547

_________________

(a) Included in finance charge income.

(b) Included as a reduction to leased vehicle expenses.

Under the 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 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. GM also agrees to certain provisions in the Support Agreement intended to ensure we maintain adequate access to liquidity. Pursuant to these provisions, GM provides us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility, and GM will use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $14.1 billion of GM's unsecured revolving credit facilities consisting of a five-year, $10.0 billion facility and a three-year, $4.1 billion facility. We also have exclusive access to GM's $2.0 billion 364-day revolving credit facility (GM Revolving 364-day Credit Facility). We had no borrowings outstanding under any of the GM revolving credit facilities at March 31, 2023 and December 31, 2022.

In March 2023, GM renewed and reduced the total borrowing capacity of the five-year, $11.2 billion facility to $10.0 billion, which now matures on March 31, 2028. GM also renewed and reduced the total borrowing capacity of the three-year, $4.3 billion facility to $4.1 billion, which now matures on March 31, 2026, and renewed the GM Revolving 364-day Credit Facility, which now matures on March 30, 2024.

6

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 3. Finance Receivables

	March 31, 2023		December 31, 2022
Retail finance receivables
Retail finance receivables, net of fees(a)	$	67,704	$	65,322
Less: allowance for loan losses	(2,123)		(2,062)
Total retail finance receivables, net	65,581		63,260
Commercial finance receivables
Commercial finance receivables, net of fees(b)	10,627		11,288
Less: allowance for loan losses	(29)		(34)
Total commercial finance receivables, net	10,597		11,254
Total finance receivables, net	$	76,178	$	74,514
Fair value utilizing Level 2 inputs	$	10,597	$	11,254
Fair value utilizing Level 3 inputs	$	65,165	$	62,150

________________

(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(b) Net of dealer cash management balances of $2.2 billion and $1.9 billion at March 31, 2023 and December 31, 2022.

Rollforward of Allowance for Retail Loan Losses A summary of the activity in the allowance for retail loan losses is as follows:

	Three Months Ended March 31,
	2023		2022
Allowance for retail loan losses beginning balance	$	2,062	$	1,839
Provision for loan losses	137		126
Charge-offs	(322)		(275)
Recoveries	186		177
Foreign currency translation and other	60		18
Allowance for retail loan losses ending balance	$	2,123	$	1,884

The allowance for retail loan losses as of percentage of retail finance receivables, net was 3.1% at March 31, 2023 and 3.2% at December 31, 2022.

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. The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at March 31, 2023 and December 31, 2022:

	Year of Origination												March 31, 2023
	2023		2022		2021		2020		2019		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	6,996	$	20,633	$	12,223	$	7,149	$	1,915	$	914	$	49,829	73.6	%
Near-prime - FICO Score 620 to 679	832		3,012		2,389		1,345		599		322		8,498		12.6
Sub-prime - FICO Score less than 620	835		3,054		2,525		1,443		916		603		9,377		13.8
Retail finance receivables, net of fees	$	8,663	$	26,699	$	17,138	$	9,936	$	3,429	$	1,839	$	67,704	100.0	%

	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	22,677	$	13,399	$	7,991	$	2,254	$	1,019	$	205	$	47,543	72.8	%
Near-prime - FICO Score 620 to 679	3,202		2,601		1,487		688		310		104		8,392		12.8
Sub-prime - FICO Score less than 620	3,211		2,746		1,604		1,051		496		280		9,388		14.4
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589	$	65,322	100.0	%

7

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

We review the ongoing 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 the 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 tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at March 31, 2023 and December 31, 2022, as well as summary totals for March 31, 2022. The first table also presents our current period charge-offs by vintage:

	Year of Origination												March 31, 2023				March 31, 2022
	2023		2022		2021		2020		2019		Prior		Total		Percent		Total		Percent
0 - 30 days	$	8,646	$	26,262	$	16,648	$	9,640	$	3,236	$	1,676	$	66,109	97.6	%	$	58,179	97.8	%
31 - 60 days	17		316		363		222		146		124		1,188		1.8		983		1.7
Greater than 60 days	1		104		112		68		43		36		363		0.5		302		0.5
Finance receivables more than 30 days delinquent	17		420		475		290		190		160		1,551		2.3		1,285		2.2
In repossession	—		17		15		6		3		2		44		0.1		39		0.1
Finance receivables more than 30 days delinquent or in repossession	17		437		489		296		193		162		1,595		2.4		1,324		2.2
Retail finance receivables, net of fees	$	8,663	$	26,699	$	17,138	$	9,936	$	3,429	$	1,839	$	67,704	100.0	%	$	59,503	100.0	%
Charge-offs for the three months ended March 31, 2023	$	—	$	102	$	108	$	52	$	32	$	28	$	322

	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
0 - 30 days	$	28,676	$	18,128	$	10,702	$	3,743	$	1,685	$	493	$	63,426	97.1	%
31 - 60 days	310		452		275		184		103		69		1,393		2.1
Greater than 60 days	93		150		98		62		35		26		465		0.7
Finance receivables more than 30 days delinquent	403		603		373		246		138		95		1,857		2.8
In repossession	11		14		6		4		2		1		39		0.1
Finance receivables more than 30 days delinquent or in repossession	414		617		380		249		140		96		1,896		2.9
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589	$	65,322	100.0	%

The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $585 million and $685 million at March 31, 2023 and December 31, 2022. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession.

Loan Modifications Under certain circumstances, we may agree to modify the terms of an existing loan with a borrower for various reasons, including financial difficulties. For those borrowers experiencing financial difficulties, we may provide payment deferments, term extensions or a combination thereof. A loan that is deferred greater than six months in the preceding twelve months would be considered to be other-than-insignificantly delayed. In such circumstances, we must determine whether the modification should be accounted for as an extinguishment of the original loan and a creation of a new loan, or the continuation of the original loan with modifications.

The effect of these modifications is already included in the allowance for credit losses because our estimated allowance represents currently expected credit losses. A change to the allowance for credit losses is generally not recorded upon modification.

8

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The amortized cost at March 31, 2023 of the loans modified during the three months ended March 31, 2023 was insignificant. The unpaid principal balances, net of recoveries, of loans charged off during the reporting period that were modified within 12 months preceding default were insignificant for the three months ended March 31, 2023.

Commercial Credit Quality Our commercial finance receivables consist of dealer financings, primarily for dealer inventory purchases. Proprietary models are 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.

Our commercial risk model and risk rating categories are as follows:

Dealer Risk Rating	Description
I	Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
II	Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
III	Non-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IV	Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable.

Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2023 and December 31, 2022:

	Year of Origination														March 31, 2023
Dealer Risk Rating	Revolving		2023		2022		2021		2020		2019		Prior		Total		Percent
I	$	8,936	$	116	$	562	$	341	$	345	$	98	$	49	$	10,446	98.3	%
II	94		—		—		1		—		—		—		96		0.9
III	59		—		15		—		—		10		—		84		0.8
IV	—		—		—		—		—		—		—		—		—
Balance at end of period	$	9,089	$	116	$	578	$	343	$	345	$	108	$	49	$	10,627	100.0	%

	Year of Origination														December 31, 2022
Dealer Risk Rating	Revolving		2022		2021		2020		2019		2018		Prior		Total		Percent
I	$	9,624	$	566	$	361	$	372	$	102	$	45	$	24	$	11,094	98.3	%
II	89		—		1		—		—		—		—		91		0.8
III	78		15		—		—		10		—		—		104		0.9
IV	—		—		—		—		—		—		—		—		—
Balance at end of period	$	9,791	$	581	$	363	$	372	$	112	$	45	$	25	$	11,288	100.0	%

Floorplan advances comprise 96% and 97% of the total revolving balances at March 31, 2023 and December 31, 2022. Dealer term loans are presented by year of origination.

At March 31, 2023 and December 31, 2022, substantially all of our commercial finance receivables were current with respect to payment status, and activity in the allowance for commercial loan losses was insignificant for the three months ended March 31, 2023 and 2022. There were no commercial finance receivables on nonaccrual status at March 31, 2023 and December 31, 2022. There were no charge-offs, and no loan modifications were extended to borrowers experiencing financial difficulty for the three months ended March 31, 2023.

9

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 4. Leased Vehicles

	March 31, 2023		December 31, 2022
Leased vehicles	$	44,867	$	46,069
Manufacturer subvention	(4,876)		(5,150)
Net capitalized cost	39,991		40,919
Less: accumulated depreciation	(8,143)		(8,218)
Leased vehicles, net	$	31,848	$	32,701

Depreciation expense related to leased vehicles, net was $1.2 billion for the three months ended March 31, 2023 and 2022.

The following table summarizes minimum rental payments due to us as lessor under operating leases at March 31, 2023:

	Years Ending December 31,
	2023		2024		2025		2026		2027		Thereafter		Total
Lease payments under operating leases	$	3,807	$	3,293	$	1,505	$	243	$	8	$	—	$	8,855

Note 5. Equity in Net Assets of Nonconsolidated Affiliates

We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.

There have been no ownership changes in our joint ventures since December 31, 2022. The following table presents certain aggregated operating data of our joint ventures:

	Three Months Ended March 31,
Summarized Operating Data	2023		2022
Finance charge income	$	392	$	451
Income before income taxes	$	155	$	206
Net income	$	116	$	154

At March 31, 2023 and December 31, 2022, we had undistributed earnings of $836 million and $795 million related to our nonconsolidated affiliates.

Note 6. Debt

	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	2,839	$	2,839	$	3,931	$	3,931
Securitization notes payable	38,414		37,934		38,200		37,537
Total secured debt	41,253		40,773		42,131		41,467
Unsecured debt
Senior notes	47,939		46,158		46,111		43,676
Credit facilities	1,587		1,563		1,473		1,448
Other unsecured debt	7,287		7,288		7,139		7,146
Total unsecured debt	56,814		55,009		54,723		52,270
Total secured and unsecured debt	$	98,067	$	95,782	$	96,854	$	93,738
Fair value utilizing Level 2 inputs			$	93,799			$	91,545
Fair value utilizing Level 3 inputs			$	1,983			$	2,192

10

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

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 7 for further information.

During the three months ended March 31, 2023, we renewed credit facilities with a total borrowing capacity of $1.8 billion, and we issued $5.1 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 5.25% and maturity dates ranging from 2027 to 2032.

Unsecured Debt During the three months ended March 31, 2023, we issued $3.2 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.41% and maturity dates ranging from 2026 to 2033.

General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.

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 debt obligations contain covenants including limitations on our ability to incur certain liens. At March 31, 2023, we were in compliance with these debt covenants.

Note 7. Variable Interest Entities and Other Transfers of Finance Receivables

Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:

	March 31, 2023		December 31, 2022
Restricted cash(a)	$	2,638	$	2,535
Finance receivables, net of fees	$	38,109	$	38,774
Lease related assets	$	16,414	$	18,456
Secured debt	$	41,312	$	42,188

_______________

(a) Included in other assets.

Other Transfers of Finance Receivables Under certain debt agreements, we transfer finance receivables to entities that we do not control through majority voting interest or through contractual arrangements. These transfers do not meet the criteria to be considered sales under GAAP; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements, similar to the treatment of finance receivables and related debt of our consolidated VIEs. Any collections received on the transferred receivables are available only for the repayment of the related debt. At March 31, 2023 and December 31, 2022, an insignificant amount in finance receivables had been transferred in secured funding arrangements to third-party banks, relating to an insignificant amount in secured debt outstanding.

11

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 8. Derivative Financial Instruments and Hedging Activities

We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our assets and liabilities and by using derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings.

Certain of our foreign operations expose us to fluctuations of foreign interest rates and exchange rates. We primarily finance our earning assets with debt in the same currency to minimize the impact to earnings from our exposure to fluctuations in exchange rates. When we use a different currency, these fluctuations may impact the value of our cash receipts and payments in terms of our functional currency. We enter into derivative financial instruments to protect the value or fix the amount of certain assets and liabilities in terms of the relevant functional currency.

The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:

	March 31, 2023						December 31, 2022
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps	$	16,559	$	8	$	334	$	19,950	$	—	$	821
Cash flow hedges
Interest rate swaps	1,637		33		3		1,434		34		1
Foreign currency swaps	8,013		3		497		6,852		—		586
Derivatives not designated as hedges
Interest rate contracts	114,353		1,924		2,073		113,975		2,268		1,984
Total	$	140,562	$	1,968	$	2,907	$	142,212	$	2,302	$	3,392

 The gross amounts of the fair value of our derivative instruments that are classified as assets or liabilities are included in other assets or other liabilities, respectively. Amounts accrued for interest payments in a net receivable position are included in other assets. Amounts accrued for interest payments in a net payable position are included in other liabilities. All our derivatives are categorized within Level 2 of the fair value hierarchy. 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.

We primarily enter into derivative instruments through AmeriCredit Financial Services, Inc. (AFSI); however, our SPEs may also be parties to derivative instruments. Agreements between AFSI and its derivative counterparties include rights of setoff for positions with offsetting values or for collateral held or posted. At March 31, 2023 and December 31, 2022, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $1.2 billion and $1.3 billion. At March 31, 2023 and December 31, 2022, we held $480 million and $553 million of collateral from counterparties that was available for netting against our asset positions. At March 31, 2023 and December 31, 2022, we had $1.2 billion and $1.5 billion of collateral posted to counterparties that was available for netting against our liability positions.

12

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:

	Carrying Amount of Hedged Items				Cumulative Amount of Fair Value Hedging Adjustments(a)
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Unsecured debt	$	29,257	$	28,319	$	752	$	781

 _________________

(a)Includes $470 million and $86 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at March 31, 2023 and December 31, 2022.

The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:

	Three Months Ended March 31,
	2023				2022
	Interest Expense(a)		Operating Expenses(b)		Interest Expense(a)		Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps	$	(29)	$	—	$	376	$	—
Interest rate swaps	46		—		(340)		—
Hedged items - foreign currency swaps(c)	—		—		—		23
Foreign currency swaps	—		—		(2)		(24)
Cash flow hedges
Interest rate swaps	9		—		2		—
Hedged items - foreign currency swaps(c)	—		(136)		—		160
Foreign currency swaps	(37)		136		(38)		(160)
Derivatives not designated as hedges
Interest rate contracts	52		—		—		—
Total income (loss) recognized	$	40	$	—	$	(2)	$	—

_________________

(a)Total interest expense was $1.0 billion and $577 million for the three months ended March 31, 2023 and 2022.

(b)Total operating expenses were $442 million and $372 million for the three months ended March 31, 2023 and 2022.

(c)Transaction activity recorded in operating expenses related to foreign currency-denominated loans.

13

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:

	Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,
	2023		2022
Fair value hedges
Foreign currency swaps	$	—	$	(2)
Cash flow hedges
Interest rate swaps	1		4
Foreign currency swaps	29		(57)
Total	$	30	$	(55)

	(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss)
	Three Months Ended March 31,
	2023		2022
Fair value hedges
Foreign currency swaps	$	—	$	2
Cash flow hedges
Interest rate swaps	(7)		(1)
Foreign currency swaps	(76)		149
Total	$	(82)	$	150

All amounts reclassified from accumulated other comprehensive income (loss) were recorded to interest expense. During the next 12 months, we estimate $33 million in losses will be reclassified into pre-tax earnings from derivatives designated for hedge accounting.

Note 9. Commitments and Contingencies

Legal Proceedings We are subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against us could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus we cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm.

In accordance with the current accounting standards for loss contingencies, we establish reserves for legal matters when it is probable that a loss associated with the matter has been incurred and the amount of the loss can be reasonably estimated. The actual costs of resolving legal matters may be higher or lower than any amounts reserved for these matters. At March 31, 2023, we estimated our reasonably possible legal exposure for unfavorable outcomes to be approximately $168 million, and we have accrued $143 million.

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 $79 million at March 31, 2023.

14

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 10. Shareholders' Equity

	March 31, 2023	December 31, 2022
Common Stock
Number of shares authorized	10,000,000	10,000,000
Number of shares issued and outstanding	5,050,000	5,050,000

During the three months ended March 31, 2023, our Board of Directors declared and paid dividends of $450 million on our common stock to General Motors Holdings LLC.

	March 31, 2023	December 31, 2022
Preferred Stock
Number of shares authorized	250,000,000	250,000,000
Number of shares issued and outstanding
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock)	1,000,000	1,000,000
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock)	500,000	500,000
Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series C (Series C Preferred Stock)	500,000	500,000

During both the three months ended March 31, 2023 and 2022, we paid dividends of $29 million to holders of record of our Series A Preferred Stock, $16 million to holders of record of our Series B Preferred Stock, and $14 million to holders of record of our Series C Preferred Stock.

The following table summarizes the significant components of accumulated other comprehensive income (loss):

	Three Months Ended March 31,
	2023		2022
Unrealized gain (loss) on hedges
Beginning balance	$	(21)	$	(77)
Change in value of hedges, net of tax	(52)		95
Ending balance	(73)		19
Defined benefit plans
Beginning balance	1		1
Unrealized gain (loss) on subsidiary pension, net of tax	—		—
Ending balance	1		—
Foreign currency translation adjustment
Beginning balance	(1,352)		(1,197)
Translation gain (loss), net of tax	102		144
Ending balance	(1,251)		(1,053)
Total accumulated other comprehensive income (loss)	$	(1,323)	$	(1,034)

Note 11. Income Taxes

We are included in GM’s consolidated U.S. federal income tax return and 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 our financial statements as if we filed our own tax returns in each jurisdiction. Refer to Note 2 for further information on related party taxes payable.

15

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 12. Segment Reporting

Our chief operating decision maker evaluates the operating results and performance of our business based on our North America and International Segments. The management of each segment is responsible for executing our strategies. Key operating data for our operating segments were as follows:

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	North America		International		Total		North America		International		Total
Total revenue	$	3,049	$	294	$	3,343	$	2,930	$	226	$	3,156
Operating expenses	358		84		442		303		69		372
Leased vehicle expenses	1,022		17		1,039		842		13		855
Provision for loan losses	114		17		131		98		24		122
Interest expense	877		123		1,000		507		70		577
Equity income	—		41		41		—		54		54
Income before income taxes	$	677	$	94	$	771	$	1,179	$	105	$	1,284

	March 31, 2023						December 31, 2022
	North America		International		Total		North America		International		Total
Finance receivables, net	$	70,940	$	5,238	$	76,178	$	69,705	$	4,809	$	74,514
Leased vehicles, net	$	31,566	$	282	$	31,848	$	32,454	$	247	$	32,701
Total assets	$	115,050	$	8,515	$	123,565	$	114,612	$	7,934	$	122,545

Note 13. 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 $6.2 billion and $5.8 billion at March 31, 2023 and December 31, 2022.

16

GENERAL MOTORS FINANCIAL COMPANY, INC.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-looking statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of this MD&A and the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (SEC) on January 31, 2023 (2022 Form 10-K), for a discussion of these risks and uncertainties.

Basis of Presentation

This MD&A should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto and the audited consolidated financial statements and notes thereto included in our 2022 Form 10-K.

Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Average balances are calculated using daily balances, where available. Otherwise, average balances are calculated using monthly balances.

Overview

We continue to monitor the current global economic environment, including inflationary pressures and the macroeconomic impact of the conflict in Ukraine, and any resulting impacts on our financial position, liquidity and results of operations. Refer to the "Risk Factors" section of our 2022 Form 10-K for additional information.

On August 16, 2022, the Inflation Reduction Act of 2022 (the Act) was signed into law. The Act modified climate and clean energy tax provisions, including the consumer credit for electric vehicle (EV) purchases, and added new tax credits for commercial EV purchases. We expect to generate commercial EV tax credits, and we continue to evaluate the impact of the tax credits on our financial position and results of operations.

Results of Operations

Key Drivers Income before income taxes for the three months ended March 31, 2023 decreased to $0.8 billion from $1.3 billion for the three months ended March 31, 2022. Key drivers of the change include the following:

•Leased vehicle income decreased $248 million primarily due to a decrease in the average balance of the leased vehicles portfolio.

•Finance charge income on retail finance receivables increased $222 million due to growth in the size of the portfolio and an increase in the effective yield. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations, as we pass through increased interest costs in our pricing of new loans.

•Finance charge income on commercial finance receivables increased $136 million due to an increase in the effective yield as a result of higher benchmark rates, as well as an increase in the size of the portfolio.

•Leased vehicle expenses increased $184 million primarily due to a $163 million decrease in lease termination gains associated with higher leased portfolio net book values at termination and fewer terminated leases.

•Interest expense increased $423 million primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates and increased credit spreads, as well as an increase in the average debt outstanding.

17

GENERAL MOTORS FINANCIAL COMPANY, INC.

Non-GAAP Measure

Return on Average Common Equity Return on average common equity is a generally accepted accounting principle (GAAP) measure widely used to measure earnings in relation to invested capital. Our return on average common equity decreased to 19.6% for the four quarters ended March 31, 2023 from 29.8% for the four quarters ended March 31, 2022 primarily due to decreased earnings.

Return on Average Tangible Common Equity We use return on average tangible common equity, a non-GAAP measure, to measure our contribution to General Motors Company's (GM) enterprise profitability and cash flows. Our return on average tangible common equity decreased to 21.5% for the four quarters ended March 31, 2023 from 32.9% for the four quarters ended March 31, 2022 primarily due to decreased earnings.

The following table presents our reconciliation of return on average tangible common equity to return on average common equity, the most directly comparable GAAP measure:

	Four Quarters Ended
	March 31, 2023			March 31, 2022
Net income attributable to common shareholder	$	2,589		$	3,754
Average equity	$	15,211		$	14,556
Less: average preferred equity	(1,969)			(1,969)
Average common equity	13,242			12,587
Less: average goodwill and intangible assets	(1,172)			(1,171)
Average tangible common equity	$	12,069		$	11,415
Return on average common equity	19.6		%	29.8		%
Return on average tangible common equity	21.5		%	32.9		%

Our calculation of this non-GAAP measure may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of this non-GAAP measure has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. This non-GAAP measure allows investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve our return on average tangible common equity. Management uses this measure in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. For these reasons, we believe this non-GAAP measure is useful to our investors.

Three Months Ended March 31, 2023 compared to Three Months Ended March 31, 2022

Average Earning Assets	Three Months Ended March 31,				2023 vs. 2022
	2023		2022		Amount		Percentage
Average retail finance receivables	$	66,614	$	58,827	$	7,787	13.2	%
Average commercial finance receivables	10,762		6,987		3,775		54.0	%
Average finance receivables	77,376		65,814		11,562		17.6	%
Average leased vehicles, net	32,272		37,249		(4,977)		(13.4)	%
Average earning assets	$	109,648	$	103,063	$	6,585	6.4	%
Retail finance receivables purchased	$	9,104	$	8,074	$	1,030	12.8	%
Leased vehicles purchased	$	3,926	$	3,542	$	384	10.8	%

Average retail finance receivables increased primarily due to new loan originations in excess of principal collections and payoffs. Our penetration of GM's retail sales in the U.S. was 45.9% and 46.1% for the three months ended March 31, 2023 and 2022. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.

Average commercial finance receivables increased primarily due to growth in the average amount financed per dealer, resulting from increased new vehicle inventory, as well as higher floorplan penetration.

18

GENERAL MOTORS FINANCIAL COMPANY, INC.

Revenue	Three Months Ended March 31,						2023 vs. 2022
	2023			2022			Amount		Percentage
Finance charge income
Retail finance receivables	$	1,167		$	945		$	222	23.5	%
Commercial finance receivables	$	201		$	65		$	136	209.2	%
Leased vehicle income	$	1,818		$	2,066		$	(248)	(12.0)	%
Other income	$	156		$	80		$	76	95.0	%
Equity income	$	41		$	54		$	(13)	(24.1)	%
Effective yield - retail finance receivables	7.1		%	6.5		%
Effective yield - commercial finance receivables	7.6		%	3.8		%

Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased due to growth in the size of the portfolio, and an increase in the effective yield. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations, as we pass through increased interest costs in our pricing of new loans. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.

Finance Charge Income - Commercial Finance Receivables Finance charge income on commercial finance receivables increased due to an increase in the effective yield as a result of higher benchmark rates, as well as an increase in the size of the portfolio.

Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the average balance of the leased vehicles portfolio.

Other Income Other income increased primarily due to higher investment income resulting from an increase in benchmark interest rates.

Costs and Expenses	Three Months Ended March 31,						2023 vs. 2022
	2023			2022			Amount		Percentage
Operating expenses	$	442		$	372		$	70	18.8	%
Leased vehicle expenses	$	1,039		$	855		$	184	21.5	%
Provision for loan losses	$	131		$	122		$	9	7.4	%
Interest expense	$	1,000		$	577		$	423	73.3	%
Average debt outstanding	$	96,880		$	92,802		$	4,078	4.4	%
Effective rate of interest on debt	4.2		%	2.5		%

Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.6% and 1.5% for the three months ended March 31, 2023 and 2022.

Leased Vehicle Expenses Leased vehicle expenses increased primarily due to a $163 million decrease in lease termination gains associated with higher leased portfolio net book values at termination and fewer terminated leases.

Interest expense Interest expense increased primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates and increased credit spreads, as well as an increase in the average debt outstanding.

Taxes Our consolidated effective income tax rate was 25.5% and 26.2% of income before income taxes and equity income for the three months ended March 31, 2023 and 2022. The decrease in the effective income tax rate is primarily due to a favorable impact from our electric vehicle tax credit.

Other Comprehensive Income (Loss)

Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) were $(52) million and $95 million for the three months ended March 31, 2023 and 2022. The change in unrealized gain (loss) was primarily due to changes in the fair value of our foreign currency swap agreements.

Unrealized gains and losses on cash flow hedges of our floating rate debt are reclassified into earnings in the same period during which the hedged transactions affect earnings via principal remeasurement or accrual of interest expense.

Foreign Currency Translation Adjustment Foreign currency translation adjustments included in other comprehensive income (loss) were $102 million and $144 million for the three months ended March 31, 2023 and 2022. Translation

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GENERAL MOTORS FINANCIAL COMPANY, INC.

adjustments resulted from changes in the values of our international currency-denominated assets and liabilities as the value of the U.S. Dollar changed in relation to international currencies. The foreign currency translation gain for the three months ended March 31, 2023 was primarily due to appreciating values of the Mexican Peso, Chinese Yuan Renminbi and Brazilian Real in relation to the U.S. Dollar. The foreign currency translation gain for the three months ended March 31, 2022 was primarily due to appreciating values of the Brazilian Real, Chilean Peso and Mexican Peso in relation to the U.S. Dollar.

Earning Assets Quality

Retail Finance Receivables Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. A summary of the credit risk profile by FICO score or its equivalent, determined at origination, of the retail finance receivables is as follows:

	March 31, 2023					December 31, 2022
	Amount			Percent		Amount			Percent
Prime - FICO Score 680 and greater	$	49,829		73.6	%	$	47,543		72.8	%
Near-prime - FICO Score 620 to 679	8,498			12.6		8,392			12.8
Sub-prime - FICO Score less than 620	9,377			13.8		9,388			14.4
Retail finance receivables, net of fees	67,704			100.0	%	65,322			100.0	%
Less: allowance for loan losses	(2,123)					(2,062)
Retail finance receivables, net	$	65,581				$	63,260
Number of outstanding contracts	2,988,563					2,942,175
Average amount of outstanding contracts (in dollars)(a)	$	22,654				$	22,202
Allowance for loan losses as a percentage of retail finance receivables, net of fees	3.1		%			3.2		%

_________________ 

(a)Average amount of outstanding contracts is calculated as retail finance receivables, net of fees, divided by number of outstanding contracts.

Delinquency The following is a consolidated summary of delinquent retail finance receivables:

	March 31, 2023				March 31, 2022
	Amount		Percent		Amount		Percent
31 - 60 days	$	1,188	1.8	%	$	983	1.7	%
Greater than 60 days	363		0.5		302		0.5
Total finance receivables more than 30 days delinquent	1,551		2.3		1,285		2.2
In repossession	44		0.1		39		0.1
Total finance receivables more than 30 days delinquent or in repossession	$	1,595	2.4	%	$	1,324	2.2	%

At March 31, 2023, delinquency increased from March 31, 2022, but continued to be lower than historical levels. We expect that delinquency will increase over time relative to current levels, but may remain below pre-pandemic levels due to improvement in the credit mix of the portfolio.

Loan Modifications Loan modifications extended to the borrowers experiencing financial difficulty were insignificant for the three months ended March 31, 2023. Refer to Note 3 to our condensed consolidated financial statements for further information on loan modifications.

Net Charge-offs The following table presents charge-off data with respect to our retail finance receivables portfolio:

	Three Months Ended March 31,
	2023			2022
Charge-offs	$	322		$	275
Less: recoveries	(186)			(177)
Net charge-offs	$	136		$	97
Net charge-offs as an annualized percentage of average retail finance receivables	0.8		%	0.7		%

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Net charge-offs for the three months ended March 31, 2023 increased compared to the same period in 2022, but continued to be lower than historical levels. We expect net charge-offs will increase over time relative to current levels, but may remain below pre-pandemic levels due to improvement in the credit mix of the portfolio.

Commercial Finance Receivables	March 31, 2023			December 31, 2022
Commercial finance receivables, net of fees	$	10,627		$	11,288
Less: allowance for loan losses	(29)			(34)
Commercial finance receivables, net	$	10,597		$	11,254
Number of dealers	2,406			2,431
Average carrying amount per dealer	$	4		$	5
Allowance for loan losses as a percentage of commercial finance receivables, net of fees	0.3		%	0.3		%

No commercial loans were modified for the three months ended March 31, 2023. Activity in the allowance for commercial loan losses was insignificant for the three months ended March 31, 2023 and 2022, and substantially all of our commercial finance receivables were current with respect to payment status at March 31, 2023 and December 31, 2022.

Leased Vehicles The following table summarizes activity in our operating lease portfolio (in thousands, except where noted):

	Three Months Ended March 31,
	2023			2022
Operating leases purchased	$	86		$	80
Operating leases terminated	126			151
Operating leased vehicles returned(a)	13			2
Percentage of leased vehicles returned(b)	10		%	1		%

________________ 

(a)Represents the number of vehicles returned to us for remarketing.

(b)Calculated as the number of operating leased vehicles returned divided by the number of operating leases terminated.

The return rate is largely dependent on the level of used vehicle values at lease termination compared to contractual residual values at lease inception. Used vehicle prices, although lower year-over-year, were generally higher than contractual residual values for the three months ended March 31, 2023, primarily due to above-average seasonal demand and low used vehicle supply. Gains on terminations of leased vehicles were $206 million and $369 million for the three months ended March 31, 2023 and 2022. The decrease in gains for the three months ended March 31, 2023 compared to the same period in 2022, is primarily due to higher leased portfolio net book values at termination and fewer terminated leases. We expect used vehicle prices to moderate and the return rate to increase through 2023, as market prices on used vehicles approach contractual residual values.

The following table summarizes the residual value based on our most recent estimates and the number of units included in leased vehicles, net by vehicle type (units in thousands):

	March 31, 2023					December 31, 2022
	Residual Value		Units	Percentage of Units		Residual Value		Units	Percentage of Units
Crossovers	$	13,797	710	67.4	%	$	14,207	736	67.3	%
Trucks	6,829		221	21.0		6,961		228	20.9
SUVs	2,537		64	6.1		2,595		66	6.0
Cars	904		58	5.6		964		63	5.8
Total	$	24,067	1,053	100.0	%	$	24,727	1,092	100.0	%

At March 31, 2023 and 2022, 99.5% and 99.6% of our operating leases were current with respect to payment status.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Liquidity and Capital Resources

General Our primary sources of cash are finance charge income, leasing income and proceeds from the sale of terminated leased vehicles, net proceeds from credit facilities, securitizations, secured and unsecured borrowings, and collections and recoveries on finance receivables. Our known material uses of cash are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt, funding credit enhancement requirements in connection with securitizations and secured credit facilities, interest costs, operating expenses, income taxes and dividend payments.

Typically, our purchase and funding of retail and commercial finance receivables and leased vehicles are initially financed by utilizing cash and borrowings on our secured credit facilities. Subsequently, we typically obtain long-term financing for finance receivables and leased vehicles through securitization transactions and the issuance of unsecured debt.

Cruise is the GM global segment responsible for the development and commercialization of autonomous vehicle technology. We have a multi-year credit agreement with Cruise whereby we may provide advances to Cruise, over time, through 2024, to fund the purchase of autonomous vehicles from GM. At March 31, 2023 and December 31, 2022, Cruise had $151 million and $113 million of borrowings outstanding and access to an additional $4.5 billion in advances under the credit agreement.

The following table summarizes our available liquidity:

Liquidity	March 31, 2023		December 31, 2022
Cash and cash equivalents(a)	$	4,352	$	4,005
Borrowing capacity on unpledged eligible assets	22,951		22,041
Borrowing capacity on committed unsecured lines of credit	487		460
Borrowing capacity on the Junior Subordinated Revolving Credit Facility	1,000		1,000
Borrowing capacity on the GM Revolving 364-Day Credit Facility	2,000		2,000
Available liquidity	$	30,790	$	29,506

_________________

(a)Includes $442 million and $384 million in unrestricted cash outside of the U.S. at March 31, 2023 and December 31, 2022. This cash is considered to be indefinitely invested based on specific plans for reinvestment.

At March 31, 2023, available liquidity increased from December 31, 2022, primarily due to an increase in available borrowing capacity on unpledged eligible assets, resulting from the issuance of securitization transactions and unsecured debt, and an increase in cash and cash equivalents. We generally target liquidity levels to support at least six months of our expected net cash outflows, including new originations, without access to new debt financing transactions or other capital markets activity. At March 31, 2023, available liquidity exceeded our liquidity targets.

Cash Flow	Three Months Ended March 31,				2023 vs. 2022
	2023		2022
Net cash provided by (used in) operating activities	$	1,724	$	1,248	$	476
Net cash provided by (used in) investing activities	$	(1,493)	$	(1,048)	$	(445)
Net cash provided by (used in) financing activities	$	213	$	517	$	(304)

During the three months ended March 31, 2023, net cash provided by operating activities increased primarily due to a net increase in cash provided by counterparty derivative collateral posting activities of $584 million, an increase in finance charge income of $358 million, a decrease in taxes paid to GM of $89 million, and an increase in investment income of $72 million, partially offset by an increase in interest paid of $443 million and a decrease in leased vehicle income of $248 million.

During the three months ended March 31, 2023, net cash used in investing activities increased primarily due to an increase in the purchases of consumer finance receivables of $961 million, a decrease in proceeds from termination of leased vehicles of $468 million, an increase in purchases of leased vehicles of $164 million, and a decrease in collections and recoveries on retail finance receivables of $130 million, partially offset by an increase in net collections of commercial finance receivables of $1.3 billion.

During the three months ended March 31, 2023, net cash provided by financing activities decreased primarily due to an increase in dividend payments of $450 million and a decrease in borrowings of $53 million, partially offset by a decrease in debt repayments of $193 million.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Status of Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings (Fitch), Moody's Investors Service (Moody's) and Standard & Poor's (S&P). The credit ratings assigned to us from all the credit rating agencies are closely associated with their opinions on GM. In March 2023, Moody's upgraded our senior unsecured notes rating to Baa2 from Baa3 and the short-term commercial paper rating to P-2 from P-3. As of April 16, 2023, all other credit ratings remained unchanged since December 31, 2022.

Credit Facilities In the normal course of business, in addition to using our available cash, we fund our operations by borrowing under our credit facilities, which may be secured and/or structured as securitizations, or may be unsecured. We repay these borrowings as appropriate under our liquidity management strategy.

At March 31, 2023, credit facilities consist of the following:

Facility Type	Facility Amount		Advances Outstanding
Revolving retail asset-secured facilities(a)	$	22,052	$	2,479
Revolving commercial asset-secured facilities(b)	4,162		361
Total secured	26,214		2,839
Unsecured committed facilities	568		81
Unsecured uncommitted facilities(c)	1,506		1,506
Total unsecured	2,073		1,587
Junior Subordinated Revolving Credit Facility	1,000		—
GM Revolving 364-Day Credit Facility	2,000		—
Total	$	31,288	$	4,426

_________________

(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 an insignificant amount in advances outstanding and $614 million in unused borrowing capacity on these uncommitted facilities at March 31, 2023.

(b)Includes revolving credit facilities backed by loans to dealers for floorplan financing.

(c)The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $1.7 billion in unused borrowing capacity on these facilities at March 31, 2023.

Refer to Note 6 to our condensed consolidated financial statements for further discussion.

Securitization Notes Payable We periodically finance our retail and commercial finance receivables and leases through public and private term securitization transactions, where the securitization markets are sufficiently developed. A summary of securitization notes payable is as follows:

Year of Transaction	Maturity Date (a)			Original Note Issuance (b)		Note Balance At March 31, 2023
2018	November 2024	-	September 2026	$	2,001	$	147
2019	April 2024	-	July 2027	$	6,917	1,401
2020	August 2023	-	August 2028	$	14,176	5,037
2021	April 2025	-	June 2034	$	22,945	9,179
2022	November 2024	-	October 2035	$	23,711	17,827
2023	January 2027	-	June 2032	$	5,100	4,886
Total active securitizations						38,477
Debt issuance costs						(63)
Total						$	38,414

_________________ 

(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.

Our securitizations utilize special purpose entities which are also variable interest entities that meet the requirements to be consolidated in our financial statements. Refer to Note 7 to our condensed consolidated financial statements for further discussion.

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Unsecured Debt We periodically access the unsecured debt capital markets through the issuance of senior unsecured notes. At March 31, 2023, the aggregate principal amount of our outstanding unsecured senior notes was $48.8 billion.

We issue other unsecured debt through demand notes, commercial paper offerings and other bank and non-bank funding sources. At March 31, 2023, we had $3.6 billion outstanding in demand notes and $2.3 billion under the U.S. commercial paper program.

LIBOR Transition The International Swaps and Derivatives Association launched its Interbank Offered Rate (IBOR) Fallbacks Supplement and IBOR Fallbacks Protocol, which came into effect on January 25, 2021. The supplement incorporates fallbacks for new derivatives linked to LIBOR, and the protocol enables market participants to incorporate fallbacks for certain legacy derivatives linked to LIBOR. We have adhered to the protocol, and as of March 31, 2023, we have transitioned all of our LIBOR-based derivative exposure.

For any residual exposure after the end of 2021 or any designated later cessation date, we expect to leverage relevant contractual and statutory solutions to transition such exposure. For more information on the expected replacement of LIBOR, see the "Risk Factors" section of our 2022 Form 10-K.

Support Agreement - Leverage Ratio Our earning assets leverage ratio calculated in accordance with the terms of the Support Agreement was 7.85x and 7.91x at March 31, 2023 and December 31, 2022, and the applicable leverage ratio threshold was 12.00x. 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.

Asset and Liability Maturity Profile We define our asset and liability maturity profile as the cumulative maturities of our finance receivables, investment in leased vehicles, net of accumulated depreciation, cash and cash equivalents and other assets less our cumulative debt maturities. We manage our balance sheet so that asset maturities will exceed debt maturities each year. The following chart presents our cumulative maturities for assets and debt at March 31, 2023:

	2023		2024		2025		2026 and Thereafter
Encumbered assets	$	21,898	$	42,193	$	51,848	$	57,161
Unencumbered assets	26,624		40,176		53,172		66,405
Total assets	48,522		82,370		105,020		123,565
Secured debt	15,829		30,499		37,478		41,318
Unsecured debt	13,661		22,522		33,006		57,716
Total debt(a)	29,490		53,021		70,484		99,035
Net excess liquidity	$	19,032	$	29,349	$	34,536	$	24,530

_________________ 

(a)Excludes unamortized debt premium/(discount), unamortized debt issuance costs, and fair value adjustments.

Critical Accounting Estimates

The preparation of condensed financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amount of revenue and expenses in the periods presented. Actual results could differ from those estimates, due to inherent uncertainties in making estimates, and those differences may be material. The critical accounting estimates that affect the condensed consolidated financial statements and the judgment and assumptions used are consistent with those described in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2022 Form 10-K.

Forward-Looking Statements

This report contains several "forward-looking statements." Forward-looking statements are those that use words such as "believe," "expect," "intend," "plan," "may," "likely," "should," "estimate," "continue," "future" or "anticipate" and other comparable expressions. These words indicate future events and trends. Forward-looking statements are our current views with respect to future events and financial performance. These forward-looking statements are subject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or from those anticipated by us. The most significant risks are detailed from time to time in our filings and reports with the SEC, including our 2022 Form 10-K.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

We caution readers not to place undue reliance on our forward-looking statements. We undertake no obligation to, and do not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

The following factors are among those that may cause actual results to differ materially from historical results or from the forward-looking statements:

•GM's ability to sell new vehicles that we finance in the markets we serve;

•dealers' effectiveness in marketing our financial products to consumers;

•the viability of GM-franchised dealers that are commercial loan customers;

•the sufficiency, availability and cost of sources of financing, including credit facilities, securitization programs and secured and unsecured debt issuances;

•the adequacy of our underwriting criteria for loans and leases and the level of net charge-offs, delinquencies and prepayments on the loans and leases we purchase or originate;

•our ability to effectively manage capital or liquidity consistent with evolving business or operational needs, risk management standards and regulatory or supervisory requirements;

•the adequacy of our allowance for loan losses on our finance receivables;

•our ability to maintain and expand our market share due to competition in the automotive finance industry from a large number of banks, credit unions, independent finance companies and other captive automotive finance subsidiaries;

•changes in the automotive industry that result in a change in demand for vehicles and related vehicle financing;

•the effect, interpretation or application of new or existing laws, regulations, court decisions and accounting pronouncements;

•adverse determinations with respect to the application of existing laws, or the results of any audits from tax authorities, as well as changes in tax laws and regulations, supervision, enforcement and licensing across various jurisdictions;

•the prices at which used vehicles are sold in the wholesale auction markets;

•vehicle return rates, our ability to estimate residual value at lease inception and the residual value performance on vehicles we lease;

•interest rate fluctuations and certain related derivatives exposure;

•our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;

•changes in the determination of benchmark rates, such as LIBOR;

•pandemics, epidemics, disease outbreaks and other public health crises, including the COVID-19 pandemic;

•our ability to secure private data, proprietary information, manage risks related to security breaches and other disruptions to networks and systems owned or maintained by us or third parties and comply with enterprise data regulations in all key market regions;

•foreign currency exchange rate fluctuations and other risks applicable to our operations outside of the U.S.;

•changes in local, regional, national or international economic, social or political conditions; and

•impact and uncertainties related to climate-related events and climate change legislation.

If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected.

Available Information

Our internet website is www.gmfinancial.com. Our website contains detailed information about us and our subsidiaries. Our Investor Center website at https://investor.gmfinancial.com contains a significant amount of information about our Company, including financial and other information for investors. We encourage investors to visit our website, as we frequently update and post new information about our Company on our website, and it is possible that this information could be deemed to be material information. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments to those reports, are available free of charge on our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. These reports can also be found on the SEC website at www.sec.gov.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in our exposure to market risk since December 31, 2022. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2022 Form 10-K.        

Item 4. Controls and Procedures

Disclosure Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer (CEO) and principal financial officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.

Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of March 31, 2023, as required by paragraph (b) of Rules 13a-15 or 15d-15. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2023.

Changes in Internal Control over Financial Reporting There have not been any changes in our internal control over financial reporting during the three months ended March 31, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1. Legal Proceedings

Refer to Note 9 to our condensed consolidated financial statements for information relating to legal proceedings.

Item 1A. Risk Factors

We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 2022 Form 10-K.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Item 6. Exhibits

3.1	Second Amended and Restated Certificate of Formation of General Motors Financial Company, Inc., incorporated herein by reference to Exhibit 3.1 to the Annual Report on Form 10-K, filed on February 10, 2021	Incorporated by Reference
3.2	Third Amended and Restated Bylaws of General Motors Financial Company, Inc., incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K, filed on February 10, 2021	Incorporated by Reference
4.1	Forty-Ninth Supplemental Indenture, dated January 9, 2023, between General Motors Financial Company, Inc. and Computershare Trust Company, N.A., as trustee, with respect to General Motors Financial Company, Inc.’s 6.000% Senior Notes due 2028 and 6.400% Senior Notes due 2033, incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K, filed on January 9, 2023	Incorporated by Reference
10.1†	Fourth Amended and Restated 5-Year Revolving Credit Agreement, dated as of March 31, 2023, among General Motors Company, General Motors Financial Company, Inc., the subsidiary borrowers from time to time parties thereto, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed on March 31, 2023	Incorporated by Reference
10.2†	Fifth Amended and Restated 3-Year Revolving Credit Agreement, dated as of March 31, 2023, among General Motors Company, General Motors Financial Company, Inc., the subsidiary borrowers from time to time parties thereto, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed on March 31, 2023	Incorporated by Reference
10.3†	Fifth Amended and Restated 364-Day Revolving Credit Agreement, dated as of March 31, 2023, among General Motors Company, General Motors Financial Company, Inc., the subsidiary borrowers from time to time parties thereto, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K, filed on March 31, 2023	Incorporated by Reference
31.1	Section 302 Certification of the Chief Executive Officer	Filed Herewith
31.2	Section 302 Certification of the Chief Financial Officer	Filed Herewith
32	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished Herewith
101	The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Shareholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements	Filed Herewith
104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted as iXBRL and contained in Exhibit 101	Filed Herewith

_________

† Portions of this exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K. The omitted information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

*  *  *  *  *  *  *

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GENERAL MOTORS FINANCIAL COMPANY, INC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			General Motors Financial Company, Inc.
			(Registrant)
Date:	April 25, 2023	By:	/S/    SUSAN B. SHEFFIELD
			Susan B. Sheffield
			Executive Vice President and
			Chief Financial Officer

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EX-31.1

Exhibit 31.1

GENERAL MOTORS FINANCIAL COMPANY, INC.

CERTIFICATION

I, Daniel E. Berce, certify that:

1. I have reviewed this quarterly report on Form 10-Q of General Motors Financial Company, Inc.;

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 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 have:

(a) 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;

(b) 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;

(c) 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

(d) 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 materially 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 the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) 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

(b) 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.

Date: April 25, 2023

 /s/ Daniel E. Berce

Daniel E. Berce

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

GENERAL MOTORS FINANCIAL COMPANY, INC.

CERTIFICATION

I, Susan B. Sheffield, certify that:

1. I have reviewed this quarterly report on Form 10-Q of General Motors Financial Company, Inc.;

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 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 have:

(a) 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;

(b) 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;

(c) 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

(d) 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 materially 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 the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) 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

(b) 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.

Date: April 25, 2023

 /s/ Susan B. Sheffield

Susan B. Sheffield

Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

GENERAL MOTORS FINANCIAL COMPANY, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of General Motors Financial Company, Inc. (the “Company”) on Form 10-Q for the quarterly period ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 25, 2023

 /s/ Daniel E. Berce

Daniel E. Berce

President and Chief Executive Officer

 /s/ Susan B. Sheffield

Susan B. Sheffield

Executive Vice President and Chief Financial Officer

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Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-10667
Entity Registrant Name	General Motors Financial Company, Inc.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-2291093
Entity Address, Address Line One	801 Cherry Street
Entity Address, Address Line Two	Suite 3500
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	302-7000
Title of 12(b) Security	5.250% Senior Notes due 2026
Trading Symbol	GM/26
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,050,000
Entity Central Index Key	0000804269
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 4,352	$ 4,005
Finance receivables, net of allowance for loan losses $2,152 and $2,096 (Note 3; Note 7)	76,178	74,514
Leased vehicles, net (Note 4; Note 7)	31,848	32,701
Goodwill and intangible assets	1,180	1,171
Equity in net assets of nonconsolidated affiliates (Note 5)	1,725	1,665
Related party receivables (Note 2)	639	495
Other assets (Note 7)	7,643	7,995
Total assets	123,565	122,545
Liabilities
Secured debt (Note 6; Note 7)	41,253	42,131
Unsecured debt (Note 6)	56,814	54,723
Deferred income	2,250	2,248
Related party payables (Note 2)	457	115
Other liabilities	7,590	8,318
Total liabilities	108,364	107,535
Commitments and contingencies (Note 9)
Shareholders' equity (Note 10)
Common stock, $0.0001 par value per share	0	0
Preferred stock, $0.01 par value per share	0	0
Additional paid-in capital	8,749	8,742
Accumulated other comprehensive income (loss)	(1,323)	(1,373)
Retained earnings	7,775	7,641
Total shareholders' equity	15,201	15,010
Total liabilities and shareholders' equity	$ 123,565	$ 122,545

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for loan losses	$ 2,152	$ 2,096
Common stock par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01

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Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Finance charge income	$ 1,368	$ 1,010
Leased vehicle income	1,818	2,066
Other income	156	80
Total revenue	3,343	3,156
Costs and expenses
Operating expenses	442	372
Leased vehicle expenses	1,039	855
Provision for loan losses (Note 3)	131	122
Interest expense	1,000	577
Total costs and expenses	2,613	1,926
Equity income (Note 5)	41	54
Income before income taxes	771	1,284
Income tax provision (Note 11)	186	322
Net income (loss)	584	962
Less: cumulative dividends on preferred stock	30	30
Net income (loss) attributable to common shareholder	$ 555	$ 932

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 584	$ 962
Other comprehensive income (loss), net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $17, $(31)	(52)	95
Foreign currency translation adjustment	102	144
Other comprehensive income (loss), net of tax	49	238
Comprehensive income (loss)	$ 633	$ 1,200

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Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Change in value of cash flow hedges, tax (expense) benefit	$ 17	$ (31)

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Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance at beginning of period at Dec. 31, 2021	$ 13,794	$ 0	$ 0	$ 8,692	$ (1,273)	$ 6,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	962					962
Other comprehensive income (loss)	238				238
Stock-based compensation	10			10
Balance at end of period at Mar. 31, 2022	15,004	0	0	8,701	(1,034)	7,337
Balance at beginning of period at Dec. 31, 2022	15,010	0	0	8,742	(1,373)	7,641
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	584					584
Other comprehensive income (loss)	49				49
Stock-based compensation	7			7
Dividends paid (Note 10)	(450)					(450)
Balance at end of period at Mar. 31, 2023	$ 15,201	$ 0	$ 0	$ 8,749	$ (1,323)	$ 7,775

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 584	$ 962
Depreciation and amortization	1,316	1,275
Accretion and amortization of loan and leasing fees	(315)	(292)
Undistributed earnings of nonconsolidated affiliates, net	(41)	(54)
Provision for loan losses	131	122
Deferred income taxes	(233)	306
Gain on termination of leased vehicles	(206)	(369)
Other operating activities	(67)	(92)
Changes in assets and liabilities:
Other assets	141	(381)
Other liabilities	38	(144)
Related party payables	375	(85)
Net cash provided by (used in) operating activities	1,724	1,248
Cash flows from investing activities
Purchases and funding of finance receivables, net	(9,105)	(8,144)
Principal collections and recoveries on finance receivables	6,774	6,904
Net change in floorplan and other short-duration receivables	734	(541)
Purchases of leased vehicles, net	(3,154)	(2,990)
Proceeds from termination of leased vehicles	3,264	3,732
Other investing activities	(6)	(10)
Net cash provided by (used in) investing activities	(1,493)	(1,048)
Cash flows from financing activities
Net change in debt (original maturities less than three months)	(143)	712
Borrowings and issuances of secured debt	6,960	6,332
Payments on secured debt	(7,920)	(8,367)
Borrowings and issuances of unsecured debt	4,526	4,352
Payments on unsecured debt	(2,670)	(2,416)
Debt issuance costs	(31)	(37)
Dividends paid	(509)	(59)
Net cash provided by (used in) financing activities	213	517
Net increase (decrease) in cash, cash equivalents and restricted cash	443	717
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	29	53
Cash, cash equivalents and restricted cash at beginning of period	6,676	7,183
Cash, cash equivalents and restricted cash at end of period	7,148	7,953
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	4,352
Restricted cash included in other assets	2,796
Total	$ 7,148	$ 7,953

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation.

The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission on January 31, 2023 (2022 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

The condensed consolidated financial statements at March 31, 2023, and for the three months ended March 31, 2023 and 2022, 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. The condensed consolidated balance sheet at December 31, 2022 was derived from audited annual financial statements.

Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (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: North America (North America Segment) and International (International Segment). Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China.

Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) and enhances certain disclosure requirements. We adopted ASU 2022-02 on a modified retrospective basis on January 1, 2023. The impact of the adoption of ASU 2022-02 was insignificant. Refer to Note 3 for additional information.

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Related Party Transactions

3 Months Ended

Mar. 31, 2023

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 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 cash payments to us to cover interest payments on certain commercial loans we make to GM-franchised dealers. We received subvention payments from GM of $749 million and $439 million for the three months ended March 31, 2023 and 2022. Subvention due from GM is recorded as a related party receivable.

Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.

Cruise is the GM global segment responsible for the development and commercialization of autonomous vehicle technology. We have a multi-year credit agreement with Cruise whereby we may provide advances to Cruise, over time, through 2024, to fund the purchase of autonomous vehicles from GM. At March 31, 2023 and December 31, 2022, Cruise had $151 million and $113 million of borrowings outstanding and access to an additional $4.5 billion in advances under the credit agreement. Amounts due from Cruise are included in finance receivables, net.

We are included in GM's consolidated U.S. federal income tax returns and certain U.S. state returns, and we are obligated to pay GM for our share of tax liabilities. During the three months ended March 31, 2023, no payments were made to GM for state and federal income taxes. During the three months ended March 31, 2022, we made payments of $89 million to GM for state and federal income taxes related to the years 2021 and 2020. Amounts owed to GM for income taxes are recorded as a related party payable.

The following tables present related party transactions:

Balance Sheet Data	March 31, 2023		December 31, 2022
Commercial finance receivables, net due from dealers consolidated by GM	$	163	$	187
Cruise receivables	$	151	$	113
Subvention receivable	$	594	$	469
Commercial loan funding payable	$	72	$	105
Taxes payable	$	374	$	8

	Three Months Ended March 31,
Income Statement Data	2023		2022
Interest subvention earned on retail finance receivables(a)	$	257	$	210
Interest subvention earned on commercial finance receivables(a)	$	22	$	10
Leased vehicle subvention earned(b)	$	393	$	547

_________________

(a) Included in finance charge income.

(b) Included as a reduction to leased vehicle expenses.

Under the 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 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. GM also agrees to certain provisions in the Support Agreement intended to ensure we maintain adequate access to liquidity. Pursuant to these provisions, GM provides us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility, and GM will use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $14.1 billion of GM's unsecured revolving credit facilities consisting of a five-year, $10.0 billion facility and a three-year, $4.1 billion facility. We also have exclusive access to GM's $2.0 billion 364-day revolving credit facility (GM Revolving 364-day Credit Facility). We had no borrowings outstanding under any of the GM revolving credit facilities at March 31, 2023 and December 31, 2022.

In March 2023, GM renewed and reduced the total borrowing capacity of the five-year, $11.2 billion facility to $10.0 billion, which now matures on March 31, 2028. GM also renewed and reduced the total borrowing capacity of the three-year, $4.3 billion facility to $4.1 billion, which now matures on March 31, 2026, and renewed the GM Revolving 364-day Credit Facility, which now matures on March 30, 2024.

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Finance Receivables

3 Months Ended

Mar. 31, 2023

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Finance Receivables

Finance Receivables

	March 31, 2023		December 31, 2022
Retail finance receivables
Retail finance receivables, net of fees(a)	$	67,704	$	65,322
Less: allowance for loan losses	(2,123)		(2,062)
Total retail finance receivables, net	65,581		63,260
Commercial finance receivables
Commercial finance receivables, net of fees(b)	10,627		11,288
Less: allowance for loan losses	(29)		(34)
Total commercial finance receivables, net	10,597		11,254
Total finance receivables, net	$	76,178	$	74,514
Fair value utilizing Level 2 inputs	$	10,597	$	11,254
Fair value utilizing Level 3 inputs	$	65,165	$	62,150

________________

(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(b) Net of dealer cash management balances of $2.2 billion and $1.9 billion at March 31, 2023 and December 31, 2022.

Rollforward of Allowance for Retail Loan Losses A summary of the activity in the allowance for retail loan losses is as follows:

	Three Months Ended March 31,
	2023		2022
Allowance for retail loan losses beginning balance	$	2,062	$	1,839
Provision for loan losses	137		126
Charge-offs	(322)		(275)
Recoveries	186		177
Foreign currency translation and other	60		18
Allowance for retail loan losses ending balance	$	2,123	$	1,884

The allowance for retail loan losses as of percentage of retail finance receivables, net was 3.1% at March 31, 2023 and 3.2% at December 31, 2022.

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. The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at March 31, 2023 and December 31, 2022:

	Year of Origination												March 31, 2023
	2023		2022		2021		2020		2019		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	6,996	$	20,633	$	12,223	$	7,149	$	1,915	$	914	$	49,829	73.6	%
Near-prime - FICO Score 620 to 679	832		3,012		2,389		1,345		599		322		8,498		12.6
Sub-prime - FICO Score less than 620	835		3,054		2,525		1,443		916		603		9,377		13.8
Retail finance receivables, net of fees	$	8,663	$	26,699	$	17,138	$	9,936	$	3,429	$	1,839	$	67,704	100.0	%

	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	22,677	$	13,399	$	7,991	$	2,254	$	1,019	$	205	$	47,543	72.8	%
Near-prime - FICO Score 620 to 679	3,202		2,601		1,487		688		310		104		8,392		12.8
Sub-prime - FICO Score less than 620	3,211		2,746		1,604		1,051		496		280		9,388		14.4
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589	$	65,322	100.0	%

We review the ongoing 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 the 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 tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at March 31, 2023 and December 31, 2022, as well as summary totals for March 31, 2022. The first table also presents our current period charge-offs by vintage:

	Year of Origination												March 31, 2023				March 31, 2022
	2023		2022		2021		2020		2019		Prior		Total		Percent		Total		Percent
0 - 30 days	$	8,646	$	26,262	$	16,648	$	9,640	$	3,236	$	1,676	$	66,109	97.6	%	$	58,179	97.8	%
31 - 60 days	17		316		363		222		146		124		1,188		1.8		983		1.7
Greater than 60 days	1		104		112		68		43		36		363		0.5		302		0.5
Finance receivables more than 30 days delinquent	17		420		475		290		190		160		1,551		2.3		1,285		2.2
In repossession	—		17		15		6		3		2		44		0.1		39		0.1
Finance receivables more than 30 days delinquent or in repossession	17		437		489		296		193		162		1,595		2.4		1,324		2.2
Retail finance receivables, net of fees	$	8,663	$	26,699	$	17,138	$	9,936	$	3,429	$	1,839	$	67,704	100.0	%	$	59,503	100.0	%
Charge-offs for the three months ended March 31, 2023	$	—	$	102	$	108	$	52	$	32	$	28	$	322

	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
0 - 30 days	$	28,676	$	18,128	$	10,702	$	3,743	$	1,685	$	493	$	63,426	97.1	%
31 - 60 days	310		452		275		184		103		69		1,393		2.1
Greater than 60 days	93		150		98		62		35		26		465		0.7
Finance receivables more than 30 days delinquent	403		603		373		246		138		95		1,857		2.8
In repossession	11		14		6		4		2		1		39		0.1
Finance receivables more than 30 days delinquent or in repossession	414		617		380		249		140		96		1,896		2.9
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589	$	65,322	100.0	%

The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $585 million and $685 million at March 31, 2023 and December 31, 2022. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession.

Loan Modifications Under certain circumstances, we may agree to modify the terms of an existing loan with a borrower for various reasons, including financial difficulties. For those borrowers experiencing financial difficulties, we may provide payment deferments, term extensions or a combination thereof. A loan that is deferred greater than six months in the preceding twelve months would be considered to be other-than-insignificantly delayed. In such circumstances, we must determine whether the modification should be accounted for as an extinguishment of the original loan and a creation of a new loan, or the continuation of the original loan with modifications.

The effect of these modifications is already included in the allowance for credit losses because our estimated allowance represents currently expected credit losses. A change to the allowance for credit losses is generally not recorded upon modification.

The amortized cost at March 31, 2023 of the loans modified during the three months ended March 31, 2023 was insignificant. The unpaid principal balances, net of recoveries, of loans charged off during the reporting period that were modified within 12 months preceding default were insignificant for the three months ended March 31, 2023.

Commercial Credit Quality Our commercial finance receivables consist of dealer financings, primarily for dealer inventory purchases. Proprietary models are 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.

Our commercial risk model and risk rating categories are as follows:

Dealer Risk Rating	Description
I	Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
II	Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
III	Non-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IV	Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable.

Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2023 and December 31, 2022:

	Year of Origination														March 31, 2023
Dealer Risk Rating	Revolving		2023		2022		2021		2020		2019		Prior		Total		Percent
I	$	8,936	$	116	$	562	$	341	$	345	$	98	$	49	$	10,446	98.3	%
II	94		—		—		1		—		—		—		96		0.9
III	59		—		15		—		—		10		—		84		0.8
IV	—		—		—		—		—		—		—		—		—
Balance at end of period	$	9,089	$	116	$	578	$	343	$	345	$	108	$	49	$	10,627	100.0	%

	Year of Origination														December 31, 2022
Dealer Risk Rating	Revolving		2022		2021		2020		2019		2018		Prior		Total		Percent
I	$	9,624	$	566	$	361	$	372	$	102	$	45	$	24	$	11,094	98.3	%
II	89		—		1		—		—		—		—		91		0.8
III	78		15		—		—		10		—		—		104		0.9
IV	—		—		—		—		—		—		—		—		—
Balance at end of period	$	9,791	$	581	$	363	$	372	$	112	$	45	$	25	$	11,288	100.0	%

Floorplan advances comprise 96% and 97% of the total revolving balances at March 31, 2023 and December 31, 2022. Dealer term loans are presented by year of origination.

At March 31, 2023 and December 31, 2022, substantially all of our commercial finance receivables were current with respect to payment status, and activity in the allowance for commercial loan losses was insignificant for the three months ended March 31, 2023 and 2022. There were no commercial finance receivables on nonaccrual status at March 31, 2023 and December 31, 2022. There were no charge-offs, and no loan modifications were extended to borrowers experiencing financial difficulty for the three months ended March 31, 2023.

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Leased Vehicles

3 Months Ended

Mar. 31, 2023

Lessor Disclosure [Abstract]

Leased Vehicles

Leased Vehicles

	March 31, 2023		December 31, 2022
Leased vehicles	$	44,867	$	46,069
Manufacturer subvention	(4,876)		(5,150)
Net capitalized cost	39,991		40,919
Less: accumulated depreciation	(8,143)		(8,218)
Leased vehicles, net	$	31,848	$	32,701

Depreciation expense related to leased vehicles, net was $1.2 billion for the three months ended March 31, 2023 and 2022.

The following table summarizes minimum rental payments due to us as lessor under operating leases at March 31, 2023:

	Years Ending December 31,
	2023		2024		2025		2026		2027		Thereafter		Total
Lease payments under operating leases	$	3,807	$	3,293	$	1,505	$	243	$	8	$	—	$	8,855

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Equity in Net Assets of Non-consolidated Affiliates

3 Months Ended

Mar. 31, 2023

Noncontrolling Interest [Abstract]

Equity in Net Assets of Non-consolidated Affiliates

Equity in Net Assets of Nonconsolidated Affiliates

We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.

There have been no ownership changes in our joint ventures since December 31, 2022. The following table presents certain aggregated operating data of our joint ventures:

	Three Months Ended March 31,
Summarized Operating Data	2023		2022
Finance charge income	$	392	$	451
Income before income taxes	$	155	$	206
Net income	$	116	$	154

At March 31, 2023 and December 31, 2022, we had undistributed earnings of $836 million and $795 million related to our nonconsolidated affiliates.

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Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	2,839	$	2,839	$	3,931	$	3,931
Securitization notes payable	38,414		37,934		38,200		37,537
Total secured debt	41,253		40,773		42,131		41,467
Unsecured debt
Senior notes	47,939		46,158		46,111		43,676
Credit facilities	1,587		1,563		1,473		1,448
Other unsecured debt	7,287		7,288		7,139		7,146
Total unsecured debt	56,814		55,009		54,723		52,270
Total secured and unsecured debt	$	98,067	$	95,782	$	96,854	$	93,738
Fair value utilizing Level 2 inputs			$	93,799			$	91,545
Fair value utilizing Level 3 inputs			$	1,983			$	2,192

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 7 for further information.

During the three months ended March 31, 2023, we renewed credit facilities with a total borrowing capacity of $1.8 billion, and we issued $5.1 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 5.25% and maturity dates ranging from 2027 to 2032.

Unsecured Debt During the three months ended March 31, 2023, we issued $3.2 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.41% and maturity dates ranging from 2026 to 2033.

General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.

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 debt obligations contain covenants including limitations on our ability to incur certain liens. At March 31, 2023, we were in compliance with these debt covenants.

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Variable Interest Entities and Other Transfers of Finance Receivables

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities and Other Transfers of Finance Receivables

Variable Interest Entities and Other Transfers of Finance Receivables

Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:

	March 31, 2023		December 31, 2022
Restricted cash(a)	$	2,638	$	2,535
Finance receivables, net of fees	$	38,109	$	38,774
Lease related assets	$	16,414	$	18,456
Secured debt	$	41,312	$	42,188

_______________

(a) Included in other assets.

Other Transfers of Finance Receivables Under certain debt agreements, we transfer finance receivables to entities that we do not control through majority voting interest or through contractual arrangements. These transfers do not meet the criteria to be considered sales under GAAP; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements, similar to the treatment of finance receivables and related debt of our consolidated VIEs. Any collections received on the transferred receivables are available only for the repayment of the related debt. At March 31, 2023 and December 31, 2022, an insignificant amount in finance receivables had been transferred in secured funding arrangements to third-party banks, relating to an insignificant amount in secured debt outstanding.

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Derivative Financial Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

Derivative Financial Instruments and Hedging Activities

We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our assets and liabilities and by using derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings.

Certain of our foreign operations expose us to fluctuations of foreign interest rates and exchange rates. We primarily finance our earning assets with debt in the same currency to minimize the impact to earnings from our exposure to fluctuations in exchange rates. When we use a different currency, these fluctuations may impact the value of our cash receipts and payments in terms of our functional currency. We enter into derivative financial instruments to protect the value or fix the amount of certain assets and liabilities in terms of the relevant functional currency.

The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:

	March 31, 2023						December 31, 2022
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps	$	16,559	$	8	$	334	$	19,950	$	—	$	821
Cash flow hedges
Interest rate swaps	1,637		33		3		1,434		34		1
Foreign currency swaps	8,013		3		497		6,852		—		586
Derivatives not designated as hedges
Interest rate contracts	114,353		1,924		2,073		113,975		2,268		1,984
Total	$	140,562	$	1,968	$	2,907	$	142,212	$	2,302	$	3,392

 The gross amounts of the fair value of our derivative instruments that are classified as assets or liabilities are included in other assets or other liabilities, respectively. Amounts accrued for interest payments in a net receivable position are included in other assets. Amounts accrued for interest payments in a net payable position are included in other liabilities. All our derivatives are categorized within Level 2 of the fair value hierarchy. 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.

We primarily enter into derivative instruments through AmeriCredit Financial Services, Inc. (AFSI); however, our SPEs may also be parties to derivative instruments. Agreements between AFSI and its derivative counterparties include rights of setoff for positions with offsetting values or for collateral held or posted. At March 31, 2023 and December 31, 2022, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $1.2 billion and $1.3 billion. At March 31, 2023 and December 31, 2022, we held $480 million and $553 million of collateral from counterparties that was available for netting against our asset positions. At March 31, 2023 and December 31, 2022, we had $1.2 billion and $1.5 billion of collateral posted to counterparties that was available for netting against our liability positions.

The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:

	Carrying Amount of Hedged Items				Cumulative Amount of Fair Value Hedging Adjustments(a)
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Unsecured debt	$	29,257	$	28,319	$	752	$	781

 _________________

(a)Includes $470 million and $86 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at March 31, 2023 and December 31, 2022.

The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:

	Three Months Ended March 31,
	2023				2022
	Interest Expense(a)		Operating Expenses(b)		Interest Expense(a)		Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps	$	(29)	$	—	$	376	$	—
Interest rate swaps	46		—		(340)		—
Hedged items - foreign currency swaps(c)	—		—		—		23
Foreign currency swaps	—		—		(2)		(24)
Cash flow hedges
Interest rate swaps	9		—		2		—
Hedged items - foreign currency swaps(c)	—		(136)		—		160
Foreign currency swaps	(37)		136		(38)		(160)
Derivatives not designated as hedges
Interest rate contracts	52		—		—		—
Total income (loss) recognized	$	40	$	—	$	(2)	$	—

_________________

(a)Total interest expense was $1.0 billion and $577 million for the three months ended March 31, 2023 and 2022.

(b)Total operating expenses were $442 million and $372 million for the three months ended March 31, 2023 and 2022.

(c)Transaction activity recorded in operating expenses related to foreign currency-denominated loans.

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:

	Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,
	2023		2022
Fair value hedges
Foreign currency swaps	$	—	$	(2)
Cash flow hedges
Interest rate swaps	1		4
Foreign currency swaps	29		(57)
Total	$	30	$	(55)

	(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss)
	Three Months Ended March 31,
	2023		2022
Fair value hedges
Foreign currency swaps	$	—	$	2
Cash flow hedges
Interest rate swaps	(7)		(1)
Foreign currency swaps	(76)		149
Total	$	(82)	$	150

All amounts reclassified from accumulated other comprehensive income (loss) were recorded to interest expense. During the next 12 months, we estimate $33 million in losses will be reclassified into pre-tax earnings from derivatives designated for hedge accounting.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal Proceedings We are subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against us could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus we cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm.

In accordance with the current accounting standards for loss contingencies, we establish reserves for legal matters when it is probable that a loss associated with the matter has been incurred and the amount of the loss can be reasonably estimated. The actual costs of resolving legal matters may be higher or lower than any amounts reserved for these matters. At March 31, 2023, we estimated our reasonably possible legal exposure for unfavorable outcomes to be approximately $168 million, and we have accrued $143 million.

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 $79 million at March 31, 2023.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Shareholders' Equity

	March 31, 2023	December 31, 2022
Common Stock
Number of shares authorized	10,000,000	10,000,000
Number of shares issued and outstanding	5,050,000	5,050,000

During the three months ended March 31, 2023, our Board of Directors declared and paid dividends of $450 million on our common stock to General Motors Holdings LLC.

	March 31, 2023	December 31, 2022
Preferred Stock
Number of shares authorized	250,000,000	250,000,000
Number of shares issued and outstanding
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock)	1,000,000	1,000,000
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock)	500,000	500,000
Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series C (Series C Preferred Stock)	500,000	500,000

During both the three months ended March 31, 2023 and 2022, we paid dividends of $29 million to holders of record of our Series A Preferred Stock, $16 million to holders of record of our Series B Preferred Stock, and $14 million to holders of record of our Series C Preferred Stock.

The following table summarizes the significant components of accumulated other comprehensive income (loss):

	Three Months Ended March 31,
	2023		2022
Unrealized gain (loss) on hedges
Beginning balance	$	(21)	$	(77)
Change in value of hedges, net of tax	(52)		95
Ending balance	(73)		19
Defined benefit plans
Beginning balance	1		1
Unrealized gain (loss) on subsidiary pension, net of tax	—		—
Ending balance	1		—
Foreign currency translation adjustment
Beginning balance	(1,352)		(1,197)
Translation gain (loss), net of tax	102		144
Ending balance	(1,251)		(1,053)
Total accumulated other comprehensive income (loss)	$	(1,323)	$	(1,034)

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Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are included in GM’s consolidated U.S. federal income tax return and 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 our financial statements as if we filed our own tax returns in each jurisdiction. Refer to Note 2 for further information on related party taxes payable.

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Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Our chief operating decision maker evaluates the operating results and performance of our business based on our North America and International Segments. The management of each segment is responsible for executing our strategies. Key operating data for our operating segments were as follows:

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	North America		International		Total		North America		International		Total
Total revenue	$	3,049	$	294	$	3,343	$	2,930	$	226	$	3,156
Operating expenses	358		84		442		303		69		372
Leased vehicle expenses	1,022		17		1,039		842		13		855
Provision for loan losses	114		17		131		98		24		122
Interest expense	877		123		1,000		507		70		577
Equity income	—		41		41		—		54		54
Income before income taxes	$	677	$	94	$	771	$	1,179	$	105	$	1,284

	March 31, 2023						December 31, 2022
	North America		International		Total		North America		International		Total
Finance receivables, net	$	70,940	$	5,238	$	76,178	$	69,705	$	4,809	$	74,514
Leased vehicles, net	$	31,566	$	282	$	31,848	$	32,454	$	247	$	32,701
Total assets	$	115,050	$	8,515	$	123,565	$	114,612	$	7,934	$	122,545

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Regulatory Capital and Other Regulatory Matters	3 Months Ended
	Mar. 31, 2023
Regulatory Capital and Other Regulatory Matters [Abstract]
Regulatory Capital and Other Regulatory Matters	Regulatory Capital and Other Regulatory MattersWe 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 $6.2 billion and $5.8 billion at March 31, 2023 and December 31, 2022.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation.

The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission on January 31, 2023 (2022 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

The condensed consolidated financial statements at March 31, 2023, and for the three months ended March 31, 2023 and 2022, 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. The condensed consolidated balance sheet at December 31, 2022 was derived from audited annual financial statements.

Segment Information

Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (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: North America (North America Segment) and International (International Segment). Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) and enhances certain disclosure requirements. We adopted ASU 2022-02 on a modified retrospective basis on January 1, 2023. The impact of the adoption of ASU 2022-02 was insignificant. Refer to Note 3 for additional information.

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The following tables present related party transactions:

Balance Sheet Data	March 31, 2023		December 31, 2022
Commercial finance receivables, net due from dealers consolidated by GM	$	163	$	187
Cruise receivables	$	151	$	113
Subvention receivable	$	594	$	469
Commercial loan funding payable	$	72	$	105
Taxes payable	$	374	$	8

	Three Months Ended March 31,
Income Statement Data	2023		2022
Interest subvention earned on retail finance receivables(a)	$	257	$	210
Interest subvention earned on commercial finance receivables(a)	$	22	$	10
Leased vehicle subvention earned(b)	$	393	$	547

_________________

(a) Included in finance charge income.

(b) Included as a reduction to leased vehicle expenses.

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Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2023

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Finance Receivables, Net

	March 31, 2023		December 31, 2022
Retail finance receivables
Retail finance receivables, net of fees(a)	$	67,704	$	65,322
Less: allowance for loan losses	(2,123)		(2,062)
Total retail finance receivables, net	65,581		63,260
Commercial finance receivables
Commercial finance receivables, net of fees(b)	10,627		11,288
Less: allowance for loan losses	(29)		(34)
Total commercial finance receivables, net	10,597		11,254
Total finance receivables, net	$	76,178	$	74,514
Fair value utilizing Level 2 inputs	$	10,597	$	11,254
Fair value utilizing Level 3 inputs	$	65,165	$	62,150

________________

(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(b) Net of dealer cash management balances of $2.2 billion and $1.9 billion at March 31, 2023 and December 31, 2022.

Allowance for Credit Losses on Financing Receivables

A summary of the activity in the allowance for retail loan losses is as follows:

	Three Months Ended March 31,
	2023		2022
Allowance for retail loan losses beginning balance	$	2,062	$	1,839
Provision for loan losses	137		126
Charge-offs	(322)		(275)
Recoveries	186		177
Foreign currency translation and other	60		18
Allowance for retail loan losses ending balance	$	2,123	$	1,884

Financing Receivable Credit Quality Indicators

The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at March 31, 2023 and December 31, 2022:

	Year of Origination												March 31, 2023
	2023		2022		2021		2020		2019		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	6,996	$	20,633	$	12,223	$	7,149	$	1,915	$	914	$	49,829	73.6	%
Near-prime - FICO Score 620 to 679	832		3,012		2,389		1,345		599		322		8,498		12.6
Sub-prime - FICO Score less than 620	835		3,054		2,525		1,443		916		603		9,377		13.8
Retail finance receivables, net of fees	$	8,663	$	26,699	$	17,138	$	9,936	$	3,429	$	1,839	$	67,704	100.0	%

	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
Prime - FICO Score 680 and greater	$	22,677	$	13,399	$	7,991	$	2,254	$	1,019	$	205	$	47,543	72.8	%
Near-prime - FICO Score 620 to 679	3,202		2,601		1,487		688		310		104		8,392		12.8
Sub-prime - FICO Score less than 620	3,211		2,746		1,604		1,051		496		280		9,388		14.4
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589	$	65,322	100.0	%

Our commercial risk model and risk rating categories are as follows:

Dealer Risk Rating	Description
I	Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
II	Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
III	Non-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IV	Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable.

The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2023 and December 31, 2022:

	Year of Origination														March 31, 2023
Dealer Risk Rating	Revolving		2023		2022		2021		2020		2019		Prior		Total		Percent
I	$	8,936	$	116	$	562	$	341	$	345	$	98	$	49	$	10,446	98.3	%
II	94		—		—		1		—		—		—		96		0.9
III	59		—		15		—		—		10		—		84		0.8
IV	—		—		—		—		—		—		—		—		—
Balance at end of period	$	9,089	$	116	$	578	$	343	$	345	$	108	$	49	$	10,627	100.0	%

	Year of Origination														December 31, 2022
Dealer Risk Rating	Revolving		2022		2021		2020		2019		2018		Prior		Total		Percent
I	$	9,624	$	566	$	361	$	372	$	102	$	45	$	24	$	11,094	98.3	%
II	89		—		1		—		—		—		—		91		0.8
III	78		15		—		—		10		—		—		104		0.9
IV	—		—		—		—		—		—		—		—		—
Balance at end of period	$	9,791	$	581	$	363	$	372	$	112	$	45	$	25	$	11,288	100.0	%

Past Due Financing Receivables

The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at March 31, 2023 and December 31, 2022, as well as summary totals for March 31, 2022. The first table also presents our current period charge-offs by vintage:

	Year of Origination												March 31, 2023				March 31, 2022
	2023		2022		2021		2020		2019		Prior		Total		Percent		Total		Percent
0 - 30 days	$	8,646	$	26,262	$	16,648	$	9,640	$	3,236	$	1,676	$	66,109	97.6	%	$	58,179	97.8	%
31 - 60 days	17		316		363		222		146		124		1,188		1.8		983		1.7
Greater than 60 days	1		104		112		68		43		36		363		0.5		302		0.5
Finance receivables more than 30 days delinquent	17		420		475		290		190		160		1,551		2.3		1,285		2.2
In repossession	—		17		15		6		3		2		44		0.1		39		0.1
Finance receivables more than 30 days delinquent or in repossession	17		437		489		296		193		162		1,595		2.4		1,324		2.2
Retail finance receivables, net of fees	$	8,663	$	26,699	$	17,138	$	9,936	$	3,429	$	1,839	$	67,704	100.0	%	$	59,503	100.0	%
Charge-offs for the three months ended March 31, 2023	$	—	$	102	$	108	$	52	$	32	$	28	$	322

	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
0 - 30 days	$	28,676	$	18,128	$	10,702	$	3,743	$	1,685	$	493	$	63,426	97.1	%
31 - 60 days	310		452		275		184		103		69		1,393		2.1
Greater than 60 days	93		150		98		62		35		26		465		0.7
Finance receivables more than 30 days delinquent	403		603		373		246		138		95		1,857		2.8
In repossession	11		14		6		4		2		1		39		0.1
Finance receivables more than 30 days delinquent or in repossession	414		617		380		249		140		96		1,896		2.9
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589	$	65,322	100.0	%

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Leased Vehicles (Tables)

3 Months Ended

Mar. 31, 2023

Lessor Disclosure [Abstract]

Summary of Leased Vehicles

	March 31, 2023		December 31, 2022
Leased vehicles	$	44,867	$	46,069
Manufacturer subvention	(4,876)		(5,150)
Net capitalized cost	39,991		40,919
Less: accumulated depreciation	(8,143)		(8,218)
Leased vehicles, net	$	31,848	$	32,701

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 at March 31, 2023:

	Years Ending December 31,
	2023		2024		2025		2026		2027		Thereafter		Total
Lease payments under operating leases	$	3,807	$	3,293	$	1,505	$	243	$	8	$	—	$	8,855

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Equity in Net Assets of Non-consolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2023

Noncontrolling Interest [Abstract]

Summarized Financial Data of Nonconsolidated Affiliates

The following table presents certain aggregated operating data of our joint ventures:

	Three Months Ended March 31,
Summarized Operating Data	2023		2022
Finance charge income	$	392	$	451
Income before income taxes	$	155	$	206
Net income	$	116	$	154

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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	2,839	$	2,839	$	3,931	$	3,931
Securitization notes payable	38,414		37,934		38,200		37,537
Total secured debt	41,253		40,773		42,131		41,467
Unsecured debt
Senior notes	47,939		46,158		46,111		43,676
Credit facilities	1,587		1,563		1,473		1,448
Other unsecured debt	7,287		7,288		7,139		7,146
Total unsecured debt	56,814		55,009		54,723		52,270
Total secured and unsecured debt	$	98,067	$	95,782	$	96,854	$	93,738
Fair value utilizing Level 2 inputs			$	93,799			$	91,545
Fair value utilizing Level 3 inputs			$	1,983			$	2,192

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Variable Interest Entities and Other Transfers of Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2023

Securitization and Credit Facility VIEs

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the assets and liabilities related to our consolidated VIEs:

	March 31, 2023		December 31, 2022
Restricted cash(a)	$	2,638	$	2,535
Finance receivables, net of fees	$	38,109	$	38,774
Lease related assets	$	16,414	$	18,456
Secured debt	$	41,312	$	42,188

_______________

(a) Included in other assets.

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Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:

	March 31, 2023						December 31, 2022
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps	$	16,559	$	8	$	334	$	19,950	$	—	$	821
Cash flow hedges
Interest rate swaps	1,637		33		3		1,434		34		1
Foreign currency swaps	8,013		3		497		6,852		—		586
Derivatives not designated as hedges
Interest rate contracts	114,353		1,924		2,073		113,975		2,268		1,984
Total	$	140,562	$	1,968	$	2,907	$	142,212	$	2,302	$	3,392

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:

	Carrying Amount of Hedged Items				Cumulative Amount of Fair Value Hedging Adjustments(a)
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Unsecured debt	$	29,257	$	28,319	$	752	$	781

 _________________

(a)Includes $470 million and $86 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at March 31, 2023 and December 31, 2022.

Effect of Derivative Instruments on the Condensed Consolidated Statements of Income

The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:

	Three Months Ended March 31,
	2023				2022
	Interest Expense(a)		Operating Expenses(b)		Interest Expense(a)		Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps	$	(29)	$	—	$	376	$	—
Interest rate swaps	46		—		(340)		—
Hedged items - foreign currency swaps(c)	—		—		—		23
Foreign currency swaps	—		—		(2)		(24)
Cash flow hedges
Interest rate swaps	9		—		2		—
Hedged items - foreign currency swaps(c)	—		(136)		—		160
Foreign currency swaps	(37)		136		(38)		(160)
Derivatives not designated as hedges
Interest rate contracts	52		—		—		—
Total income (loss) recognized	$	40	$	—	$	(2)	$	—

_________________

(a)Total interest expense was $1.0 billion and $577 million for the three months ended March 31, 2023 and 2022.

(b)Total operating expenses were $442 million and $372 million for the three months ended March 31, 2023 and 2022.

(c)Transaction activity recorded in operating expenses related to foreign currency-denominated loans.

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:

	Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,
	2023		2022
Fair value hedges
Foreign currency swaps	$	—	$	(2)
Cash flow hedges
Interest rate swaps	1		4
Foreign currency swaps	29		(57)
Total	$	30	$	(55)

	(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss)
	Three Months Ended March 31,
	2023		2022
Fair value hedges
Foreign currency swaps	$	—	$	2
Cash flow hedges
Interest rate swaps	(7)		(1)
Foreign currency swaps	(76)		149
Total	$	(82)	$	150

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Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Summary of Common and Preferred Stock

	March 31, 2023	December 31, 2022
Common Stock
Number of shares authorized	10,000,000	10,000,000
Number of shares issued and outstanding	5,050,000	5,050,000

During the three months ended March 31, 2023, our Board of Directors declared and paid dividends of $450 million on our common stock to General Motors Holdings LLC.

	March 31, 2023	December 31, 2022
Preferred Stock
Number of shares authorized	250,000,000	250,000,000
Number of shares issued and outstanding
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock)	1,000,000	1,000,000
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock)	500,000	500,000
Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series C (Series C Preferred Stock)	500,000	500,000

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the significant components of accumulated other comprehensive income (loss):

	Three Months Ended March 31,
	2023		2022
Unrealized gain (loss) on hedges
Beginning balance	$	(21)	$	(77)
Change in value of hedges, net of tax	(52)		95
Ending balance	(73)		19
Defined benefit plans
Beginning balance	1		1
Unrealized gain (loss) on subsidiary pension, net of tax	—		—
Ending balance	1		—
Foreign currency translation adjustment
Beginning balance	(1,352)		(1,197)
Translation gain (loss), net of tax	102		144
Ending balance	(1,251)		(1,053)
Total accumulated other comprehensive income (loss)	$	(1,323)	$	(1,034)

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Key operating data for our operating segments were as follows:

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	North America		International		Total		North America		International		Total
Total revenue	$	3,049	$	294	$	3,343	$	2,930	$	226	$	3,156
Operating expenses	358		84		442		303		69		372
Leased vehicle expenses	1,022		17		1,039		842		13		855
Provision for loan losses	114		17		131		98		24		122
Interest expense	877		123		1,000		507		70		577
Equity income	—		41		41		—		54		54
Income before income taxes	$	677	$	94	$	771	$	1,179	$	105	$	1,284

	March 31, 2023						December 31, 2022
	North America		International		Total		North America		International		Total
Finance receivables, net	$	70,940	$	5,238	$	76,178	$	69,705	$	4,809	$	74,514
Leased vehicles, net	$	31,566	$	282	$	31,848	$	32,454	$	247	$	32,701
Total assets	$	115,050	$	8,515	$	123,565	$	114,612	$	7,934	$	122,545

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Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	2

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Related Party Transactions - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party tax payment				$ 89,000,000
Junior Subordinated Revolving Credit Facility | General Motors
Related Party Transaction [Line Items]
Line of credit facilities - GM Related party facility	$ 1,000,000,000		$ 1,000,000,000
Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity	1,800,000,000		1,800,000,000
Line of Credit | General Motors | Five Year Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity		$ 11,200,000,000
Current borrowing capacity	10,000,000,000		$ 10,000,000,000
Debt instrument term		5 years	5 years
Line of Credit | General Motors | Three Year Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity		$ 4,300,000,000
Current borrowing capacity	$ 4,100,000,000		$ 4,100,000,000
Debt instrument term		3 years
Line of Credit | General Motors | 364 Day Revolving Credit Facilities
Related Party Transaction [Line Items]
Debt instrument term	364 days
Line of Credit | Revolving Credit Facility | General Motors
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 14,100,000,000		14,100,000,000
Line of Credit | Revolving Credit Facility | General Motors | Three Year Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity	4,100,000,000		$ 4,100,000,000
Debt instrument term			3 years
Line of Credit | Revolving Credit Facility | General Motors | 364 Day Revolving Credit Facilities
Related Party Transaction [Line Items]
Maximum borrowing capacity	2,000,000,000		$ 2,000,000,000
Debt instrument term			364 days
Line of Credit | Revolving Credit Facility | Cruise
Related Party Transaction [Line Items]
Long-term line of credit	151,000,000		$ 151,000,000		$ 113,000,000
Maximum borrowing capacity	$ 4,500,000,000		4,500,000,000
GM
Related Party Transaction [Line Items]
Revenue from related parties			$ 749,000,000	$ 439,000,000

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Related Party Transactions - Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Commercial finance receivables, net due from dealers consolidated by GM	$ 76,178		$ 74,514
Revolving Credit Facility | Line of Credit | Cruise
Related Party Transaction [Line Items]
Long-term line of credit	151		113
Commercial Finance Receivables
Related Party Transaction [Line Items]
Commercial finance receivables, net due from dealers consolidated by GM	10,597		11,254
Retail Finance Receivables
Related Party Transaction [Line Items]
Commercial finance receivables, net due from dealers consolidated by GM	65,581		63,260
Affiliated Entity
Related Party Transaction [Line Items]
Subvention receivable	594		469
Leased vehicle subvention earned	393	$ 547
Affiliated Entity | Commercial Finance Receivables
Related Party Transaction [Line Items]
Commercial finance receivables, net due from dealers consolidated by GM	163		187
Commercial loan funding payable	72		105
Taxes payable	374		$ 8
Interest subvention earned	22	10
Affiliated Entity | Retail Finance Receivables
Related Party Transaction [Line Items]
Interest subvention earned	$ 257	$ 210

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Finance Receivables - Finance Receivables, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: allowance for loan losses	$ (2,152)	$ (2,096)
Total finance receivables, net	76,178	74,514
Level 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value utilizing inputs	10,597	11,254
Level 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value utilizing inputs	65,165	62,150
Retail Finance Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net of fees	67,704	65,322	$ 59,503
Less: allowance for loan losses	(2,123)	(2,062)	$ (1,884)	$ (1,839)
Total finance receivables, net	65,581	63,260
Commercial Finance Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net of fees	10,627	11,288
Less: allowance for loan losses	(29)	(34)
Total finance receivables, net	10,597	11,254
Dealer cash management balances	$ 2,200	$ 1,900

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Finance Receivables - Allowance for Loan Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for retail loan losses beginning balance	$ 2,096
Provision for loan losses	131	$ 122
Charge-offs	(322)
Allowance for retail loan losses ending balance	2,152
Retail Finance Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for retail loan losses beginning balance	2,062	1,839
Provision for loan losses	137	126
Charge-offs	(322)	(275)
Recoveries	186	177
Foreign currency translation and other	60	18
Allowance for retail loan losses ending balance	$ 2,123	$ 1,884

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Finance Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs	$ 322
Retail Finance Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss of finance receivables, percentage	3.10%		3.20%
Nonaccrual loans	$ 585		$ 685
Charge-offs	322	$ 275
Commercial Finance Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	0		$ 0
Charge-offs	0
Loan modifications	$ 0

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Finance Receivables - Credit Risk Profile by FICO Score (Details) - Retail Finance Receivables - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 8,663	$ 29,090
2022	26,699	18,745
2021	17,138	11,081
2020	9,936	3,992
2019	3,429	1,824
Prior	1,839	589
Total	$ 67,704	$ 65,322	$ 59,503
Percent	100.00%	100.00%
Prime - FICO Score 680 and greater
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 6,996	$ 22,677
2022	20,633	13,399
2021	12,223	7,991
2020	7,149	2,254
2019	1,915	1,019
Prior	914	205
Total	$ 49,829	$ 47,543
Percent	73.60%	72.80%
Near-prime - FICO Score 620 to 679
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 832	$ 3,202
2022	3,012	2,601
2021	2,389	1,487
2020	1,345	688
2019	599	310
Prior	322	104
Total	$ 8,498	$ 8,392
Percent	12.60%	12.80%
Sub-prime - FICO Score less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 835	$ 3,211
2022	3,054	2,746
2021	2,525	1,604
2020	1,443	1,051
2019	916	496
Prior	603	280
Total	$ 9,377	$ 9,388
Percent	13.80%	14.40%

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Finance Receivables - Delinquency (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Charge-offs for the three months ended March 31, 2023
2023	$ 0
2022	102
2021	108
2020	52
2019	32
Prior	28
Total	322
Retail Finance Receivables
Financing Receivable, Past Due [Line Items]
2023	8,663		$ 29,090
2022	26,699		18,745
2021	17,138		11,081
2020	9,936		3,992
2019	3,429		1,824
Prior	1,839		589
Total	$ 67,704	$ 59,503	$ 65,322
Percent of portfolio	100.00%	100.00%	100.00%
Charge-offs for the three months ended March 31, 2023
Total	$ 322	$ 275
Retail Finance Receivables | Performing Financial Instruments | 0 - 30 days
Financing Receivable, Past Due [Line Items]
2023	8,646		$ 28,676
2022	26,262		18,128
2021	16,648		10,702
2020	9,640		3,743
2019	3,236		1,685
Prior	1,676		493
Total	$ 66,109	$ 58,179	$ 63,426
Percent of portfolio	97.60%	97.80%	97.10%
Retail Finance Receivables | Nonperforming Financial Instruments | 31 - 60 days
Financing Receivable, Past Due [Line Items]
2023	$ 17		$ 310
2022	316		452
2021	363		275
2020	222		184
2019	146		103
Prior	124		69
Total	$ 1,188	$ 983	$ 1,393
Percent of portfolio	1.80%	1.70%	2.10%
Retail Finance Receivables | Nonperforming Financial Instruments | Greater than 60 days
Financing Receivable, Past Due [Line Items]
2023	$ 1		$ 93
2022	104		150
2021	112		98
2020	68		62
2019	43		35
Prior	36		26
Total	$ 363	$ 302	$ 465
Percent of portfolio	0.50%	0.50%	0.70%
Retail Finance Receivables | Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent
Financing Receivable, Past Due [Line Items]
2023	$ 17		$ 403
2022	420		603
2021	475		373
2020	290		246
2019	190		138
Prior	160		95
Total	$ 1,551	$ 1,285	$ 1,857
Percent of portfolio	2.30%	2.20%	2.80%
Retail Finance Receivables | Nonperforming Financial Instruments | In repossession
Financing Receivable, Past Due [Line Items]
2023	$ 0		$ 11
2022	17		14
2021	15		6
2020	6		4
2019	3		2
Prior	2		1
Total	$ 44	$ 39	$ 39
Percent of portfolio	0.10%	0.10%	0.10%
Retail Finance Receivables | Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent or in repossession
Financing Receivable, Past Due [Line Items]
2023	$ 17		$ 414
2022	437		617
2021	489		380
2020	296		249
2019	193		140
Prior	162		96
Total	$ 1,595	$ 1,324	$ 1,896
Percent of portfolio	2.40%	2.20%	2.90%

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Finance Receivables - Credit Risk Profile by Dealer (Details) - Commercial Finance Receivables - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	$ 9,089	$ 9,791
2023	116	581
2022	578	363
2021	343	372
2020	345	112
2019	108	45
Prior	49	25
Total	$ 10,627	$ 11,288
Percent	100.00%	100.00%
Floorplan Advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of revolving balance	96.00%	97.00%
Group I - Performing accounts with strong to acceptable financial metrics
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	$ 8,936	$ 9,624
2023	116	566
2022	562	361
2021	341	372
2020	345	102
2019	98	45
Prior	49	24
Total	$ 10,446	$ 11,094
Percent	98.30%	98.30%
Group II - Performing accounts experiencing potential weakness in financial metrics
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	$ 94	$ 89
2023	0	0
2022	0	1
2021	1	0
2020	0	0
2019	0	0
Prior	0	0
Total	$ 96	$ 91
Percent	0.90%	0.80%
Group III - Non-Performing accounts with inadequate paying capacity for current obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	$ 59	$ 78
2023	0	15
2022	15	0
2021	0	0
2020	0	10
2019	10	0
Prior	0	0
Total	$ 84	$ 104
Percent	0.80%	0.90%
Group IV - Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	$ 0	$ 0
2023	0	0
2022	0	0
2021	0	0
2020	0	0
2019	0	0
Prior	0	0
Total	$ 0	$ 0
Percent	0.00%	0.00%

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Leased Vehicles - Summary of Leased Vehicles (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessor Disclosure [Abstract]
Leased vehicles	$ 44,867		$ 46,069
Manufacturer subvention	(4,876)		(5,150)
Net capitalized cost	39,991		40,919
Less: accumulated depreciation	(8,143)		(8,218)
Leased vehicles, net	31,848		$ 32,701
Depreciation expense	$ 1,200	$ 1,200

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Leased Vehicles - Minimum Rental Payments (Details) $ in Millions	Mar. 31, 2023 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2023	$ 3,807
2024	3,293
2025	1,505
2026	243
2027	8
Thereafter	0
Total	$ 8,855

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Equity in Net Assets of Non-consolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Finance charge income	$ 1,368	$ 1,010
Income before income taxes	771	1,284
Net income	41	54
Joint Ventures
Noncontrolling Interest [Line Items]
Finance charge income	392	451
Income before income taxes	155	206
Net income	116	$ 154
Undistributed earnings	$ 836		$ 795

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Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short Term and Long Term Debt [Line Items]
Secured debt	$ 41,253	$ 42,131
Unsecured debt	56,814	54,723
Total secured and unsecured debt	98,067	96,854
Secured debt fair value	40,773	41,467
Unsecured debt fair value	55,009	52,270
Fair value of Secured and Unsecured debt	95,782	93,738
Level 2
Short Term and Long Term Debt [Line Items]
Fair value of Secured and Unsecured debt	93,799	91,545
Level 3
Short Term and Long Term Debt [Line Items]
Fair value of Secured and Unsecured debt	1,983	2,192
Revolving Credit Facility
Short Term and Long Term Debt [Line Items]
Secured debt	2,839	3,931
Unsecured debt	1,587	1,473
Secured debt fair value	2,839	3,931
Unsecured debt fair value	1,563	1,448
Securitization Notes Payable
Short Term and Long Term Debt [Line Items]
Secured debt	38,414	38,200
Secured debt fair value	37,934	37,537
Senior Notes
Short Term and Long Term Debt [Line Items]
Unsecured debt	47,939	46,111
Unsecured debt fair value	46,158	43,676
Other Unsecured Debt
Short Term and Long Term Debt [Line Items]
Unsecured debt	7,287	7,139
Unsecured debt fair value	$ 7,288	$ 7,146

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Debt - Narrative (Details) $ in Billions	Mar. 31, 2023 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Renewed borrowing capacity	$ 1.8
Secured Debt | Securitization Notes Payable with Maturity Dates from 2027 to 2032
Debt Instrument [Line Items]
Debt instrument, face amount	$ 5.1
Weighted average interest rate	5.25%
Unsecured Senior Notes | Senior Notes with Maturity Dates from 2024 to 2032
Debt Instrument [Line Items]
Debt instrument, face amount	$ 3.2
Weighted average interest rate	5.41%

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Variable Interest Entities and Other Transfers of Finance Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Restricted cash	$ 2,796
Finance receivables, net of fees	76,178	$ 74,514
Lease related assets	31,848	32,701
Secured debt	41,253	42,131
Securitization and Credit Facility VIEs
Variable Interest Entity [Line Items]
Restricted cash	2,638	2,535
Finance receivables, net of fees	38,109	38,774
Lease related assets	16,414	18,456
Secured debt	$ 41,312	$ 42,188

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Derivative Financial Instruments and Hedging Activities - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional	$ 140,562	$ 142,212
Fair Value of Assets	1,968	2,302
Fair Value of Liabilities	2,907	3,392
Fair value of assets (liabilities) available for offset	1,200	1,300
Other Liabilities
Derivatives, Fair Value [Line Items]
Collateral held for netting against asset positions	480	553
Other Assets
Derivatives, Fair Value [Line Items]
Collateral available for netting against liability positions	1,200	1,500
Derivatives designated as hedges | Fair value hedges | Interest rate swaps | Level 2
Derivatives, Fair Value [Line Items]
Notional	16,559	19,950
Fair Value of Assets	8	0
Fair Value of Liabilities	334	821
Derivatives designated as hedges | Cash flow hedges | Interest rate swaps | Level 2
Derivatives, Fair Value [Line Items]
Notional	1,637	1,434
Fair Value of Assets	33	34
Fair Value of Liabilities	3	1
Derivatives designated as hedges | Cash flow hedges | Foreign currency swaps | Level 2
Derivatives, Fair Value [Line Items]
Notional	8,013	6,852
Fair Value of Assets	3	0
Fair Value of Liabilities	497	586
Derivatives not designated as hedges | Interest rate contracts | Level 2
Derivatives, Fair Value [Line Items]
Notional	114,353	113,975
Fair Value of Assets	1,924	2,268
Fair Value of Liabilities	$ 2,073	$ 1,984

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Derivative Financial Instruments and Hedging Activities - Balance Sheet (Details) - Derivatives designated as hedges - Fair value hedges - Unsecured Debt - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Carrying Amount of Hedged Items	$ 29,257	$ 28,319
Cumulative Amount of Fair Value Hedging Adjustments	752	781
Discontinued hedge cumulative amount of fair value hedging adjustments	$ 470	$ 86

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Derivative Financial Instruments and Hedging Activities - Income (Losses) Recognized in Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives, Fair Value [Line Items]
Interest expense	$ 1,000	$ 577
Operating expenses	442	372
Losses to be reclassified in next twelve months	33
AOCI Attributable to Parent
Derivatives, Fair Value [Line Items]
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss)	30	(55)
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss)	(82)	150
Fair value hedges | Foreign currency translation adjustment | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss)	0	(2)
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss)	0	2
Cash flow hedges | Foreign currency translation adjustment | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss)	29	(57)
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss)	(76)	149
Cash flow hedges | Unrealized gain (loss) on hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss)	1	4
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss)	(7)	(1)
Interest Expense
Derivatives, Fair Value [Line Items]
Total income (loss) recognized	40	(2)
Operating Expense
Derivatives, Fair Value [Line Items]
Total income (loss) recognized	0	0
Derivatives designated as hedges | Interest Expense | Fair value hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Hedged items	(29)	376
Interest rate swaps and Foreign currency swaps	46	(340)
Derivatives designated as hedges | Interest Expense | Fair value hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Hedged items	0	0
Interest rate swaps and Foreign currency swaps	0	(2)
Derivatives designated as hedges | Interest Expense | Cash flow hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest rate swaps and Foreign currency swaps	9	2
Derivatives designated as hedges | Interest Expense | Cash flow hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Hedged items	0	0
Interest rate swaps and Foreign currency swaps	(37)	(38)
Derivatives designated as hedges | Operating Expense | Fair value hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Hedged items	0	0
Interest rate swaps and Foreign currency swaps	0	0
Derivatives designated as hedges | Operating Expense | Fair value hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Hedged items	0	23
Interest rate swaps and Foreign currency swaps	0	(24)
Derivatives designated as hedges | Operating Expense | Cash flow hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest rate swaps and Foreign currency swaps	0	0
Derivatives designated as hedges | Operating Expense | Cash flow hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Hedged items	(136)	160
Interest rate swaps and Foreign currency swaps	136	(160)
Derivatives not designated as hedges | Interest Expense | Interest rate contracts
Derivatives, Fair Value [Line Items]
Interest rate contracts	52	0
Derivatives not designated as hedges | Operating Expense | Interest rate contracts
Derivatives, Fair Value [Line Items]
Interest rate contracts	$ 0	$ 0

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Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Estimate of possible loss	$ 168
Loss accrual	143
Indirect tax contingency	$ 79

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Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Common stock dividends declared and paid	$ 450
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared and paid	29	$ 29
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared and paid	16	16
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared and paid	$ 14	$ 14

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Shareholders' Equity - Summary of Common and Preferred Stock (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock shares authorized	10,000,000	10,000,000
Common stock shares issued	5,050,000	5,050,000
Common stock shares outstanding	5,050,000	5,050,000
Preferred stock shares authorized	250,000,000	250,000,000
Fixed-to-Floating Rate Cumulative Preferred Stock Series A
Class of Stock [Line Items]
Preferred stock shares issued	1,000,000	1,000,000
Preferred stock shares outstanding	1,000,000	1,000,000
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock shares issued	500,000	500,000
Preferred stock shares outstanding	500,000	500,000
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock shares issued	500,000	500,000
Preferred stock shares outstanding	500,000	500,000

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Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	$ 15,010	$ 13,794
Balance at end of period	15,201	15,004
Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	(1,373)	(1,273)
Balance at end of period	(1,323)	(1,034)
Unrealized gain (loss) on hedges
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	(21)	(77)
Other comprehensive income (loss), net of tax	(52)	95
Balance at end of period	(73)	19
Defined benefit plans
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	1	1
Other comprehensive income (loss), net of tax	0	0
Balance at end of period	1	0
Foreign currency translation adjustment
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	(1,352)	(1,197)
Other comprehensive income (loss), net of tax	102	144
Balance at end of period	$ (1,251)	$ (1,053)

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Segment Reporting - Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 3,343	$ 3,156
Operating expenses	442	372
Leased vehicle expenses	1,039	855
Provision for loan losses	131	122
Interest expense	1,000	577
Equity income	41	54
Income before income taxes	771	1,284
North America Segment
Segment Reporting Information [Line Items]
Total revenue	3,049	2,930
Operating expenses	358	303
Leased vehicle expenses	1,022	842
Provision for loan losses	114	98
Interest expense	877	507
Equity income	0	0
Income before income taxes	677	1,179
International Segment
Segment Reporting Information [Line Items]
Total revenue	294	226
Operating expenses	84	69
Leased vehicle expenses	17	13
Provision for loan losses	17	24
Interest expense	123	70
Equity income	41	54
Income before income taxes	$ 94	$ 105

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Segment Reporting - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Finance receivables, net of fees	$ 76,178	$ 74,514
Leased vehicles, net (Note 4; Note 7)	31,848	32,701
Total assets	123,565	122,545
North America Segment
Segment Reporting Information [Line Items]
Finance receivables, net of fees	70,940	69,705
Leased vehicles, net (Note 4; Note 7)	31,566	32,454
Total assets	115,050	114,612
International Segment
Segment Reporting Information [Line Items]
Finance receivables, net of fees	5,238	4,809
Leased vehicles, net (Note 4; Note 7)	282	247
Total assets	$ 8,515	$ 7,934

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Regulatory Capital and Other Regulatory Matters (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Capital Requirements on Foreign Financial Institutions [Line Items]
Assets	$ 123,565	$ 122,545
International Regulated Bank And Finance Companies
Capital Requirements on Foreign Financial Institutions [Line Items]
Assets	$ 6,200	$ 5,800