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Table of Contents
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 June 30, 2024
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)
Texas75-2291093
(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 classTrading SymbolName of each exchange on which registered
5.250% Senior Notes due 2026GM/26New 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 July 22, 2024, 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
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Notes to Condensed Consolidated Financial Statements
Note 1. Business and Basis of Presentation
Note 2. Related Party Transactions
Note 3. Finance Receivables
Note 4. Leased Vehicles
Note 5. Equity in Net Assets of Nonconsolidated Affiliates
Note 6. Debt
Note 7. Variable Interest Entities
Note 8. Derivative Financial Instruments and Hedging Activities
Note 9. Commitments and Contingencies
Note 10. Shareholders' Equity
Note 11. Income Taxes
Note 12. Segment Reporting
Note 13. Regulatory Capital and Other Regulatory Matters
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
PART II
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 6.
Exhibits
Signature

Table of Contents
GENERAL MOTORS FINANCIAL COMPANY, INC.
PART I
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
 June 30, 2024December 31, 2023
ASSETS
Cash and cash equivalents$7,448 $5,282 
Finance receivables, net of allowance for loan losses of $2,311 and $2,344
88,151 84,637 
Leased vehicles, net (Note 4; Note 7)
30,345 30,582 
Goodwill and intangible assets1,176 1,184 
Equity in net assets of nonconsolidated affiliates (Note 5)
1,675 1,670 
Related party receivables (Note 2)
595 540 
Other assets (Note 7)
7,932 8,116 
Total assets$137,322 $132,011 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 6; Note 7)
$44,630 $45,243 
Unsecured debt (Note 6)
65,476 60,084 
Deferred income2,320 2,313 
Related party payables (Note 2)
518 445 
Other liabilities8,841 8,383 
Total liabilities121,785 116,468 
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 capital8,797 8,783 
Accumulated other comprehensive income (loss)(1,414)(1,208)
Retained earnings8,155 7,967 
Total shareholders' equity15,538 15,542 
Total liabilities and shareholders' equity$137,322 $132,011 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
1
Table of Contents
GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Revenue
Finance charge income$1,876 $1,490 $3,662 $2,859 
Leased vehicle income1,803 1,820 3,603 3,638 
Other income239 187 464 343 
Total revenue3,918 3,498 7,729 6,840 
Costs and expenses
Operating expenses479 456 937 899 
Leased vehicle expenses972 1,011 2,019 2,050 
Provision for loan losses (Note 3)
174 167 378 298 
Interest expense1,485 1,135 2,881 2,134 
Total costs and expenses3,109 2,768 6,215 5,381 
Equity income (Note 5)
14 37 45 78 
Income before income taxes822 766 1,559 1,537 
Income tax provision (Note 11)
212 195 412 382 
Net income (loss)610 571 1,147 1,155 
Less: cumulative dividends on preferred stock30 30 59 59 
Net income (loss) attributable to common shareholder$581 $541 $1,088 $1,096 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net income (loss)$610 $571 $1,147 $1,155 
Other comprehensive income (loss), net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $3, $(3) $(6), $14
(9)11 17 (42)
Foreign currency translation adjustment(159)— (224)102 
Other comprehensive income (loss), net of tax(168)11 (207)60 
Comprehensive income (loss)$442 $582 $940 $1,215 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions) (Unaudited)
Common StockPreferred StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal
Shareholders'
Equity
Balance at January 1, 2023$— $— $8,742 $(1,373)$7,641 $15,010 
Net income (loss)— — — — 584 584 
Other comprehensive income (loss)— — — 49 — 49 
Stock-based compensation— — 7 — — 7 
Dividends paid (Note 10)
— — — — (450)(450)
Balance at March 31, 2023— — 8,749 (1,323)7,775 15,201 
Net income (loss)— — — — 571 571 
Other comprehensive income (loss)— — — 11 — 11 
Stock-based compensation— — 11 — — 11 
Dividends paid (Note 10)
— — — — (450)(450)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2023$— $— $8,760 $(1,312)$7,837 $15,284 
Balance at January 1, 2024$— $— $8,783 $(1,208)$7,967 $15,542 
Net income (loss)— — — — 536 536 
Other comprehensive income (loss)— — — (39)— (39)
Stock-based compensation— — 6 — — 6 
Dividends paid (Note 10)
— — — — (450)(450)
Balance at March 31, 2024— — 8,789 (1,246)8,054 15,596 
Net income (loss)— — — — 610 610 
Other comprehensive income (loss)— — — (168)— (168)
Stock-based compensation— — 8 — — 8 
Dividends paid (Note 10)
— — — — (450)(450)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2024$— $— $8,797 $(1,414)$8,155 $15,538 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Six Months Ended June 30,
20242023
Cash flows from operating activities
Net income (loss)$1,147 $1,155 
Depreciation and amortization2,626 2,630 
Accretion and amortization of loan and leasing fees(728)(648)
Undistributed earnings of nonconsolidated affiliates, net(45)(78)
Provision for loan losses378 298 
Deferred income taxes287 (4)
Stock-based compensation expense19 19 
Gain on termination of leased vehicles(417)(435)
Other operating activities(45)(67)
Changes in assets and liabilities:
Other assets(304)(107)
Other liabilities253 381 
Related party payables44 266 
Net cash provided by (used in) operating activities3,214 3,411 
Cash flows from investing activities
Purchases and funding of finance receivables(17,025)(18,182)
Principal collections and recoveries on finance receivables15,577 13,921 
Net change in floorplan and other short-duration receivables(2,991)(7)
Purchases of leased vehicles(7,489)(6,834)
Proceeds from termination of leased vehicles6,157 6,673 
Other investing activities(10)(15)
Net cash provided by (used in) investing activities(5,781)(4,445)
Cash flows from financing activities
Net change in debt (original maturities of three months or less)296 74 
Borrowings and issuances of secured debt13,984 14,676 
Payments on secured debt(14,762)(14,902)
Borrowings and issuances of unsecured debt15,367 11,548 
Payments on unsecured debt(9,053)(7,335)
Debt issuance costs(112)(91)
Dividends paid(959)(959)
Net cash provided by (used in) financing activities4,760 3,010 
Net increase (decrease) in cash, cash equivalents and restricted cash 2,194 1,976 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(58)62 
Cash, cash equivalents and restricted cash at beginning of period8,249 6,676 
Cash, cash equivalents and restricted cash at end of period$10,384 $8,715 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
June 30, 2024
Cash and cash equivalents$7,448 
Restricted cash included in other assets2,937 
Total$10,384 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Business and Basis of Presentation
General Motors Financial Company, Inc. (sometimes referred to as we, us, our, the Company, or GM Financial), the wholly-owned captive finance subsidiary of General Motors Company (GM), is a global provider of automobile finance solutions. We provide retail loan and lease financing across the credit spectrum to support vehicle sales. Additionally, we offer commercial lending products to dealers, including floorplan financing, which is lending to finance new and used vehicle inventory, and dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, or to purchase and/or finance dealership real estate.
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, 2023, as filed with the Securities and Exchange Commission on January 30, 2024 (2023 Form 10-K).
The condensed consolidated financial statements at June 30, 2024, and for the three and six months ended June 30, 2024 and 2023, 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, 2023 was derived from audited annual financial statements. Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.
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 $934 million and $915 million for the three months ended June 30, 2024 and 2023, and $1.7 billion for both the six months ended June 30, 2024 and 2023. 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 in support of commercialization. Advances under this credit agreement are guaranteed by GM Cruise Holdings LLC. At June 30, 2024 and December 31, 2023, Cruise had $395 million and $353 million of borrowings outstanding and access to an additional $3.4 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 the related tax liabilities. During the six months ended June 30, 2024, no payments were made to GM for state and federal income taxes. During the six months ended June 30, 2023, we made payments of $30 million to GM for state and federal income taxes related to the tax years 2020 through 2023. Amounts owed to GM for income taxes are recorded as a related party payable.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following tables present related party transactions:
Balance Sheet DataJune 30, 2024December 31, 2023
Commercial finance receivables due from dealers consolidated by GM
$226 $164 
Commercial finance receivables due from Cruise$395 $353 
Subvention receivable from GM$558 $508 
Commercial loan funding payable to GM$83 $55 
Taxes payable to GM$430 $384 
Three Months Ended June 30,Six Months Ended June 30,
Income Statement Data2024202320242023
Interest subvention earned on retail finance receivables(a)
$316 $280 $624 $537 
Interest subvention earned on commercial finance receivables(a)
$30 $27 $57 $49 
Leased vehicle subvention earned(b)
$359 $389 $723 $782 
_________________
(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.
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 June 30, 2024 and December 31, 2023. In March 2024, GM renewed the GM Revolving 364-Day Credit Facility, which now matures on March 27, 2025.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 3. Finance Receivables
June 30, 2024December 31, 2023
Retail finance receivables
Retail finance receivables(a)
$73,335 $72,729 
Less: allowance for loan losses(2,261)(2,308)
Total retail finance receivables, net71,074 70,421 
Commercial finance receivables
Commercial finance receivables(a)(b)
17,127 14,251 
Less: allowance for loan losses(50)(36)
Total commercial finance receivables, net17,078 14,216 
Total finance receivables, net$88,151 $84,637 
Fair value utilizing Level 2 inputs$17,078 $14,216 
Fair value utilizing Level 3 inputs$71,552 $70,911 
________________
(a)    Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(b)    Includes dealer financing of $16.3 billion and $13.4 billion, and other financing of $826 million and $830 million at June 30, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $3.0 billion and $2.6 billion at June 30, 2024 and December 31, 2023.
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 June 30,Six Months Ended June 30,
2024202320242023
Allowance for retail loan losses beginning balance$2,320 $2,123 $2,308 $2,062 
Provision for loan losses159 161 364 298 
Charge-offs(411)(323)(816)(645)
Recoveries222 191 434 377 
Foreign currency translation and other(28)14 (30)74 
Allowance for retail loan losses ending balance$2,261 $2,166 $2,261 $2,166 
The allowance for retail loan losses as a percentage of retail finance receivables was 3.1% and 3.2% at June 30, 2024 and December 31, 2023.
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 June 30, 2024 and December 31, 2023:
Year of OriginationJune 30, 2024
 20242023202220212020PriorTotalPercent
Prime - FICO Score 680 and greater$11,725 $19,600 $12,532 $7,131 $3,651 $772 $55,411 75.6 %
Near-prime - FICO Score 620 to 6791,817 2,701 1,867 1,389 670 291 8,736 11.9 
Sub-prime - FICO Score less than 6201,908 2,553 1,951 1,487 752 539 9,188 12.5 
Retail finance receivables$15,450 $24,854 $16,350 $10,007 $5,073 $1,602 $73,335 100.0 %
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Year of OriginationDecember 31, 2023
 20232022202120202019PriorTotalPercent
Prime - FICO Score 680 and greater$23,940 $15,581 $9,039 $4,926 $1,076 $320 $54,882 75.5 %
Near-prime - FICO Score 620 to 6793,234 2,281 1,746 906 350 129 8,647 11.9 
Sub-prime - FICO Score less than 6203,079 2,397 1,884 1,010 573 257 9,200 12.6 
Retail finance receivables$30,253 $20,259 $12,670 $6,842 $2,000 $707 $72,729 100.0 %
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 June 30, 2024 and December 31, 2023, as well as summary totals for June 30, 2023. The tables also present gross charge offs by vintage for the six months ended June 30, 2024 and the year ended December 31, 2023:
Year of OriginationJune 30, 2024June 30, 2023
20242023202220212020PriorTotalPercentTotalPercent
0 - 30 days$15,306 $24,314 $15,782 $9,551 $4,839 $1,419 $71,211 97.1 %$67,957 97.5 %
31 - 60 days109 383 411 337 175 136 1,551 2.1 1,284 1.8 
Greater than 60 days30 135 138 108 54 44 509 0.7 430 0.6 
Finance receivables more than 30 days delinquent140 518 549 445 229 179 2,060 2.8 1,714 2.5 
In repossession4 22 19 11 5 3 64 0.1 51 0.1 
Finance receivables more than 30 days delinquent or in repossession144 540 567 457 234 182 2,124 2.9 1,765 2.5 
Retail finance receivables$15,450 $24,854 $16,350 $10,007 $5,073 $1,602 $73,335 100.0 %$69,722 100.0 %
Gross charge-offs$13 $262 $254 $161 $68 $59 $816 
Year of OriginationDecember 31, 2023
20232022202120202019PriorTotalPercent
0 - 30 days$29,816 $19,602 $12,098 $6,533 $1,825 $599 $70,472 96.9 %
31 - 60 days318 470 415 227 130 78 1,637 2.3 
Greater than 60 days102 168 142 76 42 29 559 0.8 
Finance receivables more than 30 days delinquent421 637 557 302 172 107 2,196 3.0 
In repossession17 20 14 6 3 1 61 0.1 
Finance receivables more than 30 days delinquent or in repossession437 657 572 308 175 108 2,257 3.1 
Retail finance receivables$30,253 $20,259 $12,670 $6,842 $2,000 $707 $72,729 100.0 %
Gross charge-offs$143 $494 $399 $192 $108 $87 $1,423 
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $774 million and $809 million at June 30, 2024 and December 31, 2023. 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.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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, and we may provide interest rate reductions, principal forgiveness, 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 amortized costs at June 30, 2024 and 2023 of the loans modified during the three and six months ended June 30, 2024 and 2023 were 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 and six months ended June 30, 2024 and 2023.
Commercial Credit Quality Our commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters, as well as advances to certain GM subsidiaries.
For our dealer financing, we use proprietary models to assign a risk rating to each dealer and perform periodic credit reviews of each dealership. We adjust the dealership's risk rating, if necessary. There is limited credit risk associated with other financing due to the structure of the business relationships.
Our dealer risk model and risk rating categories are as follows:
Dealer Risk RatingDescription
IPerforming accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
IIPerforming accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
IIINon-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IVNon-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 dealer credit risk profile by dealer risk rating at June 30, 2024 and December 31, 2023:
Year of OriginationJune 30, 2024
Dealer Risk RatingRevolving20242023202220212020PriorTotalPercent
I
$14,237 $121 $243 $392 $268 $286 $44 $15,591 95.6 %
II
332 — 3 22 — 1 — 358 2.2 
III
301 4 5 — 24 — 18 352 2.2 
IV
— — — — — — — — — 
Balance at end of period$14,870 $125 $251 $414 $292 $287 $62 $16,301 100.0 %
Year of OriginationDecember 31, 2023
Dealer Risk RatingRevolving20232022202120202019PriorTotalPercent
I
$11,638 $295 $417 $297 $301 $85 $11 $13,043 97.2 %
II
182 — 2 2 — — — 187 1.4 
III
152 1 15 12 — 11 — 192 1.4 
IV
— — — — — — — — — 
Balance at end of period$11,971 $296 $435 $311 $301 $96 $11 $13,422 100.0 %
Floorplan advances comprise 99.4% and 99.7% of the total revolving balances at June 30, 2024 and December 31, 2023. Dealer term loans are presented by year of origination.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
At June 30, 2024 and December 31, 2023, 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 and six months ended June 30, 2024 and 2023. There were no commercial finance receivables on nonaccrual status at June 30, 2024 and December 31, 2023.
There were no charge-offs during the six months ended June 30, 2024, and no loan modifications were extended to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023.
Note 4. Leased Vehicles
June 30, 2024December 31, 2023
Leased vehicles(a)
$36,993 $37,921 
Less: accumulated depreciation(6,648)(7,338)
Leased vehicles, net$30,345 $30,582 
________________
(a)    Net of vehicle acquisition costs, less manufacturer incentives and investment tax credits.

Depreciation expense related to leased vehicles, net was $1.2 billion for both the three months ended June 30, 2024 and 2023 and $2.4 billion and $2.5 billion for the six months ended June 30, 2024 and 2023.
The following table summarizes minimum rental payments due to us as lessor under operating leases at June 30, 2024:
Years Ending December 31,
20242025202620272028ThereafterTotal
Lease payments under operating leases
$2,681 $4,229 $2,317 $505 $33 $2 $9,767 
Note 5. Equity in Net Assets of Nonconsolidated Affiliates
We use the equity method to account for our equity interest in joint ventures. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as equity income.
There have been no ownership changes in our joint ventures since December 31, 2023. The following table presents certain aggregated operating data of our joint ventures:
Three Months Ended June 30,Six Months Ended June 30,
Summarized Operating Data2024202320242023
Finance charge income$248 $352 $534 $744 
Income before income taxes$52 $141 $172 $296 
Net income$39 $106 $129 $222 
At June 30, 2024 and December 31, 2023, we had undistributed earnings of $882 million and $837 million related to our nonconsolidated affiliates.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 6. Debt
June 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt
Revolving credit facilities$1,693 $1,693 $4,960 $4,960 
Securitization notes payable42,938 42,868 40,284 40,012 
Total secured debt44,630 44,560 45,243 44,971 
Unsecured debt
Senior notes54,715 54,473 49,990 49,537 
Credit facilities1,893 1,883 2,034 2,026 
Other unsecured debt8,868 8,915 8,060 8,088 
Total unsecured debt65,476 65,271 60,084 59,651 
Total secured and unsecured debt$110,106 $109,831 $105,327 $104,622 
Fair value utilizing Level 2 inputs$107,820 $102,262 
Fair value utilizing Level 3 inputs$2,010 $2,360 
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 six months ended June 30, 2024, we renewed credit facilities with a total borrowing capacity of $17.0 billion, and we issued $13.5 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 5.42% and maturity dates ranging from 2024 to 2036.
Unsecured Debt During the six months ended June 30, 2024, we issued $10.7 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.38% and maturity dates ranging from 2027 to 2034.
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 June 30, 2024, we were in compliance with these debt covenants.
Note 7. Variable Interest Entities
Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:
June 30, 2024December 31, 2023
Restricted cash(a)
$2,739 $2,765 
Finance receivables$48,574 $46,648 
Lease related assets$15,121 $15,794 
Secured debt$44,708 $45,299 
_______________
(a) Included in other assets.
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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:
 June 30, 2024December 31, 2023
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$33,285 $4 $456 $18,379 $75 $238 
Cash flow hedges
Interest rate swaps1,964 21 3 2,381 17 16 
Foreign currency swaps9,054 103 399 8,003 144 311 
Derivatives not designated as hedges
Interest rate contracts115,512 1,371 1,831 134,683 1,573 1,997 
Total$159,814 $1,499 $2,689 $163,446 $1,809 $2,563 
 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 June 30, 2024 and December 31, 2023, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $936 million and $1.2 billion. At June 30, 2024 and December 31, 2023, we held $436 million and $457 million of collateral from counterparties that was available for netting against our asset positions. At June 30, 2024 and December 31, 2023, we had $1.3 billion and $1.2 billion of collateral posted to counterparties that was available for netting against our liability positions.
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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)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Unsecured debt$36,614 $33,551 $1,220 $1,029 
 _________________
(a)Includes $852 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at June 30, 2024 and December 31, 2023.
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps$62 $— $145 $— $192 $— $116 $— 
Interest rate swaps(130)— (165)— (287)— (120)— 
Cash flow hedges
Interest rate swaps4 — 10 — 11 — 19 — 
Hedged items - foreign currency swaps(c)
— 30 — (64)— 208 — (200)
Foreign currency swaps(34)(30)(37)64 (75)(206)(74)200 
Derivatives not designated as hedges
Interest rate contracts42 — 59 — 75 — 110 — 
Foreign currency contracts— (2)— — — — — — 
Total income (loss) recognized$(56)$(2)$12 $— $(84)$1 $52 $— 
_________________
(a)Total interest expense was $1.5 billion and $1.1 billion for the three months ended June 30, 2024 and 2023, and $2.9 billion and $2.1 billion for the six months ended June 30, 2024 and 2023.
(b)Total operating expenses were $479 million and $456 million for the three months ended June 30, 2024 and 2023, and $937 million and $899 million for the six months ended June 30, 2024 and 2023.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.
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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 June 30,Six Months Ended June 30,
2024202320242023
Cash flow hedges
Interest rate swaps$17 $(5)$26 $(4)
Foreign currency swaps(74)45 (215)73 
Total$(57)$40 $(189)$70 
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cash flow hedges
Interest rate swaps$(2)$(8)$(7)$(15)
Foreign currency swaps49 (21)212 (96)
Total$48 $(29)$206 $(111)
All amounts reclassified from accumulated other comprehensive income (loss) were recorded to interest expense. During the next 12 months, we estimate an insignificant amount of 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 June 30, 2024, we estimated our reasonably possible legal exposure for unfavorable outcomes to be approximately $147 million, and we have accrued $136 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 $173 million at June 30, 2024.
Note 10. Shareholders' Equity
June 30, 2024December 31, 2023
Common Stock
Number of shares authorized10,000,000 10,000,000 
Number of shares issued and outstanding5,050,000 5,050,000 
During both the six months ended June 30, 2024 and 2023, our Board of Directors declared and paid dividends of $900 million on our common stock to General Motors Holdings LLC.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
June 30, 2024December 31, 2023
Preferred Stock
Number of shares authorized250,000,000 250,000,000 
Number of shares issued and outstanding(a)
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 
_________________
(a)Issued at a liquidation preference of $1,000 per share.
During both the six months ended June 30, 2024 and 2023, 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.
On June 21, 2024, our Board of Directors declared a dividend of $28.75 per share, $29 million in the aggregate, on our Series A Preferred Stock, a dividend of $32.50 per share, $16 million in the aggregate, on our Series B Preferred Stock, and a dividend of $28.50 per share, $14 million in the aggregate, on our Series C Preferred Stock, payable on September 30, 2024 to holders of record at September 15, 2024. Accordingly, $59 million has been set aside for payment of these dividends.
The following table summarizes the significant components of accumulated other comprehensive income (loss):
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Unrealized gain (loss) on hedges
Beginning balance$23 $(73)$(3)$(21)
Change in value of hedges, net of tax
(9)11 17 (42)
Ending balance14 (63)14 (63)
Defined benefit plans
Beginning balance1 1 1 1 
Unrealized gain (loss) on subsidiary pension— — — — 
Ending balance1 1 1 1 
Foreign currency translation adjustment
Beginning balance(1,270)(1,251)(1,206)(1,351)
Translation gain (loss)(159)— (224)102 
Ending balance(1,429)(1,250)(1,429)(1,250)
Total accumulated other comprehensive income (loss)$(1,414)$(1,312)$(1,414)$(1,312)
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.
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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. 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. The management of each segment is responsible for executing our strategies. Key operating data for our operating segments were as follows:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
North
America		InternationalTotalNorth
America		InternationalTotal
Total revenue$3,531 $387 $3,918 $3,170 $328 $3,498 
Operating expenses385 94 479 368 88 456 
Leased vehicle expenses949 23 972 992 18 1,011 
Provision for loan losses150 24 174 135 32 167 
Interest expense1,315 170 1,485 995 139 1,135 
Equity income— 14 14 — 37 37 
Income before income taxes$732 $90 $822 $679 $87 $766 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
North
America		InternationalTotalNorth
America		InternationalTotal
Total revenue$6,948 $781 $7,729 $6,218 $622 $6,840 
Operating expenses754 184 937 727 172 899 
Leased vehicle expenses1,973 46 2,019 2,015 35 2,050 
Provision for loan losses321 57 378 249 49 298 
Interest expense2,544 337 2,881 1,872 262 2,134 
Equity income— 45 45 — 78 78 
Income before income taxes$1,355 $204 $1,559 $1,356 $181 $1,537 
June 30, 2024December 31, 2023
North
America		InternationalTotalNorth
America		InternationalTotal
Finance receivables, net$81,923 $6,229 $88,151 $78,148 $6,489 $84,637 
Leased vehicles, net$29,987 $358 $30,345 $30,227 $356 $30,582 
Total assets$127,780 $9,542 $137,322 $122,128 $9,883 $132,011 
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 $7.4 billion and $7.7 billion at June 30, 2024 and December 31, 2023.
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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, 2023, as filed with the Securities and Exchange Commission (SEC) on January 30, 2024 (2023 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 2023 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, specifically inflationary pressures and related central bank responses, and any resulting impacts on our financial position and results of operations. Refer to Item 1A. Risk Factors in our 2023 Form 10-K for additional information.
Results of Operations
Key Drivers Income before income taxes for the six months ended June 30, 2024 increased to $1.6 billion from $1.5 billion for the six months ended June 30, 2023. Key drivers of the change include the following:
•Finance charge income on retail finance receivables increased $607 million primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations.
•Finance charge income on commercial finance receivables increased $197 million primarily due to an increase in the size of the portfolio and an increase in the effective yield as a result of higher benchmark rates.
•Other income increased $121 million primarily due to higher investment income resulting from an increase in the average investment balance and an increase in benchmark interest rates.
•Interest expense increased $747 million primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates on new issuances relative to maturing debt, as well as an increase in the average debt outstanding.
•Provision for loan losses increased $80 million primarily due to moderating credit performance and recovery rates, partially offset by a decrease due to lower loan originations.
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 15.5% for the four quarters ended June 30, 2024 from 17.6% for the four quarters ended June 30, 2023, primarily due to lower 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 17.0% for the four quarters ended June 30, 2024 from 19.3% for the four quarters ended June 30, 2023, primarily due to lower earnings.
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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
June 30, 2024June 30, 2023
Net income attributable to common shareholder$2,118 $2,331 
Average equity$15,623 $15,244 
Less: average preferred equity(1,969)(1,969)
Average common equity13,654 13,275 
Less: average goodwill and intangible assets(1,182)(1,174)
Average tangible common equity$12,472 $12,101 
Return on average common equity15.5 %17.6 %
Return on average tangible common equity17.0 %19.3 %
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 June 30, 2024 compared to Three Months Ended June 30, 2023
Average Earning Assets
Three Months Ended June 30,2024 vs. 2023
20242023AmountPercentage
Average retail finance receivables$73,553 $68,705 $4,848 7.1 %
Average commercial finance receivables15,858 10,954 4,904 44.8 %
Average finance receivables89,411 79,659 9,752 12.2 %
Average leased vehicles, net30,203 31,680 (1,476)(4.7)%
Average earning assets$119,614 $111,339 $8,275 7.4 %
Retail finance receivables purchased$8,623 $9,102 $(479)(5.3)%
Leased vehicles purchased$4,963 $4,585 $378 8.2 %
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 37.5% and 41.4% for the three months ended June 30, 2024 and 2023. 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. Our floorplan dealer penetration in the U.S. was 46.9% and 44.2% at June 30, 2024 and 2023.
Leased vehicles purchased increased primarily due to growth in GM sales and higher lease sales mix.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
RevenueThree Months Ended June 30,2024 vs. 2023
20242023AmountPercentage
Finance charge income
Retail finance receivables
$1,548 $1,267 $281 22.2 %
Commercial finance receivables
$328 $223 $105 47.0 %
Leased vehicle income
$1,803 $1,820 $(17)(1.0)%
Other income$239 $187 $52 27.7 %
Equity income
$14 $37 $(23)(62.7)%
Effective yield - retail finance receivables
8.5 %7.4 %
Effective yield - commercial finance receivables
8.3 %8.2 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations. 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 primarily due to an increase in the size of the portfolio.
Other Income Other income increased primarily due to higher investment income resulting from an increase in the average investment balance and an increase in benchmark interest rates.
Costs and Expenses
Three Months Ended June 30,2024 vs. 2023
20242023AmountPercentage
Operating expenses$479 $456 $23 5.0 %
Leased vehicle expenses$972 $1,011 $(39)(3.8)%
Provision for loan losses$174 $167 $7 4.1 %
Interest expense$1,485 $1,135 $350 30.9 %
Average debt outstanding$107,692 $99,744 $7,948 8.0 %
Effective rate of interest on debt5.5 %4.6 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.6% for both the three months ended June 30, 2024 and 2023.
Interest Expense Interest expense increased primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates on new issuances relative to maturing debt, as well as an increase in the average debt outstanding.
Taxes Our consolidated effective income tax rates were 26.2% and 26.8% of income before income taxes and equity income for the three months ended June 30, 2024 and 2023.
Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $(9) million and $11 million for the three months ended June 30, 2024 and 2023. 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 $(159) million and an insignificant amount for the three months ended June 30, 2024 and 2023. Translation 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 loss for the three months ended June 30, 2024 was primarily due to depreciating values of the Mexican Peso and Brazilian Real in relation to the U.S. Dollar.
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Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023
Average Earning Assets
Six Months Ended June 30,2024 vs. 2023
20242023AmountPercentage
Average retail finance receivables
$73,199 $67,664 $5,535 8.2 %
Average commercial finance receivables
15,003 10,891 4,112 37.8 %
Average finance receivables
88,202 78,555 9,647 12.3 %
Average leased vehicles, net
30,284 31,994 (1,710)(5.3)%
Average earning assets
$118,486 $110,549 $7,937 7.2 %
Retail finance receivables purchased
$16,952 $18,206 $(1,254)(6.9)%
Leased vehicles purchased
$9,271 $8,511 $760 8.9 %
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 38.6% and 43.5% for the six months ended June 30, 2024 and 2023. 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. Our floorplan dealer penetration in the U.S. was 46.9% and 44.2% at June 30, 2024 and 2023.
Leased vehicles purchased increased primarily due to growth in GM sales and higher lease sales mix.
Revenue
Six Months Ended June 30,2024 vs. 2023
20242023AmountPercentage
Finance charge income
Retail finance receivables
$3,041 $2,434 $607 24.9 %
Commercial finance receivables
$621 $424 $197 46.4 %
Leased vehicle income
$3,603 $3,638 $(35)(1.0)%
Other income$464 $343 $121 35.2 %
Equity income
$45 $78 $(32)(41.7)%
Effective yield - retail finance receivables
8.4 %7.3 %
Effective yield - commercial finance receivables
8.3 %7.9 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations. 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 primarily due to an increase in the size of the portfolio and an increase in the effective yield as a result of higher benchmark rates.
Other Income Other income increased primarily due to higher investment income resulting from an increase in the average investment balance and an increase in benchmark interest rates.
Costs and Expenses
Six Months Ended June 30,2024 vs. 2023
20242023AmountPercentage
Operating expenses
$937 $899 $39 4.3 %
Leased vehicle expenses
$2,019 $2,050 $(31)(1.5)%
Provision for loan losses
$378 $298 $80 26.7 %
Interest expense
$2,881 $2,134 $747 35.0 %
Average debt outstanding
$106,465 $98,316 $8,149 8.3 %
Effective rate of interest on debt
5.4 %4.4 %
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.6% for both the six months ended June 30, 2024 and 2023.
Provision for Loan Losses Provision for loan losses increased primarily due to moderating credit performance and recovery rates, partially offset by a decrease due to lower loan originations.
Interest Expense Interest expense increased primarily due to an increase in the effective rate of interest on our debt, resulting from higher benchmark rates on new issuances relative to maturing debt, as well as an increase in the average debt outstanding.
Taxes Our consolidated effective income tax rates were 27.2% and 26.2% of income before income taxes and equity income for the six months ended June 30, 2024 and 2023.
Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $17 million and $(42) million for the six months ended June 30, 2024 and 2023. 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 $(224) million and $102 million for the six months ended June 30, 2024 and 2023. Translation 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 loss for the six months ended June 30, 2024 was primarily due to depreciating values of the Brazilian Real, Mexican Peso, Chinese Yuan Renminbi and Canadian Dollar in relation to the U.S. Dollar. The foreign currency translation gain for the six months ended June 30, 2023 was primarily due to appreciating values of the Mexican Peso, Brazilian Real, and Canadian Dollar, partially offset by the depreciating value of the Chinese Yuan Renminbi 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:
June 30, 2024December 31, 2023
 AmountPercentAmountPercent
Prime - FICO Score 680 and greater$55,411 75.6 %$54,882 75.5 %
Near-prime - FICO Score 620 to 6798,736 11.9 8,647 11.9 
Sub-prime - FICO Score less than 6209,188 12.5 9,200 12.6 
Retail finance receivables73,335 100.0 %72,729 100.0 %
Less: allowance for loan losses(2,261)(2,308)
Retail finance receivables, net$71,074 $70,421 
Number of outstanding contracts3,191,713 3,121,144 
Average amount of outstanding contracts (in dollars)(a)
$22,977 $23,302 
Allowance for loan losses as a percentage of retail finance receivables3.1 %3.2 %
_________________ 
(a)Average amount of outstanding contracts is calculated as retail finance receivables, divided by number of outstanding contracts.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Delinquency The following is a consolidated summary of delinquent retail finance receivables:
June 30, 2024June 30, 2023
AmountPercentAmountPercent
31 - 60 days$1,551 2.1 %$1,284 1.8 %
Greater than 60 days509 0.7 430 0.6 
Total finance receivables more than 30 days delinquent2,060 2.8 1,714 2.5 
In repossession64 0.1 51 0.1 
Total finance receivables more than 30 days delinquent or in repossession$2,124 2.9 %$1,765 2.5 %
At June 30, 2024, delinquency increased from June 30, 2023 but continued to be lower than historical levels. We expect that delinquency will increase over time but may remain below our historical 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 and six months ended June 30, 2024 and 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 June 30,Six Months Ended June 30,
 2024202320242023
Charge-offs$411 $323 $816 $645 
Less: recoveries(222)(191)(434)(377)
Net charge-offs$189 $132 $382 $269 
Net charge-offs as an annualized percentage of average retail finance receivables1.0 %0.8 %1.0 %0.8 %
Net charge-offs for the three and six months ended June 30, 2024 increased compared to the same periods in 2023, primarily due to moderating credit performance and lower recovery rates, but continued to be lower than historical levels. We expect net charge-offs will increase over time but may remain below our historical levels due to improvement in the credit mix of the portfolio.
Commercial Finance ReceivablesJune 30, 2024December 31, 2023
Commercial finance receivables$17,127 $14,251 
Less: allowance for loan losses(50)(36)
Commercial finance receivables, net$17,078 $14,216 
Number of dealers2,513 2,512 
Average carrying amount per dealer$7 $6 
Allowance for loan losses as a percentage of commercial finance receivables0.3 %0.3 %
No commercial loans were modified for the three and six months ended June 30, 2024 and 2023. Activity in the allowance for commercial loan losses was insignificant for the three and six months ended June 30, 2024 and 2023, and substantially all of our commercial finance receivables were current with respect to payment status at June 30, 2024 and December 31, 2023.
Leased Vehicles The following table summarizes activity in our operating lease portfolio (in thousands, except where noted):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating leases purchased104 99 197 185 
Operating leases terminated114 128 233 254 
Operating leased vehicles returned(a)
26 7 54 20 
Percentage of leased vehicles returned(b)
23 %5 %23 %8 %
________________ 
(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.
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The return rate is largely dependent on the level of used vehicle values at lease termination compared to contractual residual values at lease inception. Return rates for the three and six months ended June 30, 2024 increased compared to the same periods in 2023 due to decreased used vehicle values. The return rates continued to be lower than historical levels as used vehicle prices have generally remained higher than contractual residual values. Gains on terminations of leased vehicles were $215 million and $417 million for the three and six months ended June 30, 2024 compared to $229 million and $435 million for the same periods in 2023. The decrease in gains is primarily due to fewer terminated leases.
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):
June 30, 2024December 31, 2023
Residual ValueUnitsPercentage
of Units		Residual ValueUnitsPercentage
of Units
Crossovers$12,598 622 67.3 %$12,830 648 67.5 %
Trucks7,090 214 23.2 6,793 210 21.9 
SUVs2,128 53 5.8 2,304 58 6.0 
Cars620 34 3.7 734 44 4.6 
Total$22,436 924 100.0 %$22,661 960 100.0 %
At June 30, 2024 and 2023, 99.4% and 99.5% of our operating leases were current with respect to payment status.
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 expected 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.
The following table summarizes our available liquidity:
LiquidityJune 30, 2024December 31, 2023
Cash and cash equivalents(a)
$7,448 $5,282 
Borrowing capacity on unpledged eligible assets25,328 21,946 
Borrowing capacity on committed unsecured lines of credit714 687 
Borrowing capacity on the Junior Subordinated Revolving Credit Facility1,000 1,000 
Borrowing capacity on the GM Revolving 364-Day Credit Facility2,000 2,000 
Available liquidity$36,490 $30,915 
_________________
(a)Includes $826 million and $380 million in unrestricted cash outside of the U.S. at June 30, 2024 and December 31, 2023. Certain amounts of which are considered to be indefinitely invested based on specific plans for reinvestment.
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 June 30, 2024, available liquidity exceeded our liquidity targets.
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Cash Flow The following table summarizes our cash flow activities. For further detail, please refer to the Condensed Consolidated Statements of Cash Flows.

Six Months Ended June 30,2024 vs. 2023
20242023
Net cash provided by (used in) operating activities$3,214 $3,411 $(197)
Net cash provided by (used in) investing activities$(5,781)$(4,445)$(1,336)
Net cash provided by (used in) financing activities$4,760 $3,010 $1,750 
Net cash provided by operating activities decreased primarily due to an increase in interest paid and a net decrease in cash provided by counterparty derivative collateral posting activities, partially offset by an increase in finance charge income.
Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Rating (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. As of July 16, 2024, all credit ratings remained unchanged since December 31, 2023.
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 June 30, 2024, credit facilities consist of the following:
Facility TypeFacility AmountAdvances Outstanding
Revolving retail asset-secured facilities(a)
$22,794 $1,050 
Revolving commercial asset-secured facilities(b)
4,273 642 
Total secured27,067 1,693 
Unsecured committed facilities737 23 
Unsecured uncommitted facilities(c)
1,870 1,870 
Total unsecured2,607 1,893 
Junior Subordinated Revolving Credit Facility1,000 — 
GM Revolving 364-Day Credit Facility2,000 — 
Total $32,675 $3,585 
_________________
(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 no advances outstanding and $570 million in unused borrowing capacity on these uncommitted facilities at June 30, 2024.
(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 June 30, 2024.
Refer to Note 6 to our condensed consolidated financial statements for further discussion.
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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 June 30, 2024
2019November 2026$500 $22 
2020December 2025-August 2028$10,416 1,424 
2021December 2026-June 2034$13,900 3,417 
2022January 2026-October 2035$23,711 8,233 
2023January 2027-August 2036$23,573 17,338 
2024July 2024-December 2036$13,523 12,584 
Total active securitizations$43,016 
_________________ 
(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 and credit facilities generally 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.
Unsecured Debt We periodically access the unsecured debt capital markets through the issuance of senior unsecured notes. At June 30, 2024, the aggregate principal amount of our outstanding unsecured senior notes was $56.1 billion.
We issue other unsecured debt through demand notes, commercial paper offerings and other bank and non-bank funding sources. At June 30, 2024, we had $3.7 billion outstanding in demand notes and $3.3 billion under the U.S. commercial paper program.
Support Agreement - Leverage Ratio Our earning assets leverage ratio calculated in accordance with the terms of the support agreement with GM (the Support Agreement) was 8.53x and 8.32x at June 30, 2024 and December 31, 2023, 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.
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 June 30, 2024:
2024202520262027 and Thereafter
Encumbered assets$15,102 $37,353 $52,081 $66,434 
Unencumbered assets33,146 48,512 60,653 70,888 
Total assets48,248 85,864 112,734 137,322 
Secured debt10,164 25,139 35,051 44,711 
Unsecured debt10,756 22,330 31,161 66,910 
Total debt(a)
20,920 47,470 66,212 111,621 
Net excess liquidity$27,328 $38,394 $46,522 $25,701 
_________________ 
(a)Excludes unamortized debt premium/(discount), unamortized debt issuance costs and fair value adjustments.
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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 2023 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 2023 Form 10-K. It is advisable 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 produce and 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, operational or financing 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, legal proceedings 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, including risks from our hedging activities;
•our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;
•uncertainties associated with benchmark interest rates;
•pandemics, epidemics, disease outbreaks and other public health crises;
•our ability to secure private data, proprietary information, manage risks related to security breaches, cyberattacks 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 tax regulations and earnings forecasts could prevent full utilization of available tax incentives and tax credits;
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•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 the public to visit our website, as we frequently update and post new information about the 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.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our exposure to market risk since December 31, 2023. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2023 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 June 30, 2024, 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 June 30, 2024.
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 June 30, 2024, 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 2023 Form 10-K.
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Item 6. Exhibits
3.1Incorporated by Reference
3.2Incorporated by Reference
4.1Incorporated by Reference
4.2Incorporated by Reference
31.1Filed Herewith
31.2
Filed Herewith
32
Furnished Herewith
101
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, 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 June 30, 2024, formatted as iXBRL and contained in Exhibit 101
Filed Herewith
*  *  *  *  *  *  *
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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:July 23, 2024 By:
/S/    SUSAN B. SHEFFIELD        
 Susan B. Sheffield
 Executive Vice President and
 Chief Financial Officer
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