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GM Financial reports 2Q operating resultsJuly 25, 2013
A. Lee Graham
General Motors Financial Co. Inc.of Fort Worth has reported higher earnings for the six months ended June 30, 2013, with earnings totaling $284 million, compared to $249 million for the same period last year.
On a consecutive quarter basis, second-quarter 2013 earnings rose to $178 million, compared to $137 million in the same quarter last year.
Operating lease originations of General Motors Co. vehicles totaled $834 million for the quarter ended June 30, 2013, compared to $620 million for the quarter ended March 31, 2013 and $394 million for the quarter ended June 30, 2012. Leased vehicles, net, totaled $2.7 billion at June 30, 2013.
North American consumer loan originations for the quarter ended June 30, 2013 totaled $1.4 billion. Consumer loan originations for the six months ended June 30, 2013 reached $3.8 billion, compared to $2.9 billion for the six months ended June 30, 2012.
For the six months ended June 30, 2013, annualized consumer net credit losses were 1.8 percent, compared to 2 perent last year. The company had total available liquidity of $4.1 billion at June 30, 2013, comprising $1.8 billion in unrestricted cash, about $1.6 billion of borrowing capacity on unpledged eligible assets, $76 million of borrowing capacity on unsecured lines of credit, and $600 million on a line of credit from GM.
On April 1, 2013, the company acquired Ally Financial’s auto finance and financial services operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Greece, Spain, Chile, Colombia and Mexico. Also also acquired Ally Financial’s auto finance and financial services operations in France and Portugal on June 1, 2013.
General Motors Financial Company Inc., a wholly owned subsidiary of General Motors Co., is its finance company. More information is available at www.gmfinancial.com