More Loans, Fewer Leases for GM Financial in Q3
General Motors Financial Company Inc. reported operating lease originations for the nine months ended Sept. 30, 2018 at $17.3 billion, compared to $19.6 billion for the nine months ended Sept. 30, 2017.
GM Financial headquarters in Fort Worth, Texas.
Photo by Sahmeditor via Wikimedia.
General Motors Financial Company Inc. reported operating lease originations for the nine months ended Sept. 30, 2018 at $17.3 billion, compared to $19.6 billion for the nine months ended Sept. 30, 2017.
Leased vehicles net was $44.1 billion at Sept. 30, 2018. The outstanding balance of commercial finance receivables, net of fees was $11.1 billion at Sept. 30, 2018, compared to $10.7 billion at June 30, 2018 and $9.5 billion at Sept. 30, 2017.
Retail loan originations were $6.7 billion for the quarter ended Sept. 30, 2018, compared to $6.0 billion for the quarter ended June 30, 2018, and $4.7 billion for the quarter ended Sept. 30, 2017. Retail loan originations for the nine months ended Sept. 30, 2018 were $17.8 billion, compared to $15.5 billion for the nine months ended Sept. 30, 2017.
The outstanding balance of retail finance receivables, net of fees, was $37.9 billion at Sept. 30, 2018. Operating lease originations were $5.4 billion for the quarter ended Sept. 30, 2018, compared to $6.2 billion for the quarter ended June 30, 2018, and $6.5 billion for the quarter ended Sept. 30, 2017.
The company generated a net income of $441 million for the quarter ended Sept. 30, 2018, compared to $442 million for the quarter ended June 30, 2018, and $202 million for the quarter ended Sept. 30, 2017. Net income for the nine months ended Sept. 30, 2018, was $1.3 billion, compared to $466 million for the nine months ended Sept. 30, 2017.
This story originally appeared in F&I and Showroom, another Bobit Business Media publication.
Originally posted on Vehicle Remarketing
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