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.

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