
	March 31, 2021						December 31, 2020
	Retail		Commercial(a)		Total		Retail		Commercial(a)		Total


GM Financial receivables, net of fees	$	53,397	$	6,710	$	60,107	$	51,288	$	8,682	$	59,970
Less: allowance for loan losses	(1,784)		(51)		(1,835)		(1,915)		(63)		(1,978)
GM Financial receivables, net	$	51,613	$	6,659	$	58,272	$	49,373	$	8,619	$	57,992

Fair value of GM Financial receivables utilizing Level 2 inputs					$	6,659					$	8,619
Fair value of GM Financial receivables utilizing Level 3 inputs					$	53,524					$	51,645

(a)Net of dealer cash management balances of $1.5 billion and $1.4 billion at March 31, 2021 and December 31, 2020. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.


	Three Months Ended
	March 31, 2021		March 31, 2020
Allowance for loan losses at beginning of period	$	1,978	$	944
Impact of adoption ASU 2016-13	—		801
Provision for loan losses	(26)		466
Charge-offs	(253)		(340)
Recoveries	150		156
Effect of foreign currency	(14)		(61)
Allowance for loan losses at end of period	$	1,835	$	1,966

The allowance for loan losses decreased by $131 million as of March 31, 2021 compared to March 31, 2020, primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.

Retail Finance Receivables GM Financial's retail finance receivable 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 retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2021 and December 31, 2020:


	Year of Origination												March 31, 2021
	2021		2020		2019		2018		2017		Prior		Total		Percent
Prime – FICO score 680 and greater	$	5,554	$	17,004	$	6,171	$	3,841	$	1,565	$	478	$	34,613	64.8	%
Near-prime – FICO score 620 to 679	1,167		3,377		1,870		1,062		509		231		8,216		15.4	%
Sub-prime – FICO score less than 620	1,227		3,516		2,611		1,517		994		703		10,568		19.8	%
Retail finance receivables, net of fees	$	7,948	$	23,897	$	10,652	$	6,420	$	3,068	$	1,412	$	53,397	100.0	%


	Year of Origination												December 31, 2020
	2020		2019		2018		2017		2016		Prior		Total		Percent
Prime – FICO score 680 and greater	$	18,685	$	7,033	$	4,491	$	1,917	$	555	$	119	$	32,800	64.0	%
Near-prime – FICO score 620 to 679	3,695		2,097		1,232		603		225		83		7,935		15.4	%
Sub-prime – FICO score less than 620	3,803		2,920		1,740		1,173		610		307		10,553		20.6	%
Retail finance receivables, net of fees	$	26,183	$	12,050	$	7,463	$	3,693	$	1,390	$	509	$	51,288	100.0	%

GM Financial reviews the ongoing credit quality of 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, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $538 million and $714 million at March 31, 2021 and December 31, 2020. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2021 and December 31, 2020, as well as summary totals for March 31, 2020:


	Year of Origination												March 31, 2021				March 31, 2020
	2021		2020		2019		2018		2017		Prior		Total		Percent		Total		Percent
0-to-30 days	$	7,934	$	23,640	$	10,363	$	6,218	$	2,927	$	1,285	$	52,367	98.1	%	$	40,856	96.2	%
31-to-60 days	13		179		204		148		104		93		741		1.4	%	1,157		2.7	%
Greater-than-60 days	1		68		75		48		34		31		257		0.5	%	441		1.1	%
Finance receivables more than 30 days delinquent	14		247		279		196		138		124		998		1.9	%	1,598		3.8	%
In repossession	—		10		10		6		3		3		32		—	%	20		—	%
Finance receivables more than 30 days delinquent or in repossession	14		257		289		202		141		127		1,030		1.9	%	1,618		3.8	%
Retail finance receivables, net of fees	$	7,948	$	23,897	$	10,652	$	6,420	$	3,068	$	1,412	$	53,397	100.0	%	$	42,474	100.0	%


	Year of Origination												December 31, 2020
	2020		2019		2018		2017		2016		Prior			Total		Percent
0-to-30 days	$	25,894	$	11,591	$	7,131	$	3,454	$	1,249	$	421		$	49,740	97.0	%
31-to-60 days	210		325		235		170		102		61			1,103		2.1	%
Greater-than-60 days	72		123		90		64		37		26			412		0.8	%
Finance receivables more than 30 days delinquent	282		448		325		234		139		87			1,515		2.9	%
In repossession	7		11		7		5		2		1			33		0.1	%
Finance receivables more than 30 days delinquent or in repossession	289		459		332		239		141		88			1,548		3.0	%
Retail finance receivables, net of fees	$	26,183	$	12,050	$	7,463	$	3,693	$	1,390	$	509		$	51,288	100.0	%

Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. There were no commercial finance receivables on nonaccrual status at March 31, 2021.


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

Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2021 and December 31, 2020:


	Year of Origination(a)														March 31, 2021
	Revolving		2021		2020		2019		2018		2017		Prior		Total		Percent
I	$	5,206	$	106	$	473	$	134	$	53	$	91	$	50	$	6,113	91.1	%
II	346		2		2		17		1		3		10		381		5.7	%
III	149		9		4		8		28		2		15		215		3.2	%
IV	1		—		—		—		—		—		—		1		—	%
Commercial finance receivables, net of fees	$	5,702	$	117	$	479	$	159	$	82	$	96	$	75	$	6,710	100.0	%


	Year of Origination(a)														December 31, 2020
	Revolving		2020		2019		2018		2017		2016		Prior			Total		Percent
I	$	6,968	$	510	$	159	$	63	$	95	$	43	$	19		$	7,857	90.5	%
II	491		2		18		2		3		18		34			568		6.5	%
III	203		—		8		29		2		11		—			253		2.9	%
IV	—		—		—		—		—		—		4			4		0.1	%
Commercial finance receivables, net of fees	$	7,662	$	512	$	185	$	94	$	100	$	72	$	57		$	8,682	100.0	%

Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.


	March 31, 2021		December 31, 2020
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers	$	313	$	398

Subvention receivable(b)	$	668	$	642

Commercial loan funding payable	$	61	$	23


	Three Months Ended
	March 31, 2021		March 31, 2020
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables	$	188	$	156
Leased vehicle subvention earned	$	721	$	805