
	September 30, 2023						December 31, 2022
	Retail		Commercial(a)		Total		Retail		Commercial(a)		Total


GM Financial receivables, net of fees	$	71,704	$	11,765	$	83,469	$	65,322	$	10,988	$	76,310
Less: allowance for loan losses	(2,224)		(34)		(2,258)		(2,062)		(34)		(2,096)
GM Financial receivables, net	$	69,480	$	11,731	$	81,211	$	63,260	$	10,954	$	74,214

Fair value of GM Financial receivables utilizing Level 2 inputs					$	11,731					$	10,954
Fair value of GM Financial receivables utilizing Level 3 inputs					$	68,690					$	62,150

(a)Net of dealer cash management balances of $2.4 billion and $1.9 billion at September 30, 2023 and December 31, 2022. 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				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Allowance for loan losses at beginning of period	$	2,202	$	2,027	$	2,096	$	1,886

Provision for loan losses	235		180		533		500
Charge-offs	(366)		(289)		(1,012)		(811)
Recoveries	196		173		574		511
Effect of foreign currency and other	(8)		(4)		67		—
Allowance for loan losses at end of period	$	2,258	$	2,086	$	2,258	$	2,086

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 September 30, 2023 and December 31, 2022:


	Year of Origination												September 30, 2023
	2023		2022		2021		2020		2019		Prior		Total		Percent
Prime – FICO score 680 and greater	$	19,330	$	17,114	$	10,013	$	5,602	$	1,325	$	467	$	53,851	75.1	%
Near-prime – FICO score 620 to 679	2,556		2,485		1,930		1,031		420		179		8,600		12.0	%
Sub-prime – FICO score less than 620	2,391		2,608		2,085		1,145		676		348		9,253		12.9	%
Retail finance receivables, net of fees	$	24,278	$	22,207	$	14,028	$	7,777	$	2,421	$	994	$	71,704	100.0	%


	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
Prime – FICO score 680 and greater	$	22,677	$	13,399	$	7,991	$	2,254	$	1,019	$	205	$	47,543	72.8	%
Near-prime – FICO score 620 to 679	3,202		2,601		1,487		688		310		104		8,392		12.8	%
Sub-prime – FICO score less than 620	3,211		2,746		1,604		1,051		496		280		9,388		14.4	%
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589	$	65,322	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 $731 million and $685 million at September 30, 2023 and December 31, 2022. The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at September 30, 2023 and December 31, 2022, as well as summary totals for September 30, 2022:


	Year of Origination												September 30, 2023				September 30, 2022
	2023		2022		2021		2020		2019		Prior		Total		Percent		Total		Percent
0-to-30 days	$	24,021	$	21,631	$	13,489	$	7,478	$	2,242	$	873	$	69,735	97.3	%	$	61,836	97.4	%
31-to-60 days	187		408		389		219		133		88		1,424		2.0	%	1,185		1.9	%
Greater-than-60 days	59		146		135		73		43		31		488		0.7	%	394		0.6	%
Finance receivables more than 30 days delinquent	246		555		524		292		175		119		1,911		2.7	%	1,579		2.5	%
In repossession	11		21		14		7		4		2		58		0.1	%	46		0.1	%
Finance receivables more than 30 days delinquent or in repossession	257		575		538		299		179		121		1,969		2.7	%	1,625		2.6	%
Retail finance receivables, net of fees	$	24,278	$	22,207	$	14,028	$	7,777	$	2,421	$	994	$	71,704	100.0	%	$	63,461	100.0	%


	Year of Origination												December 31, 2022
	2022		2021		2020		2019		2018		Prior			Total		Percent
0-to-30 days	$	28,676	$	18,128	$	10,702	$	3,743	$	1,685	$	493		$	63,426	97.1	%
31-to-60 days	310		452		275		184		103		69			1,393		2.1	%
Greater-than-60 days	93		150		98		62		35		26			465		0.7	%
Finance receivables more than 30 days delinquent	403		603		373		246		138		95			1,857		2.8	%
In repossession	11		14		6		4		2		1			39		0.1	%
Finance receivables more than 30 days delinquent or in repossession	414		617		380		249		140		96			1,896		2.9	%
Retail finance receivables, net of fees	$	29,090	$	18,745	$	11,081	$	3,992	$	1,824	$	589		$	65,322	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 September 30, 2023.


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 September 30, 2023 and December 31, 2022:


	Year of Origination(a)														September 30, 2023
	Revolving		2023		2022		2021		2020		2019		Prior		Total		Percent
I	$	10,129	$	149	$	414	$	308	$	321	$	84	$	31	$	11,435	97.2	%
II	142		—		2		1		—		—		—		146		1.2	%
III	150		—		16		9		—		8		—		184		1.6	%
IV	—		—		—		—		—		—		—		—		—	%
Commercial finance receivables, net of fees	$	10,421	$	149	$	432	$	318	$	322	$	92	$	31	$	11,765	100.0	%


	Year of Origination(a)														December 31, 2022
	Revolving		2022		2021		2020		2019		2018		Prior			Total		Percent
I	$	9,493	$	438	$	356	$	360	$	91	$	38	$	18		$	10,794	98.2	%
II	89		—		1		—		—		—		—			91		0.8	%
III	78		15		—		—		10		—		—			104		0.9	%
IV	—		—		—		—		—		—		—			—		—	%
Commercial finance receivables, net of fees	$	9,660	$	453	$	357	$	360	$	102	$	38	$	18		$	10,988	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.


	September 30, 2023		December 31, 2022
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers	$	163	$	187
Receivables from Cruise	$	276	$	113
Subvention receivable(b)	$	837	$	469

Commercial loan funding payable	$	62	$	105
Taxes payable to GM	$	412	$	8


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables	$	319	$	260	$	906	$	715
Leased vehicle subvention earned	$	382	$	456	$	1,165	$	1,503

(b)Our Automotive segments made cash payments to GM Financial for subvention of $629 million and $732 million in the three months ended September 30, 2023 and 2022 and $2.3 billion and $1.7 billion in the nine months ended September 30, 2023 and 2022.

GM Financial's Board of Directors declared and paid dividends of $450 million and $275 million on its common stock in the three months ended September 30, 2023 and 2022 and $1.4 billion and $1.0 billion in the nine months ended September 30, 2023 and 2022.