v3.24.3
GM Financial Receivables and Transactions
 9 Months Ended
Sep. 30, 2024
GM Financial  
Finance Receivables [Line Items]  
GM Financial Receivables and Transactions GM Financial Receivables and Transactions
September 30, 2024December 31, 2023
RetailCommercial(a)TotalRetailCommercial(a)Total
GM Financial receivables$74,384 $18,375 $92,759 $72,729 $13,734 $86,463 
Less: allowance for loan losses(2,323)(54)(2,377)(2,308)(36)(2,344)
GM Financial receivables, net$72,060 $18,321 $90,382 $70,421 $13,698 $84,119 
Fair value of GM Financial receivables utilizing Level 2 inputs$18,321 $13,698 
Fair value of GM Financial receivables utilizing Level 3 inputs$73,614 $70,911 
__________
(a)Commercial finance receivables include dealer financing of $17.8 billion and $13.3 billion, and other financing of $531 million and $476 million at September 30, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $3.2 billion and $2.6 billion at September 30, 2024 and December 31, 2023. 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 EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Allowance for loan losses at beginning of period$2,311 $2,202 $2,344 $2,096 
Provision for loan losses298 235 676 533 
Charge-offs(439)(366)(1,255)(1,012)
Recoveries217 196 653 574 
Effect of foreign currency and other(10)(8)(40)67 
Allowance for loan losses at end of period$2,377 $2,258 $2,377 $2,258 

The allowance for loan losses as a percentage of finance receivables was 2.6% and 2.7% at September 30, 2024 and December 31, 2023.

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, 2024 and December 31, 2023:
Year of OriginationSeptember 30, 2024
20242023202220212020Prior TotalPercent
Prime – FICO score 680 and greater$17,609 $17,704 $11,118 $6,255 $3,084 $544 $56,315 75.7 %
Near-prime – FICO score 620 to 6792,717 2,457 1,678 1,227 568 218 8,864 11.9 %
Sub-prime – FICO score less than 6202,752 2,326 1,758 1,311 639 419 9,205 12.4 %
Retail finance receivables$23,078 $22,487 $14,553 $8,793 $4,291 $1,181 $74,384 100.0 %
Year of OriginationDecember 31, 2023
20232022202120202019PriorTotalPercent
Prime – FICO score 680 and greater$23,940 $15,581 $9,039 $4,926 $1,076 $320 $54,882 75.5 %
Near-prime – FICO score 620 to 6793,234 2,281 1,746 906 350 129 8,647 11.9 %
Sub-prime – FICO score less than 6203,079 2,397 1,884 1,010 573 257 9,200 12.6 %
Retail finance receivables$30,253 $20,259 $12,670 $6,842 $2,000 $707 $72,729 100.0 %
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 $900 million and $809 million at September 30, 2024 and December 31, 2023. 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 September 30, 2024 and December 31, 2023, as well as summary totals for September 30, 2023:
Year of OriginationSeptember 30, 2024September 30, 2023
20242023202220212020Prior TotalPercentTotalPercent
0-to-30 days$22,754 $21,853 $13,961 $8,328 $4,060 $1,021 $71,977 96.8 %$69,735 97.3 %
31-to-60 days231 442 419 338 171 117 1,718 2.3 %1,424 2.0 %
Greater-than-60 days81 167 155 116 55 41 616 0.8 %488 0.7 %
Finance receivables more than 30 days delinquent312 609 574 454 227 158 2,333 3.1 %1,911 2.7 %
In repossession13 25 18 11 4 2 73 0.1 %58 0.1 %
Finance receivables more than 30 days delinquent or in repossession325 634 592 465 231 160 2,407 3.2 %1,969 2.7 %
Retail finance receivables$23,078 $22,487 $14,553 $8,793 $4,291 $1,181 $74,384 100.0 %$71,704 100.0 %
Year of OriginationDecember 31, 2023
20232022202120202019PriorTotalPercent
0-to-30 days$29,816 $19,602 $12,098 $6,533 $1,825 $599 $70,472 96.9 %
31-to-60 days318 470 415 227 130 78 1,637 2.3 %
Greater-than-60 days102 168 142 76 42 29 559 0.8 %
Finance receivables more than 30 days delinquent421 637 557 302 172 107 2,196 3.0 %
In repossession17 20 14 6 3 1 61 0.1 %
Finance receivables more than 30 days delinquent or in repossession437 657 572 308 175 108 2,257 3.1 %
Retail finance receivables$30,253 $20,259 $12,670 $6,842 $2,000 $707 $72,729 100.0 %

Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing, 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. The credit risk associated with other financing is limited due to the structure of the business relationships.
GM Financial's dealer risk model and risk rating categories are as follows:
RatingDescription
IPerforming accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
IIPerforming accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
IIINon-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected.
IVNon-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 dealer credit risk profile by dealer risk rating at September 30, 2024 and December 31, 2023:
Year of Origination(a)September 30, 2024
Dealer Risk RatingRevolving20242023202220212020PriorTotalPercent
I$15,542 $251 $228 $380 $256 $280 $27 $16,965 95.1 %
II453 — 4 26 3 1 — 487 2.7 %
III341 10 4 — 24 — 12 393 2.2 %
IV— — — — — — — — — %
Balance at end of period$16,337 $261 $237 $406 $283 $281 $39 $17,844 100.0 %
__________
(a)Floorplan advances comprise 99.4% of the total revolving balance. Dealer term loans are presented by year of origination.
Year of Origination(a)December 31, 2023
Dealer Risk RatingRevolving20232022202120202019PriorTotalPercent
I$11,513 $279 $403 $297 $301 $75 $11 $12,879 97.1 %
II182 — 2 2 — — — 187 1.4 %
III152 1 15 12 — 11 — 192 1.4 %
IV— — — — — — — — — %
Balance at end of period$11,846 $281 $421 $311 $301 $86 $11 $13,257 100.0 %
__________
(a)Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination.

There were no commercial finance receivables on nonaccrual status at September 30, 2024 and December 31, 2023.
Transactions with GM Financial The following tables show transactions between our Automotive segments, Cruise and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.
September 30, 2024December 31, 2023
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables due from GM consolidated dealers$208 $164 
Commercial finance receivables due from Cruise$395 $353 
Subvention receivable from GM(b)$350 $508 
Commercial loan funding payable to GM$96 $55 
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables$345 $319 $1,026 $906 
Leased vehicle subvention earned$385 $382 $1,108 $1,165 
__________
(a)All balance sheet amounts are eliminated upon consolidation.
(b)Our Automotive segments made cash payments to GM Financial for subvention of $1.2 billion and $629 million in the three months ended September 30, 2024 and 2023 and $2.9 billion and $2.3 billion in the nine months ended September 30, 2024 and 2023.

GM Financial's Board of Directors declared and paid dividends of $450 million and $1.4 billion on its common stock in the three and nine months ended September 30, 2024 and 2023.