v3.25.4
GM Financial Receivables and Transactions
 12 Months Ended
Dec. 31, 2025
GM Financial  
Finance Receivables [Line Items]  
GM Financial Receivables and Transactions GM Financial Receivables and Transactions
December 31, 2025December 31, 2024
RetailCommercial(a)TotalRetailCommercial(a)Total
GM Financial receivables$75,404 $16,970 $92,374 $76,066 $19,228 $95,294 
Less: allowance for loan losses(2,656)(68)(2,725)(2,400)(58)(2,458)
GM Financial receivables, net$72,748 $16,902 $89,650 $73,667 $19,169 $92,836 
Fair value of GM Financial receivables utilizing Level 2 inputs$16,902 $19,169 
Fair value of GM Financial receivables utilizing Level 3 inputs$74,409 $74,729 
__________
(a)Commercial finance receivables include dealer financing of $16.4 billion and $18.6 billion, and other financing of $596 million and $604 million at December 31, 2025 and 2024. Commercial finance receivables are presented net of dealer cash management balances of $3.4 billion at December 31, 2025 and 2024. 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.
Years Ended December 31,
202520242023
Allowance for loan losses at beginning of period$2,458 $2,344 $2,096 
Provision for loan losses1,207 1,029 826 
Charge-offs(2,015)(1,756)(1,423)
Recoveries1,035 903 768 
Effect of foreign currency40 (61)76 
Allowance for loan losses at end of period$2,725 $2,458 $2,344 

The allowance for loan losses as a percentage of finance receivables was 2.9% and 2.6% at December 31, 2025 and 2024. The allowance ratio is based on factors including portfolio credit quality, expectations for recovery rates, and economic outlook.

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 December 31, 2025 and 2024:
Year of OriginationDecember 31, 2025
20252024202320222021PriorTotalPercent
Prime – FICO score 680 and greater$22,850 $15,204 $9,298 $5,350 $2,712 $1,027 $56,440 74.9 %
Near-prime – FICO score 620 to 6793,702 2,456 1,439 908 571 225 9,303 12.3 %
Sub-prime – FICO score less than 6203,847 2,530 1,395 958 614 318 9,661 12.8 %
Retail finance receivables$30,399 $20,191 $12,132 $7,216 $3,897 $1,570 $75,404 100.0 %
Year of OriginationDecember 31, 2024
20242023202220212020PriorTotalPercent
Prime – FICO score 680 and greater$24,155 $15,814 $9,749 $5,424 $2,559 $366 $58,067 76.3 %
Near-prime – FICO score 620 to 6793,547 2,227 1,507 1,077 473 159 8,990 11.8 %
Sub-prime – FICO score less than 6203,399 2,059 1,546 1,141 543 322 9,008 11.8 %
Retail finance receivables$31,101 $20,100 $12,802 $7,642 $3,575 $847 $76,066 100.0 %

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 $1.1 billion and $958 million at December 31, 2025 and 2024. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost basis of retail finance receivables for each vintage of the portfolio at December 31, 2025 and 2024:
Year of OriginationDecember 31, 2025
20252024202320222021PriorTotalPercent
0-to-30 days$29,871 $19,413 $11,524 $6,744 $3,576 $1,395 $72,523 96.2 %
31-to-60 days370 536 419 334 230 122 2,011 2.7 %
Greater-than-60 days140 218 172 129 86 51 795 1.1 %
Finance receivables more than 30 days delinquent510 753 591 463 316 173 2,806 3.7 %
In repossession18 24 17 10 6 2 75 0.1 %
Finance receivables more than 30 days delinquent or in repossession527 777 608 472 321 175 2,881 3.8 %
Retail finance receivables$30,399 $20,191 $12,132 $7,216 $3,897 $1,570 $75,404 100.0 %
Year of OriginationDecember 31, 2024
20242023202220212020PriorTotalPercent
0-to-30 days$30,581 $19,411 $12,207 $7,178 $3,350 $710 $73,438 96.5 %
31-to-60 days374 481 425 340 166 99 1,885 2.5 %
Greater-than-60 days128 188 155 115 55 36 677 0.9 %
Finance receivables more than 30 days delinquent502 669 580 455 221 135 2,562 3.4 %
In repossession17 19 14 10 3 2 66 0.1 %
Finance receivables more than 30 days delinquent or in repossession519 689 595 464 225 136 2,628 3.5 %
Retail finance receivables$31,101 $20,100 $12,802 $7,642 $3,575 $847 $76,066 100.0 %
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 finance receivables portfolio by dealer risk rating at December 31, 2025 and 2024:
Year of Origination(a)December 31, 2025
Dealer Risk RatingRevolving20252024202320222021PriorTotalPercent
I$13,421 $337 $191 $121 $298 $160 $147 $14,674 89.6 %
II985 10 33 25 7 35 2 1,096 6.7 %
III507 5 48 3 14 14 12 603 3.7 %
IV— — — — — — — — — %
Balance at end of period$14,913 $352 $271 $149 $319 $209 $161 $16,374 100.0 %
__________
(a)Floorplan advances comprise 99.1% of the total revolving balance. Dealer term loans are presented by year of origination.
Year of Origination(a)December 31, 2024
Dealer Risk RatingRevolving20242023202220212020PriorTotalPercent
I$16,190 $321 $209 $360 $237 $267 $22 $17,606 94.5 %
II621 — 10 26 3 2 — 663 3.6 %
III305 10 4 — 22 — 12 354 1.9 %
IV1 — — — — — — 1 — %
Balance at end of period$17,117 $331 $223 $385 $263 $269 $35 $18,623 100.0 %
__________
(a)Floorplan advances comprise 99.5% of the total revolving balance. Dealer term loans are presented by year of origination.

There were no commercial finance receivables on nonaccrual status at December 31, 2025 and 2024.

Transfers of Finance Receivables During the year ended December 31, 2025, GM Financial sold, subject to standard representations and warranties, finance receivables to third-party purchasers for $2.0 billion in cash proceeds. GM Financial has continuing involvement with the finance receivables transferred, primarily in its role as servicer. The outstanding off-balance sheet amount of the transferred finance receivables subject to continuing involvement was $1.7 billion at December 31, 2025.
Transactions with GM Financial The following tables show transactions between our Automotive operations, Cruise, and GM Financial. These amounts are presented in GM Financial's consolidated balance sheets and statements of income.
December 31, 2025December 31, 2024
Consolidated Balance Sheets(a)
Commercial finance receivables due from GM consolidated dealers$395 $279 
Commercial finance receivables due from Cruise$— $395 
Subvention receivable from GM(b)$452 $360 
Commercial loan funding payable to GM$94 $100 
Years Ended December 31,
202520242023
Consolidated Statements of Income
Interest subvention earned on finance receivables$1,404 $1,385 $1,234 
Leased vehicle subvention earned$1,796 $1,511 $1,537 
__________
(a)All balance sheet amounts are eliminated upon consolidation.
(b)Our Automotive operations made cash payments to GM Financial for subvention of $3.3 billion, $3.8 billion, and $3.5 billion in the years ended December 31, 2025, 2024, and 2023.
GM Financial's Board of Directors declared and paid dividends on its common stock of $1.5 billion in the year ended December 31, 2025 and $1.8 billion in the years ended December 31, 2024 and 2023.