Form 8-K : 1-10667 : 75-2291093 (State or other jurisdiction. of incorporation) (Commission. File...

0001193125-15-032850.txt : 201502040001193125-15-032850.hdr.sgml : 2015020420150204100103ACCESSION NUMBER:0001193125-15-032850CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:24CONFORMED PERIOD OF REPORT:20150204ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20150204DATE AS OF CHANGE:20150204

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:General Motors Financial Company, Inc.CENTRAL INDEX KEY:0000804269STANDARD INDUSTRIAL CLASSIFICATION:FINANCE SERVICES [6199]IRS NUMBER:752291093STATE OF INCORPORATION:TXFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-10667FILM NUMBER:15573834

BUSINESS ADDRESS:STREET 1:801 CHERRY STREETSTREET 2:SUITE 3500CITY:FORT WORTHSTATE:TXZIP:76102BUSINESS PHONE:8173027000

MAIL ADDRESS:STREET 1:801 CHERRY STSTREET 2:SUITE 3500CITY:FORT WORTHSTATE:TXZIP:76102

FORMER COMPANY:FORMER CONFORMED NAME:AMERICREDIT CORPDATE OF NAME CHANGE:19930930

FORMER COMPANY:FORMER CONFORMED NAME:URCARCO INCDATE OF NAME CHANGE:19920703

8-K1d865414d8k.htmFORM 8-K

Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuantto Section13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February4, 2015

General Motors Financial Company, Inc.

Exact name of registrant as specified in its charter)

Texas1-1066775-2291093

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

801 Cherry Street, Suite 3500, Fort Worth, Texas 76102

(Address of principal executive offices, including Zip Code)

(817) 302-7000

(Registrants telephone number, including area code)

(Not Applicable)

(Formername or former address, if changed since last report)

Check the appropriate box belowif the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February4, 2015, General Motors FinancialCompany, Inc. (the Company) issued a press release announcing the results of operations for the year ended December31, 2014 and the quarter ended December31, 2014. A copy of the press release and the presentation slides areattached as Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K.

The Company will conduct an earnings conference call on February4,2015 at 12:00 noon Eastern Time. Interested persons may register to listen to the call at the Companys website, www.gmfinancial.com. The call will also be available on demand at this website.

Item9.01FINANCIAL STATEMENTS AND EXHIBITS

Exhibit
No.

Description of Exhibit

99.1Press Release dated February 4, 2015, entitled GM Financial Reports Full Year and December Quarter 2014 Operating Results

99.2Presentation slides for earnings conference call dated February 4, 2015

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersignedhereunto duly authorized.

General Motors Financial Company, Inc.

(Registrant)

Date: February 4, 2015

By:

/s/ CHRIS A. CHOATE

Chris A. Choate

Executive Vice President and

Chief Financial Officer

EX-99.12d865414dex991.htmEX-99.1

EX-99.1

Exhibit 99.1

GM FINANCIAL REPORTS FULL YEAR AND DECEMBER QUARTER 2014

OPERATING RESULTS

Full year earnings of $537 million; $59 million for the December quarter

Full year consumer loan and lease originations of $21.3 billion; $6.0 billion for the December quarter

Full year annualized net credit losses of 1.9% on average consumer finance receivables; 2.2% for the December quarter

End of period earning assets of $40.8 billion

FORT WORTH, TEXAS February4, 2015 GENERAL MOTORS FINANCIAL COMPANY, INC. (GM Financial or the Company) announced earnings of $59 million for the quarter ended December31, 2014, compared to $121 million for the quarter ended December31,2013. Earnings for the year ended December31, 2014 were $537 million, compared to $566 million for the year ended December31, 2013. Earnings include $13 million and $42 million in pre-tax acquisition and integration expenses for thequarter and year ended December31, 2013, respectively. Additionally, earnings for the quarter ending December31, 2013 include $15 million in pre-tax charges associated with discontinuing the Chevrolet brand in Europe.

Consumer loan originations were $4.0 billion for the quarter ended December31, 2014, compared to $4.1 billion for the quarter ended September30,2014, and $3.3 billion for the quarter ended December31, 2013. Consumer loan originations for the year ended December31, 2014 were $15.1 billion, compared to $9.6 billion for the year ended December31, 2013. The outstanding balanceof consumer finance receivables totaled $25.7 billion at December31, 2014.

Operating lease originations of General Motors Company (GM)vehicles were $2.1 billion for the quarter ended December31, 2014, compared to $1.8 billion for the quarter ended September30, 2014, and $650 million for the quarter ended December31, 2013. Operating lease originations for the yearended December31, 2014 were $6.2 billion, compared to $2.8 billion for the year ended December31, 2013. Leased vehicles, net totaled $7.1 billion at December31, 2014.

-MORE-

The outstanding balance of commercial finance receivables was $8.1 billion at December31, 2014 compared to$7.2 billion at September30, 2014 and $6.7 billion at December31, 2013.

Consumer finance receivables 31-to-60 days delinquent were 4.2% ofthe portfolio at December31, 2014, compared to 4.1% at December31, 2013. Accounts more than 60 days delinquent were 1.7% of the portfolio at December31, 2014 and 2013.

Annualized net credit losses were 2.2% of average consumer finance receivables for the quarter ended December31, 2014 compared to 2.1% a year ago. Forthe year ended December31, 2014 and 2013, annualized consumer net credit losses were 1.9%.

The Company had total available liquidity of $9.3billion at December31, 2014, consisting of $3.0 billion of unrestricted cash, $4.8 billion of borrowing capacity on unpledged eligible assets, $0.5 billion of borrowing capacity on unsecured lines of credit and $1.0 billion of borrowingcapacity on a Junior Subordinated Revolving Credit Facility from GM.

The Company acquired Ally Financials auto finance and financial servicesoperations in Austria, Belgium, Chile, Colombia, Germany, Greece, Italy, Mexico, the Netherlands, Spain, Sweden, Switzerland, and the United Kingdom on April1, 2013 and acquired Ally Financials auto finance and financial servicesoperations in France and Portugal on June1, 2013. The Company also acquired Ally Financials auto finance and financial services operations in Brazil on October1, 2013. The results of operations of the acquired entities are includedsince their respective acquisition dates.

A 35% equity interest in SAIC-GMAC Automotive Finance Company Limited, a joint venture that conducts autofinance operations in China, was acquired on January2, 2015.

About GM Financial

General Motors Financial Company, Inc. is the captive finance company for and a wholly-owned subsidiary of General Motors Company and is headquartered in FortWorth, Texas. For more information, visit www.gmfinancial.com.

2

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements which are our currentviews with respect to future events and financial performance. These forward-looking statements are subject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or from thoseanticipated. The most significant risks are detailed from time to time in our filings and reports with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December31, 2014. Such risks include but are not limited to changes in general economic and business conditions; GMs ability to sell new vehicles that we finance in the markets we serve in North America, Europe, Latin America and China; interest rate and currencyfluctuations; our financial condition and liquidity, as well as future cash flows and earnings; competition; the effect, interpretation or application of new or existing laws, regulations, court decisions and accounting pronouncements; theavailability of sources of financing; the level of net charge-offs, delinquencies and prepayments on the loans and leases we originate; vehicle return rates and the residual value performance on vehicles we lease; the viability of GM-franchiseddealers that are commercial loan customers; the prices at which used cars are sold in the wholesale markets; and changes in business strategy, including expansion of product lines and credit risk appetite, and acquisitions. If one or more of theserisks or uncertainties materialize, or if underlying assumptions prove incorrect, actual events or results may differ materially. It is advisable not to place undue reliance on any forward-looking statements. We undertake no obligation to, and donot, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

3

General Motors Financial Company, Inc.

Consolidated Statements of Income

(Dollars in Millions)

ThreeMonthsEndedYear Ended

December31,December31,

2014201320142013

Revenue

Finance charge income

$880$854$3,475$2,563

Leased vehicle income

3551801,090595

Other income

7067289186

1,3051,1014,8543,344

Costs and expenses

Operating expenses

3162681,162770

Leased vehicle expenses

284139847453

Provision for loan losses

196164604475

Interest expense

3893071,426721

Acquisition and integration expenses

1342

1,1858914,0392,461

Income before income taxes

120210815883

Income tax provision

6189278317

Net income

$59$121$537$566

4

Consolidated Balance Sheets

(Dollars in Millions)

December31,2014December31,2013

Assets

Cash and cash equivalents

$2,974$1,074

Finance receivables, net

33,00029,282

Leased vehicles, net

7,0603,383

Restricted cash

2,0711,958

Goodwill

1,2441,240

Property and equipment, net

172132

Deferred income taxes

341359

Related party receivables

384129

Other assets

478433

Total assets

$47,724$37,990

Liabilities and Shareholders Equity

Liabilities

Secured debt

$25,214$22,073

Unsecured debt

12,2176,973

Accounts payable and accrued expenses

1,002946

Deferred income

392168

Deferred income taxes

2087

Taxes payable

234287

Related party taxes payable

636643

Related party payables

433368

Other liabilities

184160

Total liabilities

40,33231,705

Shareholders equity

7,3926,285

Total liabilities and shareholders equity

$47,724$37,990

5

Operational and Financial Data

(Unaudited, Dollars in Millions)

Three Months Ended

December,

20142013

North
AmericaInternationalTotalNorth
AmericaInternationalTotal

Consumer finance receivables originations

$1,934$2,022$3,956$1,146$2,121$3,267

GM lease originations

$2,068$24$2,092$650$$650

GM new vehicle loans and leases as a percent of total loan and lease originations

69.3%86.6%75.2 %53.6%89.7%73.1%

Year Ended

December 31,

20142013

North

Consumer finance receivables originations

$6,808$8,277$15,085$5,126$4,471$9,597

GM lease originations

$6,132$37$6,169$2,830$$2,830

GM new vehicle loans and leases as a percent of total loan and lease originations

64.8%87.3%73.6%55.0%87.4%66.7%

Three Months Ended

December 31,

20142013

North

Average consumer finance receivables

$13,038$12,515$25,553$11,496$11,432$22,928

Average commercial finance receivables

2,7894,6637,4521,6304,7046,334

Average finance receivables

15,82717,17833,00513,12616,13629,262

Average leased vehicles, net

6,385216,4063,23723,239

Average earning assets

$22,212$17,199$39,411$16,363$16,138$32,501

6

Year Ended

December 31,

20142013

North

Average consumer finance receivables

$12,205$12,568$24,773$11,335$6,459$17,794

Average commercial finance receivables

2,3844,6537,0371,1642,9974,161

Average finance receivables

14,58917,22131,81012,4999,45621,955

Average leased vehicles, net

4,86774,8742,59932,602

Average earning assets

$19,456$17,228$36,684$15,098$9,459$24,557

December31, 2014December31, 2013

North

Consumer finance receivables

$13,409$12,263$25,672$11,493$11,757$23,250

Commercial finance receivables

3,1804,8928,0721,9754,7256,700

Leased vehicles

7,029317,0603,38123,383

Ending Earning Assets

$23,618$17,186$40,804$16,849$16,484$33,333


North

Consumer

Pre-acquisition consumer finance receivables - outstanding balance

$361$147$508$931$363$1,294

Pre-acquisition consumer finance receivables - carrying value

$313$146$459$826$348$1,174

Post-acquisition consumer finance receivables, net of fees

13,04812,11625,16410,56211,39421,956

13,36112,26225,62311,38811,74223,130

Less: allowance for loan losses

(577)(78)(655)(468)(29)(497)

Total consumer finance receivables, net

12,78412,18424,96810,92011,71322,633

Commercial

Commercial finance receivables, net of fees

3,1804,8928,0721,9754,7256,700

Less: allowance for loan losses

(21)(19)(40)(17)(34)(51)

Total commercial finance receivables, net

3,1594,8738,0321,9584,6916,649

Total finance receivables, net

$15,943$17,057$33,000$12,878$16,404$29,282

7


North

Allowance for loan losses as a percentage of post-acquisition consumer finance receivables

4.4%0.6%2.6%4.4%0.3%2.3%

Allowance for loan losses as a percentage of commercial finance receivables

0.7%0.4%0.5%0.9%0.7%0.8%


North

Loan delinquency as a percent of ending consumer finance receivables:

31 - 60 days

7.4%0.7%4.2%7.5%0.8%4.1%

Greater than 60 days

2.50.81.72.51.01.7

Total

9.9%1.5%5.9%10.0%1.8%5.8%

We analyze portfolio performance of both the pre- and post-acquisition finance receivables portfolios on a combined basis.This information allows us and investors the ability to analyze credit loss trends in the combined portfolio. Additionally, information on credit losses, on a combined basis, facilitates comparisons of current and historical results. The followingis a reconciliation of charge-offs on the post-acquisition portfolio to credit losses on the combined portfolio.

Three Months Ended
December 31,

20142013

North
America(a)InternationalTotalNorth
America(a)InternationalTotal

Charge-offs

$233$36$269$183$36$219

Adjustments to reflect write-offs of the contractual amounts on the pre-acquisition portfolio

11(1)1031435

Total credit losses

$244$35$279$214$40$254

Year Ended
December 31,

20142013

North
America(a)InternationalTotalNorth
America(a)InternationalTotal

Charge-offs

$776$138$914$584$54$638

Adjustments to reflect write-offs of the contractual amounts on the pre-acquisition portfolio

6366915413167

Total credit losses

$839$144$983$738$67$805

(a)Total credit losses in the North America Segment is comprised of the sum of repossession credit losses and mandatory credit losses.

8

The following table presents credit loss data (which includes charge-offs on the post-acquisition portfolio andwrite-offs of contractual amounts on the pre-acquisition portfolio) with respect to our consumer finance receivables portfolio (dollars in millions):

Three Months Ended
December 31,

20142013

North
AmericaInternational(a)TotalNorth
AmericaInternational(a)Total

Repossession credit losses

$237$35$272$201$40$241

Less: recoveries

(126)(11)(137)(114)(18)(132)

Mandatory credit losses(b)

771313

Net credit losses

$118$24$142$100$22$122

Net annualized credit losses as a percentage of average consumer financereceivables(c):

3.6%0.8%2.2%3.5%0.8%2.1%

Recoveries as a percentage of gross repossession credit losses:

53.1%

56.7%

Year Ended
December 31,

20142013

North
AmericaInternational(a)TotalNorth
AmericaInternational(a)Total

Repossession credit losses

$812$144$956$720$67$787

Less: recoveries

(465)(56)(521)(427)(35)(462)

Mandatory credit losses(b)

27271818

Net credit losses

$374$88$462$311$32$343

Net annualized credit losses as a percentage of average consumer financereceivables(c):

3.1%0.7%1.9%2.7%0.5%1.9%

Recoveries as a percentage of gross repossession credit losses:

57.3%

59.3%

(a)Repossession credit losses for the International Segment include the write-down of defaulted receivables to net realizable value.

(b)Mandatory credit losses represent accounts 120 days delinquent in the post-acquisition portfolio that are charged off in full, with no recovery amounts realized at time of charge-off, net of any subsequent recoveriesas well as the net write-down of consumer finance receivables in repossession to the net realizable value of the repossessed vehicle when the repossessed vehicle is legally available for sale.

(c)Average consumer finance receivables is defined as the average receivable balance excluding the carrying value adjustment.

9

Three Months Ended
December 31,

20142013

North

Annualized operating expenses as a percent of average earning assets(a)

2.7%3.8%3.2%2.8%3.8%3.3%

Year Ended
December 31,

20142013

North

Annualized operating expenses as a percent of average earning assets(a)

2.8%3.6%3.2%2.9%3.5%3.1%

(a)Excluding lease and acquisition and integration expenses.

Investor Relations contact:

Stephen Jones

(817) 302-7119

10

EX-99.23d865414dex992.htmEX-99.2

EX-99.2

Exhibit 99.2

4th Quarter 2014 Earnings Call

February4,2015

Safe Harbor Statement

This presentation containsseveral forward-looking statements. Forward-looking statements are those that use words such as believe, expect, anticipate, intend, plan, may, likely,should, estimate, continue, future or other comparable expressions. These words indicate future events and trends. Forward-looking statements are our current views with respect to future events andfinancial performance. These forward-looking statements are subject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or from those anticipated by us. The most significantrisks are detailed from time to time in our filings and reports with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December31, 2014. Such risks includebut are not limitedtochanges in general economic and business conditions; GMs ability to sell new vehicles that we finance in the markets we serve in North America, Europe, Latin America and China; interest rate and currency fluctuations; our financialcondition and liquidity, as well as future cash flows and earnings; competition; the effect, interpretation or application of new or existing laws, regulations, court decisions and accounting pronouncements; the availability of sources of financing;the level of net charge-offs, delinquencies and prepayments on the loans and leases we originate; vehicle return rates and the residual value performance on vehicles we lease; the viability of GM-franchised dealers that are commercial loancustomers; the prices at which used cars are sold in the wholesale markets; and changes in business strategy, including expansion of product lines and credit risk appetite, and acquisitions. If one or more of these risks or uncertaintiesmaterialize, or if underlying assumptions prove incorrect, actual events or results may differ materially. It is advisable not to place undue reliance on any forward-looking statements. We undertake no obligation to, and do not, publicly update orrevise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

2

4th Quarter 2014 Highlights

Operating Results

$120 million in pretax earnings in the quarter

?December quarter pretax earnings affected by non-recurring items and not representative of expected 2015 quarterly runrate

Quarterly loan and lease originations increased more than 50% compared to December 2013 quarter

?Share of GM U.S. lease more than tripled to 47%

?Completed rollout of prime lending product to all GM dealers in U.S. on November1, 2014

Credit performance remains favorable with loss and delinquency metrics stable year-over-year

GM Lease Support

Exclusive provider of U.S. leases for Buick-GMC starting February 2015 and for Cadillac in March 2015

China JV Acquisition Update

Completed acquisitionof 35% equity position in China joint venture on January2, 2015

Financing

Subsequent to quarter end, raised $2.25 billion in Senior Unsecured Notes in the U.S.

3

Key Metrics

December 2014 Quarter December 2013Quarter

North North Total

($MM) America International Total Co. America International Co.

Earnings Before Tax $89 $33 $1201 $166 $67 2,3 $225 1,2,3

Ending Earning Assets $23,618 $17,186 $40,804 $16,849 $16,484 $33,333

Total Originations (Loan& Lease) $4,002 $2,046 $6,048 $ 1,796 $ 2,121 $ 3,917

GM as a % of Total Originations 69.3% 86.6% 75.2% 53.6% 89.7% 73.1%

Annualized Net Credit Loss as a % of Avg.

Consumer Finance Receivable 3.6% 0.8% 2.2% 3.5% 0.8% 2.1%

1. Reflect net impact of intercompany allocations

2. Results include acquisition and integration expenses of $13MM

3. Results exclude the $15MM charge to provision expense associated w ith discontinuing the Chevrolet brand in Europe

4

North America

GM and GMF Penetration Statistics

Dec-14 Sept-14 Dec-13

GMF as a % of GM Retail Sales

U.S. 13.4% 10.5%4.9%

Canada 19.5% 15.5% 20.9%

GMF Wholesale Dealer Penetration

U.S. 9.1% 7.5%5.7%

Canada 10.8% 9.7% 7.9%

GM as % of GMF Consumer Originations

(GM New /GMF Consumer Loan& lease)

U.S. 67.1% 62.1% 45.4%

Canada 98.9% 98.8% 99.3%

5

North America

Consumer Loan Originations

Quarterly

($MM)

$2,500

$2,000 $1,957 $1,934

$1,553 $680 $707

$1,500 $1,364

$1,146 $507

$354 $372

$1,000 $313 $196 $191 $507

$160

$500 $673 $814 $855 $905 $720

$0

GMF as % of Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

GM U.S. Subprime 30.1% 31.6% 32.7% 32.7% 31.1%

Loans originated on new vehicles by GM dealers

Loans originated on used vehicles by GM dealers

Loans originated on vehicles by non-GM dealers

2014 origination volume trend up driven by strong new and used vehicle sales and growth in GM related business, including prime lending (>680 FICO)

Prime loan product rolled out to all GM dealers on November1, 2014; 2014 prime loan originations totaled $493MM

6

North America

Consumer Loan Credit Performance

Credit Metrics

5.0% 8.0%

7.0%

4.0%

6.0%

3.0% 5.0%

4.0%

2.0% 3.0%

2.0%

Losses 1.0% Delinquency

Credit 1.0%

3.5% 3.1% 2.3% 3.2% 3.6%

0.0% 0.0%

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

Recovery Rate56.7% 59.1% 61.5% 56.6% 53.1%

Annualized quarterly net credit losses

31-60 day delinquency

61+ day delinquency

Credit metrics impacted byseasonality and normalizing credit environment

Recovery rates down outlook is for continued moderationthroughout 2015

Increased prime originations and resulting shift in portfolio mix will favorably impact creditmetrics over time

Average FICO score for December 2014 quarter originations was 40+ points higher thanDecember 2013 quarter

Comparable performance of GM new remains favorable relative to performance of non-GM

7

North America

Lease Originations

$7.0B

2500 $5.8B

2000 $4.7B $268

$3.4B $3.7B

1500 $325

$501

1000 $1,800

$254 $1,417

500 $267 $1,048

$383 $519

0


GMF as a % of

GM U.S. Lease1 15.2% 17.0% 28.6% 33.2% 46.5%

1.GMF is exclusive GM lease provider in Canada

Canada Lease Volume ($MM)

U.S. Lease Volume ($MM)

Lease Portfolio ($B)

GM Market PenetrationIndustry Average (excluding GM)

Dec-13 Dec-14 Dec-13 Dec-14

U.S. Lease 20.8% 21.9% 25.8% 26.6%

Canada Lease 19.6% 17.8% 22.1% 24.2%

Increasinglease volume in 2014 driven by broader, more competitive product offerings and improved dealer acceptance

-GMF as a percentage of GMs U.S. lease business tripled over the past year

Credit performance reflectsthe predominantly prime credit profile of the portfolio

- At December31, 2014, 98.3% of leases werecurrent with respect to payment status with minimal defaults to date

8

North America

Commercial Lending

$4 487 500

450

$3 406

336 367 400

$3 309 350

B)

$

( 300

Receivables $2

250

$2 $3.2 Dealers

200

Outstanding $2.4 $2.5

Commercial $1 $2.0 $2.2 150

100

$1

50

$0 0


Commercial Finance Receivables Outstanding Number of Dealers

Floorplan financing represents 88% of commercial portfolio

Expanded product suite and increased consumer financing penetration provides opportunity for commercial lending growth

9

International

GM and GMF Penetration Statistics

Dec-14 Sept-14 Dec-13

GMF as a % of GM Retail Sales

Europe 36.7% 39.2%34.7%

Latin America 48.0% 47.8% 44.8%

GMF Wholesale Dealer Penetration

Europe 99.4%97.7% 98.4%

Latin America 95.6% 92.1% 94.6%

GM as % of GMF Consumer Originations

(GM New / GMF Consumer Loan and Lease)

Europe75.2% 80.0% 81.9%

Latin America 95.4% 95.7% 95.9%

10

International Operations

Loan Origination Volume

Quarterly

($MM)

$2,500

$2,121 $2,048 $2,080 $2,127 $2,022

$2,000

$1,500

$1,000

$500

$0


Latin America Consumer Loan

Europe Consumer Loan

Growth in origination volume in second half of the year was negatively impacted by foreign exchange rates

Number of outstanding loan contracts increased 19% year-over-year to 1.46million

Total retail penetration increased to 44.3% in the December 2014 quarter, compared to 41.3% a year ago Recently launchedconsumer operating lease product in Germany and Mexico to support incremental GM sales

11


Consumer Loan CreditPerformance

Credit Metrics

5.0% 1.2%

4.0% 1.0%

0.8%

3.0%

0.6%

2.0%

0.4%

Credit Losses 1.0% 0.2% Delinquency

0.8% 0.6% 0.6% 0.8% 0.8%

0.0% 0.0%


Annualized quarterly net credit losses

31-60 day delinquency

61+ day delinquency

Credit losses reflect strongperformance in Latin America and remain consistently low in Europe

12


Commercial

$ 6 2,646 2,473

2,241 2,174 2,147

$ 5 $4.7 $4.9 $4.7 $4.6 $4.9

B)

$ $ 4

Receivables (

$ 3

Commercial Outstanding $ 2

$ 1

$ 0


Latin AmericaCommercial Finance Receivables Outstanding Europe Commercial Finance Receivables Outstanding Number of dealers

At December31, 2014, commercial finance receivables were comprised of 93% floorplan and 7% real estate and dealerloans Dealer count down across 2014 primarily due to discontinuation of Chevrolet brand in Europe

13

Financial Results

Earnings Before Taxes ($MM)

Three Months Ended December31,

2014 2013

$225

$166

$120

$89

$67

$33

Total Co. North America International

Year Ended December31,

2014 2013

$898

$815

$730

$595

$233

$167

Total Co. North America International

Notes:

1. 2013 results: (a)exclude $15MM charge to prov ision expense associated with discontinuing the Chev rolet brand in Europe, established in December 2013, and (b)includeacquisition and integration expenses of $13 and $42 million f or the three months and y ear ended December31, 2013, respectiv ely

2. Total company ref lects net impact of intercompany allocations

Total company year-over-year earnings decrease predominantly driven by:

Incremental investments in systems, people and overall capability in support of full captive strategy in North America

Increased interest and provision expenses associated with growth in the consumer portfolio in North America

Partially offset by International earnings contribution for entire year

Additionally, quarterly results were negatively impacted by a change in the recovery rate assumption for deferred andbankrupt accounts in North America and non-operational items in International including higher derivative adjustments 2015 earnings expected to be flat as the business continues build out of its full captive capability in North America; long termearnings growth expected beginning in 2016 as growing asset base exceeds impact of investments

Growth inearning asset base will come from higher credit quality assets (lease, prime loan and commercial lending)

14

Financial Results

Allowance for LoanLosses& Operating Expenses1

4.0%

3.3% 3.1% 3.1% 3.1% 3.2%

2.6%

2.0% 2.3% 2.3% 2.4% 2.5%

0.8% 0.7% 0.6% 0.5% 0.5%

0.0%


1. Quarterly operating expenses as a percentage of average earning assets, excluding lease expense andacquisition and integration expenses

Operating Expense Consumer Allowance Commercial Allowance

Increase in consumer allowance due to growth in post-acquisition International consumer portfolio

North America consumer allowance flat year-over-year reflecting stable credit trendsincreasing prime credit qualityassets will favorably impact allowance levels moving forward

Decrease in commercial allowance reflectsmaturing North America portfolio and favorable wind down of Chevrolet brand in Europe Flat operating expense ratio notwithstanding investments in full captive capability

Operating leverage achieved in 2016 and beyond as earning asset base grows via lease and prime originations

15

Solid Balance Sheet Metrics

Ending Earning

Assets ($B)

$38.2 $40.8

$33.3

Dec-13 Sep-14 Dec-14

Consumer Consumer Commercial Loan Lease Loan

Total Debt ($B)

$37.4

$33.8

$29.0


Secured Unsecured Debt Debt

Tangible Net Worth ($B)

$6.1

$5.0 $5.3


Composition of earning assets shifting to more prime-like credit profile

Subprime loan portfolio (? 620 FICO) represented 27% of ending earning assets at December31, 2014, with percentage expected to decline with continued growth in the commercial, leaseand prime portfolios in North America

Unsecured debt as a percentage of total debt increased to 33% atDecember31, 2014 from 24% at December31, 2013

Tangible Net Worth increased due to (i)$700MMequity contribution from GM for the closing of the China JV acquisition and (ii)conversion to capital of $300MM of deferred tax obligation that otherwise would have been payable by GM Financial to GM

16

Solid Balance Sheet Metrics

Leverage1

7.0x

6.5x 6.5x


Liquidity ($B)

$9.3

$8.0

$3.9


Borrowing capacity Cash

Liquidity increase primarily driven by $4.5B in unsecured debt issuances throughout 2014

On January2, 2015, liquidity reduced by $1.0 billion for acquisition of China joint venture

Leverage will increase as earning assets grow and is expected to remain within support agreement levels

(1)

Calculated consistent w ith GM/GMF Support Agreement

17

Funding Overview

Committed credit facilitiestotaling $20.1B, provided by 30 banks

North America: Established three U.S. prime loan warehouse facilitiestotaling $1.8 billion of capacity

International: Entered into, renewed and/or repriced 11 committed creditfacilities in the quarter totaling $2.6 billion of capacity across nine countries

Permanent securitizationfunding

North America:

?Canadian lease securitization (private), C$518MM, October 2014 ??AMCAR 2014-4 (U.S. subprime auto loan), $1.0B, November 2014 ??Inaugural U.S. floorplan securitization (private), $500MM,December 2014 ??U.S. lease securitization (private), $985MM, December 2014 ??Subsequent to year end AMCAR 2015-1 (U.S. subprime auto loan), $1.1B, January 2015

Senior note issuances

In October 2014, inauguralmedium term note offering in Europe500MM, 5 year tenor

Subsequent to quarter end, $2.25B U.S.senior note offering, $2.0B in fixed rate notes (5 and 10 year tenors) and $0.25B in floating rate notes (5 year tenor)

$37.4B Debt Outstanding

Credit Facilities $7.0B

Secured $25.2B

Securitization Notes Payable $18.2B

Other $0.8BCredit Facilities $3.0B

Unsecured

Sr. Notes $12.2B $8.4B

12/31/2014

18

Highlights/Accomplishments

In 2014, GMF:

Rolled out our prime loan product in the U.S., substantially completing the build out of its auto financeproduct suite in North America

Continued to increase penetration of GMs business

Experienced threefold increase in U.S. lease penetration

Realized solid retail penetration growth in both Europe and Latin America

Completed support agreement with GM providing for explicit capital support levels and liquidity availability, if needed

Upgraded to investment grade by S&P and GMFs ratings equalized to GMs across all four agencies

Continued to experience strong access to capital markets

Completed acquisition of international portfolio with closure of China joint venture (closed January2, 2015)

Finalized preparation for lease exclusivity

Buick-GMC launched February3, 2015; Cadillac targeted for March 2015

19

For more information, visit

www.gmfinancial.com

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Form 8-K : 1-10667 : 75-2291093 (State or other jurisdiction. of incorporation) (Commission. File...

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Transcript of Form 8-K : 1-10667 : 75-2291093 (State or other jurisdiction. of incorporation) (Commission. File...