Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 23, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'acf | ' |
Entity Registrant Name | 'General Motors Financial Company, Inc. | ' |
Entity Central Index Key | '0000804269 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 503 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $1,517 | $1,074 | $1,756 | $1,289 |
Finance receivables, net | 31,722 | 29,282 | ' | ' |
Restricted cash | 2,060 | 1,958 | ' | ' |
Property and equipment, net | 165 | 132 | ' | ' |
Leased vehicles, net | 5,796 | 3,383 | ' | ' |
Deferred Tax Assets, Net | 357 | 359 | ' | ' |
Goodwill | 1,245 | 1,240 | ' | ' |
Due from Related Parties | 195 | 129 | ' | ' |
Other assets | 516 | 433 | ' | ' |
Total assets | 43,573 | 37,990 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Secured debt | 22,932 | 22,073 | ' | ' |
Unsecured debt | 10,842 | 6,973 | ' | ' |
Accounts payable and accrued expenses | 990 | 946 | ' | ' |
Deferred income | 317 | 168 | ' | ' |
Deferred income taxes | 21 | 87 | ' | ' |
Taxes payable | 239 | 287 | ' | ' |
Related party taxes payable | 877 | 643 | ' | ' |
Related party payable | 603 | 368 | ' | ' |
Other Liabilities | 194 | 160 | ' | ' |
Total liabilities | 37,015 | 31,705 | ' | ' |
Shareholder's equity: | ' | ' | ' | ' |
Common stock, $1.00 par value per share, 1,000 shares authorized and 502 issued | 0 | 0 | ' | ' |
Additional paid-in capital | 4,798 | 4,785 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -207 | 11 | 27 | ' |
Retained earnings | 1,967 | 1,489 | ' | ' |
Total stockholders' equity | 6,558 | 6,285 | ' | ' |
Total liabilities and shareholder's equity | $43,573 | $37,990 | ' | ' |
Consolidated_Balance_Sheets_Ba
Consolidated Balance Sheets Balance Sheet Parentheticals (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' |
Entity Common Stock, Shares Authorized | 1,000 | 1,000 |
Entity Common Stock, Shares issued | 502 | 502 |
Common stock par value per share | $1 | $1 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | ' | ' | ' | ' |
Financial charge income | $883 | $647 | $2,595 | $1,709 |
Leased vehicle income | 297 | 172 | 735 | 415 |
Other income | 81 | 48 | 219 | 119 |
Revenues | 1,261 | 867 | 3,549 | 2,243 |
Costs and expenses | ' | ' | ' | ' |
Salaries and benefits | 158 | 123 | 448 | 313 |
Other operating expenses | 139 | 80 | 398 | 189 |
Total operating expenses | 297 | 203 | 846 | 502 |
Leased vehicle expenses | 228 | 133 | 563 | 314 |
Provision for loan losses | 160 | 117 | 408 | 311 |
Interest expense | 368 | 168 | 1,037 | 414 |
Acquisition and integration expenses | 0 | 7 | 0 | 29 |
Costs and Expenses | 1,053 | 628 | 2,854 | 1,570 |
Income before income taxes | 208 | 239 | 695 | 673 |
Income Tax provision | 50 | 78 | 217 | 228 |
Net income | 158 | 161 | 478 | 445 |
Other comprehensive income | ' | ' | ' | ' |
Foreign currency translation adjustment | -272 | 95 | -218 | 30 |
Other comprehensive (loss) income | -272 | 95 | -218 | 30 |
Comprehensive income | ($114) | $256 | $260 | $475 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $1,400 | $1,254 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' |
Purchases of consumer finance receivables, net | -10,850 | -6,310 |
Principal Collection and Recoveries on Receivables | -8,124 | -5,099 |
Net funding of commercial finance receivables | -408 | -619 |
Purchases of leased vehicles, net | -3,227 | -1,746 |
Proceeds from termination of leased vehicles | 395 | 142 |
Payments to Acquire Businesses, Net of Cash Acquired | -46 | -2,107 |
Purchases of property and equipment | -37 | -10 |
Change in restricted cash | -187 | -74 |
Change in other assets | -2 | -22 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -6,238 | -5,647 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' |
Net increase in debt (original maturities less than three months) | -913 | 0 |
Borrowings and issuance of secured debt | 15,847 | 11,676 |
Payments on secured debt | -13,568 | -9,009 |
Proceeds from Issuance of Unsecured Debt | 5,403 | 4,198 |
Repayments of Unsecured Debt | -1,339 | -1,817 |
Repayment of acquisition related debt | 0 | -1,416 |
Proceeds from Contributed Capital | 0 | 1,300 |
Payments of Debt Issuance Costs | -107 | -69 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 5,323 | 4,863 |
Cash and Cash Equivalents, Period Increase (Decrease) | 485 | 470 |
Effect of Exchange Rate on Cash and Cash Equivalents | -42 | -3 |
Cash and cash equivalents at beginning of period | 1,074 | 1,289 |
Cash and cash equivalents at end of period | $1,517 | $1,756 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary Of Significant Accounting Policies | ' | |
Note 1. | Summary of Significant Accounting Policies | |
Acquisition of Ally Financial International Operations | ||
We acquired Ally Financial Inc.'s ("Ally Financial") auto finance and financial services operations in Germany, the United Kingdom (the "U.K."), Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Greece, Spain, Chile, Colombia and Mexico on April 1, 2013. We acquired Ally Financial's auto finance and financial services operations in France and Portugal on June 1, 2013, and we acquired Ally Financial's auto finance and financial services operations in Brazil on October 1, 2013. Additionally, we have agreed to acquire Ally Financial's non-controlling 40% equity interest in GMAC-SAIC Automotive Finance Company Limited ("GMAC-SAIC"), a joint venture, which conducts auto finance operations in China. This agreement is subject to certain regulatory and other approvals. We consider it probable that our acquisition of Ally Financial's interest in GMAC-SAIC will occur in late 2014 or as soon as practicable thereafter. The results of operations of the acquired entities since the applicable acquisition dates are included in our financial statements for the three and nine months ended September 30, 2014 and 2013. | ||
Segment Information | ||
We evaluate our business in two operating segments: North America ("the North America Segment") and international ("the International Segment"). The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in all other countries. For additional financial information regarding our business segments, see Note 12 - "Segment Reporting." | ||
Basis of Presentation | ||
The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities ("VIEs"). All intercompany transactions and balances have been eliminated in consolidation. | ||
The interim period consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States of America. These interim period condensed consolidated financial statements should be read in conjunction with the consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 6, 2014 ("Form 10-K"). Certain prior periods amounts were reclassified to conform to our current year presentation. | ||
The condensed consolidated financial statements at September 30, 2014, and for the three and nine months ended September 30, 2014 and 2013, are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for such interim periods. The results for interim periods are not necessarily indicative of results for a full year. | ||
The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the amount of revenue and costs and expenses during the reporting periods. Actual results could differ from those estimates and those differences may be material. These estimates include, among other things, the determination of the allowance for loan losses on finance receivables, estimated recovery value on leased vehicles, goodwill, income taxes and the expected cash flows on the pre-acquisition consumer finance receivables. | ||
Subsequent to the issuance of our 2013 consolidated financial statements, we identified items not properly classified in the condensed consolidated statements of cash flows for the nine months ended September 30, 2013. The adjustments to previously reported amounts within the various sections of the condensed consolidated statement of cash flows had a net effect of increasing Net cash provided by operating activities by $100 million and decreasing Net cash used in investing activities by $100 million, and were principally related to net funding of commercial finance receivables. | ||
Net Presentation of Cash Flows Related to Commercial Finance Receivables | ||
Our commercial finance receivables are primarily comprised of floorplan financing to dealers. The floorplan financing loans are repayable by the dealer within two to ten days after the dealer sells the vehicle subject to the financing. In our experience, these loans are typically repaid in less than 90 days of when the credit is extended. Furthermore, we have the unilateral ability to call the loans and receive payment within 30 days of when the credit is extended. Therefore, the presentation of the cash flows related to commercial finance receivables are reflected on the condensed consolidated statements of cash flows as "Net funding of commercial finance receivables." | ||
We have revolving debt agreements to finance our commercial lending activities. The revolving period of these agreements ranges from 12 to 36 months; however, the terms of these financing agreements require that a borrowing base of eligible floorplan receivables, within certain concentration limits, must be maintained in sufficient amounts to support advances. When a dealer repays a floorplan receivable to us, the amount advanced against such receivables must be repaid by us or else the equivalent amount in new receivables must be added to the borrowing base. Despite the revolving term exceeding 90 days, the actual term for repayment of advances under these agreements is when we receive repayment from the dealers, which is typically within 90 days of when the credit is extended. Therefore, for 2014, the cash flows related to these revolving debt agreements are reflected on the condensed consolidated statements of cash flows as “Net decrease in debt (original maturities less than three months).” | ||
Related Party Transactions | ||
We are the wholly-owned captive finance subsidiary of our parent, General Motors Company ("GM"). We offer loan and lease finance products through GM-franchised dealers to consumers purchasing new and certain used vehicles manufactured by GM and make commercial loans directly to GM-franchised dealers. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on consumer loan and lease finance products. In addition, GM makes payments to us to cover certain interest payments on commercial loans. At September 30, 2014 and December 31, 2013, we had related party receivables from GM in the amount of $195 million and $129 million under these programs. | ||
At September 30, 2014 and December 31, 2013 we had $116 million and $62 million in loans outstanding to dealers that are consolidated by GM, in connection with our commercial lending program. Our international operations also provide financing to certain GM subsidiaries through factoring and other wholesale financing arrangements. At September 30, 2014 and December 31, 2013, $342 million and $588 million were outstanding under such arrangements, and are included in commercial finance receivables. At September 30, 2014 and December 31, 2013, we had $603 million and $368 million of related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days. | ||
We have a tax sharing agreement with GM for our U.S. operations, and we are obligated to pay GM for our share of the consolidated U.S. federal and certain state tax liabilities for taxable income recognized by us in any period beginning on or after October 1, 2010. Payments for the tax years 2010 through 2014 are deferred for four years from their original due date, and the total deferral amount is to not exceed $1.0 billion. The tax sharing agreement may be modified at any time by GM in its sole discretion. At September 30, 2014 and December 31, 2013, we had related party taxes payable to GM in the amount of $877 million and $643 million. | ||
In September 2014, we and GM entered into a Support Agreement (the “Support Agreement”). Pursuant to the Support Agreement, if our earning assets leverage at the end of any calendar quarter is higher than thresholds set in the Support Agreement, We may require GM to provide funding sufficient to bring our earning assets leverage to within the appropriate threshold. In determining our earning assets leverage (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt. At September 30, 2014, our earning assets leverage ratio was 7.0, which is below the current applicable ratio of 8.0. | ||
Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding and that GM will use its commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower on $4.0 billion under GM’s corporate revolving credit facilities. GM also agreed to certain provisions intended to ensure that we maintain adequate access to liquidity. Pursuant to these provisions, GM provided us with a $1.0 billion unsecured intercompany revolving credit facility (the “Junior Subordinated Revolving Credit Facility”), which replaced an existing $600 million intercompany credit facility with GM. There were no advances outstanding under the Junior Subordinated Revolving Credit Facility at September 30, 2014. | ||
In October 2014, GM amended its two primary unsecured revolving credit facilities increasing GM's aggregate borrowing capacity from $11.0 billion to $12.5 billion. These facilities consist of a three-year, $5.0 billion facility and a five-year, $7.5 billion facility. | ||
We have the ability to borrow up to $2.0 billion against each of GM's unsecured revolving credit facilities, subject to available capacity. Our borrowings under GM's facilities are limited by GM's ability to borrow the entire amount available under the facilities. Therefore, we may be able to borrow up to $4.0 billion in total or may be unable to borrow depending on GM's borrowing activity. If we do borrow under these facilities, we expect such borrowings would be short-term in nature and, except in extraordinary circumstances, would not be used to fund our operating activities in the ordinary course of business. Neither we, nor any of our subsidiaries, guarantee any obligations under these facilities and none of our or our subsidiaries' assets secure these facilities. | ||
Recently Adopted Accounting Principles | ||
On January 1, 2014 we adopted Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which was issued to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. The adoption of this ASU did not have a material effect on our consolidated financial statements. | ||
Accounting Standards Not Yet Adopted | ||
In May 2014 the Financial Accounting Standards Board issued ASU 2014-09, “Revenue Recognition - Revenue from Contracts with Customers” ("ASU 2014-09") that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2016 and interim periods therein and requires expanded disclosures. We are currently assessing the impact the adoption of ASU 2014-09 will have on our condensed consolidated financial statements. |
Finance_Receivables
Finance Receivables | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||||
Financing Receivables [Text Block] | ' | ||||||||||||||||||||||||||||||
Finance Receivables | |||||||||||||||||||||||||||||||
The finance receivables portfolio consists of the following (in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||||||||
America | America | ||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance | $ | 460 | $ | 200 | $ | 660 | $ | 931 | $ | 363 | $ | 1,294 | |||||||||||||||||||
Pre-acquisition consumer finance receivables - carrying value | $ | 401 | $ | 197 | $ | 598 | $ | 826 | $ | 348 | $ | 1,174 | |||||||||||||||||||
Post-acquisition consumer finance receivables, collectively evaluated for impairment, net of fees(a) | 11,091 | 12,404 | 23,495 | 9,795 | 11,394 | 21,189 | |||||||||||||||||||||||||
Post-acquisition consumer finance receivables, individually evaluated for impairment, net of fees | 1,123 | — | 1,123 | 767 | — | 767 | |||||||||||||||||||||||||
12,615 | 12,601 | 25,216 | 11,388 | 11,742 | 23,130 | ||||||||||||||||||||||||||
Less: allowance for loan losses - collective | (396 | ) | (72 | ) | (468 | ) | (365 | ) | (29 | ) | (394 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | (140 | ) | — | (140 | ) | (103 | ) | — | (103 | ) | |||||||||||||||||||||
Total consumer finance receivables, net | 12,079 | 12,529 | 24,608 | 10,920 | 11,713 | 22,633 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||
Commercial finance receivables, collectively evaluated for impairment, net of fees | 2,513 | 4,559 | 7,072 | 1,975 | 4,627 | 6,602 | |||||||||||||||||||||||||
Commercial finance receivables, individually evaluated for impairment, net of fees | — | 79 | 79 | — | 98 | 98 | |||||||||||||||||||||||||
2,513 | 4,638 | 7,151 | 1,975 | 4,725 | 6,700 | ||||||||||||||||||||||||||
Less: allowance for loan losses - collective | (17 | ) | (15 | ) | (32 | ) | (17 | ) | (27 | ) | (44 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | — | (5 | ) | (5 | ) | — | (7 | ) | (7 | ) | |||||||||||||||||||||
Total commercial finance receivables, net | 2,496 | 4,618 | 7,114 | 1,958 | 4,691 | 6,649 | |||||||||||||||||||||||||
Total finance receivables, net | $ | 14,575 | $ | 17,147 | $ | 31,722 | $ | 12,878 | $ | 16,404 | $ | 29,282 | |||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||
(a) Amounts reported for International include $1.0 billion of direct-financing leases at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Consumer Finance Receivables | |||||||||||||||||||||||||||||||
Our consumer finance receivables are reported in two portfolios: pre-acquisition and post-acquisition. The pre-acquisition consumer finance receivables portfolio consists of (i) finance receivables originated in North America prior to our merger with GM, all of which were considered to have had deterioration in credit quality, and (ii) finance receivables that were considered to have had deterioration in credit quality that were acquired with the international operations. The pre-acquisition consumer portfolio will decrease over time with the amortization of the acquired receivables. | |||||||||||||||||||||||||||||||
The post-acquisition consumer finance receivables portfolio consists of (i) finance receivables originated in North America since our merger with GM, (ii) finance receivables originated in the international operations since the applicable acquisition dates and (iii) finance receivables that were considered to have had no deterioration in credit quality that were acquired with the international operations. The post-acquisition consumer portfolio will grow over time as we originate new receivables. | |||||||||||||||||||||||||||||||
Pre-acquisition Consumer Finance Receivables | |||||||||||||||||||||||||||||||
Following is a summary of activity in our pre-acquisition consumer finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance, beginning of period | $ | 931 | $ | 363 | $ | 1,294 | $ | 2,162 | $ | — | $ | 2,162 | |||||||||||||||||||
Pre-acquisition consumer finance receivables - carrying value, beginning of period | $ | 826 | $ | 348 | $ | 1,174 | $ | 1,958 | $ | — | $ | 1,958 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 601 | 601 | |||||||||||||||||||||||||
Principal collections and other | (418 | ) | (171 | ) | (589 | ) | (885 | ) | (192 | ) | (1,077 | ) | |||||||||||||||||||
Change in carrying value adjustment | (7 | ) | 36 | 29 | (45 | ) | 8 | (37 | ) | ||||||||||||||||||||||
Foreign currency translation | — | (16 | ) | (16 | ) | — | 7 | 7 | |||||||||||||||||||||||
Balance at end of period | $ | 401 | $ | 197 | $ | 598 | $ | 1,028 | $ | 424 | $ | 1,452 | |||||||||||||||||||
We review our pre-acquisition portfolio for differences between contractual cash flows and the cash flows expected to be collected to determine if the difference is attributable, at least in part, to credit quality. During the nine months ended September 30, 2014 and 2013, as a result of improvements in the credit performance of the pre-acquisition portfolio, expected cash flows increased by $40 million and $73 million. We transferred the amount of excess cash flows from the non-accretable difference to accretable yield. This excess will be amortized through finance charge income over the remaining life of the portfolio. As a result of the decrease in the pre-acquisition portfolio through amortization, the amount of excess cash flows transferred to accretable yield and subsequently amortized through finance charge income has decreased. | |||||||||||||||||||||||||||||||
A summary of the activity in the accretable yield on the pre-acquisition consumer finance receivables portfolios is as follows (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 133 | $ | 44 | $ | 177 | $ | 298 | $ | 96 | $ | 394 | |||||||||||||||||||
International operations acquisition | — | — | — | — | — | — | |||||||||||||||||||||||||
Accretion of accretable yield | (32 | ) | (11 | ) | (43 | ) | (65 | ) | (20 | ) | (85 | ) | |||||||||||||||||||
Transfer from non-accretable difference | — | 7 | 7 | — | 19 | 19 | |||||||||||||||||||||||||
Foreign currency translation | — | (3 | ) | (3 | ) | — | 1 | 1 | |||||||||||||||||||||||
Balance at end of period | $ | 101 | $ | 37 | $ | 138 | $ | 233 | $ | 96 | $ | 329 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 181 | $ | 74 | $ | 255 | $ | 404 | $ | — | $ | 404 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 127 | 127 | |||||||||||||||||||||||||
Accretion of accretable yield | (113 | ) | (41 | ) | (154 | ) | (225 | ) | (44 | ) | (269 | ) | |||||||||||||||||||
Transfer from non-accretable difference | 33 | 7 | 40 | 54 | 19 | 73 | |||||||||||||||||||||||||
Foreign currency translation | — | (3 | ) | (3 | ) | — | (6 | ) | (6 | ) | |||||||||||||||||||||
Balance at end of period | $ | 101 | $ | 37 | $ | 138 | $ | 233 | $ | 96 | $ | 329 | |||||||||||||||||||
Post-acquisition Consumer Finance Receivables | |||||||||||||||||||||||||||||||
We generally purchase consumer finance contracts from auto dealers without recourse, and accordingly, the dealer has no liability to us if the consumer defaults on the contract. Depending upon the contract structure and consumer credit attributes, we may pay dealers a participation fee or we may charge dealers a non-refundable acquisition fee when purchasing individual finance contracts. We also have subvention programs with GM and other new vehicle manufacturers, under which the manufacturers provide us cash payments in order for us to offer lower interest rates on consumer finance contracts we purchase. We record the amortization of participation fees and subvention and accretion of acquisition fees to finance charge income using the effective interest method. | |||||||||||||||||||||||||||||||
Following is a summary of activity in our post-acquisition consumer finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Post-acquisition consumer finance receivables, net of fees - beginning of period | $ | 10,562 | $ | 11,394 | $ | 21,956 | $ | 8,831 | $ | — | $ | 8,831 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 6,378 | 6,378 | |||||||||||||||||||||||||
Loans purchased | 4,874 | 6,255 | 11,129 | 3,980 | 2,350 | 6,330 | |||||||||||||||||||||||||
Charge-offs | (543 | ) | (102 | ) | (645 | ) | (401 | ) | (18 | ) | (419 | ) | |||||||||||||||||||
Principal collections and other | (2,677 | ) | (4,487 | ) | (7,164 | ) | (2,097 | ) | (1,579 | ) | (3,676 | ) | |||||||||||||||||||
Foreign currency translation | (2 | ) | (656 | ) | (658 | ) | — | 221 | 221 | ||||||||||||||||||||||
Balance at end of period | $ | 12,214 | $ | 12,404 | $ | 24,618 | $ | 10,313 | $ | 7,352 | $ | 17,665 | |||||||||||||||||||
A summary of the activity in the allowance for consumer loan losses is as follows (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 515 | $ | 60 | $ | 575 | $ | 415 | $ | 8 | $ | 423 | |||||||||||||||||||
Provision for loan losses | 119 | 43 | 162 | 107 | 9 | 116 | |||||||||||||||||||||||||
Charge-offs | (194 | ) | (36 | ) | (230 | ) | (153 | ) | (18 | ) | (171 | ) | |||||||||||||||||||
Recoveries | 96 | 10 | 106 | 84 | 15 | 99 | |||||||||||||||||||||||||
Foreign currency translation | — | (5 | ) | (5 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 536 | $ | 72 | $ | 608 | $ | 453 | $ | 14 | $ | 467 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 468 | $ | 29 | $ | 497 | $ | 345 | $ | — | $ | 345 | |||||||||||||||||||
Provision for loan losses | 312 | 109 | 421 | 276 | 17 | 293 | |||||||||||||||||||||||||
Charge-offs | (543 | ) | (102 | ) | (645 | ) | (401 | ) | (18 | ) | (419 | ) | |||||||||||||||||||
Recoveries | 299 | 41 | 340 | 233 | 15 | 248 | |||||||||||||||||||||||||
Foreign currency translation | — | (5 | ) | (5 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 536 | $ | 72 | $ | 608 | $ | 453 | $ | 14 | $ | 467 | |||||||||||||||||||
Consumer Credit Quality | |||||||||||||||||||||||||||||||
We use proprietary scoring systems in the underwriting process that measure the credit quality of the receivables using several factors, such as credit bureau information, consumer credit risk scores (e.g. FICO score), and contract characteristics. In addition to our proprietary scoring system, we consider other individual consumer factors, such as employment history, financial stability, and capacity to pay. At the time of loan origination, substantially all of our international consumers have the equivalent of prime credit scores. In the North America Segment, however, our consumer finance receivables are predominantly sub-prime. A summary of the credit risk profile by FICO score band, determined at origination, of the consumer finance receivables in the North America Segment is as follows (dollars in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||
FICO Score less than 540 | $ | 3,802 | 30 | % | $ | 3,511 | 30.6 | % | |||||||||||||||||||||||
FICO Score 540 to 599 | 5,934 | 46.8 | 5,435 | 47.3 | |||||||||||||||||||||||||||
FICO Score 600 to 659 | 2,511 | 19.8 | 2,277 | 19.8 | |||||||||||||||||||||||||||
FICO Score 660 and greater | 427 | 3.4 | 270 | 2.3 | |||||||||||||||||||||||||||
Balance at end of period(a) | $ | 12,674 | 100 | % | $ | 11,493 | 100 | % | |||||||||||||||||||||||
_________________ | |||||||||||||||||||||||||||||||
(a) | Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. | ||||||||||||||||||||||||||||||
In addition we review the credit quality of all of our consumer finance receivables based on consumer payment activity. A consumer account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Consumer finance receivables are collateralized by vehicle titles and, subject to local laws, we generally have the right to repossess the vehicle in the event the consumer defaults on the payment terms of the contract. The following is a summary of the contractual amounts of consumer finance receivables, which is not significantly different than recorded investment, that are (i) more than 30 days delinquent, but not yet in repossession, and (ii) in repossession, but not yet charged off (dollars in millions): | |||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | Percent of Contractual Amount Due | North America | International | Total | Percent of Contractual Amount Due | ||||||||||||||||||||||||
31 - 60 days | $ | 865 | $ | 114 | $ | 979 | 3.9 | % | $ | 690 | $ | 49 | $ | 739 | 3.8 | % | |||||||||||||||
Greater than 60 days | 305 | 120 | 425 | 1.7 | 247 | 44 | 291 | 1.5 | |||||||||||||||||||||||
1,170 | 234 | 1,404 | 5.6 | 937 | 93 | 1,030 | 5.3 | ||||||||||||||||||||||||
In repossession | 44 | 5 | 49 | 0.2 | 41 | 4 | 45 | 0.3 | |||||||||||||||||||||||
$ | 1,214 | $ | 239 | $ | 1,453 | 5.8 | % | $ | 978 | $ | 97 | $ | 1,075 | 5.6 | % | ||||||||||||||||
The accrual of finance charge income has been suspended on $675 million and $642 million of consumer finance receivables (based on contractual amount due) at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Impaired Consumer Finance Receivables - TDRs | |||||||||||||||||||||||||||||||
Consumer finance receivables in the post-acquisition portfolio that become classified as troubled debt restructurings ("TDRs") are separately assessed for impairment. A specific allowance is estimated based on the present value of the expected future cash flows of the receivable discounted at the loan's original effective interest rate. The financial effects of the accounts that become classified as TDRs result in an impairment charge recorded as part of the provision for loan losses. Accounts that become classified as TDRs because of a payment deferral still accrue interest at the contractual rate and an additional fee is collected (where permitted) at each time of deferral and recorded as a reduction of accrued interest. No interest or fees are forgiven on a payment deferral to a customer and therefore, there are no additional financial effects of deferred loans becoming classified as TDRs. Accounts in Chapter 13 bankruptcy would have already been placed on non-accrual; therefore, there are no additional financial effects from these loans becoming classified as TDRs. At September 30, 2014, the outstanding balance of consumer finance receivables in the International Segment determined to be TDRs was insignificant; therefore, the following information is presented with regard to the TDRs in the North America Segment only. | |||||||||||||||||||||||||||||||
The outstanding recorded investment for consumer finance receivables that are considered to be TDRs and the related allowance is presented below (in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | 1,123 | $ | 767 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (140 | ) | (103 | ) | |||||||||||||||||||||||||||
Outstanding recorded investment, net of allowance | $ | 983 | $ | 664 | |||||||||||||||||||||||||||
Unpaid principal balance | $ | 1,142 | $ | 779 | |||||||||||||||||||||||||||
Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Additional information about loans classified as TDRs is presented below (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Average recorded investment | $ | 1,057 | $ | 552 | $ | 937 | $ | 417 | |||||||||||||||||||||||
Finance charge income recognized | $ | 124 | $ | 20 | $ | 183 | $ | 45 | |||||||||||||||||||||||
The following table provides information on consumer loans at the time they became classified as TDRs (dollars in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Number of Accounts | Amount | Number of Accounts | Amount | Number of Accounts | Amount | Number of Accounts | Amount | ||||||||||||||||||||||||
Recorded investment | 13,543 | $ | 232 | 11,364 | $ | 204 | 35,748 | $ | 598 | 27,302 | $ | 478 | |||||||||||||||||||
A redefault is when an account meets the requirements for evaluation under our charge-off policy (See Note 1 - "Summary of Significant Accounting Policies" in our Form 10-K for additional information). The unpaid principal balance, net of recoveries, of loans that redefaulted during the reporting period and were within 12 months or less of being modified as a TDR were $12 million and $9 million for the three months ended September 30, 2014 and 2013, and $22 million and $15 million for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Commercial Finance Receivables | |||||||||||||||||||||||||||||||
Following is a summary of activity in our commercial finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Commercial finance receivables, net of fees - beginning of period | $ | 1,975 | $ | 4,725 | $ | 6,700 | $ | 560 | $ | — | $ | 560 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 3,990 | 3,990 | |||||||||||||||||||||||||
Net funding (collections) of commercial finance receivables | 551 | 144 | 695 | 797 | (229 | ) | 568 | ||||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Foreign currency translation | (13 | ) | (231 | ) | (244 | ) | — | 128 | 128 | ||||||||||||||||||||||
Balance at end of period | $ | 2,513 | $ | 4,638 | $ | 7,151 | $ | 1,357 | $ | 3,889 | $ | 5,246 | |||||||||||||||||||
A summary of the activity in the allowance for commercial loan losses is as follows (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 17 | $ | 23 | $ | 40 | $ | 12 | $ | 12 | $ | 24 | |||||||||||||||||||
Provision for loan losses | — | (2 | ) | (2 | ) | 1 | — | 1 | |||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Recoveries | — | — | — | — | 4 | 4 | |||||||||||||||||||||||||
Foreign currency translation | — | (1 | ) | (1 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 20 | $ | 37 | $ | 13 | $ | 16 | $ | 29 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 17 | $ | 34 | $ | 51 | $ | 6 | $ | — | $ | 6 | |||||||||||||||||||
Provision for loan losses | — | (13 | ) | (13 | ) | 7 | 11 | 18 | |||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Recoveries | — | — | — | — | 5 | 5 | |||||||||||||||||||||||||
Foreign currency translation | — | (1 | ) | (1 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 20 | $ | 37 | $ | 13 | $ | 16 | $ | 29 | |||||||||||||||||||
Commercial Credit Quality | |||||||||||||||||||||||||||||||
We extend wholesale credit to dealers primarily in the form of approved lines of credit to purchase new vehicles as well as used vehicles. Each commercial lending request is evaluated, taking into consideration the borrower's financial condition and the underlying collateral for the loan. | |||||||||||||||||||||||||||||||
We use proprietary models to assign each dealer a risk rating. These models use historical performance data to identify key factors about a dealer that we consider significant in predicting a dealer's ability to meet its financial obligations. We also consider numerous other financial and qualitative factors including capitalization and leverage, liquidity and cash flow, profitability and credit history. | |||||||||||||||||||||||||||||||
We regularly review our models to confirm the continued business significance and statistical predictability of the factors and update the models to incorporate new factors or other information that improves statistical predictability. In addition, we verify the existence of the assets collateralizing the receivables by physical audits of vehicle inventories, which are performed with increased frequency for higher risk (i.e., Groups III, IV, V and VI) dealers. We perform a credit review of each dealer at least annually and adjust the dealer's risk rating, if necessary. | |||||||||||||||||||||||||||||||
Performance of our commercial finance receivables is evaluated based on our internal dealer risk rating analysis, as payment for wholesale receivables is generally not required until the dealer has sold the vehicle inventory. Wholesale and dealer loan receivables with the same dealer customer share the same risk rating. | |||||||||||||||||||||||||||||||
A summary of the credit risk profile by dealer grouping of the commercial finance receivables is as follows (in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Group I | - | Dealers with superior financial metrics | $ | 711 | $ | 598 | |||||||||||||||||||||||||
Group II | - | Dealers with strong financial metrics | 1,732 | 1,588 | |||||||||||||||||||||||||||
Group III - | - | Dealers with fair financial metrics | 2,606 | 2,174 | |||||||||||||||||||||||||||
Group IV - | - | Dealers with weak financial metrics | 1,315 | 1,622 | |||||||||||||||||||||||||||
Group V | - | Dealers warranting special mention due to potential weaknesses | 604 | 488 | |||||||||||||||||||||||||||
Group VI - | - | Dealers with loans classified as substandard, doubtful or impaired | 183 | 230 | |||||||||||||||||||||||||||
Balance at end of period | $ | 7,151 | $ | 6,700 | |||||||||||||||||||||||||||
The credit lines for Group VI dealers are suspended and no further funding is extended to these dealers. | |||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013 substantially all of our commercial finance receivables were current with respect to payment status. | |||||||||||||||||||||||||||||||
Impaired Commercial Finance Receivables | |||||||||||||||||||||||||||||||
We consider a loan impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The amount of impairment is based on expected proceeds, including the estimated amount of future cash flows and/or the fair value of underlying collateral, compared to the recorded investment of the loan. A specific allowance for losses is established in the amount of any measured impairment. | |||||||||||||||||||||||||||||||
Commercial finance receivables classified as TDRs are assessed for impairment and included in our allowance for credit losses based on the present value of the expected future cash flows of the receivable discounted at the loan's original effective interest rate. For receivables where foreclosure is probable, the fair value of the collateral is used to estimate the specific impairment. At September 30, 2014 and December 31, 2013, there were no outstanding commercial finance receivables classified as TDRs. |
Restricted_Cash_Notes
Restricted Cash (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||||||||||||||||||
Restricted Assets Disclosure [Text Block] | ' | |||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||
The following table summarizes the components of restricted cash (in millions): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
North America | International | Total | North America | International | Total | |||||||||||||||||||
Securitization notes payable | $ | 1,046 | $ | 357 | $ | 1,403 | $ | 890 | $ | 208 | $ | 1,098 | ||||||||||||
Revolving credit facilities | 26 | 267 | 293 | 62 | 415 | 477 | ||||||||||||||||||
Other | 34 | 330 | 364 | 26 | 357 | 383 | ||||||||||||||||||
Total restricted cash | $ | 1,106 | $ | 954 | $ | 2,060 | $ | 978 | $ | 980 | $ | 1,958 | ||||||||||||
Restricted cash for securitization notes payable and revolving credit facilities is comprised of funds deposited as collateral required in restricted cash accounts to support securitization transactions or funds deposited in restricted cash accounts to provide additional collateral for borrowings under revolving credit facilities. Additionally, these funds include monthly collections from borrowers that have not yet been used for repayment of debt. | ||||||||||||||||||||||||
Other restricted cash is primarily comprised of deposits in Brazil held in escrow pending resolution of tax and civil litigation. |
Leased_Vehicles
Leased Vehicles | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Property Subject to or Available for Operating Lease, Net [Abstract] | ' | ||||||||||||||||||||||||
Operating Leases of Lessor Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Leased Vehicles | |||||||||||||||||||||||||
Our operating lease program is offered primarily in the North America Segment. At September 30, 2014 and December 31, 2013, the amount of leased vehicles accounted for as operating leases in the International Segment is insignificant; therefore, the following information regarding our leased vehicles is presented on a consolidated basis. | |||||||||||||||||||||||||
Following is a summary of our leased vehicles (in millions): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Leased vehicles | $ | 7,972 | $ | 4,684 | |||||||||||||||||||||
Manufacturer incentives | (1,171 | ) | (659 | ) | |||||||||||||||||||||
6,801 | 4,025 | ||||||||||||||||||||||||
Less: accumulated depreciation | (1,005 | ) | (642 | ) | |||||||||||||||||||||
Leased vehicles, net | $ | 5,796 | $ | 3,383 | |||||||||||||||||||||
A summary of the changes in our leased vehicles is as follows (in millions): | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 4,025 | $ | 1,976 | |||||||||||||||||||||
International operations acquisition | — | 9 | |||||||||||||||||||||||
Leased vehicles purchased | 4,077 | 2,180 | |||||||||||||||||||||||
Leased vehicles returned - end of term | (662 | ) | (192 | ) | |||||||||||||||||||||
Leased vehicles returned - default | (39 | ) | (16 | ) | |||||||||||||||||||||
Manufacturer incentives | (524 | ) | (288 | ) | |||||||||||||||||||||
Foreign currency translation | (76 | ) | (22 | ) | |||||||||||||||||||||
Balance at end of period | $ | 6,801 | $ | 3,647 | |||||||||||||||||||||
The following table summarizes minimum rental payments due to us as lessor under operating leases (in millions): | |||||||||||||||||||||||||
Years Ending December 31, | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Minimum rental payments under operating leases | $ | 272 | $ | 1,012 | $ | 780 | $ | 366 | $ | 51 | $ | 3 | |||||||||||||
At September 30, 2014 and December 31, 2013, our Canadian subsidiary was servicing $146 million and $303 million of leased vehicles for a third party. |
Debt
Debt | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||
Debt consists of the following (in millions): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||
Secured | |||||||||||||||||||||||||
Revolving credit facilities | $ | 697 | $ | 5,736 | $ | 6,433 | $ | 1,678 | $ | 7,322 | $ | 9,000 | |||||||||||||
Securitization notes payable | 12,177 | 4,322 | 16,499 | 10,801 | 2,272 | 13,073 | |||||||||||||||||||
Total secured | $ | 12,874 | $ | 10,058 | $ | 22,932 | $ | 12,479 | $ | 9,594 | $ | 22,073 | |||||||||||||
Unsecured | |||||||||||||||||||||||||
Senior notes | $ | 7,858 | $ | — | $ | 7,858 | $ | 4,000 | $ | — | $ | 4,000 | |||||||||||||
Credit facilities | — | 2,217 | 2,217 | — | 2,370 | 2,370 | |||||||||||||||||||
Other unsecured debt | — | 767 | 767 | — | 603 | 603 | |||||||||||||||||||
Total unsecured | $ | 7,858 | $ | 2,984 | $ | 10,842 | $ | 4,000 | $ | 2,973 | $ | 6,973 | |||||||||||||
Secured Debt | |||||||||||||||||||||||||
Most of the secured debt was issued by variable interest entities, as further discussed in Note 6 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and lease related assets. | |||||||||||||||||||||||||
During the nine months ended September 30, 2014, we entered into $445 million in new revolving credit facilities and issued $7.1 billion in securitization notes payable. | |||||||||||||||||||||||||
We are required to hold funds in restricted cash accounts to provide additional collateral for borrowings under certain of our secured credit facilities. Additionally, certain of our secured credit facilities contain various covenants requiring minimum financial ratios, asset quality and portfolio performance ratios (portfolio net loss and delinquency ratios and pool level cumulative net loss ratios) as well as limits on deferment levels. Failure to meet any of these covenants could result in an event of default under these agreements. If an event of default occurs under these agreements, the lenders could elect to declare all amounts outstanding under these agreements to be immediately due and payable, enforce their interests against collateral pledged under these agreements, restrict our ability to obtain additional borrowings under these agreements and/or remove us as servicer. At September 30, 2014, we were in compliance with all covenants related to our credit facilities. | |||||||||||||||||||||||||
Unsecured Debt | |||||||||||||||||||||||||
In July 2014, our top-tier holding company issued $1.5 billion in senior notes, of which $700 million are due in July 2017 and $800 million are due in July 2019. Interest on the respective tranches is 2.625% and 3.50%, and is payable semiannually. In September 2014, our top-tier holding company issued $2.0 billion in senior notes, of which $750 million are due in September 2017 and $1.25 billion are due in September 2021. Interest on the respective tranches is 3.00% and 4.375%, and is payable semiannually. The other terms of all these senior notes are substantially the same as those of the senior notes our top-tier holding company has previously issued. We intend to use the net proceeds from these offerings for general corporate purposes. | |||||||||||||||||||||||||
All of the senior notes issued by our top-tier holding company may be redeemed, at our option, in whole or in part, at any time before maturity at the redemption prices set forth in the indentures that govern the senior notes, plus accrued and unpaid interest, to the redemption date. In addition, if a change of control occurs, as that term is defined in the indentures that govern the senior notes, prior to us being rated "investment grade" by at least two of three listed rating agencies, the holders of these senior notes will have the right, subject to certain conditions, to require us to repurchase their senior notes at a purchase price equal to 101% of the aggregate principal amount of senior notes repurchased plus accrued and unpaid interest, as of the date of repurchase. All of our senior notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"); none of our other subsidiaries are guarantors of our senior notes. See Note 15 - "Guarantor Consolidating Financial Statements" for further discussion. | |||||||||||||||||||||||||
The indentures that govern the senior notes issued by our top-tier holding company provide for customary events of default, including nonpayment, failure to comply with covenants or other agreements in the indentures, if any subsidiary guarantee shall cease to be in full force and effect or any guarantor shall deny or disaffirm its obligations under its subsidiary guarantee, and certain events of bankruptcy or insolvency. If any event of default occurs and is continuing with respect to a series of senior notes, the trustee or the holders of at least 25% in principal amount of the then outstanding senior notes of such series may declare all of the senior notes of such series to be due and payable immediately. At September 30, 2014, we were in compliance with all covenants related to our senior notes. | |||||||||||||||||||||||||
In May 2014 our Canadian subsidiary issued C$400 million of 3.25% senior notes through a private placement in Canada. The notes are due in May 2017 with interest payable semiannually. These notes are guaranteed by our top-tier holding company and by AFSI. We intend to use the net proceeds from this offering for general corporate purposes. | |||||||||||||||||||||||||
The International Segment issues unsecured debt through credit facilities with banks and other non-bank funding instruments. During the nine months ended September 30, 2014, we entered into $181 million of new unsecured committed credit facilities. | |||||||||||||||||||||||||
In October 2014, a European subsidiary issued €500 million of 1.875% notes under its euro medium term notes program, which are listed on the Irish Stock Exchange. These notes are due in October 2019 with interest payable annually. These notes are guaranteed by our top-tier holding company and by AFSI. We intend to use the net proceeds for general corporate purposes. |
Variable_Interest_Entities_Not
Variable Interest Entities (Notes) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Variable Interest Entities [Abstract] | ' | ||||||||
Variable interest entities [Text Block] | ' | ||||||||
Variable Interest Entities | |||||||||
Securitizations and credit facilities | |||||||||
The following table summarizes the assets and liabilities of our consolidated VIEs related to securitization and credit facilities (in millions): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Restricted cash | $ | 1,696 | $ | 1,523 | |||||
VIE assets | $ | 25,512 | $ | 23,584 | |||||
VIE liabilities | $ | 20,321 | $ | 19,448 | |||||
The assets of the VIEs and the restricted cash we hold serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities we provide as the servicer. We are not required and do not currently intend to provide additional financial support to these VIEs. While these subsidiaries are included in our consolidated financial statements, these subsidiaries are separate legal entities and their assets are legally owned by them and not available to our creditors. | |||||||||
In addition, we entered into interest rate swaps and caps with certain special-purpose entities ("SPEs") that issue variable rate debt against fixed rate securitized assets. Under the terms of these swaps, the SPEs are obligated to pay us a fixed rate of interest on certain payment dates in exchange for receiving a floating rate of interest on notional amounts equal to the outstanding balance of the secured debt. This arrangement enables the SPEs to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate securitized assets, as required to maintain ratings on such securitizations. See Note 7 - "Derivative Financial Instruments and Hedging Activities" for further discussion. | |||||||||
Other VIEs | |||||||||
We consolidate certain operating entities that provide auto finance and financial services, which we do not control through a majority voting interest. We manage these entities and maintain a controlling financial interest in them and are exposed to the risks of ownership through contractual arrangements. The majority voting interests in these entities are indirectly wholly-owned by our parent, GM. Prior to December 2013, the voting interests in these entities were indirectly wholly-owned by us. At September 30, 2014 and December 31, 2013, total assets of these entities were $4.7 billion and $3.9 billion, which were comprised primarily of cash and cash equivalents and finance receivables; and total liabilities were $3.9 billion and $3.0 billion, which were comprised primarily of debt, accounts payable (primarily trade) and accrued liabilities. In the nine months ended September 30, 2014 total revenue recorded by these entities was $148 million and net income was $29 million. In the three months ended September 30, 2014 total revenue recorded by these entities was $30 million and net income was $8 million. These amounts are stated prior to intercompany eliminations and include amounts related to securitization and credit facilities held by consolidated VIEs. Liabilities recognized as a result of consolidating these entities generally do not represent claims against us or our other subsidiaries and assets recognized generally are for the benefit of these entities operations and cannot be used to satisfy our or our subsidiaries obligations. | |||||||||
Transfers of finance receivables to non-VIEs | |||||||||
Under certain debt agreements, we transfer finance receivables to third-party banks, which are not considered VIEs. These transfers do not meet the criteria to be considered sales; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements. Any collections received on the transferred receivables are available only for the repayment of the related debt. At September 30, 2014 and December 31, 2013, $2.7 billion and $2.8 billion in finance receivables had been transferred in secured funding arrangements to third-party banks, to which $2.6 billion and $2.7 billion in secured debt was outstanding. |
Derivative_Financial_Instrumen
Derivative Financial Instruments And Hedging Activities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments And Hedging Activities | ' | ||||||||||||||||
Derivative Financial Instruments and Hedging Activities | |||||||||||||||||
Derivative swap and cap agreements consist of the following (in millions): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Notional | Fair Value(a) | Notional | Fair Value(a) | ||||||||||||||
Assets | |||||||||||||||||
Interest rate swaps | $ | 3,370 | $ | 15 | $ | 2,422 | $ | 11 | |||||||||
Interest rate caps | 2,583 | 11 | 1,398 | 7 | |||||||||||||
Foreign currency swaps(b) | 1,678 | — | 1,678 | 3 | |||||||||||||
Total assets(c) | $ | 7,631 | $ | 26 | $ | 5,498 | $ | 21 | |||||||||
Liabilities | |||||||||||||||||
Interest rate swaps | $ | 4,618 | $ | 38 | $ | 4,266 | $ | 17 | |||||||||
Interest rate caps | 2,252 | 11 | 1,206 | 7 | |||||||||||||
Foreign currency swaps(b) | 2,227 | 20 | 2,133 | 29 | |||||||||||||
Total liabilities(d) | $ | 9,097 | $ | 69 | $ | 7,605 | $ | 53 | |||||||||
_________________ | |||||||||||||||||
(a) | See Note 8 - " Fair Values of Assets and Liabilities " for further discussion of fair value disclosure related to the derivatives. | ||||||||||||||||
(b) | The foreign currency swaps relate to (i) intercompany loans denominated in foreign currencies (notional balances on the intercompany loans of €670 million, £500 million and 148kr million have been translated to USD) and (ii) a $550 million cross-currency swap for a securitization in the International Segment. | ||||||||||||||||
(c) | Included in other assets on the condensed consolidated balance sheets. | ||||||||||||||||
(d) | Included in other liabilities on the condensed consolidated balance sheets. | ||||||||||||||||
As appropriate, we purchase interest rate cap agreements to limit floating rate exposures on certain of our revolving secured debt. We also utilize interest rate swap agreements to convert floating rate exposures on certain of our revolving debt or on securities issued in securitization transactions to fixed rates, thereby hedging the variability in interest expense paid. | |||||||||||||||||
We provided loans denominated in foreign currencies (euro, British pound and Swedish krona) to certain of our international entities for the equivalent of $1.7 billion. We purchase foreign currency swaps to hedge against any valuation change in the loans due to changes in foreign exchange rates. In addition, our operations in the U.K. issued debt denominated in U.S. dollars in an amount equivalent to £350 million and put a cross-currency swap in place to hedge against any valuation change in the debt due to changes in exchange rates. | |||||||||||||||||
The following table presents information on the effect of derivative instruments on the condensed consolidated statements of income and comprehensive income (in millions): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Non-designated hedges: | |||||||||||||||||
Interest rate contracts(a) | $ | (9 | ) | $ | 5 | $ | (18 | ) | $ | 2 | |||||||
Foreign currency derivatives(b) | 141 | (99 | ) | 99 | (111 | ) | |||||||||||
$ | 132 | $ | (94 | ) | $ | 81 | $ | (109 | ) | ||||||||
_________________ | |||||||||||||||||
(a) | (Losses) gains recognized in earnings are included in interest expense. | ||||||||||||||||
(b) | Gains for the three and nine months ended September 30, 2014 are substantially offset by translation losses (included in operating expenses) related to the foreign currency-denominated loans described above. |
Fair_Values_Of_Assets_And_Liab
Fair Values Of Assets And Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Of Financial Instruments | ' | ||||||||||||||||
Fair Values of Assets and Liabilities | |||||||||||||||||
Refer to Note 10 - "Fair Values of Assets and Liabilities" to the consolidated financial statements in our Form 10-K for further discussion of valuation techniques and fair value measurement levels. | |||||||||||||||||
Assets and liabilities itemized below were measured at fair value on a recurring basis, using either the market approach (i), the cost approach (ii) or the income approach (iii) (in millions): | |||||||||||||||||
Fair Value | |||||||||||||||||
Level | September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets | |||||||||||||||||
Money market funds(i)(a) | 1 | $ | 2,318 | $ | 1,452 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps(iii) | 3 | 15 | 11 | ||||||||||||||
Interest rate caps(i) | 2 | 11 | 7 | ||||||||||||||
Foreign currency swaps(i) | 2 | — | 3 | ||||||||||||||
Total assets | $ | 2,344 | $ | 1,473 | |||||||||||||
Liabilities | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps(iii) | 3 | $ | 38 | $ | 17 | ||||||||||||
Interest rate caps(i) | 2 | 11 | 7 | ||||||||||||||
Foreign currency swaps(i) | 2 | 20 | 29 | ||||||||||||||
Total liabilities | $ | 69 | $ | 53 | |||||||||||||
_________________ | |||||||||||||||||
(a) | Excludes cash in banks of $1.3 billion and $1.6 billion at September 30, 2014 and December 31, 2013. | ||||||||||||||||
The tables below present a reconciliation for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Balance at beginning of period | $ | 17 | $ | (34 | ) | $ | 7 | $ | (20 | ) | |||||||
Total realized and unrealized gains included in earnings | (1 | ) | (11 | ) | 2 | 1 | |||||||||||
Purchases | — | — | — | — | |||||||||||||
Settlements | (1 | ) | 5 | (3 | ) | 7 | |||||||||||
Foreign currency translation | — | 2 | 2 | (4 | ) | ||||||||||||
Balance at end of period | $ | 15 | $ | (38 | ) | $ | 8 | $ | (16 | ) | |||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Balance at beginning of period | $ | 11 | $ | (17 | ) | $ | — | $ | — | ||||||||
Total realized and unrealized gains included in earnings | 5 | (37 | ) | 4 | (4 | ) | |||||||||||
Purchases | — | — | 7 | (19 | ) | ||||||||||||
Settlements | (1 | ) | 14 | (5 | ) | 10 | |||||||||||
Foreign currency translation | — | 2 | 2 | (3 | ) | ||||||||||||
Balance at end of period | $ | 15 | $ | (38 | ) | $ | 8 | $ | (16 | ) | |||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
Guarantees of Indebtedness | |
The payments of principal and interest on senior notes issued by our top-tier holding company are guaranteed by AFSI. At September 30, 2014 and December 31, 2013, the par value of these senior notes was $7.5 billion and $4.0 billion. See Note 15 - "Guarantor Consolidating Financial Statements" for further discussion. | |
Legal Proceedings | |
As a consumer finance company, we are subject to various consumer claims and litigation seeking damages and statutory penalties, based upon, among other things, usury, disclosure inaccuracies, wrongful repossession, violations of bankruptcy stay provisions, certificate of title disputes, fraud, breach of contract and discriminatory treatment of credit applicants. Some litigation against us could take the form of class action complaints by consumers and certain legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. We establish reserves for legal claims when payments associated with the claims become probable and the payments can be reasonably estimated. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, it is generally very difficult to predict what the eventual outcome will be, and when the matter will be resolved. The actual costs of resolving legal claims may be higher or lower than any amounts reserved for the claims. At September 30, 2014, we estimated our reasonably possible legal exposure for unfavorable outcomes to be $125 million, and have accrued $58 million. | |
Other Administrative Tax Matters | |
We accrue non-income tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they will be charged against income at that time. | |
In evaluating indirect tax matters, we take into consideration factors such as our historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. We reevaluate and update our accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to us and could require us to make expenditures for which we estimate the aggregate risk to be a range of up to $75 million. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For interim income tax reporting we estimate our annual effective tax rate and apply it to our year-to-date ordinary income. Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded from the annualized effective tax rate. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. | |
Our effective income tax rate was 24.0% and 31.2% for the three and nine months ended September 30, 2014 and 32.8% and 33.9% for the three and nine months ended September 30, 2013. The decrease in the effective income tax rate is primarily due to settlements within various jurisdictions. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||||||||||
Fair Value Of Financial Instruments | ' | ||||||||||||||||||
Fair Values of Financial Instruments | |||||||||||||||||||
Fair values are based on estimates using present value or other valuation techniques in cases where quoted market prices are not available. Those techniques are significantly affected by the assumptions used, including the discount rate and the estimated timing and amount of future cash flows. Therefore, the estimates of fair value may differ substantially from amounts that ultimately may be realized or paid at settlement or maturity of the financial instruments and those differences may be material. Disclosures about fair value of financial instruments exclude certain financial instruments and all non-financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of our company. | |||||||||||||||||||
Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (in millions): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Level | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | (a) | 1 | $ | 1,517 | $ | 1,517 | $ | 1,074 | $ | 1,074 | |||||||||
Finance receivables, net | (b) | 3 | $ | 31,722 | $ | 32,064 | $ | 29,282 | $ | 29,301 | |||||||||
Restricted cash | (a) | 1 | $ | 2,060 | $ | 2,060 | $ | 1,958 | $ | 1,958 | |||||||||
Interest rate swap agreements | (c) | 3 | $ | 15 | $ | 15 | $ | 11 | $ | 11 | |||||||||
Interest rate cap agreements purchased | (d) | 2 | $ | 11 | $ | 11 | $ | 7 | $ | 7 | |||||||||
Foreign currency swap agreements | (d) | 2 | $ | — | $ | — | $ | 3 | $ | 3 | |||||||||
Financial liabilities: | |||||||||||||||||||
Secured debt | |||||||||||||||||||
North America | (e) | 2 | $ | 12,874 | $ | 12,935 | $ | 12,479 | $ | 12,565 | |||||||||
International | (f) | 2 | $ | 5,394 | $ | 5,409 | $ | 5,113 | $ | 5,113 | |||||||||
International | (g) | 3 | $ | 4,664 | $ | 4,641 | $ | 4,481 | $ | 4,492 | |||||||||
Unsecured debt | |||||||||||||||||||
North America | (h) | 2 | $ | 7,858 | $ | 8,013 | $ | 4,000 | $ | 4,106 | |||||||||
International | (i) | 2 | $ | 2,862 | $ | 2,862 | $ | 1,282 | $ | 1,282 | |||||||||
International | (g) | 3 | $ | 122 | $ | 127 | $ | 1,691 | $ | 1,690 | |||||||||
Interest rate swap agreements | (c) | 3 | $ | 38 | $ | 38 | $ | 17 | $ | 17 | |||||||||
Interest rate cap agreements sold | (d) | 2 | $ | 11 | $ | 11 | $ | 7 | $ | 7 | |||||||||
Foreign currency swap agreements | (d) | 2 | $ | 20 | $ | 20 | $ | 29 | $ | 29 | |||||||||
_________________ | |||||||||||||||||||
(a) | Cash and cash equivalents and restricted cash bear interest at market rates; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(b) | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Commercial finance receivables generally have variable interest rates and maturities of one year or less. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(c) | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(d) | The fair values of the interest rate cap agreements and foreign currency swap agreements are based on quoted market prices. | ||||||||||||||||||
(e) | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured term debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | ||||||||||||||||||
(f) | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, par value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(g) | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(h) | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | ||||||||||||||||||
(i) | The level 2 unsecured debt in the International Segment has terms of one year or less; therefore, par value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
The fair value of our consumer finance receivables is based on observable and unobservable inputs within a discounted cash flow model. Those unobservable inputs reflect assumptions regarding expected prepayments, deferrals, delinquencies, recoveries and charge-offs of the loans within the portfolio. The cash flow model produces an estimated amortization schedule of the finance receivables which is the basis for the calculation of the series of cash flows that derive the fair value of the portfolio. For the North America Segment, the series of cash flows is calculated and discounted using a weighted average cost of capital using unobservable debt and equity percentages, an unobservable cost of equity and an observable cost of debt based on companies with a similar credit rating and maturity profile. For the International Segment, the series of cash flows is calculated and discounted using current interest rates. Macroeconomic factors could affect the credit performance of our portfolio and therefore could potentially impact the assumptions used in our cash flow model. |
Segments_Notes
Segments (Notes) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||
We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments: the North America Segment (consisting of operations in the U.S. and Canada) and the International Segment (consisting of operations in all other countries). Our chief operating decision maker evaluates the operating results and performance of our business based on these operating segments. The management of each segment is responsible for executing our strategies. | |||||||||||||||||||||||||
For segment reporting purposes only, interest expense related to the senior notes has been allocated based on targeted leverage for each segment. Interest expense in excess of the targeted overall leverage is reflected in the "Corporate" column below. In addition, the interest income on $1.7 billion in intercompany loans provided to the international operations is presented in the "Corporate" column as revenue. | |||||||||||||||||||||||||
All inter-segment balances and transactions have been eliminated. Key financial data for our operating segments were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 759 | $ | 502 | $ | 14 | $ | (14 | ) | $ | 1,261 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 366 | 159 | — | — | 525 | ||||||||||||||||||||
Provision for loan losses | 119 | 41 | — | — | 160 | ||||||||||||||||||||
Interest expense | 124 | 244 | 14 | (14 | ) | 368 | |||||||||||||||||||
Income before income taxes | $ | 150 | $ | 58 | $ | — | $ | — | $ | 208 | |||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 622 | $ | 245 | $ | 13 | $ | (13 | ) | $ | 867 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 246 | 90 | — | — | 336 | ||||||||||||||||||||
Provision for loan losses | 108 | 9 | — | — | 117 | ||||||||||||||||||||
Interest expense | 93 | 76 | 12 | (13 | ) | 168 | |||||||||||||||||||
Acquisition and integration expenses | — | 7 | — | — | 7 | ||||||||||||||||||||
Income before income taxes | $ | 175 | $ | 63 | $ | 1 | $ | — | $ | 239 | |||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 2,086 | $ | 1,463 | $ | 45 | $ | (45 | ) | $ | 3,549 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 950 | 459 | — | — | 1,409 | ||||||||||||||||||||
Provision for loan losses | 312 | 96 | — | — | 408 | ||||||||||||||||||||
Interest expense | 320 | 706 | 56 | (45 | ) | 1,037 | |||||||||||||||||||
Income before income taxes | $ | 504 | $ | 202 | $ | (11 | ) | $ | — | $ | 695 | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 1,750 | $ | 493 | $ | 28 | $ | (28 | ) | $ | 2,243 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 637 | 179 | — | — | 816 | ||||||||||||||||||||
Provision for loan losses | 283 | 28 | — | — | 311 | ||||||||||||||||||||
Interest expense | 266 | 157 | 19 | (28 | ) | 414 | |||||||||||||||||||
Acquisition and integration expenses | — | 29 | — | — | 29 | ||||||||||||||||||||
Income before income taxes | $ | 564 | $ | 100 | $ | 9 | $ | — | $ | 673 | |||||||||||||||
September 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||
America | America | ||||||||||||||||||||||||
Finance receivables, net | $ | 14,575 | $ | 17,147 | $ | 31,722 | $ | 12,878 | $ | 16,404 | $ | 29,282 | |||||||||||||
Total assets | $ | 24,032 | $ | 19,541 | $ | 43,573 | $ | 19,094 | $ | 18,896 | $ | 37,990 | |||||||||||||
Disclosure_of_AOCI_Notes
Disclosure of AOCI (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
A summary of changes in accumulated other comprehensive income (loss) is as follows (in millions): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Defined benefit plans, net: | |||||||||||||||||
Balance at beginning of period | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Unrealized gain on subsidiary pension | — | — | — | — | |||||||||||||
Balance at end of period | 3 | — | 3 | — | |||||||||||||
Foreign currency translation adjustment: | |||||||||||||||||
Balance at beginning of period | 62 | (68 | ) | 8 | (3 | ) | |||||||||||
Translation (loss) gain | (272 | ) | 95 | (218 | ) | 30 | |||||||||||
Balance at end of period | (210 | ) | 27 | (210 | ) | 27 | |||||||||||
Total accumulated other comprehensive (loss) income | $ | (207 | ) | $ | 27 | $ | (207 | ) | $ | 27 | |||||||
Regulatory_Capital_and_Other_R
Regulatory Capital and Other Regulatory Matters (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Regulatory Capital and Other Regulatory Matters [Abstract] | ' |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ' |
Regulatory Capital | |
The International Segment includes the operations of certain stand-alone entities that operate in local markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that these entities meet certain minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory requirements at September 30, 2014. Total assets of our regulated international banks and finance companies were approximately $11.4 billion and $12.1 billion at September 30, 2014 and December 31, 2013. |
Guarantor_Consolidating_Financ
Guarantor Consolidating Financial Statements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Guarantor Consolidating Financial Statements [abstract] | ' | |||||||||||||||||||
Guarantor Condensed Consolidated Financial Statements [Text Block] | ' | |||||||||||||||||||
Guarantor Consolidating Financial Statements | ||||||||||||||||||||
The payment of principal and interest on senior notes issued by our top-tier holding company is currently guaranteed solely by AFSI (the "Guarantor") and none of our other subsidiaries (the "Non-Guarantor Subsidiaries"). | ||||||||||||||||||||
The consolidating financial statements present consolidating financial data for (i) General Motors Financial Company, Inc. (on a parent only basis), (ii) the Guarantor, (iii) the combined Non-Guarantor Subsidiaries, (iv) an elimination column for adjustments to arrive at the information for the parent company and our subsidiaries on a consolidated basis and (v) the parent company and our subsidiaries on a consolidated basis at September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||
Investments in subsidiaries are accounted for by the parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company's investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions. | ||||||||||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 809 | $ | 708 | $ | — | $ | 1,517 | ||||||||||
Finance receivables, net | — | 1,901 | 29,821 | — | 31,722 | |||||||||||||||
Restricted cash | — | 19 | 2,041 | — | 2,060 | |||||||||||||||
Property and equipment, net | — | 8 | 157 | — | 165 | |||||||||||||||
Leased vehicles, net | — | — | 5,796 | — | 5,796 | |||||||||||||||
Deferred income taxes | 22 | — | 518 | (183 | ) | 357 | ||||||||||||||
Goodwill | 1,095 | — | 150 | — | 1,245 | |||||||||||||||
Related party receivables | — | 18 | 177 | — | 195 | |||||||||||||||
Other assets | 97 | 45 | 374 | — | 516 | |||||||||||||||
Due from affiliates | 6,510 | — | — | (6,510 | ) | — | ||||||||||||||
Investment in affiliates | 7,373 | 3,397 | — | (10,770 | ) | — | ||||||||||||||
Total assets | $ | 15,097 | $ | 6,197 | $ | 39,742 | $ | (17,463 | ) | $ | 43,573 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 22,932 | $ | — | $ | 22,932 | ||||||||||
Unsecured debt | 7,500 | — | 3,342 | — | 10,842 | |||||||||||||||
Accounts payable and accrued expenses | 86 | 141 | 763 | — | 990 | |||||||||||||||
Deferred income | — | — | 317 | — | 317 | |||||||||||||||
Deferred income taxes | — | 200 | 4 | (183 | ) | 21 | ||||||||||||||
Taxes payable | 76 | — | 163 | — | 239 | |||||||||||||||
Related party taxes payable | 877 | — | 1 | (1 | ) | 877 | ||||||||||||||
Related party payables | — | — | 603 | — | 603 | |||||||||||||||
Other liabilities | — | 22 | 172 | — | 194 | |||||||||||||||
Due to affiliates | — | 1,760 | 4,749 | (6,509 | ) | — | ||||||||||||||
Total liabilities | 8,539 | 2,123 | 33,046 | (6,693 | ) | 37,015 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 698 | (698 | ) | — | ||||||||||||||
Additional paid-in capital | 4,798 | 79 | 3,111 | (3,190 | ) | 4,798 | ||||||||||||||
Accumulated other comprehensive (loss) income | (207 | ) | (38 | ) | (192 | ) | 230 | (207 | ) | |||||||||||
Retained earnings | 1,967 | 4,033 | 3,079 | (7,112 | ) | 1,967 | ||||||||||||||
Total shareholder's equity | 6,558 | 4,074 | 6,696 | (10,770 | ) | 6,558 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 15,097 | $ | 6,197 | $ | 39,742 | $ | (17,463 | ) | $ | 43,573 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 395 | $ | 679 | $ | — | $ | 1,074 | ||||||||||
Finance receivables, net | — | 612 | 28,670 | — | 29,282 | |||||||||||||||
Restricted cash | — | 20 | 1,938 | — | 1,958 | |||||||||||||||
Property and equipment, net | — | 5 | 127 | — | 132 | |||||||||||||||
Leased vehicles, net | — | — | 3,383 | — | 3,383 | |||||||||||||||
Deferred income taxes | 1 | — | 358 | — | 359 | |||||||||||||||
Goodwill | 1,095 | — | 145 | — | 1,240 | |||||||||||||||
Related party receivables | 29 | — | 100 | — | 129 | |||||||||||||||
Other assets | 74 | 5 | 358 | (4 | ) | 433 | ||||||||||||||
Due from affiliates | 3,754 | 863 | — | (4,617 | ) | — | ||||||||||||||
Investment in affiliates | 6,994 | 3,565 | — | (10,559 | ) | — | ||||||||||||||
Total assets | $ | 11,947 | $ | 5,465 | $ | 35,758 | $ | (15,180 | ) | $ | 37,990 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 22,073 | $ | — | $ | 22,073 | ||||||||||
Unsecured debt | 4,000 | — | 2,973 | — | 6,973 | |||||||||||||||
Accounts payable and accrued expenses | 101 | 133 | 716 | (4 | ) | 946 | ||||||||||||||
Deferred income | — | — | 168 | — | 168 | |||||||||||||||
Deferred income taxes | (28 | ) | 161 | (46 | ) | — | 87 | |||||||||||||
Taxes payable | 83 | — | 204 | — | 287 | |||||||||||||||
Related party taxes payable | 643 | — | 1 | (1 | ) | 643 | ||||||||||||||
Related party payables | — | — | 368 | — | 368 | |||||||||||||||
Other liabilities | — | 14 | 146 | — | 160 | |||||||||||||||
Due to affiliates | 863 | 1,474 | 2,280 | (4,617 | ) | — | ||||||||||||||
Total liabilities | 5,662 | 1,782 | 28,883 | (4,622 | ) | 31,705 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 532 | (532 | ) | — | ||||||||||||||
Additional paid-in capital | 4,785 | 79 | 3,833 | (3,912 | ) | 4,785 | ||||||||||||||
Accumulated other comprehensive income (loss) | 11 | (8 | ) | 24 | (16 | ) | 11 | |||||||||||||
Retained earnings | 1,489 | 3,612 | 2,486 | (6,098 | ) | 1,489 | ||||||||||||||
Total shareholder's equity | 6,285 | 3,683 | 6,875 | (10,558 | ) | 6,285 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 11,947 | $ | 5,465 | $ | 35,758 | $ | (15,180 | ) | $ | 37,990 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 48 | $ | 835 | $ | — | $ | 883 | ||||||||||
Leased vehicle income | — | — | 297 | — | 297 | |||||||||||||||
Other income | 18 | 115 | 46 | (98 | ) | 81 | ||||||||||||||
Equity in income of affiliates | 242 | 139 | — | (381 | ) | — | ||||||||||||||
260 | 302 | 1,178 | (479 | ) | 1,261 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 64 | 94 | — | 158 | |||||||||||||||
Other operating expenses | 117 | (75 | ) | 160 | (63 | ) | 139 | |||||||||||||
Total operating expenses | 117 | (11 | ) | 254 | (63 | ) | 297 | |||||||||||||
Leased vehicle expenses | — | — | 228 | — | 228 | |||||||||||||||
Provision for loan losses | — | 97 | 63 | — | 160 | |||||||||||||||
Interest expense | 56 | 8 | 339 | (35 | ) | 368 | ||||||||||||||
173 | 94 | 884 | (98 | ) | 1,053 | |||||||||||||||
Income before income taxes | 87 | 208 | 294 | (381 | ) | 208 | ||||||||||||||
Income tax (benefit) provision | (71 | ) | 27 | 94 | — | 50 | ||||||||||||||
Net income | $ | 158 | $ | 181 | $ | 200 | $ | (381 | ) | $ | 158 | |||||||||
Comprehensive (loss) income | $ | (114 | ) | $ | 148 | $ | (71 | ) | $ | (77 | ) | $ | (114 | ) | ||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 37 | $ | 610 | $ | — | $ | 647 | ||||||||||
Leased vehicle income | — | — | 172 | — | 172 | |||||||||||||||
Other income | 42 | 85 | 100 | (179 | ) | 48 | ||||||||||||||
Equity in income of affiliates | 113 | 123 | — | (236 | ) | — | ||||||||||||||
155 | 245 | 882 | (415 | ) | 867 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 56 | 67 | — | 123 | |||||||||||||||
Other operating expenses | (74 | ) | 42 | 112 | — | 80 | ||||||||||||||
Total operating expenses | (74 | ) | 98 | 179 | — | 203 | ||||||||||||||
Leased vehicle expenses | — | — | 133 | — | 133 | |||||||||||||||
Provision for loan losses | — | 53 | 64 | — | 117 | |||||||||||||||
Interest expense | 57 | 54 | 236 | (179 | ) | 168 | ||||||||||||||
Acquisition and integration expenses | — | — | 7 | — | 7 | |||||||||||||||
(17 | ) | 205 | 619 | (179 | ) | 628 | ||||||||||||||
Income before income taxes | 172 | 40 | 263 | (236 | ) | 239 | ||||||||||||||
Income tax provision (benefit) | 11 | (25 | ) | 92 | — | 78 | ||||||||||||||
Net income | $ | 161 | $ | 65 | $ | 171 | $ | (236 | ) | $ | 161 | |||||||||
Comprehensive income | $ | 256 | $ | 79 | $ | 266 | $ | (345 | ) | $ | 256 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 117 | $ | 2,478 | $ | — | $ | 2,595 | ||||||||||
Leased vehicle income | — | — | 735 | — | 735 | |||||||||||||||
Other income | 58 | 346 | 126 | (311 | ) | 219 | ||||||||||||||
Equity in income of affiliates | 601 | 408 | — | (1,009 | ) | — | ||||||||||||||
659 | 871 | 3,339 | (1,320 | ) | 3,549 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 180 | 268 | — | 448 | |||||||||||||||
Other operating expenses | 112 | (1 | ) | 474 | (187 | ) | 398 | |||||||||||||
Total operating expenses | 112 | 179 | 742 | (187 | ) | 846 | ||||||||||||||
Leased vehicle expenses | — | — | 563 | — | 563 | |||||||||||||||
Provision for loan losses | — | 232 | 176 | — | 408 | |||||||||||||||
Interest expense | 155 | 27 | 979 | (124 | ) | 1,037 | ||||||||||||||
267 | 438 | 2,460 | (311 | ) | 2,854 | |||||||||||||||
Income before income taxes | 392 | 433 | 879 | (1,009 | ) | 695 | ||||||||||||||
Income tax (benefit) provision | (86 | ) | 11 | 292 | — | 217 | ||||||||||||||
Net income | $ | 478 | $ | 422 | $ | 587 | $ | (1,009 | ) | $ | 478 | |||||||||
Comprehensive income | $ | 260 | $ | 392 | $ | 371 | $ | (763 | ) | $ | 260 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 106 | $ | 1,603 | $ | — | $ | 1,709 | ||||||||||
Leased vehicle income | — | — | 415 | — | 415 | |||||||||||||||
Other income | 91 | 209 | 228 | (409 | ) | 119 | ||||||||||||||
Equity in income of affiliates | 413 | 427 | — | (840 | ) | — | ||||||||||||||
504 | 742 | 2,246 | (1,249 | ) | 2,243 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 158 | 155 | — | 313 | |||||||||||||||
Other operating expenses | (76 | ) | (7 | ) | 272 | — | 189 | |||||||||||||
Total operating expenses | (76 | ) | 151 | 427 | — | 502 | ||||||||||||||
Leased vehicle expenses | — | — | 314 | — | 314 | |||||||||||||||
Provision for loan losses | — | 180 | 131 | — | 311 | |||||||||||||||
Interest expense | 128 | 143 | 552 | (409 | ) | 414 | ||||||||||||||
Acquisition and integration expenses | — | — | 29 | — | 29 | |||||||||||||||
52 | 474 | 1,453 | (409 | ) | 1,570 | |||||||||||||||
Income before income taxes | 452 | 268 | 793 | (840 | ) | 673 | ||||||||||||||
Income tax provision (benefit) | 7 | (52 | ) | 273 | — | 228 | ||||||||||||||
Net income | $ | 445 | $ | 320 | $ | 520 | $ | (840 | ) | $ | 445 | |||||||||
Comprehensive income | $ | 475 | $ | 341 | $ | 553 | $ | (894 | ) | $ | 475 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 255 | $ | 233 | $ | 912 | $ | — | $ | 1,400 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (4,872 | ) | (9,297 | ) | 3,319 | (10,850 | ) | ||||||||||||
Principal collections and recoveries on consumer finance receivables | — | (109 | ) | 8,233 | — | 8,124 | ||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 3,319 | — | (3,319 | ) | — | ||||||||||||||
Net collections (funding) of commercial finance receivables | — | 160 | (568 | ) | — | (408 | ) | |||||||||||||
Purchases of leased vehicles, net | — | — | (3,227 | ) | — | (3,227 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 395 | — | 395 | |||||||||||||||
Acquisition of international operations, net of cash acquired | (46 | ) | — | — | — | (46 | ) | |||||||||||||
Purchases of property and equipment | — | (4 | ) | (33 | ) | — | (37 | ) | ||||||||||||
Change in restricted cash | — | 1 | (188 | ) | — | (187 | ) | |||||||||||||
Change in other assets | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net change in investment in affiliates | — | 546 | — | (546 | ) | — | ||||||||||||||
Net cash used in investing activities | (46 | ) | (959 | ) | (4,687 | ) | (546 | ) | (6,238 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net decrease in debt (original maturities less than three months) | — | — | (913 | ) | — | (913 | ) | |||||||||||||
Borrowings and issuance of secured debt | — | — | 15,847 | — | 15,847 | |||||||||||||||
Payments on secured debt | — | — | (13,568 | ) | — | (13,568 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | 3,500 | — | 1,903 | — | 5,403 | |||||||||||||||
Payments on unsecured debt | — | — | (1,339 | ) | — | (1,339 | ) | |||||||||||||
Net capital contributions | 26 | — | (572 | ) | 546 | — | ||||||||||||||
Debt issuance costs | (39 | ) | — | (68 | ) | (107 | ) | |||||||||||||
Net change in due from/due to affiliates | (3,696 | ) | 1,140 | 2,556 | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | (209 | ) | 1,140 | 3,846 | 546 | 5,323 | ||||||||||||||
Net increase in cash and cash equivalents | — | 414 | 71 | — | 485 | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (42 | ) | (42 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 395 | 679 | — | 1,074 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 809 | $ | 708 | $ | — | $ | 1,517 | ||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 106 | $ | 286 | $ | 862 | $ | — | $ | 1,254 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (3,971 | ) | (6,546 | ) | 4,207 | (6,310 | ) | ||||||||||||
Principal collections and recoveries on consumer finance receivables | — | — | 5,099 | — | 5,099 | |||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 4,207 | — | (4,207 | ) | — | ||||||||||||||
Net funding of commercial finance receivables | — | (2,326 | ) | (886 | ) | 2,593 | (619 | ) | ||||||||||||
Proceeds from sale of commercial finance receivables, net | — | 2,593 | — | (2,593 | ) | — | ||||||||||||||
Purchases of leased vehicles, net | — | — | (1,746 | ) | — | (1,746 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 142 | — | 142 | |||||||||||||||
Acquisition of international operations, net of cash acquired | (2,547 | ) | (863 | ) | 440 | 863 | (2,107 | ) | ||||||||||||
Purchases of property and equipment | — | (1 | ) | (9 | ) | — | (10 | ) | ||||||||||||
Change in restricted cash | — | — | (74 | ) | — | (74 | ) | |||||||||||||
Change in other assets | — | (44 | ) | 22 | — | (22 | ) | |||||||||||||
Net change in investment in affiliates | (29 | ) | (350 | ) | — | 379 | — | |||||||||||||
Net cash used in investing activities | (2,576 | ) | (755 | ) | (3,558 | ) | 1,242 | (5,647 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings and issuance of secured debt | — | — | 11,676 | — | 11,676 | |||||||||||||||
Payments on secured debt | — | — | (9,009 | ) | — | (9,009 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | 2,500 | — | 1,698 | — | 4,198 | |||||||||||||||
Payments on unsecured debt | — | — | (1,817 | ) | — | (1,817 | ) | |||||||||||||
Borrowings on related party line of credit | 1,100 | — | — | — | 1,100 | |||||||||||||||
Payments on related party line of credit | (1,100 | ) | — | — | — | (1,100 | ) | |||||||||||||
Repayment of debt to Ally Financial | — | — | (1,416 | ) | — | (1,416 | ) | |||||||||||||
Net capital contributions | 1,300 | — | 382 | (382 | ) | 1,300 | ||||||||||||||
Debt issuance costs | (29 | ) | — | (40 | ) | — | (69 | ) | ||||||||||||
Net change in due from/due to affiliates | (1,301 | ) | 467 | 1,697 | (863 | ) | — | |||||||||||||
Net cash provided by financing activities | 2,470 | 467 | 3,171 | (1,245 | ) | 4,863 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (2 | ) | 475 | (3 | ) | 470 | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (6 | ) | 3 | (3 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 1,252 | 37 | — | 1,289 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1,250 | $ | 506 | $ | — | $ | 1,756 | ||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Business Combinations Policy [Policy Text Block] | ' |
Acquisition of Ally Financial International Operations | |
We acquired Ally Financial Inc.'s ("Ally Financial") auto finance and financial services operations in Germany, the United Kingdom (the "U.K."), Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Greece, Spain, Chile, Colombia and Mexico on April 1, 2013. We acquired Ally Financial's auto finance and financial services operations in France and Portugal on June 1, 2013, and we acquired Ally Financial's auto finance and financial services operations in Brazil on October 1, 2013. Additionally, we have agreed to acquire Ally Financial's non-controlling 40% equity interest in GMAC-SAIC Automotive Finance Company Limited ("GMAC-SAIC"), a joint venture, which conducts auto finance operations in China. This agreement is subject to certain regulatory and other approvals. We consider it probable that our acquisition of Ally Financial's interest in GMAC-SAIC will occur in late 2014 or as soon as practicable thereafter. The results of operations of the acquired entities since the applicable acquisition dates are included in our financial statements for the three and nine months ended September 30, 2014 and 2013. | |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Information | |
We evaluate our business in two operating segments: North America ("the North America Segment") and international ("the International Segment"). The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in all other countries. For additional financial information regarding our business segments, see Note 12 - "Segment Reporting." | |
Business Presentation, Policy | ' |
Basis of Presentation | |
The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities ("VIEs"). All intercompany transactions and balances have been eliminated in consolidation. | |
The interim period consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States of America. These interim period condensed consolidated financial statements should be read in conjunction with the consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 6, 2014 ("Form 10-K"). Certain prior periods amounts were reclassified to conform to our current year presentation. | |
The condensed consolidated financial statements at September 30, 2014, and for the three and nine months ended September 30, 2014 and 2013, are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for such interim periods. The results for interim periods are not necessarily indicative of results for a full year. | |
The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the amount of revenue and costs and expenses during the reporting periods. Actual results could differ from those estimates and those differences may be material. These estimates include, among other things, the determination of the allowance for loan losses on finance receivables, estimated recovery value on leased vehicles, goodwill, income taxes and the expected cash flows on the pre-acquisition consumer finance receivables. | |
Related Party Transaction [Policy Text Block] | ' |
Related Party Transactions | |
We are the wholly-owned captive finance subsidiary of our parent, General Motors Company ("GM"). We offer loan and lease finance products through GM-franchised dealers to consumers purchasing new and certain used vehicles manufactured by GM and make commercial loans directly to GM-franchised dealers. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on consumer loan and lease finance products. In addition, GM makes payments to us to cover certain interest payments on commercial loans. At September 30, 2014 and December 31, 2013, we had related party receivables from GM in the amount of $195 million and $129 million under these programs. | |
At September 30, 2014 and December 31, 2013 we had $116 million and $62 million in loans outstanding to dealers that are consolidated by GM, in connection with our commercial lending program. Our international operations also provide financing to certain GM subsidiaries through factoring and other wholesale financing arrangements. At September 30, 2014 and December 31, 2013, $342 million and $588 million were outstanding under such arrangements, and are included in commercial finance receivables. At September 30, 2014 and December 31, 2013, we had $603 million and $368 million of related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days. | |
We have a tax sharing agreement with GM for our U.S. operations, and we are obligated to pay GM for our share of the consolidated U.S. federal and certain state tax liabilities for taxable income recognized by us in any period beginning on or after October 1, 2010. Payments for the tax years 2010 through 2014 are deferred for four years from their original due date, and the total deferral amount is to not exceed $1.0 billion. The tax sharing agreement may be modified at any time by GM in its sole discretion. At September 30, 2014 and December 31, 2013, we had related party taxes payable to GM in the amount of $877 million and $643 million. | |
In September 2014, we and GM entered into a Support Agreement (the “Support Agreement”). Pursuant to the Support Agreement, if our earning assets leverage at the end of any calendar quarter is higher than thresholds set in the Support Agreement, We may require GM to provide funding sufficient to bring our earning assets leverage to within the appropriate threshold. In determining our earning assets leverage (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt. At September 30, 2014, our earning assets leverage ratio was 7.0, which is below the current applicable ratio of 8.0. | |
Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding and that GM will use its commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower on $4.0 billion under GM’s corporate revolving credit facilities. GM also agreed to certain provisions intended to ensure that we maintain adequate access to liquidity. Pursuant to these provisions, GM provided us with a $1.0 billion unsecured intercompany revolving credit facility (the “Junior Subordinated Revolving Credit Facility”), which replaced an existing $600 million intercompany credit facility with GM. There were no advances outstanding under the Junior Subordinated Revolving Credit Facility at September 30, 2014. | |
In October 2014, GM amended its two primary unsecured revolving credit facilities increasing GM's aggregate borrowing capacity from $11.0 billion to $12.5 billion. These facilities consist of a three-year, $5.0 billion facility and a five-year, $7.5 billion facility. | |
We have the ability to borrow up to $2.0 billion against each of GM's unsecured revolving credit facilities, subject to available capacity. Our borrowings under GM's facilities are limited by GM's ability to borrow the entire amount available under the facilities. Therefore, we may be able to borrow up to $4.0 billion in total or may be unable to borrow depending on GM's borrowing activity. If we do borrow under these facilities, we expect such borrowings would be short-term in nature and, except in extraordinary circumstances, would not be used to fund our operating activities in the ordinary course of business. Neither we, nor any of our subsidiaries, guarantee any obligations under these facilities and none of our or our subsidiaries' assets secure these facilities. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Adopted Accounting Principles | |
On January 1, 2014 we adopted Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which was issued to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. The adoption of this ASU did not have a material effect on our consolidated financial statements. | |
Accounting Standards Not Yet Adopted | |
In May 2014 the Financial Accounting Standards Board issued ASU 2014-09, “Revenue Recognition - Revenue from Contracts with Customers” ("ASU 2014-09") that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2016 and interim periods therein and requires expanded disclosures. We are currently assessing the impact the adoption of ASU 2014-09 will have on our condensed consolidated financial statements. |
Finance_Receivables_Tables
Finance Receivables (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||||
Finance receivables, net [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The finance receivables portfolio consists of the following (in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||||||||
America | America | ||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance | $ | 460 | $ | 200 | $ | 660 | $ | 931 | $ | 363 | $ | 1,294 | |||||||||||||||||||
Pre-acquisition consumer finance receivables - carrying value | $ | 401 | $ | 197 | $ | 598 | $ | 826 | $ | 348 | $ | 1,174 | |||||||||||||||||||
Post-acquisition consumer finance receivables, collectively evaluated for impairment, net of fees(a) | 11,091 | 12,404 | 23,495 | 9,795 | 11,394 | 21,189 | |||||||||||||||||||||||||
Post-acquisition consumer finance receivables, individually evaluated for impairment, net of fees | 1,123 | — | 1,123 | 767 | — | 767 | |||||||||||||||||||||||||
12,615 | 12,601 | 25,216 | 11,388 | 11,742 | 23,130 | ||||||||||||||||||||||||||
Less: allowance for loan losses - collective | (396 | ) | (72 | ) | (468 | ) | (365 | ) | (29 | ) | (394 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | (140 | ) | — | (140 | ) | (103 | ) | — | (103 | ) | |||||||||||||||||||||
Total consumer finance receivables, net | 12,079 | 12,529 | 24,608 | 10,920 | 11,713 | 22,633 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||
Commercial finance receivables, collectively evaluated for impairment, net of fees | 2,513 | 4,559 | 7,072 | 1,975 | 4,627 | 6,602 | |||||||||||||||||||||||||
Commercial finance receivables, individually evaluated for impairment, net of fees | — | 79 | 79 | — | 98 | 98 | |||||||||||||||||||||||||
2,513 | 4,638 | 7,151 | 1,975 | 4,725 | 6,700 | ||||||||||||||||||||||||||
Less: allowance for loan losses - collective | (17 | ) | (15 | ) | (32 | ) | (17 | ) | (27 | ) | (44 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | — | (5 | ) | (5 | ) | — | (7 | ) | (7 | ) | |||||||||||||||||||||
Total commercial finance receivables, net | 2,496 | 4,618 | 7,114 | 1,958 | 4,691 | 6,649 | |||||||||||||||||||||||||
Total finance receivables, net | $ | 14,575 | $ | 17,147 | $ | 31,722 | $ | 12,878 | $ | 16,404 | $ | 29,282 | |||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||
(a) Amounts reported for International include $1.0 billion of direct-financing leases at September 30, 2014 and December 31, 2013 | |||||||||||||||||||||||||||||||
Finance Receivables Summary [Table Text Block] | ' | ||||||||||||||||||||||||||||||
Following is a summary of activity in our pre-acquisition consumer finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance, beginning of period | $ | 931 | $ | 363 | $ | 1,294 | $ | 2,162 | $ | — | $ | 2,162 | |||||||||||||||||||
Pre-acquisition consumer finance receivables - carrying value, beginning of period | $ | 826 | $ | 348 | $ | 1,174 | $ | 1,958 | $ | — | $ | 1,958 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 601 | 601 | |||||||||||||||||||||||||
Principal collections and other | (418 | ) | (171 | ) | (589 | ) | (885 | ) | (192 | ) | (1,077 | ) | |||||||||||||||||||
Change in carrying value adjustment | (7 | ) | 36 | 29 | (45 | ) | 8 | (37 | ) | ||||||||||||||||||||||
Foreign currency translation | — | (16 | ) | (16 | ) | — | 7 | 7 | |||||||||||||||||||||||
Balance at end of period | $ | 401 | $ | 197 | $ | 598 | $ | 1,028 | $ | 424 | $ | 1,452 | |||||||||||||||||||
Accretable Yield [Table Text Block] | ' | ||||||||||||||||||||||||||||||
A summary of the activity in the accretable yield on the pre-acquisition consumer finance receivables portfolios is as follows (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 133 | $ | 44 | $ | 177 | $ | 298 | $ | 96 | $ | 394 | |||||||||||||||||||
International operations acquisition | — | — | — | — | — | — | |||||||||||||||||||||||||
Accretion of accretable yield | (32 | ) | (11 | ) | (43 | ) | (65 | ) | (20 | ) | (85 | ) | |||||||||||||||||||
Transfer from non-accretable difference | — | 7 | 7 | — | 19 | 19 | |||||||||||||||||||||||||
Foreign currency translation | — | (3 | ) | (3 | ) | — | 1 | 1 | |||||||||||||||||||||||
Balance at end of period | $ | 101 | $ | 37 | $ | 138 | $ | 233 | $ | 96 | $ | 329 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 181 | $ | 74 | $ | 255 | $ | 404 | $ | — | $ | 404 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 127 | 127 | |||||||||||||||||||||||||
Accretion of accretable yield | (113 | ) | (41 | ) | (154 | ) | (225 | ) | (44 | ) | (269 | ) | |||||||||||||||||||
Transfer from non-accretable difference | 33 | 7 | 40 | 54 | 19 | 73 | |||||||||||||||||||||||||
Foreign currency translation | — | (3 | ) | (3 | ) | — | (6 | ) | (6 | ) | |||||||||||||||||||||
Balance at end of period | $ | 101 | $ | 37 | $ | 138 | $ | 233 | $ | 96 | $ | 329 | |||||||||||||||||||
Finance Receivables Summary - Post Acquisition Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||
Following is a summary of activity in our post-acquisition consumer finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Post-acquisition consumer finance receivables, net of fees - beginning of period | $ | 10,562 | $ | 11,394 | $ | 21,956 | $ | 8,831 | $ | — | $ | 8,831 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 6,378 | 6,378 | |||||||||||||||||||||||||
Loans purchased | 4,874 | 6,255 | 11,129 | 3,980 | 2,350 | 6,330 | |||||||||||||||||||||||||
Charge-offs | (543 | ) | (102 | ) | (645 | ) | (401 | ) | (18 | ) | (419 | ) | |||||||||||||||||||
Principal collections and other | (2,677 | ) | (4,487 | ) | (7,164 | ) | (2,097 | ) | (1,579 | ) | (3,676 | ) | |||||||||||||||||||
Foreign currency translation | (2 | ) | (656 | ) | (658 | ) | — | 221 | 221 | ||||||||||||||||||||||
Balance at end of period | $ | 12,214 | $ | 12,404 | $ | 24,618 | $ | 10,313 | $ | 7,352 | $ | 17,665 | |||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||
A summary of the activity in the allowance for consumer loan losses is as follows (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 515 | $ | 60 | $ | 575 | $ | 415 | $ | 8 | $ | 423 | |||||||||||||||||||
Provision for loan losses | 119 | 43 | 162 | 107 | 9 | 116 | |||||||||||||||||||||||||
Charge-offs | (194 | ) | (36 | ) | (230 | ) | (153 | ) | (18 | ) | (171 | ) | |||||||||||||||||||
Recoveries | 96 | 10 | 106 | 84 | 15 | 99 | |||||||||||||||||||||||||
Foreign currency translation | — | (5 | ) | (5 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 536 | $ | 72 | $ | 608 | $ | 453 | $ | 14 | $ | 467 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 468 | $ | 29 | $ | 497 | $ | 345 | $ | — | $ | 345 | |||||||||||||||||||
Provision for loan losses | 312 | 109 | 421 | 276 | 17 | 293 | |||||||||||||||||||||||||
Charge-offs | (543 | ) | (102 | ) | (645 | ) | (401 | ) | (18 | ) | (419 | ) | |||||||||||||||||||
Recoveries | 299 | 41 | 340 | 233 | 15 | 248 | |||||||||||||||||||||||||
Foreign currency translation | — | (5 | ) | (5 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 536 | $ | 72 | $ | 608 | $ | 453 | $ | 14 | $ | 467 | |||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||
A summary of the credit risk profile by FICO score band, determined at origination, of the consumer finance receivables in the North America Segment is as follows (dollars in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||
FICO Score less than 540 | $ | 3,802 | 30 | % | $ | 3,511 | 30.6 | % | |||||||||||||||||||||||
FICO Score 540 to 599 | 5,934 | 46.8 | 5,435 | 47.3 | |||||||||||||||||||||||||||
FICO Score 600 to 659 | 2,511 | 19.8 | 2,277 | 19.8 | |||||||||||||||||||||||||||
FICO Score 660 and greater | 427 | 3.4 | 270 | 2.3 | |||||||||||||||||||||||||||
Balance at end of period(a) | $ | 12,674 | 100 | % | $ | 11,493 | 100 | % | |||||||||||||||||||||||
_________________ | |||||||||||||||||||||||||||||||
(a) | Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. | ||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The following is a summary of the contractual amounts of consumer finance receivables, which is not significantly different than recorded investment, that are (i) more than 30 days delinquent, but not yet in repossession, and (ii) in repossession, but not yet charged off (dollars in millions): | |||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | Percent of Contractual Amount Due | North America | International | Total | Percent of Contractual Amount Due | ||||||||||||||||||||||||
31 - 60 days | $ | 865 | $ | 114 | $ | 979 | 3.9 | % | $ | 690 | $ | 49 | $ | 739 | 3.8 | % | |||||||||||||||
Greater than 60 days | 305 | 120 | 425 | 1.7 | 247 | 44 | 291 | 1.5 | |||||||||||||||||||||||
1,170 | 234 | 1,404 | 5.6 | 937 | 93 | 1,030 | 5.3 | ||||||||||||||||||||||||
In repossession | 44 | 5 | 49 | 0.2 | 41 | 4 | 45 | 0.3 | |||||||||||||||||||||||
$ | 1,214 | $ | 239 | $ | 1,453 | 5.8 | % | $ | 978 | $ | 97 | $ | 1,075 | 5.6 | % | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The outstanding recorded investment for consumer finance receivables that are considered to be TDRs and the related allowance is presented below (in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | 1,123 | $ | 767 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (140 | ) | (103 | ) | |||||||||||||||||||||||||||
Outstanding recorded investment, net of allowance | $ | 983 | $ | 664 | |||||||||||||||||||||||||||
Unpaid principal balance | $ | 1,142 | $ | 779 | |||||||||||||||||||||||||||
Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Additional information about loans classified as TDRs is presented below (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Average recorded investment | $ | 1,057 | $ | 552 | $ | 937 | $ | 417 | |||||||||||||||||||||||
Finance charge income recognized | $ | 124 | $ | 20 | $ | 183 | $ | 45 | |||||||||||||||||||||||
The following table provides information on consumer loans at the time they became classified as TDRs (dollars in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Number of Accounts | Amount | Number of Accounts | Amount | Number of Accounts | Amount | Number of Accounts | Amount | ||||||||||||||||||||||||
Recorded investment | 13,543 | $ | 232 | 11,364 | $ | 204 | 35,748 | $ | 598 | 27,302 | $ | 478 | |||||||||||||||||||
Finance Receivables Summary - Post-acquisition - Commercial [Table Text Block] | ' | ||||||||||||||||||||||||||||||
Following is a summary of activity in our commercial finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Commercial finance receivables, net of fees - beginning of period | $ | 1,975 | $ | 4,725 | $ | 6,700 | $ | 560 | $ | — | $ | 560 | |||||||||||||||||||
International operations acquisition | — | — | — | — | 3,990 | 3,990 | |||||||||||||||||||||||||
Net funding (collections) of commercial finance receivables | 551 | 144 | 695 | 797 | (229 | ) | 568 | ||||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Foreign currency translation | (13 | ) | (231 | ) | (244 | ) | — | 128 | 128 | ||||||||||||||||||||||
Balance at end of period | $ | 2,513 | $ | 4,638 | $ | 7,151 | $ | 1,357 | $ | 3,889 | $ | 5,246 | |||||||||||||||||||
Allowance for Loan Losses - Commercial Loans [Table Text Block] | ' | ||||||||||||||||||||||||||||||
A summary of the activity in the allowance for commercial loan losses is as follows (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 17 | $ | 23 | $ | 40 | $ | 12 | $ | 12 | $ | 24 | |||||||||||||||||||
Provision for loan losses | — | (2 | ) | (2 | ) | 1 | — | 1 | |||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Recoveries | — | — | — | — | 4 | 4 | |||||||||||||||||||||||||
Foreign currency translation | — | (1 | ) | (1 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 20 | $ | 37 | $ | 13 | $ | 16 | $ | 29 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 17 | $ | 34 | $ | 51 | $ | 6 | $ | — | $ | 6 | |||||||||||||||||||
Provision for loan losses | — | (13 | ) | (13 | ) | 7 | 11 | 18 | |||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Recoveries | — | — | — | — | 5 | 5 | |||||||||||||||||||||||||
Foreign currency translation | — | (1 | ) | (1 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 20 | $ | 37 | $ | 13 | $ | 16 | $ | 29 | |||||||||||||||||||
Financing Receivable Credit Quality Indicators for Commercial Lending [Table Text Block] | ' | ||||||||||||||||||||||||||||||
A summary of the credit risk profile by dealer grouping of the commercial finance receivables is as follows (in millions): | |||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Group I | - | Dealers with superior financial metrics | $ | 711 | $ | 598 | |||||||||||||||||||||||||
Group II | - | Dealers with strong financial metrics | 1,732 | 1,588 | |||||||||||||||||||||||||||
Group III - | - | Dealers with fair financial metrics | 2,606 | 2,174 | |||||||||||||||||||||||||||
Group IV - | - | Dealers with weak financial metrics | 1,315 | 1,622 | |||||||||||||||||||||||||||
Group V | - | Dealers warranting special mention due to potential weaknesses | 604 | 488 | |||||||||||||||||||||||||||
Group VI - | - | Dealers with loans classified as substandard, doubtful or impaired | 183 | 230 | |||||||||||||||||||||||||||
Balance at end of period | $ | 7,151 | $ | 6,700 | |||||||||||||||||||||||||||
Restricted_Cash_Tables
Restricted Cash (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||||||||||||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | ' | |||||||||||||||||||||||
The following table summarizes the components of restricted cash (in millions): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
North America | International | Total | North America | International | Total | |||||||||||||||||||
Securitization notes payable | $ | 1,046 | $ | 357 | $ | 1,403 | $ | 890 | $ | 208 | $ | 1,098 | ||||||||||||
Revolving credit facilities | 26 | 267 | 293 | 62 | 415 | 477 | ||||||||||||||||||
Other | 34 | 330 | 364 | 26 | 357 | 383 | ||||||||||||||||||
Total restricted cash | $ | 1,106 | $ | 954 | $ | 2,060 | $ | 978 | $ | 980 | $ | 1,958 | ||||||||||||
Leased_Vehicles_Tables
Leased Vehicles (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Property Subject to or Available for Operating Lease, Net [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments Receivable for Operating Leases [Table Text Block] | ' | ||||||||||||||||||||||||
Following is a summary of our leased vehicles (in millions): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Leased vehicles | $ | 7,972 | $ | 4,684 | |||||||||||||||||||||
Manufacturer incentives | (1,171 | ) | (659 | ) | |||||||||||||||||||||
6,801 | 4,025 | ||||||||||||||||||||||||
Less: accumulated depreciation | (1,005 | ) | (642 | ) | |||||||||||||||||||||
Leased vehicles, net | $ | 5,796 | $ | 3,383 | |||||||||||||||||||||
Leased Vehicles Summary [Table Text Block] | ' | ||||||||||||||||||||||||
A summary of the changes in our leased vehicles is as follows (in millions): | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 4,025 | $ | 1,976 | |||||||||||||||||||||
International operations acquisition | — | 9 | |||||||||||||||||||||||
Leased vehicles purchased | 4,077 | 2,180 | |||||||||||||||||||||||
Leased vehicles returned - end of term | (662 | ) | (192 | ) | |||||||||||||||||||||
Leased vehicles returned - default | (39 | ) | (16 | ) | |||||||||||||||||||||
Manufacturer incentives | (524 | ) | (288 | ) | |||||||||||||||||||||
Foreign currency translation | (76 | ) | (22 | ) | |||||||||||||||||||||
Balance at end of period | $ | 6,801 | $ | 3,647 | |||||||||||||||||||||
Schedule Of Future Minimum Rental Payments Receivable For Operating Leases Table Text Block [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes minimum rental payments due to us as lessor under operating leases (in millions): | |||||||||||||||||||||||||
Years Ending December 31, | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Minimum rental payments under operating leases | $ | 272 | $ | 1,012 | $ | 780 | $ | 366 | $ | 51 | $ | 3 | |||||||||||||
At September 30, 2014 and December 31, 2013, our Canadian subsidiary was servicing $146 million and $303 million of leased vehicles for a third party. |
Debt_Debt_Tables
Debt Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||||||||||
Debt consists of the following (in millions): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||
Secured | |||||||||||||||||||||||||
Revolving credit facilities | $ | 697 | $ | 5,736 | $ | 6,433 | $ | 1,678 | $ | 7,322 | $ | 9,000 | |||||||||||||
Securitization notes payable | 12,177 | 4,322 | 16,499 | 10,801 | 2,272 | 13,073 | |||||||||||||||||||
Total secured | $ | 12,874 | $ | 10,058 | $ | 22,932 | $ | 12,479 | $ | 9,594 | $ | 22,073 | |||||||||||||
Unsecured | |||||||||||||||||||||||||
Senior notes | $ | 7,858 | $ | — | $ | 7,858 | $ | 4,000 | $ | — | $ | 4,000 | |||||||||||||
Credit facilities | — | 2,217 | 2,217 | — | 2,370 | 2,370 | |||||||||||||||||||
Other unsecured debt | — | 767 | 767 | — | 603 | 603 | |||||||||||||||||||
Total unsecured | $ | 7,858 | $ | 2,984 | $ | 10,842 | $ | 4,000 | $ | 2,973 | $ | 6,973 | |||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Variable Interest Entities [Abstract] | ' | ||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||
The following table summarizes the assets and liabilities of our consolidated VIEs related to securitization and credit facilities (in millions): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Restricted cash | $ | 1,696 | $ | 1,523 | |||||
VIE assets | $ | 25,512 | $ | 23,584 | |||||
VIE liabilities | $ | 20,321 | $ | 19,448 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments And Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||
Derivative swap and cap agreements consist of the following (in millions): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Notional | Fair Value(a) | Notional | Fair Value(a) | ||||||||||||||
Assets | |||||||||||||||||
Interest rate swaps | $ | 3,370 | $ | 15 | $ | 2,422 | $ | 11 | |||||||||
Interest rate caps | 2,583 | 11 | 1,398 | 7 | |||||||||||||
Foreign currency swaps(b) | 1,678 | — | 1,678 | 3 | |||||||||||||
Total assets(c) | $ | 7,631 | $ | 26 | $ | 5,498 | $ | 21 | |||||||||
Liabilities | |||||||||||||||||
Interest rate swaps | $ | 4,618 | $ | 38 | $ | 4,266 | $ | 17 | |||||||||
Interest rate caps | 2,252 | 11 | 1,206 | 7 | |||||||||||||
Foreign currency swaps(b) | 2,227 | 20 | 2,133 | 29 | |||||||||||||
Total liabilities(d) | $ | 9,097 | $ | 69 | $ | 7,605 | $ | 53 | |||||||||
_________________ | |||||||||||||||||
(a) | See Note 8 - " Fair Values of Assets and Liabilities " for further discussion of fair value disclosure related to the derivatives. | ||||||||||||||||
(b) | The foreign currency swaps relate to (i) intercompany loans denominated in foreign currencies (notional balances on the intercompany loans of €670 million, £500 million and 148kr million have been translated to USD) and (ii) a $550 million cross-currency swap for a securitization in the International Segment. | ||||||||||||||||
(c) | Included in other assets on the condensed consolidated balance sheets. | ||||||||||||||||
(d) | Included in other liabilities on the condensed consolidated balance sheets. | ||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||
The following table presents information on the effect of derivative instruments on the condensed consolidated statements of income and comprehensive income (in millions): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Non-designated hedges: | |||||||||||||||||
Interest rate contracts(a) | $ | (9 | ) | $ | 5 | $ | (18 | ) | $ | 2 | |||||||
Foreign currency derivatives(b) | 141 | (99 | ) | 99 | (111 | ) | |||||||||||
$ | 132 | $ | (94 | ) | $ | 81 | $ | (109 | ) | ||||||||
_________________ | |||||||||||||||||
(a) | (Losses) gains recognized in earnings are included in interest expense. | ||||||||||||||||
(b) | Gains for the three and nine months ended September 30, 2014 are substantially offset by translation losses (included in operating expenses) related to the foreign currency-denominated loans described above. |
Fair_Values_Of_Assets_And_Liab1
Fair Values Of Assets And Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Assets and liabilities itemized below were measured at fair value on a recurring basis, using either the market approach (i), the cost approach (ii) or the income approach (iii) (in millions): | |||||||||||||||||
Fair Value | |||||||||||||||||
Level | September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets | |||||||||||||||||
Money market funds(i)(a) | 1 | $ | 2,318 | $ | 1,452 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps(iii) | 3 | 15 | 11 | ||||||||||||||
Interest rate caps(i) | 2 | 11 | 7 | ||||||||||||||
Foreign currency swaps(i) | 2 | — | 3 | ||||||||||||||
Total assets | $ | 2,344 | $ | 1,473 | |||||||||||||
Liabilities | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps(iii) | 3 | $ | 38 | $ | 17 | ||||||||||||
Interest rate caps(i) | 2 | 11 | 7 | ||||||||||||||
Foreign currency swaps(i) | 2 | 20 | 29 | ||||||||||||||
Total liabilities | $ | 69 | $ | 53 | |||||||||||||
_________________ | |||||||||||||||||
(a) | Excludes cash in banks of $1.3 billion and $1.6 billion at September 30, 2014 and December 31, 2013. | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
The tables below present a reconciliation for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Balance at beginning of period | $ | 17 | $ | (34 | ) | $ | 7 | $ | (20 | ) | |||||||
Total realized and unrealized gains included in earnings | (1 | ) | (11 | ) | 2 | 1 | |||||||||||
Purchases | — | — | — | — | |||||||||||||
Settlements | (1 | ) | 5 | (3 | ) | 7 | |||||||||||
Foreign currency translation | — | 2 | 2 | (4 | ) | ||||||||||||
Balance at end of period | $ | 15 | $ | (38 | ) | $ | 8 | $ | (16 | ) | |||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Balance at beginning of period | $ | 11 | $ | (17 | ) | $ | — | $ | — | ||||||||
Total realized and unrealized gains included in earnings | 5 | (37 | ) | 4 | (4 | ) | |||||||||||
Purchases | — | — | 7 | (19 | ) | ||||||||||||
Settlements | (1 | ) | 14 | (5 | ) | 10 | |||||||||||
Foreign currency translation | — | 2 | 2 | (3 | ) | ||||||||||||
Balance at end of period | $ | 15 | $ | (38 | ) | $ | 8 | $ | (16 | ) | |||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||
Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (in millions): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Level | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | (a) | 1 | $ | 1,517 | $ | 1,517 | $ | 1,074 | $ | 1,074 | |||||||||
Finance receivables, net | (b) | 3 | $ | 31,722 | $ | 32,064 | $ | 29,282 | $ | 29,301 | |||||||||
Restricted cash | (a) | 1 | $ | 2,060 | $ | 2,060 | $ | 1,958 | $ | 1,958 | |||||||||
Interest rate swap agreements | (c) | 3 | $ | 15 | $ | 15 | $ | 11 | $ | 11 | |||||||||
Interest rate cap agreements purchased | (d) | 2 | $ | 11 | $ | 11 | $ | 7 | $ | 7 | |||||||||
Foreign currency swap agreements | (d) | 2 | $ | — | $ | — | $ | 3 | $ | 3 | |||||||||
Financial liabilities: | |||||||||||||||||||
Secured debt | |||||||||||||||||||
North America | (e) | 2 | $ | 12,874 | $ | 12,935 | $ | 12,479 | $ | 12,565 | |||||||||
International | (f) | 2 | $ | 5,394 | $ | 5,409 | $ | 5,113 | $ | 5,113 | |||||||||
International | (g) | 3 | $ | 4,664 | $ | 4,641 | $ | 4,481 | $ | 4,492 | |||||||||
Unsecured debt | |||||||||||||||||||
North America | (h) | 2 | $ | 7,858 | $ | 8,013 | $ | 4,000 | $ | 4,106 | |||||||||
International | (i) | 2 | $ | 2,862 | $ | 2,862 | $ | 1,282 | $ | 1,282 | |||||||||
International | (g) | 3 | $ | 122 | $ | 127 | $ | 1,691 | $ | 1,690 | |||||||||
Interest rate swap agreements | (c) | 3 | $ | 38 | $ | 38 | $ | 17 | $ | 17 | |||||||||
Interest rate cap agreements sold | (d) | 2 | $ | 11 | $ | 11 | $ | 7 | $ | 7 | |||||||||
Foreign currency swap agreements | (d) | 2 | $ | 20 | $ | 20 | $ | 29 | $ | 29 | |||||||||
_________________ | |||||||||||||||||||
(a) | Cash and cash equivalents and restricted cash bear interest at market rates; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(b) | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Commercial finance receivables generally have variable interest rates and maturities of one year or less. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(c) | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(d) | The fair values of the interest rate cap agreements and foreign currency swap agreements are based on quoted market prices. | ||||||||||||||||||
(e) | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured term debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | ||||||||||||||||||
(f) | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, par value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(g) | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(h) | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | ||||||||||||||||||
(i) | The level 2 unsecured debt in the International Segment has terms of one year or less; therefore, par value is considered to be a reasonable estimate of fair value. |
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
All inter-segment balances and transactions have been eliminated. Key financial data for our operating segments were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 759 | $ | 502 | $ | 14 | $ | (14 | ) | $ | 1,261 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 366 | 159 | — | — | 525 | ||||||||||||||||||||
Provision for loan losses | 119 | 41 | — | — | 160 | ||||||||||||||||||||
Interest expense | 124 | 244 | 14 | (14 | ) | 368 | |||||||||||||||||||
Income before income taxes | $ | 150 | $ | 58 | $ | — | $ | — | $ | 208 | |||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 622 | $ | 245 | $ | 13 | $ | (13 | ) | $ | 867 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 246 | 90 | — | — | 336 | ||||||||||||||||||||
Provision for loan losses | 108 | 9 | — | — | 117 | ||||||||||||||||||||
Interest expense | 93 | 76 | 12 | (13 | ) | 168 | |||||||||||||||||||
Acquisition and integration expenses | — | 7 | — | — | 7 | ||||||||||||||||||||
Income before income taxes | $ | 175 | $ | 63 | $ | 1 | $ | — | $ | 239 | |||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 2,086 | $ | 1,463 | $ | 45 | $ | (45 | ) | $ | 3,549 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 950 | 459 | — | — | 1,409 | ||||||||||||||||||||
Provision for loan losses | 312 | 96 | — | — | 408 | ||||||||||||||||||||
Interest expense | 320 | 706 | 56 | (45 | ) | 1,037 | |||||||||||||||||||
Income before income taxes | $ | 504 | $ | 202 | $ | (11 | ) | $ | — | $ | 695 | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 1,750 | $ | 493 | $ | 28 | $ | (28 | ) | $ | 2,243 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 637 | 179 | — | — | 816 | ||||||||||||||||||||
Provision for loan losses | 283 | 28 | — | — | 311 | ||||||||||||||||||||
Interest expense | 266 | 157 | 19 | (28 | ) | 414 | |||||||||||||||||||
Acquisition and integration expenses | — | 29 | — | — | 29 | ||||||||||||||||||||
Income before income taxes | $ | 564 | $ | 100 | $ | 9 | $ | — | $ | 673 | |||||||||||||||
September 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||
America | America | ||||||||||||||||||||||||
Finance receivables, net | $ | 14,575 | $ | 17,147 | $ | 31,722 | $ | 12,878 | $ | 16,404 | $ | 29,282 | |||||||||||||
Total assets | $ | 24,032 | $ | 19,541 | $ | 43,573 | $ | 19,094 | $ | 18,896 | $ | 37,990 | |||||||||||||
Disclosure_of_AOCI_Tables
Disclosure of AOCI (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
A summary of changes in accumulated other comprehensive income (loss) is as follows (in millions): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Defined benefit plans, net: | |||||||||||||||||
Balance at beginning of period | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Unrealized gain on subsidiary pension | — | — | — | — | |||||||||||||
Balance at end of period | 3 | — | 3 | — | |||||||||||||
Foreign currency translation adjustment: | |||||||||||||||||
Balance at beginning of period | 62 | (68 | ) | 8 | (3 | ) | |||||||||||
Translation (loss) gain | (272 | ) | 95 | (218 | ) | 30 | |||||||||||
Balance at end of period | (210 | ) | 27 | (210 | ) | 27 | |||||||||||
Total accumulated other comprehensive (loss) income | $ | (207 | ) | $ | 27 | $ | (207 | ) | $ | 27 | |||||||
Guarantor_Consolidating_Financ1
Guarantor Consolidating Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Guarantor Consolidating Financial Statements [abstract] | ' | |||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 809 | $ | 708 | $ | — | $ | 1,517 | ||||||||||
Finance receivables, net | — | 1,901 | 29,821 | — | 31,722 | |||||||||||||||
Restricted cash | — | 19 | 2,041 | — | 2,060 | |||||||||||||||
Property and equipment, net | — | 8 | 157 | — | 165 | |||||||||||||||
Leased vehicles, net | — | — | 5,796 | — | 5,796 | |||||||||||||||
Deferred income taxes | 22 | — | 518 | (183 | ) | 357 | ||||||||||||||
Goodwill | 1,095 | — | 150 | — | 1,245 | |||||||||||||||
Related party receivables | — | 18 | 177 | — | 195 | |||||||||||||||
Other assets | 97 | 45 | 374 | — | 516 | |||||||||||||||
Due from affiliates | 6,510 | — | — | (6,510 | ) | — | ||||||||||||||
Investment in affiliates | 7,373 | 3,397 | — | (10,770 | ) | — | ||||||||||||||
Total assets | $ | 15,097 | $ | 6,197 | $ | 39,742 | $ | (17,463 | ) | $ | 43,573 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 22,932 | $ | — | $ | 22,932 | ||||||||||
Unsecured debt | 7,500 | — | 3,342 | — | 10,842 | |||||||||||||||
Accounts payable and accrued expenses | 86 | 141 | 763 | — | 990 | |||||||||||||||
Deferred income | — | — | 317 | — | 317 | |||||||||||||||
Deferred income taxes | — | 200 | 4 | (183 | ) | 21 | ||||||||||||||
Taxes payable | 76 | — | 163 | — | 239 | |||||||||||||||
Related party taxes payable | 877 | — | 1 | (1 | ) | 877 | ||||||||||||||
Related party payables | — | — | 603 | — | 603 | |||||||||||||||
Other liabilities | — | 22 | 172 | — | 194 | |||||||||||||||
Due to affiliates | — | 1,760 | 4,749 | (6,509 | ) | — | ||||||||||||||
Total liabilities | 8,539 | 2,123 | 33,046 | (6,693 | ) | 37,015 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 698 | (698 | ) | — | ||||||||||||||
Additional paid-in capital | 4,798 | 79 | 3,111 | (3,190 | ) | 4,798 | ||||||||||||||
Accumulated other comprehensive (loss) income | (207 | ) | (38 | ) | (192 | ) | 230 | (207 | ) | |||||||||||
Retained earnings | 1,967 | 4,033 | 3,079 | (7,112 | ) | 1,967 | ||||||||||||||
Total shareholder's equity | 6,558 | 4,074 | 6,696 | (10,770 | ) | 6,558 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 15,097 | $ | 6,197 | $ | 39,742 | $ | (17,463 | ) | $ | 43,573 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 395 | $ | 679 | $ | — | $ | 1,074 | ||||||||||
Finance receivables, net | — | 612 | 28,670 | — | 29,282 | |||||||||||||||
Restricted cash | — | 20 | 1,938 | — | 1,958 | |||||||||||||||
Property and equipment, net | — | 5 | 127 | — | 132 | |||||||||||||||
Leased vehicles, net | — | — | 3,383 | — | 3,383 | |||||||||||||||
Deferred income taxes | 1 | — | 358 | — | 359 | |||||||||||||||
Goodwill | 1,095 | — | 145 | — | 1,240 | |||||||||||||||
Related party receivables | 29 | — | 100 | — | 129 | |||||||||||||||
Other assets | 74 | 5 | 358 | (4 | ) | 433 | ||||||||||||||
Due from affiliates | 3,754 | 863 | — | (4,617 | ) | — | ||||||||||||||
Investment in affiliates | 6,994 | 3,565 | — | (10,559 | ) | — | ||||||||||||||
Total assets | $ | 11,947 | $ | 5,465 | $ | 35,758 | $ | (15,180 | ) | $ | 37,990 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 22,073 | $ | — | $ | 22,073 | ||||||||||
Unsecured debt | 4,000 | — | 2,973 | — | 6,973 | |||||||||||||||
Accounts payable and accrued expenses | 101 | 133 | 716 | (4 | ) | 946 | ||||||||||||||
Deferred income | — | — | 168 | — | 168 | |||||||||||||||
Deferred income taxes | (28 | ) | 161 | (46 | ) | — | 87 | |||||||||||||
Taxes payable | 83 | — | 204 | — | 287 | |||||||||||||||
Related party taxes payable | 643 | — | 1 | (1 | ) | 643 | ||||||||||||||
Related party payables | — | — | 368 | — | 368 | |||||||||||||||
Other liabilities | — | 14 | 146 | — | 160 | |||||||||||||||
Due to affiliates | 863 | 1,474 | 2,280 | (4,617 | ) | — | ||||||||||||||
Total liabilities | 5,662 | 1,782 | 28,883 | (4,622 | ) | 31,705 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 532 | (532 | ) | — | ||||||||||||||
Additional paid-in capital | 4,785 | 79 | 3,833 | (3,912 | ) | 4,785 | ||||||||||||||
Accumulated other comprehensive income (loss) | 11 | (8 | ) | 24 | (16 | ) | 11 | |||||||||||||
Retained earnings | 1,489 | 3,612 | 2,486 | (6,098 | ) | 1,489 | ||||||||||||||
Total shareholder's equity | 6,285 | 3,683 | 6,875 | (10,558 | ) | 6,285 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 11,947 | $ | 5,465 | $ | 35,758 | $ | (15,180 | ) | $ | 37,990 | |||||||||
Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 48 | $ | 835 | $ | — | $ | 883 | ||||||||||
Leased vehicle income | — | — | 297 | — | 297 | |||||||||||||||
Other income | 18 | 115 | 46 | (98 | ) | 81 | ||||||||||||||
Equity in income of affiliates | 242 | 139 | — | (381 | ) | — | ||||||||||||||
260 | 302 | 1,178 | (479 | ) | 1,261 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 64 | 94 | — | 158 | |||||||||||||||
Other operating expenses | 117 | (75 | ) | 160 | (63 | ) | 139 | |||||||||||||
Total operating expenses | 117 | (11 | ) | 254 | (63 | ) | 297 | |||||||||||||
Leased vehicle expenses | — | — | 228 | — | 228 | |||||||||||||||
Provision for loan losses | — | 97 | 63 | — | 160 | |||||||||||||||
Interest expense | 56 | 8 | 339 | (35 | ) | 368 | ||||||||||||||
173 | 94 | 884 | (98 | ) | 1,053 | |||||||||||||||
Income before income taxes | 87 | 208 | 294 | (381 | ) | 208 | ||||||||||||||
Income tax (benefit) provision | (71 | ) | 27 | 94 | — | 50 | ||||||||||||||
Net income | $ | 158 | $ | 181 | $ | 200 | $ | (381 | ) | $ | 158 | |||||||||
Comprehensive (loss) income | $ | (114 | ) | $ | 148 | $ | (71 | ) | $ | (77 | ) | $ | (114 | ) | ||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 37 | $ | 610 | $ | — | $ | 647 | ||||||||||
Leased vehicle income | — | — | 172 | — | 172 | |||||||||||||||
Other income | 42 | 85 | 100 | (179 | ) | 48 | ||||||||||||||
Equity in income of affiliates | 113 | 123 | — | (236 | ) | — | ||||||||||||||
155 | 245 | 882 | (415 | ) | 867 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 56 | 67 | — | 123 | |||||||||||||||
Other operating expenses | (74 | ) | 42 | 112 | — | 80 | ||||||||||||||
Total operating expenses | (74 | ) | 98 | 179 | — | 203 | ||||||||||||||
Leased vehicle expenses | — | — | 133 | — | 133 | |||||||||||||||
Provision for loan losses | — | 53 | 64 | — | 117 | |||||||||||||||
Interest expense | 57 | 54 | 236 | (179 | ) | 168 | ||||||||||||||
Acquisition and integration expenses | — | — | 7 | — | 7 | |||||||||||||||
(17 | ) | 205 | 619 | (179 | ) | 628 | ||||||||||||||
Income before income taxes | 172 | 40 | 263 | (236 | ) | 239 | ||||||||||||||
Income tax provision (benefit) | 11 | (25 | ) | 92 | — | 78 | ||||||||||||||
Net income | $ | 161 | $ | 65 | $ | 171 | $ | (236 | ) | $ | 161 | |||||||||
Comprehensive income | $ | 256 | $ | 79 | $ | 266 | $ | (345 | ) | $ | 256 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 117 | $ | 2,478 | $ | — | $ | 2,595 | ||||||||||
Leased vehicle income | — | — | 735 | — | 735 | |||||||||||||||
Other income | 58 | 346 | 126 | (311 | ) | 219 | ||||||||||||||
Equity in income of affiliates | 601 | 408 | — | (1,009 | ) | — | ||||||||||||||
659 | 871 | 3,339 | (1,320 | ) | 3,549 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 180 | 268 | — | 448 | |||||||||||||||
Other operating expenses | 112 | (1 | ) | 474 | (187 | ) | 398 | |||||||||||||
Total operating expenses | 112 | 179 | 742 | (187 | ) | 846 | ||||||||||||||
Leased vehicle expenses | — | — | 563 | — | 563 | |||||||||||||||
Provision for loan losses | — | 232 | 176 | — | 408 | |||||||||||||||
Interest expense | 155 | 27 | 979 | (124 | ) | 1,037 | ||||||||||||||
267 | 438 | 2,460 | (311 | ) | 2,854 | |||||||||||||||
Income before income taxes | 392 | 433 | 879 | (1,009 | ) | 695 | ||||||||||||||
Income tax (benefit) provision | (86 | ) | 11 | 292 | — | 217 | ||||||||||||||
Net income | $ | 478 | $ | 422 | $ | 587 | $ | (1,009 | ) | $ | 478 | |||||||||
Comprehensive income | $ | 260 | $ | 392 | $ | 371 | $ | (763 | ) | $ | 260 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 106 | $ | 1,603 | $ | — | $ | 1,709 | ||||||||||
Leased vehicle income | — | — | 415 | — | 415 | |||||||||||||||
Other income | 91 | 209 | 228 | (409 | ) | 119 | ||||||||||||||
Equity in income of affiliates | 413 | 427 | — | (840 | ) | — | ||||||||||||||
504 | 742 | 2,246 | (1,249 | ) | 2,243 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 158 | 155 | — | 313 | |||||||||||||||
Other operating expenses | (76 | ) | (7 | ) | 272 | — | 189 | |||||||||||||
Total operating expenses | (76 | ) | 151 | 427 | — | 502 | ||||||||||||||
Leased vehicle expenses | — | — | 314 | — | 314 | |||||||||||||||
Provision for loan losses | — | 180 | 131 | — | 311 | |||||||||||||||
Interest expense | 128 | 143 | 552 | (409 | ) | 414 | ||||||||||||||
Acquisition and integration expenses | — | — | 29 | — | 29 | |||||||||||||||
52 | 474 | 1,453 | (409 | ) | 1,570 | |||||||||||||||
Income before income taxes | 452 | 268 | 793 | (840 | ) | 673 | ||||||||||||||
Income tax provision (benefit) | 7 | (52 | ) | 273 | — | 228 | ||||||||||||||
Net income | $ | 445 | $ | 320 | $ | 520 | $ | (840 | ) | $ | 445 | |||||||||
Comprehensive income | $ | 475 | $ | 341 | $ | 553 | $ | (894 | ) | $ | 475 | |||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | |||||||||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 255 | $ | 233 | $ | 912 | $ | — | $ | 1,400 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (4,872 | ) | (9,297 | ) | 3,319 | (10,850 | ) | ||||||||||||
Principal collections and recoveries on consumer finance receivables | — | (109 | ) | 8,233 | — | 8,124 | ||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 3,319 | — | (3,319 | ) | — | ||||||||||||||
Net collections (funding) of commercial finance receivables | — | 160 | (568 | ) | — | (408 | ) | |||||||||||||
Purchases of leased vehicles, net | — | — | (3,227 | ) | — | (3,227 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 395 | — | 395 | |||||||||||||||
Acquisition of international operations, net of cash acquired | (46 | ) | — | — | — | (46 | ) | |||||||||||||
Purchases of property and equipment | — | (4 | ) | (33 | ) | — | (37 | ) | ||||||||||||
Change in restricted cash | — | 1 | (188 | ) | — | (187 | ) | |||||||||||||
Change in other assets | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net change in investment in affiliates | — | 546 | — | (546 | ) | — | ||||||||||||||
Net cash used in investing activities | (46 | ) | (959 | ) | (4,687 | ) | (546 | ) | (6,238 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net decrease in debt (original maturities less than three months) | — | — | (913 | ) | — | (913 | ) | |||||||||||||
Borrowings and issuance of secured debt | — | — | 15,847 | — | 15,847 | |||||||||||||||
Payments on secured debt | — | — | (13,568 | ) | — | (13,568 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | 3,500 | — | 1,903 | — | 5,403 | |||||||||||||||
Payments on unsecured debt | — | — | (1,339 | ) | — | (1,339 | ) | |||||||||||||
Net capital contributions | 26 | — | (572 | ) | 546 | — | ||||||||||||||
Debt issuance costs | (39 | ) | — | (68 | ) | (107 | ) | |||||||||||||
Net change in due from/due to affiliates | (3,696 | ) | 1,140 | 2,556 | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | (209 | ) | 1,140 | 3,846 | 546 | 5,323 | ||||||||||||||
Net increase in cash and cash equivalents | — | 414 | 71 | — | 485 | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (42 | ) | (42 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 395 | 679 | — | 1,074 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 809 | $ | 708 | $ | — | $ | 1,517 | ||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 106 | $ | 286 | $ | 862 | $ | — | $ | 1,254 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (3,971 | ) | (6,546 | ) | 4,207 | (6,310 | ) | ||||||||||||
Principal collections and recoveries on consumer finance receivables | — | — | 5,099 | — | 5,099 | |||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 4,207 | — | (4,207 | ) | — | ||||||||||||||
Net funding of commercial finance receivables | — | (2,326 | ) | (886 | ) | 2,593 | (619 | ) | ||||||||||||
Proceeds from sale of commercial finance receivables, net | — | 2,593 | — | (2,593 | ) | — | ||||||||||||||
Purchases of leased vehicles, net | — | — | (1,746 | ) | — | (1,746 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 142 | — | 142 | |||||||||||||||
Acquisition of international operations, net of cash acquired | (2,547 | ) | (863 | ) | 440 | 863 | (2,107 | ) | ||||||||||||
Purchases of property and equipment | — | (1 | ) | (9 | ) | — | (10 | ) | ||||||||||||
Change in restricted cash | — | — | (74 | ) | — | (74 | ) | |||||||||||||
Change in other assets | — | (44 | ) | 22 | — | (22 | ) | |||||||||||||
Net change in investment in affiliates | (29 | ) | (350 | ) | — | 379 | — | |||||||||||||
Net cash used in investing activities | (2,576 | ) | (755 | ) | (3,558 | ) | 1,242 | (5,647 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings and issuance of secured debt | — | — | 11,676 | — | 11,676 | |||||||||||||||
Payments on secured debt | — | — | (9,009 | ) | — | (9,009 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | 2,500 | — | 1,698 | — | 4,198 | |||||||||||||||
Payments on unsecured debt | — | — | (1,817 | ) | — | (1,817 | ) | |||||||||||||
Borrowings on related party line of credit | 1,100 | — | — | — | 1,100 | |||||||||||||||
Payments on related party line of credit | (1,100 | ) | — | — | — | (1,100 | ) | |||||||||||||
Repayment of debt to Ally Financial | — | — | (1,416 | ) | — | (1,416 | ) | |||||||||||||
Net capital contributions | 1,300 | — | 382 | (382 | ) | 1,300 | ||||||||||||||
Debt issuance costs | (29 | ) | — | (40 | ) | — | (69 | ) | ||||||||||||
Net change in due from/due to affiliates | (1,301 | ) | 467 | 1,697 | (863 | ) | — | |||||||||||||
Net cash provided by financing activities | 2,470 | 467 | 3,171 | (1,245 | ) | 4,863 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (2 | ) | 475 | (3 | ) | 470 | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (6 | ) | 3 | (3 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 1,252 | 37 | — | 1,289 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1,250 | $ | 506 | $ | — | $ | 1,756 | ||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 23, 2014 | Oct. 23, 2014 | Oct. 23, 2014 | |
Maximum [Member] | Gmac Saic [Member] | Junior Subordinated Revolving Credit Facility [Member] | General Motors [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Rate | General Motors [Member] | General Motors [Member] | General Motors [Member] | |||||||
Amended Credit Facility [Member] | Three Year Credit Facility [Member] | Five Year Credit Facility [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to Net cash Provided by Operating Activities | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' |
Number of Operating Segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | 195,000,000 | ' | 129,000,000 | ' | ' | ' | ' | ' | ' | ' |
Intercompany Receivable - Commercial Lending | 116,000,000 | ' | 62,000,000 | ' | ' | ' | ' | ' | ' | ' |
Intercompany Receivables - Wholesale financing | 342,000,000 | ' | 588,000,000 | ' | ' | ' | ' | ' | ' | ' |
Related party payable | 603,000,000 | ' | 368,000,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | 21,000,000 | ' | 87,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' |
Related party taxes payable | 877,000,000 | ' | 643,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | 4,000,000,000 | 4,000,000,000 | 2,000,000,000 | ' |
Line of Credit Facilities - GM Related Party Facility | 600,000,000 | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | 11,000,000,000 | 12,500,000,000 | 5,000,000,000 | 7,500,000,000 |
Line of Credit Facility, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years |
Adjustment to Net cash Used by Investing Activities | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finance_Receivables_Narrative_
Finance Receivables (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $675 | ' | $675 | ' | $642 |
Troubled Debt Restructurings - Subsequent Default | 12 | 9 | 22 | 15 | ' |
Consumer Finance Receivables | North America Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | $7 | $19 | $40 | $73 | ' |
Finance_Receivables_Finance_Re
Finance Receivables Finance Receivables, net (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Finance receivables, net | $31,722,000,000 | $29,282,000,000 | ' | ' |
North America Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Finance receivables, net | 14,575,000,000 | 12,878,000,000 | ' | ' |
International Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Finance receivables, net | 17,147,000,000 | 16,404,000,000 | ' | ' |
Consumer Finance Receivables | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 25,216,000,000 | 23,130,000,000 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 23,495,000,000 | 21,189,000,000 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 1,123,000,000 | 767,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -468,000,000 | -394,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | -140,000,000 | -103,000,000 | ' | ' |
Notes, Loans and Financing Receivable, Net | 24,608,000,000 | 22,633,000,000 | ' | ' |
Consumer Finance Receivables | North America Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 12,615,000,000 | 11,388,000,000 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 11,091,000,000 | 9,795,000,000 | ' | ' |
Financing Receivable, Modifications, Recorded Investment | 1,123,000,000 | 767,000,000 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | ' | 767,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -396,000,000 | -365,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | ' | -103,000,000 | ' | ' |
Notes, Loans and Financing Receivable, Net | 12,079,000,000 | 10,920,000,000 | ' | ' |
Loans and Leases Receivable, Gross, Consumer, Lease Financing | 1,000,000,000 | ' | ' | ' |
Consumer Finance Receivables | International Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 12,601,000,000 | 11,742,000,000 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 12,404,000,000 | 11,394,000,000 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -72,000,000 | -29,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Notes, Loans and Financing Receivable, Net | 12,529,000,000 | 11,713,000,000 | ' | ' |
Commercial Finance Receivables | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 7,151,000,000 | 6,700,000,000 | 5,246,000,000 | 560,000,000 |
Financing Receivable, Collectively Evaluated for Impairment | 7,072,000,000 | 6,602,000,000 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 79,000,000 | 98,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -32,000,000 | -44,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | -5,000,000 | -7,000,000 | ' | ' |
Notes, Loans and Financing Receivable, Net | 7,114,000,000 | 6,649,000,000 | ' | ' |
Commercial Finance Receivables | North America Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 2,513,000,000 | 1,975,000,000 | 1,357,000,000 | 560,000,000 |
Financing Receivable, Collectively Evaluated for Impairment | 2,513,000,000 | 1,975,000,000 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -17,000,000 | -17,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Notes, Loans and Financing Receivable, Net | 2,496,000,000 | 1,958,000,000 | ' | ' |
Commercial Finance Receivables | International Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 4,638,000,000 | 4,725,000,000 | 3,889,000,000 | 0 |
Financing Receivable, Collectively Evaluated for Impairment | 4,559,000,000 | 4,627,000,000 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 79,000,000 | 98,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -15,000,000 | -27,000,000 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | -5,000,000 | -7,000,000 | ' | ' |
Notes, Loans and Financing Receivable, Net | 4,618,000,000 | 4,691,000,000 | ' | ' |
Pre-Acquisition Portfolio | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Notes Receivable Carrying Amount | 197,000,000 | 348,000,000 | ' | ' |
Pre-Acquisition Portfolio | Consumer Finance Receivables | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 660,000,000 | 1,294,000,000 | ' | ' |
Notes Receivable Carrying Amount | 598,000,000 | 1,174,000,000 | ' | ' |
Pre-Acquisition Portfolio | Consumer Finance Receivables | North America Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 460,000,000 | 931,000,000 | ' | ' |
Notes Receivable Carrying Amount | 401,000,000 | 826,000,000 | ' | ' |
Pre-Acquisition Portfolio | Consumer Finance Receivables | International Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | $200,000,000 | $363,000,000 | ' | ' |
Finance_Receivables_Finance_Re1
Finance Receivables Finance Receivables Summary (Details) (Consumer Loan [Member], Pre-Acquisition Portfolio, USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | $1,294 | $2,162 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,174 | 1,958 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | ' | 601 | ' | ' |
Proceeds from Collection of Finance Receivables | -589 | -1,077 | ' | ' |
Change in Carrying Value Adjustment | 29 | -37 | ' | ' |
Foreign Currency Translation - Finance Receivables | -16 | 7 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 598 | 1,452 | ' | ' |
North America Segment [Member] | ' | ' | ' | ' |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | 931 | 2,162 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 826 | 1,958 | ' | ' |
Proceeds from Collection of Finance Receivables | -418 | -885 | ' | ' |
Change in Carrying Value Adjustment | -7 | -45 | ' | ' |
Foreign Currency Translation - Finance Receivables | 0 | 0 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 401 | 1,028 | ' | ' |
International Segment [Member] | ' | ' | ' | ' |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | 363 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 348 | 0 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | ' | 601 | ' | ' |
Proceeds from Collection of Finance Receivables | -171 | -192 | ' | ' |
Change in Carrying Value Adjustment | 36 | 8 | ' | ' |
Foreign Currency Translation - Finance Receivables | -16 | 7 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $197 | $424 | ' | ' |
Finance_Receivables_Accretable
Finance Receivables Accretable Yield (Details) (Consumer Finance Receivables, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
North America Segment [Member] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | $7 | $19 | $40 | $73 |
Pre-Acquisition Portfolio | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 177 | 394 | 255 | 404 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | ' | 0 | ' | 127 |
Accretion of accretable yield | -43 | -85 | -154 | -269 |
Foreign Currency Translation | -3 | 1 | -3 | -6 |
Balance at end of period | 138 | 329 | 138 | 329 |
Pre-Acquisition Portfolio | North America Segment [Member] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 133 | 298 | 181 | 404 |
Accretion of accretable yield | -32 | -65 | -113 | -225 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 0 | 0 | 33 | 54 |
Foreign Currency Translation | 0 | 0 | 0 | 0 |
Balance at end of period | 101 | 233 | 101 | 233 |
Pre-Acquisition Portfolio | International Segment [Member] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 44 | 96 | 74 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | ' | 0 | ' | 127 |
Accretion of accretable yield | -11 | -20 | -41 | -44 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 7 | 19 | 7 | 19 |
Foreign Currency Translation | -3 | 1 | -3 | -6 |
Balance at end of period | $37 | $96 | $37 | $96 |
Finance_Receivables_Activity_i
Finance Receivables Activity in post-acquisition consumer finance receivables portfolio (Details) (Consumer Finance Receivables, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | International Segment [Member] | International Segment [Member] | North America Segment [Member] | North America Segment [Member] | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | Post-Acquisition Portfolio | ||
International Segment [Member] | International Segment [Member] | International Segment [Member] | International Segment [Member] | North America Segment [Member] | North America Segment [Member] | North America Segment [Member] | North America Segment [Member] | |||||||||||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | $25,216 | $23,130 | $12,601 | $11,742 | $12,615 | $11,388 | ' | ' | $21,956 | $8,831 | ' | ' | $11,394 | $0 | ' | ' | $10,562 | $8,831 |
Business Combination, Acquired Receivables, Fair Value | ' | ' | ' | ' | ' | ' | ' | 6,378 | ' | 6,378 | ' | 6,378 | ' | 6,378 | ' | ' | ' | ' |
Payments to Acquire Loans Receivable | ' | ' | ' | ' | ' | ' | ' | ' | 11,129 | 6,330 | ' | ' | 6,255 | 2,350 | ' | ' | 4,874 | 3,980 |
Financing Receivable, Allowance for Credit Losses, Write-downs | ' | ' | ' | ' | ' | ' | -230 | -171 | -645 | -419 | -36 | -18 | -102 | -18 | -194 | -153 | -543 | -401 |
Proceeds from Collection of Finance Receivables | ' | ' | ' | ' | ' | ' | ' | ' | -7,164 | -3,676 | ' | ' | -4,487 | -1,579 | ' | ' | -2,677 | -2,097 |
Foreign Currency Translation - Finance Receivables | ' | ' | ' | ' | ' | ' | ' | ' | -658 | 221 | ' | ' | -656 | 221 | ' | ' | -2 | 0 |
Financing Receivable, Gross | $25,216 | $23,130 | $12,601 | $11,742 | $12,615 | $11,388 | $24,618 | $17,665 | $24,618 | $17,665 | $12,404 | $7,352 | $12,404 | $7,352 | $12,214 | $10,313 | $12,214 | $10,313 |
Finance_Receivables_Allowance_
Finance Receivables Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Provision for Loan, Lease, and Other Losses | $160 | $117 | $408 | $311 |
Post-Acquisition Portfolio | Consumer Finance Receivables | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | 575 | 423 | 497 | 345 |
Provision for Loan, Lease, and Other Losses | 162 | 116 | 421 | 293 |
Financing Receivable, Allowance for Credit Losses, Write-downs | -230 | -171 | -645 | -419 |
Financing Receivable, Allowance for Credit Losses, Recovery | 106 | 99 | 340 | 248 |
Financing Receivable Allowance for Credit Losses Foreign Currency Translation | -5 | ' | -5 | ' |
Financing Receivable, Allowance for Credit Losses | 608 | 467 | 608 | 467 |
Post-Acquisition Portfolio | North America Segment [Member] | Consumer Finance Receivables | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | 515 | 415 | 468 | 345 |
Provision for Loan, Lease, and Other Losses | 119 | 107 | 312 | 276 |
Financing Receivable, Allowance for Credit Losses, Write-downs | -194 | -153 | -543 | -401 |
Financing Receivable, Allowance for Credit Losses, Recovery | 96 | 84 | 299 | 233 |
Financing Receivable, Allowance for Credit Losses | 536 | 453 | 536 | 453 |
Post-Acquisition Portfolio | International Segment [Member] | Consumer Finance Receivables | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | 60 | 8 | 29 | 0 |
Provision for Loan, Lease, and Other Losses | 43 | 9 | 109 | 17 |
Financing Receivable, Allowance for Credit Losses, Write-downs | -36 | -18 | -102 | -18 |
Financing Receivable, Allowance for Credit Losses, Recovery | 10 | 15 | 41 | 15 |
Financing Receivable Allowance for Credit Losses Foreign Currency Translation | -5 | ' | -5 | ' |
Financing Receivable, Allowance for Credit Losses | $72 | $14 | $72 | $14 |
Finance_Receivables_Credit_Qua
Finance Receivables Credit Quality (Details) (Consumer Finance Receivables, North America Segment [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | Rate | Rate | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Finance Receivables Net of Fees | $12,674 | [1] | $11,493 | [1] |
Finance Receivables Credit Indicator, Percentage | 100.00% | [1] | 100.00% | [1] |
FICO Scores Less Than 540 [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Finance Receivables Net of Fees | 3,802 | 3,511 | ||
Finance Receivables Credit Indicator, Percentage | 30.00% | 30.60% | ||
FICO score 540 to 599 [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Finance Receivables Net of Fees | 5,934 | 5,435 | ||
Finance Receivables Credit Indicator, Percentage | 46.80% | 47.30% | ||
FICO score 600 to 659 [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Finance Receivables Net of Fees | 2,511 | 2,277 | ||
Finance Receivables Credit Indicator, Percentage | 19.80% | 19.80% | ||
FICO score 660 and greater [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Finance Receivables Net of Fees | $427 | $270 | ||
Finance Receivables Credit Indicator, Percentage | 3.40% | 2.30% | ||
[1] | (a)Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. |
Finance_Receivables_Delinquenc
Finance Receivables Delinquency (Details) (Consumer Finance Receivables, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Rate | Rate |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable Recorded Investment 31 To 60 Days Past Due | $979 | $739 |
Financing Receivable Recorded Investment Greater Than 60 Days Past Due | 425 | 291 |
Financing Receivable Recorded Investment Greater Than 30 Days Past Due | 1,404 | 1,030 |
Financing Receivable Recorded Investment Pass Due and in Repossession | 49 | 45 |
Financing Receivable, Recorded Investment, Past Due | 1,453 | 1,075 |
Financing Receivable Recorded Investment 31 To 60 Days Past Due Percentage Of Contractual Amount | 3.90% | 3.80% |
Financing Receivables Greater than 60 Days Past Due Percent of Contractual Amount due | 1.70% | 1.50% |
Financing Receivable Greater than 30 Days Past Due Percent of Contractual Amount due | 5.60% | 5.30% |
Financing Receivables Recorded Investment Pass Due and in Repossession Percent of Contractual Amount | 0.20% | 0.30% |
Percent of Contractual Amount Due | 5.80% | 5.60% |
North America Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable Recorded Investment 31 To 60 Days Past Due | 865 | 690 |
Financing Receivable Recorded Investment Greater Than 60 Days Past Due | 305 | 247 |
Financing Receivable Recorded Investment Greater Than 30 Days Past Due | 1,170 | 937 |
Financing Receivable Recorded Investment Pass Due and in Repossession | 44 | 41 |
Financing Receivable, Recorded Investment, Past Due | 1,214 | 978 |
International Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable Recorded Investment 31 To 60 Days Past Due | 114 | 49 |
Financing Receivable Recorded Investment Greater Than 60 Days Past Due | 120 | 44 |
Financing Receivable Recorded Investment Greater Than 30 Days Past Due | 234 | 93 |
Financing Receivable Recorded Investment Pass Due and in Repossession | 5 | 4 |
Financing Receivable, Recorded Investment, Past Due | $239 | $97 |
Finance_Receivables_Troubled_D
Finance Receivables Troubled Debt Restructurings (Details) (North America Segment [Member], Consumer Finance Receivables, USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
North America Segment [Member] | Consumer Finance Receivables | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $1,123 | ' | $1,123 | ' | $767 |
TDR, allowance for loan losses | -140 | ' | -140 | ' | -103 |
TDR, outstanding recorded investment, net of allowances | 983 | ' | 983 | ' | 664 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,142 | ' | 1,142 | ' | 779 |
Impaired Financing Receivable, Average Recorded Investment | 1,057 | 552 | 937 | 417 | ' |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income Earne | 124 | 20 | 183 | 45 | ' |
Troubled Debt Restructurings - Number of Loans Entering a Modification Program | 13,543 | 11,364 | 35,748 | 27,302 | ' |
Troubled Debt Restructurings - Amount of Loans That Entered a Loan Modification Program | $232 | $204 | $598 | $478 | ' |
Finance_Receivables_Commercial
Finance Receivables Commercial Finance Receivables (Details) (Commercial Finance Receivables, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | $6,700 | $560 |
Business Combination, Acquired Receivables, Fair Value | 0 | 3,990 | 0 | 3,990 |
Proceeds from Collection of Finance Receivables | ' | ' | 695 | 568 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | 0 |
Foreign Currency Translation - Finance Receivables | ' | ' | -244 | 128 |
Financing Receivable, Gross | 7,151 | 5,246 | 7,151 | 5,246 |
North America Segment [Member] | ' | ' | ' | ' |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | 1,975 | 560 |
Business Combination, Acquired Receivables, Fair Value | 0 | 0 | 0 | 0 |
Proceeds from Collection of Finance Receivables | ' | ' | 551 | 797 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | 0 |
Foreign Currency Translation - Finance Receivables | ' | ' | -13 | 0 |
Financing Receivable, Gross | 2,513 | 1,357 | 2,513 | 1,357 |
International Segment [Member] | ' | ' | ' | ' |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | 4,725 | 0 |
Business Combination, Acquired Receivables, Fair Value | 0 | 3,990 | 0 | 3,990 |
Proceeds from Collection of Finance Receivables | ' | ' | 144 | -229 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | 0 |
Foreign Currency Translation - Finance Receivables | ' | ' | -231 | 128 |
Financing Receivable, Gross | $4,638 | $3,889 | $4,638 | $3,889 |
Finance_Receivables_Activity_i1
Finance Receivables Activity in Allowance for Commercial Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Provision for Loan, Lease, and Other Losses | $160 | $117 | $408 | $311 |
Commercial Finance Receivables | ' | ' | ' | ' |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | 40 | 24 | 51 | 6 |
Provision for Loan, Lease, and Other Losses | -2 | 1 | -13 | 18 |
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 4 | 0 | 5 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | 0 |
Financing Receivable, Allowance for Credit Losses | 37 | 29 | 37 | 29 |
Financing Receivable Allowance for Credit Losses Foreign Currency Translation | -1 | ' | -1 | ' |
North America Segment [Member] | Commercial Finance Receivables | ' | ' | ' | ' |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | 17 | 12 | 17 | 6 |
Provision for Loan, Lease, and Other Losses | 0 | 1 | 0 | 7 |
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 0 | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | 0 |
Financing Receivable, Allowance for Credit Losses | 17 | 13 | 17 | 13 |
International Segment [Member] | Commercial Finance Receivables | ' | ' | ' | ' |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | 23 | 12 | 34 | 0 |
Provision for Loan, Lease, and Other Losses | -2 | 0 | -13 | 11 |
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 4 | 0 | 5 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | 0 |
Financing Receivable, Allowance for Credit Losses | 20 | 16 | 20 | 16 |
Financing Receivable Allowance for Credit Losses Foreign Currency Translation | ($1) | ' | ($1) | ' |
Finance_Receivables_Credit_Ris
Finance Receivables Credit Risk Profile by Dealer grouping of Commercial Finance Receivables (Details) (Commercial Finance Receivables, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | $7,151 | $6,700 | $5,246 | $560 |
Group I | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 711 | 598 | ' | ' |
Group II | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 1,732 | 1,588 | ' | ' |
Group III | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 2,606 | 2,174 | ' | ' |
Group IV | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 1,315 | 1,622 | ' | ' |
Group V | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | 604 | 488 | ' | ' |
Group VI | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Financing Receivable, Gross | $183 | $230 | ' | ' |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $2,060 | $1,958 |
Securitization Notes Payable [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 1,403 | 1,098 |
Revolving Credit Facility [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 293 | 477 |
Other Liabilities [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 364 | 383 |
North America Segment [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 1,106 | 978 |
North America Segment [Member] | Securitization Notes Payable [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 1,046 | 890 |
North America Segment [Member] | Revolving Credit Facility [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 26 | 62 |
North America Segment [Member] | Other Liabilities [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 34 | 26 |
International Segment [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 954 | 980 |
International Segment [Member] | Securitization Notes Payable [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 357 | 208 |
International Segment [Member] | Revolving Credit Facility [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 267 | 415 |
International Segment [Member] | Other Liabilities [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $330 | $357 |
Leased_Vehicles_Leased_Vehicle
Leased Vehicles Leased Vehicles (Narrative) (Details) (Canadian Subsidiary [Member], Property Subject to Operating Lease [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Canadian Subsidiary [Member] | Property Subject to Operating Lease [Member] | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Servicing Asset at Fair Value, Amount | $146 | $303 |
Leased_Vehicles_Summary_of_Lea
Leased Vehicles Summary of Leased Vehicles (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Property Subject to or Available for Operating Lease, Net [Abstract] | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease, Gross | $7,972 | $4,684 | ' | ' |
Manufacturing incemtives | -1,171 | -659 | ' | ' |
Leased Vehicles Accounted For Operating Leases Net Of Manufacturing Incentives | 6,801 | 4,025 | 3,647 | 1,976 |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | -1,005 | -642 | ' | ' |
Leased vehicles, net | $5,796 | $3,383 | ' | ' |
Leased_Vehicles_Summary_of_Cha
Leased Vehicles Summary of Changes in Leased Vehicles (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Property Subject to or Available for Operating Lease, Net [Abstract] | ' | ' |
Leased Vehicles Accounted For Operating Leases Net Of Manufacturing Incentives | $4,025 | $1,976 |
Leases Acquired - Acquisition | ' | 9 |
Leased Vehicles Purchased | 4,077 | 2,180 |
Leased Vehicles Returned (End of Term) | -662 | -192 |
Leased Vehicles Returned (Default) | -39 | -16 |
Manufacturing Incentives | -524 | -288 |
Foreign Currency Translation On Leases | -76 | -22 |
Leased Vehicles Accounted For Operating Leases Net Of Manufacturing Incentives | $6,801 | $3,647 |
Leased_Vehicles_Minimum_rental
Leased Vehicles Minimum rental payments (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
Operating Leases, Future Minimum Payments Receivable, Current | $272 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 1,012 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 780 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 366 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 51 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | $3 |
Debt_Details
Debt (Details) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||
Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 23, 2014 | |
USD ($) | USD ($) | USD ($) | CAD | USD ($) | North America Segment [Member] | North America Segment [Member] | International Segment [Member] | International Segment [Member] | July Two Thousand Seventeen [Member] | July Two Thousand Nineteen [Member] | September Two Thousand Seventeen [Member] | September Two Thousand Twenty One [Member] | Subsequent Event [Member] | |
Rate | Rate | Rate | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | |||
EUR (€) | ||||||||||||||
Rate | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Credit Facilities During Period | ' | ' | $445,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Secured Notes Payable | ' | ' | 7,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured debt | 10,842,000,000 | ' | 10,842,000,000 | ' | 6,973,000,000 | 7,858,000,000 | 4,000,000,000 | 2,984,000,000 | 2,973,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.00% | 2.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.88% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.38% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | 2,000,000,000 | 1,500,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | 700,000,000 | 800,000,000 | 750,000,000 | 1,250,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Lines of Credit | ' | ' | ' | ' | ' | ' | ' | 181,000,000 | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Medium-term Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 500,000,000 |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-17 | 31-Jul-19 | 30-Sep-17 | 30-Sep-21 | 31-Oct-19 |
Debt_Short_Term_and_Long_Term_
Debt Short Term and Long Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | $22,932 | $22,073 |
Unsecured debt | 10,842 | 6,973 |
Revolving Credit Facility [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 6,433 | 9,000 |
Unsecured debt | 2,217 | 2,370 |
Securitization Notes Payable [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 16,499 | 13,073 |
Senior Notes [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Unsecured debt | 7,858 | 4,000 |
Other Unsecured Debt [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Unsecured debt | 767 | 603 |
North America Segment [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 12,874 | 12,479 |
Unsecured debt | 7,858 | 4,000 |
North America Segment [Member] | Revolving Credit Facility [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 697 | 1,678 |
Unsecured debt | 0 | 0 |
North America Segment [Member] | Securitization Notes Payable [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 12,177 | 10,801 |
North America Segment [Member] | Senior Notes [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Unsecured debt | 7,858 | 4,000 |
International Segment [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 10,058 | 9,594 |
Unsecured debt | 2,984 | 2,973 |
International Segment [Member] | Revolving Credit Facility [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 5,736 | 7,322 |
Unsecured debt | 2,217 | 2,370 |
International Segment [Member] | Securitization Notes Payable [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Secured debt | 4,322 | 2,272 |
International Segment [Member] | Senior Notes [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Unsecured debt | 0 | 0 |
International Segment [Member] | Other Unsecured Debt [Member] | ' | ' |
Short Term and Long Term Debt [Line Items] | ' | ' |
Unsecured debt | $767 | $603 |
Variable_Interest_Entities_Nar
Variable Interest Entities Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Assets | $43,573,000,000 | ' | $43,573,000,000 | ' | $37,990,000,000 |
Liabilities | 37,015,000,000 | ' | 37,015,000,000 | ' | 31,705,000,000 |
Revenues | 1,261,000,000 | 867,000,000 | 3,549,000,000 | 2,243,000,000 | ' |
Net income | 158,000,000 | 161,000,000 | 478,000,000 | 445,000,000 | ' |
Transfers of Finance Receivables | 2,700,000,000 | ' | 2,700,000,000 | ' | 2,800,000,000 |
Transfers of Finance Receivables Outstanding Balance | 2,600,000,000 | ' | 2,600,000,000 | ' | 2,700,000,000 |
GERMANY | Subsidiaries [Member] | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Assets | 4,700,000,000 | ' | 4,700,000,000 | ' | 3,900,000,000 |
Liabilities | 3,900,000,000 | ' | 3,900,000,000 | ' | 3,000,000,000 |
Revenues | 30,000,000 | ' | 148,000,000 | ' | ' |
Net income | $8,000,000 | ' | $29,000,000 | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $2,060 | $1,958 |
Finance receivables, net | 31,722 | 29,282 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 1,696 | 1,523 |
Finance receivables, net | 25,512 | 23,584 |
Liabilities Securitized | $20,321 | $19,448 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments And Hedging Activities Derivative (Narrative) (Details) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
USD ($) | Currency Swap [Member] | Currency Swap [Member] | |
USD ($) | GBP (£) | ||
Derivative [Line Items] | ' | ' | ' |
Derivative, Notional Amount | ' | $550,000,000 | £ 350,000,000 |
Intercompany loans | $1,700,000,000 | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments And Hedging Activities (Details) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||
In Millions, unless otherwise specified | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Currency Swap [Member] | Currency Swap [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | ||||||||||||||||
EUR (€) | GBP (£) | SEK | USD ($) | GBP (£) | USD ($) | USD ($) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | USD ($) | USD ($) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | $7,631 | [1] | $5,498 | [1] | $3,370 | $2,422 | $2,583 | $1,398 | $1,678 | [2] | $1,678 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Derivative Asset | ' | ' | ' | ' | ' | 26 | [1],[3] | 21 | [1],[3] | 15 | [3] | 11 | [3] | 11 | [3] | 7 | [3] | 0 | [2],[3] | 3 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Liability, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,097 | [4] | 7,605 | [4] | 4,618 | 4,266 | 2,252 | 1,206 | 2,227 | [2] | 2,133 | [2] | ||||||||||||
Derivative Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69 | [3],[4] | 53 | [3],[4] | 38 | [3] | 17 | [3] | 11 | [3] | 7 | [3] | 20 | [2],[3] | 29 | [2],[3] | ||||||||
Derivative, Notional Amount | € 670 | £ 500 | 148 | $550 | £ 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | Included in other assets on the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||
[2] | The foreign currency swaps relate to (i) intercompany loans denominated in foreign currencies (notional balances on the intercompany loans of €670 million, £500 million and 148kr million have been translated to USD) and (ii) a $550 million cross-currency swap for a securitization in the International Segment | ||||||||||||||||||||||||||||||||||||
[3] | See Note 8 - " Fair Values of Assets and Liabilities " for further discussion of fair value disclosure related to the derivatives. | ||||||||||||||||||||||||||||||||||||
[4] | Included in other liabilities on the condensed consolidated balance sheets. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments And Hedging Activities Derivatives Income (Losses) Recognized in Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | ($9) | [1] | $5 | [1] | ($18) | [1] | $2 | [1] |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 141 | [2] | -99 | [2] | 99 | [2] | -111 | [2] |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $132 | ($94) | $81 | ($109) | ||||
[1] | (a)(Losses) gains recognized in earnings are included in interest expense. | |||||||
[2] | (b)Gains for the three and nine months ended September 30, 2014 are substantially offset by translation losses (included in operating expenses) related to the foreign currency-denominated loans described above. |
Fair_Values_Of_Assets_And_Liab2
Fair Values Of Assets And Liabilities Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Amount Exluded From Money Market Funds | $1,300,000,000 | $1,600,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 2,344,000,000 | 1,473,000,000 | ||
Liabilities Fair Value Disclosure | 69,000,000 | 53,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,318,000,000 | [1] | 1,452,000,000 | [1] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset | 15,000,000 | 11,000,000 | ||
Derivative Liability | 38,000,000 | 17,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset | 11,000,000 | 7,000,000 | ||
Derivative Liability | 11,000,000 | 7,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset | 0 | 3,000,000 | ||
Derivative Liability | $20,000,000 | $29,000,000 | ||
[1] | Excludes cash in banks of $1.3 billion and $1.6 billion at September 30, 2014 and December 31, 2013. |
Fair_Values_Of_Assets_And_Liab3
Fair Values Of Assets And Liabilities Level 3 Rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $17 | $7 | $11 | $0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -1 | 2 | 5 | 4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 | 7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -1 | -3 | -1 | -5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15 | 8 | 15 | 8 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -34 | -20 | -17 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -11 | 1 | -37 | -4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | 0 | 0 | -19 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 5 | 7 | 14 | 10 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ($38) | ($16) | ($38) | ($16) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Debt Instrument, Face Amount | $7,500,000,000 | $4,000,000,000 |
Indirect Tax Contingency | 75,000,000 | ' |
Loss Contingency, Estimate of Possible Loss | 125,000,000 | ' |
Loss Contingency Accrual | $58,000,000 | ' |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Rate | Rate | Rate | Rate | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate | 24.00% | 32.80% | 31.20% | 33.90% |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Restricted cash | $2,060 | $1,958 | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,517 | [1] | 1,074 | [1] |
Finance Receivables, Net | 32,064 | [2] | 29,301 | [2] |
Restricted cash | 2,060 | [1] | 1,958 | [1] |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Derivative Asset | 15 | [3] | 11 | [3] |
Derivative Liability | 38 | [3] | 17 | [3] |
Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Derivative Asset | 11 | [4] | 7 | [4] |
Derivative Liability | 11 | [4] | 7 | [4] |
Estimate of Fair Value Measurement [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Derivative Asset | 0 | [4] | 3 | [4] |
Derivative Liability | 20 | [4] | 29 | [4] |
Estimate of Fair Value Measurement [Member] | North America Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 12,935 | [5] | 12,565 | [5] |
Estimate of Fair Value Measurement [Member] | North America Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 8,013 | [6] | 4,106 | [6] |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 5,409 | [7] | 5,113 | [7] |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 4,641 | [8] | 4,492 | [8] |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 2,862 | [9] | 1,282 | [9] |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 127 | [8] | 1,690 | [8] |
Reported Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,517 | 1,074 | ||
Finance Receivables, Net | 31,722 | 29,282 | ||
Restricted cash | 2,060 | 1,958 | ||
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Derivative Asset | 15 | 11 | ||
Derivative Liability | 38 | 17 | ||
Reported Value Measurement [Member] | Interest Rate Cap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Derivative Asset | 11 | 7 | ||
Derivative Liability | 11 | 7 | ||
Reported Value Measurement [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Derivative Asset | 0 | 3 | ||
Derivative Liability | 20 | 29 | ||
Reported Value Measurement [Member] | North America Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 12,874 | 12,479 | ||
Reported Value Measurement [Member] | North America Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 7,858 | 4,000 | ||
Reported Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 5,394 | 5,113 | ||
Reported Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 4,664 | 4,481 | ||
Reported Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | 2,862 | 1,282 | ||
Reported Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | $122 | $1,691 | ||
[1] | ash and cash equivalents and restricted cash bear interest at market rates; therefore, carrying value is considered to be a reasonable estimate of fair value. | |||
[2] | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Commercial finance receivables generally have variable interest rates and maturities of one year or less. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | |||
[3] | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | |||
[4] | The fair values of the interest rate cap agreements and foreign currency swap agreements are based on quoted market prices. | |||
[5] | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured term debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | |||
[6] | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | |||
[7] | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, par value is considered to be a reasonable estimate of fair value. | |||
[8] | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | |||
[9] | The level 2 unsecured debt in the International Segment has terms of one year or less; therefore, par value is considered to be a reasonable estimate of fair value. |
Segments_Narrative_Details
Segments Narrative (Details) (USD $) | 9 Months Ended |
In Billions, unless otherwise specified | Sep. 30, 2014 |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Intercompany loans | $1.70 |
Segments_Operations_Reporting_
Segments Operations Reporting by Revenue (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $1,261 | $867 | $3,549 | $2,243 |
Operating Expenses | 525 | 336 | 1,409 | 816 |
Provision for Loan, Lease, and Other Losses | 160 | 117 | 408 | 311 |
Interest expense | 368 | 168 | 1,037 | 414 |
Acquisition and integration expenses | 0 | 7 | 0 | 29 |
Income before income taxes | 208 | 239 | 695 | 673 |
Operating Segments [Member] | North America Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 759 | 622 | 2,086 | 1,750 |
Operating Expenses | 366 | 246 | 950 | 637 |
Provision for Loan, Lease, and Other Losses | 119 | 108 | 312 | 283 |
Interest expense | 124 | 93 | 320 | 266 |
Income before income taxes | 150 | 175 | 504 | 564 |
Operating Segments [Member] | International Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 502 | 245 | 1,463 | 493 |
Operating Expenses | 159 | 90 | 459 | 179 |
Provision for Loan, Lease, and Other Losses | 41 | 9 | 96 | 28 |
Interest expense | 244 | 76 | 706 | 157 |
Acquisition and integration expenses | ' | 7 | ' | 29 |
Income before income taxes | 58 | 63 | 202 | 100 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 14 | 13 | 45 | 28 |
Operating Expenses | ' | ' | 0 | 0 |
Provision for Loan, Lease, and Other Losses | ' | 0 | 0 | 0 |
Interest expense | 14 | 12 | 56 | 19 |
Income before income taxes | 0 | 1 | -11 | 9 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | -14 | -13 | -45 | -28 |
Interest expense | -14 | -13 | -45 | -28 |
Income before income taxes | ' | $0 | $0 | $0 |
Segments_Operations_Reporting_1
Segments Operations Reporting by Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Finance receivables, net | $31,722 | $29,282 |
Assets | 43,573 | 37,990 |
North America Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Finance receivables, net | 14,575 | 12,878 |
Assets | 24,032 | 19,094 |
International Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Finance receivables, net | 17,147 | 16,404 |
Assets | $19,541 | $18,896 |
Disclosure_of_AOCI_Details
Disclosure of AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $3 | $0 | $3 | $0 | $3 | $3 | $0 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -210 | 27 | -210 | 27 | 62 | 8 | -68 | -3 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -272 | 95 | -218 | 30 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($207) | $27 | ($207) | $27 | ' | $11 | ' | ' |
Regulatory_Capital_and_Other_R1
Regulatory Capital and Other Regulatory Matters (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ' | ' |
Assets | $43,573 | $37,990 |
International Regulated Bank And Finance Companies [Member] | ' | ' |
Capital Requirements on Foreign Financial Institutions [Line Items] | ' | ' |
Assets | $11,400 | $12,100 |
Guarantor_Consolidating_Financ2
Guarantor Consolidating Financial Statements Current Period Guarantor Balance Sheet (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,517,000,000 | $1,074,000,000 | $1,756,000,000 | $1,289,000,000 |
Finance receivables, net | 31,722,000,000 | 29,282,000,000 | ' | ' |
Restricted cash | 2,060,000,000 | 1,958,000,000 | ' | ' |
Property and equipment, net | 165,000,000 | 132,000,000 | ' | ' |
Leased vehicles, net | 5,796,000,000 | 3,383,000,000 | ' | ' |
Deferred Tax Assets, Net | 357,000,000 | 359,000,000 | ' | ' |
Goodwill | 1,245,000,000 | 1,240,000,000 | ' | ' |
Due from Related Parties | 195,000,000 | 129,000,000 | ' | ' |
Other assets | 516,000,000 | 433,000,000 | ' | ' |
Due from Affiliates | 0 | 0 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ' | ' |
Assets | 43,573,000,000 | 37,990,000,000 | ' | ' |
Secured debt | 22,932,000,000 | 22,073,000,000 | ' | ' |
Unsecured debt | 10,842,000,000 | 6,973,000,000 | ' | ' |
Accounts payable and accrued expenses | 990,000,000 | 946,000,000 | ' | ' |
Deferred income | 317,000,000 | 168,000,000 | ' | ' |
Deferred income taxes | 21,000,000 | 87,000,000 | ' | ' |
Taxes payable | 239,000,000 | 287,000,000 | ' | ' |
Related party taxes payable | 877,000,000 | 643,000,000 | ' | ' |
Related party payable | 603,000,000 | 368,000,000 | ' | ' |
Other Liabilities | 194,000,000 | 160,000,000 | ' | ' |
Due to Affiliate | 0 | 0 | ' | ' |
Liabilities | 37,015,000,000 | 31,705,000,000 | ' | ' |
Common stock, $1.00 par value per share, 1,000 shares authorized and 502 issued | 0 | 0 | ' | ' |
Additional Paid in Capital, Common Stock | 4,798,000,000 | 4,785,000,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -207,000,000 | 11,000,000 | 27,000,000 | ' |
Retained Earnings (Accumulated Deficit) | 1,967,000,000 | 1,489,000,000 | ' | ' |
Total stockholders' equity | 6,558,000,000 | 6,285,000,000 | ' | ' |
Total liabilities and shareholder's equity | 43,573,000,000 | 37,990,000,000 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Finance receivables, net | ' | 0 | ' | ' |
Restricted cash | ' | 0 | ' | ' |
Property and equipment, net | ' | 0 | ' | ' |
Leased vehicles, net | ' | 0 | ' | ' |
Deferred Tax Assets, Net | 22,000,000 | 1,000,000 | ' | ' |
Goodwill | 1,095,000,000 | 1,095,000,000 | ' | ' |
Due from Related Parties | 0 | 29,000,000 | ' | ' |
Other assets | 97,000,000 | 74,000,000 | ' | ' |
Due from Affiliates | 6,510,000,000 | 3,754,000,000 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 7,373,000,000 | 6,994,000,000 | ' | ' |
Assets | 15,097,000,000 | 11,947,000,000 | ' | ' |
Unsecured debt | 7,500,000,000 | 4,000,000,000 | ' | ' |
Accounts payable and accrued expenses | 86,000,000 | 101,000,000 | ' | ' |
Deferred income | 0 | ' | ' | ' |
Deferred income taxes | 0 | -28,000,000 | ' | ' |
Taxes payable | 76,000,000 | 83,000,000 | ' | ' |
Related party taxes payable | 877,000,000 | 643,000,000 | ' | ' |
Related party payable | 0 | ' | ' | ' |
Other Liabilities | 0 | ' | ' | ' |
Due to Affiliate | 0 | 863,000,000 | ' | ' |
Liabilities | 8,539,000,000 | 5,662,000,000 | ' | ' |
Additional Paid in Capital, Common Stock | 4,798,000,000 | 4,785,000,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -207,000,000 | 11,000,000 | ' | ' |
Retained Earnings (Accumulated Deficit) | 1,967,000,000 | 1,489,000,000 | ' | ' |
Total stockholders' equity | 6,558,000,000 | 6,285,000,000 | ' | ' |
Total liabilities and shareholder's equity | 15,097,000,000 | 11,947,000,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 809,000,000 | 395,000,000 | 1,250,000,000 | 1,252,000,000 |
Finance receivables, net | 1,901,000,000 | 612,000,000 | ' | ' |
Restricted cash | 19,000,000 | 20,000,000 | ' | ' |
Property and equipment, net | 8,000,000 | 5,000,000 | ' | ' |
Leased vehicles, net | 0 | 0 | ' | ' |
Deferred Tax Assets, Net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Due from Related Parties | 18,000,000 | 0 | ' | ' |
Other assets | 45,000,000 | 5,000,000 | ' | ' |
Due from Affiliates | 0 | 863,000,000 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,397,000,000 | 3,565,000,000 | ' | ' |
Assets | 6,197,000,000 | 5,465,000,000 | ' | ' |
Unsecured debt | 0 | 0 | ' | ' |
Accounts payable and accrued expenses | 141,000,000 | 133,000,000 | ' | ' |
Deferred income taxes | 200,000,000 | 161,000,000 | ' | ' |
Taxes payable | 0 | 0 | ' | ' |
Related party taxes payable | ' | 0 | ' | ' |
Other Liabilities | 22,000,000 | 14,000,000 | ' | ' |
Due to Affiliate | 1,760,000,000 | 1,474,000,000 | ' | ' |
Liabilities | 2,123,000,000 | 1,782,000,000 | ' | ' |
Additional Paid in Capital, Common Stock | 79,000,000 | 79,000,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -38,000,000 | -8,000,000 | ' | ' |
Retained Earnings (Accumulated Deficit) | 4,033,000,000 | 3,612,000,000 | ' | ' |
Total stockholders' equity | 4,074,000,000 | 3,683,000,000 | ' | ' |
Total liabilities and shareholder's equity | 6,197,000,000 | 5,465,000,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 708,000,000 | 679,000,000 | 506,000,000 | 37,000,000 |
Finance receivables, net | 29,821,000,000 | 28,670,000,000 | ' | ' |
Restricted cash | 2,041,000,000 | 1,938,000,000 | ' | ' |
Property and equipment, net | 157,000,000 | 127,000,000 | ' | ' |
Leased vehicles, net | 5,796,000,000 | 3,383,000,000 | ' | ' |
Deferred Tax Assets, Net | 518,000,000 | 358,000,000 | ' | ' |
Goodwill | 150,000,000 | 145,000,000 | ' | ' |
Due from Related Parties | 177,000,000 | 100,000,000 | ' | ' |
Other assets | 374,000,000 | 358,000,000 | ' | ' |
Due from Affiliates | 0 | 0 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ' | ' |
Assets | 39,742,000,000 | 35,758,000,000 | ' | ' |
Secured debt | 22,932,000,000 | 22,073,000,000 | ' | ' |
Unsecured debt | 3,342,000,000 | 2,973,000,000 | ' | ' |
Accounts payable and accrued expenses | 763,000,000 | 716,000,000 | ' | ' |
Deferred income | 317,000,000 | 168,000,000 | ' | ' |
Deferred income taxes | 4,000,000 | -46,000,000 | ' | ' |
Taxes payable | 163,000,000 | 204,000,000 | ' | ' |
Related party taxes payable | 1,000,000 | 1,000,000 | ' | ' |
Related party payable | 603,000,000 | 368,000,000 | ' | ' |
Other Liabilities | 172,000,000 | 146,000,000 | ' | ' |
Due to Affiliate | 4,749,000,000 | 2,280,000,000 | ' | ' |
Liabilities | 33,046,000,000 | 28,883,000,000 | ' | ' |
Common stock, $1.00 par value per share, 1,000 shares authorized and 502 issued | 698,000,000 | 532,000,000 | ' | ' |
Additional Paid in Capital, Common Stock | 3,111,000,000 | 3,833,000,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -192,000,000 | 24,000,000 | ' | ' |
Retained Earnings (Accumulated Deficit) | 3,079,000,000 | 2,486,000,000 | ' | ' |
Total stockholders' equity | 6,696,000,000 | 6,875,000,000 | ' | ' |
Total liabilities and shareholder's equity | 39,742,000,000 | 35,758,000,000 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | 0 |
Finance receivables, net | ' | 0 | ' | ' |
Restricted cash | ' | 0 | ' | ' |
Property and equipment, net | ' | 0 | ' | ' |
Leased vehicles, net | ' | 0 | ' | ' |
Deferred Tax Assets, Net | -183,000,000 | ' | ' | ' |
Goodwill | ' | 0 | ' | ' |
Due from Related Parties | 0 | 0 | ' | ' |
Other assets | 0 | -4,000,000 | ' | ' |
Due from Affiliates | -6,510,000,000 | -4,617,000,000 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -10,770,000,000 | -10,559,000,000 | ' | ' |
Assets | -17,463,000,000 | -15,180,000,000 | ' | ' |
Unsecured debt | 0 | 0 | ' | ' |
Accounts payable and accrued expenses | 0 | -4,000,000 | ' | ' |
Deferred income taxes | -183,000,000 | ' | ' | ' |
Taxes payable | 0 | 0 | ' | ' |
Related party taxes payable | -1,000,000 | -1,000,000 | ' | ' |
Related party payable | 0 | ' | ' | ' |
Other Liabilities | 0 | ' | ' | ' |
Due to Affiliate | -6,509,000,000 | -4,617,000,000 | ' | ' |
Liabilities | -6,693,000,000 | -4,622,000,000 | ' | ' |
Common stock, $1.00 par value per share, 1,000 shares authorized and 502 issued | -698,000,000 | -532,000,000 | ' | ' |
Additional Paid in Capital, Common Stock | -3,190,000,000 | -3,912,000,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 230,000,000 | -16,000,000 | ' | ' |
Retained Earnings (Accumulated Deficit) | -7,112,000,000 | -6,098,000,000 | ' | ' |
Total stockholders' equity | -10,770,000,000 | -10,558,000,000 | ' | ' |
Total liabilities and shareholder's equity | ($17,463,000,000) | ($15,180,000,000) | ' | ' |
Guarantor_Consolidating_Financ3
Guarantor Consolidating Financial Statements Guarantor Income Statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Financial charge income | $883 | $647 | $2,595 | $1,709 |
Leased vehicle income | 297 | 172 | 735 | 415 |
Other income | 81 | 48 | 219 | 119 |
Equity In Income Of Affiliates | 0 | 0 | 0 | 0 |
Revenues | 1,261 | 867 | 3,549 | 2,243 |
Salaries and benefits | 158 | 123 | 448 | 313 |
Other operating expenses | 139 | 80 | 398 | 189 |
Total operating expenses | 297 | 203 | 846 | 502 |
Leased vehicle expenses | 228 | 133 | 563 | 314 |
Provision for loan losses | 160 | 117 | 408 | 311 |
Interest expense | 368 | 168 | 1,037 | 414 |
Acquisition and integration expenses | 0 | 7 | 0 | 29 |
Costs and Expenses | 1,053 | 628 | 2,854 | 1,570 |
Income before income taxes | 208 | 239 | 695 | 673 |
Income Tax provision | -50 | -78 | -217 | -228 |
Net income | 158 | 161 | 478 | 445 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -114 | 256 | 260 | 475 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Other income | 18 | 42 | 58 | 91 |
Equity In Income Of Affiliates | 242 | 113 | 601 | 413 |
Revenues | 260 | 155 | 659 | 504 |
Salaries and benefits | 0 | 0 | 0 | 0 |
Other operating expenses | 117 | -74 | 112 | -76 |
Total operating expenses | 117 | -74 | 112 | -76 |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Interest expense | 56 | 57 | 155 | 128 |
Costs and Expenses | 173 | -17 | 267 | 52 |
Income before income taxes | 87 | 172 | 392 | 452 |
Income Tax provision | 71 | -11 | 86 | -7 |
Net income | 158 | 161 | 478 | 445 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -114 | 256 | 260 | 475 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Financial charge income | 48 | 37 | 117 | 106 |
Other income | 115 | 85 | 346 | 209 |
Equity In Income Of Affiliates | 139 | 123 | 408 | 427 |
Revenues | 302 | 245 | 871 | 742 |
Salaries and benefits | 64 | 56 | 180 | 158 |
Other operating expenses | -75 | 42 | -1 | -7 |
Total operating expenses | -11 | 98 | 179 | 151 |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 97 | 53 | 232 | 180 |
Interest expense | 8 | 54 | 27 | 143 |
Costs and Expenses | 94 | 205 | 438 | 474 |
Income before income taxes | 208 | 40 | 433 | 268 |
Income Tax provision | -27 | 25 | -11 | 52 |
Net income | 181 | 65 | 422 | 320 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 148 | 79 | 392 | 341 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Financial charge income | 835 | 610 | 2,478 | 1,603 |
Leased vehicle income | 297 | 172 | 735 | 415 |
Other income | 46 | 100 | 126 | 228 |
Equity In Income Of Affiliates | 0 | 0 | 0 | 0 |
Revenues | 1,178 | 882 | 3,339 | 2,246 |
Salaries and benefits | 94 | 67 | 268 | 155 |
Other operating expenses | 160 | 112 | 474 | 272 |
Total operating expenses | 254 | 179 | 742 | 427 |
Leased vehicle expenses | 228 | 133 | 563 | 314 |
Provision for loan losses | 63 | 64 | 176 | 131 |
Interest expense | 339 | 236 | 979 | 552 |
Acquisition and integration expenses | ' | 7 | ' | 29 |
Costs and Expenses | 884 | 619 | 2,460 | 1,453 |
Income before income taxes | 294 | 263 | 879 | 793 |
Income Tax provision | -94 | -92 | -292 | -273 |
Net income | 200 | 171 | 587 | 520 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -71 | 266 | 371 | 553 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Other income | -98 | -179 | -311 | -409 |
Equity In Income Of Affiliates | -381 | -236 | -1,009 | -840 |
Revenues | -479 | -415 | -1,320 | -1,249 |
Salaries and benefits | 0 | 0 | 0 | 0 |
Other operating expenses | -63 | 0 | -187 | 0 |
Total operating expenses | -63 | 0 | -187 | 0 |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Interest expense | -35 | -179 | -124 | -409 |
Costs and Expenses | -98 | -179 | -311 | -409 |
Income before income taxes | -381 | -236 | -1,009 | -840 |
Income Tax provision | 0 | 0 | 0 | 0 |
Net income | -381 | -236 | -1,009 | -840 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($77) | ($345) | ($763) | ($894) |
Guarantor_Consolidating_Financ4
Guarantor Consolidating Financial Statements Guarantor Cash Flow (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $1,400,000,000 | $1,254,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' |
Purchases of consumer finance receivables, net | -10,850,000,000 | -6,310,000,000 |
Principal Collection and Recoveries on Receivables | -8,124,000,000 | -5,099,000,000 |
Proceeds from sale of consumer finance receivables, net | 0 | 0 |
Net funding of commercial finance receivables | -408,000,000 | -619,000,000 |
Purchases of leased vehicles, net | -3,227,000,000 | -1,746,000,000 |
Proceeds from termination of leased vehicles | 395,000,000 | 142,000,000 |
Payments to Acquire Businesses, Net of Cash Acquired | -46,000,000 | -2,107,000,000 |
Purchases of property and equipment | -37,000,000 | -10,000,000 |
Change in restricted cash | -187,000,000 | -74,000,000 |
Change in other assets | -2,000,000 | -22,000,000 |
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 0 | ' |
Net change in investment in affiliates | ' | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -6,238,000,000 | -5,647,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' |
Net increase in debt (original maturities less than three months) | -913,000,000 | 0 |
Borrowings and issuance of secured debt | 15,847,000,000 | 11,676,000,000 |
Payments on secured debt | -13,568,000,000 | -9,009,000,000 |
Proceeds from Issuance of Unsecured Debt | 5,403,000,000 | 4,198,000,000 |
Repayments of Unsecured Debt | -1,339,000,000 | -1,817,000,000 |
Repayment of acquisition related debt | 0 | -1,416,000,000 |
Proceeds from Contributed Capital | 0 | -1,300,000,000 |
Payments of Debt Issuance Costs | -107,000,000 | -69,000,000 |
Increase (Decrease) Due from Affiliates | ' | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 5,323,000,000 | 4,863,000,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 485,000,000 | 470,000,000 |
Effect of Exchange Rate on Cash and Cash Equivalents | -42,000,000 | -3,000,000 |
Cash and cash equivalents | 1,517,000,000 | 1,756,000,000 |
Parent Company [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 255,000,000 | 106,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' |
Purchases of consumer finance receivables, net | ' | 0 |
Principal Collection and Recoveries on Receivables | ' | 0 |
Proceeds from sale of consumer finance receivables, net | ' | 0 |
Net funding of commercial finance receivables | ' | 0 |
Purchases of leased vehicles, net | ' | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 46,000,000 | 2,547,000,000 |
Purchases of property and equipment | ' | 0 |
Change in restricted cash | ' | 0 |
Change in other assets | ' | 0 |
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 0 | ' |
Net change in investment in affiliates | ' | 29,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -46,000,000 | -2,576,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' |
Borrowings and issuance of secured debt | ' | 0 |
Payments on secured debt | ' | 0 |
Proceeds from Issuance of Unsecured Debt | 3,500,000,000 | 2,500,000,000 |
Proceeds from Contributed Capital | -26,000,000 | 1,300,000,000 |
Payments of Debt Issuance Costs | -39,000,000 | -29,000,000 |
Increase (Decrease) Due from Affiliates | 3,696,000,000 | -1,301,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -209,000,000 | 2,470,000,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | 0 |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | 0 |
Cash and cash equivalents | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 233,000,000 | 286,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' |
Purchases of consumer finance receivables, net | -4,872,000,000 | -3,971,000,000 |
Principal Collection and Recoveries on Receivables | 109,000,000 | 0 |
Proceeds from sale of consumer finance receivables, net | 3,319,000,000 | -4,207,000,000 |
Net funding of commercial finance receivables | 160,000,000 | -2,326,000,000 |
Proceeds from sale of commercial finance receivables, net | ' | 2,593,000,000 |
Purchases of leased vehicles, net | ' | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 863,000,000 |
Purchases of property and equipment | -4,000,000 | -1,000,000 |
Change in restricted cash | -1,000,000 | 0 |
Change in other assets | ' | -44,000,000 |
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | -546,000,000 | ' |
Net change in investment in affiliates | ' | 350,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -959,000,000 | -755,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' |
Borrowings and issuance of secured debt | ' | 0 |
Payments on secured debt | ' | 0 |
Payments of Debt Issuance Costs | ' | 0 |
Increase (Decrease) Due from Affiliates | -1,140,000,000 | 467,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 1,140,000,000 | 467,000,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 414,000,000 | -2,000,000 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 |
Cash and cash equivalents | 809,000,000 | 1,250,000,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 912,000,000 | 862,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' |
Purchases of consumer finance receivables, net | -9,297,000,000 | -6,546,000,000 |
Principal Collection and Recoveries on Receivables | -8,233,000,000 | -5,099,000,000 |
Proceeds from sale of consumer finance receivables, net | ' | 0 |
Net funding of commercial finance receivables | -568,000,000 | -886,000,000 |
Purchases of leased vehicles, net | -3,227,000,000 | -1,746,000,000 |
Proceeds from termination of leased vehicles | 395,000,000 | 142,000,000 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | -440,000,000 |
Purchases of property and equipment | -33,000,000 | -9,000,000 |
Change in restricted cash | -188,000,000 | -74,000,000 |
Change in other assets | 2,000,000 | 22,000,000 |
Net change in investment in affiliates | ' | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -4,687,000,000 | -3,558,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' |
Net increase in debt (original maturities less than three months) | -913,000,000 | ' |
Borrowings and issuance of secured debt | 15,847,000,000 | 11,676,000,000 |
Payments on secured debt | -13,568,000,000 | -9,009,000,000 |
Proceeds from Issuance of Unsecured Debt | 1,903,000,000 | 1,698,000,000 |
Repayments of Unsecured Debt | -1,339,000,000 | -1,817,000,000 |
Repayment of acquisition related debt | ' | -1,416,000,000 |
Proceeds from Contributed Capital | 572,000,000 | ' |
Payments of Debt Issuance Costs | -68,000,000 | -40,000,000 |
Increase (Decrease) Due from Affiliates | -2,556,000,000 | 1,697,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 3,846,000,000 | 3,171,000,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 71,000,000 | 475,000,000 |
Effect of Exchange Rate on Cash and Cash Equivalents | -42,000,000 | -6,000,000 |
Cash and cash equivalents | 708,000,000 | 506,000,000 |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | 0 |
Consolidation, Eliminations [Member] | ' | ' |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' |
Purchases of consumer finance receivables, net | 3,319,000,000 | -4,207,000,000 |
Principal Collection and Recoveries on Receivables | ' | 0 |
Proceeds from sale of consumer finance receivables, net | -3,319,000,000 | 4,207,000,000 |
Net funding of commercial finance receivables | 0 | 2,593,000,000 |
Proceeds from sale of commercial finance receivables, net | ' | -2,593,000,000 |
Purchases of leased vehicles, net | ' | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | -863,000,000 |
Purchases of property and equipment | ' | 0 |
Change in restricted cash | ' | 0 |
Change in other assets | ' | 0 |
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 546,000,000 | ' |
Net change in investment in affiliates | ' | 379,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -546,000,000 | 1,242,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' |
Borrowings and issuance of secured debt | ' | 0 |
Payments on secured debt | ' | 0 |
Proceeds from Contributed Capital | -546,000,000 | ' |
Payments of Debt Issuance Costs | ' | 0 |
Increase (Decrease) Due from Affiliates | ' | 863,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 546,000,000 | -1,245,000,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | -3,000,000 |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | 3,000,000 |
Cash and cash equivalents | $0 | ' |