Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 22, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-10667 | |
Entity Registrant Name | General Motors Financial Company, Inc. | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 75-2291093 | |
Entity Address, Address Line One | 801 Cherry Street | |
Entity Address, Address Line Two | Suite 3500 | |
Entity Address, City or Town | Fort Worth | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76102 | |
City Area Code | 817 | |
Local Phone Number | 302-7000 | |
Title of 12(b) Security | 5.250% Senior Notes due 2026 | |
Trading Symbol | GM/26 | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,050,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000804269 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 7,448 | $ 5,282 |
Finance receivables, net of allowance for loan losses of $2,311 and $2,344 (Note 3; Note 7) | 88,151 | 84,637 |
Leased vehicles, net (Note 4; Note 7) | 30,345 | 30,582 |
Goodwill and intangible assets | 1,176 | 1,184 |
Equity in net assets of nonconsolidated affiliates (Note 5) | 1,675 | 1,670 |
Related party receivables (Note 2) | 595 | 540 |
Other assets (Note 7) | 7,932 | 8,116 |
Total assets | 137,322 | 132,011 |
Liabilities | ||
Secured debt (Note 6; Note 7) | 44,630 | 45,243 |
Unsecured debt (Note 6) | 65,476 | 60,084 |
Deferred income | 2,320 | 2,313 |
Related party payables (Note 2) | 518 | 445 |
Other liabilities | 8,841 | 8,383 |
Total liabilities | 121,785 | 116,468 |
Commitments and contingencies (Note 9) | ||
Shareholders' equity (Note 10) | ||
Common stock, $0.0001 par value per share | 0 | 0 |
Preferred stock, $0.01 par value per share | 0 | 0 |
Additional paid-in capital | 8,797 | 8,783 |
Accumulated other comprehensive income (loss) | (1,414) | (1,208) |
Retained earnings | 8,155 | 7,967 |
Total shareholders' equity | 15,538 | 15,542 |
Total liabilities and shareholders' equity | $ 137,322 | $ 132,011 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 2,311 | $ 2,344 |
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | ||||
Finance charge income | $ 1,876 | $ 1,490 | $ 3,662 | $ 2,859 |
Leased vehicle income | 1,803 | 1,820 | 3,603 | 3,638 |
Other income | 239 | 187 | 464 | 343 |
Total revenue | 3,918 | 3,498 | 7,729 | 6,840 |
Costs and expenses | ||||
Operating expenses | 479 | 456 | 937 | 899 |
Leased vehicle expenses | 972 | 1,011 | 2,019 | 2,050 |
Provision for loan losses (Note 3) | 174 | 167 | 378 | 298 |
Interest expense | 1,485 | 1,135 | 2,881 | 2,134 |
Total costs and expenses | 3,109 | 2,768 | 6,215 | 5,381 |
Equity income (Note 5) | 14 | 37 | 45 | 78 |
Income before income taxes | 822 | 766 | 1,559 | 1,537 |
Income tax provision (Note 11) | 212 | 195 | 412 | 382 |
Net income (loss) | 610 | 571 | 1,147 | 1,155 |
Less: cumulative dividends on preferred stock | 30 | 30 | 59 | 59 |
Net income (loss) attributable to common shareholder | $ 581 | $ 541 | $ 1,088 | $ 1,096 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 610 | $ 571 | $ 1,147 | $ 1,155 |
Other comprehensive income (loss), net of tax (Note 10) | ||||
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $3, $(3) $(6), $14 | (9) | 11 | 17 | (42) |
Foreign currency translation adjustment | (159) | 0 | (224) | 102 |
Other comprehensive income (loss), net of tax | (168) | 11 | (207) | 60 |
Comprehensive income (loss) | $ 442 | $ 582 | $ 940 | $ 1,215 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Change in value of cash flow hedges, tax (expense) benefit | $ 3 | $ (3) | $ (6) | $ 14 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Preferred Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Balance at beginning of period at Dec. 31, 2022 | $ 15,010 | $ 0 | $ 0 | $ 8,742 | $ (1,373) | $ 7,641 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 584 | 584 | ||||
Other comprehensive income (loss) | 49 | 49 | ||||
Stock-based compensation | 7 | 7 | ||||
Dividends paid (Note 10) | (450) | (450) | ||||
Balance at end of period at Mar. 31, 2023 | 15,201 | 0 | 0 | 8,749 | (1,323) | 7,775 |
Balance at beginning of period at Dec. 31, 2022 | 15,010 | 0 | 0 | 8,742 | (1,373) | 7,641 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,155 | |||||
Other comprehensive income (loss) | 60 | |||||
Balance at end of period at Jun. 30, 2023 | 15,284 | 0 | 0 | 8,760 | (1,312) | 7,837 |
Balance at beginning of period at Mar. 31, 2023 | 15,201 | 0 | 0 | 8,749 | (1,323) | 7,775 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 571 | 571 | ||||
Other comprehensive income (loss) | 11 | 11 | ||||
Stock-based compensation | 11 | 11 | ||||
Dividends paid (Note 10) | (450) | (450) | ||||
Dividends declared on preferred stock (Note 10) | (59) | (59) | ||||
Balance at end of period at Jun. 30, 2023 | 15,284 | 0 | 0 | 8,760 | (1,312) | 7,837 |
Balance at beginning of period at Dec. 31, 2023 | 15,542 | 0 | 0 | 8,783 | (1,208) | 7,967 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 536 | 536 | ||||
Other comprehensive income (loss) | (39) | (39) | ||||
Stock-based compensation | 6 | 6 | ||||
Dividends paid (Note 10) | (450) | (450) | ||||
Balance at end of period at Mar. 31, 2024 | 15,596 | 0 | 0 | 8,789 | (1,246) | 8,054 |
Balance at beginning of period at Dec. 31, 2023 | 15,542 | 0 | 0 | 8,783 | (1,208) | 7,967 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,147 | |||||
Other comprehensive income (loss) | (207) | |||||
Balance at end of period at Jun. 30, 2024 | 15,538 | 0 | 0 | 8,797 | (1,414) | 8,155 |
Balance at beginning of period at Mar. 31, 2024 | 15,596 | 0 | 0 | 8,789 | (1,246) | 8,054 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 610 | 610 | ||||
Other comprehensive income (loss) | (168) | (168) | ||||
Stock-based compensation | 8 | 8 | ||||
Dividends paid (Note 10) | (450) | (450) | ||||
Dividends declared on preferred stock (Note 10) | (59) | (59) | ||||
Balance at end of period at Jun. 30, 2024 | $ 15,538 | $ 0 | $ 0 | $ 8,797 | $ (1,414) | $ 8,155 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net income (loss) | $ 1,147 | $ 1,155 |
Depreciation and amortization | 2,626 | 2,630 |
Accretion and amortization of loan and leasing fees | (728) | (648) |
Undistributed earnings of nonconsolidated affiliates, net | (45) | (78) |
Provision for loan losses | 378 | 298 |
Deferred income taxes | 287 | (4) |
Stock-based compensation expense | 19 | 19 |
Gain on termination of leased vehicles | (417) | (435) |
Other operating activities | (45) | (67) |
Changes in assets and liabilities: | ||
Other assets | (304) | (107) |
Other liabilities | 253 | 381 |
Related party payables | 44 | 266 |
Net cash provided by (used in) operating activities | 3,214 | 3,411 |
Cash flows from investing activities | ||
Purchases and funding of finance receivables | (17,025) | (18,182) |
Principal collections and recoveries on finance receivables | 15,577 | 13,921 |
Net change in floorplan and other short-duration receivables | (2,991) | (7) |
Purchases of leased vehicles | (7,489) | (6,834) |
Proceeds from termination of leased vehicles | 6,157 | 6,673 |
Other investing activities | (10) | (15) |
Net cash provided by (used in) investing activities | (5,781) | (4,445) |
Cash flows from financing activities | ||
Net change in debt (original maturities of three months or less) | 296 | 74 |
Borrowings and issuances of secured debt | 13,984 | 14,676 |
Payments on secured debt | (14,762) | (14,902) |
Borrowings and issuances of unsecured debt | 15,367 | 11,548 |
Payments on unsecured debt | (9,053) | (7,335) |
Debt issuance costs | (112) | (91) |
Dividends paid | (959) | (959) |
Net cash provided by (used in) financing activities | 4,760 | 3,010 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,194 | 1,976 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (58) | 62 |
Cash, cash equivalents and restricted cash at beginning of period | 8,249 | 6,676 |
Cash, cash equivalents and restricted cash at end of period | 10,384 | 8,715 |
Supplemental Cash Flow Elements [Abstract] | ||
Cash and cash equivalents | 7,448 | |
Restricted cash included in other assets | 2,937 | |
Total | $ 10,384 | $ 8,715 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation General Motors Financial Company, Inc. (sometimes referred to as we, us, our, the Company, or GM Financial), the wholly-owned captive finance subsidiary of General Motors Company (GM), is a global provider of automobile finance solutions. We provide retail loan and lease financing across the credit spectrum to support vehicle sales. Additionally, we offer commercial lending products to dealers, including floorplan financing, which is lending to finance new and used vehicle inventory, and dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, or to purchase and/or finance dealership real estate. Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission on January 30, 2024 (2023 Form 10-K). The condensed consolidated financial statements at June 30, 2024, and for the three and six months ended June 30, 2024 and 2023, are unaudited and, in management’s opinion, include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations. The results for interim periods are not necessarily indicative of results for a full year. The condensed consolidated balance sheet at December 31, 2023 was derived from audited annual financial statements. Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We offer loan and lease finance products through GM-franchised dealers to customers purchasing new vehicles manufactured by GM and certain used vehicles and make commercial loans directly to GM-franchised dealers and their affiliates. We also offer commercial loans to dealers that are consolidated by GM and those balances are included in finance receivables, net. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on retail loan and lease finance products. In addition, GM makes cash payments to us to cover interest payments on certain commercial loans we make to GM-franchised dealers. We received subvention payments from GM of $934 million and $915 million for the three months ended June 30, 2024 and 2023, and $1.7 billion for both the six months ended June 30, 2024 and 2023. Subvention due from GM is recorded as a related party receivable. Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable. Cruise is the GM global segment responsible for the development and commercialization of autonomous vehicle technology. We have a multi-year credit agreement with Cruise whereby we may provide advances to Cruise, over time, through 2024, to fund the purchase of autonomous vehicles from GM in support of commercialization. Advances under this credit agreement are guaranteed by GM Cruise Holdings LLC. At June 30, 2024 and December 31, 2023, Cruise had $395 million and $353 million of borrowings outstanding and access to an additional $3.4 billion in advances under the credit agreement. Amounts due from Cruise are included in finance receivables, net. We are included in GM's consolidated U.S. federal income tax returns and certain U.S. state returns, and we are obligated to pay GM for our share of the related tax liabilities. During the six months ended June 30, 2024, no payments were made to GM for state and federal income taxes. During the six months ended June 30, 2023, we made payments of $30 million to GM for state and federal income taxes related to the tax years 2020 through 2023. Amounts owed to GM for income taxes are recorded as a related party payable. The following tables present related party transactions: Balance Sheet Data June 30, 2024 December 31, 2023 Commercial finance receivables due from dealers consolidated by GM $ 226 $ 164 Commercial finance receivables due from Cruise $ 395 $ 353 Subvention receivable from GM $ 558 $ 508 Commercial loan funding payable to GM $ 83 $ 55 Taxes payable to GM $ 430 $ 384 Three Months Ended June 30, Six Months Ended June 30, Income Statement Data 2024 2023 2024 2023 Interest subvention earned on retail finance receivables (a) $ 316 $ 280 $ 624 $ 537 Interest subvention earned on commercial finance receivables (a) $ 30 $ 27 $ 57 $ 49 Leased vehicle subvention earned (b) $ 359 $ 389 $ 723 $ 782 _________________ (a) Included in finance charge income. (b) Included as a reduction to leased vehicle expenses. Under the support agreement with GM (the Support Agreement), if our earning assets leverage ratio at the end of any calendar quarter exceeds the applicable threshold set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage ratio within the applicable threshold. In determining our earning assets leverage ratio (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, as each may be adjusted for derivative accounting. 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. GM also agrees to certain provisions in the Support Agreement intended to ensure we maintain adequate access to liquidity. Pursuant to these provisions, GM provides us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility, and GM will use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $14.1 billion of GM's unsecured revolving credit facilities consisting of a five-year, $10.0 billion facility and a three-year, $4.1 billion facility. We also have exclusive access to GM's $2.0 billion 364-Day Revolving Credit Facility (GM Revolving 364-Day Credit Facility). We had no borrowings outstanding under any of the GM revolving credit facilities at June 30, 2024 and December 31, 2023. In March 2024, GM renewed the GM Revolving 364-Day Credit Facility, which now matures on March 27, 2025. |
Finance Receivables
Finance Receivables | 6 Months Ended |
Jun. 30, 2024 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Finance Receivables | Finance Receivables June 30, 2024 December 31, 2023 Retail finance receivables Retail finance receivables (a) $ 73,335 $ 72,729 Less: allowance for loan losses (2,261) (2,308) Total retail finance receivables, net 71,074 70,421 Commercial finance receivables Commercial finance receivables (a)(b) 17,127 14,251 Less: allowance for loan losses (50) (36) Total commercial finance receivables, net 17,078 14,216 Total finance receivables, net $ 88,151 $ 84,637 Fair value utilizing Level 2 inputs $ 17,078 $ 14,216 Fair value utilizing Level 3 inputs $ 71,552 $ 70,911 ________________ (a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs. (b) Includes dealer financing of $16.3 billion and $13.4 billion, and other financing of $826 million and $830 million at June 30, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $3.0 billion and $2.6 billion at June 30, 2024 and December 31, 2023. Rollforward of Allowance for Retail Loan Losses A summary of the activity in the allowance for retail loan losses is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Allowance for retail loan losses beginning balance $ 2,320 $ 2,123 $ 2,308 $ 2,062 Provision for loan losses 159 161 364 298 Charge-offs (411) (323) (816) (645) Recoveries 222 191 434 377 Foreign currency translation and other (28) 14 (30) 74 Allowance for retail loan losses ending balance $ 2,261 $ 2,166 $ 2,261 $ 2,166 The allowance for retail loan losses as a percentage of retail finance receivables was 3.1% and 3.2% at June 30, 2024 and December 31, 2023. Retail Credit Quality Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at June 30, 2024 and December 31, 2023: Year of Origination June 30, 2024 2024 2023 2022 2021 2020 Prior Total Percent Prime - FICO Score 680 and greater $ 11,725 $ 19,600 $ 12,532 $ 7,131 $ 3,651 $ 772 $ 55,411 75.6 % Near-prime - FICO Score 620 to 679 1,817 2,701 1,867 1,389 670 291 8,736 11.9 Sub-prime - FICO Score less than 620 1,908 2,553 1,951 1,487 752 539 9,188 12.5 Retail finance receivables $ 15,450 $ 24,854 $ 16,350 $ 10,007 $ 5,073 $ 1,602 $ 73,335 100.0 % Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime - FICO Score 680 and greater $ 23,940 $ 15,581 $ 9,039 $ 4,926 $ 1,076 $ 320 $ 54,882 75.5 % Near-prime - FICO Score 620 to 679 3,234 2,281 1,746 906 350 129 8,647 11.9 Sub-prime - FICO Score less than 620 3,079 2,397 1,884 1,010 573 257 9,200 12.6 Retail finance receivables $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % We review the ongoing credit quality of our retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles, and, subject to local laws, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status for each vintage of the portfolio at June 30, 2024 and December 31, 2023, as well as summary totals for June 30, 2023. The tables also present gross charge offs by vintage for the six months ended June 30, 2024 and the year ended December 31, 2023: Year of Origination June 30, 2024 June 30, 2023 2024 2023 2022 2021 2020 Prior Total Percent Total Percent 0 - 30 days $ 15,306 $ 24,314 $ 15,782 $ 9,551 $ 4,839 $ 1,419 $ 71,211 97.1 % $ 67,957 97.5 % 31 - 60 days 109 383 411 337 175 136 1,551 2.1 1,284 1.8 Greater than 60 days 30 135 138 108 54 44 509 0.7 430 0.6 Finance receivables more than 30 days delinquent 140 518 549 445 229 179 2,060 2.8 1,714 2.5 In repossession 4 22 19 11 5 3 64 0.1 51 0.1 Finance receivables more than 30 days delinquent or in repossession 144 540 567 457 234 182 2,124 2.9 1,765 2.5 Retail finance receivables $ 15,450 $ 24,854 $ 16,350 $ 10,007 $ 5,073 $ 1,602 $ 73,335 100.0 % $ 69,722 100.0 % Gross charge-offs $ 13 $ 262 $ 254 $ 161 $ 68 $ 59 $ 816 Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent 0 - 30 days $ 29,816 $ 19,602 $ 12,098 $ 6,533 $ 1,825 $ 599 $ 70,472 96.9 % 31 - 60 days 318 470 415 227 130 78 1,637 2.3 Greater than 60 days 102 168 142 76 42 29 559 0.8 Finance receivables more than 30 days delinquent 421 637 557 302 172 107 2,196 3.0 In repossession 17 20 14 6 3 1 61 0.1 Finance receivables more than 30 days delinquent or in repossession 437 657 572 308 175 108 2,257 3.1 Retail finance receivables $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % Gross charge-offs $ 143 $ 494 $ 399 $ 192 $ 108 $ 87 $ 1,423 The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $774 million and $809 million at June 30, 2024 and December 31, 2023. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Loan Modifications Under certain circumstances, we may agree to modify the terms of an existing loan with a borrower for various reasons, including financial difficulties, and we may provide interest rate reductions, principal forgiveness, payment deferments, term extensions or a combination thereof. A loan that is deferred greater than six months in the preceding twelve months would be considered to be other-than-insignificantly delayed. In such circumstances, we must determine whether the modification should be accounted for as an extinguishment of the original loan and a creation of a new loan, or the continuation of the original loan with modifications. The amortized costs at June 30, 2024 and 2023 of the loans modified during the three and six months ended June 30, 2024 and 2023 were insignificant. The unpaid principal balances, net of recoveries, of loans charged off during the reporting period that were modified within 12 months preceding default were insignificant for the three and six months ended June 30, 2024 and 2023. Commercial Credit Quality Our commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters, as well as advances to certain GM subsidiaries. For our dealer financing, we use proprietary models to assign a risk rating to each dealer and perform periodic credit reviews of each dealership. We adjust the dealership's risk rating, if necessary. There is limited credit risk associated with other financing due to the structure of the business relationships. Our dealer risk model and risk rating categories are as follows: Dealer Risk Rating Description I Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments. II Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring. III Non-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected. IV Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable. Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the dealer credit risk profile by dealer risk rating at June 30, 2024 and December 31, 2023: Year of Origination June 30, 2024 Dealer Risk Rating Revolving 2024 2023 2022 2021 2020 Prior Total Percent I $ 14,237 $ 121 $ 243 $ 392 $ 268 $ 286 $ 44 $ 15,591 95.6 % II 332 — 3 22 — 1 — 358 2.2 III 301 4 5 — 24 — 18 352 2.2 IV — — — — — — — — — Balance at end of period $ 14,870 $ 125 $ 251 $ 414 $ 292 $ 287 $ 62 $ 16,301 100.0 % Year of Origination December 31, 2023 Dealer Risk Rating Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 11,638 $ 295 $ 417 $ 297 $ 301 $ 85 $ 11 $ 13,043 97.2 % II 182 — 2 2 — — — 187 1.4 III 152 1 15 12 — 11 — 192 1.4 IV — — — — — — — — — Balance at end of period $ 11,971 $ 296 $ 435 $ 311 $ 301 $ 96 $ 11 $ 13,422 100.0 % Floorplan advances comprise 99.4% and 99.7% of the total revolving balances at June 30, 2024 and December 31, 2023. Dealer term loans are presented by year of origination. At June 30, 2024 and December 31, 2023, substantially all of our commercial finance receivables were current with respect to payment status, and activity in the allowance for commercial loan losses was insignificant for the three and six months ended June 30, 2024 and 2023. There were no commercial finance receivables on nonaccrual status at June 30, 2024 and December 31, 2023. There were no charge-offs during the six months ended June 30, 2024, and no loan modifications were extended to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023. |
Leased Vehicles
Leased Vehicles | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |
Leased Vehicles | Leased Vehicles June 30, 2024 December 31, 2023 Leased vehicles (a) $ 36,993 $ 37,921 Less: accumulated depreciation (6,648) (7,338) Leased vehicles, net $ 30,345 $ 30,582 ________________ (a) Net of vehicle acquisition costs, less manufacturer incentives and investment tax credits. Depreciation expense related to leased vehicles, net was $1.2 billion for both the three months ended June 30, 2024 and 2023 and $2.4 billion and $2.5 billion for the six months ended June 30, 2024 and 2023. The following table summarizes minimum rental payments due to us as lessor under operating leases at June 30, 2024: Years Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Lease payments under operating leases $ 2,681 $ 4,229 $ 2,317 $ 505 $ 33 $ 2 $ 9,767 |
Equity in Net Assets of Noncons
Equity in Net Assets of Nonconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2024 | |
Noncontrolling Interest [Abstract] | |
Equity in Net Assets of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates We use the equity method to account for our equity interest in joint ventures. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as equity income. There have been no ownership changes in our joint ventures since December 31, 2023. The following table presents certain aggregated operating data of our joint ventures: Three Months Ended June 30, Six Months Ended June 30, Summarized Operating Data 2024 2023 2024 2023 Finance charge income $ 248 $ 352 $ 534 $ 744 Income before income taxes $ 52 $ 141 $ 172 $ 296 Net income $ 39 $ 106 $ 129 $ 222 At June 30, 2024 and December 31, 2023, we had undistributed earnings of $882 million and $837 million related to our nonconsolidated affiliates. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt Revolving credit facilities $ 1,693 $ 1,693 $ 4,960 $ 4,960 Securitization notes payable 42,938 42,868 40,284 40,012 Total secured debt 44,630 44,560 45,243 44,971 Unsecured debt Senior notes 54,715 54,473 49,990 49,537 Credit facilities 1,893 1,883 2,034 2,026 Other unsecured debt 8,868 8,915 8,060 8,088 Total unsecured debt 65,476 65,271 60,084 59,651 Total secured and unsecured debt $ 110,106 $ 109,831 $ 105,327 $ 104,622 Fair value utilizing Level 2 inputs $ 107,820 $ 102,262 Fair value utilizing Level 3 inputs $ 2,010 $ 2,360 Secured Debt Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 7 for further information. During the six months ended June 30, 2024, we renewed credit facilities with a total borrowing capacity of $17.0 billion, and we issued $13.5 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 5.42% and maturity dates ranging from 2024 to 2036. Unsecured Debt During the six months ended June 30, 2024, we issued $10.7 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.38% and maturity dates ranging from 2027 to 2034. General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided. Compliance with Debt Covenants Several of our revolving credit facilities require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured debt obligations contain covenants including limitations on our ability to incur certain liens. At June 30, 2024, we were in compliance with these debt covenants. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2024 | |
Noncontrolling Interest [Abstract] | |
Variable Interest Entities | Variable Interest Entities Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs: June 30, 2024 December 31, 2023 Restricted cash (a) $ 2,739 $ 2,765 Finance receivables $ 48,574 $ 46,648 Lease related assets $ 15,121 $ 15,794 Secured debt $ 44,708 $ 45,299 _______________ (a) Included in other assets. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our assets and liabilities and by using derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings. Certain of our foreign operations expose us to fluctuations of foreign interest rates and exchange rates. We primarily finance our earning assets with debt in the same currency to minimize the impact to earnings from our exposure to fluctuations in exchange rates. When we use a different currency, these fluctuations may impact the value of our cash receipts and payments in terms of our functional currency. We enter into derivative financial instruments to protect the value or fix the amount of certain assets and liabilities in terms of the relevant functional currency. The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts: June 30, 2024 December 31, 2023 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges Fair value hedges Interest rate swaps $ 33,285 $ 4 $ 456 $ 18,379 $ 75 $ 238 Cash flow hedges Interest rate swaps 1,964 21 3 2,381 17 16 Foreign currency swaps 9,054 103 399 8,003 144 311 Derivatives not designated as hedges Interest rate contracts 115,512 1,371 1,831 134,683 1,573 1,997 Total $ 159,814 $ 1,499 $ 2,689 $ 163,446 $ 1,809 $ 2,563 The gross amounts of the fair value of our derivative instruments that are classified as assets or liabilities are included in other assets or other liabilities, respectively. Amounts accrued for interest payments in a net receivable position are included in other assets. Amounts accrued for interest payments in a net payable position are included in other liabilities. All our derivatives are categorized within Level 2 of the fair value hierarchy. The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. We primarily enter into derivative instruments through AmeriCredit Financial Services, Inc. (AFSI); however, our SPEs may also be parties to derivative instruments. Agreements between AFSI and its derivative counterparties include rights of setoff for positions with offsetting values or for collateral held or posted. At June 30, 2024 and December 31, 2023, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $936 million and $1.2 billion. At June 30, 2024 and December 31, 2023, we held $436 million and $457 million of collateral from counterparties that was available for netting against our asset positions. At June 30, 2024 and December 31, 2023, we had $1.3 billion and $1.2 billion of collateral posted to counterparties that was available for netting against our liability positions. The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships: Carrying Amount of Cumulative Amount of Fair Value (a) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Unsecured debt $ 36,614 $ 33,551 $ 1,220 $ 1,029 _________________ (a) Includes $852 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at June 30, 2024 and December 31, 2023. The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest Expense (a) Operating Expenses (b) Interest Expense (a) Operating Expenses (b) Interest Expense (a) Operating Expenses (b) Interest Expense (a) Operating Expenses (b) Fair value hedges Hedged items - interest rate swaps $ 62 $ — $ 145 $ — $ 192 $ — $ 116 $ — Interest rate swaps (130) — (165) — (287) — (120) — Cash flow hedges Interest rate swaps 4 — 10 — 11 — 19 — Hedged items - foreign currency swaps (c) — 30 — (64) — 208 — (200) Foreign currency swaps (34) (30) (37) 64 (75) (206) (74) 200 Derivatives not designated as hedges Interest rate contracts 42 — 59 — 75 — 110 — Foreign currency contracts — (2) — — — — — — Total income (loss) recognized $ (56) $ (2) $ 12 $ — $ (84) $ 1 $ 52 $ — _________________ (a) Total interest expense was $1.5 billion and $1.1 billion for the three months ended June 30, 2024 and 2023, and $2.9 billion and $2.1 billion for the six months ended June 30, 2024 and 2023. (b) Total operating expenses were $479 million and $456 million for the three months ended June 30, 2024 and 2023, and $937 million and $899 million for the six months ended June 30, 2024 and 2023. (c) Transaction activity recorded in operating expenses related to foreign currency-denominated debt. The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income: Gains (Losses) Recognized In Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash flow hedges Interest rate swaps $ 17 $ (5) $ 26 $ (4) Foreign currency swaps (74) 45 (215) 73 Total $ (57) $ 40 $ (189) $ 70 (Gains) Losses Reclassified From Accumulated Other Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash flow hedges Interest rate swaps $ (2) $ (8) $ (7) $ (15) Foreign currency swaps 49 (21) 212 (96) Total $ 48 $ (29) $ 206 $ (111) All amounts reclassified from accumulated other comprehensive income (loss) were recorded to interest expense. During the next 12 months, we estimate an insignificant amount of losses will be reclassified into pre-tax earnings from derivatives designated for hedge accounting. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings We are subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against us could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus we cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm. In accordance with the current accounting standards for loss contingencies, we establish reserves for legal matters when it is probable that a loss associated with the matter has been incurred and the amount of the loss can be reasonably estimated. The actual costs of resolving legal matters may be higher or lower than any amounts reserved for these matters. At June 30, 2024, we estimated our reasonably possible legal exposure for unfavorable outcomes to be approximately $147 million, and we have accrued $136 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, where there is a reasonable possibility that losses exceeding amounts already recognized may be incurred. Our estimate of the additional range of loss is up to $173 million at June 30, 2024. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity June 30, 2024 December 31, 2023 Common Stock Number of shares authorized 10,000,000 10,000,000 Number of shares issued and outstanding 5,050,000 5,050,000 During both the six months ended June 30, 2024 and 2023, our Board of Directors declared and paid dividends of $900 million on our common stock to General Motors Holdings LLC. June 30, 2024 December 31, 2023 Preferred Stock Number of shares authorized 250,000,000 250,000,000 Number of shares issued and outstanding (a) Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, 1,000,000 1,000,000 Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, 500,000 500,000 Fixed-Rate Reset Cumulative Perpetual Preferred Stock, 500,000 500,000 _________________ (a) Issued at a liquidation preference of $1,000 per share. During both the six months ended June 30, 2024 and 2023, we paid dividends of $29 million to holders of record of our Series A Preferred Stock, $16 million to holders of record of our Series B Preferred Stock, and $14 million to holders of record of our Series C Preferred Stock. On June 21, 2024, our Board of Directors declared a dividend of $28.75 per share, $29 million in the aggregate, on our Series A Preferred Stock, a dividend of $32.50 per share, $16 million in the aggregate, on our Series B Preferred Stock, and a dividend of $28.50 per share, $14 million in the aggregate, on our Series C Preferred Stock, payable on September 30, 2024 to holders of record at September 15, 2024. Accordingly, $59 million has been set aside for payment of these dividends. The following table summarizes the significant components of accumulated other comprehensive income (loss): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized gain (loss) on hedges Beginning balance $ 23 $ (73) $ (3) $ (21) Change in value of hedges, net of tax (9) 11 17 (42) Ending balance 14 (63) 14 (63) Defined benefit plans Beginning balance 1 1 1 1 Unrealized gain (loss) on subsidiary pension — — — — Ending balance 1 1 1 1 Foreign currency translation adjustment Beginning balance (1,270) (1,251) (1,206) (1,351) Translation gain (loss) (159) — (224) 102 Ending balance (1,429) (1,250) (1,429) (1,250) Total accumulated other comprehensive income (loss) $ (1,414) $ (1,312) $ (1,414) $ (1,312) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are included in GM’s consolidated U.S. federal income tax return and certain states’ income tax returns. Net operating losses and certain tax credits generated by us have been utilized by GM; however, income tax expense and deferred tax balances are presented in our financial statements as if we filed our own tax returns in each jurisdiction. Refer to Note 2 for further information on related party taxes payable. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Our chief operating decision maker evaluates the operating results and performance of our business based on our North America and International Segments. Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China. The management of each segment is responsible for executing our strategies. Key operating data for our operating segments were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 North International Total North International Total Total revenue $ 3,531 $ 387 $ 3,918 $ 3,170 $ 328 $ 3,498 Operating expenses 385 94 479 368 88 456 Leased vehicle expenses 949 23 972 992 18 1,011 Provision for loan losses 150 24 174 135 32 167 Interest expense 1,315 170 1,485 995 139 1,135 Equity income — 14 14 — 37 37 Income before income taxes $ 732 $ 90 $ 822 $ 679 $ 87 $ 766 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 North International Total North International Total Total revenue $ 6,948 $ 781 $ 7,729 $ 6,218 $ 622 $ 6,840 Operating expenses 754 184 937 727 172 899 Leased vehicle expenses 1,973 46 2,019 2,015 35 2,050 Provision for loan losses 321 57 378 249 49 298 Interest expense 2,544 337 2,881 1,872 262 2,134 Equity income — 45 45 — 78 78 Income before income taxes $ 1,355 $ 204 $ 1,559 $ 1,356 $ 181 $ 1,537 June 30, 2024 December 31, 2023 North International Total North International Total Finance receivables, net $ 81,923 $ 6,229 $ 88,151 $ 78,148 $ 6,489 $ 84,637 Leased vehicles, net $ 29,987 $ 358 $ 30,345 $ 30,227 $ 356 $ 30,582 Total assets $ 127,780 $ 9,542 $ 137,322 $ 122,128 $ 9,883 $ 132,011 |
Regulatory Capital and Other Re
Regulatory Capital and Other Regulatory Matters | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory Capital and Other Regulatory Matters [Abstract] | |
Regulatory Capital and Other Regulatory Matters | Regulatory Capital and Other Regulatory Matters We are required to comply with a wide variety of laws and regulations. Certain of our entities operate in international markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that certain of these entities meet minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory capital requirements as most recently reported. Total assets of our regulated international banks and finance companies were approximately $7.4 billion and $7.7 billion at June 30, 2024 and December 31, 2023. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission on January 30, 2024 (2023 Form 10-K). The condensed consolidated financial statements at June 30, 2024, and for the three and six months ended June 30, 2024 and 2023, are unaudited and, in management’s opinion, include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations. The results for interim periods are not necessarily indicative of results for a full year. The condensed consolidated balance sheet at December 31, 2023 was derived from audited annual financial statements. Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables present related party transactions: Balance Sheet Data June 30, 2024 December 31, 2023 Commercial finance receivables due from dealers consolidated by GM $ 226 $ 164 Commercial finance receivables due from Cruise $ 395 $ 353 Subvention receivable from GM $ 558 $ 508 Commercial loan funding payable to GM $ 83 $ 55 Taxes payable to GM $ 430 $ 384 Three Months Ended June 30, Six Months Ended June 30, Income Statement Data 2024 2023 2024 2023 Interest subvention earned on retail finance receivables (a) $ 316 $ 280 $ 624 $ 537 Interest subvention earned on commercial finance receivables (a) $ 30 $ 27 $ 57 $ 49 Leased vehicle subvention earned (b) $ 359 $ 389 $ 723 $ 782 _________________ (a) Included in finance charge income. (b) Included as a reduction to leased vehicle expenses. |
Finance Receivables (Tables)
Finance Receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Finance Receivables, Net | June 30, 2024 December 31, 2023 Retail finance receivables Retail finance receivables (a) $ 73,335 $ 72,729 Less: allowance for loan losses (2,261) (2,308) Total retail finance receivables, net 71,074 70,421 Commercial finance receivables Commercial finance receivables (a)(b) 17,127 14,251 Less: allowance for loan losses (50) (36) Total commercial finance receivables, net 17,078 14,216 Total finance receivables, net $ 88,151 $ 84,637 Fair value utilizing Level 2 inputs $ 17,078 $ 14,216 Fair value utilizing Level 3 inputs $ 71,552 $ 70,911 ________________ (a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs. (b) Includes dealer financing of $16.3 billion and $13.4 billion, and other financing of $826 million and $830 million at June 30, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $3.0 billion and $2.6 billion at June 30, 2024 and December 31, 2023. |
Schedule of Allowance for Credit Losses on Financing Receivables | A summary of the activity in the allowance for retail loan losses is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Allowance for retail loan losses beginning balance $ 2,320 $ 2,123 $ 2,308 $ 2,062 Provision for loan losses 159 161 364 298 Charge-offs (411) (323) (816) (645) Recoveries 222 191 434 377 Foreign currency translation and other (28) 14 (30) 74 Allowance for retail loan losses ending balance $ 2,261 $ 2,166 $ 2,261 $ 2,166 |
Schedule of Financing Receivable Credit Quality Indicators | The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at June 30, 2024 and December 31, 2023: Year of Origination June 30, 2024 2024 2023 2022 2021 2020 Prior Total Percent Prime - FICO Score 680 and greater $ 11,725 $ 19,600 $ 12,532 $ 7,131 $ 3,651 $ 772 $ 55,411 75.6 % Near-prime - FICO Score 620 to 679 1,817 2,701 1,867 1,389 670 291 8,736 11.9 Sub-prime - FICO Score less than 620 1,908 2,553 1,951 1,487 752 539 9,188 12.5 Retail finance receivables $ 15,450 $ 24,854 $ 16,350 $ 10,007 $ 5,073 $ 1,602 $ 73,335 100.0 % Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime - FICO Score 680 and greater $ 23,940 $ 15,581 $ 9,039 $ 4,926 $ 1,076 $ 320 $ 54,882 75.5 % Near-prime - FICO Score 620 to 679 3,234 2,281 1,746 906 350 129 8,647 11.9 Sub-prime - FICO Score less than 620 3,079 2,397 1,884 1,010 573 257 9,200 12.6 Retail finance receivables $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % Our dealer risk model and risk rating categories are as follows: Dealer Risk Rating Description I Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments. II Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring. III Non-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected. IV Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable. Year of Origination June 30, 2024 Dealer Risk Rating Revolving 2024 2023 2022 2021 2020 Prior Total Percent I $ 14,237 $ 121 $ 243 $ 392 $ 268 $ 286 $ 44 $ 15,591 95.6 % II 332 — 3 22 — 1 — 358 2.2 III 301 4 5 — 24 — 18 352 2.2 IV — — — — — — — — — Balance at end of period $ 14,870 $ 125 $ 251 $ 414 $ 292 $ 287 $ 62 $ 16,301 100.0 % Year of Origination December 31, 2023 Dealer Risk Rating Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 11,638 $ 295 $ 417 $ 297 $ 301 $ 85 $ 11 $ 13,043 97.2 % II 182 — 2 2 — — — 187 1.4 III 152 1 15 12 — 11 — 192 1.4 IV — — — — — — — — — Balance at end of period $ 11,971 $ 296 $ 435 $ 311 $ 301 $ 96 $ 11 $ 13,422 100.0 % |
Schedule of Past Due Financing Receivables | The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status for each vintage of the portfolio at June 30, 2024 and December 31, 2023, as well as summary totals for June 30, 2023. The tables also present gross charge offs by vintage for the six months ended June 30, 2024 and the year ended December 31, 2023: Year of Origination June 30, 2024 June 30, 2023 2024 2023 2022 2021 2020 Prior Total Percent Total Percent 0 - 30 days $ 15,306 $ 24,314 $ 15,782 $ 9,551 $ 4,839 $ 1,419 $ 71,211 97.1 % $ 67,957 97.5 % 31 - 60 days 109 383 411 337 175 136 1,551 2.1 1,284 1.8 Greater than 60 days 30 135 138 108 54 44 509 0.7 430 0.6 Finance receivables more than 30 days delinquent 140 518 549 445 229 179 2,060 2.8 1,714 2.5 In repossession 4 22 19 11 5 3 64 0.1 51 0.1 Finance receivables more than 30 days delinquent or in repossession 144 540 567 457 234 182 2,124 2.9 1,765 2.5 Retail finance receivables $ 15,450 $ 24,854 $ 16,350 $ 10,007 $ 5,073 $ 1,602 $ 73,335 100.0 % $ 69,722 100.0 % Gross charge-offs $ 13 $ 262 $ 254 $ 161 $ 68 $ 59 $ 816 Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent 0 - 30 days $ 29,816 $ 19,602 $ 12,098 $ 6,533 $ 1,825 $ 599 $ 70,472 96.9 % 31 - 60 days 318 470 415 227 130 78 1,637 2.3 Greater than 60 days 102 168 142 76 42 29 559 0.8 Finance receivables more than 30 days delinquent 421 637 557 302 172 107 2,196 3.0 In repossession 17 20 14 6 3 1 61 0.1 Finance receivables more than 30 days delinquent or in repossession 437 657 572 308 175 108 2,257 3.1 Retail finance receivables $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % Gross charge-offs $ 143 $ 494 $ 399 $ 192 $ 108 $ 87 $ 1,423 |
Leased Vehicles (Tables)
Leased Vehicles (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |
Schedule of Leased Vehicles | June 30, 2024 December 31, 2023 Leased vehicles (a) $ 36,993 $ 37,921 Less: accumulated depreciation (6,648) (7,338) Leased vehicles, net $ 30,345 $ 30,582 ________________ (a) Net of vehicle acquisition costs, less manufacturer incentives and investment tax credits. |
Schedule of Future Minimum Rental Payments Receivable For Operating Leases | The following table summarizes minimum rental payments due to us as lessor under operating leases at June 30, 2024: Years Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Lease payments under operating leases $ 2,681 $ 4,229 $ 2,317 $ 505 $ 33 $ 2 $ 9,767 |
Equity in Net Assets of Nonco_2
Equity in Net Assets of Nonconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Noncontrolling Interest [Abstract] | |
Schedule of Financial Information for our Joint Ventures | The following table presents certain aggregated operating data of our joint ventures: Three Months Ended June 30, Six Months Ended June 30, Summarized Operating Data 2024 2023 2024 2023 Finance charge income $ 248 $ 352 $ 534 $ 744 Income before income taxes $ 52 $ 141 $ 172 $ 296 Net income $ 39 $ 106 $ 129 $ 222 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt Revolving credit facilities $ 1,693 $ 1,693 $ 4,960 $ 4,960 Securitization notes payable 42,938 42,868 40,284 40,012 Total secured debt 44,630 44,560 45,243 44,971 Unsecured debt Senior notes 54,715 54,473 49,990 49,537 Credit facilities 1,893 1,883 2,034 2,026 Other unsecured debt 8,868 8,915 8,060 8,088 Total unsecured debt 65,476 65,271 60,084 59,651 Total secured and unsecured debt $ 110,106 $ 109,831 $ 105,327 $ 104,622 Fair value utilizing Level 2 inputs $ 107,820 $ 102,262 Fair value utilizing Level 3 inputs $ 2,010 $ 2,360 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Securitization and Credit Facility VIEs | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to our consolidated VIEs: June 30, 2024 December 31, 2023 Restricted cash (a) $ 2,739 $ 2,765 Finance receivables $ 48,574 $ 46,648 Lease related assets $ 15,121 $ 15,794 Secured debt $ 44,708 $ 45,299 _______________ (a) Included in other assets. |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts: June 30, 2024 December 31, 2023 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges Fair value hedges Interest rate swaps $ 33,285 $ 4 $ 456 $ 18,379 $ 75 $ 238 Cash flow hedges Interest rate swaps 1,964 21 3 2,381 17 16 Foreign currency swaps 9,054 103 399 8,003 144 311 Derivatives not designated as hedges Interest rate contracts 115,512 1,371 1,831 134,683 1,573 1,997 Total $ 159,814 $ 1,499 $ 2,689 $ 163,446 $ 1,809 $ 2,563 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships: Carrying Amount of Cumulative Amount of Fair Value (a) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Unsecured debt $ 36,614 $ 33,551 $ 1,220 $ 1,029 _________________ (a) Includes $852 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at June 30, 2024 and December 31, 2023. |
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Statements of Income | The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest Expense (a) Operating Expenses (b) Interest Expense (a) Operating Expenses (b) Interest Expense (a) Operating Expenses (b) Interest Expense (a) Operating Expenses (b) Fair value hedges Hedged items - interest rate swaps $ 62 $ — $ 145 $ — $ 192 $ — $ 116 $ — Interest rate swaps (130) — (165) — (287) — (120) — Cash flow hedges Interest rate swaps 4 — 10 — 11 — 19 — Hedged items - foreign currency swaps (c) — 30 — (64) — 208 — (200) Foreign currency swaps (34) (30) (37) 64 (75) (206) (74) 200 Derivatives not designated as hedges Interest rate contracts 42 — 59 — 75 — 110 — Foreign currency contracts — (2) — — — — — — Total income (loss) recognized $ (56) $ (2) $ 12 $ — $ (84) $ 1 $ 52 $ — _________________ (a) Total interest expense was $1.5 billion and $1.1 billion for the three months ended June 30, 2024 and 2023, and $2.9 billion and $2.1 billion for the six months ended June 30, 2024 and 2023. (b) Total operating expenses were $479 million and $456 million for the three months ended June 30, 2024 and 2023, and $937 million and $899 million for the six months ended June 30, 2024 and 2023. (c) Transaction activity recorded in operating expenses related to foreign currency-denominated debt. The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income: Gains (Losses) Recognized In Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash flow hedges Interest rate swaps $ 17 $ (5) $ 26 $ (4) Foreign currency swaps (74) 45 (215) 73 Total $ (57) $ 40 $ (189) $ 70 (Gains) Losses Reclassified From Accumulated Other Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash flow hedges Interest rate swaps $ (2) $ (8) $ (7) $ (15) Foreign currency swaps 49 (21) 212 (96) Total $ 48 $ (29) $ 206 $ (111) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Common and Preferred Stock | June 30, 2024 December 31, 2023 Common Stock Number of shares authorized 10,000,000 10,000,000 Number of shares issued and outstanding 5,050,000 5,050,000 During both the six months ended June 30, 2024 and 2023, our Board of Directors declared and paid dividends of $900 million on our common stock to General Motors Holdings LLC. June 30, 2024 December 31, 2023 Preferred Stock Number of shares authorized 250,000,000 250,000,000 Number of shares issued and outstanding (a) Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, 1,000,000 1,000,000 Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, 500,000 500,000 Fixed-Rate Reset Cumulative Perpetual Preferred Stock, 500,000 500,000 _________________ (a) Issued at a liquidation preference of $1,000 per share. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the significant components of accumulated other comprehensive income (loss): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized gain (loss) on hedges Beginning balance $ 23 $ (73) $ (3) $ (21) Change in value of hedges, net of tax (9) 11 17 (42) Ending balance 14 (63) 14 (63) Defined benefit plans Beginning balance 1 1 1 1 Unrealized gain (loss) on subsidiary pension — — — — Ending balance 1 1 1 1 Foreign currency translation adjustment Beginning balance (1,270) (1,251) (1,206) (1,351) Translation gain (loss) (159) — (224) 102 Ending balance (1,429) (1,250) (1,429) (1,250) Total accumulated other comprehensive income (loss) $ (1,414) $ (1,312) $ (1,414) $ (1,312) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Key operating data for our operating segments were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 North International Total North International Total Total revenue $ 3,531 $ 387 $ 3,918 $ 3,170 $ 328 $ 3,498 Operating expenses 385 94 479 368 88 456 Leased vehicle expenses 949 23 972 992 18 1,011 Provision for loan losses 150 24 174 135 32 167 Interest expense 1,315 170 1,485 995 139 1,135 Equity income — 14 14 — 37 37 Income before income taxes $ 732 $ 90 $ 822 $ 679 $ 87 $ 766 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 North International Total North International Total Total revenue $ 6,948 $ 781 $ 7,729 $ 6,218 $ 622 $ 6,840 Operating expenses 754 184 937 727 172 899 Leased vehicle expenses 1,973 46 2,019 2,015 35 2,050 Provision for loan losses 321 57 378 249 49 298 Interest expense 2,544 337 2,881 1,872 262 2,134 Equity income — 45 45 — 78 78 Income before income taxes $ 1,355 $ 204 $ 1,559 $ 1,356 $ 181 $ 1,537 June 30, 2024 December 31, 2023 North International Total North International Total Finance receivables, net $ 81,923 $ 6,229 $ 88,151 $ 78,148 $ 6,489 $ 84,637 Leased vehicles, net $ 29,987 $ 358 $ 30,345 $ 30,227 $ 356 $ 30,582 Total assets $ 127,780 $ 9,542 $ 137,322 $ 122,128 $ 9,883 $ 132,011 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||||||
Revenues | $ 3,918,000,000 | $ 3,498,000,000 | $ 7,729,000,000 | $ 6,840,000,000 | ||
Related party tax payment | $ 0 | 30,000,000 | ||||
Line of Credit | General Motors | Five Year Revolving Credit Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument term | 5 years | |||||
Current borrowing capacity | 10,000,000,000 | $ 10,000,000,000 | ||||
Line of Credit | General Motors | 364 Day Revolving Credit Facilities | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument term | 364 days | |||||
Revolving Credit Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum borrowing capacity | 17,000,000,000 | 17,000,000,000 | ||||
Revolving Credit Facility | Line of Credit | Cruise | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum borrowing capacity | 3,400,000,000 | 3,400,000,000 | $ 3,400,000,000 | |||
Revolving Credit Facility | Line of Credit | General Motors | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum borrowing capacity | 14,100,000,000 | $ 14,100,000,000 | ||||
Revolving Credit Facility | Line of Credit | General Motors | Three Year Revolving Credit Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument term | 3 years | |||||
Current borrowing capacity | 4,100,000,000 | $ 4,100,000,000 | ||||
Revolving Credit Facility | Line of Credit | General Motors | 364 Day Revolving Credit Facilities | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum borrowing capacity | 2,000,000,000 | $ 2,000,000,000 | ||||
Debt instrument term | 364 days | |||||
Revolving Credit Facility | Commercial Finance Receivables | Line of Credit | Cruise | ||||||
Related Party Transaction [Line Items] | ||||||
Commercial finance receivables due from cruise | 395,000,000 | $ 395,000,000 | $ 353,000,000 | |||
Junior Subordinated Revolving Credit Facility | General Motors | ||||||
Related Party Transaction [Line Items] | ||||||
Line of credit facilities - GM related party facility | 1,000,000,000 | 1,000,000,000 | ||||
GM | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | $ 934,000,000 | $ 915,000,000 | $ 1,700,000,000 | $ 1,700,000,000 |
Related Party Transactions - Tr
Related Party Transactions - Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Subvention receivable from GM | $ 558 | $ 558 | $ 508 | ||
Taxes payable to GM | 430 | 430 | 384 | ||
Leased vehicle subvention earned | 359 | $ 389 | 723 | $ 782 | |
Commercial Finance Receivables | |||||
Related Party Transaction [Line Items] | |||||
Commercial finance receivables due from dealers consolidated by GM | 17,127 | 17,127 | 14,251 | ||
Commercial Finance Receivables | Revolving Credit Facility | Line of Credit | Cruise | |||||
Related Party Transaction [Line Items] | |||||
Commercial finance receivables due from Cruise | 395 | 395 | 353 | ||
Commercial Finance Receivables | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Commercial finance receivables due from dealers consolidated by GM | 226 | 226 | 164 | ||
Commercial loan funding payable to GM | 83 | 83 | 55 | ||
Interest subvention earned | 30 | 27 | 57 | 49 | |
Retail Finance Receivables | |||||
Related Party Transaction [Line Items] | |||||
Commercial finance receivables due from dealers consolidated by GM | 73,335 | 69,722 | 73,335 | 69,722 | $ 72,729 |
Retail Finance Receivables | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Interest subvention earned | $ 316 | $ 280 | $ 624 | $ 537 |
Finance Receivables - Schedule
Finance Receivables - Schedule of Finance Receivables, Net (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: allowance for loan losses | $ (2,311) | $ (2,344) | ||||
Total finance receivables, net | 88,151 | 84,637 | ||||
Level 2 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Fair value utilizing inputs | 17,078 | 14,216 | ||||
Level 3 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Fair value utilizing inputs | 71,552 | 70,911 | ||||
Retail finance receivables | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Finance receivables | 73,335 | 72,729 | $ 69,722 | |||
Less: allowance for loan losses | (2,261) | $ (2,320) | (2,308) | $ (2,166) | $ (2,123) | $ (2,062) |
Total finance receivables, net | 71,074 | 70,421 | ||||
Commercial finance receivables | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Finance receivables | 17,127 | 14,251 | ||||
Less: allowance for loan losses | (50) | (36) | ||||
Total finance receivables, net | 17,078 | 14,216 | ||||
Dealer cash management balances | 3,000 | 2,600 | ||||
Commercial finance receivables | Dealer Financing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Finance receivables | 16,301 | 13,422 | ||||
Commercial finance receivables | Other Financing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Finance receivables | $ 826 | $ 830 |
Finance Receivables - Schedul_2
Finance Receivables - Schedule of Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for retail loan losses beginning balance | $ 2,344 | ||||
Charge-offs | (816) | $ (1,423) | |||
Allowance for retail loan losses ending balance | $ 2,311 | 2,311 | 2,344 | ||
Retail Finance Receivables | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for retail loan losses beginning balance | 2,320 | $ 2,123 | 2,308 | $ 2,062 | 2,062 |
Provision for loan losses | 159 | 161 | 364 | 298 | |
Charge-offs | (411) | (323) | (816) | (645) | |
Recoveries | 222 | 191 | 434 | 377 | |
Foreign currency translation and other | (28) | 14 | (30) | 74 | |
Allowance for retail loan losses ending balance | $ 2,261 | $ 2,166 | $ 2,261 | $ 2,166 | $ 2,308 |
Finance Receivables - Narrative
Finance Receivables - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Charge-offs | $ 816 | $ 1,423 | |||
Retail Finance Receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit loss of finance receivables, percentage | 3.10% | 3.10% | 3.20% | ||
Nonaccrual loans | $ 774 | $ 774 | $ 809 | ||
Charge-offs | 411 | $ 323 | 816 | $ 645 | |
Commercial Finance Receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans | 0 | 0 | $ 0 | ||
Charge-offs | 0 | ||||
Loan modifications | $ 0 | $ 0 | $ 0 | $ 0 | |
Commercial Finance Receivables | Floorplan Advances | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percent of revolving balance | 99.40% | 99.40% | 99.70% |
Finance Receivables - Schedul_3
Finance Receivables - Schedule of Financing Receivable Credit Quality Indicators (Details) - Retail Finance Receivables - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 15,450 | $ 30,253 | |
2023 | 24,854 | 20,259 | |
2022 | 16,350 | 12,670 | |
2021 | 10,007 | 6,842 | |
2020 | 5,073 | 2,000 | |
Prior | 1,602 | 707 | |
Total | $ 73,335 | $ 72,729 | $ 69,722 |
Percent | 100% | 100% | |
Prime - FICO Score 680 and greater | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 11,725 | $ 23,940 | |
2023 | 19,600 | 15,581 | |
2022 | 12,532 | 9,039 | |
2021 | 7,131 | 4,926 | |
2020 | 3,651 | 1,076 | |
Prior | 772 | 320 | |
Total | $ 55,411 | $ 54,882 | |
Percent | 75.60% | 75.50% | |
Near-prime - FICO Score 620 to 679 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 1,817 | $ 3,234 | |
2023 | 2,701 | 2,281 | |
2022 | 1,867 | 1,746 | |
2021 | 1,389 | 906 | |
2020 | 670 | 350 | |
Prior | 291 | 129 | |
Total | $ 8,736 | $ 8,647 | |
Percent | 11.90% | 11.90% | |
Sub-prime - FICO Score less than 620 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 1,908 | $ 3,079 | |
2023 | 2,553 | 2,397 | |
2022 | 1,951 | 1,884 | |
2021 | 1,487 | 1,010 | |
2020 | 752 | 573 | |
Prior | 539 | 257 | |
Total | $ 9,188 | $ 9,200 | |
Percent | 12.50% | 12.60% |
Finance Receivables - Delinquen
Finance Receivables - Delinquency (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Gross charge-offs | |||||
2024 | $ 13 | $ 143 | |||
2023 | 262 | 494 | |||
2022 | 254 | 399 | |||
2021 | 161 | 192 | |||
2020 | 68 | 108 | |||
Prior | 59 | 87 | |||
Total | 816 | 1,423 | |||
Retail Finance Receivables | |||||
Financing Receivable, Past Due [Line Items] | |||||
2024 | $ 15,450 | 15,450 | 30,253 | ||
2023 | 24,854 | 24,854 | 20,259 | ||
2022 | 16,350 | 16,350 | 12,670 | ||
2021 | 10,007 | 10,007 | 6,842 | ||
2020 | 5,073 | 5,073 | 2,000 | ||
Prior | 1,602 | 1,602 | 707 | ||
Total | $ 73,335 | $ 69,722 | $ 73,335 | $ 69,722 | $ 72,729 |
Percent of portfolio | 100% | 100% | 100% | 100% | 100% |
Gross charge-offs | |||||
Total | $ 411 | $ 323 | $ 816 | $ 645 | |
Retail Finance Receivables | Performing Financial Instruments | 0 - 30 days | |||||
Financing Receivable, Past Due [Line Items] | |||||
2024 | 15,306 | 15,306 | $ 29,816 | ||
2023 | 24,314 | 24,314 | 19,602 | ||
2022 | 15,782 | 15,782 | 12,098 | ||
2021 | 9,551 | 9,551 | 6,533 | ||
2020 | 4,839 | 4,839 | 1,825 | ||
Prior | 1,419 | 1,419 | 599 | ||
Total | $ 71,211 | $ 67,957 | $ 71,211 | $ 67,957 | $ 70,472 |
Percent of portfolio | 97.10% | 97.50% | 97.10% | 97.50% | 96.90% |
Retail Finance Receivables | Nonperforming Financial Instruments | 31 - 60 days | |||||
Financing Receivable, Past Due [Line Items] | |||||
2024 | $ 109 | $ 109 | $ 318 | ||
2023 | 383 | 383 | 470 | ||
2022 | 411 | 411 | 415 | ||
2021 | 337 | 337 | 227 | ||
2020 | 175 | 175 | 130 | ||
Prior | 136 | 136 | 78 | ||
Total | $ 1,551 | $ 1,284 | $ 1,551 | $ 1,284 | $ 1,637 |
Percent of portfolio | 2.10% | 1.80% | 2.10% | 1.80% | 2.30% |
Retail Finance Receivables | Nonperforming Financial Instruments | Greater than 60 days | |||||
Financing Receivable, Past Due [Line Items] | |||||
2024 | $ 30 | $ 30 | $ 102 | ||
2023 | 135 | 135 | 168 | ||
2022 | 138 | 138 | 142 | ||
2021 | 108 | 108 | 76 | ||
2020 | 54 | 54 | 42 | ||
Prior | 44 | 44 | 29 | ||
Total | $ 509 | $ 430 | $ 509 | $ 430 | $ 559 |
Percent of portfolio | 0.70% | 0.60% | 0.70% | 0.60% | 0.80% |
Retail Finance Receivables | Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent | |||||
Financing Receivable, Past Due [Line Items] | |||||
2024 | $ 140 | $ 140 | $ 421 | ||
2023 | 518 | 518 | 637 | ||
2022 | 549 | 549 | 557 | ||
2021 | 445 | 445 | 302 | ||
2020 | 229 | 229 | 172 | ||
Prior | 179 | 179 | 107 | ||
Total | $ 2,060 | $ 1,714 | $ 2,060 | $ 1,714 | $ 2,196 |
Percent of portfolio | 2.80% | 2.50% | 2.80% | 2.50% | 3% |
Retail Finance Receivables | Nonperforming Financial Instruments | In repossession | |||||
Financing Receivable, Past Due [Line Items] | |||||
2024 | $ 4 | $ 4 | $ 17 | ||
2023 | 22 | 22 | 20 | ||
2022 | 19 | 19 | 14 | ||
2021 | 11 | 11 | 6 | ||
2020 | 5 | 5 | 3 | ||
Prior | 3 | 3 | 1 | ||
Total | $ 64 | $ 51 | $ 64 | $ 51 | $ 61 |
Percent of portfolio | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Retail Finance Receivables | Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent or in repossession | |||||
Financing Receivable, Past Due [Line Items] | |||||
2024 | $ 144 | $ 144 | $ 437 | ||
2023 | 540 | 540 | 657 | ||
2022 | 567 | 567 | 572 | ||
2021 | 457 | 457 | 308 | ||
2020 | 234 | 234 | 175 | ||
Prior | 182 | 182 | 108 | ||
Total | $ 2,124 | $ 1,765 | $ 2,124 | $ 1,765 | $ 2,257 |
Percent of portfolio | 2.90% | 2.50% | 2.90% | 2.50% | 3.10% |
Finance Receivables - Schedul_4
Finance Receivables - Schedule of Credit Risk Profile by Dealer (Details) - Commercial Finance Receivables - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 17,127 | $ 14,251 |
Dealer Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 14,870 | 11,971 |
2024 | 125 | 296 |
2023 | 251 | 435 |
2022 | 414 | 311 |
2021 | 292 | 301 |
2020 | 287 | 96 |
Prior | 62 | 11 |
Total | $ 16,301 | $ 13,422 |
Percent | 100% | 100% |
Dealer Financing | Group I - Performing accounts with strong to acceptable financial metrics | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | $ 14,237 | $ 11,638 |
2024 | 121 | 295 |
2023 | 243 | 417 |
2022 | 392 | 297 |
2021 | 268 | 301 |
2020 | 286 | 85 |
Prior | 44 | 11 |
Total | $ 15,591 | $ 13,043 |
Percent | 95.60% | 97.20% |
Dealer Financing | Group II - Performing accounts experiencing potential weakness in financial metrics | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | $ 332 | $ 182 |
2024 | 0 | 0 |
2023 | 3 | 2 |
2022 | 22 | 2 |
2021 | 0 | 0 |
2020 | 1 | 0 |
Prior | 0 | 0 |
Total | $ 358 | $ 187 |
Percent | 2.20% | 1.40% |
Dealer Financing | Group III - Non-Performing accounts with inadequate paying capacity for current obligations | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | $ 301 | $ 152 |
2024 | 4 | 1 |
2023 | 5 | 15 |
2022 | 0 | 12 |
2021 | 24 | 0 |
2020 | 0 | 11 |
Prior | 18 | 0 |
Total | $ 352 | $ 192 |
Percent | 2.20% | 1.40% |
Dealer Financing | Group IV - Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | $ 0 | $ 0 |
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total | $ 0 | $ 0 |
Percent | 0% | 0% |
Leased Vehicles - Schedule of L
Leased Vehicles - Schedule of Leased Vehicles (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |||||
Leased vehicles | $ 36,993 | $ 36,993 | $ 37,921 | ||
Less: accumulated depreciation | (6,648) | (6,648) | (7,338) | ||
Leased vehicles, net | 30,345 | 30,345 | $ 30,582 | ||
Depreciation expense | $ 1,200 | $ 1,200 | $ 2,400 | $ 2,500 |
Leased Vehicles - Minimum Renta
Leased Vehicles - Minimum Rental Payments (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |
2024 | $ 2,681 |
2025 | 4,229 |
2026 | 2,317 |
2027 | 505 |
2028 | 33 |
Thereafter | 2 |
Total | $ 9,767 |
Equity in Net Assets of Nonco_3
Equity in Net Assets of Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Noncontrolling Interest [Line Items] | |||||||
Finance charge income | $ 1,876 | $ 1,490 | $ 3,662 | $ 2,859 | |||
Income before income taxes | 822 | 766 | 1,559 | 1,537 | |||
Net income | 610 | $ 536 | 571 | $ 584 | 1,147 | 1,155 | |
Joint Ventures | |||||||
Noncontrolling Interest [Line Items] | |||||||
Finance charge income | 248 | 352 | 534 | 744 | |||
Income before income taxes | 52 | 141 | 172 | 296 | |||
Net income | 39 | $ 106 | 129 | $ 222 | |||
Undistributed earnings | $ 882 | $ 882 | $ 837 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Short Term and Long Term Debt [Line Items] | ||
Secured debt, carrying amount | $ 44,630 | $ 45,243 |
Unsecured debt, carrying amount | 65,476 | 60,084 |
Total secured and unsecured debt, carrying amount | 110,106 | 105,327 |
Secured debt fair value | 44,560 | 44,971 |
Unsecured debt fair value | 65,271 | 59,651 |
Fair value of Secured and Unsecured debt | 109,831 | 104,622 |
Level 2 | ||
Short Term and Long Term Debt [Line Items] | ||
Fair value of Secured and Unsecured debt | 107,820 | 102,262 |
Level 3 | ||
Short Term and Long Term Debt [Line Items] | ||
Fair value of Secured and Unsecured debt | 2,010 | 2,360 |
Revolving credit facilities | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt, carrying amount | 1,693 | 4,960 |
Unsecured debt, carrying amount | 1,893 | 2,034 |
Secured debt fair value | 1,693 | 4,960 |
Unsecured debt fair value | 1,883 | 2,026 |
Securitization notes payable | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt, carrying amount | 42,938 | 40,284 |
Secured debt fair value | 42,868 | 40,012 |
Senior notes | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt, carrying amount | 54,715 | 49,990 |
Unsecured debt fair value | 54,473 | 49,537 |
Other unsecured debt | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt, carrying amount | 8,868 | 8,060 |
Unsecured debt fair value | $ 8,915 | $ 8,088 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Billions | Jun. 30, 2024 USD ($) |
Securitization Notes Payable | Secured Debt | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 13.5 |
Weighted average interest rate | 5.42% |
Senior Notes | Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 10.7 |
Weighted average interest rate | 5.38% |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Renewed borrowing capacity | $ 17 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Restricted cash | $ 2,937 | |
Finance receivables | 88,151 | $ 84,637 |
Lease related assets | 30,345 | 30,582 |
Secured debt | 44,630 | 45,243 |
Securitization and Credit Facility VIEs | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 2,739 | 2,765 |
Finance receivables | 48,574 | 46,648 |
Lease related assets | 15,121 | 15,794 |
Secured debt | $ 44,708 | $ 45,299 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Notional | $ 159,814 | $ 163,446 |
Fair Value of Assets | 1,499 | 1,809 |
Fair Value of Liabilities | 2,689 | 2,563 |
Fair value of assets (liabilities) available for offset | 936 | 1,200 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Collateral held for netting against asset positions | 436 | 457 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Collateral available for netting against liability positions | 1,300 | 1,200 |
Interest rate swaps | Fair value hedges | Level 2 | Derivatives designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 33,285 | 18,379 |
Fair Value of Assets | 4 | 75 |
Fair Value of Liabilities | 456 | 238 |
Interest rate swaps | Cash flow hedges | Level 2 | Derivatives designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 1,964 | 2,381 |
Fair Value of Assets | 21 | 17 |
Fair Value of Liabilities | 3 | 16 |
Foreign currency swaps | Cash flow hedges | Level 2 | Derivatives designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 9,054 | 8,003 |
Fair Value of Assets | 103 | 144 |
Fair Value of Liabilities | 399 | 311 |
Interest rate contracts | Level 2 | Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 115,512 | 134,683 |
Fair Value of Assets | 1,371 | 1,573 |
Fair Value of Liabilities | $ 1,831 | $ 1,997 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Unsecured debt (Note 6) | Unsecured debt (Note 6) |
Derivatives designated as hedges | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 36,614 | $ 33,551 |
Cumulative Amount of Fair Value Hedging Adjustments | 1,220 | 1,029 |
Discontinued hedge cumulative amount of fair value hedging adjustments | $ 852 | $ 872 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities - Income (Losses) Recognized in Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivatives, Fair Value [Line Items] | ||||
Interest expense | $ 1,485 | $ 1,135 | $ 2,881 | $ 2,134 |
Operating expenses | 479 | 456 | 937 | 899 |
AOCI Attributable to Parent | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss) | (57) | 40 | (189) | 70 |
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss) | 48 | (29) | 206 | (111) |
Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Total income (loss) recognized | (56) | 12 | (84) | 52 |
Operating Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Total income (loss) recognized | (2) | 0 | 1 | 0 |
Interest rate swaps | Fair value hedges | Derivatives designated as hedges | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged items | 62 | 145 | 192 | 116 |
Interest rate swaps and Foreign currency swaps | (130) | (165) | (287) | (120) |
Interest rate swaps | Fair value hedges | Derivatives designated as hedges | Operating Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged items | 0 | 0 | 0 | 0 |
Interest rate swaps and Foreign currency swaps | 0 | 0 | 0 | 0 |
Interest rate swaps | Cash flow hedges | Unrealized gain (loss) on hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss) | 17 | (5) | 26 | (4) |
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss) | (2) | (8) | (7) | (15) |
Interest rate swaps | Cash flow hedges | Derivatives designated as hedges | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate swaps and Foreign currency swaps | 4 | 10 | 11 | 19 |
Interest rate swaps | Cash flow hedges | Derivatives designated as hedges | Operating Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate swaps and Foreign currency swaps | 0 | 0 | 0 | 0 |
Foreign currency swaps | Cash flow hedges | Foreign currency translation adjustment | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss) | (74) | 45 | (215) | 73 |
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss) | 49 | (21) | 212 | (96) |
Foreign currency swaps | Cash flow hedges | Derivatives designated as hedges | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged items | 0 | 0 | 0 | 0 |
Interest rate swaps and Foreign currency swaps | (34) | (37) | (75) | (74) |
Foreign currency swaps | Cash flow hedges | Derivatives designated as hedges | Operating Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged items | 30 | (64) | 208 | (200) |
Interest rate swaps and Foreign currency swaps | (30) | 64 | (206) | 200 |
Interest rate contracts | Derivatives not designated as hedges | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate contracts | 42 | 59 | 75 | 110 |
Interest rate contracts | Derivatives not designated as hedges | Operating Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate contracts | 0 | 0 | 0 | 0 |
Foreign currency contracts | Derivatives not designated as hedges | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign currency contracts | 0 | 0 | 0 | 0 |
Foreign currency contracts | Derivatives not designated as hedges | Operating Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign currency contracts | $ (2) | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Estimate of possible loss | $ 147 |
Loss accrual | 136 |
Indirect tax contingency | $ 173 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Common and Preferred Stock (Details) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 5,050,000 | 5,050,000 |
Common stock, shares outstanding (in shares) | 5,050,000 | 5,050,000 |
Preferred stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock) | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock) | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued (in shares) | 500,000 | 500,000 |
Preferred stock, shares outstanding (in shares) | 500,000 | 500,000 |
Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series C (Series C Preferred Stock) | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued (in shares) | 500,000 | 500,000 |
Preferred stock, shares outstanding (in shares) | 500,000 | 500,000 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 21, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | |||||
Common stock dividends declared and paid | $ 900 | $ 900 | |||
Preferred stock dividends declared and paid | $ 59 | $ 59 | |||
Amount set aside for preferred stock payments | $ 59 | ||||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared and paid | $ 29 | 29 | 29 | ||
Preferred stock dividends declared (in dollars per share) | $ 28.75 | ||||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared and paid | $ 16 | 16 | 16 | ||
Preferred stock dividends declared (in dollars per share) | $ 32.50 | ||||
Series C Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared and paid | $ 14 | $ 14 | $ 14 | ||
Preferred stock dividends declared (in dollars per share) | $ 28.50 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | $ 15,596 | $ 15,201 | $ 15,542 | $ 15,010 |
Balance at end of period | 15,538 | 15,284 | 15,538 | 15,284 |
Accumulated Other Comprehensive Income (Loss) | ||||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | (1,246) | (1,323) | (1,208) | (1,373) |
Balance at end of period | (1,414) | (1,312) | (1,414) | (1,312) |
Unrealized gain (loss) on hedges | ||||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | 23 | (73) | (3) | (21) |
Other comprehensive income (loss), net of tax | (9) | 11 | 17 | (42) |
Balance at end of period | 14 | (63) | 14 | (63) |
Defined benefit plans | ||||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | 1 | 1 | 1 | 1 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Balance at end of period | 1 | 1 | 1 | 1 |
Foreign currency translation adjustment | ||||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | (1,270) | (1,251) | (1,206) | (1,351) |
Other comprehensive income (loss), net of tax | (159) | 0 | (224) | 102 |
Balance at end of period | $ (1,429) | $ (1,250) | $ (1,429) | $ (1,250) |
Segment Reporting - Revenue (De
Segment Reporting - Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 3,918 | $ 3,498 | $ 7,729 | $ 6,840 |
Operating expenses | 479 | 456 | 937 | 899 |
Leased vehicle expenses | 972 | 1,011 | 2,019 | 2,050 |
Provision for loan losses | 174 | 167 | 378 | 298 |
Interest expense | 1,485 | 1,135 | 2,881 | 2,134 |
Equity income | 14 | 37 | 45 | 78 |
Income before income taxes | 822 | 766 | 1,559 | 1,537 |
North America | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,531 | 3,170 | 6,948 | 6,218 |
Operating expenses | 385 | 368 | 754 | 727 |
Leased vehicle expenses | 949 | 992 | 1,973 | 2,015 |
Provision for loan losses | 150 | 135 | 321 | 249 |
Interest expense | 1,315 | 995 | 2,544 | 1,872 |
Equity income | 0 | 0 | 0 | 0 |
Income before income taxes | 732 | 679 | 1,355 | 1,356 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 387 | 328 | 781 | 622 |
Operating expenses | 94 | 88 | 184 | 172 |
Leased vehicle expenses | 23 | 18 | 46 | 35 |
Provision for loan losses | 24 | 32 | 57 | 49 |
Interest expense | 170 | 139 | 337 | 262 |
Equity income | 14 | 37 | 45 | 78 |
Income before income taxes | $ 90 | $ 87 | $ 204 | $ 181 |
Segment Reporting - Assets (Det
Segment Reporting - Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Finance receivables | $ 88,151 | $ 84,637 |
Leased vehicles, net | 30,345 | 30,582 |
Total assets | 137,322 | 132,011 |
North America | ||
Segment Reporting Information [Line Items] | ||
Finance receivables | 81,923 | 78,148 |
Leased vehicles, net | 29,987 | 30,227 |
Total assets | 127,780 | 122,128 |
International | ||
Segment Reporting Information [Line Items] | ||
Finance receivables | 6,229 | 6,489 |
Leased vehicles, net | 358 | 356 |
Total assets | $ 9,542 | $ 9,883 |
Regulatory Capital and Other _2
Regulatory Capital and Other Regulatory Matters (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 137,322 | $ 132,011 |
International Regulated Bank and Finance Companies | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 7,400 | $ 7,700 |