General Motors Financial (ACF) 8-K GM Financial Reports March Quarter Operating Results

Exhibit 99.1

GM FINANCIAL REPORTS MARCH QUARTER OPERATING RESULTS

• Earnings of $106 million

• Consumer loan and lease originations of $2.0 billion

• Annualized net credit losses of 2.6% on consumer loans

FORT WORTH, TEXASMay 2, 2013 –GENERAL MOTORS FINANCIAL COMPANY, INC.(“GM Financial” or the “Company”) announced net income of $106 million for the quarter ended March 31, 2013, compared to $112 million for the quarter ended March 31, 2012.

Consumer loan originations were $1.4 billion for the quarter ended March 31, 2013, compared to $1.2 billion for the quarter ended December 31, 2012, and $1.4 billion for the quarter ended March 31, 2012. The outstanding balance of consumer finance receivables totaled $11.2 billion at March 31, 2013.

Lease originations of General Motors Company (“GM”) vehicles were $620 million for the quarter ended March 31, 2013, compared to $265 million for the quarter ended December 31, 2012 and $384 million for the quarter ended March 31, 2012. Leased vehicles, net, totaled $2.1 billion at March 31, 2013.

Consumer finance receivables 31-to-60 days delinquent were 4.3% of the portfolio at March 31, 2013, compared to 3.2% at March 31, 2012. Accounts more than 60 days delinquent were 1.5% of the portfolio at March 31, 2013, compared to 1.2% a year ago.

Annualized net credit losses were 2.6% of average consumer finance receivables for the quarter ended March 31, 2013, compared to 2.5% for the quarter ended March 31, 2012.

The Company had total available liquidity of $3.3 billion at March 31, 2013, consisting of $2.9 billion of unrestricted cash, approximately $108 million of borrowing capacity on unpledged eligible assets and $300 million on a line of credit from GM.

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About GM Financial

General Motors Financial Company, Inc. is a wholly-owned subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. For more information, visit www.gmfinancial.com.

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements which are the Company’s current views with respect to future events and financial performance. These forward-looking statements are subject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or those anticipated by the Company. The most significant of these risks are detailed from time to time in the Company’s filings and reports with the Securities and Exchange Commission including the Company’s annual report on Form 10-K for the year ended December 31, 2012. Such risks include – but are not limited to – our ability to close the acquisition of the remaining portions of Ally Financial Inc.’s (“Ally”) international operations that we have not already acquired and integrate the operations that we have acquired and will acquire into our business successfully, changes in general economic and business conditions, GM’s ability to sell new vehicles that we finance, our dependence on the financial condition of GM dealers, interest rate and exchange rate fluctuations, our financial condition and liquidity, as well as future cash flows and earnings, competition, the effect, interpretation or application of new or existing laws, regulations, court decisions and accounting pronouncements, the availability of sources of financing, the level of net credit losses, delinquencies and prepayments on the loans and leases we originate, the prices at which used cars are sold in the wholesale auction markets, changes in business strategy, including acquisitions and expansion of product lines and credit risk appetite, the ability to integrate the business and operations of acquisitions, and significant litigation. If one or more of these risks of uncertainties materializes, or if underlying assumptions prove incorrect, the Company’s actual results may vary materially from those expected, estimated or projected. Actual events or results may differ materially. It is advisable not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to, and does not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

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General Motors Financial Company, Inc.

Consolidated Statements of Income

(Unaudited, in Thousands)

	Three Months Ended March 31,
	2013		2012
Revenue
Finance charge income	$	414,731	$	358,256
Leased vehicle income		106,705		52,893
Other income		18,684		20,254
		540,120		431,403
Costs and expenses
Operating expenses		107,824		97,869
Leased vehicle expenses		80,407		40,646
Provision for loan losses		93,606		48,554
Interest expense		82,228		63,092
Acquisition and integration expenses		6,383
		370,448		250,161
Income before income taxes		169,672		181,242
Income tax provision		63,729		68,963
Net income	$	105,943	$	112,279

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Consolidated Balance Sheets

(Unaudited, in Thousands)

	March 31, 2013		December 31, 2012
Assets
Cash and cash equivalents	$	2,896,870	$	1,289,494
Finance receivables, net		11,502,472		10,998,274
Restricted cash – securitization notes payable		778,213		728,908
Restricted cash – credit facilities		53,101		14,808
Property and equipment, net		50,801		52,076
Leased vehicles, net		2,103,961		1,702,867
Deferred income taxes		81,559		107,075
Goodwill		1,108,011		1,108,278
Related party receivables		45,733		66,360
Other assets		133,458		128,931
Total assets	$	18,754,179	$	16,197,071
Liabilities and Shareholder’s Equity
Liabilities:
Credit facilities	$	2,719,134	$	354,203
Securitization notes payable		9,029,694		9,023,308
Senior notes		1,500,000		1,500,000
Accounts payable and accrued expenses		235,866		217,938
Deferred income		94,023		69,784
Taxes payable		97,175		93,462
Related party taxes payable		594,806		558,622
Derivative swap and cap agreements		3,052		527
Total liabilities		14,273,750		11,817,844
Shareholder’s equity		4,480,429		4,379,227
Total liabilities and shareholder’s equity	$	18,754,179	$	16,197,071

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Consolidated Statements of Cash Flows

(Unaudited, in Thousands)

	Three Months Ended March  31,
	2013			2012
Cash flows from operating activities:
Net income	$	105,943		$	112,279
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		92,166			50,565
Accretion and amortization of loan and leasing fees		(17,902	)		(11,087	)
Amortization of carrying value adjustment		(5,032	)		20,169
Amortization of acquisition accounting premium		(4,521	)		(9,944	)
Provision for loan losses		93,606			48,554
Deferred income taxes		25,487			(9,652	)
Stock based compensation expense		1,337			584
Other		(300	)		(5,556	)
Changes in assets and liabilities:
Other assets		(7,132	)		(1,943	)
Accounts payable and accrued expenses		(8,306	)		25,674
Taxes payable		3,676			4,108
Related party taxes payable		36,184			72,378
Net cash provided by operating activities		315,206			296,129
Cash flows from investing activities:
Purchases of consumer finance receivables, net		(1,343,002	)		(1,364,662	)
Principal collections and recoveries on consumer finance receivables		1,096,275			1,015,918
Funding of commercial finance receivables, net		(1,036,138	)
Collections of commercial finance receivables		763,074
Purchases of leased vehicles, net		(510,052	)		(305,370	)
Proceeds from termination of leased vehicles		37,274			6,922
Purchases of property and equipment		(1,432	)		(3,952	)
Change in restricted cash – securitization notes payable		(49,305	)		62,710
Change in restricted cash – credit facilities		(38,610	)		15,452
Change in other assets		4,923			10,079
Net cash used in investing activities		(1,076,993	)		(562,903	)
Cash flows from financing activities:
Borrowings on credit facilities		2,383,928			453,774
Payments on credit facilities		(11,253	)		(778,054	)
Issuance of securitization notes payable		1,000,000			1,800,000
Payments on securitization notes payable		(989,104	)		(1,168,700	)
Debt issuance costs		(13,167	)		(4,761	)
Net cash provided by financing activities		2,370,404			302,259
Net increase in cash and cash equivalents		1,608,617			35,485
Effect of foreign exchange rate changes on cash and cash equivalents		(1,241	)		1,009
Cash and cash equivalents at beginning of period		1,289,494			572,297
Cash and cash equivalents at end of period	$	2,896,870		$	608,791

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Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended March 31,
	2013			2012
Consumer loan originations	$	1,358,710		$	1,395,757
GM lease originations		620,350			383,799
GM new vehicle loans as a percent of total consumer loan originations		28.8	%		29.4	%
GM new vehicle loans and leases as a percent of total consumer loan and lease originations		51.1	%		44.6	%
Loans securitized	$	1,055,420		$	1,915,719

	Three Months Ended March 31,
	2013		2012
Average consumer finance receivables	$	11,076,243	$	9,822,848
Average commercial finance receivables		704,396
Average finance receivables		11,780,639		9,822,848
Average leased vehicles, net		1,878,783		969,223
Average earning assets	$	13,659,422	$	10,792,071

Finance Receivables

	March 31, 2013			December 31, 2012
Consumer:
Pre-acquisition consumer finance receivables – outstanding balance	$	1,758,629	*	$	2,161,863
Pre-acquisition consumer finance receivables – carrying value	$	1,579,955		$	1,958,204
Post-acquisition consumer finance receivables, net of fees		9,433,105	*		8,830,914
		11,013,060			10,789,118
Less: allowance for loan losses on post-acquisition consumer finance receivables		(382,455	)		(344,740	)
Total consumer finance receivables, net		10,630,605			10,444,378
Commercial:
Commercial finance receivables, net of fees		882,736			559,999
Less: allowance for loan losses		(10,869	)		(6,103	)
Total commercial finance receivables, net		871,867			553,896
Total finance receivables, net	$	11,502,472		$	10,998,274
Allowance for loan losses as a percentage of post-acquisition consumer finance receivables		4.1	%		3.9	%
Allowance for loan losses as a percentage of commercial finance receivables		1.2	%		1.1	%

* The outstanding balance of consumer finance receivables totaling $11.2 billion at March 31, 2013, is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees

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	March 31,
	2013			2012
Loan delinquency as a percent of ending consumer finance receivables:
31 – 60 days		4.3	%		3.2	%
Greater than 60 days		1.5			1.2
Total		5.8	%		4.4	%

The Company analyzes portfolio performance of both the pre-acquisition and post-acquisition consumer finance receivable portfolios on a combined basis. This information allows for the ability to analyze credit loss trends of the combined portfolio and also facilitates comparisons of current and historical results. The following is a reconciliation of charge-offs on the post-acquisition portfolio to credit losses on the combined portfolio:

	Three Months Ended March 31,
	2013			2012
Charge-offs	$	131,542		$	51,058
Adjustments to reflect write-offs of the contractual amounts on the pre-acquisition portfolio		53,452			103,617
Credit losses on the combined consumer finance portfolio	$	184,994		$	154,675
Credit losses on the combined consumer finance portfolio	$	184,994		$	154,675
Less: recoveries		(113,917	)		(93,985	)
Net credit losses on the combined consumer finance portfolio	$	71,077		$	60,690
Annualized net credit losses as a percent of average consumer finance receivables		2.6	%		2.5	%
Recoveries as a percent of gross repossession credit losses		60.5	%		58.9	%

	Three Months Ended March 31,
	2013			2012
Contracts receiving a payment deferral as an average quarterly percent of average consumer finance receivables		6.0	%		5.2	%
Annualized operating expenses as a percent of average earning assets		3.2	%		3.6	%

Contact:

Investor Relations

(817) 302-7000

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