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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________ 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number 1-10667
______________________________________________ 
General Motors Financial Company, Inc.
(Exact name of registrant as specified in its charter)
Texas75-2291093
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
801 Cherry Street, Suite 3500, Fort Worth, Texas 76102
(Address of principal executive offices, including Zip Code)
(817) 302-7000
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
5.250% Senior Notes due 2026GM/26New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No   
As of October 24, 2022, there were 5,050,000 shares of the registrant’s common stock, par value $0.0001 per share, outstanding. All shares of the registrant’s common stock are owned by General Motors Holdings LLC, a wholly-owned subsidiary of General Motors Company.
The registrant is a wholly-owned subsidiary of General Motors Company and meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Quarterly Report on Form 10-Q with a reduced disclosure format as permitted by Instruction H(2).



INDEX
 Page
PART I
Item 1.Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Notes to Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Related Party Transactions
Note 3. Finance Receivables
Note 4. Leased Vehicles
Note 5. Equity in Net Assets of Nonconsolidated Affiliates
Note 6. Debt
Note 7. Variable Interest Entities and Other Transfers of Finance Receivables
Note 8. Derivative Financial Instruments and Hedging Activities
Note 9. Commitments and Contingencies
Note 10. Shareholders' Equity
Note 11. Income Taxes
Note 12. Segment Reporting
Note 13. Regulatory Capital and Other Regulatory Matters
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
       PART II
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 6.
Exhibits
Signature


Table of Contents
GENERAL MOTORS FINANCIAL COMPANY, INC.
PART I
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
 September 30, 2022December 31, 2021
ASSETS
Cash and cash equivalents$4,079 $3,948 
Finance receivables, net of allowance for loan losses $2,086 and $1,886 (Note 3;
Note 7 VIEs)
70,845 62,979 
Leased vehicles, net (Note 4; Note 7 VIEs)
33,778 37,929 
Goodwill1,168 1,169 
Equity in net assets of nonconsolidated affiliates (Note 5)
1,705 1,717 
Related party receivables (Note 2)
506 301 
Other assets (Note 7 VIEs)
7,730 5,743 
Total assets$119,811 $113,786 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 6; Note 7 VIEs)
$40,733 $39,338 
Unsecured debt (Note 6)
53,090 53,223 
Deferred income2,299 2,551 
Related party payables (Note 2)
213 313 
Other liabilities8,384 4,567 
Total liabilities104,720 99,992 
Commitments and contingencies (Note 9)
Shareholders' equity (Note 10)
Common stock, $0.0001 par value per share
  
Preferred stock, $0.01 par value per share
  
Additional paid-in capital8,723 8,692 
Accumulated other comprehensive income (loss)(1,402)(1,273)
Retained earnings7,770 6,375 
Total shareholders' equity15,091 13,794 
Total liabilities and shareholders' equity$119,811 $113,786 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenue
Finance charge income$1,158 $1,035 $3,230 $3,087 
Leased vehicle income1,912 2,246 5,967 6,871 
Other income118 73 292 229 
Total revenue3,187 3,354 9,489 10,187 
Costs and expenses
Operating expenses436 381 1,202 1,170 
Leased vehicle expenses939 1,088 2,650 3,157 
Provision for loan losses (Note 3)
180 141 500 174 
Interest expense764 704 1,984 1,987 
Total costs and expenses2,320 2,314 6,336 6,488 
Equity income (Note 5)
44 53 148 157 
Income before income taxes911 1,093 3,301 3,856 
Income tax provision (Note 11)
223 271 822 976 
Net income (loss)688 822 2,479 2,880 
Less: cumulative dividends on preferred stock30 30 89 89 
Net income (loss) attributable to common shareholder$659 $792 $2,390 $2,791 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income (loss)$688 $822 $2,479 $2,880 
Other comprehensive income (loss), net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $, $(3),$(37),$(18)
(1)8 114 50 
Foreign currency translation adjustment(175)(105)(244)(44)
Other comprehensive income (loss), net of tax(176)(97)(130)6 
Comprehensive income (loss)$512 $725 $2,349 $2,886 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions) (Unaudited)
Common StockPreferred StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal
Shareholders'
Equity
Balance at January 1, 2021$ $ $8,642 $(1,309)$6,265 $13,598 
Net income (loss)— — — — 878 878 
Other comprehensive income (loss)— — — (23)— (23)
Stock-based compensation— — 8 — — 8 
Dividends paid (Note 10)
— — — — (661)(661)
Balance at March 31, 2021  8,650 (1,332)6,482 13,800 
Net income (loss)— — — — 1,180 1,180 
Other comprehensive income (loss)— — — 126 — 126 
Stock-based compensation— — 18 — — 18 
Dividends paid (Note 10)
— — — — (600)(600)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2021  8,668 (1,206)7,003 14,465 
Net income (loss)— — — — 822 822 
Other comprehensive income (loss)— — — (97)— (97)
Stock based compensation
— — 10 — — 10 
Dividends paid (Note 10)
— — — — (600)(600)
Balance at September 30, 2021$ $ $8,678 $(1,303)$7,225 $14,600 
Balance at January 1, 2022$ $ $8,692 $(1,273)$6,375 $13,794 
Net income (loss)— — — — 962 962 
Other comprehensive income (loss)— — — 238 — 238 
Stock-based compensation— — 10 — — 10 
Balance at March 31, 2022  8,701 (1,034)7,337 15,004 
Net income (loss)— — — — 829 829 
Other comprehensive income (loss)— — — (192)— (192)
Stock-based compensation— — 11 — — 11 
Dividends paid (Note 10)
— — — — (750)(750)
Dividends declared on preferred stock (Note 10)
— — — — (59)(59)
Balance at June 30, 2022  8,713 (1,226)7,357 14,844 
Net income (loss)— — — — 688 688 
Other comprehensive income (loss)— — — (176)— (176)
Stock based compensation
— — 10 — — 10 
Dividends paid (Note 10)
— — — — (275)(275)
Balance at September 30, 2022$ $ $8,723 $(1,402)$7,770 $15,091 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Nine Months Ended September 30,
20222021
Cash flows from operating activities
Net income (loss)$2,479 $2,880 
Depreciation and amortization3,801 4,934 
Accretion and amortization of loan and leasing fees(950)(1,144)
Undistributed earnings of nonconsolidated affiliates, net(122)(157)
Provision for loan losses500 174 
Deferred income taxes353 137 
Stock-based compensation expense32 37 
Gain on termination of leased vehicles(990)(1,616)
Loss on extinguishment of debt 105 
Other operating activities(116)120 
Changes in assets and liabilities:
Other assets(1,298)207 
Other liabilities259 (256)
Related party payables(118)208 
Net cash provided by (used in) operating activities3,829 5,629 
Cash flows from investing activities
Purchases of retail finance receivables, net(26,557)(25,471)
Principal collections and recoveries on retail finance receivables20,604 18,788 
Net collections (funding) of commercial finance receivables(2,655)4,658 
Purchases of leased vehicles, net(9,062)(16,698)
Proceeds from termination of leased vehicles11,052 15,513 
Capital contribution to nonconsolidated affiliates (26) 
Other investing activities(83)(33)
Net cash provided by (used in) investing activities(6,726)(3,243)
Cash flows from financing activities
Net change in debt (original maturities less than three months)1,189 3,205 
Borrowings and issuances of secured debt23,385 21,745 
Payments on secured debt(21,927)(23,635)
Borrowings and issuances of unsecured debt10,420 12,731 
Payments on unsecured debt(9,409)(11,956)
Extinguishment of debt (1,605)
Debt issuance costs(106)(133)
Dividends paid(1,144)(1,920)
Net cash provided by (used in) financing activities2,408 (1,568)
Net increase (decrease) in cash, cash equivalents and restricted cash (488)818 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(11)(43)
Cash, cash equivalents and restricted cash at beginning of period7,183 8,126 
Cash, cash equivalents and restricted cash at end of period$6,684 $8,901 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
September 30, 2022
Cash and cash equivalents$4,079 
Restricted cash included in other assets2,605 
Total$6,684 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Summary of Significant Accounting Policies
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, 2021, as filed with the Securities and Exchange Commission on February 2, 2022 (2021 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.
The condensed consolidated financial statements at September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021, 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, 2021 was derived from audited annual financial statements.
Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (GM). We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments: North America (the North America Segment) and International (the International Segment). 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.
Accounting Standards Not Yet Adopted In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors that have adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." We adopted ASU 2016-13 on January 1, 2020. ASU 2022-02 enhances disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, ASU 2022-02 amends the guidance on vintage disclosures to require entities to disclose current-period gross write-offs by year of origination.
For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13.
The adoption of ASU 2022-02 is not expected to have a material impact on our consolidated financial statements.
Note 2. 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 $732 million and $828 million for the three months ended September 30, 2022 and 2021, and $1.7 billion and $2.9 billion for the nine months ended September 30, 2022 and 2021. Subvention due from GM is recorded as a related party receivables.
Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 up to an aggregate of $5.0 billion, over time, through 2024, to fund the purchase of autonomous vehicles from GM. 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 tax liabilities. During the nine months ended September 30, 2022, we made payments of $508 million to GM for state and federal income taxes related to the years 2020 through 2022. Amounts owed to GM for income taxes are recorded as a related party payable.
The following tables present related party transactions:
Balance Sheet DataSeptember 30, 2022December 31, 2021
Commercial finance receivables, net due from dealers consolidated by GM$177 $163 
Cruise receivables$68 $ 
Subvention receivable$480 $282 
Commercial loan funding payable$45 $26 
Taxes payable$166 $282 
Three Months Ended September 30,Nine Months Ended September 30,
Income Statement Data2022202120222021
Interest subvention earned on retail finance receivables(a)
$242 $205 $674 $588 
Interest subvention earned on commercial finance receivables(a)
$17 $6 $41 $22 
Leased vehicle subvention earned(b)
$456 $670 $1,503 $2,095 
_________________
(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 from time to time.
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 $15.5 billion of GM's unsecured revolving credit facilities consisting of a three-year, $4.3 billion facility and a five-year, $11.2 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 September 30, 2022 and December 31, 2021. In April 2022, GM renewed the GM Revolving 364-Day Credit Facility, which now matures on April 4, 2023.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 3. Finance Receivables
September 30, 2022December 31, 2021
Retail finance receivables
Retail finance receivables, net of fees(a)
$63,461 $58,093 
Less: allowance for loan losses(2,044)(1,839)
Total retail finance receivables, net61,416 56,254 
Commercial finance receivables
Commercial finance receivables, net of fees(b)
9,471 6,772 
Less: allowance for loan losses(42)(47)
Total commercial finance receivables, net9,429 6,725 
Total finance receivables, net$70,845 $62,979 
Fair value utilizing Level 2 inputs$9,429 $6,725 
Fair value utilizing Level 3 inputs$59,890 $57,613 
________________
(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(b) Net of dealer cash management balances of $1.5 billion and $1.0 billion at September 30, 2022 and December 31, 2021.

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 September 30,Nine Months Ended September 30,
2022202120222021
Allowance for retail loan losses beginning balance$1,987 $1,805 $1,839 $1,915 
Provision for loan losses179 146 506 200 
Charge-offs(289)(207)(811)(664)
Recoveries171 133 510 426 
Foreign currency translation(4)(14) (14)
Allowance for retail loan losses ending balance$2,044 $1,863 $2,044 $1,863 
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 September 30, 2022 and December 31, 2021:
Year of OriginationSeptember 30, 2022
 20222021202020192018PriorTotalPercent
Prime - FICO Score 680 and greater$17,901 $14,587 $8,858 $2,614 $1,272 $311 $45,543 71.8 %
Near-prime - FICO Score 620 to 6792,521 2,843 1,653 792 375 147 8,331 13.1 
Sub-prime - FICO Score less than 6202,615 3,019 1,785 1,195 591 382 9,587 15.1 
Retail finance receivables, net of fees$23,037 $20,449 $12,296 $4,601 $2,238 $840 $63,461 100.0 %
Year of OriginationDecember 31, 2021
 20212020201920182017PriorTotalPercent
Prime - FICO Score 680 and greater$19,729 $12,408 $4,078 $2,298 $763 $143 $39,419 67.9 %
Near-prime - FICO Score 620 to 6793,856 2,388 1,229 648 274 84 8,479 14.6 
Sub-prime - FICO Score less than 6204,053 2,528 1,777 972 570 295 10,195 17.5 
Retail finance receivables, net of fees$27,638 $17,324 $7,084 $3,918 $1,607 $522 $58,093 100.0 %
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at September 30, 2022 and December 31, 2021, as well as summary totals for September 30, 2021:
Year of OriginationSeptember 30, 2022September 30, 2021
20222021202020192018PriorTotalPercentTotalPercent
0 - 30 days$22,792 $19,917 $11,944 $4,359 $2,096 $729 $61,836 97.4 %$56,086 97.7 %
31 - 60 days183 381 256 179 106 81 1,185 1.9 989 1.7 
Greater than 60 days54 133 87 58 33 29 394 0.6 315 0.5 
Finance receivables more than 30 days delinquent236 514 343 237 139 109 1,579 2.5 1,304 2.2 
In repossession9 18 9 5 3 2 46 0.1 34 0.1 
Finance receivables more than 30 days delinquent or in repossession245 532 352 242 142 111 1,625 2.6 1,338 2.3 
Retail finance receivables, net of fees$23,037 $20,449 $12,296 $4,601 $2,238 $840 $63,461 100.0 %$57,424 100.0 %
Year of OriginationDecember 31, 2021
20212020201920182017PriorTotalPercent
0 - 30 days$27,270 $16,945 $6,772 $3,721 $1,478 $440 $56,626 97.5 %
31 - 60 days273 276 230 147 97 60 1,083 1.8 
Greater than 60 days83 93 76 46 30 21 349 0.6 
Finance receivables more than 30 days delinquent356 369 306 193 127 81 1,432 2.4 
In repossession12 10 6 4 2 1 35 0.1 
Finance receivables more than 30 days delinquent or in repossession368 379 312 197 129 82 1,467 2.5 
Retail finance receivables, net of fees$27,638 $17,324 $7,084 $3,918 $1,607 $522 $58,093 100.0 %
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $618 million and $602 million at September 30, 2022 and December 31, 2021. 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.
Impaired Retail Finance Receivables - TDRs The outstanding amortized cost of retail finance receivables that are considered TDRs were $2.0 billion at September 30, 2022 and $1.9 billion at December 31, 2021, including nonaccrual loans of $217 million at September 30, 2022 and $219 million at December 31, 2021. For definition and additional information on TDRs, see Note 1 in our 2021 Form 10-K. Additional TDR activity is presented below:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Number of loans classified as TDRs during the period16,745 12,807 41,871 33,227 
Outstanding amortized cost of loans classified as TDRs during the period$354 $250 $870 $667 
The unpaid principal balances, net of recoveries, of loans charged off during the reporting period and were within 12 months of being modified as a TDR were insignificant for the three and nine months ended September 30, 2022 and 2021.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Commercial Credit Quality Our commercial finance receivables consist of dealer financings, primarily for dealer inventory purchases. Proprietary models are used to assign a risk rating to each dealer. We perform periodic credit reviews of each dealership and adjust the dealership's risk rating, if necessary.
Our commercial risk model and risk rating categories are as follows:
Dealer Risk RatingDescription
IPerforming accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
IIPerforming accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
IIINon-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IVNon-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection 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 credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2022 and December 31, 2021:
Year of OriginationSeptember 30, 2022
Dealer Risk RatingRevolving20222021202020192018PriorTotalPercent
I
$7,790 $470 $373 $378 $104 $47 $26 $9,189 97.0 %
II
199 15 4  7   226 2.4 
III
50    5   55 0.6 
IV
         
Balance at end of period$8,039 $485 $378 $378 $116 $48 $27 $9,471 100.0 %
Year of OriginationDecember 31, 2021
Dealer Risk Rating
Revolving20212020201920182017PriorTotalPercent
I
$5,296 $433 $426 $131 $57 $50 $10 $6,403 94.6 %
II
213 5 16 12 1 10  257 3.8 
III
81 8 15 2  2 4 112 1.6 
IV
         
Balance at end of period$5,590 $446 $457 $145 $58 $62 $14 $6,772 100.0 %
Floorplan advances comprise 94% of the total revolving balances at September 30, 2022 and December 31, 2021. Dealer term loans are presented by year of origination.
At September 30, 2022 and December 31, 2021, 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 nine months ended September 30, 2022 and 2021. There were no commercial finance receivables on nonaccrual status and none were classified as TDRs at September 30, 2022 and December 31, 2021.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 4. Leased Vehicles
September 30, 2022December 31, 2021
Leased vehicles$47,637 $54,821 
Manufacturer subvention(5,555)(7,398)
Net capitalized cost42,082 47,423 
Less: accumulated depreciation(8,305)(9,494)
Leased vehicles, net$33,778 $37,929 
Depreciation expense related to leased vehicles, net was $1.2 billion and $1.6 billion for the three months ended September 30, 2022 and 2021 and $3.6 billion and $4.8 billion for the nine months ended September 30, 2022 and 2021.
The following table summarizes minimum rental payments due to us as lessor under operating leases at September 30, 2022:
Years Ending December 31,
20222023202420252026ThereafterTotal
Lease payments under operating leases
$1,396 $4,515 $2,373 $696 $56 $1 $9,037 
Note 5. Equity in Net Assets of Nonconsolidated Affiliates
We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.
There have been no ownership changes in our joint ventures since December 31, 2021. The following table presents certain aggregated operating data of our joint ventures:
Three Months Ended September 30,Nine Months Ended September 30,
Summarized Operating Data2022202120222021
Finance charge income$391 $406 $1,266 $1,254 
Income before income taxes$168 $205 $564 $599 
Net income$126 $154 $424 $450 
In June 2022, we received the remaining dividend payment of $26 million from SAIC-GMAC Automotive Finance Company Limited declared in 2021, and reinvested it in SAIC-GMF Leasing Co. Ltd.
At September 30, 2022 and December 31, 2021, we had undistributed earnings of $889 million and $740 million related to our nonconsolidated affiliates.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 6. Debt
September 30, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt
Revolving credit facilities$3,805 $3,804 $3,497 $3,495 
Securitization notes payable36,929 36,252 35,841 35,906 
Total secured debt40,733 40,056 39,338 39,401 
Unsecured debt
Senior notes44,259 41,251 45,386 46,539 
Credit facilities1,362 1,335 1,229 1,211 
Other unsecured debt7,469 7,470 6,608 6,607 
Total unsecured debt53,090 50,055 53,223 54,357 
Total secured and unsecured debt$93,823 $90,111 $92,561 $93,758 
Fair value utilizing Level 2 inputs$88,350 $92,250 
Fair value utilizing Level 3 inputs$1,761 $1,508 
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 nine months ended September 30, 2022, we renewed credit facilities with a total borrowing capacity of $18.3 billion, and we issued $18.0 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.85% and maturity dates ranging from 2023 to 2030.
Unsecured Debt During the nine months ended September 30, 2022, we issued $7.7 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.39% and maturity dates ranging from 2024 to 2032.
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 September 30, 2022, we were in compliance with these debt covenants.
Note 7. Variable Interest Entities and Other Transfers of Finance Receivables
Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:
September 30, 2022December 31, 2021
Restricted cash(a)
$2,486 $2,740 
Finance receivables, net of fees$36,003 $31,940 
Lease related assets$17,143 $16,143 
Secured debt$40,714 $39,277 
_______________
(a) Included in other assets.
We use SPEs that are considered VIEs to issue variable funding notes to third-party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs. We determined that we are the primary beneficiary of the VIEs because our servicing responsibilities give us the power to direct the activities that most significantly impact the performance of the VIEs and our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The respective assets of the VIEs serve as the sole source of repayment for the debt issued
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that we provide as the servicer. We are not required, and do not currently intend, to provide any additional financial support to these VIEs. While these subsidiaries are included in our condensed consolidated financial statements, these subsidiaries are separate legal entities and the finance receivables, lease-related assets and cash held by these subsidiaries are legally owned by them and are not available to our creditors or creditors of our other subsidiaries.
Other Transfers of Finance Receivables Under certain debt agreements, we transfer finance receivables to entities that we do not control through majority voting interest or through contractual arrangements. These transfers do not meet the criteria to be considered sales under GAAP; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements, similar to the treatment of finance receivables and related debt of our consolidated VIEs. Any collections received on the transferred receivables are available only for the repayment of the related debt. At September 30, 2022 and December 31, 2021, $167 million and $500 million in finance receivables had been transferred in secured funding arrangements to third-party banks, relating to $84 million and $125 million in secured debt outstanding.
Note 8. 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:
 September 30, 2022December 31, 2021
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$20,950 $ $864 $15,058 $74 $88 
Foreign currency swaps   682  59 
Cash flow hedges
Interest rate swaps1,117 26 3 611 12 4 
Foreign currency swaps6,329 4 1,036 7,419 85 201 
Derivatives not designated as hedges
Interest rate contracts106,973 2,250 1,965 110,053 846 339 
Foreign currency contracts   148   
Total$135,369 $2,280 $3,867 $133,971 $1,017 $691 
 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.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 September 30, 2022 and December 31, 2021, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $1.4 billion and $505 million. At September 30, 2022 and December 31, 2021, we held $471 million and $376 million of collateral from counterparties that was available for netting against our asset positions. At September 30, 2022 and December 31, 2021, we had $1.4 billion and $45 million 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
Hedged Items
Cumulative Amount of Fair Value
Hedging Adjustments
(a)
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Unsecured debt$28,299 $24,964 $801 $(226)
 _________________
(a)Includes $55 million and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at September 30, 2022 and December 31, 2021.
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
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$346 $ $69 $ $1,023 $ $314 $ 
Interest rate swaps(341) (56) (963) (273) 
Hedged items - foreign currency swaps(c)
   16  23  48 
Foreign currency swaps  (2)(16)(2)(24)(11)(44)
Cash flow hedges
Interest rate swaps4  (2) 9  (12) 
Hedged items - foreign currency swaps(c)
 470  166  1,129  318 
Foreign currency swaps(42)(470)(33)(166)(123)(1,129)(93)(318)
Derivatives not designated as hedges
Interest rate contracts31  31  59  70  
Total income (loss) recognized$(2)$ $7 $ $4 $ $(5)$4 
_________________
(a)Total interest expense was $764 million and $704 million for the three months ended September 30, 2022 and 2021, and $2.0 billion for the nine months ended September 30, 2022 and 2021.
(b)Total operating expenses were $436 million and $381 million for the three months ended September 30, 2022 and 2021, and $1.2 billion for the nine months ended September 30, 2022 and 2021.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated loans.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:
 Gains (Losses) Recognized In
Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Fair value hedges
Foreign currency swaps$ $(1)$(2)$(5)
Cash flow hedges
Interest rate swaps(1)4 9 10 
Foreign currency swaps(383)(147)(832)(278)
Total$(384)$(144)$(825)$(273)
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Fair value hedges
Foreign currency swaps$ $1 $2 $5 
Cash flow hedges
Interest rate swaps(3)2 (6)9 
Foreign currency swaps386 149 944 309 
Total$383 $152 $940 $323 
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.
Note 9. 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 September 30, 2022, we estimated our reasonably possible legal exposure for unfavorable outcomes is approximately $169 million, and we have accrued $145 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 $64 million at September 30, 2022.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 10. Shareholders' Equity
September 30, 2022December 31, 2021
Common Stock
Number of shares authorized10,000,000 10,000,000 
Number of shares issued and outstanding5,050,000 5,050,000 
During the nine months ended September 30, 2022 and 2021, our Board of Directors declared and paid dividends of $1.0 billion and $1.8 billion on our common stock to General Motors Holdings LLC.
September 30, 2022December 31, 2021
Preferred Stock
Number of shares authorized250,000,000 250,000,000 
Number of shares issued and outstanding
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock,
Series A (Series A Preferred Stock)
1,000,000 1,000,000 
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock,
Series B (Series B Preferred Stock)
500,000 500,000 
Fixed-Rate Reset Cumulative Perpetual Preferred Stock,
Series C (Series C Preferred Stock)
500,000 500,000 
During the nine months ended September 30, 2022, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, $32 million to holders of record of our Series B Preferred Stock, and $29 million to holders of record of our Series C Preferred Stock. During the nine months ended September 30, 2021, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, $32 million to holders of record of our Series B Preferred Stock, and $30 million to holders of record of our Series C Preferred Stock.
The following table summarizes the significant components of accumulated other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Unrealized gain (loss) on hedges
Beginning balance$39 $(115)$(77)$(157)
Change in value of hedges, net of tax
(1)8 114 50 
Ending balance38 (107)38 (107)
Defined benefit plans
Beginning balance 1 1 1 
Unrealized gain (loss) on subsidiary pension, net of tax    
Ending balance 1  1 
Foreign currency translation adjustment
Beginning balance(1,265)(1,092)(1,197)(1,153)
Translation gain (loss), net of tax(175)(105)(244)(44)
Ending balance(1,441)(1,197)(1,441)(1,197)
Total accumulated other comprehensive income (loss)$(1,402)$(1,303)$(1,402)$(1,303)
Note 11. 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.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 12. Segment Reporting
Our chief operating decision maker evaluates the operating results and performance of our business based on our North America and International Segments. The management of each segment is responsible for executing our strategies. The following tables summarize key operating data for our operating segments:
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
North
America
InternationalTotalNorth
America
InternationalTotal
Total revenue$2,939 $248 $3,187 $3,128 $226 $3,354 
Operating expenses352 84 436 299 82 381 
Leased vehicle expenses926 14 939 1,076 12 1,088 
Provision for loan losses148 32 180 126 15 141 
Interest expense671 93 764 645 59 704 
Equity income 44 44  53 53 
Income before income taxes$842 $68 $911 $982 $111 $1,093 
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
North
America
InternationalTotalNorth
America
InternationalTotal
Total revenue$8,773 $716 $9,489 $9,487 $700 $10,187 
Operating expenses970 232 1,202 940 230 1,170 
Leased vehicle expenses2,610 40 2,650 3,120 37 3,157 
Provision for loan losses416 84 500 118 56 174 
Interest expense1,738 246 1,984 1,812 175 1,987 
Equity income 148 148  157 157 
Income before income taxes$3,039 $262 $3,301 $3,497 $359 $3,856 
September 30, 2022December 31, 2021
North
America
InternationalTotalNorth
America
InternationalTotal
Finance receivables, net$66,420 $4,425 $70,845 $58,883 $4,096 $62,979 
Leased vehicles, net$33,558 $219 $33,778 $37,741 $188 $37,929 
Total assets$112,375 $7,436 $119,811 $106,572 $7,214 $113,786 
Note 13. 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 $5.3 billion and $5.1 billion at September 30, 2022 and December 31, 2021.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-looking statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of this MD&A and the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 2, 2022 (2021 Form 10-K), for a discussion of these risks and uncertainties.
Basis of Presentation
This MD&A should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto and the audited consolidated financial statements and notes thereto included in our 2021 Form 10-K.
Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Average balances are calculated using daily balances, where available. Otherwise, average balances are calculated using monthly balances.
Overview
We continue to monitor the impact of the COVID-19 pandemic, government actions and measures taken to prevent its spread, and the potential to affect our operations, particularly in China. We are also monitoring the current global economic environment, including, specifically, the inflationary pressures in the U.S. and the macroeconomic impact of the conflict in Ukraine, and any resulting impacts on our financial position and results of operations. Refer to the "Risk Factors" section of our 2021 Form 10-K for additional information.

On August 16, 2022, the Inflation Reduction Act of 2022 (the “Act”) was signed into law. The Act modifies climate and clean energy corporate tax provisions, including amendments to the electric vehicle consumer tax credit available under current tax law. New tax credits for commercial electric vehicle purchases are included in the Act effective beginning in 2023. The Act also implements a new 15% corporate minimum tax based on modified U.S. financial statement net income that is effective beginning in 2023. We are evaluating the potential impact of the tax credits and corporate minimum tax requirement on our financial results, including our net earnings and cash flow.
Results of Operations
Key Drivers Income before income taxes for the nine months ended September 30, 2022 decreased to $3.3 billion from $3.9 billion for the nine months ended September 30, 2021. Key drivers of the change include the following:
Leased vehicle income decreased $904 million primarily due to a decrease in the average balance of the leased vehicles portfolio.
Leased vehicle expenses decreased $507 million primarily due to a $1.1 billion decrease in depreciation on leased vehicles, resulting from increased residual value estimates and a decrease in the size of the portfolio, partially offset by a $626 million decrease in lease termination gains associated with higher leased portfolio net book values and fewer vehicles returned to us for remarketing.
Provision for loan losses increased $326 million primarily due to a reduction in reserve levels recorded in the nine months ended September 30, 2021 as a result of actual credit performance that was better than forecast and favorable expectations for future charge-offs and recoveries, as well as an economic forecast weighted more heavily to a weaker outlook as of September 30, 2022. Purchases of finance receivables increased for the nine months ended September 30, 2022 compared to the same period in 2021; however, the volume impact to provision expense was substantially offset by an improvement in the credit mix of receivables purchased.
Non-GAAP Measures Return on average common equity is widely used to measure earnings in relation to invested capital. Our return on average common equity decreased to 25.3% for the four quarters ended September 30, 2022 from 29.5% for the four quarters ended September 30, 2021 primarily due to decreased earnings.
We use return on average tangible common equity, a non-generally accepted accounting principle (GAAP) measure, to measure our contribution to General Motors Company's (GM) enterprise profitability and cash flow. Our return on average tangible common equity decreased to 27.9% for the four quarters ended September 30, 2022 from 32.7% for the four quarters ended September 30, 2021 primarily due to decreased earnings.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
The following table presents our reconciliation of return on average tangible common equity to return on average common equity, the most directly comparable GAAP measure:
Four Quarters Ended
September 30, 2022September 30, 2021
Net income attributable to common shareholder$3,269 $3,538 
Average equity$14,871 $13,974 
Less: average preferred equity(1,969)(1,969)
Average common equity12,902 12,005 
Less: average goodwill(1,171)(1,171)
Average tangible common equity$11,731 $10,834 
Return on average common equity25.3 %29.5 %
Return on average tangible common equity27.9 %32.7 %
Our calculation of this non-GAAP measure may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of this non-GAAP measure has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. This non-GAAP measure allows investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve our return on average tangible common equity. Management uses this measure in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. For these reasons we believe this non-GAAP measure is useful for our investors.
Three Months Ended September 30, 2022 compared to Three Months Ended September 30, 2021
Average Earning Assets
Three Months Ended September 30,2022 vs. 2021
20222021AmountPercentage
Average retail finance receivables$62,549 $57,216 $5,333 9.3 %
Average commercial finance receivables8,200 4,994 3,206 64.2 %
Average finance receivables70,749 62,210 8,539 13.7 %
Average leased vehicles, net34,581 40,255 (5,674)(14.1)%
Average earning assets$105,330 $102,465 $2,865 2.8 %
Retail finance receivables purchased$9,396 $7,800 $1,596 20.5 %
Leased vehicles purchased$3,503 $3,849 $(346)(9.0)%
Average retail finance receivables increased primarily due to new loan originations in excess of principal collections and payoffs. Our penetration of GM's retail sales in the U.S. decreased to 42.9% for the three months ended September 30, 2022 from 44.3% for the three months ended September 30, 2021, driven by a lower mix of lease financing, partially offset by a higher share of retail loan financing. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.
Average commercial finance receivables increased primarily due to higher floorplan penetration and increased new vehicle inventory, resulting in an increase in the average amount financed per dealer.
Leased vehicles purchased decreased primarily due to reduced lease financing incentive levels.
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RevenueThree Months Ended September 30,2022 vs. 2021
20222021AmountPercentage
Finance charge income
Retail finance receivables
$1,041 $990 $51 5.2 %
Commercial finance receivables
$117 $45 $72 160.0 %
Leased vehicle income
$1,912 $2,246 $(334)(14.9)%
Other income
$118 $73 $45 61.6 %
Equity income
$44 $53 $(9)(17.0)%
Effective yield - retail finance receivables
6.6 %6.9 %
Effective yield - commercial finance receivables
5.7 %3.6 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased for the three months ended September 30, 2022 compared to the same period in 2021 due to growth in the size of the portfolio, partially offset by a decrease in effective yield. The effective yield on our retail finance receivables decreased primarily due to increased lending to borrowers with prime credit. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.
Finance Charge Income - Commercial Finance Receivables Finance charge income on commercial finance receivables increased due to an increase in the size of the portfolio, as well as an increase in the effective yield as a result of higher benchmark rates.
Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the average balance of the leased vehicles portfolio.
Other Income Other income increased primarily due to higher investment income resulting from an increase in benchmark interest rates.
Costs and Expenses
Three Months Ended September 30,2022 vs. 2021
20222021AmountPercentage
Operating expenses$436 $381 $55 14.4 %
Leased vehicle expenses$939 $1,088 $(149)(13.7)%
Provision for loan losses$180 $141 $39 27.7 %
Interest expense$764 $704 $60 8.5 %
Average debt outstanding$93,656 $94,675 $(1,019)(1.1)%
Effective rate of interest on debt3.2 %3.0 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.6% and 1.5% for the three months ended September 30, 2022 and 2021.
Leased Vehicle Expenses Leased vehicle expenses decreased for the three months ended September 30, 2022 compared to the same period in 2021, primarily due to a $338 million decrease in depreciation on leased vehicles, resulting from increased residual value estimates and a decrease in the size of the portfolio, partially offset by a $191 million decrease in lease termination gains associated with higher leased portfolio net book values and fewer vehicles returned to us for remarketing.
Provision for Loan Losses The provision for loan losses increased primarily due to an increase in retail finance receivables purchased in the three months ended September 30, 2022 compared to the three months ended September 30, 2021, as well as an economic forecast weighted more heavily to a weaker outlook as of September 30, 2022.
Interest Expense Interest expense increased primarily due to an increased effective rate of interest on our debt, partially offset by a decrease in the average debt outstanding.
Taxes Our consolidated effective income tax rate was 25.7% and 26.1% of income before income taxes and equity income for the three months ended September 30, 2022 and 2021. The decrease in the effective income tax rate is primarily due to a lower percentage of income being taxed at higher rates for our other non-U.S. entities included in our effective tax rate calculation.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) were $(1) million and $8 million for the three months ended September 30, 2022 and 2021.
Unrealized gains and losses on cash flow hedges of our floating rate debt are reclassified into earnings in the same period during which the hedged transactions affect earnings via principal remeasurement or accrual of interest expense.
Foreign Currency Translation Adjustment Foreign currency translation adjustments included in other comprehensive income (loss) were $(175) million and $(105) million for the three months ended September 30, 2022 and 2021. Translation adjustments resulted from changes in the values of our international currency-denominated assets and liabilities as the value of the U.S. Dollar changed in relation to international currencies. The foreign currency translation loss for the three months ended September 30, 2022 was primarily due to depreciating values of the Chinese Yuan Renminbi, Canadian Dollar and Brazilian Real in relation to the U.S. Dollar. The foreign currency translation loss for the three months ended September 30, 2021 was primarily due to depreciating values of the Brazilian Real, Canadian Dollar and Mexican Peso in relation to the U.S. Dollar.
Nine Months Ended September 30, 2022 compared to Nine Months Ended September 30, 2021
Average Earning Assets
Nine Months Ended September 30,2022 vs. 2021
20222021AmountPercentage
Average retail finance receivables
$60,614 $54,962 $5,652 10.3 %
Average commercial finance receivables
7,655 6,436 1,219 18.9 %
Average finance receivables
68,269 61,398 6,871 11.2 %
Average leased vehicles, net
35,943 40,266 (4,324)(10.7)%
Average earning assets
$104,212 $101,664 $2,548 2.5 %
Retail finance receivables purchased
$26,431 $25,163 $1,268 5.0 %
Leased vehicles purchased
$10,915 $15,482 $(4,567)(29.5)%
Average retail finance receivables increased primarily due to new loan originations in excess of principal collections and payoffs. Our penetration of GM's retail sales in the U.S. was 44.5% and 43.7% for the nine months ended September 30, 2022 and 2021. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.
Average commercial finance receivables increased primarily due to higher floorplan penetration and increased new vehicle inventory, resulting in an increase in the average amount financed per dealer.
Leased vehicles purchased decreased primarily due to reduced lease financing incentive levels.
Revenue
Nine Months Ended September 30,2022 vs. 2021
20222021AmountPercentage
Finance charge income
Retail finance receivables
$2,963 $2,913 $50 1.7 %
Commercial finance receivables
$267 $174 $93 53.4 %
Leased vehicle income
$5,967 $6,871 $(904)(13.2)%
Other income
$292 $229 $63 27.5 %
Equity income
$148 $157 $(9)(5.7)%
Effective yield - retail finance receivables
6.5 %7.1 %
Effective yield - commercial finance receivables
4.7 %3.6 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables was flat for the nine months ended September 30, 2022 compared to the same period in 2021 as the growth in the size of the portfolio was substantially offset by a decrease in effective yield. The effective yield on our retail finance receivables decreased primarily due to increased lending to borrowers with prime credit. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.
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Finance Charge Income - Commercial Finance Receivables Finance charge income on commercial finance receivables increased due to an increase in the size of the portfolio, as well as an increase in the effective yield as a result of higher benchmark rates.
Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the average balance of the leased vehicles portfolio.
Other Income Other income increased primarily due to higher investment income resulting from an increase in benchmark interest rates.
Costs and Expenses
Nine Months Ended September 30,2022 vs. 2021
20222021AmountPercentage
Operating expenses
$1,202 $1,170 $32 2.7 %
Leased vehicle expenses
$2,650 $3,157 $(507)(16.1)%
Provision for loan losses
$500 $174 $326 187.4 %
Interest expense
$1,984 $1,987 $(3)(0.2)%
Average debt outstanding
$93,137 $94,419 $(1,282)(1.4)%
Effective rate of interest on debt
2.8 %2.8 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 1.5% for the nine months ended September 30, 2022 and 2021.
Leased Vehicle Expenses Leased vehicle expenses decreased primarily due to a $1.1 billion decrease in depreciation on leased vehicles, resulting from increased residual value estimates and a decrease in the size of the portfolio, partially offset by a $626 million decrease in lease termination gains associated with higher leased portfolio net book values and fewer vehicles returned to us for remarketing.
Provision for Loan Losses Provision for loan losses increased primarily due to a reduction in reserve levels recorded in the nine months ended September 30, 2021 as a result of actual credit performance that was better than forecast and favorable expectations for future charge-offs and recoveries, as well as an economic forecast weighted more heavily to a weaker outlook as of September 30, 2022. Purchases of finance receivables increased for the nine months ended September 30, 2022 compared to the same period in 2021; however, the volume impact to provision expense was substantially offset by an improvement in the credit mix of receivables purchased.
Taxes Our consolidated effective income tax rate was 26.1% and 26.4% of income before income taxes and equity income for the nine months ended September 30, 2022 and 2021. The decrease in the effective income tax rate is primarily due to a lower percentage of income being taxed at higher rates for our other non-U.S. entities included in our effective tax rate calculation.
Unrealized Gain (Loss) on Hedges Unrealized gains on hedges included in other comprehensive income (loss) were $114 million and $50 million for the nine months ended September 30, 2022 and 2021. The change in unrealized gain was primarily due to changes in the fair value of our foreign currency swap agreements.
Unrealized gains and losses on cash flow hedges of our floating rate debt are reclassified into earnings in the same period during which the hedged transactions affect earnings via principal remeasurement or accrual of interest expense.
Foreign Currency Translation Adjustment Foreign currency translation adjustments included in other comprehensive income (loss) were $(244) million and $(44) million for the nine months ended September 30, 2022 and 2021. Translation adjustments resulted from changes in the values of our international currency-denominated assets and liabilities as the value of the U.S. Dollar changed in relation to international currencies. The foreign currency translation loss for the nine months ended September 30, 2022 was primarily due to depreciating values of the Chinese Yuan Renminbi and Canadian Dollar in relation to the U.S. Dollar. The foreign currency translation loss for the nine months ended September 30, 2021 was primarily due to depreciating values of the Brazilian Real, Chilean Peso and Mexican Peso, partially offset by the appreciating value of the Chinese Yuan Renminbi in relation to the U.S. Dollar.
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Earning Assets Quality
Retail Finance Receivables Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. A summary of the credit risk profile by FICO score or its equivalent, determined at origination, of the retail finance receivables is as follows:
September 30, 2022December 31, 2021
 AmountPercentAmountPercent
Prime - FICO Score 680 and greater$45,543 71.8 %$39,419 67.9 %
Near-prime - FICO Score 620 to 6798,331 13.1 8,479 14.6 
Sub-prime - FICO Score less than 6209,587 15.1 10,195 17.5 
Retail finance receivables, net of fees63,461 100.0 %58,093 100.0 %
Less: allowance for loan losses(2,044)(1,839)
Retail finance receivables, net$61,416 $56,254 
Number of outstanding contracts2,907,976 2,861,963 
Average amount of outstanding contracts (in dollars)(a)
$21,823 $20,298 
Allowance for loan losses as a percentage of retail finance receivables, net of fees3.2 %3.2 %
_________________ 
(a)Average amount of outstanding contracts is calculated as retail finance receivables, net of fees, divided by number of outstanding contracts.
Delinquency The following is a consolidated summary of delinquent retail finance receivables:
September 30, 2022September 30, 2021
AmountPercentageAmountPercentage
31 - 60 days$1,185 1.9 %$989 1.7 %
Greater than 60 days394 0.6 315 0.5 
Total finance receivables more than 30 days delinquent1,579 2.5 1,304 2.2 
In repossession46 0.1 34 0.1 
Total finance receivables more than 30 days delinquent or in repossession$1,625 2.6 %$1,338 2.3 %
At September 30, 2022, delinquency increased from September 30, 2021, but continued to be lower than historical levels primarily due to improvement in the credit mix of the portfolio and resiliency of the consumer. We expect that delinquency will increase over time relative to current levels, but may remain below pre-pandemic levels due to improvement in the credit mix of the portfolio.
Troubled Debt Restructurings (TDRs) The number of loans classified as TDRs was 16,745 and 41,871 for the three and nine months ended September 30, 2022 compared to 12,807 and 33,227 for the three and nine months ended September 30, 2021. Prior to July 1, 2021, payment deferrals granted to retail loan customers with accounts in good standing, but impacted by the COVID-19 pandemic, were not considered concessions for purposes of TDR classification for up to six months of deferral. Refer to Note 3 to our condensed consolidated financial statements for further information on TDRs.
Net Charge-offs The following table presents charge-off data with respect to our retail finance receivables portfolio:
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Charge-offs$289 $207 $811 $664 
Less: recoveries(171)(133)(510)(426)
Net charge-offs$118 $74 $301 $238 
Net charge-offs as an annualized percentage of average retail finance receivables0.7 %0.5 %0.7 %0.6 %
Net charge-offs for the three and nine months ended September 30, 2022 increased compared to the same periods in 2021, but continued to be lower than historical levels primarily due to improvement in the credit mix of the portfolio, continued strong recovery rates on repossessed vehicles relative to historical levels, and resiliency of the consumer. We expect net charge-
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offs will increase over time relative to current levels, but may remain below pre-pandemic levels due to improvement in the credit mix of the portfolio.
Commercial Finance ReceivablesSeptember 30, 2022December 31, 2021
Commercial finance receivables, net of fees$9,471 $6,772 
Less: allowance for loan losses(42)(47)
Commercial finance receivables, net$9,429 $6,725 
Number of dealers2,391 2,305 
Average carrying amount per dealer$$
Allowance for loan losses as a percentage of commercial finance receivables, net of fees0.4 %0.7 %
At September 30, 2022 and December 31, 2021, no commercial finance receivables were classified as TDRs. Activity in the allowance for commercial loan losses was insignificant for the three and nine months ended September 30, 2022 and 2021, and substantially all of our commercial finance receivables were current with respect to payment status at September 30, 2022 and December 31, 2021.
Leased Vehicles The following table summarizes activity in our operating lease portfolio (in thousands, except where noted):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Operating leases purchased80 88 250 357 
Operating leases terminated140 127 442 426 
Operating leased vehicles returned(a)
96 
Percentage of leased vehicles returned(b)
%%%23 %
________________ 
(a)Represents the number of vehicles returned to us for remarketing.
(b)Calculated as the number of operating leased vehicles returned divided by the number of operating leases terminated.

The return rate is dependent on the level of used vehicle values at lease termination compared to contractual residual values at lease inception. Used vehicle prices were sustained at high levels for the three and nine months ended September 30, 2022, primarily due to low new vehicle inventory, and resulted in unusually low return rates. The high levels of used vehicle prices also resulted in gains on terminations of leased vehicles of $267 million and $990 million for the three and nine months ended September 30, 2022, compared to $458 million and $1.6 billion for the same periods in 2021. The decrease in gains is primarily due to higher residual value estimates resulting in decreased depreciation expense, as well as fewer vehicles returned for the three and nine months ended September 30, 2022 compared to the same periods in 2021. For the remainder of 2022, we expect used vehicle prices to remain elevated primarily due to sustained low new vehicle inventory and reduced incentive levels, but to decrease relative to 2021 peak levels.
The following table summarizes the residual value based on our most recent estimates and the number of units included in leased vehicles, net by vehicle type (units in thousands):
September 30, 2022December 31, 2021
Residual ValueUnitsPercentage
of Units
Residual ValueUnitsPercentage
of Units
Crossovers$14,791 770 67.4 %$16,696 897 67.3 %
Trucks7,155 237 20.8 7,886 264 19.8 
SUVs2,666 68 5.9 3,104 80 5.9 
Cars1,041 67 5.9 1,430 93 7.0 
Total$25,654 1,141 100.0 %$29,116 1,334 100.0 %
At September 30, 2022 and 2021, 99.5% and 99.6% of our operating leases were current with respect to payment status.
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Liquidity and Capital Resources
General Our primary sources of cash are finance charge income, leasing income and proceeds from the sale of terminated leased vehicles, net proceeds from credit facilities, securitizations, secured and unsecured borrowings, and collections and recoveries on finance receivables. Our primary uses of cash are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt, funding credit enhancement requirements in connection with securitizations and secured credit facilities, interest costs, operating expenses, income taxes and dividend payments.
Typically, our purchase and funding of retail and commercial finance receivables and leased vehicles are initially financed by utilizing cash and borrowings on our secured credit facilities. Subsequently, we typically obtain long-term financing for finance receivables and leased vehicles through securitization transactions and the issuance of unsecured debt.
The following table summarizes our available liquidity:
LiquiditySeptember 30, 2022December 31, 2021
Cash and cash equivalents(a)
$4,079 $3,948 
Borrowing capacity on unpledged eligible assets20,757 19,283 
Borrowing capacity on committed unsecured lines of credit512 518 
Borrowing capacity on the Junior Subordinated Revolving Credit Facility1,000 1,000 
Borrowing capacity on the GM Revolving 364-Day Credit Facility2,000 2,000 
Available liquidity$28,348 $26,749 
_________________
(a)Includes $337 million and $348 million in unrestricted cash outside of the U.S. at September 30, 2022 and December 31, 2021. This cash is considered to be indefinitely invested based on specific plans for reinvestment.
At September 30, 2022, available liquidity increased from December 31, 2021, primarily due to increased available borrowing capacity on unpledged eligible assets, resulting from the issuance of securitization transactions and unsecured debt, and an increase in cash and cash equivalents. We generally target liquidity levels to support at least six months of our expected net cash outflows, including new originations, without access to new debt financing transactions or other capital markets activity. At September 30, 2022, available liquidity exceeded our liquidity targets.
Our support agreement with GM (the Support Agreement) provides that 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 $15.5 billion of GM's unsecured revolving credit facilities consisting of a three-year, $4.3 billion facility and a five-year, $11.2 billion facility. We also have exclusive access to GM's $2.0 billion 364-day revolving credit facility (GM Revolving 364-day Credit Facility) and a $1.0 billion junior subordinated unsecured intercompany revolving credit facility (the Junior Subordinated Revolving Credit Facility). We had no borrowings outstanding under any of the GM revolving credit facilities at September 30, 2022 and December 31, 2021.
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 up to an aggregate of $5.0 billion, over time, through 2024, to fund the purchase of autonomous vehicles from GM. Cruise had $68 million of borrowings outstanding under the credit agreement at September 30, 2022 and no borrowings outstanding at December 31, 2021.
Cash FlowNine Months Ended September 30,2022 vs. 2021
20222021
Net cash provided by (used in) operating activities$3,829 $5,629 $(1,800)
Net cash provided by (used in) investing activities$(6,726)$(3,243)$(3,483)
Net cash provided by (used in) financing activities$2,408 $(1,568)$3,976 

During the nine months ended September 30, 2022, net cash provided by operating activities decreased primarily due to a net increase in cash used in counterparty derivative collateral posting activities of $1.0 billion and a decrease in leased vehicle income of $904 million, partially offset by a decrease in interest paid of $128 million.

During the nine months ended September 30, 2022, net cash used in investing activities increased primarily due to an increase in net funding of commercial finance receivables of $7.3 billion, a decrease in proceeds from termination of leased vehicles of $4.5 billion, and an increase in the purchases of consumer finance receivables of $1.1 billion, partially offset by a
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decrease in purchases of leased vehicles of $7.6 billion and an increase in collections and recoveries on retail finance receivables of $1.8 billion.
During the nine months ended September 30, 2022, net cash provided by financing activities increased primarily due to a decrease in debt repayments of $4.3 billion, a decrease in extinguishment of debt of $1.6 billion and a decrease in dividend payments of $0.8 billion, partially offset by a decrease in borrowings of $2.7 billion.
Credit Facilities In the normal course of business, in addition to using our available cash, we fund our operations by borrowing under our credit facilities, which may be secured and/or structured as securitizations, or may be unsecured. We repay these borrowings as appropriate under our liquidity management strategy.
At September 30, 2022, credit facilities consist of the following:
Facility TypeFacility AmountAdvances Outstanding
Revolving retail asset-secured facilities(a)
$22,088 $3,805 
Revolving commercial asset-secured facilities(b)
3,927 — 
Total secured26,015 3,805 
Unsecured committed facilities591 79 
Unsecured uncommitted facilities(c)
1,283 1,283 
Total unsecured1,874 1,362 
Junior Subordinated Revolving Credit Facility1,000 — 
GM Revolving 364-Day Credit Facility2,000 — 
Total $30,889 $5,167 
_________________
(a)Includes committed and uncommitted revolving credit facilities backed by retail finance receivables and leases. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had an insignificant amount in advances outstanding and $725 million in unused borrowing capacity on these uncommitted facilities at September 30, 2022.
(b)Includes revolving credit facilities backed by loans to dealers for floorplan financing.
(c)The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $1.7 billion in unused borrowing capacity on these facilities at September 30, 2022.
Refer to Note 6 to our condensed consolidated financial statements for further discussion.
Securitization Notes Payable We periodically finance our retail and commercial finance receivables and leases through public and private term securitization transactions, where the securitization markets are sufficiently developed. A summary of securitization notes payable is as follows:
Year of Transaction
Maturity Date (a)
Original Note
Issuance
(b)
Note Balance
At September 30, 2022
2018March 2024-September 2026$4,352 $488 
2019April 2024-July 2027$9,386 1,944 
2020August 2023-August 2028$19,784 6,661 
2021December 2022-June 2034$23,263 12,496 
2022October 2023-February 2030$17,957 15,403 
Total active securitizations36,993 
Debt issuance costs(64)
Total $36,929 
_________________ 
(a)Maturity dates represent legal final maturity of issued notes. The notes are expected to be paid based on amortization of the finance receivables and leases pledged.
(b)At historical foreign currency exchange rates at the time of issuance.
Our securitizations utilize special purpose entities which are also variable interest entities that meet the requirements to be consolidated in our financial statements. Refer to Note 7 to our condensed consolidated financial statements for further discussion.
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Unsecured Debt We periodically access the unsecured debt capital markets through the issuance of senior unsecured notes. At September 30, 2022, the aggregate principal amount of our outstanding unsecured senior notes was $45.2 billion.
We issue other unsecured debt through demand notes, commercial paper offerings and other bank and non-bank funding sources. At September 30, 2022, we had $3.9 billion outstanding in demand notes and $2.3 billion under the U.S. commercial paper program.
LIBOR Transition The U.K. Financial Conduct Authority, which regulates the London Interbank Offered Rate (LIBOR), announced that it will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the ICE Benchmark Administration Limited, the administrator of LIBOR, extended the transition dates of certain U.S. Dollar LIBOR tenors to June 30, 2023, after which LIBOR reference rates will cease to be provided. Despite this deferral, the LIBOR administrator has advised that no new contracts using U.S. Dollar LIBOR should be entered into after December 31, 2021. It is unknown whether LIBOR will continue to be published by its administrator based on continued bank submissions, or on any other basis, after such dates. Regulators, industry groups and certain committees such as the Alternative Reference Rates Committee have, among other things, published recommended fallback language for LIBOR-linked financial instruments, identified recommended alternatives for certain LIBOR rates, such as Secured Overnight Financing Rate, and proposed implementations of the recommended alternatives in floating rate financial instruments. For more information on the expected replacement of LIBOR, see the "Risk Factors" section of our 2021 Form 10-K.
Support Agreement Our earning assets leverage ratio calculated in accordance with the terms of the Support Agreement was 7.68x and 8.07x at September 30, 2022 and December 31, 2021, and the applicable leverage ratio threshold was 12.00x. 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 from time to time. The decrease in the earning assets leverage ratio is primarily due to increased shareholders' equity as a result of $2.5 billion in net income, partially offset by $1.0 billion of dividends on our common stock paid to GM.
Asset and Liability Maturity Profile We define our asset and liability maturity profile as the cumulative maturities of our finance receivables, investment in leased vehicles, net of accumulated depreciation, cash and cash equivalents and other assets less our cumulative debt maturities. We manage our balance sheet so that asset maturities will exceed debt maturities each year. The following chart presents our cumulative maturities for assets and debt at September 30, 2022:
2022202320242025 and Thereafter
Encumbered assets$8,018 $33,005 $47,905 $55,632 
Unencumbered assets17,740 32,761 44,899 64,179 
Total assets25,757 65,767 92,803 119,811 
Secured debt5,880 24,205 35,132 40,799 
Unsecured debt6,571 15,659 23,966 54,039 
Total debt(a)
12,451 39,864 59,098 94,838 
Net excess liquidity$13,306 $25,903 $33,705 $24,973 
_________________ 
(a)Excludes unamortized debt premium/(discount), unamortized debt issuance costs, and fair value adjustments.
Critical Accounting Estimates
The preparation of condensed financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amount of revenue and expenses in the periods presented. Actual results could differ from those estimates, due to inherent uncertainties in making estimates, and those differences may be material. The critical accounting estimates that affect the condensed consolidated financial statements and the judgment and assumptions used are consistent with those described in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2021 Form 10-K.
Forward-Looking Statements
This report contains several "forward-looking statements." Forward-looking statements are those that use words such as "believe," "expect," "intend," "plan," "may," "likely," "should," "estimate," "continue," "future" or "anticipate" and other comparable expressions. These words indicate future events and trends. Forward-looking statements are our current views with
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respect to future events and financial performance. These forward-looking statements are subject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or from those anticipated by us. The most significant risks are detailed from time to time in our filings and reports with the Securities and Exchange Commission (SEC), including our 2021 Form 10-K. It is advisable not to place undue reliance on our forward-looking statements. We undertake no obligation to, and do 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.
The following factors are among those that may cause actual results to differ materially from historical results or from the forward-looking statements:
GM's ability to sell new vehicles that we finance in the markets we serve;
dealers' effectiveness in marketing our financial products to consumers;
the viability of GM-franchised dealers that are commercial loan customers;
the sufficiency, availability and cost of sources of financing, including credit facilities, securitization programs and secured and unsecured debt issuances;
the adequacy of our underwriting criteria for loans and leases and the level of net charge-offs, delinquencies and prepayments on the loans and leases we purchase or originate;
our ability to effectively manage capital or liquidity consistent with evolving business or operational needs, risk management standards and regulatory or supervisory requirements;
the adequacy of our allowance for loan losses on our finance receivables;
our ability to maintain and expand our market share due to competition in the automotive finance industry from a large number of banks, credit unions, independent finance companies and other captive automotive finance subsidiaries;
changes in the automotive industry that result in a change in demand for vehicles and related vehicle financing;
the effect, interpretation or application of new or existing laws, regulations, court decisions and accounting pronouncements;
adverse determinations with respect to the application of existing laws, or the results of any audits from tax authorities, as well as changes in tax laws and regulations, supervision, enforcement and licensing across various jurisdictions;
the prices at which used vehicles are sold in the wholesale auction markets;
vehicle return rates, our ability to estimate residual value at lease inception and the residual value performance on vehicles we lease;
interest rate fluctuations and certain related derivatives exposure;
our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;
changes in the determination of LIBOR and other benchmark rates;
the length and severity of the COVID-19 pandemic;
our ability to secure private data, proprietary information, manage risks related to security breaches and other disruptions to networks and systems owned or maintained by us or third parties and comply with enterprise data regulations in all key market regions;
foreign currency exchange rate fluctuations and other risks applicable to our operations outside of the U.S.;
changes in local, regional, national or international economic, social or political conditions; and
impact and uncertainties related to climate related events and climate change legislation.
If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected.
Available Information
Our internet website is www.gmfinancial.com. Our website contains detailed information about us and our subsidiaries. Our Investor Center website at https://investor.gmfinancial.com contains a significant amount of information about our Company, including financial and other information for investors. We encourage investors to visit our website, as we frequently update and post new information about our Company on our website, and it is possible that this information could be deemed to be material information. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.
Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments to those reports, are available free of charge on our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. These reports can also be found on the SEC website at www.sec.gov.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our exposure to market risk since December 31, 2021. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2021 Form 10-K.        
Item 4. Controls and Procedures
Disclosure Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer (CEO) and principal financial officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.
Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of September 30, 2022, as required by paragraph (b) of Rules 13a-15 or 15d-15. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2022.
Changes in Internal Control over Financial Reporting There have not been any changes in our internal control over financial reporting during the three months ended September 30, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II
Item 1. Legal Proceedings
Refer to Note 9 to our condensed consolidated financial statements for information relating to legal proceedings.
Item 1A. Risk Factors
We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 2021 Form 10-K.
Item 6. Exhibits
Incorporated by Reference
Incorporated by Reference
Filed Herewith
Filed Herewith
Furnished Herewith
101
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Shareholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements
Filed Herewith
104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted as iXBRL and contained in Exhibit 101
Filed Herewith
_________

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 General Motors Financial Company, Inc.
 (Registrant)
Date:October 25, 2022 By:
/S/    SUSAN B. SHEFFIELD        
 Susan B. Sheffield
 Executive Vice President and
 Chief Financial Officer
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