Latest news with #GMFinancial
Yahoo
20-05-2025
- Automotive
- Yahoo
General Motors revamps credit card, changes GM Rewards program to add discounts
Taking cues from the travel industry, General Motors plans to relaunch its credit card under a new lender and change how points can be accrued and used on automotive purchases. The new card provides customers more ways to earn and redeem GM Rewards points on new vehicles, services, parts and accessories, according to the company. And starting May 20, GM employees, retirees, dealership employees and suppliers eligible for vehicle discounts will be able to use GM Rewards points on top of that discount. The card allows customers to earn up to 10 times the points on eligible GM purchases, broken down by seven times the points for every $1 spent when using the GM Rewards Mastercard, plus up to three times the points for being a GM Rewards member. All other purchases qualify for three times the points, which GM said can also be redeemed on GM Financial account balances. The automaker has more than 13 million GM Rewards members, the company said. GM has had a branded credit card since 1992. Members of the company rewards program on average purchase vehicles with 5% higher manufacturer-suggested retail prices than non-members, visit GM dealerships twice as often as non-members and typically repurchase GM vehicles almost three years sooner than a non-member, according to Ralph Darmo, head of GM Rewards. 'The value of those members is why GM has made the decision to invest in those members,' Darmo said. 'We're making the program better.' Prior to joining GM, Darmo managed the Delta SkyMiles credit card and then managed the GM credit card when it was branded with Goldman Sachs. One of the main changes is simplifying the program, streamlining the various separate branded rewards to one, Darmo said. Instead of Cadillac Rewards, Chevy Rewards, Buick Rewards, GMC Rewards and My Rewards, starting May 20, all of that will be lumped into My Rewards. The goal is to improve the experience for dealerships as well as customers, Darmo said, because of the confusion over whether or not a GMC Rewards member could apply points on a Buick purchase, for example. 'You will get more points when you buy GM under the new program. We're also removing some of the restrictions — there won't be earn caps, there's no redemption caps, there's no exclusion on vehicles anymore, and the points are universal — the points can be used across all GM brands for a new GM vehicle or a certified pre-owned vehicle,' he said. In addition, Darmo said GM rewards points can be shared not just with another member at your address; points can be transferred to any other GM Rewards member regardless of where they live. The GM Rewards loyalty program now works through GM Rewards Mastercard, serviced by Barclays US Consumer Bank. The Delaware-based bank has a broad portfolio of co-branded credit cards including JetBlue, Old Navy, Gap, Frontier Airlines and Carnival Cruise Lines. In addition to purchases at GM dealerships, the credit card also allows customers to gain and redeem points on digital services like most OnStar plans and Super Cruise, the hands-free driver assistance technology. Eventually, GM hopes to ensure the points can be used on electric-vehicle charging costs. Existing cardmembers should use them until Aug. 25, GM said, and can expect their new, replacement Barclays cards later this summer, along with activation instructions. Darmo also added that the card includes member-exclusive experiences — such as trackside access at racing events and off-the-grid EV excursions. Later this year, GM and Barclays plan to launch the GM Business Mastercard, specifically for business customers, with a higher earn rate on GM purchases and expanded redemption options. Jackie Charniga covers General Motors for the Free Press. Reach her at jcharniga@ This article originally appeared on Detroit Free Press: GM revamps credit card, adds ways to earn with My Rewards
Business Wire
29-04-2025
- Automotive
- Business Wire
GM Financial Reports First Quarter 2025 Operating Results
FORT WORTH, Texas--(BUSINESS WIRE)-- GENERAL MOTORS FINANCIAL COMPANY, INC. ('GM Financial' or the 'Company') announced net income of $499 million for the quarter ended March 31, 2025, compared to $536 million for the quarter ended March 31, 2024. Retail loan originations were $9.6 billion for the quarter ended March 31, 2025, compared to $10.6 billion for the quarter ended December 31, 2024, and $8.3 billion for the quarter ended March 31, 2024. The outstanding balance of retail finance receivables was $77.0 billion at March 31, 2025, compared to $76.1 billion at December 31, 2024 and $73.2 billion at March 31, 2024. Operating lease originations were $5.0 billion for the quarter ended March 31, 2025, compared to $4.9 billion for the quarter ended December 31, 2024, and $4.3 billion for the quarter ended March 31, 2024. Leased vehicles, net was $32.2 billion at March 31, 2025, compared to $31.6 billion at December 31, 2024 and $30.1 billion at March 31, 2024. The outstanding balance of commercial finance receivables was $16.9 billion at March 31, 2025, compared to $19.9 billion at December 31, 2024 and $14.9 billion at March 31, 2024. Retail finance receivables 31-60 days delinquent were 2.2% of the portfolio at March 31, 2025 and 2.0% at March 31, 2024. Accounts more than 60 days delinquent were 0.7% of the portfolio at both March 31, 2025 and March 31, 2024. Annualized net charge-offs were 1.2% of average retail finance receivables for the quarter ended March 31, 2025 and 1.1% for the quarter ended March 31, 2024. The Company had total available liquidity of $37.8 billion at March 31, 2025, consisting of $8.4 billion of cash and cash equivalents, $25.6 billion of borrowing capacity on unpledged eligible assets, $0.8 billion of borrowing capacity on committed unsecured lines of credit, $1.0 billion of borrowing capacity on the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity on the GM Revolving 364-Day Credit Facility. About GM Financial General Motors Financial Company, Inc. is the wholly owned captive finance subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. Additional materials addressing the Company's results of operations for the quarter ended March 31, 2025 can be accessed via the Investor Relations section of the Company's website at Condensed Consolidated Balance Sheets (Unaudited, in millions) December 31, 2024 ASSETS Cash and cash equivalents $ 8,444 $ 5,094 Finance receivables, net of allowance for loan losses of $2,567 and $2,458 91,313 93,510 Leased vehicles, net 32,239 31,586 Goodwill and intangible assets 1,172 1,169 Equity in net assets of nonconsolidated affiliates 1,226 1,206 Related party receivables 636 473 Other assets 7,823 7,992 Total assets $ 142,853 $ 141,030 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Secured debt $ 48,886 $ 49,573 Unsecured debt 68,152 64,691 Deferred income 2,425 2,389 Related party payables 132 106 Other liabilities 7,937 9,079 Total liabilities 127,532 125,838 Total shareholders' equity 15,321 15,193 Total liabilities and shareholders' equity $ 142,853 $ 141,030 Amounts may not add due to rounding. Expand Operational and Financial Data (Unaudited, Dollars in millions) Amounts may not add due to rounding Three Months Ended March 31, Originations 2025 2024 Retail finance receivables originations $ 9,564 $ 8,329 Lease originations 4,984 4,308 Total originations $ 14,548 $ 12,637 Expand Three Months Ended March 31, Average Earning Assets 2025 2024 Average retail finance receivables $ 76,940 $ 72,876 Average commercial finance receivables 18,031 14,122 Average finance receivables 94,971 86,998 Average leased vehicles, net 31,941 30,321 Average earning assets $ 126,912 $ 117,319 Expand Ending Earning Assets March 31, 2025 December 31, 2024 Retail finance receivables $ 76,995 $ 76,066 Commercial finance receivables 16,885 19,901 Leased vehicles, net 32,239 31,586 Ending earning assets $ 126,119 $ 127,554 Expand Finance Receivables March 31, 2025 December 31, 2024 Retail Retail finance receivables $ 76,995 $ 76,066 Less: allowance for loan losses (2,479 ) (2,400 ) Total retail finance receivables, net 74,516 73,667 Commercial Commercial finance receivables 16,885 19,901 Less: allowance for loan losses (88 ) (58 ) Total commercial finance receivables, net 16,797 19,843 Total finance receivables, net $ 91,313 $ 93,510 Expand Allowance for Loan Losses March 31, 2025 December 31, 2024 Allowance for loan losses as a percentage of retail finance receivables 3.2 % 3.2 % Allowance for loan losses as a percentage of commercial finance receivables 0.5 % 0.3 % Expand Delinquencies March 31, 2025 March 31, 2024 Loan delinquency as a percentage of retail finance receivables: 31 - 60 days 2.2 % 2.0 % Greater than 60 days 0.7 0.7 Total 2.9 % 2.7 % Expand Three Months Ended March 31, Charge-offs and Recoveries 2025 2024 Charge-offs $ 479 $ 405 Less: recoveries (250 ) (213 ) Net charge-offs $ 229 $ 193 Net charge-offs as an annualized percentage of average retail finance receivables 1.2 % 1.1 % Expand Three Months Ended March 31, Operating Expenses 2025 2024 Operating expenses as an annualized percentage of average earning assets 1.6 % 1.6 % Expand
Yahoo
29-04-2025
- Automotive
- Yahoo
GM Financial Reports First Quarter 2025 Operating Results
First quarter net income of $499 million First quarter retail loan and operating lease originations of $14.5 billion Earning assets of $126.1 billion at March 31, 2025 Available liquidity of $37.8 billion at March 31, 2025 FORT WORTH, Texas, April 29, 2025--(BUSINESS WIRE)--GENERAL MOTORS FINANCIAL COMPANY, INC. ("GM Financial" or the "Company") announced net income of $499 million for the quarter ended March 31, 2025, compared to $536 million for the quarter ended March 31, 2024. Retail loan originations were $9.6 billion for the quarter ended March 31, 2025, compared to $10.6 billion for the quarter ended December 31, 2024, and $8.3 billion for the quarter ended March 31, 2024. The outstanding balance of retail finance receivables was $77.0 billion at March 31, 2025, compared to $76.1 billion at December 31, 2024 and $73.2 billion at March 31, 2024. Operating lease originations were $5.0 billion for the quarter ended March 31, 2025, compared to $4.9 billion for the quarter ended December 31, 2024, and $4.3 billion for the quarter ended March 31, 2024. Leased vehicles, net was $32.2 billion at March 31, 2025, compared to $31.6 billion at December 31, 2024 and $30.1 billion at March 31, 2024. The outstanding balance of commercial finance receivables was $16.9 billion at March 31, 2025, compared to $19.9 billion at December 31, 2024 and $14.9 billion at March 31, 2024. Retail finance receivables 31-60 days delinquent were 2.2% of the portfolio at March 31, 2025 and 2.0% at March 31, 2024. Accounts more than 60 days delinquent were 0.7% of the portfolio at both March 31, 2025 and March 31, 2024. Annualized net charge-offs were 1.2% of average retail finance receivables for the quarter ended March 31, 2025 and 1.1% for the quarter ended March 31, 2024. The Company had total available liquidity of $37.8 billion at March 31, 2025, consisting of $8.4 billion of cash and cash equivalents, $25.6 billion of borrowing capacity on unpledged eligible assets, $0.8 billion of borrowing capacity on committed unsecured lines of credit, $1.0 billion of borrowing capacity on the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity on the GM Revolving 364-Day Credit Facility. About GM Financial General Motors Financial Company, Inc. is the wholly owned captive finance subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. Additional materials addressing the Company's results of operations for the quarter ended March 31, 2025 can be accessed via the Investor Relations section of the Company's website at General Motors Financial Company, Inc. Condensed Consolidated Statements of Income (Unaudited, in millions) Three Months Ended March 31, 2025 2024 Revenue Finance charge income $ 2,025 $ 1,786 Leased vehicle income 1,902 1,800 Other income 236 225 Total revenue 4,164 3,811 Costs and expenses Operating expenses 513 458 Leased vehicle expenses 1,054 1,047 Provision for loan losses 328 204 Interest expense 1,597 1,396 Total costs and expenses 3,491 3,106 Equity income (loss) 12 32 Income (loss) before income taxes 685 737 Income tax expense (benefit) 186 200 Net income (loss) 499 536 Less: cumulative dividends on preferred stock 30 30 Net income (loss) attributable to common shareholder $ 470 $ 507 Amounts may not add due to rounding. Condensed Consolidated Balance Sheets (Unaudited, in millions) March 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 8,444 $ 5,094 Finance receivables, net of allowance for loan losses of $2,567 and $2,458 91,313 93,510 Leased vehicles, net 32,239 31,586 Goodwill and intangible assets 1,172 1,169 Equity in net assets of nonconsolidated affiliates 1,226 1,206 Related party receivables 636 473 Other assets 7,823 7,992 Total assets $ 142,853 $ 141,030 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Secured debt $ 48,886 $ 49,573 Unsecured debt 68,152 64,691 Deferred income 2,425 2,389 Related party payables 132 106 Other liabilities 7,937 9,079 Total liabilities 127,532 125,838 Total shareholders' equity 15,321 15,193 Total liabilities and shareholders' equity $ 142,853 $ 141,030 Amounts may not add due to rounding. Operational and Financial Data (Unaudited, Dollars in millions) Amounts may not add due to rounding Three Months Ended March 31, Originations 2025 2024 Retail finance receivables originations $ 9,564 $ 8,329 Lease originations 4,984 4,308 Total originations $ 14,548 $ 12,637 Three Months Ended March 31, Average Earning Assets 2025 2024 Average retail finance receivables $ 76,940 $ 72,876 Average commercial finance receivables 18,031 14,122 Average finance receivables 94,971 86,998 Average leased vehicles, net 31,941 30,321 Average earning assets $ 126,912 $ 117,319 Ending Earning Assets March 31, 2025 December 31, 2024 Retail finance receivables $ 76,995 $ 76,066 Commercial finance receivables 16,885 19,901 Leased vehicles, net 32,239 31,586 Ending earning assets $ 126,119 $ 127,554 Finance Receivables March 31, 2025 December 31, 2024 Retail Retail finance receivables $ 76,995 $ 76,066 Less: allowance for loan losses (2,479 ) (2,400 ) Total retail finance receivables, net 74,516 73,667 Commercial Commercial finance receivables 16,885 19,901 Less: allowance for loan losses (88 ) (58 ) Total commercial finance receivables, net 16,797 19,843 Total finance receivables, net $ 91,313 $ 93,510 Allowance for Loan Losses March 31, 2025 December 31, 2024 Allowance for loan losses as a percentage of retail finance receivables 3.2 % 3.2 % Allowance for loan losses as a percentage of commercial finance receivables 0.5 % 0.3 % Delinquencies March 31, 2025 March 31, 2024 Loan delinquency as a percentage of retail finance receivables: 31 - 60 days 2.2 % 2.0 % Greater than 60 days 0.7 0.7 Total 2.9 % 2.7 % Three Months Ended March 31, Charge-offs and Recoveries 2025 2024 Charge-offs $ 479 $ 405 Less: recoveries (250 ) (213 ) Net charge-offs $ 229 $ 193 Net charge-offs as an annualized percentage of average retail finance receivables 1.2 % 1.1 % Three Months Ended March 31, Operating Expenses 2025 2024 Operating expenses as an annualized percentage of average earning assets 1.6 % 1.6 % View source version on Contacts Investor Relations contact:Meagan TrampeVice President, Investor Relations(817) 302-7385Investors@
Yahoo
14-04-2025
- Automotive
- Yahoo
Carl Black Orlando Offers 0% APR on Select 2024 Chevrolet Models
Drivers Can Find Low APR at Carl Black Orlando ORLANDO, Fla., April 14, 2025 /PRNewswire/ -- Carl Black Orlando is helping drivers get behind the wheel of a new full-size SUV with a limited-time finance offer designed to make ownership more accessible. Well-qualified buyers can now take advantage of 0% APR for 62 months on select 2024 Chevrolet models, including the powerful and spacious Tahoe and Suburban. Special Finance Offer Carl Black Orlando is currently offering 0% APR for 62 months on two popular full-size SUVs: the 2024 Chevrolet Tahoe and the 2024 Chevrolet Suburban. These vehicles are known for their bold design, cutting-edge technology, and commanding performance—making them ideal for families, adventurers, and professionals alike. This special finance rate is available through GM Financial and applies exclusively to well-qualified buyers. It presents a valuable opportunity for customers looking to upgrade to a premium SUV with no interest for more than five years. Eligible Models This offer is available on the following new 2024 Chevrolet models at Carl Black Orlando: 2024 Chevrolet Tahoe 2024 Chevrolet Suburban Both models offer impressive versatility, seating for up to nine passengers, and the latest safety and infotainment features designed to support modern drivers and their families. Offer Restrictions To take advantage of this offer, customers must finance with GM Financial and meet credit qualification requirements. This promotion is not available with some other offers, and not all customers will qualify. Interested buyers must take new retail delivery by April 30, 2025, to be eligible. Carl Black Orlando encourages shoppers to contact the dealership directly or visit in person to determine their eligibility and explore the available inventory. About Carl Black Orlando Carl Black Orlando is a trusted Chevrolet dealership serving drivers throughout the Orlando area and beyond. Known for its customer-first approach, extensive inventory, and dedication to service, Carl Black Orlando provides a premium car-buying experience from start to finish. Whether shoppers are looking for the latest Chevy models or expert service and financing assistance, the team at Carl Black Orlando is ready to help every step of the way. To learn more or schedule a test drive, drivers can visit or stop by the dealership located in Orlando, Florida. Carl Black Orlando is an automotive dealership in Orlando offering new Chevrolet, Buick and GMC vehicles, various pre-owned models, and comprehensive vehicle services. View original content to download multimedia: SOURCE Carl Black Orlando Sign in to access your portfolio
