Company Quick10K Filing
General Motors Financial
Price-0.00 EPS299
Shares5 P/E-0
MCap-0 P/FCF-0
Net Debt84,241 EBIT4,702
TEV84,241 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-26
10-K 2018-02-06 Filed 2018-02-06
10-Q 2017-09-30 Filed 2017-10-24
10-Q 2017-06-30 Filed 2017-07-25
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-07
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-21
10-Q 2016-03-31 Filed 2016-04-21
10-K 2015-12-31 Filed 2016-02-03
10-Q 2015-09-30 Filed 2015-10-21
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-04
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-06
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-09-30 Filed 2010-11-09
10-K 2010-06-30 Filed 2010-08-27
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-05
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-05-12
8-K 2020-05-06
8-K 2020-04-27
8-K 2020-04-17
8-K 2020-02-05
8-K 2020-02-05
8-K 2020-01-06
8-K 2019-10-29
8-K 2019-10-29
8-K 2019-08-01
8-K 2019-08-01
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-04-16
8-K 2019-04-03
8-K 2019-02-06
8-K 2019-02-06
8-K 2019-01-14
8-K 2018-11-01
8-K 2018-10-31
8-K 2018-10-31
8-K 2018-09-17
8-K 2018-08-20
8-K 2018-07-25
8-K 2018-07-25
8-K 2018-06-14
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-04-18
8-K 2018-04-05
8-K 2018-02-12
8-K 2018-02-07
8-K 2018-02-06
8-K 2018-01-02

ACF 10Q Quarterly Report

Part I
Item 1. 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. Goodwill
Note 6. Equity in Net Assets of Non - Consolidated Affiliates
Note 7. Debt
Note 8. Variable Interest Entities
Note 9. Derivative Financial Instruments and Hedging Activities
Note 10. Commitments and Contingencies
Note 11. Shareholders' Equity
Note 12. Income Taxes
Note 13. Segment Reporting
Note 14. 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
EX-31.1 gmfexhibit311certifica.htm
EX-31.2 gmfexhibit312certifica.htm
EX-32 gmfexhibit32certificat.htm

General Motors Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1159269462302012201420172020
Assets, Equity
3.73.02.21.50.70.02012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

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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 June 30, 2020
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)
Texas
 
75-2291093
(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 class
Trading Symbol
Name of each exchange on which registered
5.250% Senior Notes due 2026
GM/26
New 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 July 28, 2020, 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 II
 
 


GENERAL MOTORS FINANCIAL COMPANY, INC.

PART I
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts) (unaudited)
 
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Cash and cash equivalents
$
6,512

 
$
3,311

Finance receivables, net (Note 3; Note 8 VIEs)
52,262

 
53,473

Leased vehicles, net (Note 4; Note 8 VIEs)
39,601

 
42,055

Goodwill (Note 5)
1,167

 
1,185

Equity in net assets of non-consolidated affiliates (Note 6)
1,484

 
1,455

Related party receivables (Note 2)
1,570

 
678

Other assets (Note 8 VIEs)
8,729

 
7,060

Total assets
$
111,325

 
$
109,217

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Liabilities
 
 
 
Secured debt (Note 7; Note 8 VIEs)
$
40,308

 
$
39,959

Unsecured debt (Note 7)
51,944

 
48,979

Deferred income
3,185

 
3,648

Related party payables (Note 2)
65

 
82

Other liabilities
4,770

 
3,823

Total liabilities
100,272

 
96,491

Commitments and contingencies (Note 10)

 

Shareholders' equity (Note 11)
 
 
 
Common stock, $0.0001 par value per share

 

Preferred stock, $0.01 par value per share

 

Additional paid-in capital
8,120

 
8,101

Accumulated other comprehensive loss
(1,663
)
 
(1,119
)
Retained earnings
4,596

 
5,744

Total shareholders' equity
11,053

 
12,726

Total liabilities and shareholders' equity
$
111,325

 
$
109,217

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions) (unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Revenue
 
 
 
 
 
 
 
Finance charge income
$
966

 
$
1,008

 
$
1,972

 
$
1,995

Leased vehicle income
2,386

 
2,512

 
4,849

 
5,021

Other income
71

 
119

 
163

 
243

Total revenue
3,423

 
3,639

 
6,984

 
7,259

Costs and expenses
 
 
 
 
 
 
 
Operating expenses
345

 
377

 
703

 
747

Leased vehicle expenses
1,779

 
1,637

 
3,476

 
3,451

Provision for loan losses (Note 3)
327

 
179

 
793

 
354

Interest expense
788

 
952

 
1,623

 
1,899

Total costs and expenses
3,239

 
3,145

 
6,595

 
6,451

Equity income (Note 6)
42

 
42

 
67

 
87

Income before income taxes
226

 
536

 
456

 
895

Income tax provision (Note 12)
53

 
133

 
116

 
221

Net income
173

 
403

 
340

 
674

Less: cumulative dividends on preferred stock
22

 
22

 
45

 
45

Net income attributable to common shareholder
$
151

 
$
381

 
$
295

 
$
629


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions) (unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
173

 
$
403

 
$
340

 
$
674

Other comprehensive (loss) income, net of tax (Note 11)
 
 
 
 
 
 
 
Unrealized loss on hedges, net of income tax benefit of $11, $6, $50, $11
(34
)
 
(18
)
 
(151
)
 
(33
)
Foreign currency translation adjustment
33

 
8

 
(393
)
 
65

Other comprehensive (loss) income, net of tax
(1
)
 
(10
)
 
(544
)
 
32

Comprehensive income (loss)
$
172

 
$
393

 
$
(204
)
 
$
706

The accompanying notes are an integral part of these condensed consolidated financial statements.


2

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in millions) (unaudited)
 
Common Stock
 
Preferred Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
 
Total
Shareholders'
Equity
Balance at January 1, 2019
$

 
$

 
$
8,058

 
$
(1,066
)
 
$
4,667

 
$
11,659

Net income

 

 

 

 
271

 
271

Other comprehensive income

 

 

 
42

 

 
42

Stock based compensation

 

 
11

 

 

 
11

Other

 

 

 

 
1

 
1

Balance at March 31, 2019

 

 
8,069

 
(1,024
)
 
4,939

 
11,984

Net income

 

 

 

 
403

 
403

Other comprehensive loss

 

 

 
(10
)
 

 
(10
)
Stock based compensation

 

 
8

 

 

 
8

Balance at June 30, 2019
$

 
$

 
$
8,077

 
$
(1,034
)
 
$
5,342

 
$
12,385

 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2020
$

 
$

 
$
8,101

 
$
(1,119
)
 
$
5,744

 
$
12,726

Adoption of accounting standard (Note 1)

 

 

 

 
(643
)
 
(643
)
Net income

 

 

 

 
167

 
167

Other comprehensive loss

 

 

 
(543
)
 

 
(543
)
Stock based compensation

 

 
9

 

 

 
9

Dividends paid (Note 11)

 

 

 

 
(400
)
 
(400
)
Balance at March 31, 2020

 

 
8,110

 
(1,662
)
 
4,868

 
11,316

Net income

 

 

 

 
173

 
173

Other comprehensive loss

 

 

 
(1
)
 

 
(1
)
Stock based compensation

 

 
10

 

 

 
10

Dividends paid (Note 11)

 

 

 

 
(400
)
 
(400
)
Dividends declared on preferred stock (Note 11)

 

 

 

 
(45
)
 
(45
)
Balance at June 30, 2020
$

 
$

 
$
8,120

 
$
(1,663
)
 
$
4,596

 
$
11,053

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities
 
 
 
Net cash provided by operating activities
$
4,080

 
$
4,293

Cash flows from investing activities
 
 
 
Purchases of retail finance receivables, net
(15,063
)
 
(14,450
)
Principal collections and recoveries on retail finance receivables
9,362

 
12,096

Net collections (funding) of commercial finance receivables
3,952

 
(220
)
Purchases of leased vehicles, net
(6,054
)
 
(8,189
)
Proceeds from termination of leased vehicles
5,537

 
6,444

Net loans to related party
(938
)
 

Other investing activities
(19
)
 
(30
)
Net cash used in investing activities
(3,223
)
 
(4,349
)
Cash flows from financing activities
 
 
 
Net change in debt (original maturities less than three months)
821

 
243

Borrowings and issuances of secured debt
24,771

 
12,857

Payments on secured debt
(24,065
)
 
(14,743
)
Borrowings and issuances of unsecured debt
7,591

 
6,668

Payments on unsecured debt
(5,132
)
 
(5,659
)
Debt issuance costs
(97
)
 
(78
)
Dividends paid
(845
)
 
(46
)
Net cash provided by (used in) financing activities
3,044

 
(758
)
Net increase in cash, cash equivalents and restricted cash
3,901

 
(814
)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
(149
)
 
22

Cash, cash equivalents and restricted cash at beginning of period
7,102

 
7,443

Cash, cash equivalents and restricted cash at end of period
$
10,854

 
$
6,651

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
 
June 30, 2020
Cash and cash equivalents
$
6,512

Restricted cash included in other assets
4,342

Total
$
10,854

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Summary of Significant Accounting Policies
Basis of Presentation The condensed 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 balances and transactions 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 that are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as filed with the Securities and Exchange Commission (SEC) on February 5, 2020 (2019 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions.
The condensed consolidated financial statements at June 30, 2020, and for the three and six months ended June 30, 2020 and 2019, 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, 2019 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 the Asia/Pacific region.
Recently Adopted Accounting Standards Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on current expected credit losses (CECL) rather than incurred losses. Estimated credit losses under CECL consider relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of finance receivables, resulting in recognition of lifetime expected credit losses upon origination of the related finance receivable. We adopted ASU 2016-13 on a modified retrospective basis on January 1, 2020 by recognizing an after-tax cumulative-effect adjustment to the opening balance of retained earnings of $643 million. The application of ASU 2016-13 increased our allowance for loan losses by $801 million. The following updates to our accounting policies became effective upon the adoption of ASU 2016-13.
Retail Finance Receivables and the Allowance for Loan Losses Our retail finance receivables portfolio consists of smaller-balance, homogeneous loans that are carried at amortized cost, net of allowance for loan losses. These loans are divided among pools based on common risk characteristics, such as internal credit score, origination period (vintage) and geography. An internal credit score, of which FICO is an input in North America, is created by using algorithms or statistical models contained in origination scorecards. The scorecards are used to evaluate a consumer’s ability to pay based on statistical modeling of his or her prior credit usage, structure of the loan and other information. The output of the scorecards rank-orders consumers from those that are least likely to default to those that are most likely to default. By further dividing the portfolio into pools based on internal credit scores, we are better able to distinguish expected credit performance for different credit risks. The allowance is aggregated for each of the pools. Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover expected credit losses on our retail finance receivables portfolio.
We use static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. We assess the recent internal operating and external environments and may qualitatively adjust certain assumptions to result in an allowance that is more reflective of losses that are expected to occur in the forecast environment.
Expected losses are estimated for groups of accounts aggregated by internal credit score and monthly vintage. Generally, the expected losses are projected based on historical loss experience over the last ten years, more heavily weighted toward recent performance when determining the allowance to result in an estimate that is more reflective of the current internal and external environments. We consider forecast economic conditions over a reasonable and supportable forecast period. We determine the expected remaining life of the finance receivables to be a reasonable and supportable forecast horizon, primarily due to the relatively short weighted average life of retail finance receivables. We determined the economic factors that have the largest impact on expected losses include unemployment rates, interest rate spreads, disposable personal income, and growth rates in gross domestic

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

products. We use forecasts for our chosen factors provided by a leading economic research firm. We compare the forecasts to consensus forecasts to assess for reasonableness and may use one or more forecast scenarios provided by the research firm.
Troubled debt restructurings (TDRs) are grouped separately for purposes of measuring the allowance. The allowance for TDRs uses static pool modeling techniques, similar to non-TDR retail finance receivables, to determine the expected loss amount. The expected cash flows of the receivables are then discounted at the original weighted average effective interest rate of the pool. Factors considered when estimating the TDR allowance are based on an evaluation of historical and current information, and may be supplemented by management judgment. While we expect certain of our finance receivables to become TDRs, there is typically no delay between the point at which we become aware that a receivable is expected to become a TDR and when the receivable actually qualifies as a TDR. Therefore, our TDR portfolio does not include any receivables that are expected to become TDRs.
We believe these factors are relevant in estimating expected losses and also consider an evaluation of overall portfolio credit quality based on indicators such as changes in our credit evaluation, underwriting and collection management policies, changes in the legal and regulatory environment, general economic conditions and business trends and uncertainties in forecasting and modeling techniques used in estimating our allowance. We update our retail loss forecast models and portfolio indicators on a quarterly basis to incorporate information reflective of the current and forecast economic environments.
Assumptions regarding credit losses are reviewed periodically and may be impacted by actual performance of finance receivables and changes in any of the factors discussed above. Should the credit loss assumptions increase, there would be an increase in the amount of allowance for loan losses required, which would decrease the net carrying value of finance receivables and increase the amount of provision for loan losses.
Commercial Finance Receivables and the Allowance for Loan Losses Our commercial lending offerings consist of floorplan financing as well as dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, and to purchase and/or finance dealership real estate.
Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and any amounts received under a cash management program. Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover expected credit losses in the commercial finance receivables portfolio. We establish the allowance for loan losses based on historical loss experience, as well as the forecast for industry vehicle sales, which is the economic indicator that we believe has the largest impact on expected losses. The commercial finance receivables are aggregated into loan-risk pools, which are determined based on our internally-developed risk rating system. Dealer’s financial and operating metrics are regularly scored and further evaluated to derive a risk rating. Based on dealer risk ratings, we establish probability of default and loss given default, and also determine if any specific dealer loan requires additional reserves.

Accounting Standards Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04), which provides optional expedients and exceptions for applying U.S. GAAP if certain criteria are met to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. ASU 2020-04 became effective on March 12, 2020 and may be applied prospectively through December 31, 2022. A substantial portion of our indebtedness bears interest at variable interest rates, primarily based on USD-LIBOR. The adoption of ASU 2020-04 is not expected to have a material impact on our consolidated financial statements as the standard will ease, if warranted, the administrative requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on our contracts, hedging relationships and other transactions.
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 our 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 purchase certain program vehicles from GM subsidiaries. We simultaneously lease these vehicles to those subsidiaries for use primarily in their vehicle-sharing arrangements. We account for these leases as direct-finance leases, sales-type leases or loans depending on the origin of the asset, all of which are included in our finance receivables, net.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

We periodically purchase finance receivables from other GM subsidiaries for vehicles sold to rental car companies and for vehicles sold to certain dealerships. During the six months ended June 30, 2020 and 2019, we purchased $187 million and $442 million of these receivables from GM, which are included in our finance receivables, net.
We have related party payables due to GM, primarily for commercial finance receivables originated but not yet funded.
The following tables present related party transactions:
Balance Sheet Data
June 30, 2020
 
December 31, 2019
Commercial finance receivables, net due from dealers consolidated by GM(a)
$
395

 
$
478

Finance receivables from GM subsidiaries(a)
$
17

 
$
39

Subvention receivable(b)
$
618

 
$
676

Loans receivable(b)
$
947

 
$

Commercial loan funding payable(c)
$
52

 
$
74

 
Three Months Ended June 30,
 
Six Months Ended June 30,
Income Statement Data
2020
 
2019
 
2020
 
2019
Interest subvention earned on retail finance receivables(d)
$
151

 
$
133

 
$
292

 
$
264

Interest subvention earned on commercial finance receivables(d)
$
11

 
$
14

 
$
26

 
$
31

Leased vehicle subvention earned(e)
$
765

 
$
818

 
$
1,570

 
$
1,653

_________________
(a)
Included in finance receivables, net.
(b)
Included in related party receivables. We received subvention payments from GM of $967 million and $949 million for the three months ended June 30, 2020 and 2019 and $2.0 billion for both the six months ended June 30, 2020 and 2019. Loans receivable consist primarily of $903 million due from GM for subvention.
(c)
Included in related party payables.
(d)
Included in finance charge income.
(e)
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 to 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 that 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 (the Junior Subordinated Revolving Credit Facility), and GM agrees to use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $14.5 billion of GM's unsecured revolving credit facilities consisting of a three-year, $4.0 billion facility, and a five-year, $10.5 billion facility. We also have exclusive access to GM's $2.0 billion facility (GM Revolving 364-Day Credit Facility). At June 30, 2020, we had no amounts borrowed under any of the GM facilities. At June 30, 2020, GM had $3.4 billion in borrowings outstanding on the three-year, $4.0 billion facility and $10.5 billion in borrowings outstanding on the five-year, $10.5 billion facility.
In April 2020, GM renewed the $2.0 billion GM Revolving 364-Day Credit Facility for an additional 364-day term and extended $3.6 billion of the three-year, $4.0 billion facility for an additional year expiring in April 2022. The remaining portion will expire in April 2021, unless extended.
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. Amounts owed to GM for income taxes are accrued and recorded as a related party payable. 

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 3. Finance Receivables
 
June 30, 2020
 
December 31, 2019

Retail finance receivables
 
 
 
Retail finance receivables, net of fees(a)
$
46,489

 
$
42,268

Less: allowance for loan losses
(2,044
)
 
(866
)
Total retail finance receivables, net
44,445

 
41,402

Commercial finance receivables
 
 
 
Commercial finance receivables, net of fees(b)
7,884

 
12,149

Less: allowance for loan losses
(67
)
 
(78
)
Total commercial finance receivables, net
7,817

 
12,071

Total finance receivables, net
$
52,262

 
$
53,473

Fair value utilizing Level 2 inputs
$
7,817

 
$
12,071

Fair value utilizing Level 3 inputs
$
46,619

 
$
42,012

________________
(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs of $218 million and $83 million at June 30, 2020 and December 31, 2019.
(b) Net of dealer cash management balances of $1.3 billion and $1.2 billion at June 30, 2020 and December 31, 2019.

Rollforward of Allowance for Retail Loan Losses A summary of the activity in the allowance for retail loan losses is as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Allowance for retail loan losses beginning balance
$
1,879

 
$
862

 
$
866

 
$
844

Impact of adopting ASU 2016-13 (Note 1)

 

 
801

 

Provision for loan losses
332

 
165

 
788

 
343

Charge-offs
(256
)
 
(279
)
 
(596
)
 
(586
)
Recoveries
89

 
132

 
245

 
277

Foreign currency translation

 
1

 
(60
)
 
3

Allowance for retail loan losses ending balance
$
2,044

 
$
881

 
$
2,044

 
$
881


The provision for loan losses increased primarily due to increased expected charge-offs and decreased expected recoveries as a result of the economic impact of the coronavirus disease 2019 (COVID-19) pandemic.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

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. A summary of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at June 30, 2020 is as follows:
 
Year of Origination
 
 
 
2020
 
2019
 
2018
 
2017
 
2016
 
2015
 
Prior
 
Total
 
Percent
Prime - FICO Score 680 and greater
$
10,305

 
$
9,019

 
$
6,063

 
$
2,774

 
$
940

 
$
253

 
$
9

 
$
29,363

 
63.2
%
Near-prime - FICO Score 620 to 679
1,785

 
2,533

 
1,574

 
828

 
340

 
138

 
25

 
7,223

 
15.5

Sub-prime - FICO Score less than 620
1,917

 
3,178

 
1,982

 
1,440

 
833

 
396

 
157

 
9,903

 
21.3

Retail finance receivables, net of fees
$
14,007

 
$
14,730

 
$
9,619

 
$
5,042

 
$
2,113

 
$
787

 
$
191

 
$
46,489

 
100.0
%

We review the ongoing credit quality of our retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at June 30, 2020:
 
Year of Origination
 
 
 
2020
 
2019
 
2018
 
2017
 
2016
 
2015
 
Prior
 
Total
 
Percent
Current
$
13,875

 
$
14,244

 
$
9,231

 
$
4,752

 
$
1,930

 
$
689

 
$
148

 
$
44,869

 
96.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 - 60 days
86

 
295

 
236

 
181

 
114

 
61

 
25

 
998

 
2.2

Greater than 60 days
44

 
183

 
147

 
106

 
67

 
36

 
18

 
601

 
1.3

Finance receivables more than 30 days delinquent
130

 
478

 
383

 
287

 
181

 
97

 
43

 
1,599

 
3.5

In repossession
2

 
8

 
5

 
3

 
2

 
1

 

 
21

 

Finance receivables more than 30 days delinquent or in repossession
132

 
486

 
388</