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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, 2026
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
6.150% Senior Notes due 2035GM/35BNew 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 19, 2026, 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. Business and Basis of Presentation
Note 2. Marketable and Other Securities
Note 3. Related Party Transactions
Note 4. Finance Receivables
Note 5. Leased Vehicles
Note 6. Equity in Net Assets of Nonconsolidated 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
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, 2026December 31, 2025
ASSETS
Cash and cash equivalents (Note 2)
$4,431 $5,826 
Finance receivables, net of allowance for loan losses of $2,895 and $2,725
91,780 90,045 
Leased vehicles, net (Note 5; Note 8)
32,244 33,686 
Goodwill and intangible assets1,180 1,177 
Equity in net assets of nonconsolidated affiliates (Note 6)
992 1,117 
Related party receivables (Note 3)
560 515 
Other assets (Note 2; Note 8)
9,955 8,110 
Total assets$141,141 $140,477 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 7; Note 8)
$49,484 $46,904 
Unsecured debt (Note 7)
63,460 67,127 
Deferred income2,206 2,494 
Related party payables (Note 3)
226 136 
Other liabilities9,603 8,004 
Total liabilities124,978 124,664 
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 capital8,868 8,845 
Accumulated other comprehensive income (loss)(1,298)(1,402)
Retained earnings8,593 8,369 
Total shareholders' equity16,163 15,813 
Total liabilities and shareholders' equity$141,141 $140,477 
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,
2026202520262025
Revenue
Finance charge income$2,062 $2,060 $6,034 $6,132 
Leased vehicle income1,939 1,968 5,893 5,810 
Other income311 309 927 813 
Total revenue4,312 4,337 12,854 12,755 
Costs and expenses
Operating expenses642 545 1,836 1,581 
Leased vehicle expenses1,112 1,101 3,458 3,206 
Provision for loan losses (Note 4)
340 244 996 926 
Interest expense1,558 1,651 4,638 4,886 
Total costs and expenses3,651 3,542 10,928 10,599 
Equity income (loss) (Note 6)
8 9 35 37 
Income (loss) before income taxes668 804 1,962 2,193 
Income tax expense (benefit) (Note 12)
181 215 529 594 
Net income (loss)487 589 1,433 1,598 
Less: cumulative dividends on preferred stock30 30 89 89 
Net income (loss) attributable to common shareholder$458 $560 $1,344 $1,510 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net income (loss)$487 $589 $1,433 $1,598 
Other comprehensive income (loss), net of tax (Note 11)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $(1), $12, $(21), $44
1 (36)61 (132)
Foreign currency translation adjustments and other(23)30 43 235 
Other comprehensive income (loss), net of tax(22)(6)104 103 
Comprehensive income (loss)$465 $583 $1,537 $1,701 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Amounts may not add due to rounding.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions) (Unaudited)
Common StockPreferred StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal
Shareholders'
Equity
Balance at January 1, 2025$— $— $8,814 $(1,531)$7,909 $15,193 
Net income (loss)— — — — 499 499 
Other comprehensive income (loss)— — — (28)— (28)
Stock-based compensation— — 8 — — 8 
Dividends paid (Note 11)
— — — — (350)(350)
Balance at March 31, 2025— — 8,822 (1,559)8,058 15,321 
Net income (loss)— — — — 510 510 
Other comprehensive income (loss)— — — 137 — 137 
Stock-based compensation— — 4 — — 4 
Dividends paid (Note 11)
— — — — (350)(350)
Dividends declared on preferred stock (Note 11)
— — — — (59)(59)
Balance at June 30, 2025— — 8,826 (1,422)8,159 15,564 
Net income (loss)— — — — 589 589 
Other comprehensive income (loss)— — — (6)— (6)
Stock-based compensation— — 7 — — 7 
Dividends paid (Note 11)
— — — — (350)(350)
Balance at September 30, 2025$— $— $8,834 $(1,428)$8,398 $15,804 
Balance at January 1, 2026$— $— $8,845 $(1,402)$8,369 $15,813 
Net income (loss)— — — — 514 514 
Other comprehensive income (loss)— — — 3 — 3 
Stock-based compensation— — 7 — — 7 
Dividends paid (Note 11)
— — — — (650)(650)
Balance at March 31, 2026— — 8,852 (1,399)8,233 15,687 
Net income (loss)— — — — 432 432 
Other comprehensive income (loss)— — — 123 — 123 
Stock-based compensation— — 7 — — 7 
Dividends paid (Note 11)
— — — — (250)(250)
Dividends declared on preferred stock (Note 11)
— — — — (59)(59)
Balance at June 30, 2026— — 8,860 (1,276)8,355 15,939 
Net income (loss)— — — — 487 487 
Other comprehensive income (loss)— — — (22)— (22)
Stock-based compensation— — 8 — — 8 
Dividends paid (Note 11)
— — — — (250)(250)
Balance at September 30, 2026$— $— $8,868 $(1,298)$8,593 $16,163 
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,
20262025
Cash flows from operating activities
Net income (loss)$1,433 $1,598 
Depreciation and amortization4,129 3,961 
Accretion and amortization of loan and leasing fees(1,116)(1,209)
Undistributed earnings of nonconsolidated affiliates, net(35)(37)
Provision for loan losses996 926 
Deferred income taxes178 203 
Gain on termination of leased vehicles(463)(494)
Other operating activities110 (133)
Changes in assets and liabilities:
Other assets(824)634 
Other liabilities470 339 
Related party payables67 279 
Net cash provided by (used in) operating activities4,945 6,067 
Cash flows from investing activities
Available-for-sale marketable securities, acquisitions(351)(17)
Available-for-sale marketable securities, liquidations128 — 
Purchases and funding of finance receivables(28,665)(28,246)
Principal collections and recoveries on finance receivables26,676 27,015 
Net change in floorplan and other short-duration receivables(621)2,524 
Proceeds from sale of finance receivables (Note 4)
— 2,005 
Purchases of leased vehicles(9,565)(12,609)
Proceeds from termination of leased vehicles8,267 7,780 
Other investing activities(42)(26)
Net cash provided by (used in) investing activities(4,173)(1,574)
Cash flows from financing activities
Net change in debt (original maturities of three months or less)(56)23 
Borrowings and issuances of secured debt22,881 18,915 
Payments on secured debt(20,258)(19,402)
Borrowings and issuances of unsecured debt11,246 16,188 
Payments on unsecured debt(14,117)(16,100)
Debt issuance costs(95)(114)
Dividends paid(1,269)(1,169)
Net cash provided by (used in) financing activities(1,667)(1,658)
Net increase (decrease) in cash, cash equivalents and restricted cash (895)2,835 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash5 73 
Cash, cash equivalents and restricted cash at beginning of period9,043 8,081 
Cash, cash equivalents and restricted cash at end of period$8,153 $10,990 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
September 30, 2026
Cash and cash equivalents$4,431 
Restricted cash included in other assets3,722 
Total$8,153 
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. Business and Basis of Presentation
General Motors Financial Company, Inc. (sometimes referred to as we, us, our, the Company, or GM Financial), the wholly-owned captive finance subsidiary of General Motors Company (GM), is a global provider of automobile finance solutions. We provide retail loan and lease financing across the credit spectrum to support vehicle sales. Additionally, we offer commercial lending products to dealers, including floorplan financing, which is lending to finance new and used vehicle inventory, and dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, or to purchase and/or finance dealership real estate. We also offer and finance vehicle-related service contracts and other products and services.
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, 2025, as filed with the Securities and Exchange Commission on January 27, 2026 (2025 Form 10-K).
The condensed consolidated financial statements at September 30, 2026, and for the three and nine months ended September 30, 2026 and 2025, 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, 2025 was derived from audited annual financial statements. Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.
Note 2. Marketable and Other Securities
The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
Fair Value LevelSeptember 30, 2026December 31, 2025
Cash and cash equivalents
Cash and time deposits$2,669 $3,025 
Available-for-sale debt securities
U.S. government and agencies2171 430 
Sovereign debt2158 99 
Total available-for-sale debt securities – cash equivalents
329 530 
Money market funds11,433 2,272 
Total cash and cash equivalents$4,431 $5,826 
Marketable debt securities(a)
U.S. government and agencies2$52 $39 
Corporate debt and other2206 — 
Total available-for-sale debt securities – marketable securities
$258 $39 
Restricted cash(a)
Cash and cash equivalents$246 $235 
Money market funds13,476 2,981 
Total restricted cash$3,722 $3,217 
Available-for-sale debt securities included above with contractual maturities
Due in one year or less$416 
Due between one and five years172 
Total available-for-sale debt securities with contractual maturities
$587 
________________
(a) Included in other assets.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three and nine months ended September 30, 2026 and 2025. Cumulative unrealized losses on available-for-sale debt securities were insignificant at September 30, 2026 and December 31, 2025. At September 30, 2026, we had no intention to sell the available-for-sale debt securities, and it was unlikely that we would be required to sell the available-for-sale debt securities before recovery of their amortized cost basis. No allowance for credit losses was recorded on available-for-sale debt securities in an unrealized loss position at September 30, 2026 and December 31, 2025.
Note 3. 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. Certain of our dealer customers are consolidated by GM, and receivables from those customers 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 $796 million and $856 million for the three months ended September 30, 2026 and 2025, and $2.1 billion and $2.5 billion for the nine months ended September 30, 2026 and 2025. Subvention due from GM is recorded as a related party receivable.
Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.
We are included in GM's consolidated U.S. federal income tax returns and certain U.S. state returns, and we are obligated to pay GM for our share of the related tax liabilities. During the nine months ended September 30, 2026, we made payments of $158 million to GM for state and federal income taxes related to tax years 2025 and 2026. During the nine months ended September 30, 2025, no payments were made to GM for state and federal income taxes. Amounts owed to GM for income taxes are recorded as a related party payable.
The following tables present balance sheet and income statement data for related party transactions:
Balance Sheet DataSeptember 30, 2026December 31, 2025
Commercial finance receivables due from dealers consolidated by GM
$349 $395 
Subvention receivable from GM$501 $452 
Commercial loan funding payable to GM$118 $94 
Taxes payable to GM$86 $33 
Three Months Ended September 30,Nine Months Ended September 30,
Income Statement Data2026202520262025
Interest subvention earned on retail finance receivables(a)
$273 $322 $835 $1,008 
Interest subvention earned on commercial finance receivables(a)
$25 $22 $70 $67 
Leased vehicle subvention earned(b)
$469 $461 $1,436 $1,313 
_________________
(a) Included in finance charge income.
(b) Included as a reduction to leased vehicle expenses.
Under the support agreement with GM (the Support Agreement), if our earning assets leverage ratio at the end of any calendar quarter exceeds the applicable threshold set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage ratio within the applicable threshold. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting.
Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding. GM also agrees to certain provisions in the Support Agreement intended to ensure we maintain adequate access to liquidity. Pursuant to these provisions, GM provides us with a $1.0 billion junior subordinated
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
unsecured intercompany revolving credit facility, and GM will use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $14.1 billion of GM's unsecured revolving credit facilities consisting of a five-year, $10.0 billion facility (the five-year facility) and a three-year, $4.1 billion facility (the three-year 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, 2026 or December 31, 2025. In March 2026, GM renewed the GM Revolving 364-Day Credit Facility, which now matures on March 22, 2027.
Note 4. Finance Receivables
September 30, 2026December 31, 2025
Retail finance receivables
Retail finance receivables(a)
$76,651 $75,404 
Less: allowance for loan losses(2,826)(2,656)
Total retail finance receivables, net73,825 72,748 
Commercial finance receivables
Commercial finance receivables(a)(b)
18,024 17,365 
Less: allowance for loan losses
(69)(68)
Total commercial finance receivables, net17,955 17,297 
Total finance receivables, net$91,780 $90,045 
Fair value utilizing Level 2 inputs$17,955 $17,297 
Fair value utilizing Level 3 inputs$73,981 $74,409 
________________
(a)    Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(b)    Includes dealer financing of $17.6 billion and $16.8 billion, and other financing of $450 million and $596 million at September 30, 2026 and December 31, 2025. Commercial finance receivables are presented net of dealer cash management balances of $3.6 billion and $3.4 billion at September 30, 2026 and December 31, 2025.
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,
2026202520262025
Allowance for retail loan losses beginning balance$2,801 $2,630 $2,656 $2,400 
Provision for loan losses336 250 994 898 
Charge-offs(563)(494)(1,639)(1,461)
Recoveries259 257 810 778 
Foreign currency translation
(8)8 5 36 
Allowance for retail loan losses ending balance$2,826 $2,651 $2,826 $2,651 
The allowance for retail loan losses as a percentage of retail finance receivables was 3.7% and 3.5% at September 30, 2026 and December 31, 2025. The increase in the allowance for retail loan losses as a percentage of retail finance receivables is primarily due to changes in the composition of credit mix of the portfolio.
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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. The following tables are consolidated summaries of the amortized cost basis of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at September 30, 2026 and December 31, 2025:
Year of OriginationSeptember 30, 2026
20262025202420232022PriorTotalPercent
Prime - FICO Score 680 and greater$18,412 $17,027 $10,543 $5,782 $3,154 $1,664 $56,581 73.8 %
Near-prime - FICO Score 620 to 6793,028 2,830 1,771 974 570 382 9,556 12.5 
Sub-prime - FICO Score less than 6203,717 2,974 1,850 947 581 447 10,515 13.7 
Retail finance receivables$25,157 $22,831 $14,163 $7,703 $4,305 $2,493 $76,651 100.0 %
Year of OriginationDecember 31, 2025
20252024202320222021PriorTotalPercent
Prime - FICO Score 680 and greater$22,850 $15,204 $9,298 $5,350 $2,712 $1,027 $56,440 74.9 %
Near-prime - FICO Score 620 to 6793,702 2,456 1,439 908 571 225 9,303 12.3 
Sub-prime - FICO Score less than 6203,847 2,530 1,395 958 614 318 9,661 12.8 
Retail finance receivables$30,399 $20,191 $12,132 $7,216 $3,897 $1,570 $75,404 100.0 %
We review the ongoing credit quality of our retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles, and, subject to local laws, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The following tables are consolidated summaries of the amortized cost basis of retail finance receivables by delinquency status for each vintage of the portfolio at September 30, 2026 and December 31, 2025, as well as summary totals for September 30, 2025. The tables also present gross charge-offs by vintage for the nine months ended September 30, 2026 and the year ended December 31, 2025:
Year of OriginationSeptember 30, 2026September 30, 2025
20262025202420232022PriorTotalPercentTotalPercent
0 - 30 days$24,768 $22,080 $13,482 $7,228 $3,975 $2,214 $73,748 96.2 %$73,318 96.7 %
31 - 60 days273 517 467 325 232 194 2,008 2.6 1,779 2.3 
Greater than 60 days99 204 192 136 90 81 803 1.0 682 0.9 
Finance receivables more than 30 days delinquent373 721 659 462 322 275 2,811 3.7 2,461 3.2 
In repossession15 29 21 14 8 4 92 0.1 78 0.1 
Finance receivables more than 30 days delinquent or in repossession388 751 681 475 329 279 2,903 3.8 2,540 3.3 
Retail finance receivables$25,157 $22,831 $14,163 $7,703 $4,305 $2,493 $76,651 100.0 %$75,857 100.0 %
Gross charge-offs$84 $489 $451 $305 $181 $129 $1,639 
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Year of OriginationDecember 31, 2025
20252024202320222021PriorTotalPercent
0 - 30 days$29,871 $19,413 $11,524 $6,744 $3,576 $1,395 $72,523 96.2 %
31 - 60 days370 536 419 334 230 122 2,011 2.7 
Greater than 60 days140 218 172 129 86 51 795 1.1 
Finance receivables more than 30 days delinquent510 753 591 463 316 173 2,806 3.7 
In repossession18 24 17 10 6 2 75 0.1 
Finance receivables more than 30 days delinquent or in repossession527 777 608 472 321 175 2,881 3.8 
Retail finance receivables$30,399 $20,191 $12,132 $7,216 $3,897 $1,570 $75,404 100.0 %
Gross charge-offs$187 $603 $536 $358 $201 $113 $1,998 
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $1.1 billion at both September 30, 2026 and December 31, 2025. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession.
Loan Modifications Under certain circumstances, we may agree to modify the terms of an existing loan with a borrower for various reasons, including financial difficulties. For those borrowers experiencing financial difficulties, we may provide interest rate reductions, principal forgiveness, payment deferments, term extensions or a combination thereof. A loan that is deferred greater than six months in the preceding twelve months would be considered to be other-than-insignificantly delayed. In such circumstances, we must determine whether the modification should be accounted for as an extinguishment of the original loan and a creation of a new loan, or the continuation of the original loan with modifications.
The amortized cost basis at September 30, 2026 and 2025 of the loans modified during the three and nine months ended September 30, 2026 and 2025 was insignificant. The unpaid principal balances, net of recoveries, of loans charged off during the reporting period that were modified within 12 months preceding default were insignificant for the three and nine months ended September 30, 2026 and 2025.
Commercial Credit Quality Our commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters, as well as advances to certain GM subsidiaries.
For our dealer financing, we use proprietary models to assign a risk rating to each dealer. We perform periodic credit reviews of each dealership and adjust the dealership's risk rating, if necessary. There is limited credit risk associated with other financing due to the structure of the business relationships.
Our dealer risk model and risk rating categories are as follows:
Dealer Risk 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.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the dealer finance receivables portfolio by dealer risk rating at September 30, 2026 and December 31, 2025:
Year of OriginationSeptember 30, 2026
Dealer Risk RatingRevolving20262025202420232022PriorTotalPercent
I
$14,334 $350 $291 $135 $89 $248 $209 $15,657 89.1 %
II
1,209 21 7 66 22 5 24 1,355 7.7 
III
488 13 3 38 1 14 6 562 3.2 
IV
— — — — — — — — — 
Balance at end of period$16,030 $384 $302 $239 $113 $267 $239 $17,574 100.0 %
Year of OriginationDecember 31, 2025
Dealer Risk RatingRevolving20252024202320222021PriorTotalPercent
I
$13,704 $380 $221 $125 $298 $160 $156 $15,045 89.7 %
II
989 16 33 25 7 35 2 1,106 6.6 
III
518 5 48 6 14 14 12 618 3.7 
IV
— — — — — — — — — 
Balance at end of period$15,211 $402 $302 $157 $319 $209 $170 $16,769 100.0 %
Floorplan advances comprise 99.3% and 99.1% of the total revolving balances at September 30, 2026 and December 31, 2025. Dealer term loans are presented by year of origination.
At September 30, 2026 and December 31, 2025, 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, 2026 and 2025. Commercial finance receivables on nonaccrual status were insignificant and none at September 30, 2026 and December 31, 2025.
There were insignificant charge-offs during the nine months ended September 30, 2026, and no loan modifications were extended to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2026 and 2025.
Transfers of Finance Receivables We have continuing involvement with finance receivables that were transferred in 2025, primarily in our role as servicer. The outstanding balance of the previously transferred finance receivables subject to our continuing involvement was $1.2 billion at September 30, 2026. Refer to Note 10 for information on our representations and warranties.
Note 5. Leased Vehicles
September 30, 2026December 31, 2025
Leased vehicles(a)
$39,382 $40,596 
Less: accumulated depreciation(7,138)(6,909)
Leased vehicles, net$32,244 $33,686 
________________
(a)    Net of vehicle acquisition costs, less manufacturer incentives and investment tax credits.
Depreciation expense related to leased vehicles, net was $1.2 billion for both the three months ended September 30, 2026 and 2025, and $3.9 billion and $3.7 billion for the nine months ended September 30, 2026 and 2025.
The following table summarizes minimum rental payments due to us as lessor under operating leases at September 30, 2026:
Years Ending December 31,
20262027202820292030ThereafterTotal
Lease payments under operating leases$1,453 $4,647 $2,446 $648 $44 $— $9,239 
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 6. Equity in Net Assets of Nonconsolidated Affiliates
We use the equity method to account for our equity interest in joint ventures. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as equity income (loss).
There have been no ownership changes in our joint ventures since December 31, 2025. The following table presents certain aggregated operating data of our joint ventures:
Three Months Ended September 30,Nine Months Ended September 30,
Summarized Operating Data2026202520262025
Finance charge income$72 $114 $245 $396 
Income before income taxes$34 $35 $143 $143 
Net income$23 $26 $99 $108 
At September 30, 2026 and December 31, 2025, we had undistributed earnings of $415 million and $589 million related to our nonconsolidated affiliates. In September 2026, SAIC-GMAC Automotive Finance Company Limited declared a $596 million cash dividend of which our share is $209 million. Half of the dividend payment, net of tax, is expected to be received in the fourth quarter of 2026, and the other half of the dividend payment, net of tax, is expected to be received in the third quarter of 2027.
Note 7. Debt
September 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt
Revolving credit facilities$9,017 $9,017 $1,869 $1,869 
Securitization notes payable40,466 40,354 45,035 45,384 
Total secured debt49,484 49,372 46,904 47,252 
Unsecured debt
Senior notes52,319 52,525 55,848 57,277 
Credit facilities2,744 2,752 2,863 2,881 
Other unsecured debt8,397 8,431 8,415 8,449 
Total unsecured debt63,460 63,708 67,127 68,607 
Total secured and unsecured debt$112,944 $113,079 $114,031 $115,860 
Fair value utilizing Level 2 inputs$109,972 $113,180 
Fair value utilizing Level 3 inputs$3,108 $2,679 
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 8 for further information.
During the nine months ended September 30, 2026, we renewed and upsized revolving credit facilities with a total borrowing capacity of $19.2 billion, and we issued $11.5 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 3.82% and maturity dates ranging from 2026 to 2035.
Unsecured Debt During the nine months ended September 30, 2026, we issued $5.6 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 4.90% and maturity dates ranging from 2029 to 2036.
General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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, 2026, we were in compliance with these debt covenants.
Note 8. Variable Interest Entities
Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:
September 30, 2026December 31, 2025
Restricted cash(a)
$3,371 $2,888 
Finance receivables$55,084 $49,533 
Lease related assets$12,813 $13,791 
Secured debt$49,515 $46,913 
_______________
(a) Included in other assets.
Note 9. Derivative Financial Instruments and Hedging Activities
We are exposed to certain risks arising from both our business operations and economic conditions. We manage interest rate risk primarily 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 is determined by interest rates. We use derivative financial instruments 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, 2026December 31, 2025
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$32,554 $5 $923 $33,880 $88 $457 
Cash flow hedges
Interest rate swaps2,779 18 12 2,302 18 23 
Foreign currency swaps8,655 311 132 9,226 580 58 
Derivatives not designated as hedges
Interest rate contracts117,643 806 1,030 122,505 421 637 
Foreign currency contracts211 — — — — — 
Total$161,842 $1,140 $2,097 $167,913 $1,107 $1,175 
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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. Notional principal or contract amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. Notional amounts do not represent our financial exposure. Our credit exposure is limited to the uncollected interest and the market value related to the instruments that have become favorable to us, to the extent that market values are not collateralized.
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, 2026 and December 31, 2025, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $805 million and $520 million. At September 30, 2026 and December 31, 2025, we held $137 million and $44 million of collateral from counterparties that was available for netting against our asset positions. At September 30, 2026 and December 31, 2025, we had $1.2 billion and $615 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, 2026December 31, 2025September 30, 2026December 31, 2025
Unsecured debt$32,474 $35,187 $1,230 $693 
 _________________
(a)Includes $362 million and $428 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2026 and December 31, 2025.
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,
2026202520262025
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$492 $— $(92)$— $537 $— $(612)$— 
Interest rate swaps(524)— 48 — (645)— 448 — 
Cash flow hedges
Interest rate swaps(5)— 3 — (8)— 11 — 
Hedged items - foreign currency swaps(c)
— 30 — 21 — 254 — (971)
Foreign currency swaps(26)(30)(27)(22)(81)(254)(78)970 
Derivatives not designated as hedges
Interest rate contracts(4)— (17)— (7)— (31)— 
Foreign currency contracts— — — — — — — — 
Total income (loss) recognized$(68)$— $(84)$(1)$(204)$— $(263)$(1)
_________________
(a)Total interest expense was $1.6 billion and $1.7 billion for the three months ended September 30, 2026 and 2025, and $4.6 billion and $4.9 billion for the nine months ended September 30, 2026 and 2025.
(b)Total operating expenses were $642 million and $545 million for the three months ended September 30, 2026 and 2025, and $1.8 billion and $1.6 billion for the nine months ended September 30, 2026 and 2025.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.
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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,
2026202520262025
Cash flow hedges
Interest rate swaps$(1)$(2)$4 $(26)
Foreign currency swaps(43)(68)(200)578 
Total$(45)$(70)$(196)$551 
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cash flow hedges
Interest rate swaps$3 $(3)$4 $(9)
Foreign currency swaps42 36 253 (675)
Total$46 $33 $257 $(684)
All amounts reclassified from accumulated other comprehensive income (loss) were recorded to operating expenses or 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 10. 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.
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, 2026, we estimated our reasonably possible legal exposure for unfavorable outcomes to be insignificant.
Indirect Tax-Related Matters We accrue non-income tax liabilities for contingencies when we believe 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. We estimate our reasonably possible loss in excess of amounts accrued to be up to $152 million at September 30, 2026.
Representations and Warranties We provide various representations and warranties regarding certain assets transferred in certain financial transactions. The extent and nature of the representations and warranties vary among different transactions. If such representations and warranties are breached, we may be required to repurchase certain assets or make other payments relating thereto. A breach of our representations and warranties is considered unlikely, and therefore our maximum exposure to loss is insignificant.
Contract Commitments In September 2025, we entered into $2.1 billion of purchase commitments with various dealers to acquire certain electric vehicles through June 30, 2026. As of June 30, 2026, we had no purchase commitments remaining.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 11. Shareholders' Equity
September 30, 2026December 31, 2025
Common Stock
Number of shares authorized10,000,000 10,000,000 
Number of shares issued and outstanding5,050,000 5,050,000 
Our Board of Directors declared and paid dividends of $250 million and $350 million on our common stock to GM during the three months ended September 30, 2026 and 2025, and $1.2 billion and $1.1 billion during the nine months ended September 30, 2026 and 2025.
September 30, 2026December 31, 2025
Preferred Stock
Number of shares authorized250,000,000 250,000,000 
Number of shares issued and outstanding(a)
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 
_________________
(a)Issued at a liquidation preference of $1,000 per share.
During both the nine months ended September 30, 2026 and 2025, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, $33 million to holders of record of our Series B Preferred Stock, and $29 million to holders of record of our Series C Preferred Stock.
The following table summarizes the significant components of accumulated other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Unrealized gain (loss) on hedges
Beginning balance$(7)$(18)$(67)$77 
Change in value of hedges, net of tax1 (36)61 (132)
Ending balance$(6)$(55)$(6)$(55)
Foreign currency translation adjustments
Beginning balance$(1,269)$(1,404)$(1,335)$(1,609)
Translation gain (loss)(19)30 46 235 
Ending balance$(1,288)$(1,374)$(1,288)$(1,374)
Note 12. Income Taxes
We are included in GM’s consolidated U.S. federal income tax returns and certain U.S. state 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 3 for further information on related party taxes.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 13. Segment Reporting
We analyze the results of our business through the following reportable segments: North America and International. Our chief operating decision-maker, the President and Chief Executive Officer, evaluates the results of operations through reportable segment income before income taxes. This financial metric is used to review operating trends, perform analytical comparisons between periods and among geographic regions, and to monitor budget-to-actual variances on a monthly basis in order to assess performance and allocate resources.
Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China. The management of each segment is responsible for executing our strategies.
The following tables present certain income statement information by segment:

Three Months Ended September 30, 2026
North AmericaInternationalTotal
Revenue from reportable segments$3,759 $515 $4,273 
Reconciliation of revenue
Other revenue(a)
38 
Total revenue
$4,312 
Costs and expenses(b)
Salaries and benefits269 46 
Leased vehicle depreciation1,207 28 
(Gain) loss on termination of leased vehicles
(142)5 
Provision for loan losses260 80 
Interest expense1,336 222 
GM Protection claims losses23 — 
Other segment items(c)
174 75 
Equity income
— 8 
Reportable segment income before income taxes
$632 $68 $699 
Reconciliation to income before income taxes
Other loss(d)
(31)
Income before income taxes
$668 

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Three Months Ended September 30, 2025
North AmericaInternationalTotal
Revenue from reportable segments$3,901 $421 $4,322 
Reconciliation of revenue
Other revenue(a)
14 
Total revenue
$4,337 
Costs and expenses(b)
Salaries and benefits258 40 
Leased vehicle depreciation1,216 22 
(Gain) loss on termination of leased vehicles
(148)2 
Provision for loan losses202 42 
Interest expense1,464 187 
GM Protection claims losses17 — 
Other segment items(c)
140 67 
Equity income
— 9 
Reportable segment income before income taxes
$753 $71 $824 
Reconciliation to income before income taxes
Other loss(d)
(20)
Income before income taxes
$804 
Nine Months Ended September 30, 2026
North AmericaInternationalTotal
Revenue from reportable segments$11,256 $1,505 $12,761 
Reconciliation of revenue
Other revenue(a)
93 
Total revenue
$12,854 
Costs and expenses(b)
Salaries and benefits801 134 
Leased vehicle depreciation3,802 81 
(Gain) loss on termination of leased vehicles
(475)12 
Provision for loan losses804 192 
Interest expense4,011 627 
GM Protection claims losses61 — 
Other segment items(c)
484 224 
Equity income
— 35 
Reportable segment income before income taxes
$1,769 $271 $2,039 
Reconciliation to income before income taxes
Other loss(d)
(77)
Income before income taxes
$1,962 
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Nine Months Ended September 30, 2025
North AmericaInternationalTotal
Revenue from reportable segments$11,531 $1,189 $12,720 
Reconciliation of revenue
Other revenue(a)
35 
Total revenue
$12,755 
Costs and expenses(b)
Salaries and benefits781 116 
Leased vehicle depreciation3,616 60 
(Gain) loss on termination of leased vehicles(495)2 
Provision for loan losses808 118 
Interest expense4,350 536 
GM Protection claims losses39 — 
Other segment items(c)
413 168 
Equity income— 37 
Reportable segment income before income taxes$2,018 $227 $2,244 
Reconciliation to income before income taxes
Other loss(d)
(52)
Income before income taxes
$2,193 
________________
(a)Revenue from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
(b)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision-maker.
(c)Other segment items for each reportable segment primarily include professional fees, supplies and equipment, occupancy costs, depreciation and amortization, and commission expense.
(d)Income/loss from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
The following table presents certain balance sheet information by segment:
September 30, 2026December 31, 2025
North AmericaInternationalTotalNorth AmericaInternationalTotal
Finance receivables, net$83,094 $8,686 $91,780 $82,219 $7,826 $90,045 
Leased vehicles, net$31,653 $591 $32,244 $33,158 $529 $33,686 
Assets from reportable segments$129,268 $11,637 $140,906 $129,261 $11,010 $140,272 
Other assets(a)
236 .205 
Total assets$141,141 .$140,477 
_________________
(a)Assets from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.
Note 14. 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 $10.4 billion and $9.3 billion at September 30, 2026 and December 31, 2025.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
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, the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission (SEC) on January 27, 2026 (2025 Form 10-K), and the "Risk Factors" section of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the SEC on April 28, 2026, 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 2025 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.
Results of Operations
Key Drivers Income before income taxes was $2.0 billion and $2.2 billion for the nine months ended September 30, 2026 and 2025. Changes in key drivers include the following:
•Finance charge income decreased $98 million primarily due to a decrease in the average balance of the finance receivables portfolio.
•Leased vehicle income increased $83 million primarily due to an increase in the average balance of the leased vehicles portfolio.
•Other income increased $115 million primarily due to growth in the insurance and vehicle protection businesses, partially offset by lower investment income resulting from a decrease in the average investment balance.
•Leased vehicle expenses increased $251 million primarily due to increased depreciation expense on electric vehicles (EVs).
•Operating expenses increased $256 million primarily due to growth in the insurance and vehicle protection businesses and related claims losses.
•Interest expense decreased $249 million primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on our debt.
•Provision for loan losses increased $70 million primarily due to the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the nine months ended September 30, 2025 as well as credit mix of loan originations.
For the year ending December 31, 2026, we expect to recognize income before income taxes in the $2.5 billion to $3.0 billion range.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Three Months Ended September 30, 2026 compared to Three Months Ended September 30, 2025
Average Earning Assets
Three Months Ended September 30,2026 vs. 2025
20262025AmountPercentage
Average retail finance receivables$76,690 $76,799 $(109)(0.1)%
Average commercial finance receivables17,032 16,589 442 2.7 %
Average finance receivables93,722 93,388 333 0.4 %
Average leased vehicles, net32,613 33,377 (764)(2.3)%
Average earning assets$126,335 $126,765 $(431)(0.3)%
Retail finance receivables purchased$9,863 $8,812 $1,051 11.9 %
Leased vehicles purchased$3,721 $4,956 $(1,235)(24.9)%
Our penetration of GM's retail sales in the U.S. was 35.3% for the three months ended September 30, 2026, up from 31.9% for the three months ended September 30, 2025. 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 GM vehicle inventory. Our floorplan dealer penetration in the U.S. was 47.7% and 48.2% at September 30, 2026 and 2025.
Leased vehicles purchased decreased primarily due to decreases in GM sales, lease sales mix, and net capitalized cost.
RevenueThree Months Ended September 30,2026 vs. 2025
20262025AmountPercentage
Finance charge income
Retail finance receivables
$1,775 $1,756 $20 1.1 %
Commercial finance receivables
$287 $304 $(17)(5.6)%
Leased vehicle income
$1,939 $1,968 $(29)(1.5)%
Other income$311 $309 $1 0.4 %
Equity income
$8 $9 $(1)(7.9)%
Effective yield - retail finance receivables
9.2 %9.1 %
Effective yield - commercial finance receivables
6.7 %7.3 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased slightly primarily due to an increase in the effective yield. 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 decreased primarily due to a decrease in the effective yield, resulting from lower short-term benchmark rates, partially offset by an increase in the average balance of the portfolio.
Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the average balance of the leased vehicles portfolio.
Costs and Expenses
Three Months Ended September 30,2026 vs. 2025
20262025AmountPercentage
Operating expenses$642 $545 $96 17.7 %
Leased vehicle expenses$1,112 $1,101 $11 1.0 %
Provision for loan losses$340 $244 $96 39.2 %
Interest expense$1,558 $1,651 $(93)(5.7)%
Average debt outstanding$112,968 $117,568 $(4,600)(3.9)%
Effective rate of interest on debt5.5 %5.6 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 2.0% and 1.7% for the three months ended September 30, 2026 and 2025. Operating expenses increased primarily due to growth in the insurance and vehicle protection businesses and related claims losses.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Leased Vehicle Expenses Leased vehicle expenses increased primarily due to an increase in depreciation expense on EVs as well as a decrease in lease termination gains.
Provision for Loan Losses Provision for loan losses increased primarily due to an increase in loan origination volume as well as the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the three months ended September 30, 2025.
Interest Expense Interest expense decreased primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on our debt.
Taxes Our consolidated effective income tax rates were 27.1% and 26.7% of income before income taxes for the three months ended September 30, 2026 and 2025.
Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $1 million and $(36) million for the three months ended September 30, 2026 and 2025. The change in unrealized gain (loss) 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 Adjustments Foreign currency translation adjustments included in other comprehensive income (loss) were $(19) million and $30 million for the three months ended September 30, 2026 and 2025. 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, 2026 was primarily due to depreciating value of the Mexican Peso, partially offset by the appreciating value of the Chinese Yuan Renminbi in relation to the U.S. Dollar. The foreign currency translation gain for the three months ended September 30, 2025 was primarily due to appreciating values of the Mexican Peso, Brazilian Real, and Chinese Yuan Renminbi, partially offset by the depreciating value of the Canadian Dollar in relation to the U.S. Dollar.
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Average Earning Assets
Nine Months Ended September 30,2026 vs. 2025
20262025AmountPercentage
Average retail finance receivables$75,824 $77,098 $(1,274)(1.7)%
Average commercial finance receivables16,319 17,138 (819)(4.8)%
Average finance receivables92,143 94,236 (2,092)(2.2)%
Average leased vehicles, net33,118 32,698 420 1.3 %
Average earning assets$125,262 $126,934 $(1,672)(1.3)%
Retail finance receivables purchased$28,163 $27,910 $253 0.9 %
Leased vehicles purchased$11,897 $15,338 $(3,441)(22.4)%
Our penetration of GM's retail sales in the U.S. was 35.2% and 34.2% for the nine months ended September 30, 2026 and 2025. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.
Average commercial finance receivables decreased primarily due to changes in dealer inventory. Our floorplan dealer penetration in the U.S. was 47.7% and 48.2% at September 30, 2026 and 2025.
Leased vehicles purchased decreased primarily due to decreases in GM sales, lease sales mix, and net capitalized cost.
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RevenueNine Months Ended September 30,2026 vs. 2025
20262025AmountPercentage
Finance charge income
Retail finance receivables
$5,232 $5,192 $40 0.8 %
Commercial finance receivables
$802 $940 $(138)(14.7)%
Leased vehicle income
$5,893 $5,810 $83 1.4 %
Other income$927 $813 $115 14.1 %
Equity income
$35 $37 $(2)(4.9)%
Effective yield - retail finance receivables
9.2 %9.0 %
Effective yield - commercial finance receivables
6.6 %7.3 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield, partially offset by a decrease in the average balance of the portfolio. 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 decreased primarily due to a decrease in the effective yield, resulting from lower short-term benchmark rates, and a decrease in the average balance of the portfolio.
Leased Vehicle Income Leased vehicle income increased primarily due to an increase in the average balance of the leased vehicles portfolio.
Other Income Other income increased primarily due to growth in the insurance and vehicle protection businesses, partially offset by lower investment income resulting from a decrease in the average investment balance.
Costs and Expenses
Nine Months Ended September 30,2026 vs. 2025
20262025AmountPercentage
Operating expenses$1,836 $1,581 $256 16.2 %
Leased vehicle expenses$3,458 $3,206 $251 7.8 %
Provision for loan losses$996 $926 $70 7.6 %
Interest expense$4,638 $4,886 $(249)(5.1)%
Average debt outstanding$113,630 $116,922 $(3,292)(2.8)%
Effective rate of interest on debt5.5 %5.6 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets were 2.0% and 1.7% for the nine months ended September 30, 2026 and 2025. Operating expenses increased primarily due to growth in the insurance and vehicle protection businesses and related claims losses.
Leased Vehicle Expenses Leased vehicle expenses increased primarily due to increased depreciation expense on EVs.
Provision for Loan Losses Provision for loan losses increased primarily due to the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the nine months ended September 30, 2025 as well as credit mix of loan originations.
Interest Expense Interest expense decreased primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on our debt.
Taxes Our consolidated effective income tax rates were 27.0% and 27.1% of income before income taxes for the nine months ended September 30, 2026 and 2025.
Other Comprehensive Income (Loss)
Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $61 million and $(132) million for the nine months ended September 30, 2026 and 2025. The change in unrealized gain (loss) 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.
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Foreign Currency Translation Adjustments Foreign currency translation adjustments included in other comprehensive income (loss) were $46 million and $235 million for the nine months ended September 30, 2026 and 2025. 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 gain for the nine months ended September 30, 2026 was primarily due to appreciating values of the Chinese Yuan Renminbi and Brazilian Real, partially offset by the depreciating value of the Canadian Dollar in relation to the U.S. Dollar. The foreign currency translation gain for the nine months ended September 30, 2025 was primarily due to appreciating values of the Mexican Peso, Brazilian Real, Chinese Yuan Renminbi, and Canadian Dollar in relation to the U.S. Dollar.
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, 2026December 31, 2025
AmountPercentAmountPercent
Prime - FICO Score 680 and greater$56,581 73.8 %$56,440 74.9 %
Near-prime - FICO Score 620 to 6799,556 12.5 9,303 12.3 
Sub-prime - FICO Score less than 62010,515 13.7 9,661 12.8 
Retail finance receivables76,651 100.0 %75,404 100.0 %
Less: allowance for loan losses(2,826)(2,656)
Retail finance receivables, net$73,825 $72,748 
Number of outstanding contracts3,195,244 3,194,917 
Average amount of outstanding contracts (in dollars)(a)
$23,989 $23,601 
Allowance for loan losses as a percentage of retail finance receivables3.7 %3.5 %
_________________ 
(a)Average amount of outstanding contracts is calculated as retail finance receivables, divided by number of outstanding contracts.
The increase in the allowance for retail loan losses as a percentage of retail finance receivables is primarily due to changes in the composition of credit mix of the portfolio.
Delinquency The following is a consolidated summary of delinquent retail finance receivables:
September 30, 2026September 30, 2025
AmountPercentAmountPercent
31 - 60 days$2,008 2.6 %$1,779 2.3 %
Greater than 60 days803 1.0 682 0.9 
Total finance receivables more than 30 days delinquent2,811 3.7 2,461 3.2 
In repossession92 0.1 78 0.1 
Total finance receivables more than 30 days delinquent or in repossession$2,903 3.8 %$2,540 3.3 %
At September 30, 2026, delinquency increased from September 30, 2025, primarily due to changes in the composition of credit mix of the portfolio.
Loan Modifications Loan modifications extended to borrowers experiencing financial difficulty were insignificant for the three and nine months ended September 30, 2026 and 2025. Refer to Note 4 to our condensed consolidated financial statements for further information on loan modifications.
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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,
2026202520262025
Charge-offs$563 $494 $1,639 $1,461 
Less: recoveries(259)(257)(810)(778)
Net charge-offs$303 $237 $829 $683 
Net charge-offs as an annualized percentage of average retail finance receivables1.6 %1.2 %1.5 %1.2 %
Net charge-offs for the three and nine months ended September 30, 2026 increased compared to the same periods in 2025, primarily due to lower recovery rates.
Commercial Finance ReceivablesSeptember 30, 2026December 31, 2025
Commercial finance receivables$18,024 $17,365 
Less: allowance for loan losses
(69)(68)
Commercial finance receivables, net$17,955 $17,297 
Number of dealers2,509 2,554 
Average carrying amount per dealer$7 $7 
Allowance for loan losses as a percentage of commercial finance receivables0.4 %0.4 %
Substantially all of our commercial finance receivables were current with respect to payment status at September 30, 2026 and December 31, 2025. No commercial loans were modified for the three and nine months ended September 30, 2026 and 2025.
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,
2026202520262025
Operating leases purchased76 92 240 295 
Operating leases terminated95 88 281 280 
Operating leased vehicles returned(a)
36 22 97 67 
Percentage of leased vehicles returned(b)
38 %24 %34 %24 %
________________ 
(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 largely dependent on the level of used vehicle values at lease termination compared to contractual residual values at lease inception. The return rate for the three and nine months ended September 30, 2026 increased compared to the same periods in 2025, primarily due to used leased vehicle prices approaching or falling below contract residual values.
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, 2026December 31, 2025
Residual ValueUnitsPercentage
of Units		Residual ValueUnitsPercentage
of Units
Crossovers$12,380 570 62.6 %$13,145 617 64.8 %
Trucks9,122 268 29.4 8,702 254 26.6 
SUVs2,435 50 5.5 2,619 56 5.9 
Cars462 23 2.5 515 26 2.7 
Total$24,399 910 100.0 %$24,981 952 100.0 %
At September 30, 2026 and December 31, 2025, residual values of leased EVs represented 23.5% and 21.1% of total residual values. At September 30, 2026 and 2025, 99.3% and 99.4% 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 expected material 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, 2026December 31, 2025
Cash, cash equivalents and marketable debt securities(a)
$4,689 $5,866 
Available capacity under secured credit facilities19,070 25,924 
Available under committed unsecured credit facilities1,227 967 
Available under the Junior Subordinated Revolving Credit Facility1,000 1,000 
Available under the GM Revolving 364-Day Credit Facility2,000 2,000 
Available liquidity$27,987 $35,756 
_________________
(a)Includes $451 million and $368 million in unrestricted cash outside of the U.S. at September 30, 2026 and December 31, 2025, of which certain amounts are considered to be indefinitely invested based on specific plans for reinvestment.
Our available liquidity varies quarterly based on factors including near-term debt issuances and maturities, as well as changes in our earning assets. At September 30, 2026, available liquidity decreased from December 31, 2025, primarily due to increased utilization of our secured credit facilities and a decrease 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, 2026, available liquidity exceeded our liquidity targets.
Cash Flows The following table summarizes our cash flow activities.

Nine Months Ended September 30,2026 vs. 2025
20262025
Net cash provided by (used in) operating activities$4,945 $6,067 $(1,122)
Net cash provided by (used in) investing activities$(4,173)$(1,574)$(2,599)
Net cash provided by (used in) financing activities$(1,667)$(1,658)$(9)
The following table summarizes our net cash provided by (used in) operating activities. For further detail on our net cash provided by (used in) investing and financing activities, please refer to the Condensed Consolidated Statements of Cash Flows.
Nine Months Ended September 30,2026 vs. 2025
Operating Activities20262025
Net income (loss)$1,433 $1,598 $(165)
Depreciation and amortization4,129 3,961 168 
Accretion and amortization of loan and leasing fees(1,116)(1,209)93 
Provision for loan losses996 926 70 
Other non-cash income(388)(664)275 
Changes in assets and liabilities
(287)1,251 (1,539)
Deferred income taxes178 203 (26)
Net cash provided by (used in) operating activities$4,945 $6,067 $(1,122)
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Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings, Moody’s Investors Service and Standard & Poor’s. The credit ratings assigned to us from all the credit rating agencies are closely associated with their opinions on GM. As of October 14, 2026, all credit ratings remained unchanged since December 31, 2025.
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, 2026, credit facilities consist of the following:
Facility TypeFacility AmountAdvances Outstanding
Secured debt(a)
$28,245 $9,017 
Unsecured debt(b)
3,972 2,744 
Junior Subordinated Revolving Credit Facility1,000 — 
GM Revolving 364-Day Credit Facility2,000 — 
Total $35,217 $11,762 
_________________
(a)Includes committed and uncommitted revolving credit facilities backed by retail finance receivables and leases as well as loans to dealers for floorplan financing. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them, and no unused borrowing capacity is included in the facility amount. We had no advances outstanding on these uncommitted facilities at September 30, 2026.
(b)Includes committed and uncommitted facilities. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them, and no unused borrowing capacity is included in the facility amount. We had $2.7 billion of advances outstanding on these facilities at September 30, 2026.
Refer to Note 7 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.
Our securitizations and credit facilities generally utilize special purpose entities, which are also variable interest entities that meet the requirements to be consolidated in our financial statements. Refer to Note 8 to our condensed consolidated financial statements for further discussion.
Unsecured Debt We periodically access the unsecured debt capital markets through the issuance of senior unsecured notes. At September 30, 2026, the aggregate principal amount of our outstanding unsecured senior notes was $53.7 billion.
We issue other unsecured debt through demand notes, commercial paper and other bank and non-bank funding sources. At September 30, 2026, we had $3.4 billion outstanding in demand notes and $2.6 billion under the U.S. commercial paper program.
Support Agreement - Leverage Ratio Our earning assets leverage ratio, calculated in accordance with the terms of the support agreement with GM (the Support Agreement), was 8.43x and 8.67x at September 30, 2026 and December 31, 2025, 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.
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Asset and Liability Maturity Profile We define our asset and liability maturity profile as the cumulative maturities of our finance receivables, net, investment in leased vehicles, net of accumulated depreciation, cash and marketable securities, less our cumulative debt maturities. We manage our balance sheet so that asset maturities will exceed debt maturities each year. The following table presents our cumulative maturities for assets and debt at September 30, 2026:
2026202720282029 and Thereafter
Encumbered assets$10,940 $38,328 $51,875 $69,287 
Unencumbered assets23,855 39,762 54,447 62,798 
Assets(a)
$34,795 $78,090 $106,323 $132,085 
Secured debt$7,818 $27,391 $37,073 $49,517 
Unsecured debt6,866 20,334 31,245 64,893 
Total debt(b)
$14,684 $47,725 $68,318 $114,409 
_________________ 
(a) Amounts presented include the impact of expected prepayments.
(b)Excludes unamortized debt premium/(discount), unamortized debt issuance costs and fair value adjustments.
Off-Balance Sheet Arrangements
Transfers of Finance Receivables We have continuing involvement with finance receivables that were transferred in 2025, primarily in our role as servicer. The outstanding balance of the previously transferred finance receivables subject to our continuing involvement was $1.2 billion at September 30, 2026. Refer to Note 10 to our condensed consolidated financial statements for information on our representations and warranties.
Non-GAAP Measures
Net Income Attributable to Common Shareholder - adjusted We use net income attributable to common shareholder - adjusted, a non-GAAP measure, to calculate our return on average tangible common equity - adjusted because it excludes certain adjustments that are not considered part of our core operations. It is calculated by subtracting the dividends paid to preferred shareholders from net income, after any adjustments.
The following table presents our reconciliation of net income attributable to common shareholder - adjusted to net income, the most directly comparable GAAP measure:
Four Quarters Ended
September 30, 2026September 30, 2025
Net income attributable to common shareholder$1,775 $1,695 
Adjustment - impairment charge(a)
— 320 
Net income attributable to common shareholder - adjusted$1,775 $2,015 
______________ 
(a)This impairment charge was to write down our SAIC-GMAC equity investment to its fair value.
Return on Average Common Equity Return on average common equity is a generally accepted accounting principles (GAAP) measure widely used to measure earnings in relation to invested capital. We calculate return on average common equity as net income attributable to common shareholder divided by average common equity. Our return on average common equity increased to 12.6% for the four quarters ended September 30, 2026 from 12.4% for the four quarters ended September 30, 2025, primarily due to the $320 million impairment charge on our SAIC-GMAC equity investment recorded in the three months ended December 31, 2024.
Return on Average Tangible Common Equity - adjusted We use return on average tangible common equity - adjusted, a non-GAAP measure, to measure our contribution to GM's enterprise profitability and cash flows. We calculate return on average tangible common equity - adjusted as net income attributable to common shareholder - adjusted divided by average tangible common equity. Our return on average tangible common equity - adjusted decreased to 13.8% for the four quarters ended September 30, 2026 from 16.2% for the four quarters ended September 30, 2025, primarily due to decreased earnings.
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The following table presents our reconciliation of return on average tangible common equity - adjusted to return on average common equity, the most directly comparable GAAP measure:
Four Quarters Ended
September 30, 2026September 30, 2025
Net income attributable to common shareholder - adjusted
$1,775 $2,015 
Average equity$16,026 $15,607 
Less: average preferred equity(1,969)(1,969)
Average common equity14,057 13,638 
Less: average goodwill and intangible assets(1,180)(1,174)
Average tangible common equity$12,877 $12,464 
Return on average common equity
12.6 %12.4 %
Return on average tangible common equity - adjusted
13.8 %16.2 %
Our calculation of these non-GAAP measures 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 these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. These non-GAAP measures allow 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 these measures 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 these non-GAAP measures are useful to our investors.
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 2025 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 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 SEC, including our 2025 Form 10-K and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the SEC on April 28, 2026. 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 produce and sell new vehicles that we finance in the markets we serve;
•uncertainty regarding the impact of tariffs on the automotive industry, GM’s business, and the general economy, including the financial health of our borrowers;
•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;
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•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, operational or financing 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 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, accounting pronouncements, court decisions, legal proceedings, governmental investigations and other proceedings;
•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, including risks from our hedging activities;
•our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;
•our ability to attract and retain qualified employees;
•pandemics, epidemics, disease outbreaks and other public health crises;
•our ability to secure private data, proprietary information, manage risks related to security breaches, cyberattacks 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 tax regulations and earnings forecasts could prevent full utilization of available tax incentives and tax credits;
•changes in local, regional, national or international economic, social or political conditions, including political uncertainty or instability and economic tensions between governments; 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 the public to visit our website, as we frequently update and post new information about the 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.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our exposure to market risk since December 31, 2025. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2025 Form 10-K.
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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, 2026, 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, 2026.
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, 2026, 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 10 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 2025 Form 10-K, other than as set forth in Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.
Item 6. Exhibits
3.1Incorporated by Reference
3.2Incorporated by Reference
31.1Filed Herewith
31.2
Filed Herewith
32
Furnished Herewith
101
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026, 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 quarterly period ended September 30, 2026, 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 20, 2026By:
/S/    RICHARD A. GOKENBACH, JR.
Richard A. Gokenbach, Jr.
Executive Vice President and
Chief Financial Officer
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