v3.26.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions 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
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.