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ACF General Motors Financial

Filed: 5 May 21, 2:01pm
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 March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number 1-10667
______________________________________________ 
General Motors Financial Company, Inc.
(Exact name of registrant as specified in its charter)
Texas75-2291093
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
801 Cherry Street, Suite 3500, Fort Worth, Texas 76102
(Address of principal executive offices, including Zip Code)
(817) 302-7000
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
5.250% Senior Notes due 2026GM/26New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 May 4, 2021, 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 (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Notes to Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Related Party Transactions
Note 3. Finance Receivables
Note 4. Leased Vehicles
Note 5. Equity in Net Assets of Non-consolidated Affiliates
Note 6. Debt
Note 7. Variable Interest Entities
Note 8. Derivative Financial Instruments and Hedging Activities
Note 9. Commitments and Contingencies
Note 10. Shareholders' Equity
Note 11. Income Taxes
Note 12. Segment Reporting
Note 13. Regulatory Capital and Other Regulatory Matters
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
       PART II
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 6.Exhibits
Signature


GENERAL MOTORS FINANCIAL COMPANY, INC.
PART I
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts) (unaudited)
 March 31, 2021December 31, 2020
ASSETS
Cash and cash equivalents$6,343 $5,063 
Finance receivables, net (Note 3; Note 7 VIEs)
58,585 58,390 
Leased vehicles, net (Note 4; Note 7 VIEs)
40,343 39,819 
Goodwill1,169 1,173 
Equity in net assets of non-consolidated affiliates (Note 5)
1,630 1,581 
Related party receivables (Note 2)
669 643 
Other assets (Note 7 VIEs)
6,451 7,156 
Total assets$115,190 $113,825 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt (Note 6; Note 7 VIEs)
$39,965 $39,982 
Unsecured debt (Note 6)
53,730 52,443 
Deferred income2,989 3,048 
Related party payables (Note 2)
210 269 
Other liabilities4,496 4,485 
Total liabilities101,390 100,227 
Commitments and contingencies (Note 9)
00
Shareholders' equity (Note 10)
Common stock, $0.0001 par value per share
Preferred stock, $0.01 par value per share
Additional paid-in capital8,650 8,642 
Accumulated other comprehensive loss(1,332)(1,309)
Retained earnings6,482 6,265 
Total shareholders' equity13,800 13,598 
Total liabilities and shareholders' equity$115,190 $113,825 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions) (unaudited)
Three Months Ended March 31,
 20212020
Revenue
Finance charge income$1,016 $1,006 
Leased vehicle income2,321 2,463 
Other income70 92 
Total revenue3,407 3,561 
Costs and expenses
Operating expenses411 358 
Leased vehicle expenses1,244 1,697 
Provision for loan losses (Note 3)
(26)466 
Interest expense650 835 
Total costs and expenses2,279 3,356 
Equity income (Note 5)
54 25 
Income before income taxes1,182 230 
Income tax provision (Note 11)
304 63 
Net income878 167 
Less: cumulative dividends on preferred stock30 23 
Net income attributable to common shareholder$848 $144 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions) (unaudited)
Three Months Ended March 31,
20212020
Net income$878 $167 
Other comprehensive loss, net of tax (Note 10)
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $(17), $3949 (117)
Foreign currency translation adjustment(72)(426)
Other comprehensive loss, net of tax(23)(543)
Comprehensive income (loss)$855 $(376)
The accompanying notes are an integral part of these condensed consolidated financial statements.

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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 LossRetained EarningsTotal
Shareholders'
Equity
Balance at January 1, 2020$$$8,101 $(1,119)$5,744 $12,726 
Adoption of accounting standard— — — — (643)(643)
Net income— — — — 167 167 
Other comprehensive loss— — — (543)— (543)
Stock based compensation— — — — 
Dividends paid (Note 10)
— — — — (400)(400)
Balance at March 31, 2020$$$8,110 $(1,662)$4,868 $11,316 
Balance at January 1, 2021$$$8,642 $(1,309)$6,265 $13,598 
Net income— — — — 878 878 
Other comprehensive loss— — — (23)— (23)
Stock based compensation— — — — 
Dividends paid (Note 10)
— — — — (661)(661)
Balance at March 31, 2021$$$8,650 $(1,332)$6,482 $13,800 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (unaudited)
Three Months Ended March 31,
20212020
Cash flows from operating activities
Net income$878 $167 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization1,715 1,829 
Accretion and amortization of loan and leasing fees(410)(512)
Undistributed earnings of non-consolidated affiliates, net(54)(25)
Provision for loan losses(26)466 
Deferred income taxes216 46 
Stock-based compensation expense
Gain on termination of leased vehicles(416)(89)
Other operating activities23 48 
Changes in assets and liabilities:
Other assets48 (62)
Other liabilities(361)333 
Related party payables(96)
Net cash provided by operating activities1,525 2,213 
Cash flows from investing activities
Purchases of retail finance receivables, net(8,245)(6,435)
Principal collections and recoveries on retail finance receivables5,749 4,890 
Net collections (funding) of commercial finance receivables2,079 (505)
Purchases of leased vehicles, net(6,066)(3,733)
Proceeds from termination of leased vehicles4,919 3,088 
Other investing activities(17)(15)
Net cash used in investing activities(1,581)(2,710)
Cash flows from financing activities
Net change in debt (original maturities less than three months)1,547 13 
Borrowings and issuances of secured debt8,720 16,259 
Payments on secured debt(8,663)(9,616)
Borrowings and issuances of unsecured debt4,385 3,243 
Payments on unsecured debt(3,879)(1,644)
Debt issuance costs(46)(28)
Dividends paid(661)(445)
Net cash provided by financing activities1,403 7,782 
Net increase in cash, cash equivalents and restricted cash1,347 7,285 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(50)(159)
Cash, cash equivalents and restricted cash at beginning of period8,126 7,102 
Cash, cash equivalents and restricted cash at end of period$9,423 $14,228 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:
March 31, 2021
Cash and cash equivalents$6,343 
Restricted cash included in other assets3,080 
Total$9,423 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Summary of Significant Accounting Policies
Basis of Presentation The condensed consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany 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, 2020, as filed with the Securities and Exchange Commission (SEC) on February 10, 2021 (2020 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions.
The condensed consolidated financial statements at March 31, 2021, and for the three months ended March 31, 2021 and 2020, 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, 2020 was derived from audited annual financial statements.
Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (GM). We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in 2 operating segments: North America (the North America Segment) and International (the International Segment). Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China.
Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope", which amended Topic 848 reference rate reform to clarify the scope and availability of expedients for certain derivative instruments affected by reference rate reform. We have elected various optional expedients in Topic 848 related to hedging relationships and expect to make future elections related to contract modifications and other hedging relationships. The future election and application of these expedients are not expected to have a material impact on our consolidated financial statements.
Note 2. Related Party Transactions
We offer loan and lease finance products through GM-franchised dealers to customers purchasing new vehicles manufactured by GM and certain used vehicles and make commercial loans directly to GM-franchised dealers and their affiliates. We also offer commercial loans to dealers that are consolidated by GM and those balances are included in our finance receivables, net.
Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on retail loan and lease finance products. In addition, GM makes cash payments to us to cover interest payments on certain commercial loans.
We are included in GM's consolidated U.S. federal income tax returns and certain U.S. state returns, and we are obligated to pay GM for our share of tax liabilities. On January 25, 2021, we made a payment of $163 million to GM for state and federal income taxes for the years ended 2020, 2019 and 2018. Amounts owed to GM for income taxes are accrued and recorded as a related party payable. In addition, amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following tables present related party transactions:
Balance Sheet DataMarch 31, 2021December 31, 2020
Commercial finance receivables, net due from dealers consolidated by GM(a)
$313 $398 
Subvention receivable(b)
$668 $642 
Commercial loan funding payable(c)
$61 $23 
Taxes payable(c)
$148 $244 
Three Months Ended March 31,
Income Statement Data20212020
Interest subvention earned on retail finance receivables(d)
$179 $141 
Interest subvention earned on commercial finance receivables(d)
$$15 
Leased vehicle subvention earned(e)
$721 $805 
_________________
(a)Included in finance receivables, net.
(b)Included in related party receivables. We received subvention payments from GM of $1.0 billion and $1.1 billion for the three months ended March 31, 2021 and 2020.
(c)Included in related party payables.
(d)Included in finance charge income.
(e)Included as a reduction to leased vehicle expenses.
Under the support agreement with GM (the Support Agreement), if our earning assets leverage ratio at the end of any calendar quarter exceeds the applicable threshold set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage ratio to within the applicable threshold. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting from time to time.
Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding. GM also agrees to certain provisions in the Support Agreement intended to ensure we maintain adequate access to liquidity. Pursuant to these provisions, GM provides us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility (the Junior Subordinated Revolving Credit Facility), and GM agrees to use commercially reasonable efforts to ensure we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $15.5 billion of GM's unsecured revolving credit facilities consisting of a three-year, $4.3 billion facility and a five-year, $11.2 billion facility. We also have exclusive access to the GM $2.0 billion 364-day revolving credit facility (GM Revolving 364-Day Credit Facility).
In April 2021, GM increased the total borrowing capacity of the five-year, $10.5 billion facility to $11.2 billion and extended the termination date for a $9.9 billion portion of the five-year facility by three years, now set to mature on April 18, 2026. The termination date of April 18, 2023 for the remaining portion of the five-year facility remains unchanged. GM also renewed and increased the total borrowing capacity of the three-year, $4.0 billion facility to $4.3 billion, which now matures on April 7, 2024, and renewed the GM Revolving 364-Day Credit Facility, which now matures on April 6, 2022. At March 31, 2021, we had 0 borrowings outstanding under any of the GM revolving credit facilities.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 3. Finance Receivables
March 31, 2021December 31, 2020
Retail finance receivables
Retail finance receivables, net of fees(a)
$53,397 $51,288 
Less: allowance for loan losses(1,784)(1,915)
Total retail finance receivables, net51,613 49,373 
Commercial finance receivables
Commercial finance receivables, net of fees(b)
7,023 9,080 
Less: allowance for loan losses(51)(63)
Total commercial finance receivables, net6,972 9,017 
Total finance receivables, net$58,585 $58,390 
Fair value utilizing Level 2 inputs$6,972 $9,017 
Fair value utilizing Level 3 inputs$53,524 $51,645 
________________
(a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(b) Net of dealer cash management balances of $1.5 billion and $1.4 billion at March 31, 2021 and December 31, 2020.

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 March 31,
20212020
Allowance for retail loan losses beginning balance$1,915 $866 
Impact of adopting ASU 2016-13801 
Provision for loan losses(13)456 
Charge-offs(253)(340)
Recoveries149 156 
Foreign currency translation(14)(60)
Allowance for retail loan losses ending balance$1,784 $1,879 
The allowance for retail loan losses decreased by $95 million as of March 31, 2021 compared to March 31, 2020, primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.
Retail Credit Quality Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at March 31, 2021 and December 31, 2020:
Year of OriginationMarch 31, 2021
 20212020201920182017PriorTotalPercent
Prime - FICO Score 680 and greater$5,554 $17,004 $6,171 $3,841 $1,565 $478 $34,613 64.8 %
Near-prime - FICO Score 620 to 6791,167 3,377 1,870 1,062 509 231 8,216 15.4 
Sub-prime - FICO Score less than 6201,227 3,516 2,611 1,517 994 703 10,568 19.8 
Retail finance receivables, net of fees$7,948 $23,897 $10,652 $6,420 $3,068 $1,412 $53,397 100.0 %
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Year of OriginationDecember 31, 2020
 20202019201820172016PriorTotalPercent
Prime - FICO Score 680 and greater$18,685 $7,033 $4,491 $1,917 $555 $119 $32,800 64.0 %
Near-prime - FICO Score 620 to 6793,695 2,097 1,232 603 225 83 7,935 15.4 
Sub-prime - FICO Score less than 6203,803 2,920 1,740 1,173 610 307 10,553 20.6 
Retail finance receivables, net of fees$26,183 $12,050 $7,463 $3,693 $1,390 $509 $51,288 100.0 %
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 delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2021 and December 31, 2020, as well as summary totals for March 31, 2020:
Year of OriginationMarch 31, 2021March 31, 2020
20212020201920182017PriorTotalPercentTotalPercent
0 - 30 days$7,934 $23,640 $10,363 $6,218 $2,927 $1,285 $52,367 98.1 %$40,886 96.2 %
31 - 60 days13 179 204 148 104 93 741 1.4 1,157 2.7 
Greater than 60 days68 75 48 34 31 257 0.5 441 1.1 
Finance receivables more than 30 days delinquent14 247 279 196 138 124 998 1.9 1,598 3.8 
In repossession10 10 32 20 
Finance receivables more than 30 days delinquent or in repossession14 257 289 202 141 127 1,030 1.9 1,618 3.8 
Retail finance receivables, net of fees$7,948 $23,897 $10,652 $6,420 $3,068 $1,412 $53,397 100.0 %$42,504 100.0 %
Year of OriginationDecember 31, 2020
20202019201820172016PriorTotalPercent
0 - 30 days$25,894 $11,591 $7,131 $3,454 $1,249 $421 $49,740 97.0 %
31 - 60 days210 325 235 170 102 61 1,103 2.1 
Greater than 60 days72 123 90 64 37 26 412 0.8 
Finance receivables more than 30 days delinquent282 448 325 234 139 87 1,515 2.9 
In repossession11 33 0.1 
Finance receivables more than 30 days delinquent or in repossession289 459 332 239 141 88 1,548 3.0 
Retail finance receivables, net of fees$26,183 $12,050 $7,463 $3,693 $1,390 $509 $51,288 100.0 %
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $538 million and $714 million at March 31, 2021 and December 31, 2020.
Impaired Retail Finance Receivables - TDRs The outstanding amortized cost of retail finance receivables that are considered troubled debt restructurings (TDRs) was $2.1 billion at March 31, 2021, including $214 million in nonaccrual loans. Additional TDR activity is presented below:
Three Months Ended March 31,
20212020
Number of loans classified as TDRs during the period11,376 15,268 
Outstanding amortized cost of loans classified as TDRs during the period$234 $287 
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The unpaid principal balances, net of recoveries, of loans charged off during the reporting period within 12 months of being modified as a TDR were $14 million and $20 million for the three months ended March 31, 2021 and 2020.
Commercial Credit Quality Our commercial finance receivables consist of dealer financings, primarily for dealer inventory purchases. Proprietary models are used to assign a risk rating to each dealer. We perform periodic credit reviews of each dealership and adjust the dealership's risk rating, if necessary.
Our commercial risk model and risk rating categories are as follows:
Dealer Risk RatingDescription
IPerforming accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
IIPerforming accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
IIINon-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected.
IVNon-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable.
Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2021 and December 31, 2020:
Year of Origination(a)
March 31, 2021
Dealer Risk RatingRevolving20212020201920182017PriorTotalPercent
I$5,380 $108 $538 $154 $66 $106 $49 $6,401 91.1 %
II352 18 10 10 10 406 5.8
III150 28 15 215 3.1
IV0
Balance at end of period$5,883 $121 $544 $180 $104 $117 $74 $7,023 100.0 %
________________
(a) Floorplan advances comprise 94% of the total revolving balance. Dealer term loans are presented by year of origination.
Year of Origination(a)
December 31, 2020
Dealer Risk RatingRevolving20202019201820172016PriorTotalPercent
I$7,210 $579 $179 $77 $110 $43 $19 $8,217 90.5 %
II508 18 11 15 18 34 606 6.7
III203 29 11 253 2.8
IV0
Balance at end of period$7,921 $581 $205 $117 $127 $72 $57 $9,080 100.0 %
________________
(a) Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination.
At March 31, 2021, substantially all of our commercial finance receivables were current with respect to payment status, and activity in the allowance for commercial loan losses was insignificant for the three months ended March 31, 2021 and 2020. There were no commercial finance receivables on non-accrual status and none were classified as TDRs at March 31, 2021.
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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 4. Leased Vehicles
March 31, 2021December 31, 2020
Leased vehicles$59,062 $58,915 
Manufacturer subvention(8,776)(8,915)
Net capitalized cost50,286 50,000 
Less: accumulated depreciation(9,943)(10,181)
Leased vehicles, net$40,343 $39,819 
Depreciation expense related to leased vehicles, net was $1.7 billion and $1.8 billion in the three months ended March 31, 2021 and 2020.
The following table summarizes minimum rental payments due to us as lessor under operating leases at March 31, 2021:
Years Ending December 31,
20212022202320242025ThereafterTotal
Lease payments under operating leases$4,824 $4,420 $2,049 $254 $$$11,554 
Note 5. Equity in Net Assets of Non-consolidated Affiliates
We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.
There have been no ownership changes in our joint ventures since December 31, 2020. The following table presents certain aggregated operating data of our joint ventures:
Three Months Ended March 31,
Summarized Operating Data20212020
Finance charge income$430 $359 
Income before income taxes$203 $96 
Net income$153 $72 
At March 31, 2021 and December 31, 2020, we had undistributed earnings of $701 million and $647 million related to our non-consolidated affiliates.
Note 6. Debt
March 31, 2021December 31, 2020
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt
Revolving credit facilities$1,594 $1,595 $3,733 $3,735 
Securitization notes payable38,371 38,697 36,249 36,645 
Total secured debt39,965 40,292 39,982 40,380 
Unsecured debt
Senior notes47,983 49,875 46,798 48,922 
Credit facilities1,283 1,278 1,535 1,531 
Other unsecured debt4,464 4,468 4,110 4,115 
Total unsecured debt53,730 55,621 52,443 54,568 
Total secured and unsecured debt$93,695 $95,913 $92,425 $94,948 
Fair value utilizing Level 2 inputs$94,210 $92,922 
Fair value utilizing Level 3 inputs$1,703 $2,026 
10

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Secured Debt Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 7 for further information.
During the three months ended March 31, 2021, we renewed credit facilities with a total borrowing capacity of $6.0 billion, and we issued $8.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 0.82% and maturity dates ranging from 2022 to 2028.
Unsecured Debt During the three months ended March 31, 2021, we issued $3.8 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 1.44% and maturity dates ranging from 2025 to 2031.
In April 2021, we issued $2.3 billion in senior notes with a weighted average interest rate of 1.60% and maturity dates ranging from 2024 to 2028.
General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.
Compliance with Debt Covenants Several of our revolving credit facilities require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured debt obligations contain covenants including limitations on our ability to incur certain liens. At March 31, 2021, we were in compliance with these debt covenants.
Note 7. Variable Interest Entities
The following table summarizes the assets and liabilities related to our consolidated VIEs:
March 31, 2021December 31, 2020
Restricted cash(a)
$2,964 $2,639 
Finance receivables, net of fees$29,503 $32,575 
Lease related assets$17,461 $16,322 
Secured debt$39,609 $39,424 
_______________
(a) Included in other assets.
We use SPEs that are considered VIEs to issue variable funding notes to third-party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs. We determined that we are the primary beneficiary of the VIEs because our servicing responsibilities give us the power to direct the activities that most significantly impact the performance of the VIEs and our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The respective assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that we provide as the servicer. We are not required to provide any additional financial support to these VIEs. While these VIE subsidiaries are included in our condensed consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to our creditors.
Other transfers of finance receivables Under certain debt agreements, we transfer finance receivables to entities that we do not control through majority voting interest or through contractual arrangements. These transfers do not meet the criteria to be considered sales under U.S. GAAP; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements, similar to the treatment of finance receivables and related debt of our consolidated VIEs. Any collections received on the transferred receivables are available only for the repayment of the related debt. At March 31, 2021 and December 31, 2020, $729 million and $863 million in finance receivables had been transferred in secured funding arrangements to third-party banks, relating to $425 million and $622 million in secured debt outstanding.

11

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 8. Derivative Financial Instruments and Hedging Activities
We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our assets and liabilities and by using derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings.
Certain of our foreign operations expose us to fluctuations of foreign interest rates and exchange rates. We primarily finance our earning assets with debt in the same currency to minimize the impact to earnings from our exposure to fluctuations in exchange rates. When we use a different currency, these fluctuations may impact the value of our cash receipts and payments in terms of our functional currency. We enter into derivative financial instruments to protect the value or fix the amount of certain assets and liabilities in terms of the relevant functional currency. The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:
 March 31, 2021December 31, 2020
Notional
Fair Value of Assets(a)
Fair Value of Liabilities(a)
Notional
Fair Value of Assets(a)
Fair Value of Liabilities(a)
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$14,309 $251 $171 $10,064 $463 $13 
Foreign currency swaps1,881 81 37 1,958 128 
Cash flow hedges
Interest rate swaps878 18 921 27 
Foreign currency swaps6,343 201 98 5,626 278 47 
Derivatives not designated as hedges
Interest rate contracts110,961 839 453 110,997 954 576 
Total(b)
$134,372 $1,374 $777 $129,566 $1,823 $672 
 _________________
(a)The gross amounts of the fair value of our assets and liabilities are included in other assets and 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.
(b)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 March 31, 2021 and December 31, 2020, the fair value of assets and liabilities available for offset was $584 million and $501 million. At March 31, 2021 and December 31, 2020, we held $450 million and $728 million of collateral from counterparties that is available for netting against our asset positions. At March 31, 2021 and December 31, 2020, we posted $142 million and $139 million of collateral to counterparties that is 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)
March 31, 2021December 31, 2020March 31, 2021December 31, 2020
Unsecured debt$23,631 $23,315 $(311)$(739)
 _________________
(a)Includes $201 million and $200 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at March 31, 2021 and December 31, 2020.
12

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 income:
Three Months Ended March 31,
20212020
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps$352 $$(503)$
Interest rate swaps(335)431 
Hedged items - foreign currency swaps(c)
77 40 
Foreign currency swaps(5)(76)(12)(39)
Cash flow hedges
Interest rate swaps(5)(1)
Hedged items - foreign currency swaps(c)
190 106 
Foreign currency swaps(30)(190)(29)(106)
Derivatives not designated as hedges
Interest rate contracts20 52 
Total (losses) income recognized$(3)$$(62)$
_________________
(a)Total interest expense was $650 million and $835 million for the three months ended March 31, 2021 and 2020.
(b)Total operating expenses were $411 million and $358 million for the three months ended March 31, 2021 and 2020.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated loans.

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 Loss
Three Months Ended March 31,
20212020
Fair value hedges
Foreign currency swaps$(3)$(5)
Cash flow hedges
Interest rate swaps(6)
Foreign currency swaps(125)(219)
Total$(123)$(230)
Losses Reclassified From
Accumulated Other Comprehensive Loss Into Income
(a)(b)
Three Months Ended March 31,
20212020
Fair value hedges
Foreign currency swaps$$
Cash flow hedges
Interest rate swaps
Foreign currency swaps166 104 
Total$172 $113 
_________________
(a)All amounts reclassified from accumulated other comprehensive loss were recorded to interest expense.
(b)During the next twelve months, we estimate $92 million in losses will be reclassified into pre-tax earnings from derivatives designated for hedge accounting.
13

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 9. Commitments and Contingencies
Legal Proceedings We are subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against us could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus we cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm. We identify below the material proceedings in connection with which we believe a material loss is reasonably possible or probable.
In accordance with the current accounting standards for loss contingencies, we establish reserves for legal matters when it is probable that a loss associated with the matter has been incurred and the amount of the loss can be reasonably estimated. The actual costs of resolving legal matters may be higher or lower than any amounts reserved for these matters. At March 31, 2021, we estimated our reasonably possible legal exposure for unfavorable outcomes is approximately $232 million, and we have accrued $75 million.
Other Administrative Tax Matters We accrue non-income tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they will be charged against income at that time.
In evaluating indirect tax matters, we take into consideration factors such as our historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. We reevaluate and update our accruals as matters progress over time, where there is a reasonable possibility that losses exceeding amounts already recognized may be incurred. Our estimate of the additional range of loss is up to $10 million at March 31, 2021.
Note 10. Shareholders' Equity
March 31, 2021December 31, 2020
Common Stock
Number of shares authorized10,000,000 10,000,000 
Number of shares issued and outstanding5,050,000 5,050,000 
During the three months ended March 31, 2021 and 2020, our Board of Directors declared and paid dividends of $600 million and $400 million on our common stock to General Motors Holdings LLC.
March 31, 2021December 31, 2020
Preferred Stock
Number of shares authorized250,000,000 250,000,000 
Number of shares issued and outstanding
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock,
Series A (Series A Preferred Stock)
1,000,000 1,000,000 
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock,
Series B (Series B Preferred Stock)
500,000 500,000 
Fixed-Rate Reset Cumulative Perpetual Preferred Stock,
Series C (Series C Preferred Stock)
500,000 500,000 
During the three months ended March 31, 2021, we paid dividends of $29 million to holders of record of our Series A Preferred Stock, $16 million to holders of record of our Series B Preferred Stock, and $16 million to holders of record of our Series C Preferred Stock. During the three months ended March 31, 2020, we paid dividends of $29 million to holders of record of our Series A Preferred Stock, and $16 million to holders of record of our Series B Preferred Stock.
14

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following table summarizes the significant components of accumulated other comprehensive loss:
Three Months Ended March 31,
 20212020
Unrealized loss on hedges
Beginning balance$(157)$(49)
Change in value of hedges, net of tax49 (117)
Ending balance(108)(166)
Defined benefit plans
Beginning balance
Unrealized gain on subsidiary pension, net of tax
Ending balance
Foreign currency translation adjustment
Beginning balance(1,153)(1,071)
Translation loss, net of tax(72)(426)
Ending balance(1,225)(1,497)
Total accumulated other comprehensive loss$(1,332)$(1,662)
Note 11. Income Taxes
For interim income tax reporting we estimate our annual effective tax rate and apply it to our year-to-date ordinary income. Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded from the annualized effective tax rate. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur.
In the three months ended March 31, 2021 and 2020, income tax expense of $304 million and $63 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation. The increase in income tax expense is primarily due to an increase in our pre-tax earnings.
We are included in GM’s consolidated U.S. federal income tax return and for certain states’ income tax returns. Net operating losses and certain tax credits generated by us have been utilized by GM; however, income tax expense and deferred tax balances are presented in these financial statements as if we filed our own tax returns in each jurisdiction. Refer to Note 2 for further information on related party taxes payable.
Note 12. Segment Reporting
Our chief operating decision maker evaluates the operating results and performance of our business based on our North America and International Segments. The management of each segment is responsible for executing our strategies. Key operating data for our operating segments were as follows:
Three Months Ended March 31, 2021
North
America
InternationalTotal
Total revenue$3,171 $236 $3,407 
Operating expenses339 72 411 
Leased vehicle expenses1,231 13 1,244 
Provision for loan losses(44)18 (26)
Interest expense592 58 650 
Equity income54 54 
Income before income taxes$1,053 $129 $1,182 
15

GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Three Months Ended March 31, 2020
North
America
InternationalTotal
Total revenue$3,277 $284 $3,561 
Operating expenses294 64 358 
Leased vehicle expenses1,684 13 1,697 
Provision for loan losses391 75 466 
Interest expense738 97 835 
Equity income25 25 
Income before income taxes$170 $60 $230 
March 31, 2021December 31, 2020
North
America
InternationalTotalNorth
America
InternationalTotal
Finance receivables, net$53,882 $4,703 $58,585 $53,332 $5,058 $58,390 
Leased vehicles, net$40,183 $160 $40,343 $39,656 $163 $39,819 
Total assets$107,523 $7,667 $115,190 $105,507 $8,318 $113,825 
Note 13. Regulatory Capital and Other Regulatory Matters
We are required to comply with a wide variety of laws and regulations. Certain of our entities operate in international markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that certain of these entities meet minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory capital requirements as most recently reported. Total assets of our regulated international banks and finance companies were approximately $5.6 billion and $6.2 billion at March 31, 2021 and December 31, 2020.
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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 and the "Risk Factors" section of our 2020 Form 10-K for a discussion of these risks and uncertainties.
Basis of Presentation
This MD&A should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto and the audited consolidated financial statements and notes thereto included in our 2020 Form 10-K.
Except as otherwise specified, dollar amounts presented within tables are stated in millions. Average balances are calculated using daily balances, where available. Otherwise, average balances are calculated using monthly balances.
COVID-19 Pandemic
The economic impact of efforts to contain the spread of COVID-19 strained the finances of individuals and businesses, large and small, across the globe. The extent of the impact of the COVID-19 pandemic on our future operations will depend on, among other things, the duration and severity of the outbreak or subsequent outbreaks, related government responses, such as required physical distancing or restrictions on business operations and travel, the pace of recovery of economic activity and the impact to consumers, and the availability and effectiveness of vaccines, all of which are uncertain and difficult to predict in light of the rapidly evolving landscape. We also face continuing market, operating and regulatory challenges in several countries across the globe due to, among other factors, weak economic conditions, foreign exchange rate volatility and political uncertainty. Refer to the "Risk Factors" section of our 2020 Form 10-K for a full discussion of the risks associated with the COVID-19 pandemic.
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 during the reporting periods. 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 2020 Form 10-K.
Results of Operations
This section discusses our results of operations for the three months ended March 31, 2021 as compared to the three months ended March 31, 2020.
Income before income taxes for the three months ended March 31, 2021 increased to $1,182 million from $230 million for the three months ended March 31, 2020. There were offsetting changes to key drivers of income before income taxes, as follows:
Leased vehicle income decreased $142 million primarily due to a decrease in the leased vehicles portfolio, as terminations of leases exceeded purchases.
Leased vehicle expenses decreased $453 million primarily due to a $327 million increase in leased vehicle termination gains, as well as a $201 million decrease in depreciation on leased vehicles.
Provision for loan losses decreased $492 million primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.
Interest expense decreased $185 million primarily due to a decrease in the effective rate of interest on debt.
Return on average common equity is widely used to measure earnings in relation to invested capital. Our return on average common equity increased to 24.3% for the four quarters ended March 31, 2021 from 12.7% for the four quarters ended March 31, 2020 primarily due to increased earnings.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
We use return on average tangible common equity (a non-GAAP measure) to measure our contribution to GM's enterprise profitability and cash flow. Our return on average tangible common equity increased to 27.3% for the four quarters ended March 31, 2021 from 14.3% for the four quarters ended March 31, 2020 primarily due to increased earnings.
The following table presents our reconciliation of return on average tangible common equity to return on average common equity, the most directly comparable GAAP measure:
Four Quarters Ended
March 31, 2021March 31, 2020
Net income attributable to common shareholder$2,615 $1,373 
Average equity$12,486 $12,267 
Less: average preferred equity(1,742)(1,477)
Average common equity10,744 10,790 
Less: average goodwill(1,169)(1,183)
Average tangible common equity$9,575 $9,607 
Return on average common equity24.3 %12.7 %
Return on average tangible common equity27.3 %14.3 %
Our calculation of this non-GAAP measure may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of this non-GAAP measure has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. This non-GAAP measure allows investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve our return on average tangible common equity. Management uses this measure in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. For these reasons we believe this non-GAAP measure is useful for our investors.
Three Months Ended March 31, 2021 compared to Three Months Ended March 31, 2020
Average Earning AssetsThree Months Ended March 31,2021 vs. 2020
20212020AmountPercentage
Average retail finance receivables$52,519 $42,416 $10,103 23.8 %
Average commercial finance receivables8,113 11,678 (3,565)(30.5)%
Average finance receivables60,632 54,094 6,538 12.1 %
Average leased vehicles, net40,102 41,778 (1,676)(4.0)%
Average earning assets$100,734 $95,872 $4,862 5.1 %
Retail finance receivables purchased$8,232 $6,497 $1,735 26.7 %
Leased vehicles purchased$5,760 $5,040 $720 14.3 %
Our penetration of GM's retail sales in the U.S. was 43.8% and 44.8% for the three months ended March 31, 2021 and 2020. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.
Average retail finance receivables increased primarily due to strong demand for new vehicles, as reflected in the increase in retail finance receivables purchased in the three months ended March 31, 2021 as compared to the same period in 2020.
Average commercial finance receivables decreased primarily due to continued low dealer new vehicle inventory as a result of strong demand for new vehicles, compounded by the global semiconductor supply shortage impacting automotive production.
Average leased vehicles, net decreased due to lease terminations in excess of purchases for the three months ended March 31, 2021; however, leased vehicles purchased during the three months ended March 31, 2021 increased as compared to the same period in 2020 due to strong demand for new vehicles.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
RevenueThree Months Ended March 31,2021 vs. 2020
20212020AmountPercentage
Finance charge income
Retail finance receivables$945 $872 $73 8.4 %
Commercial finance receivables$71 $134 $(63)(47.0)%
Leased vehicle income$2,321 $2,463 $(142)(5.8)%
Other income$70 $92 $(22)(23.9)%
Equity income$54 $25 $29 116.0 %
Effective yield - retail finance receivables7.3 %8.3 %
Effective yield - commercial finance receivables3.5 %4.6 %
Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased due to growth in the size of the portfolio, partially offset by a decrease 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 due to a lower effective yield resulting from lower benchmark interest rates, as well as a decrease in the size of the portfolio.
Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the size of the portfolio, as terminations of leases exceeded originations.
Costs and ExpensesThree Months Ended March 31,2021 vs. 2020
20212020AmountPercentage
Operating expenses$411 $358 $53 14.8 %
Leased vehicle expenses$1,244 $1,697 $(453)(26.7)%
Provision for loan losses$(26)$466 $(492)(105.6)%
Interest expense$650 $835 $(185)(22.2)%
Average debt outstanding$93,870 $88,777 $5,093 5.7 %
Effective rate of interest on debt2.8 %3.8 %
Operating Expenses Operating expenses as an annualized percentage of average earning assets increased to 1.7% for the three months ended March 31, 2021 from 1.5% for the three months ended March 31, 2020 due to certain one-time accruals.
Leased Vehicle Expenses Leased vehicle expenses decreased primarily due to a $327 million increase in lease termination gains for the three months ended March 31, 2021 compared to the same period in 2020, as well as a $201 million decrease in depreciation on leased vehicles resulting from increased residual value estimates and a decrease in the size of the portfolio.
Provision for Loan Losses Provision for loan losses decreased $492 million primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.
Interest Expense Interest expense decreased due to a lower effective rate of interest on our debt resulting from lower benchmark interest rates.
Taxes Our consolidated effective income tax rate was 27.0% and 30.7% of income before income taxes and equity income for the three months ended March 31, 2021 and 2020. The decrease in the effective income tax rate is primarily due to a lower percentage of income being taxed at higher rates for our non-U.S. entities included in our effective tax rate calculation.
Other Comprehensive Loss
Unrealized Gain (Loss) on Hedges Unrealized gains (losses) on hedges included in other comprehensive loss were $49 million and $(117) million for the three months ended March 31, 2021 and 2020. The change in unrealized loss was primarily due to changes in the fair value of our foreign currency swap agreements resulting from the weakening of the U.S. Dollar against hedged currencies.
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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GENERAL MOTORS FINANCIAL COMPANY, INC.
Foreign Currency Translation Adjustment Foreign currency translation adjustments included in other comprehensive loss were $(72) million and $(426) million for the three months ended March 31, 2021 and 2020. 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 March 31, 2021 was primarily due to depreciating values of the Brazilian Real and the Mexican Peso in relation to the U.S. Dollar. The foreign currency translation loss for the three months ended March 31, 2020 was primarily due to depreciating values of the Brazilian Real, the Mexican Peso, and the 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:
March 31, 2021December 31, 2020
 AmountPercentAmountPercent
Prime - FICO Score 680 and greater$34,613 64.8 %$32,800 64.0 %
Near-prime - FICO Score 620 to 6798,216 15.4 7,935 15.4 
Sub-prime - FICO Score less than 62010,568 19.8 10,553 20.6 
Retail finance receivables, net of fees53,397 100.0 %51,288 100.0 %
Less: allowance for loan losses(1,784)(1,915)
Retail finance receivables, net$51,613 $49,373 
Number of outstanding contracts2,872,086 2,824,757 
Average amount of outstanding contracts (in dollars)(a)
$18,592 $18,157 
Allowance for loan losses as a percentage of retail finance receivables, net of fees3.3 %3.7 %
_________________ 
(a)Average amount of outstanding contracts consists of retail finance receivables, net of fees, divided by number of outstanding contracts.
The allowance for loan losses decreased by $131 million as of March 31, 2021 compared to December 31, 2020, primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.
Delinquency The following is a consolidated summary of delinquent retail finance receivables:
March 31, 2021March 31, 2020
AmountPercentageAmountPercentage
31 - 60 days$741 1.4 %$1,157 2.7 %
Greater than 60 days257 0.5 441 1.1 
Total finance receivables more than 30 days delinquent998 1.9 1,598 3.8 
In repossession32 — 20 — 
Total finance receivables more than 30 days delinquent or in repossession$1,030 1.9 %$1,618 3.8 %
At March 31, 2021, delinquency was positively impacted by various government support programs intended to mitigate the economic impact of the COVID-19 pandemic, as well as changes in consumer spending behavior. In addition, a larger percentage of our portfolio was comprised of prime loans at March 31, 2021 as compared to March 31, 2020. Delinquency is expected to normalize as government support programs expire.
TDRs Payment deferrals granted to retail loan customers with accounts in good standing, but impacted by the COVID-19 pandemic, will not be considered concessions for purposes of TDR classification for up to six months of deferral. Refer to Note 3 to our condensed consolidated financial statements for further information on TDRs.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Net Charge-offs The following table presents charge-off data with respect to our retail finance receivables portfolio:
Three Months Ended March 31,
 20212020
Charge-offs$253 $340 
Less: recoveries(149)(156)
Net charge-offs$104 $184 
Net charge-offs as an annualized percentage of average retail finance receivables0.8 %1.7 %
Charge-offs for the three months ended March 31, 2021 decreased compared to the same period in 2020, due to government support programs intended to mitigate the economic impact of the COVID-19 pandemic, changes in consumer spending behavior and improved recovery rates on repossessed vehicles. Charge-offs are expected to normalize as government support programs expire.
Commercial Finance ReceivablesMarch 31, 2021December 31, 2020
Commercial finance receivables, net of fees$7,023 $9,080 
Less: allowance for loan losses(51)(63)
Commercial finance receivables, net$6,972 $9,017 
Number of dealers2,040 2,028 
Average carrying amount per dealer$$
Allowance for loan losses as a percentage of commercial finance receivables, net of fees0.7 %0.7 %
At March 31, 2021 and December 31, 2020, no commercial finance receivables were classified as TDRs. Activity in the allowance for commercial loan losses was insignificant for the three months ended March 31, 2021 and 2020, and substantially all of our commercial finance receivables were current with respect to payment status at March 31, 2021 and December 31, 2020.
Leased Vehicles The following table summarizes activity in our operating lease portfolio (in thousands, except where noted):
Three Months Ended March 31,
20212020
Operating leases originated135 125 
Operating leases terminated142 146 
Operating leased vehicles returned(a)
74 111 
Percentage of leased vehicles returned(b)
52 %76 %
________________ 
(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 can fluctuate based upon the level of used vehicle pricing compared to residual values at lease inception and/or growth and age of the leased vehicles portfolio. The return rate for the three months ended March 31, 2021 declined compared to the same period in 2020 due to increased leased vehicle purchases at the end-of-term driven by historically high used vehicle prices. Used vehicle prices increased approximately 11% for the three months ended March 31, 2021, compared to the same period in 2020, primarily due to continued low new vehicle inventory compounded by the global semiconductor supply shortage impacting automotive production, and strong demand for new and used vehicles driven by economic recovery and government stimulus. In 2021, we expect used vehicle prices to increase by an amount in the low to mid-single digits on a percentage basis as compared to 2020 levels, primarily due to sustained low new vehicle inventory and continued strong demand.
The increase in used vehicle prices resulted in gains on terminations of leased vehicles of $416 million for the three months ended March 31, 2021, compared to $89 million for the same period in 2020.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
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):
March 31, 2021December 31, 2020
Residual ValueUnitsPercentage
of Units
Residual ValueUnitsPercentage
of Units
Crossovers$16,632 965 65.9 %$16,334 964 65.5 %
Trucks7,838 279 19.1 7,455 275 18.7 
SUVs3,459 91 6.2 3,435 92 6.3 
Cars1,865 129 8.8 1,949 140 9.5 
Total$29,794 1,464 100.0 %$29,173 1,471 100.0 %
The following table summarizes the scheduled maturity of our operating leases in the North America Segment:
2021202220232024 and Thereafter
Operating lease maturities20 %37 %31 %12 %
At March 31, 2021 and 2020, 99.6% and 99.2% of our operating leases were current with respect to payment status.
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 distributions from credit facilities, securitizations, secured and unsecured borrowings, and collections and recoveries on finance receivables. Our primary uses of cash are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt, funding credit enhancement requirements in connection with securitizations and secured credit facilities, interest costs, operating expenses, income taxes and dividend payments.
Typically, our purchase and funding of retail and commercial finance receivables and leased vehicles are financed initially 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:
LiquidityMarch 31, 2021December 31, 2020
Cash and cash equivalents(a)
$6,343 $5,063 
Borrowing capacity on unpledged eligible assets20,356 19,020 
Borrowing capacity on committed unsecured lines of credit459 504 
Borrowing capacity on the Junior Subordinated Revolving Credit Facility1,000 1,000 
Borrowing capacity on the GM Revolving 364-Day Credit Facility2,000 2,000 
Available liquidity$30,158 $27,587 
_________________
(a)Includes $389 million and $685 million in unrestricted cash outside of the U.S. at March 31, 2021 and December 31, 2020. This cash is considered to be indefinitely invested based on specific plans for reinvestment of these earnings.

At March 31, 2021, available liquidity increased from December 31, 2020, primarily due to an increase in cash and cash equivalents and available borrowing capacity on unpledged eligible assets, resulting from the issuance of securitization transactions and unsecured debt. 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 March 31, 2021, available liquidity exceeded our liquidity targets.
Our Support Agreement with GM provides that GM will use commercially reasonable efforts to ensure we will continue to be designated as a subsidiary borrower under GM's unsecured revolving credit facilities. We have access, subject to available capacity, to $15.5 billion of GM's unsecured revolving credit facilities consisting of a three-year, $4.3 billion facility and a five-year, $11.2 billion facility. We also have exclusive access to the GM Revolving 364-Day Credit Facility.
In April 2021, GM increased the total borrowing capacity of the five-year, $10.5 billion facility to $11.2 billion and extended the termination date for a $9.9 billion portion of the five-year facility by three years, now set to mature on April 18, 2026. The termination date of April 18, 2023 for the remaining portion of the five-year facility remains unchanged. GM also renewed and increased the total borrowing capacity of the three-year, $4.0 billion facility to $4.3 billion, which now matures on
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April 7, 2024, and renewed the GM Revolving 364-Day Credit Facility, which now matures on April 6, 2022. At March 31, 2021, we had no borrowings outstanding under any of the GM revolving credit facilities.
Cash FlowThree Months Ended March 31,2021 vs. 2020
20212020
Net cash provided by operating activities$1,525 $2,213 $(688)
Net cash used in investing activities$(1,581)$(2,710)$1,129 
Net cash provided by financing activities$1,403 $7,782 $(6,379)
During the three months ended March 31, 2021, net cash provided by operating activities decreased primarily due to a decrease in derivative collateral posting activities of $574 million and a decrease in leased vehicle income of $142 million, partially offset by a decrease in interest paid of $113 million.
During the three months ended March 31, 2021, net cash used in investing activities decreased primarily due to an increase in net collections of commercial finance receivables of $2.6 billion, an increase in proceeds from termination of leased vehicles of $1.8 billion and an increase in collections and recoveries on retail finance receivables of $859 million, partially offset by and an increase in purchases of leased vehicles of $2.3 billion and an increase in purchases of retail finance receivables of $1.8 billion.
During the three months ended March 31, 2021, net cash provided by financing activities decreased primarily due to a decrease in borrowings of $4.9 billion, an increase in debt repayments of $1.3 billion and an increase in dividend payments of $216 million. We increased our borrowings during the three months ended March 31, 2020 due to the onset of the COVID-19 pandemic.
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 March 31, 2021, credit facilities consist of the following:
Facility TypeFacility AmountAdvances Outstanding
Revolving retail asset-secured facilities(a)
$22,120 $1,594 
Revolving commercial asset-secured facilities(b)
4,077 — 
Total secured26,197 1,594 
Unsecured committed facilities477 18 
Unsecured uncommitted facilities(c)
1,265 1,265 
Total unsecured1,742 1,283 
Junior Subordinated Revolving Credit Facility1,000 — 
GM Revolving 364-Day Credit Facility2,000 — 
Total$30,939 $2,877 
_________________
(a)Includes committed and uncommitted revolving credit facilities backed by retail finance receivables and leases. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $30 million in advances outstanding and $530 million in unused borrowing capacity on these facilities at March 31, 2021.
(b)Includes revolving credit facilities backed by loans to dealers for floorplan financing.
(c)The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $1.5 billion in unused borrowing capacity on these facilities at March 31, 2021.
Refer to Note 6 to our condensed consolidated financial statements for further discussion.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Securitization Notes Payable We periodically finance our retail and commercial finance receivables and leases through public and private term securitization transactions, where the securitization markets are sufficiently developed. A summary of securitization notes payable is as follows:
Year of Transaction
Maturity Date (a)
Original Note
Issuance
(b)
Note Balance
At March 31, 2021
2016December 2022-September 2024$2,200 $193 
2017January 2023-May 2025$7,717 1,250 
2018January 2023-September 2026$13,010 3,697 
2019April 2022-July 2027$15,676 6,478 
2020December 2021-August 2028$24,454 18,887 
2021September 2022-September 2028$8,221 7,935 
Total active securitizations38,440 
Debt issuance costs(69)
Total$38,371 
_________________ 
(a)Maturity dates represent legal final maturity of issued notes. The notes are expected to be paid based on amortization of the finance receivables and leases pledged.
(b)At historical foreign currency exchange rates at the time of issuance.
Our securitizations utilize SPEs which are also VIEs that meet the requirements to be consolidated in our financial statements. Refer to Note 7 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 March 31, 2021, the aggregate principal amount of our outstanding unsecured senior notes was $47.9 billion.
We issue other unsecured debt through commercial paper offerings and other bank and non-bank funding sources. At March 31, 2021, we had $4.5 billion of this type of unsecured debt outstanding, of which $2.0 billion was issued under the U.S. commercial paper program.
LIBOR Transition In March 2021, the U.K. Financial Conduct Authority announced that LIBOR will cease to be published by its administrator based on continued bank submissions, or on any other basis, after 2021, with the exception of US dollar LIBOR ceasing at the end of June 2023. Regulators, industry groups and certain committees such as the Alternative Reference Rates Committee (ARRC) have, among other things, published recommended fallback language for LIBOR-linked financial instruments, identified recommended alternatives for certain LIBOR rates, such as the Secured Overnight Financing Rate (SOFR), and proposed implementations of the recommended alternatives in floating rate financial instruments. For more information on the expected replacement of LIBOR, see the "Risk Factors" section of our 2020 Form 10-K.
Support Agreement At March 31, 2021 and December 31, 2020, our earning assets leverage ratio calculated in accordance with the terms of the Support Agreement was 7.94x and 8.00x, and the applicable leverage ratio threshold was 11.50x. The decrease in the earning assets leverage ratio is primarily due to increased shareholders' equity as a result of $878 million in net income; partially offset by a $600 million dividend on our common stock paid to GM. Future dividends to GM will depend on several factors, including business and economic conditions, our financial condition, earnings, liquidity requirements and leverage ratio.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Asset and Liability Profile We define our asset and liability profile as the cumulative maturities of our finance receivables, investment in operating leases net of accumulated depreciation, cash and cash equivalents and other assets less our cumulative debt maturities. We manage our balance sheet so that asset maturities will exceed debt maturities each year. The following chart presents our cumulative maturities for earning assets and debt at March 31, 2021:
2021202220232024 and Thereafter
Encumbered assets$18,651 $35,447 $45,356 $49,928 
Unencumbered assets24,437 39,576 52,458 65,262 
Total assets43,088 75,023 97,814 115,190 
Secured debt14,955 28,423 36,369 40,035 
Unsecured debt12,429 21,114 30,883 53,613 
Total debt(a)
27,384 49,537 67,252 93,648 
Net excess liquidity$15,704 $25,486 $30,562 $21,542 
_________________ 
(a)Excludes unamortized debt premium/(discount), unamortized debt issuance costs, and fair value adjustments.
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 2020 Form 10-K. It is advisable not to place undue reliance on our forward-looking statements. We undertake no obligation to, and do not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.
The following factors are among those that may cause actual results to differ materially from historical results or from the forward-looking statements:
the length and severity of the COVID-19 pandemic;
GM's ability to sell new vehicles that we finance in the markets we serve;
dealers' effectiveness in marketing our financial products to consumers;
the viability of GM-franchised dealers that are commercial loan customers;
the sufficiency, availability and cost of sources of financing, including credit facilities, securitization programs and secured and unsecured debt issuances;
the adequacy of our underwriting criteria for loans and leases and the level of net charge-offs, delinquencies and prepayments on the loans and leases we purchase or originate;
our ability to effectively manage capital or liquidity consistent with evolving business or operational needs, risk management standards and regulatory or supervisory requirements;
the adequacy of our allowance for loan losses on our finance receivables;
our ability to maintain and expand our market share due to competition in the automotive finance industry from a large number of banks, credit unions, independent finance companies and other captive automotive finance subsidiaries;
changes in the automotive industry that result in a change in demand for vehicles and related vehicle financing;
the effect, interpretation or application of new or existing laws, regulations, court decisions and accounting pronouncements;
adverse determinations with respect to the application of existing laws, or the results of any audits from tax authorities, as well as changes in tax laws and regulations, supervision, enforcement and licensing across various jurisdictions;
the prices at which used vehicles are sold in the wholesale auction markets;
vehicle return rates, our ability to estimate residual value at lease inception and the residual value performance on vehicles we lease;
interest rate fluctuations and certain related derivatives exposure;
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GENERAL MOTORS FINANCIAL COMPANY, INC.
our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;
changes in the determination of LIBOR and other benchmark rates;
our ability to secure private customer and employee data or our proprietary information, manage risks related to security breaches and other disruptions to our networks and systems 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.; and
changes in local, regional, national or international economic, social or political conditions.
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.
Additional Information
Our internet website is www.gmfinancial.com. Our website contains detailed information about us and our subsidiaries. Our Investor Center website at https://investor.gmfinancial.com contains a significant amount of information about our Company, including financial and other information for investors. We encourage investors to visit our website, as we frequently update and post new information about our Company on our website, and it is possible that this information could be deemed to be material information. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.
Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments to those reports, are available free of charge on our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. These reports can also be found on the SEC website at www.sec.gov.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our exposure to market risk since December 31, 2020. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2020 Form 10-K.        
Item 4. Controls and Procedures
Disclosure Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer (CEO) and principal financial officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.
Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) at March 31, 2021, as required by Rules 13a-15(b) or 15d-15(b) promulgated under the Exchange Act. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2021.
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 March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. However, due to the COVID-19 pandemic, we are monitoring our control environment with increased vigilance to ensure changes as a result of physical distancing are addressed and all increased risks are mitigated. For additional information refer to the "Risk Factors" section of our 2020 Form 10-K.
PART II
Item 1. Legal Proceedings
The discussion under "Legal Proceedings" and "Other Administrative Tax Matters" in Note 9 to our condensed consolidated financial statements is incorporated by reference into this Part II, Item 1.
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 2020 Form 10-K.
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GENERAL MOTORS FINANCIAL COMPANY, INC.
Item 6. Exhibits
Incorporated by Reference
Incorporated by Reference
Incorporated by Reference
Filed Herewith
Filed Herewith
Furnished Herewith
101The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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 StatementsFiled Herewith
104The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted as iXBRL and contained in Exhibit 101Filed Herewith
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GENERAL MOTORS FINANCIAL COMPANY, INC.
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:May 5, 2021 By:/S/    SUSAN B. SHEFFIELD        
 Susan B. Sheffield
 Executive Vice President and
 Chief Financial Officer
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