# EDGAR Filing Document

**Accession Number:** 0000804269
**File Stem:** 0000804269-25-000050
**Filing Date:** 2025-10
**Character Count:** 167682
**Document Hash:** 02ffdd81cb6fc5ddff990f4d5b46a572
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000804269-25-000050.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000804269-25-000050

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** General Motors Financial Company, Inc.
- **CENTRAL INDEX KEY:** 0000804269
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 752291093
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10667
- **FILM NUMBER:** 251407200

**BUSINESS ADDRESS:**
- **STREET 1:** 801 CHERRY STREET
- **STREET 2:** SUITE 3500
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 8173027000

**MAIL ADDRESS:**
- **STREET 1:** 801 CHERRY ST
- **STREET 2:** SUITE 3500
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICREDIT CORP
- **DATE OF NAME CHANGE:** 19930930

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** URCARCO INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? acf-20250930

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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, 2025** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ________________ to ________________**

**Commission file number 1-10667** 

______________________________________________

**General Motors Financial Company, Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Texas** | **75-2291093** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**801 Cherry Street, Suite 3500, Fort Worth, Texas 76102** 

**(Address of principal executive offices, including Zip Code)**

**(817) 302-7000** 

**(Registrant's telephone number, including area code)**

**Not applicable**

**(Former name, former address and former fiscal year, if changed since last report)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| **5.250% Senior Notes due 2026** | **GM/26** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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 ☒&nbsp;&nbsp;&nbsp;&nbsp;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 20, 2025, 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** | **PART I** | **PART I** |
| Item 1. | Condensed Consolidated Financial Statements | [1](#i45e2993a5dbb420fb549541c3f8f0c7a_13) |
|  | Condensed Consolidated Balance Sheets (Unaudited) | [1](#i45e2993a5dbb420fb549541c3f8f0c7a_16) |
|  | Condensed Consolidated Statements of Income (Unaudited) | [2](#i45e2993a5dbb420fb549541c3f8f0c7a_19) |
|  | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | [2](#i45e2993a5dbb420fb549541c3f8f0c7a_19) |
|  | Condensed Consolidated Statements of Shareholders' Equity (Unaudited) | [3](#i45e2993a5dbb420fb549541c3f8f0c7a_22) |
|  | Condensed Consolidated Statements of Cash Flows (Unaudited) | [4](#i45e2993a5dbb420fb549541c3f8f0c7a_25) |
|  | Notes to Condensed Consolidated Financial Statements | [5](#i45e2993a5dbb420fb549541c3f8f0c7a_28) |
|  | &nbsp;&nbsp;Note 1. Business, Basis of Presentation and Summary of Significant Accounting Policies | [5](#i45e2993a5dbb420fb549541c3f8f0c7a_31) |
|  | &nbsp;&nbsp;&nbsp;Note 2. Marketable and Other Securities | [6](#i45e2993a5dbb420fb549541c3f8f0c7a_34) |
|  | &nbsp;&nbsp;&nbsp;Note 3. Related Party Transactions | [7](#i45e2993a5dbb420fb549541c3f8f0c7a_37) |
|  | &nbsp;&nbsp;&nbsp;Note 4. Finance Receivables | [8](#i45e2993a5dbb420fb549541c3f8f0c7a_40) |
|  | &nbsp;&nbsp;&nbsp;Note 5. Leased Vehicles | [11](#i45e2993a5dbb420fb549541c3f8f0c7a_43) |
|  | &nbsp;&nbsp;&nbsp;Note 6. Equity in Net Assets of Nonconsolidated Affiliates | [12](#i45e2993a5dbb420fb549541c3f8f0c7a_46) |
|  | &nbsp;&nbsp;&nbsp;Note 7. Debt | [12](#i45e2993a5dbb420fb549541c3f8f0c7a_49) |
|  | &nbsp;&nbsp;&nbsp;Note 8. Variable Interest Entities | [13](#i45e2993a5dbb420fb549541c3f8f0c7a_52) |
|  | &nbsp;&nbsp;&nbsp;Note 9. Derivative Financial Instruments and Hedging Activities | [13](#i45e2993a5dbb420fb549541c3f8f0c7a_55) |
|  | &nbsp;&nbsp;&nbsp;Note 10. Commitments and Contingencies | [15](#i45e2993a5dbb420fb549541c3f8f0c7a_58) |
|  | &nbsp;&nbsp;&nbsp;Note 11. Shareholders' Equity | [16](#i45e2993a5dbb420fb549541c3f8f0c7a_61) |
|  | &nbsp;&nbsp;&nbsp;Note 12. Income Taxes | [16](#i45e2993a5dbb420fb549541c3f8f0c7a_64) |
|  | &nbsp;&nbsp;&nbsp;Note 13. Segment Reporting | [17](#i45e2993a5dbb420fb549541c3f8f0c7a_67) |
|  | &nbsp;&nbsp;&nbsp;Note 14. Regulatory Capital and Other Regulatory Matters | [19](#i45e2993a5dbb420fb549541c3f8f0c7a_70) |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | [20](#i45e2993a5dbb420fb549541c3f8f0c7a_73) |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | [30](#i45e2993a5dbb420fb549541c3f8f0c7a_94) |
| Item 4. | Controls and Procedures | [31](#i45e2993a5dbb420fb549541c3f8f0c7a_97) |
| **PART II** | **PART II** | **PART II** |
| Item 1. | Legal Proceedings | [31](#i45e2993a5dbb420fb549541c3f8f0c7a_103) |
| Item 1A. | Risk Factors | [31](#i45e2993a5dbb420fb549541c3f8f0c7a_106) |
| Item 6. | Exhibits | [31](#i45e2993a5dbb420fb549541c3f8f0c7a_109) |
|  | Signature | [32](#i45e2993a5dbb420fb549541c3f8f0c7a_112) |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents (<u>[Note 2](#i45e2993a5dbb420fb549541c3f8f0c7a_34)</u>) | $7820 | $5094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance receivables, net of allowance for loan losses of $2,736 and $2,458<br>(<u>[Note 4](#i45e2993a5dbb420fb549541c3f8f0c7a_40)</u>; <u>[Note 8](#i45e2993a5dbb420fb549541c3f8f0c7a_52)</u>) | 90202 | 93510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased vehicles, net (<u>[Note 5](#i45e2993a5dbb420fb549541c3f8f0c7a_43)</u>; <u>[Note 8](#i45e2993a5dbb420fb549541c3f8f0c7a_52)</u>) | 33609 | 31586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and intangible assets | 1178 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in net assets of nonconsolidated affiliates (<u>[Note 6](#i45e2993a5dbb420fb549541c3f8f0c7a_46)</u>) | 1095 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party receivables (<u>[Note 3](#i45e2993a5dbb420fb549541c3f8f0c7a_37)</u>) | 613 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets (<u>[Note 2](#i45e2993a5dbb420fb549541c3f8f0c7a_34)</u>; <u>[Note 8](#i45e2993a5dbb420fb549541c3f8f0c7a_52)</u>) | 8164 | 7992 |
| **Total assets** | $142680 | $141030 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured debt (<u>[Note 7](#i45e2993a5dbb420fb549541c3f8f0c7a_49)</u>; <u>[Note 8](#i45e2993a5dbb420fb549541c3f8f0c7a_52)</u>) | $49394 | $49573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured debt (<u>[Note 7](#i45e2993a5dbb420fb549541c3f8f0c7a_49)</u>) | 66994 | 64691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income | 2535 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party payables (<u>[Note 3](#i45e2993a5dbb420fb549541c3f8f0c7a_37)</u>) | 317 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 7635 | 9079 |
| **Total liabilities** | 126876 | 125838 |
| Commitments and contingencies (<u>[Note 10](#i45e2993a5dbb420fb549541c3f8f0c7a_58)</u>) |  |  |
| **Shareholders' equity** (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value per share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 8834 | 8814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (1428) | (1531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 8398 | 7909 |
| **Total shareholders' equity** | 15804 | 15193 |
| **Total liabilities and shareholders' equity** | $142680 | $141030 |

---

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

Amounts may not add due to rounding.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

 **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** 

**(In millions) (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance charge income | $2060 | $1965 | $6132 | $5627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased vehicle income | 1968 | 1828 | 5810 | 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 309 | 238 | 813 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4337 | 4031 | 12755 | 11760 |
| **Costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 545 | 478 | 1581 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased vehicle expenses | 1101 | 1027 | 3206 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses (<u>[Note 4](#i45e2993a5dbb420fb549541c3f8f0c7a_40)</u>) | 244 | 298 | 926 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1651 | 1550 | 4886 | 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 3542 | 3354 | 10599 | 9569 |
| Equity income (loss) (<u>[Note 6](#i45e2993a5dbb420fb549541c3f8f0c7a_46)</u>) | 9 | 10 | 37 | 55 |
| Income (loss) before income taxes | 804 | 687 | 2193 | 2246 |
| Income tax expense (benefit) (<u>[Note 12](#i45e2993a5dbb420fb549541c3f8f0c7a_64)</u>) | 215 | 189 | 594 | 601 |
| **Net income (loss)** | 589 | 499 | 1598 | 1646 |
| Less: cumulative dividends on preferred stock | 30 | 30 | 89 | 89 |
| **Net income (loss) attributable to common shareholder** | $560 | $469 | $1510 | $1557 |

---

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(In millions) (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $589 | $499 | $1598 | $1646 |
| **Other comprehensive income (loss), net of tax** (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $12, $17, $44, $11 | (36) | (50) | (132) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 30 | 35 | 235 | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | (6) | (15) | 103 | (222) |
| **Comprehensive income (loss)** | $583 | $483 | $1701 | $1423 |

---

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

Amounts may not add due to rounding.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** 

**(In millions) (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Preferred Stock** | **Additional Paid-in Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings** | **Total <br>Shareholders'<br>Equity** |
| **Balance at January 1, 2024** | $— | $— | $8783 | $(1208) | $7967 | $15542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | 536 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  | (39) |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (450) | (450) |
| **Balance at March 31, 2024** |  |  | 8789 | (1246) | 8054 | 15596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | 610 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  | (168) |  | (168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (450) | (450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared on preferred stock (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (59) | (59) |
| **Balance at June 30, 2024** |  |  | 8797 | (1414) | 8155 | 15538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | 499 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  | (15) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation |  |  | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (450) | (450) |
| **Balance at September 30, 2024** | $— | $— | $8806 | $(1430) | $8203 | $15580 |
| **Balance at January 1, 2025** | $— | $— | $8814 | $(1531) | $7909 | $15193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | 499 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  | (28) |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (350) | (350) |
| **Balance at March 31, 2025** |  |  | 8822 | (1559) | 8058 | 15321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | 510 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  | 137 |  | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (350) | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared on preferred stock (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (59) | (59) |
| **Balance at June 30, 2025** |  |  | 8826 | (1422) | 8159 | 15564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | 589 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  | (6) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation |  |  | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid (<u>[Note 11](#i45e2993a5dbb420fb549541c3f8f0c7a_61)</u>) |  |  |  |  | (350) | (350) |
| **Balance at September 30, 2025** | $— | $— | $8834 | $(1428) | $8398 | $15804 |

---

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

Amounts may not add due to rounding.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In millions) (Unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $1598 | $1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3961 | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion and amortization of loan and leasing fees | (1209) | (1100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed earnings of nonconsolidated affiliates, net | (37) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses | 926 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 203 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on termination of leased vehicles | (494) | (605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | (133) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 634 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 339 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party payables | 279 | (406) |
| **Net cash provided by (used in) operating activities** | 6067 | 5114 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases and funding of finance receivables | (28246) | (26473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal collections and recoveries on finance receivables | 27015 | 23524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in floorplan and other short-duration receivables | 2524 | (4749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of finance receivables (<u>[Note 4](#i45e2993a5dbb420fb549541c3f8f0c7a_40)</u>) | 2005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of leased vehicles | (12609) | (11243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from termination of leased vehicles | 7780 | 8627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | (43) | (15) |
| **Net cash provided by (used in) investing activities** | (1574) | (10329) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in debt (original maturities of three months or less) | 23 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings and issuances of secured debt | 18915 | 18597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on secured debt | (19402) | (20169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings and issuances of unsecured debt | 16188 | 19545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on unsecured debt | (16100) | (11713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (114) | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (1169) | (1469) |
| **Net cash provided by (used in) financing activities** | (1658) | 4735 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2835 | (480) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 73 | (67) |
| Cash, cash equivalents and restricted cash at beginning of period | 8081 | 8249 |
| **Cash, cash equivalents and restricted cash at end of period** | $10990 | $7702 |

---

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet:

---

| | |
|:---|:---|
| | **September 30, 2025** |
| Cash and cash equivalents | $7820 |
| Restricted cash included in other assets | 3170 |
| Total | $10990 |

---

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

Amounts may not add due to rounding.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1. Business, Basis of Presentation and Summary of Significant Accounting Policies**

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, 2024, as filed with the Securities and Exchange Commission on January 28, 2025 (2024 Form 10-K).

The condensed consolidated financial statements at September 30, 2025, and for the three and nine months ended September 30, 2025 and 2024, 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, 2024 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.

**Marketable Debt Securities** We generally classify marketable debt securities as available-for-sale. Available-for-sale securities are recorded at fair value with unrealized gains and losses recorded in accumulated other comprehensive income until realized. Unrealized losses are reclassified to other income if we intend to sell the security or it is more likely than not that we will be required to sell the security before the recovery of the unrealized loss.

We determine realized gains and losses for all debt securities using the specific identification method and measure the fair value of our marketable securities using a market approach. Realized gains or losses are recorded in other income.

**Held-for-Investment** Finance receivables are classified and accounted for as held-for-investment if we have the intent and ability to hold the loans for the foreseeable future or until maturity or payoff. Our determination of intent and ability to hold the loans requires us to make good faith estimates based on all information available at the time of origination. Our finance receivables are classified as held-for-investment at origination and are carried at amortized cost, net of any allowance for loan losses. Unless otherwise identified, all finance receivables are held-for-investment.

**Held-for-Sale** Finance receivables are classified and accounted for as held-for-sale if we have the intent and ability to sell the loans and those loans can be reasonably identified. Once a decision to sell the loans has been made, our finance receivables are reclassified from held-for-investment to held-for-sale, and any previously recorded allowance for credit losses is reversed through provision for loan losses. Finance receivables classified as held-for-sale are carried at the lower of amortized cost or fair value. Fair value is determined on an aggregated loan basis. A valuation adjustment, if applicable, as well as gains or losses on the sale of the loans are recorded in other income.

**Transfers of Financial Assets** Transfers of financial assets are accounted for under Accounting Standards Codification (ASC) 860, "Transfers and Servicing." The accounting treatment under ASC 860 depends on whether the transfer qualifies as a sale or a secured borrowing. A transfer is recognized as a sale only if the assets are legally isolated from the transferor, the transferee has the unrestricted right to pledge or exchange the assets, and the transferor does not retain effective control through repurchase agreements or other arrangements. When the transfer qualifies as a sale, the financial assets are derecognized from the transferor's balance sheet, and any resulting gain or loss on the sale is recognized in other income. In certain transactions, servicing responsibilities may be retained, which would represent continuing involvement. If the criteria for sale accounting are not met, the transaction is accounted for as a secured borrowing and the financial assets remain on the transferor's balance sheet.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

Refer to Note 1 to the audited consolidated financial statements in our 2024 Form 10-K regarding additional significant accounting policies.

**Recently Adopted Accounting Standards** In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-05 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." ASU 2025-05 amends ASC 326-20, Financial Instruments - Credit Losses: Measured at Amortized Cost to provide a practical expedient related to the estimation of expected credit losses on current accounts receivable and contract assets that arise from revenue transactions accounted under ASC 606, Revenue from Contracts with Customers. During the three months ended September 30, 2025, we early adopted ASU 2025-05 and determined there was no impact on our consolidated financial statements.

**Accounting Standards Not Yet Adopted** In September 2025, the FASB issued ASU 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." ASU 2025-06 modernizes the accounting for internal-use software under ASC 350-40 by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2025-06 on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07 "Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract." ASU 2025-07 refines the scope of derivative accounting under Topic 815 and clarifies the treatment of share-based noncash consideration under ASC 606. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods, with early adoption permitted. Entities may apply the amendments prospectively to new contracts or retrospectively with a cumulative-effect adjustment. We are currently evaluating the impact of the adoption of ASU 2025-07 on our consolidated financial statements.

**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 Level** | **September 30, 2025** | **December 31, 2024** |
| **Cash and cash equivalents** | | | |
| Cash and time deposits | Cash and time deposits | $3186 | $2793 |
| Available-for-sale debt securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agencies | 2 | 781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sovereign debt | 2 | 83 | 124 |
| Total available-for-sale debt securities – cash equivalents | Total available-for-sale debt securities – cash equivalents | 863 | 124 |
| Money market funds | 1 | 3770 | 2177 |
| Total cash and cash equivalents | Total cash and cash equivalents | $7820 | $5094 |
| **Marketable debt securities**<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agencies | 2 | $21 | $— |
| Total available-for-sale debt securities – marketable securities | Total available-for-sale debt securities – marketable securities | $21 | $— |
| **Restricted cash**<sup>(a)</sup> |  |  |  |
| Cash and cash equivalents | Cash and cash equivalents | $208 | $190 |
| Money market funds | 1 | 2962 | 2798 |
| Total restricted cash | Total restricted cash | $3170 | $2987 |
| **Available-for-sale debt securities included above with contractual maturities** | **Available-for-sale debt securities included above with contractual maturities** |  |  |
| Due in one year or less | Due in one year or less | $885 |  |
| Due between one and five years | Due between one and five years |  |  |
| Total available-for-sale debt securities with contractual maturities | Total available-for-sale debt securities with contractual maturities | $885 |  |

---

________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Included in other assets.*

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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 and none in the three and nine months ended September 30, 2025 and 2024. Cumulative unrealized losses on available-for-sale debt securities were insignificant and none at September 30, 2025 and December 31, 2024. At September 30, 2025, we did not intend 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 amortized costs. No allowance for credit losses was recorded on available-for-sale debt securities in an unrealized loss position at September 30, 2025 and December 31, 2024.

**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 $856 million and $1.2 billion for the three months ended September 30, 2025 and 2024, and $2.5 billion and $2.9 billion for the nine months ended September 30, 2025 and 2024. Subvention due from GM is recorded as a related party receivable.

Cruise is the GM global segment focused on autonomous driving strategy for personal vehicles. We previously provided a line of credit to Cruise to fund the purchase of autonomous vehicles from GM in support of commercialization. The line of credit expired on December 31, 2024, and all outstanding borrowings were paid off as of March 31, 2025. Amounts due from Cruise were included in finance receivables, net.

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 return and certain U.S. state returns, and we are obligated to pay GM for our share of the related tax liabilities. During both the nine months ended September 30, 2025 and 2024, no payments were made to GM for state and federal income taxes. Amounts due from (owed to) GM for income taxes are recorded as a related party receivable (payable).

The following tables present balance sheet and income statement data for related party transactions:

---

| | | |
|:---|:---|:---|
| **Balance Sheet Data** | **September 30, 2025** | **December 31, 2024** |
| Commercial finance receivables due from dealers consolidated by GM | $381 | $279 |
| Commercial finance receivables due from Cruise | $— | $395 |
| Subvention receivable from GM | $544 | $360 |
| Commercial loan funding payable to GM | $102 | $100 |
| Taxes receivable from (payable to) GM | $(201) | $70 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Income Statement Data** | **2025** | **2024** | **2025** | **2024** |
| Interest subvention earned on retail finance receivables<sup>(a)</sup> | $322 | $320 | $1008 | $943 |
| Interest subvention earned on commercial finance receivables<sup>(a)</sup> | $22 | $26 | $67 | $82 |
| Leased vehicle subvention earned<sup>(b)</sup> | $461 | $385 | $1313 | $1108 |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Included in finance charge income.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

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, 2025 or December 31, 2024. In March 2025, GM renewed the five-year facility, which now matures March 25, 2030, the three-year facility, which now matures March 25, 2028, and the GM Revolving 364-Day Credit Facility, which now matures March 24, 2026.

**Note 4. Finance Receivables**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Retail finance receivables** | | |
| Retail finance receivables<sup>(a)</sup> | $75857 | $76066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: allowance for loan losses | (2651) | (2400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail finance receivables, net | 73206 | 73667 |
| **Commercial finance receivables** |  |  |
| Commercial finance receivables<sup>(a)(b)</sup> | 17081 | 19901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: allowance for loan losses | (85) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial finance receivables, net | 16996 | 19843 |
| Total finance receivables, net | $90202 | $93510 |
| Fair value utilizing Level 2 inputs | $16996 | $19843 |
| Fair value utilizing Level 3 inputs | $74957 | $74729 |

---

________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)&nbsp;&nbsp;&nbsp;&nbsp;Net of unearned income, unamortized premiums and discounts, and deferred fees and costs.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes dealer financing of $16.6 billion and $18.9 billion, and other financing of $471 million and $999 million at September 30, 2025 and December 31, 2024. Commercial finance receivables are presented net of dealer cash management balances of $3.4 billion at both September 30, 2025 and December 31, 2024.*

**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,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Allowance for retail loan losses beginning balance | $2630 | $2261 | $2400 | $2308 |
| Provision for loan losses | 250 | 293 | 898 | 658 |
| Charge-offs | (494) | (439) | (1461) | (1255) |
| Recoveries | 257 | 217 | 778 | 652 |
| Foreign currency translation | 8 | (10) | 36 | (39) |
| Allowance for retail loan losses ending balance | $2651 | $2323 | $2651 | $2323 |

---

The allowance for retail loan losses as a percentage of retail finance receivables was 3.5% and 3.2% at September 30, 2025 and December 31, 2024. The allowance ratio is based on factors including portfolio credit quality, expectations for recovery rates and economic outlook.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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 of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at September 30, 2025 and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **September 30, 2025** | **September 30, 2025** |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** | **Percent** |
| Prime - FICO Score 680 and greater | $18457 | $16962 | $10727 | $6263 | $3293 | $1376 | $57078 | 75.2% |
| Near-prime - FICO Score 620 to 679 | 2927 | 2712 | 1619 | 1044 | 681 | 300 | 9282 | 12.2 |
| Sub-prime - FICO Score less than 620 | 2948 | 2758 | 1554 | 1090 | 730 | 418 | 9497 | 12.5 |
| Retail finance receivables | $24333 | $22431 | $13900 | $8397 | $4704 | $2093 | $75857 | 100.0% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **December 31, 2024** | **December 31, 2024** |
| | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** | **Percent** |
| Prime - FICO Score 680 and greater | $24155 | $15814 | $9749 | $5424 | $2559 | $366 | $58067 | 76.3% |
| Near-prime - FICO Score 620 to 679 | 3547 | 2227 | 1507 | 1077 | 473 | 159 | 8990 | 11.8 |
| Sub-prime - FICO Score less than 620 | 3399 | 2059 | 1546 | 1141 | 543 | 322 | 9008 | 11.8 |
| Retail finance receivables | $31101 | $20100 | $12802 | $7642 | $3575 | $847 | $76066 | 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 of retail finance receivables by delinquency status for each vintage of the portfolio at September 30, 2025 and December 31, 2024, as well as summary totals for September 30, 2024. The tables also present gross charge-offs by vintage for the nine months ended September 30, 2025 and the year ended December 31, 2024:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** | **Percent** | **Total** | **Percent** |
| 0 - 30 days | $24021 | $21756 | $13324 | $7939 | $4378 | $1900 | $73318 | 96.7% | $71977 | 96.8% |
| 31 - 60 days | 221 | 466 | 395 | 324 | 235 | 139 | 1779 | 2.3 | 1718 | 2.3 |
| Greater than 60 days | 79 | 184 | 160 | 122 | 85 | 52 | 682 | 0.9 | 616 | 0.8 |
| Finance receivables more than 30 days delinquent | 300 | 649 | 555 | 446 | 319 | 191 | 2461 | 3.2 | 2333 | 3.1 |
| In repossession | 11 | 26 | 20 | 12 | 6 | 2 | 78 | 0.1 | 73 | 0.1 |
| Finance receivables more than 30 days delinquent or in repossession | 312 | 676 | 575 | 458 | 325 | 194 | 2540 | 3.3 | 2407 | 3.2 |
| Retail finance receivables | $24333 | $22431 | $13900 | $8397 | $4704 | $2093 | $75857 | 100.0% | $74384 | 100.0% |
| Gross charge-offs | $75 | $447 | $412 | $277 | $158 | $92 | $1461 |  |  |  |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **December 31, 2024** | **December 31, 2024** |
| | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** | **Percent** |
| 0 - 30 days | $30581 | $19411 | $12207 | $7178 | $3350 | $710 | $73438 | 96.5% |
| 31 - 60 days | 374 | 481 | 425 | 340 | 166 | 99 | 1885 | 2.5 |
| Greater than 60 days | 128 | 188 | 155 | 115 | 55 | 36 | 677 | 0.9 |
| Finance receivables more than 30 days delinquent | 502 | 669 | 580 | 455 | 221 | 135 | 2562 | 3.4 |
| In repossession | 17 | 19 | 14 | 10 | 3 | 2 | 66 | 0.1 |
| Finance receivables more than 30 days delinquent or in repossession | 519 | 689 | 595 | 464 | 225 | 136 | 2628 | 3.5 |
| Retail finance receivables | $31101 | $20100 | $12802 | $7642 | $3575 | $847 | $76066 | 100.0% |
| Gross charge-offs | $171 | $556 | $495 | $305 | $126 | $102 | $1754 |  |

---

The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $980 million and $958 million at September 30, 2025 and December 31, 2024. 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 costs at September 30, 2025 and 2024 of the loans modified during the three and nine months ended September 30, 2025 and 2024 were 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, 2025 and 2024.

**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 Rating** | **Description** |
| I | Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments. |
| II | Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring. |
| III | Non-Performing accounts with inadequate paying capacity for current obligations and that have the distinct possibility of creating a loss if deficiencies are not corrected. |
| IV | Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection or liquidation in full highly questionable or improbable. |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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, 2025 and December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **September 30, 2025** | **September 30, 2025** |
|<br>**Dealer Risk Rating** | **Revolving** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** | **Percent** |
| I | $13511 | $272 | $245 | $140 | $315 | $176 | $214 | $14873 | 89.5% |
| II | 973 | 12 | 27 | 28 | 9 | 35 | 2 | 1087 | 6.5 |
| III | 547 | 6 | 41 | 10 | 14 | 17 | 15 | 651 | 3.9 |
| IV |  |  |  |  |  |  |  |  |  |
| Balance at end of period | $15032 | $290 | $313 | $178 | $339 | $228 | $231 | $16611 | 100.0% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **Year of Origination** | **December 31, 2024** | **December 31, 2024** |
|<br>**Dealer Risk Rating** | **Revolving** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** | **Percent** |
| I | $16429 | $350 | $211 | $360 | $237 | $267 | $32 | $17885 | 94.6% |
| II | 621 |  | 10 | 26 | 3 | 2 |  | 663 | 3.5 |
| III | 305 | 10 | 4 |  | 22 |  | 12 | 354 | 1.9 |
| IV | 1 |  |  |  |  |  |  | 1 | 0.0 |
| Balance at end of period | $17356 | $360 | $225 | $385 | $263 | $269 | $44 | $18902 | 100.0% |

---

Floorplan advances comprise 99.1% and 99.5% of the total revolving balances at September 30, 2025 and December 31, 2024. Dealer term loans are presented by year of origination.

At September 30, 2025 and December 31, 2024, 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, 2025 and 2024. There were no commercial finance receivables on nonaccrual status at September 30, 2025 and December 31, 2024.

There were insignificant charge-offs during the nine months ended September 30, 2025, and no loan modifications were extended to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024.

**Transfers of Finance Receivables** During the three months ended September 30, 2025, we reclassified $2.0 billion in retail finance receivables held-for-investment to finance receivables held-for-sale. A previously recorded insignificant allowance for loan losses was reversed through provision for loan losses at the time of reclassification. The finance receivables were sold to third-party purchasers for $2.0 billion in cash proceeds, and we recognized an insignificant gain on the sale. The transaction met the sale criteria under ASC 860. We have continuing involvement with the finance receivables transferred, primarily in our role as servicer. The outstanding balance of the transferred finance receivables subject to continuing involvement was $1.9 billion at September 30, 2025. Refer to <u>[Note 1](#i45e2993a5dbb420fb549541c3f8f0c7a_31)</u> for information on sale criteria under ASC 860 and to <u>[N](#i45e2993a5dbb420fb549541c3f8f0c7a_58)[ote](#i45e2993a5dbb420fb549541c3f8f0c7a_58)[10](#i45e2993a5dbb420fb549541c3f8f0c7a_58)</u> for information on our representations and warranties related to the sale.

**Note 5. Leased Vehicles**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Leased vehicles<sup>(a)</sup> | $40283 | $38187 |
| Less: accumulated depreciation | (6674) | (6601) |
| Leased vehicles, net | $33609 | $31586 |

---

________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 and 2024, and $3.7 billion and $3.6 billion for the nine months ended September 30, 2025 and 2024.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

The following table summarizes minimum rental payments due to us as lessor under operating leases at September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Years Ending December 31,** | **Years Ending December 31,** | **Years Ending December 31,** | **Years Ending December 31,** | **Years Ending December 31,** | **Years Ending December 31,** | **Years Ending December 31,** |
| | **2025** | **2026** | **2027** | **2028** | **2029** | **Thereafter** | **Total** |
| Lease payments under operating leases | $1520 | $5055 | $2885 | $834 | $73 | $1 | $10367 |

---

**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, 2024. The following table presents certain aggregated operating data of our joint ventures:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Summarized Operating Data** | **2025** | **2024** | **2025** | **2024** |
| Finance charge income | $114 | $217 | $396 | $751 |
| Income before income taxes | $35 | $36 | $143 | $208 |
| Net income | $26 | $27 | $108 | $156 |

---

At September 30, 2025 and December 31, 2024, we had undistributed earnings of $587 million and $729 million related to our nonconsolidated affiliates. In September 2025, SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) declared a $513 million cash dividend of which our share is $179 million. The dividend payment, net of tax, is expected to be received in the fourth quarter of 2025.

**Note 7. Debt**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| **Secured debt** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facilities | $2127 | $2127 | $5426 | $5426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization notes payable | 47267 | 47606 | 44147 | 44327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured debt | 49394 | 49733 | 49573 | 49753 |
| **Unsecured debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes | 55648 | 56810 | 53632 | 54177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facilities | 2351 | 2368 | 2178 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other unsecured debt | 8995 | 9035 | 8880 | 8906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unsecured debt | 66994 | 68212 | 64691 | 65258 |
| Total secured and unsecured debt | $116389 | $117945 | $114264 | $115010 |
| Fair value utilizing Level 2 inputs | Fair value utilizing Level 2 inputs | $115371 |  | $112941 |
| Fair value utilizing Level 3 inputs | Fair value utilizing Level 3 inputs | $2575 |  | $2070 |

---

**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 <u>[Note 8](#i45e2993a5dbb420fb549541c3f8f0c7a_52)</u> for further information.

During the nine months ended September 30, 2025, we renewed revolving credit facilities with a total borrowing capacity of $19.3 billion, and we issued $17.4 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 4.75% and maturity dates ranging from 2027 to 2037.

**Unsecured Debt** During the nine months ended September 30, 2025, we issued $9.2 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.20% and maturity dates ranging from 2027 to 2035.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

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 September 30, 2025, 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, 2025** | **December 31, 2024** |
| Restricted cash<sup>(a)</sup> | $2856 | $2761 |
| Finance receivables | $49948 | $55456 |
| Lease related assets | $16094 | $14252 |
| Secured debt | $49413 | $49646 |

---

_______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 are 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, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Notional** | **Fair Value of Assets** | **Fair Value of Liabilities** | **Notional** | **Fair Value of Assets** | **Fair Value of Liabilities** |
| **Derivatives designated as hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fair value hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $36069 | $100 | $447 | $36145 | $32 | $621 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash flow hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 2061 | 19 | 28 | 1873 | 35 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps | 9231 | 576 | 61 | 8363 | 80 | 508 |
| **Derivatives not designated as hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 127486 | 491 | 705 | 123346 | 833 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | 181 |  |  |  |  |  |
| Total | $175028 | $1187 | $1241 | $169727 | $981 | $2427 |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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.

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, 2025 and December 31, 2024, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $584 million and $693 million. At September 30, 2025 and December 31, 2024, we held $70 million and $190 million of collateral from counterparties that was available for netting against our asset positions. At September 30, 2025 and December 31, 2024, we had $628 million and $1.2 billion 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 <br>Hedged Items** | **Carrying Amount of <br>Hedged Items** | **Cumulative Amount of Fair Value<br>Hedging Adjustments**<sup>(a)</sup> | **Cumulative Amount of Fair Value<br>Hedging Adjustments**<sup>(a)</sup> |
| | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
| Unsecured debt | $35201 | $36664 | $668 | $1281 |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Includes $472 million and $719 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2025 and December 31, 2024.*

The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| | **Interest Expense**<sup>(a)</sup> | **Operating Expenses**<sup>(b)</sup> | **Interest Expense**<sup>(a)</sup> | **Operating Expenses**<sup>(b)</sup> | **Interest Expense**<sup>(a)</sup> | **Operating Expenses**<sup>(b)</sup> | **Interest Expense**<sup>(a)</sup> | **Operating Expenses**<sup>(b)</sup> |
| **Fair value hedges** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items - interest rate swaps | $(92) | $— | $(450) | $— | $(612) | $— | $(258) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 48 |  | 396 |  | 448 |  | 109 |  |
| **Cash flow hedges** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 3 |  | 2 |  | 11 |  | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items - foreign currency swaps<sup>(c)</sup> |  | 21 |  | (413) |  | (971) |  | (205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps | (27) | (22) | (27) | 413 | (78) | 970 | (103) | 207 |
| **Derivatives not designated as hedges** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | (17) |  | 2 |  | (31) |  | 77 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts |  |  |  | (3) |  |  |  | (3) |
| Total income (loss) recognized | $(84) | $(1) | $(77) | $(3) | $(263) | $(1) | $(161) | $(2) |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Total interest expense was $1.7 billion and $1.6 billion for the three months ended September 30, 2025 and 2024, and $4.9 billion and $4.4 billion for the nine months ended September 30, 2025 and 2024.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)Total operating expenses were $545 million and $478 million for the three months ended September 30, 2025 and 2024, and $1.6 billion and $1.4 billion for the nine months ended September 30, 2025 and 2024.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.*

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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<br>Accumulated Other Comprehensive Income (Loss)** | **Gains (Losses) Recognized In<br>Accumulated Other Comprehensive Income (Loss)** | **Gains (Losses) Recognized In<br>Accumulated Other Comprehensive Income (Loss)** | **Gains (Losses) Recognized In<br>Accumulated Other Comprehensive Income (Loss)** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Cash flow hedges** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $(2) | $(5) | $(26) | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps | (68) | 246 | 578 | 31 |
| Total | $(70) | $241 | $551 | $52 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(Gains) Losses Reclassified From Accumulated Other<br>Comprehensive Income (Loss) Into Income (Loss)** | **(Gains) Losses Reclassified From Accumulated Other<br>Comprehensive Income (Loss) Into Income (Loss)** | **(Gains) Losses Reclassified From Accumulated Other<br>Comprehensive Income (Loss) Into Income (Loss)** | **(Gains) Losses Reclassified From Accumulated Other<br>Comprehensive Income (Loss) Into Income (Loss)** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Cash flow hedges** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $(3) | $(1) | $(9) | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps | 36 | (291) | (675) | (78) |
| Total | $33 | $(292) | $(684) | $(86) |

---

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 gains 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, 2025, 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 $163 million at September 30, 2025.

**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 (EVs) through June 30, 2026. We made a down payment to the dealers, and we will purchase the EVs as they are placed in service and assigned to us as part of our normal leasing operations, or upon expiration of the purchase commitments. Losses, if any, will be recognized when incurred in accordance with applicable accounting guidance.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

**Note 11. Shareholders' Equity**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Common Stock** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares authorized | 10,000,000 | 10,000,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding | 5,050,000 | 5,050,000 |

---

During the nine months ended September 30, 2025 and 2024, our Board of Directors declared and paid dividends of $1.1 billion and $1.4 billion on our common stock to GM.

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Preferred Stock** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares authorized | 250000000 | 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, <br>Series A (Series A Preferred Stock) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, <br>Series B (Series B Preferred Stock) | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-Rate Reset Cumulative Perpetual Preferred Stock, <br>Series C (Series C Preferred Stock) | 500000 | 500000 |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Issued at a liquidation preference of $1,000 per share.*

During the nine months ended September 30, 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. During the nine months ended September 30, 2024, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, $32 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,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Unrealized gain (loss) on hedges** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | $(18) | $14 | $77 | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of hedges, net of tax | (36) | (50) | (132) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $(55) | $(37) | $(55) | $(37) |
| **Foreign currency translation adjustment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | $(1404) | $(1429) | $(1609) | $(1206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation gain (loss) | 30 | 35 | 235 | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $(1374) | $(1394) | $(1374) | $(1394) |

---

**Note 12. Income Taxes** 

We are included in GM's consolidated U.S. federal income tax return and 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 our financial statements as if we filed our own tax returns in each jurisdiction. Refer to <u>[Note 3](#i45e2993a5dbb420fb549541c3f8f0c7a_37)</u> for further information on related party taxes.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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 operating results 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, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **North America** | **International** | **Total** |
| Revenue from reportable segments | $3901 | $421 | $4322 |
| *Reconciliation of revenue* |  |  |  |
| Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $4337 |
| Costs and expenses<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 258 | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased vehicle depreciation | 1216 | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on termination of leased vehicles | (148) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses | 202 | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1464 | 187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Protection claim losses | 17 |  |  |
| Other segment items<sup>(c)</sup> | 140 | 67 |  |
| Equity income  |  | 9 |  |
| Reportable segment income before income taxes | $753 | $71 | $824 |
| *Reconciliation to income before income taxes* |  |  |  |
| Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | (20) |
| Income before income taxes | Income before income taxes | Income before income taxes | $804 |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **North America** | **International** | **Total** |
| Revenue from reportable segments | $3661 | $364 | $4025 |
| *Reconciliation of revenue* |  |  |  |
| Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $4031 |
| Costs and expenses<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 251 | 37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased vehicle depreciation | 1190 | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on termination of leased vehicles | (188) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses | 277 | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1385 | 165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Protection claim losses | 8 |  |  |
| Other segment items<sup>(c)</sup> | 116 | 56 |  |
| Equity income  |  | 10 |  |
| Reportable segment income before income taxes | $623 | $77 | $700 |
| *Reconciliation to income before income taxes* |  |  |  |
| Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | (13) |
| Income before income taxes | Income before income taxes | Income before income taxes | $687 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **North America** | **International** | **Total** |
| Revenue from reportable segments | $11531 | $1189 | $12720 |
| *Reconciliation of revenue* |  |  |  |
| Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $12755 |
| Costs and expenses<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 781 | 116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased vehicle depreciation | 3616 | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on termination of leased vehicles | (495) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses | 808 | 118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 4350 | 536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Protection claim losses | 39 |  |  |
| Other segment items<sup>(c)</sup> | 413 | 168 |  |
| Equity income  |  | 37 |  |
| Reportable segment income before income taxes | $2018 | $227 | $2244 |
| *Reconciliation to income before income taxes* |  |  |  |
| Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | (52) |
| Income before income taxes | Income before income taxes | Income before income taxes | $2193 |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **North America** | **International** | **Total** |
| Revenue from reportable segments | $10603 | $1145 | $11748 |
| *Reconciliation of revenue* |  |  |  |
| Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | Other revenue<sup>(a)</sup> | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $11760 |
| Costs and expenses<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 748 | 114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased vehicle depreciation | 3577 | 56 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on termination of leased vehicles | (606) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses | 598 | 77 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 3930 | 502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Protection claim losses | 20 |  |  |
| Other segment items<sup>(c)</sup> | 334 | 170 |  |
| Equity income |  | 55 |  |
| Reportable segment income before income taxes | $2003 | $281 | $2284 |
| *Reconciliation to income before income taxes* |  |  |  |
| Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | Other loss<sup>(d)</sup> | (38) |
| Income before income taxes | Income before income taxes | Income before income taxes | $2246 |

---

________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Revenue from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision-maker.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)Other segment items for each reportable segment primarily include professional fees, supplies and equipment, occupancy costs, depreciation and amortization, and commission expense.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **North America** | **International** | **Total** | **North America** | **International** | **Total** |
| Finance receivables, net | $82763 | $7440 | $90202 | $87084 | $6426 | $93510 |
| Leased vehicles, net | $33126 | $482 | $33609 | $31236 | $350 | $31586 |
| Assets from reportable segments | $131976 | $10551 | $142527 | $131643 | $9254 | $140897 |
| Other assets<sup>(a)</sup> | Other assets<sup>(a)</sup> | Other assets<sup>(a)</sup> | 152 | . | . | 134 |
| Total assets | Total assets | Total assets | $142680 | . | . | $141030 |

---

______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 $8.7 billion and $7.5 billion at September 30, 2025 and December 31, 2024.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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, 2024, as filed with the Securities and Exchange Commission (SEC) on January 28, 2025 (2024 Form 10-K), and the "Risk Factors" section of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the SEC on May 1, 2025 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 2024 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.

**Recent Developments**

In the first quarter of 2025, the U.S. Government announced new tariffs, including some tariffs specifically related to the automotive industry. The tariff environment remains highly dynamic. Refer to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 for a full discussion of the risks associated with the U.S. tariff environment.

On July 4, 2025, the One Big Beautiful Bill Act (the Act) was signed into law. Key provisions of the Act include the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017 and an accelerated phase-out or elimination of most clean energy tax credits that were originally expanded under the Inflation Reduction Act of 2022, such as the Commercial Clean Vehicle Credit which expired on September 30, 2025. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $10,000 per year in interest on new, U.S.-assembled personal vehicles purchased between 2025 and 2028. We are currently evaluating the financial impact of the Act.

**Results of Operations**

**Key Drivers** Income before income taxes for both the nine months ended September 30, 2025 and 2024 was $2.2 billion. Changes in key drivers of income before income taxes include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finance charge income on retail finance receivables increased $543 million primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leased vehicle income increased $379 million primarily due to an increase in the average balance of the leased vehicles portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense increased $455 million primarily due to an increase in the average debt outstanding, as well as a slight increase in the effective rate of interest on our debt, resulting from higher benchmark rates on new issuances relative to maturing debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leased vehicle expenses increased $160 million primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025 and increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for loan losses increased $251 million primarily due to increased loan origination volume, partially offset by the reversal of the allowance for loan losses on finance receivables reclassified to held-for sale.

For the year ending December 31, 2025, we expect to recognize income before income taxes in the $2.5 billion to $3.0 billion range.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**<u>Three Months Ended September 30, 2025 compared to Three Months Ended September 30, 2024</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Earning Assets** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **2025 vs. 2024** | **2025 vs. 2024** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
| Average retail finance receivables | $76799 | $73944 | $2855 | 3.9% |
| Average commercial finance receivables | 16589 | 17449 | (860) | (4.9)% |
| Average finance receivables | 93388 | 91393 | 1995 | 2.2% |
| Average leased vehicles, net | 33377 | 30624 | 2753 | 9.0% |
| Average earning assets | $126765 | $122017 | $4748 | 3.9% |
| Retail finance receivables purchased | $8812 | $9371 | $(559) | (6.0)% |
| Leased vehicles purchased | $4956 | $4874 | $82 | 1.7% |

---

Average retail finance receivables increased primarily due to new loan originations in excess of principal collections and payoffs. Our penetration of GM's retail sales in the U.S. was 31.9% and 38.9% for the three months ended September 30, 2025 and 2024. 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 strong GM sales, resulting in lower inventory. Our floorplan dealer penetration in the U.S. was 48.2% and 47.4% at September 30, 2025 and 2024.

Average leased vehicles, net increased due to new lease originations in excess of lease terminations, as well as an increase in the net capitalized cost of leased vehicles.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Revenue** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **2025 vs. 2024** | **2025 vs. 2024** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
| Finance charge income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail finance receivables | $1756 | $1609 | $147 | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial finance receivables | $304 | $356 | $(52) | (14.6)% |
| Leased vehicle income | $1968 | $1828 | $140 | 7.6% |
| Other income | $309 | $238 | $71 | 29.8% |
| Equity income | $9 | $10 | $— | (4.9)% |
| Effective yield - retail finance receivables | 9.1% | 8.7% |  |  |
| Effective yield - commercial finance receivables | 7.3% | 8.1% |  |  |

---

***Finance Charge Income - Retail Finance Receivables*** Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations. 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 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 vehicle protection contract sales, as well as a gain on sale of finance receivables.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Costs and Expenses** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **2025 vs. 2024** | **2025 vs. 2024** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
| Operating expenses | $545 | $478 | $67 | 14.0% |
| Leased vehicle expenses | $1101 | $1027 | $73 | 7.2% |
| Provision for loan losses | $244 | $298 | $(53) | (17.9)% |
| Interest expense | $1651 | $1550 | $101 | 6.5% |
| Average debt outstanding | $117568 | $110363 | $7205 | 6.5% |
| Effective rate of interest on debt | 5.6% | 5.6% |  |  |

---

***Operating Expenses*** Operating expenses as an annualized percentage of average earning assets were 1.7% and 1.6% for the three months ended September 30, 2025 and 2024.

***Leased Vehicle Expenses*** Leased vehicle expenses increased primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025 and increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio.

***Provision for Loan Losses*** Provision for loan losses decreased primarily due to 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 increased due to an increase in average debt outstanding.

***Taxes*** Our consolidated effective income tax rates were 27.0% and 27.8% of income before income taxes and equity income for the three months ended September 30, 2025 and 2024.

**Other Comprehensive Income (Loss)**

***Unrealized Gain (Loss) on Hedges*** Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $(36) million and $(50) million for the three months ended September 30, 2025 and 2024. 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 Adjustment*** Foreign currency translation adjustments included in other comprehensive income (loss) were $30 million and $35 million for the three months ended September 30, 2025 and 2024. 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 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. The foreign currency translation gain for the three months ended September 30, 2024 was primarily due to appreciating values of the Chinese Yuan Renminbi, Brazilian Real, and Canadian Dollar, partially offset by the depreciating value of the Mexican Peso in relation to the U.S. Dollar.

**<u>Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Earning Assets** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **2025 vs. 2024** | **2025 vs. 2024** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
| Average retail finance receivables | $77098 | $73455 | $3643 | 5.0% |
| Average commercial finance receivables | 17138 | 15770 | 1368 | 8.7% |
| Average finance receivables | 94236 | 89225 | 5011 | 5.6% |
| Average leased vehicles, net | 32698 | 30414 | 2284 | 7.5% |
| Average earning assets | $126934 | $119638 | $7295 | 6.1% |
| Retail finance receivables purchased | $27910 | $26323 | $1587 | 6.0% |
| Leased vehicles purchased | $15338 | $14146 | $1192 | 8.4% |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

Average retail finance receivables increased primarily due to new loan originations in excess of principal collections and payoffs. Our penetration of GM's retail sales in the U.S. was 34.2% and 38.7% for the nine months ended September 30, 2025 and 2024. 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 floorplan penetration. Our floorplan dealer penetration in the U.S. was 48.2% and 47.4% at September 30, 2025 and 2024.

Leased vehicles purchased increased primarily due to growth in GM sales and higher net capitalized cost, partially offset by lower lease sales mix.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Revenue** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **2025 vs. 2024** | **2025 vs. 2024** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
| Finance charge income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail finance receivables | $5192 | $4650 | $543 | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial finance receivables | $940 | $977 | $(37) | (3.8)% |
| Leased vehicle income | $5810 | $5431 | $379 | 7.0% |
| Other income | $813 | $702 | $110 | 15.7% |
| Equity income | $37 | $55 | $(18) | (32.3)% |
| Effective yield - retail finance receivables | 9.0% | 8.5% |  |  |
| Effective yield - commercial finance receivables | 7.3% | 8.3% |  |  |

---

***Finance Charge Income - Retail Finance Receivables*** Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield and growth in the size of the portfolio. The effective yield on our retail finance receivables increased primarily due to increased average interest rates on new loan originations. 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 benchmark rates, partially offset by an increase 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 vehicle protection contract sales, as well as a gain on sale of finance receivables.

***Equity Income*** Equity income decreased primarily due to lower earning asset levels at our joint ventures in China.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Costs and Expenses** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **2025 vs. 2024** | **2025 vs. 2024** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
| Operating expenses | $1581 | $1416 | $165 | 11.7% |
| Leased vehicle expenses | $3206 | $3046 | $160 | 5.2% |
| Provision for loan losses | $926 | $676 | $251 | 37.1% |
| Interest expense | $4886 | $4431 | $455 | 10.3% |
| Average debt outstanding | $116922 | $107768 | $9154 | 8.5% |
| Effective rate of interest on debt | 5.6% | 5.5% |  |  |

---

***Operating Expenses*** Operating expenses as an annualized percentage of average earning assets were 1.7% and 1.6% for the nine months ended September 30, 2025 and 2024.

***Leased Vehicle Expenses*** Leased vehicle expenses increased primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025 and increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio.

***Provision for Loan Losses*** Provision for loan losses increased primarily due to increased loan origination volume, partially offset by the reversal of the allowance for loan losses on finance receivables reclassified to held-for sale.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

***Interest Expense*** Interest expense increased primarily due to an increase in average debt outstanding, as well as a slight increase in the effective rate of interest on our debt, resulting from higher benchmark rates on new issuances relative to maturing debt.

***Taxes*** Our consolidated effective income tax rates were 27.6% and 27.4% of income before income taxes and equity income for the nine months ended September 30, 2025 and 2024.

**Other Comprehensive Income (Loss)**

***Unrealized Gain (Loss) on Hedges*** Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $(132) million and $(34) million for the nine months ended September 30, 2025 and 2024. 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 Adjustment*** Foreign currency translation adjustments included in other comprehensive income (loss) were $235 million and $(188) million for the nine months ended September 30, 2025 and 2024. 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, 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. The foreign currency translation loss for the nine months ended September 30, 2024 was primarily due to depreciating values of the Mexican Peso, Brazilian Real, and Canadian Dollar, partially offset by the appreciating value of the Chinese Yuan Renminbi 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, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amount** | **Percent** | **Amount** | **Percent** |
| Prime - FICO Score 680 and greater | $57078 | 75.2% | $58067 | 76.3% |
| Near-prime - FICO Score 620 to 679 | 9282 | 12.2 | 8990 | 11.8 |
| Sub-prime - FICO Score less than 620 | 9497 | 12.5 | 9008 | 11.8 |
| Retail finance receivables | 75857 | 100.0% | 76066 | 100.0% |
| Less: allowance for loan losses | (2651) |  | (2400) |  |
| Retail finance receivables, net | $73206 |  | $73667 |  |
| Number of outstanding contracts | 3217932 |  | 3285728 |  |
| Average amount of outstanding contracts (in dollars)<sup>(a)</sup> | $23573 |  | $23151 |  |
| Allowance for loan losses as a percentage of retail finance receivables | 3.5% |  | 3.2% |  |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Average amount of outstanding contracts is calculated as retail finance receivables, divided by number of outstanding contracts.*

***Delinquency*** The following is a consolidated summary of delinquent retail finance receivables:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| | **Amount** | **Percent** | **Amount** | **Percent** |
| 31 - 60 days | $1779 | 2.3% | $1718 | 2.3% |
| Greater than 60 days | 682 | 0.9 | 616 | 0.8 |
| Total finance receivables more than 30 days delinquent | 2461 | 3.2 | 2333 | 3.1 |
| In repossession | 78 | 0.1 | 73 | 0.1 |
| Total finance receivables more than 30 days delinquent or in repossession | $2540 | 3.3% | $2407 | 3.2% |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

***Loan Modifications*** Loan modifications extended to borrowers experiencing financial difficulty were insignificant for the three and nine months ended September 30, 2025 and 2024. Refer to <u>[Note 4](#i45e2993a5dbb420fb549541c3f8f0c7a_40)</u> to our condensed consolidated financial statements for further information on loan modifications.

***Net Charge-offs*** The following table presents charge-off data with respect to our retail finance receivables portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Charge-offs | $494 | $439 | $1461 | $1255 |
| Less: recoveries | (257) | (217) | (778) | (652) |
| Net charge-offs | $237 | $222 | $683 | $604 |
| Net charge-offs as an annualized percentage of average retail finance receivables | 1.2% | 1.2% | 1.2% | 1.1% |

---

---

| | | |
|:---|:---|:---|
| **Commercial Finance Receivables** | **September 30, 2025** | **December 31, 2024** |
| Commercial finance receivables | $17081 | $19901 |
| Less: allowance for loan losses | (85) | (58) |
| Commercial finance receivables, net | $16996 | $19843 |
| Number of dealers | 2528 | 2537 |
| Average carrying amount per dealer | $7 | $8 |
| Allowance for loan losses as a percentage of commercial finance receivables | 0.5% | 0.3% |

---

No commercial loans were modified for the three and nine months ended September 30, 2025 and 2024. Substantially all of our commercial finance receivables were current with respect to payment status at September 30, 2025 and December 31, 2024.

**Leased Vehicles** The following table summarizes activity in our operating lease portfolio (in thousands, except where noted):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Operating leases purchased | 92 | 99 | 295 | 295 |
| Operating leases terminated | 88 | 92 | 280 | 325 |
| Operating leased vehicles returned<sup>(a)</sup> | 22 | 22 | 67 | 76 |
| Percentage of leased vehicles returned<sup>(b)</sup> | 24% | 24% | 24% | 23% |

---

________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Represents the number of vehicles returned to us for remarketing.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 rates continued to be lower than historical levels as used vehicle prices have generally remained higher than contractual residual values. Gains on terminations of leased vehicles were $146 million and $494 million for the three and nine months ended September 30, 2025 compared to $188 million and $605 million for the same periods in 2024. The decrease in gains is primarily due to fewer terminated leases in 2025.

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, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Residual Value** | **Units** | **Percentage <br>of Units** | **Residual Value** | **Units** | **Percentage <br>of Units** |
| Crossovers | $13399 | 629 | 65.7% | $13184 | 635 | 67.3% |
| Trucks | 8443 | 246 | 25.6 | 7458 | 224 | 23.7 |
| SUVs | 2583 | 56 | 5.8 | 2260 | 53 | 5.6 |
| Cars | 541 | 27 | 2.8 | 590 | 31 | 3.3 |
| Total | $24966 | 957 | 100.0% | $23492 | 943 | 100.0% |

---

At both September 30, 2025 and 2024, 99.4% of our operating leases were current with respect to payment status.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**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:

---

| | | |
|:---|:---|:---|
| **Liquidity** | **September 30, 2025** | **December 31, 2024** |
| Cash, cash equivalents and marketable debt securities<sup>(a)</sup> | $7841 | $5094 |
| Borrowing capacity on unpledged eligible assets | 25410 | 21548 |
| Borrowing capacity on committed unsecured lines of credit | 899 | 665 |
| Borrowing capacity on the Junior Subordinated Revolving Credit Facility | 1000 | 1000 |
| Borrowing capacity on the GM Revolving 364-Day Credit Facility | 2000 | 2000 |
| Available liquidity | $37150 | $30307 |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Includes $318 million and $389 million in unrestricted cash outside of the U.S. at September 30, 2025 and December 31, 2024, of which certain amounts are considered to be indefinitely invested based on specific plans for reinvestment.*

At September 30, 2025, available liquidity increased from December 31, 2024, primarily due to increased available borrowing capacity on unpledged eligible assets, resulting from the issuance of securitization transactions and unsecured debt, and an increase in cash and cash equivalents, resulting from $2.0 billion in proceeds from the sale of finance receivables. 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, 2025, available liquidity exceeded our liquidity targets.

**Cash Flow** The following table summarizes our cash flow activities.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **2025 vs. 2024** |
| | **2025** | **2024** | **2025 vs. 2024** |
| Net cash provided by (used in) operating activities | $6067 | $5114 | $953 |
| Net cash provided by (used in) investing activities | $(1574) | $(10329) | $8756 |
| Net cash provided by (used in) financing activities | $(1658) | $4735 | $(6394) |

---

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,** | **Nine Months Ended September 30,** | **2025 vs. 2024** |
| **Operating Activities** | **2025** | **2024** | **2025 vs. 2024** |
| Net income (loss) | $1598 | $1646 | $(47) |
| Depreciation and amortization | 3961 | 3940 | 21 |
| Accretion and amortization of loan and leasing fees | (1209) | (1100) | (109) |
| Provision for loan losses | 926 | 676 | 251 |
| Other non-cash income | (664) | (671) | 8 |
| Changes in assets and liabilities | 1251 | (243) | 1494 |
| Deferred income taxes | 203 | 867 | (664) |
| **Net cash provided by (used in) operating activities** | $6067 | $5114 | $953 |

---

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**Credit Ratings** We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Rating, 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, 2025, all credit ratings remained unchanged since December 31, 2024.

**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, 2025, credit facilities consist of the following:

---

| | | |
|:---|:---|:---|
| **Facility Type** | **Facility Amount** | **Advances Outstanding** |
| Revolving retail asset-secured facilities<sup>(a)</sup> | $23142 | $1709 |
| Revolving commercial asset-secured facilities<sup>(b)</sup> | 4482 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total secured | 27624 | 2127 |
| Unsecured committed facilities | 928 | 29 |
| Unsecured uncommitted facilities<sup>(c)</sup> | 2322 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unsecured | 3250 | 2351 |
| Junior Subordinated Revolving Credit Facility | 1000 |  |
| GM Revolving 364-Day Credit Facility | 2000 |  |
| Total | $33875 | $4478 |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 no advances outstanding and $596 million in unused borrowing capacity on these uncommitted facilities at September 30, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)Includes revolving credit facilities backed by loans to dealers for floorplan financing.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them. We had $1.8 billion in unused borrowing capacity on these facilities at September 30, 2025.*

Refer to <u>[Note 7](#i45e2993a5dbb420fb549541c3f8f0c7a_49)</u> 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 <u>[Note 8](#i45e2993a5dbb420fb549541c3f8f0c7a_52)</u> 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, 2025, the aggregate principal amount of our outstanding unsecured senior notes was $56.5 billion.

We issue other unsecured debt through demand notes, commercial paper and other bank and non-bank funding sources. At September 30, 2025, we had $3.7 billion outstanding in demand notes and $3.0 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 8.66x and 9.24x at September 30, 2025 and December 31, 2024, and the applicable leverage ratio threshold was 12.00x. The decrease in earning assets leverage ratio is primarily due to increased shareholders' equity as a result of $1.6 billion in net income, partially offset by $1.1 billion in dividends on our common stock paid to GM. 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.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**Asset and Liability Maturity Profile** We define our asset and liability maturity profile as the cumulative maturities of our finance receivables, investment in leased vehicles, 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 assets and debt at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2026** | **2027** | **2028 and Thereafter** |
| Encumbered assets | $6520 | $32101 | $50487 | $68898 |
| Unencumbered assets | 34019 | 55196 | 69265 | 73782 |
| &nbsp;&nbsp;&nbsp;Total assets | 40539 | 87297 | 119753 | 142680 |
| Secured debt | 4676 | 23023 | 36210 | 49415 |
| Unsecured debt | 8737 | 19191 | 31198 | 67915 |
| &nbsp;&nbsp;Total debt<sup>(a)</sup> | 13413 | 42215 | 67409 | 117330 |
| Net excess liquidity | $27126 | $45082 | $52344 | $25350 |

---

*_________________* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Excludes unamortized debt premium/(discount), unamortized debt issuance costs and fair value adjustments.* 

**Off-Balance Sheet Arrangements** 

**Transfers of Finance Receivables** During the three months ended September 30, 2025, we sold certain retail finance receivables to third-party purchasers for $2.0 billion in cash proceeds, and we recognized an insignificant gain on the sale. We have continuing involvement with the finance receivables transferred, primarily in our role as servicer. The outstanding balance of the transferred finance receivables subject to continuing involvement was $1.9 billion at September 30, 2025. Refer to <u>[Note 4](#i45e2993a5dbb420fb549541c3f8f0c7a_40)</u> to our condensed consolidated financial statements for further discussion.

**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** | **Four Quarters Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Net income attributable to common shareholder | $1695 | $2059 |
| Adjustment - impairment charge<sup>(a)</sup> | 320 |  |
| Net income attributable to common shareholder - adjusted | $2015 | $2059 |

---

______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 decreased to 12.4% for the four quarters ended September 30, 2025 from 15.0% for the four quarters ended September 30, 2024, primarily due to lower earnings driven by the $320 million impairment charge on our SAIC-GMAC equity investment recorded in the three months ended December 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 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 16.2% for the four quarters ended September 30, 2025 from 16.4% for the four quarters ended September 30, 2024.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

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** | **Four Quarters Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Net income attributable to common shareholder - adjusted | $2015 | $2059 |
| Average equity | $15607 | $15666 |
| Less: average preferred equity | (1969) | (1969) |
| Average common equity | 13638 | 13697 |
| Less: average goodwill and intangible assets | (1174) | (1180) |
| Average tangible common equity | $12464 | $12517 |
| Return on average common equity | 12.4% | 15.0% |
| Return on average tangible common equity - adjusted | 16.2% | 16.4% |

---

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 have 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 2024 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 2024 Form 10-K and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the SEC on May 1, 2025. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GM's ability to produce and sell new vehicles that we finance in the markets we serve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty regarding the impact of tariffs on the automotive industry, GM's business, and the general economy, including the financial health of our borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealers' effectiveness in marketing our financial products to consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the viability of GM-franchised dealers that are commercial loan customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sufficiency, availability and cost of sources of financing, including credit facilities, securitization programs and secured and unsecured debt issuances;

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively manage capital or liquidity consistent with evolving business, operational or financing needs, risk management standards and regulatory or supervisory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our allowance for loan losses on our finance receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the automotive industry that result in a change in demand for vehicles and related vehicle financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect, interpretation or application of new or existing laws, regulations, court decisions, legal proceedings and accounting pronouncements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prices at which used vehicles are sold in the wholesale auction markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vehicle return rates, our ability to estimate residual value at lease inception and the residual value performance on vehicles we lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rate fluctuations and certain related derivatives exposure, including risks from our hedging activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties associated with benchmark interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain qualified employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pandemics, epidemics, disease outbreaks and other public health crises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency exchange rate fluctuations and other risks applicable to our operations outside of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax regulations and earnings forecasts could prevent full utilization of available tax incentives and tax credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in local, regional, national or international economic, social or political conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2024. Refer to Item 7A. - "Quantitative and Qualitative Disclosures About Market Risk" in our 2024 Form 10-K.

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**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, 2025, 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, 2025.

**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, 2025, 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 <u>[Note 10](#i45e2993a5dbb420fb549541c3f8f0c7a_58)</u> 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 2024 Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.

**Item 6. Exhibits**

---

| | | |
|:---|:---|:---|
| 3.1 | <u>[Third Amended and Restated Certificate of Formation of General Motors Financial Company, Inc.](gmfex31thirdamendedandrest.htm)</u> | Filed Herewith |
| 3.2 | <u>[Third Amended and Restated Bylaws of General Motors Financial Company, Inc., incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K, filed on February 10, 2021](https://www.sec.gov/Archives/edgar/data/804269/000080426921000005/gmfex32-thirdamendedandres.htm)</u> | Incorporated by Reference |
| 31.1 | <u>[Section 302 Certification of the Chief Executive Officer](gmfex311certificationofthe.htm)</u> | Filed Herewith |
| 31.2 | <u>[Section 302 Certification of the Chief Financial Officer](gmfex312certificationofthe.htm)</u> | Filed Herewith |
| 32 | <u>[Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](gmfex32certificationofperi.htm)</u> | Furnished Herewith |
| 101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, 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, 2025, formatted as iXBRL and contained in Exhibit 101 | Filed Herewith |

---

\* \* \* \* \* \* \*

------

<u>[**Table of Contents**](#i45e2993a5dbb420fb549541c3f8f0c7a_7)</u>

**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: | October 21, 2025 | By: | /S/&nbsp;&nbsp;&nbsp;&nbsp;RICHARD A. GOKENBACH, JR. |
|  |  |  | **Richard A. Gokenbach, Jr.** |
|  |  |  | **Executive Vice President and** |
|  |  |  | **Chief Financial Officer** |

---

## Exhibit 3.1

Exhibit 3.1

**THIRD AMENDED AND RESTATED CERTIFICATE OF FORMATION**

**OF**

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

The name of the Corporation is General Motors Financial Company, Inc. (the "<u>Corporation</u>") and its file number assigned by the Texas Secretary of State is 107735100. The Corporation is a Texas for-profit corporation. The Corporation was formed by filing Articles of Incorporation with the Texas Secretary of State on May 18, 1988. Pursuant to the provisions of the Texas Business Organizations Code (the "<u>TBOC</u>"), the Corporation has approved this Third Amended and Restated Certificate of Formation (this "<u>Restated Certificate</u>") in the manner required by the TBOC and the governing documents of the Corporation and hereby adopts and files with the Texas Secretary of State this Restated Certificate, which accurately states and copies the Corporation's Second Amended and Restated Certificate of Formation and all amendments thereto that are in effect to date (collectively, the "<u>Existing Certificate</u>") as further amended by this Restated Certificate as hereinafter set forth below, as permitted by the TBOC. This Restated Certificate becomes effective when it is filed by the Texas Secretary of State. The Existing Certificate is hereby amended and restated to read in its entirety as follows:

ARTICLE I. NAME

The name of the corporation is General Motors Financial Company, Inc. (the "<u>Corporation</u>").

ARTICLE II. ENTITY-TYPE

The Corporation is a for-profit corporation.

ARTICLE III. PURPOSE

The purpose for which this Corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the Texas Business Organizations Code (the "<u>TBOC</u>").

ARTICLE IV. SHARES

Section 4.01 <u>Classes of Stock and Authorized Shares</u>. The Corporation is authorized to issue two classes of stock which shall be designated, respectively, "Common Stock" and "Preferred Stock." The aggregate number of shares of all classes of stock which the Corporation shall have authority to issue is two hundred sixty million (260,000,000), consisting of (a) ten million (10,000,000) shares of Common Stock, par value $0.0001 per share ("<u>Common Stock</u>"), and (b) two hundred fifty million (250,000,000) shares of Preferred Stock, par value $0.01 per share ("<u>Preferred Stock</u>").

------

Section 4.02 <u>Preferred Stock</u>. The Board of Directors is hereby expressly authorized, by resolution or resolutions from time to time adopted, to provide, out of the unissued shares of Preferred Stock, for the issuance of series of Preferred Stock. Before any shares of any such series are issued, the Board of Directors shall fix and determine, and hereby is expressly empowered to fix and determine, by resolution or resolutions, the designations, preferences, limitations and relative rights, including voting rights, of the shares of each such series, including but not limited to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of shares to constitute such series and the stated value thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the last paragraph of this Article IV, whether the shares of such series shall have voting rights, in addition to any voting rights provided by law, and, if so, the terms of such voting rights, which may be full or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series and at what rates, whether any such dividends shall be cumulative, and, if so, from what dates, the conditions and dates upon which such dividends shall be payable, the preference or relation which such dividends shall bear to the dividends payable on any shares of stock of any other class or any other series of this class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the shares of such series shall be subject to redemption by the Corporation, and, if so, prices and other terms and conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amount or amounts payable upon shares of such series upon, and the rights of the holders of such series in, the voluntary or involuntary liquidation, dissolution or winding up of, or upon any distribution of the assets of, the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the shares of such series shall be subject to the operation of a retirement or sinking fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption of the shares of such series for retirement or other corporate purposes and other terms and provisions relative to the operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the shares of such series shall be convertible into, or exchangeable for, shares of stock of any other class or any other series of this class or any other class or classes of securities and, if so, the price or prices or the rate or rates of conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange; provided, however, that no shares of any series shall be convertible into, or exchangeable for, shares of Common Stock or into shares of any other securities that are convertible into, or exchangeable for, shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while any shares of such series are outstanding upon the payment of dividends or the taking of other distributions on, and upon the purchase, redemption or other acquisition by the Corporation of, the Common Stock or shares of stock of any other class or any other series of this class;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of indebtedness of the Corporation or upon the issue of any additional stock, including additional shares of such series or any other series of this class or of any other class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional and other special rights and any qualifications, limitations and restrictions thereof.

ARTICLE V. REGISTERED OFFICE AND AGENT

The street address of the Corporation's registered office is 211 E. 7th Street, Suite 620, Austin, Texas 78701, and the name of its registered agent at such address is Corporation Service Company d/b/a CSC-Lawyers Incorporating Service Company.

ARTICLE VI. DIRECTORS

The number of directors currently constituting the Board of Directors is three (3), and the names and addresses of the persons who are currently serving as directors until the next annual meeting of the shareholders or until their successors are elected and qualified are:

---

| | |
|:---|:---|
| <u>NAME</u> | <u>ADDRESS</u> |
| Mary T. Barra | 300 Renaissance Center, Detroit, Michigan 48265-3000 |
| Paul A. Jacobson | 300 Renaissance Center, Detroit, Michigan 48265-3000 |
| Susan B. Sheffield | 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102 |

---

ARTICLE VII. AMENDMENTS TO BYLAWS

The Board of Directors shall have the power to alter, amend or repeal the Bylaws of the Corporation or to adopt new Bylaws.

ARTICLE VIII. INDEMNIFICATION

Section 8.01 <u>Mandatory Indemnification</u>. The Corporation shall indemnify and advance expenses to every current or former director and officer of the Corporation in the manner and to the fullest extent permitted by the TBOC as it presently exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expenses (including judgments, fines, payments in settlement, attorneys' fees and other expenses) reasonably incurred or suffered by or on behalf of such director or officer in connection with any proceeding in which such director or officer was or is made or is threatened to be made a party or called as a witness or is otherwise involved by reason of the fact that such director or officer is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a representative of any other entity, whether

------

the basis of such proceeding is an alleged action in an official capacity as a representative or in any other capacity while serving as a representative.

Section 8.02 <u>Permissive Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the other provisions of this Article, the Corporation may indemnify and advance expenses to every current or former employee or agent of the Corporation who is not a director or officer of the Corporation in the manner and to the fullest extent permitted by the TBOC as it presently exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against any and all expenses (including judgments, fines, payments in settlement, attorneys' fees and other expenses) reasonably incurred by or on behalf of such current or former employee or agent in connection with any proceeding in which such current or former employee or agent was or is made or is threatened to be made a party or called as a witness or is otherwise involved by reason of the fact that such employee or agent is or was an employee or agent of the Corporation. Except as set forth in paragraph (2) below, the ultimate determination of entitlement to indemnification of current or former employees or agents who are not officers and directors shall be made in such manner as is provided by the TBOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Corporation shall indemnify and advance expenses to every current and former employee and agent of the Corporation who is not a director or officer of the Corporation in the manner and to the fullest extent permitted by the TBOC as it presently exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against any and all expenses (including judgments, fines, payments in settlement, attorneys' fees and other expenses) reasonably incurred by or on behalf of such current or former employee or agent in connection with any proceeding in which such current or former employee or agent was or is made or is threatened to be made a party or called as a witness or is otherwise involved by reason of the fact that such employee or agent is or was serving at the request of the Corporation as a representative of any other entity, whether the basis of such proceeding is an alleged action in an official capacity as a representative or in any other capacity while serving as a representative.

Section 8.03 <u>Initiated Proceedings</u>. The Corporation shall not be required to indemnify any person in connection with a proceeding initiated by such person if the proceeding was not authorized by the Board of Directors.

Section 8.04 <u>Advancement of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Corporation shall pay the expenses of persons indemnified by the Corporation pursuant to Sections 8.01 or 8.02(2) of this Article VIII incurred in defending any proceeding in advance of its final disposition; provided, however, that such payment shall be made only upon receipt of (i) a written affirmation by the indemnitee of their good faith belief that they have met the standard of conduct necessary for indemnification under this Article VIII or otherwise, and (ii) a written undertaking by the indemnitee to repay all amounts advanced if it should be

------

ultimately determined by final judicial decision from which there is no further right of appeal that the indemnitee is not entitled to be indemnified under this Article VIII or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The payment of expenses of a person indemnified by the Corporation pursuant to Section 8.02(1) of this Article VIII incurred in defending any proceeding in advance of its final disposition shall be made by or in the manner provided by resolution of the Board of Directors or by a committee of the Board of Directors; provided, however, that such payment shall be made only upon receipt of (i) a written affirmation by the indemnitee of their good faith belief that they have met the standard of conduct necessary for indemnification under this Article VIII or otherwise, and (ii) a written undertaking by the indemnitee to repay all amounts advanced if it should be ultimately determined by final judicial decision from which there is no further right of appeal that the indemnitee is not entitled to be indemnified under this Article VIII or otherwise.

Section 8.05 <u>Claims of Expenses</u>. If a claim for indemnification or advancement of expenses by a person indemnified by the Corporation pursuant to Sections 8.01 or 8.02(2) of this Article VIII is not paid in full within ninety (90) days after a written claim therefor has been received by the Corporation, the claimant may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action, the Corporation shall have the burden of proving that the claimant was not entitled to the requested indemnification or advancement of expenses under this Article VIII or otherwise.

Section 8.06 <u>Non Exclusivity of Rights</u>. The rights conferred on any person by this Article VIII shall not be exclusive of any other rights which such person may have or hereafter acquire under any statute, any provision of the Restated Certificate or the Corporation's Bylaws or of any agreement, any vote of shareholders or disinterested directors or otherwise.

Section 8.07 <u>Other Indemnification</u>. The Corporation's obligation, if any, to indemnify any person who was or is serving at its request as a representative of another entity shall be reduced by any amount such person collects as indemnification from such other entity. The Corporation shall not be obligated pursuant to the terms of this Article VIII to make any payment provided under Section 8.02 of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that the indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, applicable law or otherwise. In the event of any payment under Section 8.02, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of an indemnitee, who shall execute all papers required and take all reasonable action necessary to secure such rights, including execution of such documents as are necessary to enable the Corporation to bring suit to enforce such rights.

Section 8.08 <u>Insurance</u>. The Board of Directors may, to the fullest extent permitted by the TBOC, authorize an appropriate officer or officers to purchase and maintain, at the Corporation's expense, insurance: (i) to reimburse the Corporation for any obligation which it incurs under the provisions of this Article VIII as a result of the indemnification of past, present or future directors, officers, employees and agents who have served in the past, are now serving or in the future will serve on behalf of the Corporation or at the request of the Corporation as a

------

representative or another entity; and (ii) to pay on behalf of or to indemnify such persons against liability in instances in which they may not otherwise be indemnified by the Corporation under the provisions of this Article VIII, whether or not the Corporation would have the power to indemnify such persons against such liability under this Article VIII or otherwise.

Section 8.09 <u>Nature of Rights; Amendment or Repeal</u>. The rights conferred in this Article VIII shall be contract rights that shall continue as to an indemnitee who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person's heirs, executors, administrators, or other legal representatives. Any repeal or modification of the foregoing provisions of this Article VIII shall be prospective only and shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification.

ARTICLE IX. LIMITATION ON DIRECTOR AND OFFICER LIABILITY

To the fullest extent permitted by the TBOC as the same exists or as may hereafter be amended, a director or an officer of the Corporation shall not be personally liable to the Corporation or its shareholders for monetary damages for an act or omission in the director's capacity as a director or the officer's capacity as an officer, as applicable, except that this provision does not limit or eliminate the liability of a director or an officer to the extent that the director or officer is found liable under applicable law for (i) a breach of such person's duty of loyalty to the Corporation or its shareholders, (ii) an act or omission not in good faith that constitutes a breach of duty of such person to the Corporation or that involves intentional misconduct or a knowing violation of the law, (iii) a transaction from which such person received an improper benefit, whether or not the benefit resulted from an action taken within the scope of such person's duties, or (iv) an act or omission for which the liability of a director or an officer is expressly provided for by statute.

ARTICLE X. NO DIMINISHMENT OR ADVERSE AFFECT ON EXISTING VESTED RIGHTS

The adoption of this Restated Certificate shall not diminish or adversely affect any right to exculpation or indemnification or advancement of expenses that shall have become vested under the Corporation's Existing Certificate or Bylaws or otherwise existing prior to the date that this Restated Certificate shall have become effective.

------

IN WITNESS WHEREOF, the undersigned has executed this Third Amended and Restated Certificate of Formation on this 16th day of October, 2025.

By: <u>/s/ Frank E. Brown III</u> 

Name: Frank E. Brown III

Title: Senior Vice President, Corporate Counsel and Secretary

[*Signature Page to Third Amended and Restated Certificate of Formation of* 

*General Motors Financial Company, Inc.*]

## Exhibit 31.1

Exhibit 31.1

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**CERTIFICATION**

I, Susan B. Sheffield, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of General Motors Financial Company, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 21, 2025

---

| |
|:---|
| /s/ SUSAN B. SHEFFIELD |
| **Susan B. Sheffield** |
| **President and Chief Executive Officer** |

---

## Exhibit 31.2

Exhibit 31.2

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**CERTIFICATION**

I, Richard A. Gokenbach, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of General Motors Financial Company, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 21, 2025

---

| |
|:---|
| /s/ RICHARD A. GOKENBACH, JR. |
| **Richard A. Gokenbach, Jr.** |
| **Executive Vice President and Chief Financial Officer** |

---

## Ex-32

Exhibit 32

**GENERAL MOTORS FINANCIAL COMPANY, INC.**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of General Motors Financial Company, Inc. (the "Company") on Form 10-Q for the quarterly period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 21, 2025

---

| |
|:---|
| /s/ SUSAN B. SHEFFIELD |
| **Susan B. Sheffield** |
| **President and Chief Executive Officer** |

---

---

| |
|:---|
| /s/ RICHARD A. GOKENBACH, JR. |
| **Richard A. Gokenbach, Jr.** |
| **Executive Vice President and Chief Financial Officer** |

---

<br>