GM Financial
 |
|
| Subsidiary | |
| Industry | Financial services |
| Founded | 1992 (as AmeriCredit Corporation) |
| Headquarters | Burnett Plaza, Fort Worth, Texas, U.S. |
|
Area served
|
United States, Canada, Europe, China, Latin America |
|
Key people
|
Daniel Berce (CEO) |
| Products | Automobile financing |
| Revenue |  US$ 6.45 billion (2015) |
| US$ 913 million (2016) |
|
| US$ 646 million (2015) |
|
| Total assets | US$ 78.6 billion (2016) |
| Total equity | US$ 8.05 billion (2015) |
|
Number of employees
|
8,258 (2016) |
| Parent | General Motors |
| Website | www.gmfinancial.com |
General Motors Financial Company, Inc. is the financial services arm of General Motors. The company is a global provider of auto finance, with operations in the United States, Canada, Europe, China and Latin America. The company is headquartered in Fort Worth, Texas.
Founded in 1992 as AmeriCredit Corp., the company was acquired by GM in October 2010 and renamed General Motors Financial Company, Inc. The company provides retail loan and lease programs through auto dealers for customers across the credit spectrum. They also offer commercial lending products, such as retail floorplan, construction and real estate loans, or insurance for car dealerships.
Before its acquisition by GM, the company ranked at 768 on the Fortune 1000.
In July 2010, General Motors entered into a definitive agreement to acquire AmeriCredit in an all-cash transaction valued at approximately $3.5 billion. The deal provided GM with a new financial arm to replace the loss of GMAC (now Ally Financial) in 2006. Following the approval of the deal by AmeriCredit shareholders, GM renamed the company "GM Financial" on Oct. 1, 2010.
On Sept. 4, 2014, GM and GM Financial announced they entered into a support agreement providing for leverage limits and liquidity support to GM Financial if needed, as well as other general terms of support. Under the terms of the agreement, as GM Financial expands its product portfolio and grows its business, GM committed to provide funding to GM Financial if its earning assets leverage ratio rises above pre-determined thresholds. GM extended an intercompany revolving credit facility to GM Financial to provide up to $1 billion of liquidity if needed. This facility, which is subordinate to GM Financial’s senior unsecured and secured debt, will replace an existing $600 million line of credit from GM. The agreement also provides that GM will use its commercially reasonable efforts to ensure that GM Financial will continue to be designated as a subsidiary borrower on up to $4 billion of GM’s corporate revolving line of credit.
...
Wikipedia