[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","qpmmsaby392berzxr62s3w18e","revision",2,"title","通用汽车金融公布截至2026年9月30日九个月财务数据，并预计2026年全年税前利润为25亿至30亿美元","originalTitle","General Motors Financial Company, Inc. (0000804269) (Filer)","summary","通用汽车金融公布截至2026年9月30日九个月未经审计财务结果，归属于普通股股东的净收入为13.44亿美元，低于上年同期的15.10亿美元。期末总资产为1411.41亿美元，总负债为1249.78亿美元；公司预计截至2026年12月31日的全年税前利润为25亿至30亿美元。","reason","材料包含截至2026年9月30日的九个月财务数据及全年税前利润指引，可用于了解其资产负债、信贷表现与融资状况。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-20T21:08:14.000Z","discoveredAt","2026-10-20T21:14:37.823Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",74,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","f_5mCXQaBJCg",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","b5fa722d-8464-49e4-a5f4-54a86cb306e4","通用汽车金融公布2026年第三季度财报",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

______________________________________________

表格 10-Q

(选择一项)


☒		根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐		根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告

从 ________________ 至 ________________ 的过渡期

委员会文件编号 1-10667

______________________________________________

通用汽车金融公司，股份有限公司

(注册人章程中指定的准确名称)


得克萨斯州		75-2291093
(州或其他司法管辖区的成立或组织)		(联邦税务局雇主识别号码)

得克萨斯州沃斯堡樱桃街 801 号，3500 室，邮编 76102

(主要执行办公室地址，包括邮编)

(817) 302-7000

(注册人的电话号码，包括区号)

不适用

(如自上次报告以来名称、地址或财政年度有所更改，请注明)

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

每种证券注册的交易所名称

6.150% 2035 年高级债券

GM/35B

纽约证券交易所

通过勾选方框表明注册人（1）是否已提交根据《证券交易法》第 13 条或第 15(d) 条在前 12 个月（或注册人需提交此类报告的较短期间）内应提交的所有报告，以及（2）是否在过去 90 天内受此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否已根据《S-T 规则》第 405 条（本章第 232.405 条）提交了在前 12 个月（或注册人需提交此类文件的较短期间）内应提交的每个交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易所法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

☐

加速提交者

☐

非加速提交者

☒

较小的报告公司

☐

新兴成长公司

☐

如果是新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易所法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易所法》第 12b-2 条的定义）。是 ☐ 否 ☒

截至2026年10月19日，发行人普通股已发行5,050,000股，每股面值0.0001美元。发行人所有普通股均由通用汽车控股有限责任公司持有，该公司是通用汽车公司的全资子公司。

发行人是通用汽车公司的全资子公司，并符合10-Q表格通用说明H(1)(a)和(b)中规定的要求，因此根据说明H(2)允许的格式，以简化披露方式提交本季度报告10-Q。

索引


		页码
第一部分
项目1。	合并的简要财务报表	1
	合并的简要资产负债表（未审计）	1
	合并的简要损益表（未审计）	2
	合并的简要综合收益表（未审计）	2
	合并的简要股东权益表（未审计）	3
	合并的简要现金流量表（未审计）	4
	合并的简要财务报表附注	5
	注释1. 业务和呈现基础	5
	注释2. 可交易和其他证券	5
	注释3. 关联方交易	6
	注释4. 融资应收款	7
	注释5. 租赁车辆	10
	注释6. 非合并附属公司的净资产权益	11
	注释7. 债务	11
	注释8. 可变利益实体	12
	注释9. 衍生金融工具和对冲活动	12
	注释10. 承诺和或有事项	14
	注释11. 股东权益	15
	注释12. 所得税	15
	注释13. 分部报告	16
	注释14. 监管资本和其他监管事项	18
项目2。	管理层讨论与分析财务状况和经营成果	19
项目3。	关于市场风险的定量和定性披露	29
项目4。	控制和程序	30
第二部分
项目1。	法律诉讼	30
项目1A。	风险因素	30
项目6。	附录	30
	签名	31

通用汽车财务公司，股份有限公司

第一部分

项目1。合并的简要财务报表

合并的简要资产负债表

（单位为百万美元，每股金额除外）（未审计）


	2026年9月30日		2025年12月31日
资产
现金及现金等价物（注释2）	$	4,431			$	5,826
融资应收款，扣除贷款损失准备金2,895和2,725 (注释4; 注释8)	91,780			90,045
租赁车辆，扣除后净值（注释5; 注释8)	32,244			33,686
商誉和无形资产	1,180			1,177
非合并附属公司的净资产权益（注释6）	992			1,117
关联方应收款（注释3）	560			515
其他资产（注释2; 注释8)	9,955			8,110
总资产	$	141,141			$	140,477
负债和股东权益
负债
担保债务 (注释7;注释8)	$	49,484			$	46,904
无担保债务 (注释7)	63,460			67,127
递延收入	2,206			2,494
关联方应付款 (注释3)	226			136
其他负债	9,603			8,004
总负债	124,978			124,664
承诺和或有事项 (注释10)
股东权益 (注释11)
普通股，每股面值0.0001美元	—			—
优先股，每股面值0.01美元	—			—
额外 paid-in 资本	8,868			8,845
其他综合收益（损失）	(1,298)			(1,402)
留存收益	8,593			8,369
总股东权益	16,163			15,813
总负债和股东权益	$	141,141			$	140,477

附注是这些简要合并财务报表不可分割的一部分。

金额可能因四舍五入而无法相加。

通用汽车金融公司，股份有限公司

简要合并损益表

（单位：百万美元）（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入
利息收入	$	2,062			$	2,060		$	6,034	$	6,132
租赁车辆收入	1,939			1,968			5,893		5,810
其他收入	311			309			927		813
总收入	4,312			4,337			12,854		12,755
成本和费用
运营费用	642			545			1,836		1,581
租赁车辆费用	1,112			1,101			3,458		3,206
贷款损失拨备 (注释4)	340			244			996		926
利息费用	1,558			1,651			4,638		4,886
总成本和费用	3,651			3,542			10,928		10,599
权益收入（损失） (注释6)	8			9			35		37
税前收入（损失）	668			804			1,962		2,193
所得税费用（收益） (注释12)	181			215			529		594
净利润（损失）	487			589			1,433		1,598
减：优先股累计股息	30			30			89		89
归属于普通股股东的净利润（损失）	$	458			$	560		$	1,344	$	1,510

简要合并综合收益表

（单位：百万美元）（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净利润（损失）	$	487			$	589		$	1,433	$	1,598
其他综合收益（损失），税后 (注释11)
套期保值的未实现损益，税后收益（费用）为$(1)、$12、$(21)、$44	1			(36)			61		(132)
外币折算调整和其他	(23)			30			43		235
其他综合收益（损失），税后	(22)			(6)			104		103
综合收益（损失）	$	465			$	583		$	1,537	$	1,701

附注是这些简要合并财务报表不可分割的一部分。

金额可能因四舍五入而无法相加。

通用汽车金融公司，股份有限公司

简要合并股东权益表

（单位：百万美元）（未经审计）


	普通股		优先股		额外 paid-in 资本		累计其他综合收益（损失）	留存收益		总股东权益
2025年1月1日的余额	$	—			$	—		$	8,814		$	(1,531)		$	7,909	$	15,193
净收入（亏损）	—			—			—		—		499		499
其他综合收益（亏损）	—			—			—		(28)		—		(28)
基于股票的薪酬	—			—			8		—		—		8
支付的股息（注释11）	—			—			—		—		(350)		(350)
2025年3月31日的余额	—			—			8,822		(1,559)		8,058		15,321
净收入（亏损）	—			—			—		—		510		510
其他综合收益（亏损）	—			—			—		137		—		137
基于股票的薪酬	—			—			4		—		—		4
支付的股息（注释11）	—			—			—		—		(350)		(350)
优先股宣告的股息（注释11）	—			—			—		—		(59)		(59)
2025年6月30日的余额	—			—			8,826		(1,422)		8,159		15,564
净收入（亏损）	—			—			—		—		589		589
其他综合收益（亏损）	—			—			—		(6)		—		(6)
基于股票的薪酬	—			—			7		—		—		7
支付的股息（注释11）	—			—			—		—		(350)		(350)
2025年9月30日的余额	$	—			$	—		$	8,834		$	(1,428)		$	8,398	$	15,804

2026年1月1日的余额	$	—			$	—		$	8,845		$	(1,402)		$	8,369	$	15,813
净收入（亏损）	—			—			—		—		514		514
其他综合收益（亏损）	—			—			—		3		—		3
基于股票的薪酬	—			—			7		—		—		7
支付的股息（注释11）	—			—			—		—		(650)		(650)
2026年3月31日的余额	—			—			8,852		(1,399)		8,233		15,687
净收入（亏损）	—			—			—		—		432		432
其他综合收益（亏损）	—			—			—		123		—		123
基于股票的薪酬	—			—			7		—		—		7
支付的股息（注释11）	—			—			—		—		(250)		(250)
优先股宣告的股息（注释11）	—			—			—		—		(59)		(59)
2026年6月30日的余额	—			—			8,860		(1,276)		8,355		15,939
净收入（亏损）	—			—			—		—		487		487
其他综合收益（亏损）	—			—			—		(22)		—		(22)
基于股票的薪酬	—			—			8		—		—		8
支付的股息（注释11）	—			—			—		—		(250)		(250)
2026年9月30日的余额	$	—			$	—		$	8,868		$	(1,298)		$	8,593	$	16,163

附注是这些简要合并财务报表不可分割的一部分。

金额可能因四舍五入而无法相加。

通用汽车金融公司

简要合并现金流量表

（单位：百万美元）（未经审计）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量
净收入（亏损）	$	1,433			$	1,598
折旧和摊销	4,129			3,961
贷款和租赁费用的累进和摊销	(1,116)			(1,209)
非合并联营公司的未分配收益，净额	(35)			(37)
贷款损失准备金	996			926
递延所得税	178			203
终止租赁车辆的收益	(463)			(494)
其他经营活动	110			(133)
资产和负债的变化：
其他资产	(824)			634
其他负债	470			339
关联方应付款	67			279
经营活动产生的净现金流入（流出）	4,945			6,067
投资活动产生的现金流量
可供出售的有价证券，收购	(351)			(17)
可供出售的有价证券，清算	128			—
购买和资助的应收款	(28,665)			(28,246)
应收款本金的回收和收回	26,676			27,015
汽车展销和短期应收款的净变化	(621)			2,524
出售应收款的收益（注释4）	—			2,005
购买租赁车辆	(9,565)			(12,609)
终止租赁车辆的收益	8,267			7,780
其他投资活动	(42)			(26)
投资活动产生的净现金流入（流出）	(4,173)			(1,574)
筹资活动产生的现金流量
债务的净变化（原始到期日为三个月或更短）	(56)			23
担保债务的借款和发行	22,881			18,915
担保债务的偿付	(20,258)			(19,402)
无担保债务的借款和发行	11,246			16,188
无担保债务的偿付	(14,117)			(16,100)
债务发行成本	(95)			(114)
支付的股息	(1,269)			(1,169)
融资活动产生的净现金	(1,667)			(1,658)
现金、现金等价物和受限现金的净增加（减少）	(895)			2,835
外汇汇率变动对现金、现金等价物和受限现金的影响	5			73
期初现金、现金等价物和受限现金	9,043			8,081
期末现金、现金等价物和受限现金	$	8,153			$	10,990

下表提供了在合并资产负债表中报告的现金、现金等价物和受限现金的调节表：


	2026年9月30日
现金和现金等价物	$	4,431
其他资产中包含的受限现金	3,722
总计	$	8,153

附注是这些合并财务报表不可分割的一部分。

由于四舍五入，金额可能不相加。

通用汽车金融公司，股份有限公司

合并财务报表附注

注1. 业务和列报基础

通用汽车金融公司，股份有限公司（有时称为我们、我们、我们的、公司或GM Financial），是通用汽车公司（GM）的全资附属财务子公司，是全球汽车金融解决方案的提供商。我们向支持汽车销售的信用范围内的客户提供零售贷款和租赁融资。此外，我们还向经销商提供商业贷款产品，包括展厅融资，即为新车和二手车库存提供贷款，以及经销商贷款，即为经销商设施的改进提供贷款，以提供营运资金，或购买和/或融资经销商房地产。我们还提供并融资与车辆相关的服务合同和其他产品和服务。

列报基础合并财务报表包括我们的账户和我们合并的子公司账户，包括在担保融资交易中使用的某些特殊目的实体（SPE），这些实体被视为可变利益实体（VIE）。所有内部交易和账户在合并时均已消除。

合并财务报表，包括其中的附注，是简化的，且不包含美国通用会计准则（GAAP）要求的所有披露内容。这些简化的合并财务报表应与我们于2025年12月31日结束的财年提交给证券交易委员会的经审计的合并财务报表一起阅读，该文件于2026年1月27日提交（2025年10-K表）。

截至2026年9月30日的合并财务报表以及截至2026年9月30日和2025年9月30日的三个月和九个月期间的财务报表未经审计，在管理层看来，这些报表包括所有调整，这些调整包括正常的经常性调整和交易或事件，以及管理层认为公允列示我们的经营成果所必需的其他调整。中期期间的业绩结果不一定代表全年业绩。截至2025年12月31日的合并资产负债表源自经审计的年度财务报表。除非另有说明，表格内列出的金额以百万为单位。由于四舍五入，某些列和行可能无法相加。

注释2. 可交易证券和其他证券

下表总结了现金等价物和可交易债务证券的公允价值，这近似于成本：


	公允价值层级		2026年9月30日		2025年12月31日
现金和现金等价物
现金和定期存款		$	2,669			$	3,025
可供出售债务证券
美国政府及机构	2		171			430

主权债务	2		158			99
可供出售债务证券 - 现金等价物总计		329			530
货币市场基金	1		1,433			2,272
现金和现金等价物总计		$	4,431			$	5,826
可交易债务证券(a)
美国政府及机构	2		$	52			$	39
公司债务和其他	2		206			—
可供出售债务证券 - 可交易证券总计		$	258			$	39
受限现金(a)
现金和现金等价物		$	246			$	235
货币市场基金	1		3,476			2,981
受限现金总计		$	3,722			$	3,217

上述可供出售债务证券包含的合同到期日
一年内到期		$	416
一至五年内到期		172


合同到期日的可供出售债务证券总计		$	587

________________

(a) 包含在其他资产中。

通用汽车财务公司，有限公司

简明合并财务报表附注 - （继续）

截至2026年9月30日和2025年9月30日的三个月和九个月期间，可供出售债务证券的未实现损益不重要。截至2026年9月30日和2025年12月31日，可供出售债务证券的累计未实现损失不重要。截至2026年9月30日，我们没有出售可供出售债务证券的意图，且在摊余成本基础恢复之前，我们不太可能被要求出售可供出售债务证券。截至2026年9月30日和2025年12月31日，未在可供出售债务证券的未实现损失位置记录信用损失准备金。

注释3. 关联方交易

我们通过通用汽车特许经销商向购买通用汽车制造的新车和某些二手车的客户提供贷款和租赁融资产品，并直接向通用汽车特许经销商及其关联方提供商业贷款。我们的一些经销商客户由通用汽车合并，这些客户的应收款包含在融资应收款中，净额。

在补贴计划下，通用汽车（GM）会向我们支付现金，以提供针对零售贷款和租赁金融产品的激励利率和结构。此外，通用汽车还会向我们支付现金，以覆盖我们向通用汽车特许经销商发放的某些商业贷款的利息支付。我们于2026年9月30日止三个月和2025年9月30日止三个月分别收到通用汽车的补贴支付7.96亿美元和8.56亿美元，于2026年9月30日止九个月和2025年9月30日止九个月分别收到21亿美元和25亿美元。通用汽车应付的补贴作为关联方应收款记录。

对于已产生但尚未拨付的商业金融应收款，应付通用汽车的金额作为关联方应付款记录。

我们纳入通用汽车的合并美国联邦所得税申报表和某些美国州申报表，我们有义务支付与相关税负相关的我们应得份额。在2026年9月30日止九个月内，我们向通用汽车支付了1.58亿美元，用于2025年和2026年的州和联邦所得税。在2025年9月30日止九个月内，我们没有向通用汽车支付州和联邦所得税。应付通用汽车的所得税作为关联方应付款记录。

以下表格展示了关联方交易的资产负债表和利润表数据：


资产负债表数据	2026年9月30日		2025年12月31日
由通用汽车合并的经销商应收款	$	349		$	395
来自通用汽车的补贴应收款	$	501		$	452
应付通用汽车的商业贷款拨付	$	118		$	94
应付通用汽车的税款	$	86		$	33


	截至2026年9月30日的三个月	截至2026年9月30日的九个月
利润表数据		2026		2025	2026		2025
零售金融应收款的利息补贴收入(a)		$	273		$	322		$	835	$	1,008
商业金融应收款的利息补贴收入(a)		$	25		$	22		$	70	$	67
租赁车辆补贴收入(b)		$	469		$	461		$	1,436	$	1,313

_________________

(a) 计入财务费用收入。

(b) 作为租赁车辆费用的抵减项。

根据与通用汽车（支持协议）的支持协议，如果我们在任何日历季度末的盈利资产杠杆比率超过支持协议中设定的适用阈值，我们可能要求通用汽车提供足够的资金，以使我们的盈利资产杠杆比率在适用阈值范围内。根据支持协议确定我们的盈利资产杠杆比率（净盈利资产除以调整后的权益），净盈利资产指我们的净金融应收款加上净租赁车辆，调整后的权益指我们的权益，扣除商誉并包括未偿付的次级债务，每个项目均可能根据衍生品会计进行调整。

此外，支持协议规定，只要我们有任何未担保债务证券未偿，通用汽车将拥有我们所有已发行的投票股份。通用汽车还同意支持协议中的某些条款，旨在确保我们保持充足的流动性。根据这些条款，通用汽车向我们提供10亿美元的次级债务。

通用汽车金融公司，股份有限公司

合并简明财务报表附注 - （继续）

无担保公司间循环信贷额度，通用汽车将尽合理努力确保我们将继续被指定为通用汽车公司循环信贷额度下的子公司借款人。我们可获得的通用汽车无担保循环信贷额度为141亿美元，具体包括一个为期五年的100亿美元额度（五年期额度）和一个为期三年的41亿美元额度（三年期额度），具体取决于可用额度。我们还独家享有通用汽车的20亿美元364天循环信贷额度（通用汽车364天循环信贷额度）。截至2026年9月30日和2025年12月31日，我们任何通用汽车循环信贷额度下均无未偿还借款。2026年3月，通用汽车续签了通用汽车364天循环信贷额度，该额度现已于2027年3月22日到期。

注4. 金融应收款


	2026年9月30日		2025年12月31日
零售金融应收款
零售金融应收款(a)	$	76,651			$	75,404
减：贷款损失准备	(2,826)			(2,656)
净零售金融应收款	73,825			72,748
商业金融应收款
商业金融应收款(a)(b)	18,024			17,365
减：贷款损失准备	(69)			(68)
净商业金融应收款	17,955			17,297
净金融应收款	$	91,780			$	90,045
使用二级输入确定的公允价值	$	17,955			$	17,297
使用三级输入确定的公允价值	$	73,981			$	74,409

________________

(a) 扣除未赚取收入、未摊销溢价和折价以及递延费用和成本。

(b) 包括2026年9月30日和2025年12月31日的经销商融资176亿美元和168亿美元，以及其他融资4.5亿美元和5.96亿美元。商业金融应收款已扣除了2026年9月30日和2025年12月31日的经销商现金管理余额36亿美元和34亿美元。

零售贷款损失准备金的变动情况以下为零售贷款损失准备金的变动情况摘要：


	截至2026年9月30日的三个月		截至2026年9月30日的九个月
	2026		2025		2026		2025
零售贷款损失准备金期初余额	$	2,801			$	2,630		$	2,656	$	2,400
贷款损失拨备	336			250			994		898
核销	(563)			(494)			(1,639)		(1,461)
收回	259			257			810		778
外币折算	(8)			8			5		36
零售贷款损失准备金期末余额	$	2,826			$	2,651		$	2,826	$	2,651

截至2026年9月30日和2025年12月31日，零售贷款损失准备金占零售金融应收款的比例分别为3.7%和3.5%。零售贷款损失准备金占零售金融应收款比例的增加主要是由于投资组合信用组合构成的变化。

通用汽车金融公司

简要合并财务报表附注 - （继续）

零售信用质量我们的零售金融服务应收款组合包括向消费者和企业发放的贷款，用于购买个人和商业用途的车辆。以下表格是按原贷款时确定的FICO评分或等效评分，对2026年9月30日和2025年12月31日各批次组合的摊余成本基础的汇总总结：


	发放年份		2026年9月30日
	2026		2025		2024		2023	2022		以前	总计		百分比
优质 - FICO评分680及以上	$	18,412			$	17,027		$	10,543		$	5,782			$	3,154		$	1,664	$	56,581	73.8	%
接近优质 - FICO评分620至679	3,028			2,830			1,771		974		570			382			9,556		12.5
次级 - FICO评分低于620	3,717			2,974			1,850		947		581			447			10,515		13.7
零售金融服务应收款	$	25,157			$	22,831		$	14,163		$	7,703			$	4,305		$	2,493	$	76,651	100.0	%


	发放年份		2025年12月31日
	2025		2024		2023		2022	2021		以前	总计		百分比
优质 - FICO评分680及以上	$	22,850			$	15,204		$	9,298		$	5,350			$	2,712		$	1,027	$	56,440	74.9	%
接近优质 - FICO评分620至679	3,702			2,456			1,439		908		571			225			9,303		12.3
次级 - FICO评分低于620	3,847			2,530			1,395		958		614			318			9,661		12.8
零售金融服务应收款	$	30,399			$	20,191		$	12,132		$	7,216			$	3,897		$	1,570	$	75,404	100.0	%

我们根据客户支付活动持续评估零售金融服务应收款的信用质量。如果在合同规定的付款日期未收到大部分计划付款，零售账户将被视为逾期。零售金融服务应收款由车辆所有权证明担保，并且根据当地法律，如果客户未能履行合同付款条款，我们通常有权收回车辆。以下表格是按逾期状态对2026年9月30日和2025年12月31日各批次组合的摊余成本基础的汇总总结，以及2025年9月30日的汇总总计。这些表格还展示了截至2026年9月30日的九个月和截至2025年12月31日的年度各批次的总注销额：


	发放年份		2026年9月30日		2025年9月30日
	2026		2025		2024		2023	2022		以前	总计		百分比		总计		百分比
0-30天	$	24,768			$	22,080		$	13,482		$	7,228			$	3,975		$	2,214	$	73,748		96.2	%	$	73,318	96.7	%

31-60天	273			517			467		325		232			194			2,008		2.6	1,779		2.3
超过60天	99			204			192		136		90			81			803		1.0	682		0.9
逾期超过30天的金融服务应收款	373			721			659		462		322			275			2,811		3.7	2,461		3.2
正在收回	15			29			21		14		8			4			92		0.1	78		0.1
逾期超过30天或正在收回的金融服务应收款	388			751			681		475		329			279			2,903		3.8	2,540		3.3
零售金融服务应收款	$	25,157			$	22,831		$	14,163		$	7,703			$	4,305		$	2,493	$	76,651		100.0	%	$	75,857	100.0	%
总注销额	$	84			$	489		$	451		$	305			$	181		$	129	$	1,639

通用汽车金融公司

简要合并财务报表附注 - （继续）


	发放年份				2025年12月31日
	2025		2024		2023		2022	2021		以前			总计		百分比
0-30天	$	29,871			$	19,413		$	11,524		$	6,744			$	3,576	$	1,395		$	72,523	96.2	%

31-60天	370			536			419		334		230			122			2,011		2.7
超过60天	140			218			172		129		86			51			795		1.1
逾期超过30天的金融服务应收款	510			753			591		463		316			173			2,806		3.7
正在收回	18			24			17		10		6			2			75		0.1
逾期超过30天或正在收回的金融服务应收款	527			777			608		472		321			175			2,881		3.8
零售金融服务应收款	$	30,399			$	20,191		$	12,132		$	7,216			$	3,897	$	1,570		$	75,404	100.0	%
总注销额	$	187			$	603		$	536		$	358			$	201	$	113		$	1,998

在2026年9月30日和2025年12月31日，合同应收款金额为11亿美元的零售金融服务应收款的利息收入已暂停确认。通常情况下，对逾期超过60天、破产或正在收回的账户的零售金融服务应收款利息收入会暂停确认。

贷款修改在某些情况下，我们可能会同意与借款人修改现有贷款的条款，出于各种原因，包括财务困难。对于遇到财务困难的借款人，我们可能会提供利率减免、本金豁免、付款延期、期限延长或其组合。在前十二个月内延期超过六个月的贷款将被视为明显延迟。在这种情况下，我们必须确定修改应作为原有贷款的注销和新贷款的创建进行核算，还是作为原有贷款的延续进行核算。

截至2026年9月30日和2025年9月30日，以及截至2026年9月30日和2025年9月30日的三个月和九个月内修改的贷款的摊余成本基础是不重要的。在报告期间内因违约而被核销的贷款中，在违约前12个月内被修改的未偿本金余额（扣除回收额）对于截至2026年9月30日和2025年9月30日的三个月和九个月来说是不重要的。

商业信用质量我们的商业金融应收款包括经销商融资，主要用于经销商库存采购，以及其他融资，包括对商业车辆改装商的贷款，以及对某些通用汽车（GM）子公司的预付款。

对于我们的经销商融资，我们使用专有的模型为每个经销商分配风险评级。我们定期对每个经销商进行信用审查，并在必要时调整经销商的风险评级。由于业务关系的结构，其他融资的信用风险有限。

我们的经销商风险模型和风险评级类别如下：


经销商风险评级		描述
I		表现良好的账户，具有强劲至可接受的财务指标，至少具备满足财务承诺的充足能力。
II		表现良好的账户，财务指标和还款前景出现潜在弱点，导致需要加强监控。
III		非表现账户，目前义务的支付能力不足，如果未纠正缺陷，很可能造成损失。
IV		非表现账户，目前义务的支付能力不足，且存在固有弱点，使得全额收回或清算高度可疑或不可能。

通用汽车金融公司，股份有限公司

简要合并财务报表的附注 - （继续）

具有III和IV风险评级的经销商将受到额外的监控和资金限制，包括暂停信用额度和清算资产。以下表格总结了截至2026年9月30日和2025年12月31日按经销商风险评级分类的经销商融资应收款组合：


	起始年份		2026年9月30日
经销商风险评级	循环		2026		2025		2024	2023		2022	以前的		总计		百分比
I	$	14,334			$	350		$	291		$	135			$	89		$	248	$	209	$	15,657	89.1	%
II	1,209			21			7		66		22			5			24		1,355	7.7
III	488			13			3		38		1			14			6		562	3.2
IV	—			—			—		—		—			—			—		—	—
期末余额	$	16,030			$	384		$	302		$	239			$	113		$	267	$	239	$	17,574	100.0	%


	起始年份				2025年12月31日
经销商风险评级	循环信贷		2025		2024		2023	2022		2021	以前的			总计		百分比
I	$	13,704			$	380		$	221		$	125		$	298		$	160		$	156		$	15,045	89.7	%
II	989			16			33		25		7		35			2			1,106			6.6
III	518			5			48		6		14		14			12			618			3.7
IV	—			—			—		—		—		—			—			—			—
期末余额	$	15,211			$	402		$	302		$	157		$	319		$	209		$	170		$	16,769	100.0	%

截至2026年9月30日和2025年12月31日，循环信贷余额中99.3%和99.1%为汽车经销商循环信贷。经销商定期贷款按发放年份列示。

截至2026年9月30日和2025年12月31日，我们所有的商业融资应收款基本上都是按时付款的，截至2026年9月30日和2025年9月30日的三个月和九个月内，商业贷款损失准备金的变动微不足道。截至2026年9月30日和2025年12月31日，非应计状态的商业融资应收款微不足道，且没有应计状态的。

截至2026年9月30日的九个月内，冲销金额微不足道，且在截至2026年9月30日和2025年9月30日的三个月和九个月内，没有向因财务困难而遇到困难的借款人提供贷款修改。

融资应收款的转移我们在2025年转移的融资应收款中仍有关联，主要是在我们作为服务商的角色。截至2026年9月30日，我们仍有关联的先前转移的融资应收款余额为12亿美元。有关我们的声明和保证的信息，请参见第10号注释。

注释5. 租赁车辆


	2026年9月30日		2025年12月31日
租赁车辆(a)	$	39,382			$	40,596
减：累计折旧	(7,138)			(6,909)
租赁车辆，净值	$	32,244			$	33,686

________________

(a) 扣除车辆购置成本，减去制造商激励和投资税收抵免。

截至2026年9月30日和2025年9月30日的三个月内，租赁车辆的净折旧费用均为12亿美元，截至2026年9月30日和2025年9月30日的九个月内分别为39亿美元和37亿美元。

下表总结了截至2026年9月30日我们作为出租人根据经营租赁应收到的最低租金付款：


	截至12月31日的年度
	2026		2027	2028		2029	2030		之后			总计
经营租赁下的租金付款	$	1,453		$	4,647		$	2,446		$	648		$	44	$	—	$	9,239

通用汽车金融公司

简要合并财务报表附注 - （续）

注释6. 非合并联营公司的净资产权益

我们使用权益法核算我们在合资企业中的权益。我们合资企业的收入和费用未合并到我们的财务报表中；相反，我们按比例享有的每个合资企业的收益反映为权益收入（损失）。

自2025年12月31日以来，我们合资企业没有所有权变更。下表列示了我们合资企业的某些汇总运营数据：


	截至2026年9月30日的三个月		截至2026年9月30日的九个月
汇总运营数据	2026		2025	2026		2025
融资费用收入	$	72		$	114		$	245	$	396
税前收入	$	34		$	35		$	143	$	143
净利润	$	23		$	26		$	99	$	108

截至2026年9月30日和2025年12月31日，我们有4.15亿美元和5.89亿美元的未分配收益，与我们的非合并联营公司相关。2026年9月，SAIC-GMAC汽车金融有限公司宣布派发5.96亿美元现金股息，其中我们应得2.09亿美元。股息支付的一半（税后）预计将在2026年第四季度收到，另一半（税后）预计将在2027年第三季度收到。

第7号注释。债务


	2026年9月30日		2025年12月31日
	账面价值		公允价值		账面价值		公允价值
担保债务
循环信贷额度	$	9,017			$	9,017			$	1,869	$	1,869
证券化应付票据	40,466			40,354			45,035			45,384
总担保债务	49,484			49,372			46,904			47,252
无担保债务
高级债券	52,319			52,525			55,848			57,277
信贷额度	2,744			2,752			2,863			2,881
其他无担保债务	8,397			8,431			8,415			8,449
总无担保债务	63,460			63,708			67,127			68,607
总担保和无担保债务	$	112,944			$	113,079			$	114,031	$	115,860
使用第2级输入的公允价值		$	109,972					$	113,180
使用第3级输入的公允价值		$	3,108					$	2,679

担保债务大部分担保债务由VIEs发行，仅能从与底层质押资产相关的收益中偿还。详见第8号注释以获取更多信息。

在截至2026年9月30日的九个月内，我们重新签订了总额为192亿美元的循环信贷额度，并发行了总额为115亿美元的证券化应付票据，初始加权平均利率为3.82%，到期日从2026年至2035年不等。

无担保债务在截至2026年9月30日的九个月内，我们发行了总额为56亿美元的高级债券，初始加权平均利率为4.90%，到期日从2029年至2036年不等。

通用汽车金融公司，Inc. 是其子公司无担保债务义务的唯一担保人，该担保已提供。

通用汽车金融公司，Inc.

简要合并财务报表附注 - （继续）

债务契约的合规性我们的一些循环信贷额度要求遵守某些财务和运营契约，以及定期向贷款人报告，包括提供某些子公司的财务报表。我们的一些担保债务协议也包含各种契约，包括维持投资组合绩效比率以及限制延期水平。我们的无担保债务义务包含限制我们承担某些抵押权的契约。截至2026年9月30日，我们已遵守这些债务契约。

第8号注释。可变利益实体

证券化和信贷额度下表总结了我们合并的VIEs相关的资产和负债：


	2026年9月30日		2025年12月31日
受限现金(a)	$	3,371		$	2,888
融资应收款	$	55,084		$	49,533
与租赁相关的资产	$	12,813		$	13,791
担保债务	$	49,515		$	46,913

_______________

(a) 包括在其他资产中。

第9号注释。衍生金融工具和对冲活动

我们面临来自业务运营和经济状况的某些风险。我们主要通过使用衍生金融工具来管理利率风险。具体而言，我们进入衍生金融工具以管理因业务活动产生的收付未来已知和不确定现金金额的敞口，其价值由利率决定。我们使用衍生金融工具来管理我们已知或预期的现金收入与已知或预期的现金支出在金额、时间和期限上的差异，主要与我们的借款有关。

我们的一些海外业务会受到外国利率和汇率波动的影响。我们主要以相同货币的债务为盈利资产融资，以最大限度地减少汇率波动对收益的影响。当我们使用不同货币时，这些波动可能会影响我们以功能货币计算的现金收入和支出的价值。我们进入衍生金融工具以保护某些资产和负债在相关功能货币中的价值或固定金额。

下表列示了我们衍生金融工具的总公允价值金额和相关名义金额：


	2026年9月30日		2025年12月31日
	名义金额		资产的公允价值		负债的公允价值		名义金额	资产的公允价值		负债的公允价值
指定为套期工具的衍生工具
公允价值套期
利率互换	$	32,554			$	5		$	923		$	33,880		$	88	$	457

现金流量套期
利率互换	2,779			18			12		2,302		18		23
外汇互换	8,655			311			132		9,226		580		58
未指定为套期工具的衍生工具
利率合同	117,643			806			1,030		122,505		421		637
外汇合同	211			—			—		—		—		—
总计	$	161,842			$	1,140		$	2,097		$	167,913		$	1,107	$	1,175

通用汽车金融公司，股份有限公司

简明合并财务报表附注 - （续）

我们分类为资产或负债的衍生工具的总公允价值金额分别包含在其他资产或其他负债中。对于处于净应收地位的利息支付金额，计入其他资产。对于处于净应付地位的利息支付金额，计入其他负债。我们所有的衍生工具都归类在公允价值层级的第2层级。第2层级工具的公允价值是基于可观测的市场输入值，包括类似工具的报价以及外汇和利率远期曲线，通过市场方法得出。名义本金或合同金额是衍生合同义务的参考金额，不会在资产负债表上记录。名义金额不代表我们的财务敞口。我们的信用敞口仅限于未收利息以及对我们有利的工具的市场价值，前提是市场价值未被抵押。

我们主要通过AmeriCredit Financial Services, Inc. (AFSI)进入衍生品工具；然而，我们的特殊目的实体（SPEs）也可能成为衍生品工具的交易对手。AFSI与其衍生品交易对手之间的协议包括对具有抵消价值的头寸或所持有或提供的担保品的抵消权。截至2026年9月30日和2025年12月31日，被归类为可抵消资产或负债的衍生品工具的公允价值分别为8.05亿美元和5.20亿美元。截至2026年9月30日和2025年12月31日，我们从交易对手处持有的可用于抵消我们资产头寸的担保品分别为1.37亿美元和4,400万美元。截至2026年9月30日和2025年12月31日，我们向交易对手提供的可用于抵消我们负债头寸的担保品分别为12亿美元和6.15亿美元。

以下金额记录在与公允价值对冲关系中指定并符合对冲项目资格的相关项目相关的简明合并资产负债表中：


	被对冲项目的账面金额		公允价值对冲调整的累计金额 (a)
	2026年9月30日		2025年12月31日	2026年9月30日		2025年12月31日
无担保债务	$	32,474		$	35,187		$	1,230	$	693

_________________

(a)包括截至2026年9月30日和2025年12月31日，已终止对冲会计的对冲项目中剩余的未摊销损失分别为3.62亿美元和4.28亿美元。

下表显示了我们的衍生金融工具对简明合并损益表的影响：


	截至2026年9月30日的三个月		截至2026年9月30日的九个月
	2026		2025		2026		2025
	利息支出(a)		运营费用(b)		利息支出(a)		运营费用(b)	利息支出(a)		运营费用(b)	利息支出(a)		运营费用(b)
公允价值对冲
被对冲项目 - 利率互换	$	492			$	—		$	(92)		$	—			$	537		$	—	$	(612)	$	—
利率互换	(524)			—			48		—		(645)			—			448		—


现金流量对冲
利率互换	(5)			—			3		—		(8)			—			11		—
被对冲项目 - 外币互换(c)	—			30			—		21		—			254			—		(971)
外币互换	(26)			(30)			(27)		(22)		(81)			(254)			(78)		970
未指定为对冲的衍生品
利率合约	(4)			—			(17)		—		(7)			—			(31)		—
外币合约	—			—			—		—		—			—			—		—
确认的总收入（损失）	$	(68)			$	—		$	(84)		$	(1)			$	(204)		$	—	$	(263)	$	(1)

_________________

(a)截至2026年9月30日和2025年9月30日的三个月内，总利息支出分别为16亿美元和17亿美元，截至2026年9月30日和2025年9月30日的九个月内，总利息支出分别为46亿美元和49亿美元。

(b)截至2026年9月30日和2025年9月30日的三个月内，总运营费用分别为6.42亿美元和5.45亿美元，截至2026年9月30日和2025年9月30日的九个月内，总运营费用分别为18亿美元和16亿美元。

(c)与外币计价债务相关的运营费用中记录的交易活动。

通用汽车金融公司，股份有限公司

简明合并财务报表附注 - （继续）

下表展示了我们衍生金融工具在合并综合收益表中的影响：


	在累计其他综合收益（损失）中确认的收益（损失）
	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025


现金流量套期
利率互换	$	(1)			$	(2)		$	4	$	(26)
外汇互换	(43)			(68)			(200)		578
总计	$	(45)			$	(70)		$	(196)	$	551


	从累计其他综合收益（损失）中重分类至收益（损失）的收益（损失）
	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025


现金流量套期
利率互换	$	3			$	(3)		$	4	$	(9)
外汇互换	42			36			253		(675)
总计	$	46			$	33		$	257	$	(684)

从累计其他综合收益（损失）中重分类的所有金额均记录为运营费用或利息费用。在接下来的12个月内，我们预计与用于套期会计的衍生品相关的损失将微不足道，会重分类至税前收益。

第10号注释。承诺与或有事项

法律诉讼我们在日常业务中面临各种待决和潜在的法律和监管程序，包括诉讼、仲裁、索赔、调查、检查、传票和执法程序。我们面临的某些诉讼可能以集体诉讼的形式出现。这些程序的结果本质上是不确定的，因此我们无法自信地预测这些程序将如何或何时得到解决。这些程序中的一项或多项不利结果可能导致重大损害、和解、罚款、处罚、收入减少或声誉损害。

当与该事项相关的损失很可能已经发生且损失金额可以合理估计时，我们会为法律事项建立准备金。解决法律事项的实际成本可能高于或低于为这些事项所计提的金额。截至2026年9月30日，我们估计我们可能面临的不利结果的法律风险为微不足道。

间接税相关事项我们认为损失很可能发生且金额可以合理估计时，会为或有事项计提非所得税负债，而或有收益仅在实现时确认。如果任何损失超过计提金额，将在当时计入收益。

在评估间接税事项时，我们会考虑诸如我们以往类似事项的经验、具体事实和情况以及胜诉的可能性等因素。随着事项的进展，我们会重新评估并更新我们的计提。我们估计截至2026年9月30日，超过已计提金额的可能损失最多为1.52亿美元。

陈述与保证我们针对某些金融交易中转移的特定资产提供各种陈述与保证。陈述与保证的范围和性质因不同交易而异。如果此类陈述与保证被违反，我们可能需要回购某些资产或就相关事项作出其他支付。我们认为我们的陈述与保证被违反的可能性很小，因此我们可能面临的最大损失是微不足道的。

合同承诺 2025年9月，我们与多家经销商签订了21亿美元的采购承诺，以在2026年6月30日前购买某些电动汽车。截至2026年6月30日，我们已无剩余的采购承诺。

通用汽车金融服务公司

合并简明财务报表附注 - （续）

第11号附注。股东权益


	2026年9月30日	2025年12月31日
普通股
授权股份数量	10,000,000		10,000,000
已发行和流通股份数量	5,050,000		5,050,000

我们的董事会在2026年9月30日和2025年9月30日的三个月内，就我们的普通股向通用汽车支付了2.5亿美元和3.5亿美元的股息，在2026年9月30日和2025年9月30日的九个月内支付了12亿美元和11亿美元的股息。


	2026年9月30日	2025年12月31日
优先股
授权股份数量	250,000,000		250,000,000
已发行和流通股份数量(a)
固定利率转浮动利率累计永久优先股，系列A（系列A优先股）	1,000,000		1,000,000
固定利率转浮动利率累计永久优先股，系列B（系列B优先股）	500,000		500,000
固定利率重置累计永久优先股，系列C（系列C优先股）	500,000		500,000

_________________

(a)按每股1000美元的清算优先级发行。

在2026年9月30日和2025年9月30日的九个月内，我们向系列A优先股的记录持有者支付了5800万美元的股息，向系列B优先股的记录持有者支付了3300万美元的股息，向系列C优先股的记录持有者支付了2900万美元的股息。

以下表格总结了累计其他综合收益（损失）的重要组成部分：


	截至2026年9月30日的三个月		截至2026年9月30日的九个月
	2026		2025		2026		2025
对冲的未实现损益
期初余额	$	(7)			$	(18)		$	(67)	$	77
对冲价值变动，税后	1			(36)			61		(132)
期末余额	$	(6)			$	(55)		$	(6)	$	(55)




外币折算调整
期初余额	$	(1,269)			$	(1,404)		$	(1,335)	$	(1,609)
折算损益	(19)			30			46		235
期末余额	$	(1,288)			$	(1,374)		$	(1,288)	$	(1,374)

第12号附注。所得税

我们包含在通用汽车的合并美国联邦所得税申报表和某些美国州申报表中。我们产生的净运营亏损和某些税务抵免已由通用汽车使用；然而，所得税费用和递延税余额在我们的财务报表中列示，仿佛我们在每个司法管辖区都单独申报税款。有关关联方税务的更多信息，请参阅第3号附注。

通用汽车金融公司

合并简表财务报表附注 - （续）

第13号附注：分部报告

We analyze the results of our business through the following reportable segments: North America and International. Our chief operating decision-maker, the President and Chief Executive Officer, evaluates the results of operations through reportable segment income before income taxes. This financial metric is used to review operating trends, perform analytical comparisons between periods and among geographic regions, and to monitor budget-to-actual variances on a monthly basis in order to assess performance and allocate resources.

Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China. The management of each segment is responsible for executing our strategies.

The following tables present certain income statement information by segment:


	Three Months Ended September 30, 2026
	North America		International		Total
Revenue from reportable segments	$	3,759			$	515	$	4,273
Reconciliation of revenue
Other revenue(a)		38
Total revenue		$	4,312
Costs and expenses(b)
Salaries and benefits	269			46
Leased vehicle depreciation	1,207			28
(Gain) loss on termination of leased vehicles	(142)			5
Provision for loan losses	260			80
Interest expense	1,336			222
GM Protection claims losses	23			—
Other segment items(c)	174			75
Equity income	—			8
Reportable segment income before income taxes	$	632			$	68	$	699
Reconciliation to income before income taxes
Other loss(d)		(31)
Income before income taxes		$	668

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)


	Three Months Ended September 30, 2025
	North America		International		Total
Revenue from reportable segments	$	3,901			$	421	$	4,322
Reconciliation of revenue
Other revenue(a)		14
Total revenue		$	4,337
Costs and expenses(b)
Salaries and benefits	258			40
Leased vehicle depreciation	1,216			22
(Gain) loss on termination of leased vehicles	(148)			2
Provision for loan losses	202			42
Interest expense	1,464			187
GM Protection claims losses	17			—
Other segment items(c)	140			67
Equity income	—			9
Reportable segment income before income taxes	$	753			$	71	$	824
Reconciliation to income before income taxes
Other loss(d)		(20)
Income before income taxes		$	804


	Nine Months Ended September 30, 2026
	North America		International		Total
Revenue from reportable segments	$	11,256			$	1,505	$	12,761
Reconciliation of revenue
Other revenue(a)		93
Total revenue		$	12,854
Costs and expenses(b)
Salaries and benefits	801			134
Leased vehicle depreciation	3,802			81
(Gain) loss on termination of leased vehicles	(475)			12
Provision for loan losses	804			192
Interest expense	4,011			627
GM Protection claims losses	61			—
Other segment items(c)	484			224
Equity income	—			35
Reportable segment income before income taxes	$	1,769			$	271	$	2,039
Reconciliation to income before income taxes
Other loss(d)		(77)
Income before income taxes		$	1,962

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GENERAL MOTORS FINANCIAL COMPANY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)


	Nine Months Ended September 30, 2025
	North America		International		Total
Revenue from reportable segments	$	11,531			$	1,189	$	12,720
Reconciliation of revenue
Other revenue(a)		35
Total revenue		$	12,755
Costs and expenses(b)
Salaries and benefits	781			116
Leased vehicle depreciation	3,616			60
(Gain) loss on termination of leased vehicles	(495)			2
Provision for loan losses	808			118
Interest expense	4,350			536
GM Protection claims losses	39			—
Other segment items(c)	413			168
Equity income	—			37
Reportable segment income before income taxes	$	2,018			$	227	$	2,244
Reconciliation to income before income taxes
Other loss(d)		(52)
Income before income taxes		$	2,193

________________

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

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

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

(d)Income/loss from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.

The following table presents certain balance sheet information by segment:


	September 30, 2026		December 31, 2025
	North America		International	Total		North America		International		Total
Finance receivables, net	$	83,094		$	8,686			$	91,780		$	82,219	$	7,826	$	90,045
Leased vehicles, net	$	31,653		$	591			$	32,244		$	33,158	$	529	$	33,686
Assets from reportable segments	$	129,268		$	11,637			$	140,906		$	129,261	$	11,010	$	140,272
Other assets(a)		236		.		205
Total assets		$	141,141		.		$	140,477

_________________

(a)Assets from our other operating segment that does not meet any of the quantitative thresholds for determining reportable segments.

Note 14. Regulatory Capital and Other Regulatory Matters

We are required to comply with a wide variety of laws and regulations. Certain of our entities operate in international markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that certain of these entities meet minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory capital requirements as most recently reported. Total assets of our regulated international banks and finance companies were approximately $10.4 billion and $9.3 billion at September 30, 2026 and December 31, 2025.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-looking statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the \"Forward-Looking Statements\" section of this MD&A, the \"Risk Factors\" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission (SEC) on January 27, 2026 (2025 Form 10-K), and the \"Risk Factors\" section of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the SEC on April 28, 2026, for a discussion of these risks and uncertainties.

Basis of Presentation

This MD&A should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto and the audited consolidated financial statements and notes thereto included in our 2025 Form 10-K.

Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Average balances are calculated using daily balances, where available. Otherwise, average balances are calculated using monthly balances.

Results of Operations

Key Drivers Income before income taxes was $2.0 billion and $2.2 billion for the nine months ended September 30, 2026 and 2025. Changes in key drivers include the following:

•Finance charge income decreased $98 million primarily due to a decrease in the average balance of the finance receivables portfolio.

•Leased vehicle income increased $83 million primarily due to an increase in the average balance of the leased vehicles portfolio.

•Other income increased $115 million primarily due to growth in the insurance and vehicle protection businesses, partially offset by lower investment income resulting from a decrease in the average investment balance.

•Leased vehicle expenses increased $251 million primarily due to increased depreciation expense on electric vehicles (EVs).

•Operating expenses increased $256 million primarily due to growth in the insurance and vehicle protection businesses and related claims losses.

•Interest expense decreased $249 million primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on our debt.

•Provision for loan losses increased $70 million primarily due to the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the nine months ended September 30, 2025 as well as credit mix of loan originations.

For the year ending December 31, 2026, we expect to recognize income before income taxes in the $2.5 billion to $3.0 billion range.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Three Months Ended September 30, 2026 compared to Three Months Ended September 30, 2025


Average Earning Assets	Three Months Ended September 30,		2026 vs. 2025
	2026		2025		Amount		Percentage
Average retail finance receivables	$	76,690			$	76,799		$	(109)		(0.1)	%
Average commercial finance receivables	17,032			16,589			442		2.7	%
Average finance receivables	93,722			93,388			333		0.4	%
Average leased vehicles, net	32,613			33,377			(764)		(2.3)	%
Average earning assets	$	126,335			$	126,765		$	(431)		(0.3)	%

Retail finance receivables purchased	$	9,863			$	8,812		$	1,051		11.9	%
Leased vehicles purchased	$	3,721			$	4,956		$	(1,235)		(24.9)	%

Our penetration of GM's retail sales in the U.S. was 35.3% for the three months ended September 30, 2026, up from 31.9% for the three months ended September 30, 2025. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.

Average commercial finance receivables increased primarily due to higher GM vehicle inventory. Our floorplan dealer penetration in the U.S. was 47.7% and 48.2% at September 30, 2026 and 2025.

Leased vehicles purchased decreased primarily due to decreases in GM sales, lease sales mix, and net capitalized cost.


Revenue	Three Months Ended September 30,		2026 vs. 2025
	2026		2025		Amount		Percentage
Finance charge income
Retail finance receivables	$	1,775			$	1,756		$	20	1.1	%
Commercial finance receivables	$	287			$	304		$	(17)	(5.6)	%
Leased vehicle income	$	1,939			$	1,968		$	(29)	(1.5)	%
Other income	$	311			$	309		$	1	0.4	%
Equity income	$	8			$	9		$	(1)	(7.9)	%
Effective yield - retail finance receivables	9.2	%		9.1	%
Effective yield - commercial finance receivables	6.7	%		7.3	%

Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased slightly primarily due to an increase in the effective yield. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.

Finance Charge Income - Commercial Finance Receivables Finance charge income on commercial finance receivables decreased primarily due to a decrease in the effective yield, resulting from lower short-term benchmark rates, partially offset by an increase in the average balance of the portfolio.

Leased Vehicle Income Leased vehicle income decreased primarily due to a decrease in the average balance of the leased vehicles portfolio.


Costs and Expenses	Three Months Ended September 30,		2026 vs. 2025
	2026		2025		Amount		Percentage
Operating expenses	$	642			$	545		$	96	17.7	%
Leased vehicle expenses	$	1,112			$	1,101		$	11	1.0	%
Provision for loan losses	$	340			$	244		$	96	39.2	%
Interest expense	$	1,558			$	1,651		$	(93)	(5.7)	%
Average debt outstanding	$	112,968			$	117,568		$	(4,600)	(3.9)	%
Effective rate of interest on debt	5.5	%		5.6	%

Operating Expenses Operating expenses as an annualized percentage of average earning assets were 2.0% and 1.7% for the three months ended September 30, 2026 and 2025. Operating expenses increased primarily due to growth in the insurance and vehicle protection businesses and related claims losses.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Leased Vehicle Expenses Leased vehicle expenses increased primarily due to an increase in depreciation expense on EVs as well as a decrease in lease termination gains.

Provision for Loan Losses Provision for loan losses increased primarily due to an increase in loan origination volume as well as the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the three months ended September 30, 2025.

Interest Expense Interest expense decreased primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on our debt.

Taxes Our consolidated effective income tax rates were 27.1% and 26.7% of income before income taxes for the three months ended September 30, 2026 and 2025.

Other Comprehensive Income (Loss)

Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $1 million and $(36) million for the three months ended September 30, 2026 and 2025. The change in unrealized gain (loss) was primarily due to changes in the fair value of our foreign currency swap agreements.

Unrealized gains and losses on cash flow hedges of our floating rate debt are reclassified into earnings in the same period during which the hedged transactions affect earnings via principal remeasurement or accrual of interest expense.

Foreign Currency Translation Adjustments Foreign currency translation adjustments included in other comprehensive income (loss) were $(19) million and $30 million for the three months ended September 30, 2026 and 2025. Translation adjustments resulted from changes in the values of our international currency-denominated assets and liabilities as the value of the U.S. Dollar changed in relation to international currencies. The foreign currency translation loss for the three months ended September 30, 2026 was primarily due to depreciating value of the Mexican Peso, partially offset by the appreciating value of the Chinese Yuan Renminbi in relation to the U.S. Dollar. The foreign currency translation gain for the three months ended September 30, 2025 was primarily due to appreciating values of the Mexican Peso, Brazilian Real, and Chinese Yuan Renminbi, partially offset by the depreciating value of the Canadian Dollar in relation to the U.S. Dollar.

Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025


Average Earning Assets	Nine Months Ended September 30,		2026 vs. 2025
	2026		2025		Amount		Percentage
Average retail finance receivables	$	75,824			$	77,098		$	(1,274)		(1.7)	%
Average commercial finance receivables	16,319			17,138			(819)		(4.8)	%
Average finance receivables	92,143			94,236			(2,092)		(2.2)	%
Average leased vehicles, net	33,118			32,698			420		1.3	%
Average earning assets	$	125,262			$	126,934		$	(1,672)		(1.3)	%

Retail finance receivables purchased	$	28,163			$	27,910		$	253		0.9	%
Leased vehicles purchased	$	11,897			$	15,338		$	(3,441)		(22.4)	%

Our penetration of GM's retail sales in the U.S. was 35.2% and 34.2% for the nine months ended September 30, 2026 and 2025. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market.

Average commercial finance receivables decreased primarily due to changes in dealer inventory. Our floorplan dealer penetration in the U.S. was 47.7% and 48.2% at September 30, 2026 and 2025.

Leased vehicles purchased decreased primarily due to decreases in GM sales, lease sales mix, and net capitalized cost.

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GENERAL MOTORS FINANCIAL COMPANY, INC.


Revenue	Nine Months Ended September 30,		2026 vs. 2025
	2026		2025		Amount		Percentage
Finance charge income
Retail finance receivables	$	5,232			$	5,192		$	40	0.8	%
Commercial finance receivables	$	802			$	940		$	(138)	(14.7)	%
Leased vehicle income	$	5,893			$	5,810		$	83	1.4	%
Other income	$	927			$	813		$	115	14.1	%
Equity income	$	35			$	37		$	(2)	(4.9)	%
Effective yield - retail finance receivables	9.2	%		9.0	%
Effective yield - commercial finance receivables	6.6	%		7.3	%

Finance Charge Income - Retail Finance Receivables Finance charge income on retail finance receivables increased primarily due to an increase in the effective yield, partially offset by a decrease in the average balance of the portfolio. The effective yield represents finance charges, rate subvention and fees recorded in earnings during the period as a percentage of average retail finance receivables.

Finance Charge Income - Commercial Finance Receivables Finance charge income on commercial finance receivables decreased primarily due to a decrease in the effective yield, resulting from lower short-term benchmark rates, and a decrease in the average balance of the portfolio.

Leased Vehicle Income Leased vehicle income increased primarily due to an increase in the average balance of the leased vehicles portfolio.

Other Income Other income increased primarily due to growth in the insurance and vehicle protection businesses, partially offset by lower investment income resulting from a decrease in the average investment balance.


Costs and Expenses	Nine Months Ended September 30,		2026 vs. 2025
	2026		2025		Amount		Percentage
Operating expenses	$	1,836			$	1,581		$	256	16.2	%
Leased vehicle expenses	$	3,458			$	3,206		$	251	7.8	%
Provision for loan losses	$	996			$	926		$	70	7.6	%
Interest expense	$	4,638			$	4,886		$	(249)	(5.1)	%
Average debt outstanding	$	113,630			$	116,922		$	(3,292)	(2.8)	%
Effective rate of interest on debt	5.5	%		5.6	%

Operating Expenses Operating expenses as an annualized percentage of average earning assets were 2.0% and 1.7% for the nine months ended September 30, 2026 and 2025. Operating expenses increased primarily due to growth in the insurance and vehicle protection businesses and related claims losses.

Leased Vehicle Expenses Leased vehicle expenses increased primarily due to increased depreciation expense on EVs.

Provision for Loan Losses Provision for loan losses increased primarily due to the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the nine months ended September 30, 2025 as well as credit mix of loan originations.

Interest Expense Interest expense decreased primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on our debt.

Taxes Our consolidated effective income tax rates were 27.0% and 27.1% of income before income taxes for the nine months ended September 30, 2026 and 2025.

Other Comprehensive Income (Loss)

Unrealized Gain (Loss) on Hedges Unrealized gain (loss) on hedges included in other comprehensive income (loss) was $61 million and $(132) million for the nine months ended September 30, 2026 and 2025. The change in unrealized gain (loss) was primarily due to changes in the fair value of our foreign currency swap agreements.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Foreign Currency Translation Adjustments Foreign currency translation adjustments included in other comprehensive income (loss) were $46 million and $235 million for the nine months ended September 30, 2026 and 2025. Translation adjustments resulted from changes in the values of our international currency-denominated assets and liabilities as the value of the U.S. Dollar changed in relation to international currencies. The foreign currency translation gain for the nine months ended September 30, 2026 was primarily due to appreciating values of the Chinese Yuan Renminbi and Brazilian Real, partially offset by the depreciating value of the Canadian Dollar in relation to the U.S. Dollar. The foreign currency translation gain for the nine months ended September 30, 2025 was primarily due to appreciating values of the Mexican Peso, Brazilian Real, Chinese Yuan Renminbi, and Canadian Dollar in relation to the U.S. Dollar.

Earning Assets Quality

Retail Finance Receivables Our retail finance receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. A summary of the credit risk profile by FICO score or its equivalent, determined at origination, of the retail finance receivables is as follows:


	September 30, 2026		December 31, 2025
	Amount		Percent		Amount		Percent
Prime - FICO Score 680 and greater	$	56,581			73.8	%		$	56,440			74.9	%
Near-prime - FICO Score 620 to 679	9,556			12.5			9,303			12.3
Sub-prime - FICO Score less than 620	10,515			13.7			9,661			12.8
Retail finance receivables	76,651			100.0	%		75,404			100.0	%
Less: allowance for loan losses	(2,826)					(2,656)
Retail finance receivables, net	$	73,825					$	72,748
Number of outstanding contracts	3,195,244					3,194,917
Average amount of outstanding contracts (in dollars)(a)	$	23,989					$	23,601
Allowance for loan losses as a percentage of retail finance receivables	3.7	%				3.5	%

_________________

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

The increase in the allowance for retail loan losses as a percentage of retail finance receivables is primarily due to changes in the composition of credit mix of the portfolio.

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


	September 30, 2026		September 30, 2025
	Amount		Percent		Amount		Percent
31 - 60 days	$	2,008			2.6	%		$	1,779		2.3	%
Greater than 60 days	803			1.0			682			0.9
Total finance receivables more than 30 days delinquent	2,811			3.7			2,461			3.2
In repossession	92			0.1			78			0.1
Total finance receivables more than 30 days delinquent or in repossession	$	2,903			3.8	%		$	2,540		3.3	%

At September 30, 2026, delinquency increased from September 30, 2025, primarily due to changes in the composition of credit mix of the portfolio.

Loan Modifications Loan modifications extended to borrowers experiencing financial difficulty were insignificant for the three and nine months ended September 30, 2026 and 2025. Refer to Note 4 to our condensed consolidated financial statements for further information on loan modifications.

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GENERAL MOTORS FINANCIAL COMPANY, INC.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Charge-offs	$	563			$	494			$	1,639		$	1,461
Less: recoveries	(259)			(257)			(810)			(778)
Net charge-offs	$	303			$	237			$	829		$	683
Net charge-offs as an annualized percentage of average retail finance receivables	1.6	%		1.2	%		1.5	%		1.2	%

Net charge-offs for the three and nine months ended September 30, 2026 increased compared to the same periods in 2025, primarily due to lower recovery rates.


Commercial Finance Receivables	September 30, 2026		December 31, 2025
Commercial finance receivables	$	18,024			$	17,365
Less: allowance for loan losses	(69)			(68)
Commercial finance receivables, net	$	17,955			$	17,297
Number of dealers	2,509			2,554
Average carrying amount per dealer	$	7			$	7
Allowance for loan losses as a percentage of commercial finance receivables	0.4	%		0.4	%

Substantially all of our commercial finance receivables were current with respect to payment status at September 30, 2026 and December 31, 2025. No commercial loans were modified for the three and nine months ended September 30, 2026 and 2025.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026	2025
Operating leases purchased	76			92		240		295
Operating leases terminated	95			88		281		280
Operating leased vehicles returned(a)	36			22		97		67
Percentage of leased vehicles returned(b)	38	%		24	%	34	%	24	%

________________

(a)Represents the number of vehicles returned to us for remarketing.

(b)Calculated as the number of operating leased vehicles returned divided by the number of operating leases terminated.

The return rate is largely dependent on the level of used vehicle values at lease termination compared to contractual residual values at lease inception. The return rate for the three and nine months ended September 30, 2026 increased compared to the same periods in 2025, primarily due to used leased vehicle prices approaching or falling below contract residual values.

The following table summarizes the residual value based on our most recent estimates and the number of units included in leased vehicles, net by vehicle type (units in thousands):


	September 30, 2026		December 31, 2025
	Residual Value		Units		Percentage of Units	Residual Value		Units		Percentage of Units
Crossovers	$	12,380			570		62.6	%		$	13,145		617		64.8	%
Trucks	9,122			268		29.4			8,702			254		26.6
SUVs	2,435			50		5.5			2,619			56		5.9
Cars	462			23		2.5			515			26		2.7
Total	$	24,399			910		100.0	%		$	24,981		952		100.0	%

At September 30, 2026 and December 31, 2025, residual values of leased EVs represented 23.5% and 21.1% of total residual values. At September 30, 2026 and 2025, 99.3% and 99.4% of our operating leases were current with respect to payment status.

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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, 2026		December 31, 2025
Cash, cash equivalents and marketable debt securities(a)	$	4,689			$	5,866
Available capacity under secured credit facilities	19,070			25,924
Available under committed unsecured credit facilities	1,227			967
Available under the Junior Subordinated Revolving Credit Facility	1,000			1,000
Available under the GM Revolving 364-Day Credit Facility	2,000			2,000
Available liquidity	$	27,987			$	35,756

_________________

(a)Includes $451 million and $368 million in unrestricted cash outside of the U.S. at September 30, 2026 and December 31, 2025, of which certain amounts are considered to be indefinitely invested based on specific plans for reinvestment.

Our available liquidity varies quarterly based on factors including near-term debt issuances and maturities, as well as changes in our earning assets. At September 30, 2026, available liquidity decreased from December 31, 2025, primarily due to increased utilization of our secured credit facilities and a decrease in cash and cash equivalents. We generally target liquidity levels to support at least six months of our expected net cash outflows, including new originations, without access to new debt financing transactions or other capital markets activity. At September 30, 2026, available liquidity exceeded our liquidity targets.

Cash Flows The following table summarizes our cash flow activities.


	Nine Months Ended September 30,		2026 vs. 2025
	2026		2025
Net cash provided by (used in) operating activities	$	4,945		$	6,067	$	(1,122)
Net cash provided by (used in) investing activities	$	(4,173)		$	(1,574)	$	(2,599)
Net cash provided by (used in) financing activities	$	(1,667)		$	(1,658)	$	(9)

The following table summarizes our net cash provided by (used in) operating activities. For further detail on our net cash provided by (used in) investing and financing activities, please refer to the Condensed Consolidated Statements of Cash Flows.


	Nine Months Ended September 30,		2026 vs. 2025
Operating Activities	2026		2025
Net income (loss)	$	1,433			$	1,598		$	(165)
Depreciation and amortization	4,129			3,961			168
Accretion and amortization of loan and leasing fees	(1,116)			(1,209)			93
Provision for loan losses	996			926			70
Other non-cash income	(388)			(664)			275
Changes in assets and liabilities	(287)			1,251			(1,539)
Deferred income taxes	178			203			(26)
Net cash provided by (used in) operating activities	$	4,945			$	6,067		$	(1,122)

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GENERAL MOTORS FINANCIAL COMPANY, INC.

Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings, Moody’s Investors Service and Standard & Poor’s. The credit ratings assigned to us from all the credit rating agencies are closely associated with their opinions on GM. As of October 14, 2026, all credit ratings remained unchanged since December 31, 2025.

Credit Facilities In the normal course of business, in addition to using our available cash, we fund our operations by borrowing under our credit facilities, which may be secured and/or structured as securitizations or may be unsecured. We repay these borrowings as appropriate under our liquidity management strategy.

At September 30, 2026, credit facilities consist of the following:


Facility Type	Facility Amount		Advances Outstanding
Secured debt(a)	$	28,245			$	9,017
Unsecured debt(b)	3,972			2,744
Junior Subordinated Revolving Credit Facility	1,000			—
GM Revolving 364-Day Credit Facility	2,000			—
Total	$	35,217			$	11,762

_________________

(a)Includes committed and uncommitted revolving credit facilities backed by retail finance receivables and leases as well as loans to dealers for floorplan financing. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them, and no unused borrowing capacity is included in the facility amount. We had no advances outstanding on these uncommitted facilities at September 30, 2026.

(b)Includes committed and uncommitted facilities. The financial institutions providing the uncommitted facilities are not contractually obligated to advance funds under them, and no unused borrowing capacity is included in the facility amount. We had $2.7 billion of advances outstanding on these facilities at September 30, 2026.

Refer to Note 7 to our condensed consolidated financial statements for further discussion.

Securitization Notes Payable We periodically finance our retail and commercial finance receivables and leases through public and private term securitization transactions, where the securitization markets are sufficiently developed.

Our securitizations and credit facilities generally utilize special purpose entities, which are also variable interest entities that meet the requirements to be consolidated in our financial statements. Refer to Note 8 to our condensed consolidated financial statements for further discussion.

Unsecured Debt We periodically access the unsecured debt capital markets through the issuance of senior unsecured notes. At September 30, 2026, the aggregate principal amount of our outstanding unsecured senior notes was $53.7 billion.

We issue other unsecured debt through demand notes, commercial paper and other bank and non-bank funding sources. At September 30, 2026, we had $3.4 billion outstanding in demand notes and $2.6 billion under the U.S. commercial paper program.

Support Agreement - Leverage Ratio Our earning assets leverage ratio, calculated in accordance with the terms of the support agreement with GM (the Support Agreement), was 8.43x and 8.67x at September 30, 2026 and December 31, 2025, and the applicable leverage ratio threshold was 12.00x. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting.

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Asset and Liability Maturity Profile We define our asset and liability maturity profile as the cumulative maturities of our finance receivables, net, investment in leased vehicles, net of accumulated depreciation, cash and marketable securities, less our cumulative debt maturities. We manage our balance sheet so that asset maturities will exceed debt maturities each year. The following table presents our cumulative maturities for assets and debt at September 30, 2026:


	2026		2027		2028		2029 and Thereafter
Encumbered assets	$	10,940			$	38,328		$	51,875	$	69,287
Unencumbered assets	23,855			39,762			54,447		62,798
Assets(a)	$	34,795			$	78,090		$	106,323	$	132,085

Secured debt	$	7,818			$	27,391		$	37,073	$	49,517
Unsecured debt	6,866			20,334			31,245		64,893
Total debt(b)	$	14,684			$	47,725		$	68,318	$	114,409

_________________

(a) Amounts presented include the impact of expected prepayments.

(b)Excludes unamortized debt premium/(discount), unamortized debt issuance costs and fair value adjustments.

Off-Balance Sheet Arrangements

Transfers of Finance Receivables We have continuing involvement with finance receivables that were transferred in 2025, primarily in our role as servicer. The outstanding balance of the previously transferred finance receivables subject to our continuing involvement was $1.2 billion at September 30, 2026. Refer to Note 10 to our condensed consolidated financial statements for information on our representations and warranties.

Non-GAAP Measures

Net Income Attributable to Common Shareholder - adjusted We use net income attributable to common shareholder - adjusted, a non-GAAP measure, to calculate our return on average tangible common equity - adjusted because it excludes certain adjustments that are not considered part of our core operations. It is calculated by subtracting the dividends paid to preferred shareholders from net income, after any adjustments.

The following table presents our reconciliation of net income attributable to common shareholder - adjusted to net income, the most directly comparable GAAP measure:


	Four Quarters Ended
	September 30, 2026		September 30, 2025
Net income attributable to common shareholder	$	1,775			$	1,695
Adjustment - impairment charge(a)	—			320
Net income attributable to common shareholder - adjusted	$	1,775			$	2,015

______________

(a)This impairment charge was to write down our SAIC-GMAC equity investment to its fair value.

Return on Average Common Equity Return on average common equity is a generally accepted accounting principles (GAAP) measure widely used to measure earnings in relation to invested capital. We calculate return on average common equity as net income attributable to common shareholder divided by average common equity. Our return on average common equity increased to 12.6% for the four quarters ended September 30, 2026 from 12.4% for the four quarters ended September 30, 2025, primarily due to the $320 million impairment charge on our SAIC-GMAC equity investment recorded in the three months ended December 31, 2024.

Return on Average Tangible Common Equity - adjusted We use return on average tangible common equity - adjusted, a non-GAAP measure, to measure our contribution to GM's enterprise profitability and cash flows. We calculate return on average tangible common equity - adjusted as net income attributable to common shareholder - adjusted divided by average tangible common equity. Our return on average tangible common equity - adjusted decreased to 13.8% for the four quarters ended September 30, 2026 from 16.2% for the four quarters ended September 30, 2025, primarily due to decreased earnings.

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The following table presents our reconciliation of return on average tangible common equity - adjusted to return on average common equity, the most directly comparable GAAP measure:


	Four Quarters Ended
	September 30, 2026		September 30, 2025
Net income attributable to common shareholder - adjusted	$	1,775			$	2,015

Average equity	$	16,026			$	15,607
Less: average preferred equity	(1,969)			(1,969)
Average common equity	14,057			13,638
Less: average goodwill and intangible assets	(1,180)			(1,174)
Average tangible common equity	$	12,877			$	12,464

Return on average common equity	12.6	%		12.4	%
Return on average tangible common equity - adjusted	13.8	%		16.2	%

Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. These non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve our return on average tangible common equity. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. For these reasons, we believe these non-GAAP measures are useful to our investors.

Critical Accounting Estimates

The preparation of condensed financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amount of revenue and expenses in the periods presented. Actual results could differ from those estimates, due to inherent uncertainties in making estimates, and those differences may be material. The critical accounting estimates that affect the condensed consolidated financial statements and the judgment and assumptions used are consistent with those described in Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our 2025 Form 10-K.

Forward-Looking Statements

This report contains several \"forward-looking statements.\" Forward-looking statements are those that use words such as \"believe,\" \"expect,\" \"intend,\" \"plan,\" \"may,\" \"likely,\" \"should,\" \"estimate,\" \"continue,\" \"future\" or \"anticipate\" and other comparable expressions. These words indicate future events and trends. Forward-looking statements are our current views with respect to future events and financial performance. These forward-looking statements are subject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or from those anticipated by us. The most significant risks are detailed from time to time in our filings and reports with the SEC, including our 2025 Form 10-K and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the SEC on April 28, 2026. It is advisable not to place undue reliance on our forward-looking statements. We undertake no obligation to, and do not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

The following factors are among those that may cause actual results to differ materially from historical results or from the forward-looking statements:

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

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

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

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

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

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•the adequacy of our underwriting criteria for loans and leases and the level of net charge-offs, delinquencies and prepayments on the loans and leases we purchase or originate;

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

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

•our ability to maintain and expand our market share due to competition in the automotive finance industry from banks, credit unions, independent finance companies and other captive automotive finance subsidiaries;

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

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

•adverse determinations with respect to the application of existing laws, or the results of any audits from tax authorities, as well as changes in tax laws and regulations, supervision, enforcement and licensing across various jurisdictions;

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

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

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

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

•our ability to attract and retain qualified employees;

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

•our ability to secure private data, proprietary information, manage risks related to security breaches, cyberattacks and other disruptions to networks and systems owned or maintained by us or third parties and comply with enterprise data regulations in all key market regions;

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

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

•changes in local, regional, national or international economic, social or political conditions, including political uncertainty or instability and economic tensions between governments; and

•impact and uncertainties related to climate-related events and climate change legislation.

If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected.

Available Information

Our internet website is www.gmfinancial.com. Our website contains detailed information about us and our subsidiaries. Our Investor Center website at https://investor.gmfinancial.com contains a significant amount of information about our Company, including financial and other information for investors. We encourage the public to visit our website, as we frequently update and post new information about the Company on our website, and it is possible that this information could be deemed to be material information. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments to those reports, are available free of charge on our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. These reports can also be found on the SEC website at www.sec.gov.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in our exposure to market risk since December 31, 2025. Refer to Item 7A. - \"Quantitative and Qualitative Disclosures About Market Risk\" in our 2025 Form 10-K.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer (CEO) and principal financial officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.

Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of September 30, 2026, as required by paragraph (b) of Rules 13a-15 or 15d-15. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2026.

Changes in Internal Control over Financial Reporting There have not been any changes in our internal control over financial reporting during the three months ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1. Legal Proceedings

Refer to Note 10 to our condensed consolidated financial statements for information relating to legal proceedings.

Item 1A. Risk Factors

We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 2025 Form 10-K, other than as set forth in Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

Item 6. Exhibits

3.1

Third Amended and Restated Certificate of Formation of General Motors Financial Company, Inc., incorporated herein by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q filed on October 21, 2025.

Incorporated by Reference

3.2

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.

Incorporated by Reference

31.1

Section 302 Certification of the Chief Executive Officer.

Filed Herewith

31.2

Section 302 Certification of the Chief Financial Officer.

Filed Herewith

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Furnished Herewith

101

The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Shareholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements

Filed Herewith

104

The cover page from the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026, formatted as iXBRL and contained in Exhibit 101

Filed Herewith

* * * * * * *

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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 20, 2026

By:

/S/ RICHARD A. GOKENBACH, JR.

Richard A. Gokenbach, Jr.

Executive Vice President and

Chief Financial Officer

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