GM Financial earnings dip to $91 million on Ally-related charge
Fort Worth-based GM Financial, formerly AmeriCredit, earned $91 million in last year's fourth quarter, including a $20.4 million expense related to its pending acquisition of Ally Financial's international operation. That net profit compared to $104 million a year earlier for GM Financial, a wholly-owned subsidiary of General Motors Co. The lender originated $1.2 billion in auto loans, unchanged from a year earlier, and $265 million in leases, down from $299 million a year earlier.
General Motors in November said GM Financial would buy Ally's operations in Europe, China and Latin America. The $4.25 billion deal will double GM Financial's assets, to about $33 billion. GM acquired AmeriCredit in 2010 for $3.5 billion
-- Jim Fuquay