GM Financial earns $106 million in first quarter
Fort Worth-based GM Financial, formerly AmeriCredit, earned $106 million in the year's first quarter, compared to $112 million the same period a year earlier. The auto lender wrote $1.4 billion in vehicle loans and leases, about the same as a year earlier, and income from outstanding loans jumped 25 percent, to $540 million. But expenses also rose, including a 93 percent increase in its provision for loan losses. It also reported $6.4 million in expenses related to its acquisition of Ally Financial assets. During the quarter GM Financial averaged outstanding loan and lease balances of $13.7 billion, up from $10.8 billion a year earlier. The company is headquartered in downtown Fort Worth and has a large Arlington call center.
-- Jim Fuquay