GM Financial
 |
|
| Type | Subsidiary of GM |
|---|---|
| Industry | Diversified financial |
| Founded | 1992 as AmeriCredit |
| Headquarters | Fort Worth, Texas, U.S. |
| Area served | United States and Canada |
| Key people | Daniel Berce (CEO) |
| Products | Automobile financing |
| Revenue |  US$ 1.410 billion (2011)[1] |
| Operating income | US$ 621.8 million (2011)[1] |
| Net income | US$ 385.5 million (2011)[1] |
| Total assets | US$ 13.04 billion (2011)[1] |
| Total equity | US$ 3.923 billion (2011)[1] |
| Owner(s) | General Motors |
| Website | gmfinancial.com |
General Motors Financial Company, Inc. is a financial services arm of General Motors. Founded in 1992 as AmeriCredit, GM Financial provides car loans through automobile dealerships to medium- and moderate-risk customers in the United States and Canada. The company is located in Fort Worth, Texas.
Before its acquisition by GM, the company ranked at 768 on the Fortune 1000.[2] AmeriCredit's loan paramaters would originally provide financing (at an interest rate of between 10% and 23% APR) to clients with credit scores around 500 who can prove employment and residency, though the company has become increasingly more stringent over the past few years.
[edit] Acquisition by General Motors
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 in 2006.[3] Following the approval of the deal by AmeriCredit shareholders on September 29, GM rebranded the company as GM Financial.[4]
[edit] References
- ^ a b c d e "2011 Form 10-K, General Motors Financial Company". United States Securities and Exchange Commission. February 27, 2012. http://www.sec.gov/Archives/edgar/data/804269/000119312512079904/d283941d10k.htm.
- ^ "Fortune 500 2009: Top 1000 American Companies". Fortune. 2009-05-04. http://money.cnn.com/magazines/fortune/fortune500/2009/snapshots/11039.html. Retrieved 2009-11-06.
- ^ "GM to Acquire AmeriCredit". PR Newswire. http://www.prnewswire.com/news-releases/gm-to-acquire-americredit-99007469.html.
- ^ "Shareholders OK sale of AmeriCredit to GM". The Detroit News. http://www.detnews.com/article/20100929/AUTO01/9290402/1148/auto01/Shareholders-OK-sale-of-AmeriCredit-to-GM.
