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, Latin America, Canada, Europe (which was sold to PSA Groupe and BNP Paribas following the sale of GM's core area businesses Opel and Vauxhall in a 2.2billiondeal),andChina.ThecompanyisheadquarteredinFortWorth,Texas,whereitisdowntownFortWorth′slargestemployer.Foundedin1992asAmeriCreditCorp.,thecompanywasacquiredbyGMinOctober2010andrenamedGeneralMotorsFinancialCompany,Inc.Thecompanyprovidesretailloanandleaseprogramsthroughautodealersforcustomersacrossthecreditspectrum.Theyalsooffercommerciallendingproducts,suchasretailfloorplan,constructionandrealestateloans,orinsuranceforcardealerships.BeforeitsacquisitionbyGM,thecompanyrankedat768ontheFortune1000.InJuly2010,GeneralMotorsenteredintoadefinitiveagreementtoacquireAmeriCreditinanall−cashtransactionvaluedatapproximately3.5 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 October 1, 2010.
On September 4, 2014, GM and GM Financial announced it 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 1billionofliquidityifneeded.Thisfacility,whichissubordinatetoGMFinancial’sseniorunsecuredandsecureddebt,willreplaceanexisting600 million line of credit from GM.
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