General Motors 2010 Annual Report Download - page 169

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Credit Quality
Credit bureau scores, generally referred to as FICO scores, are determined during GM Financial’s automotive loan origination
process. The following table summarizes the credit risk profile of finance receivables by FICO score band, determined at origination
(dollars in millions):
Successor
December 31, 2010
FICO score less than 540 ........................................................................ $1,328
FICO score 540 to 599 .......................................................................... 3,396
FICO score 600 to 659 .......................................................................... 2,758
FICO score greater than 660 ...................................................................... 1,166
Total finance receivables ........................................................................ $8,648
Delinquency
The following summarizes finance receivables more than 30 days delinquent, but not yet in repossession, and in repossession, but
not yet charged off (dollars in millions):
Successor
December 31, 2010
Amount Percent
Delinquent contracts
31 to 60 days .................................................................................. $535 6.2%
Greater-than-60 days ............................................................................ 212 2.4%
Total finance receivables more than 30 days delinquent ................................................ 747 8.6%
In repossession ................................................................................ 28 0.3%
Total finance receivables more than 30 days delinquent and in repossession ................................ $775 8.9%
An account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment
was contractually due. Delinquencies may vary from period to period based upon the average age of the portfolio, seasonality within
the calendar year and economic factors.
Note 7. Securitizations
Automotive Financing
The following table summarizes securitization activity and cash flows from SPEs used for securitizations (dollars in millions):
Successor
October 1, 2010
Through
December 31, 2010
Receivables securitized .......................................................................... $743
Net proceeds from securitization .................................................................. $700
Servicing fees
Variable interest entities ......................................................................... $ 46
Distributions from Trusts
Variable interest entities ......................................................................... $216
GM Financial retains servicing responsibilities for receivables transferred to certain SPEs. At December 31, 2010 GM Financial
serviced finance receivables that have been transferred to certain SPEs of $7.2 billion.
General Motors Company 2010 Annual Report 167