General Motors 2015 Annual Report Download - page 13

Table of Contents
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Outside the U.S. safety standards and recall regulations often have the same purpose as the U.S. standards but may differ in their requirements and test
procedures, adding complexity to regulatory compliance. Refer to Note 11 to our consolidated financial statements for additional information on significant
recall activities in 2014.
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GM Financial is our global captive automotive finance company and our global provider of automobile finance solutions. GM Financial conducts its
business in North America, Europe, South America and, as a result of the 2015 acquisition of Ally Financial, Inc.'s (Ally Financial) equity interest in SAIC-
GMAC Automotive Finance Company Limited (SAIC-GMAC), in China.
GM Financial provides retail lending, both loan and lease, across the credit spectrum. Additionally GM Financial offers commercial products to dealer
customers that include new and used vehicle inventory financing, inventory insurance, working capital, capital improvement loans, and storage center
financing.
In North America GM Financial's retail automobile finance programs include prime and sub-prime lending and full credit spectrum leasing. The sub-prime
lending program is primarily offered to consumers with FICO scores less than 620 who have limited access to automobile financing through banks and credit
unions and is expected to sustain a higher level of credit losses than prime lending. The leasing product is offered through our franchised dealers and
primarily targets prime consumers leasing new vehicles. GM Financial is expanding its leasing, near prime and prime lending programs through our
franchised dealers and anticipates that leasing and prime lending will become an increasing percentage of originations and the retail portfolio balance over
time.
Internationally GM Financial’s retail automobile finance programs focus on prime quality financing through loan and lease products.
GM Financial seeks to fund its operations in each country through local sources of funding to minimize currency and country risk. GM Financial primarily
finances its loan, lease and commercial origination volume through the use of secured and unsecured credit facilities, through securitization transactions
where such markets are developed and through the issuance of unsecured debt. In the three months ended September 30, 2015 GM Financial began accepting
deposits from retail banking customers in Germany.
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At December 31, 2015 we employed 130,000 (61%) hourly employees and 85,000 (39%) salaried employees. At December 31, 2015 52,000 (54%) of our
U.S. employees were represented by unions, a majority of which were represented by the International Union, United Automobile, Aerospace and Agriculture
Implement Workers of America (UAW). The following table summarizes worldwide employment (in thousands):
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GMNA 115
110
109
GME 36
37
37
GMIO 32
33
36
GMSA 24
29
31
GM Financial 8
7
6
Total Worldwide 215
216
219
U.S. - Salaried 45
40
36
U.S. - Hourly 52
51
51
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As of February 3, 2016 the names and ages of our executive officers and their positions with GM are as follows:
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