General Motors Financial reported Tuesday its earnings nearly doubled in the third quarter compared to last year, aided by a drop in expenses. In a statement, the company formerly known as AmeriCredit said it earned $51 million in three months ending September, up from $26 million during the same period a year ago.

The Fort Worth, Texas-based financial-services company was acquired by General Motors earlier this year for $3.5 billion. GM Financial noted it incurred $30 million in expenses during the quarter related to the acquisition.

Revenue for the quarter fell 10% to $372.6 million, GM Financial said, while expenses declined to $282 million from $367 million in the prior year. New loans totaled $959 million, compared to $229 million a year ago, and loan delinquencies were lower during the quarter compared to last year.

GM announced the deal to purchase AmeriCredit in July and closed on the transaction Oct. 1. The all-cash purchase once again gave the Detroit auto giant a captive finance arm and increased its ability to offer loans to subprime customers.

GM used to own GMAC, now known as Ally Financial, but sold the unit for $7.4 billion three years ago in a bid to raise cash. Ally still supplies loans to GM, as well as Chrysler Group. In the second quarter, Ally financed 36% of GM's new retail sales in the U.S. and Canada, up from 28% last year.

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Tom

Mad, they don't have enough people ripping on gm yet! they need more negative comments, that is what sells in this bussines, here is an example a few years ago when things were not looking good for the domestic auto industry there were plant closings, I live in mich so there were many a high school buddy of mine is a freelance photographer he told me the best pics that pay him the most by ap and others were the most gross pics he could catch like an obeast person leaveing the plant that was slated to close or somebody wearing shorts in the middle of winter or somebody that has a cellphone stuck in his ear. Look at what fox news did to chrysler in det. a few weeks ago watching a few workers on there lunch break- this country is becomeing like the soviet system of old " the KGB is watching "

November 24 2010 at 10:24 AM Report abuse +2 rate up rate down Reply
madmax821

Hey aol this article has been up for weeks!!!! How about some news !!!!

November 22 2010 at 12:33 PM Report abuse +2 rate up rate down Reply
jane

It is nice to know that GM is doing very well. For all the unemployed Americans who have no unemployment benefits because of the November expiration this will make all the unemployed people very, very happy. GOD BLESS AMERICA AND BLESS THE RICH.

November 19 2010 at 5:16 PM Report abuse +2 rate up rate down Reply
jerrymaysville

"United- we stand, devided we fall". Oh , what dose the word united mean in the "UNITED STATES OF AMERICA "

November 17 2010 at 8:44 PM Report abuse +2 rate up rate down Reply
geomet

Unions had their time. I feel everyone should WORK for a living. It is a shame there are so many union slackers.

November 15 2010 at 3:52 PM Report abuse -3 rate up rate down Reply
1 reply to geomet's comment
Roof Family

There are slackers with or without a union. The only difference is union slackers make more money and have better job security and benefits. Oh, and at the end of the day, union slackers go home with some dignity intact. I worked for Mack Trucks in S.C. before the union was voted in and after, the difference was like night and day. Unfortunately, management likes to abuse their power without a union. By the way, the company I work for sure could use a union. The harrassment that goes on there is unreal.

November 26 2010 at 9:01 AM Report abuse +2 rate up rate down Reply
latt913

you wish you were union buddy...you are just jealous cause you work for peanuts and have to take the crap they give you or walk. union folks want you to make a living wage...unions created the middle class and there is no argument from any economist or student of the US economy on this.

November 11 2010 at 8:49 PM Report abuse +1 rate up rate down Reply
1 reply to latt913's comment
hey marissa

How true it is.

November 14 2010 at 8:03 PM Report abuse +2 rate up rate down Reply
MFDIGITAL1

Let's see - borrow from the government at zero interest rate and charge your customers the prevailing rate. How do you not make money ?

November 11 2010 at 2:48 PM Report abuse +2 rate up rate down Reply
marine1942

Are they union like GM ??

November 09 2010 at 4:57 PM Report abuse +2 rate up rate down Reply