"We feel like that 20-20-20 mix over the next few years continues to be the place for us to be," he said.
Choate said GM Financial is already on target for U.S. leasing. But commercial lending needs to grow from a single-digit level, and prime-risk lending is not expected to begin until early 2014, he said.
GM Financial is the former AmeriCredit, a subprime lender GM purchased in 2010 and revamped as a captive finance company. Under GM ownership, GM Financial has launched prime and subprime leasing and has greatly increased subprime loans for new GM vehicles. GM Financial has also stuck to its original specialty of used-vehicle loans.
GM Financial accounted for 33.9 percent of GM's U.S. subprime loan volume in the second quarter, 21 percent of GM's U.S. leases and 4 percent of GM's wholesale dealer business.
In the second quarter of 2013, leasing represented 20 percent of GM's U.S. sales, more than double what it was when GM purchased AmeriCredit in 2010. GM also offers leases through Ally Financial Inc. and U.S. Bank. The industry average for U.S. lease penetration, excluding GM, was 24.3 percent for the second quarter, GM says.
In subprime loans, GM had U.S. sales penetration of 8.6 percent in the second quarter, up from 4.8 percent when it first purchased AmeriCredit. For the U.S. market, excluding GM, subprime penetration was 6.4 percent in the second quarter, GM says.
GM Financial launched commercial lending for U.S. dealers in 2012, but the company admits it's off to a slow start because dealers have been reluctant to switch to a floorplan lender that doesn't also offer prime-risk lending, which won't come until 2014.
Still, Choate said, "We are truly much more of a captive-type business than we have been heretofore."