Ammann earlier this month: “This has been an absolute home run."
Captive finance company GM Financial said today its worldwide lease originations soared 252 percent to $6.2 billion during the third quarter, up from $1.8 billion in the year earlier period.
North America accounted for nearly all of the gains.
The surge comes after General Motors began using its captive as its sole provider of subsidized leases earlier this year.
The third quarter was the second full quarter of lease exclusivity for GM Financial. The company’s total global net income in the third quarter grew 13 percent to $179 million, while pretax operating profit rose 13 percent to $231 million.
Before using GM Financial exclusively, GM divided its lease incentives largely between GM Financial and Ally Financial. A smaller share went to U.S. Bank.
Third-quarter lease originations accounted for 87 percent of GM Financial originations, up from 74 percent in the year-earlier period.
The captive’s loan originations also improved during the quarter. At $4.7 billion, loan originations jumped 16 percent compared with the year-earlier period.
Loan and lease originations combined made up 83 percent of GM Financial originations, compared with 73 percent in the third quarter of 2014.
GM President Dan Ammann said earlier this month that the captive’s lease exclusivity helps GM manage the buying cycles of customers -- getting them into another lease before their current one is up, for example.
GM has been rebuilding its captive arm over the past five years since parting ways with its former finance unit, GMAC, now Ally Financial.
GM formed GM Financial from its acquisition of subprime lender AmeriCredit in October 2010. The captive has since added prime and floorplan lending and other services.
“This has been an absolute home run,” Ammann said earlier this month.