Editor's note: An earlier version of this story contained an incorrect figure for Q3 earnings before interest and taxes (EBIT). The correct figure is $911 million, down 17 percent from 1.1 billion a year earlier.
Lower leased-vehicle income dragged down GM Financial's third-quarter earnings as net income fell 16 percent and revenue dropped 5 percent, the company reported Tuesday.
Net income was $688 million for the quarter compared with $829 million last quarter and $822 million vs. the same period last year. Net income for the first nine months was $2.5 billion compared with $2.9 billion last year for GM's captive finance arm. The automaker also reported its earnings Tuesday, registering record revenue for the quarter.
Total revenue in the third quarter was $3.19 billion compared with $3.35 billion for the same period last year.