Relevant article I just happened to come across this morning: https://www.bloomberg.com/news/artic...=pocket-newtab

"Used-car sales fell 64% in the last week of March, according to Manheim. The Cox Automotive-owned auction company estimates that prices have fallen about 10% in recent weeks, though that figure is based on unusually low volume at auctions.

If that level of decline lasts or worsens, it could have huge implications for GM, whose General Motors Financial unit had $30.4 billion worth of vehicles leased to customers at the end of last year. If GM Financial needs to boost its estimate of how much those vehicles are going to depreciate in value, each percentage point increase raises the firm’s expenses by $304 million, according to a regulatory filing.

GM assumed a 4% decline in residual values this year. If the 10% drop Manheim has seen recently persists, depreciation expense could counter the $1.9 billion that GM Financial earned in pretax profit last year, said Joel Levington, a credit analyst with Bloomberg Intelligence. Ford Motor Credit faces similar risk, he said."