In a surprising but welcome turn, GM will begin repaying its debt to the U.S. government next month, which is years ahead of schedule.

Despite posting a $1.15 billion third-quarter loss, the automaker has performed better than expected after cutting costs and moving through bankruptcy faster than expected. It plans to pay $1 billion per quarter until it repays a $6.7 billion loan, according to the Washington Post.

Keep in mind that the $6.7 billion is only the debt owned by the U.S. The eventual return to taxpayers on their $50 billion investment -- representing a 61% stake in the company -- will be determined by GM’s eventual stock value.

The $6.7 billion debt was not due to be repaid until July 2015, and the move to repay the tab early indicates that GM is “performing modestly above expectations,” according to the Post.

This news comes on the heels of GM repaying Germany 200 million euros ($297.6 million) in loans that sustained Opel, its European arm, through the downturn.

GM to Start Repaying Debt to U.S. Government Next Month (Washington Post)