General Motors "is expected to fully repay the $6.7 billion in U.S. government loans on its books by 2011, four years earlier than required, because its sales have exceeded expectations and its costs have been lower than planned," the Detroit Free Press reports, citing "people close to the talks between GM and the government."

The Associated Press, Detroit News, and The Wall Street Journal are among other news media outlets reporting the same thing.

The AP adds that:

The government debt represents about 13% of the $52 billion that U.S. taxpayers have invested in General Motors, the majority of which was exchanged for a 61% ownership stake in the company.

GM will announce the repayment plan Monday when it releases its preliminary third-quarter earnings results, the person said, speaking on condition of anonymity. The person was not authorized to speak publicly about the plan ahead of the announcement.

General Motors plans an 8 a.m. ET announcement on those third-quarter results. The news conference is to be webcast here.

Update at 7:55 a.m. ET: GM has confirmed the news at its website.

It states that:

In light of improving global economic conditions, stabilizing industry sales and its healthier cash position, GM announced today that it plans to accelerate repayment of its outstanding $6.7 billion in UST loans as well as the (Canadian)$1.5 billion (US$1.4 billion) in EDC loans ahead of the scheduled maturity date of July 2015.

GM plans to repay the United States, Canadian and Ontario government loans in quarterly installments from escrowed funds, beginning next month with an initial $1.2 billion payment to be made in December ($1.0 billion to the UST and $192 million to the EDC), followed by quarterly payments. Any escrowed funds available as of June 30, 2010 would be used to repay the UST and EDC loans unless the escrowed funds were extended one year by the UST. Any balance of funds would be released to GM after the repayment of the UST and EDC loans.

The AP writes that:

General Motors Co. says it lost $1.2 billion from the time it left bankruptcy protection through Sept. 30, far better than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business.