UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
October 16, 2019 (Date of report; date of earliest event reported)
Commission file number: 1-3754
 
ALLY FINANCIAL INC.
(Exact name of registrant as specified in its charter)

			
Delaware	 	38-0572512	
(State or other jurisdiction of
incorporation or organization)	 	(I.R.S. Employer
Identification No.)	
Ally Detroit Center
500 Woodward Ave.
Floor 10, Detroit, Michigan
48226
(Address of principal executive offices)
(Zip Code)
(866) 710-4623
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Securities registered pursuant to Section 12(b) of the Act (all listed on the New York Stock Exchange):
			
Title of each class	 	Trading symbols	
Common Stock, par value $0.01 per share	 	ALLY	
8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I	 	ALLY PRA	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Item 2.02	Results of Operation and Financial Condition.	
On October 16, 2019, Ally Financial Inc. issued a press release announcing preliminary operating results for the third quarter ended September 30, 2019. The press release is attached hereto and incorporated by reference as Exhibit 99.1. Charts furnished to securities analysts are attached hereto and incorporated by reference as Exhibit 99.2. In addition, supplemental financial data furnished to securities analysts is attached hereto and incorporated by reference as Exhibit 99.3.

Item 9.01	Financial Statements and Exhibits.	
					
Exhibit
No.	 	 	Description	
 	 	 	 	 	
 	99.1	 	 	Press Release, Dated October 16, 2019	
 	 	 	 	 	
 	99.2	 	 	Charts Furnished to Securities Analysts	
 	 	 	 	 	
 	99.3	 	 	Supplemental Financial Data Furnished to Securities Analysts	
 	 	 	 	 	
 	104	 	 	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
							
	 		 		 	ALLY FINANCIAL INC.	
	 		 		 	(Registrant)	
 	 	 	 	 	 	 	
Dated: October 16, 2019	 		 		 	/s/ David J. DeBrunner	
	 		 		 	David J. DeBrunner	
	 		 		 	Vice President, Chief Accounting Officer	
	 		 		 	and Controller	

Exhibit 99.1

News release: IMMEDIATE RELEASE
Ally Financial Reports Third Quarter 2019 Financial Results
Net Income of $381 million, $0.97 EPS, $1.01 Adjusted EPS1

 	  	Third Quarter Results	 	 	

													
PRE-TAX INCOME	 				  	RETURN ON EQUITY	 				  	COMMON SHAREHOLDER EQUITY	
$500 million	 	 	  	 	  	10.6%	 	 	  	 	  	$37.68/share	
	 				  		 				  		
CORE PRE-TAX INCOME1
$519 million	 	 	  	 	  	CORE ROTCE1
12.3%	 	 	  	 	  	ADJUSTED TANGIBLE BOOK VALUE1
$34.74/share	

QUARTERLY
HIGHLIGHTS	  	•  EPS of $0.97, up 10% YoY; Adjusted EPS1 of $1.01, up 11% YoY – highest since IPO
 
•  Total Net Revenue of $1.60 billion, up 6% YoY; Adjusted Total Net Revenue1 of $1.62 billion, up 7% YoY
 
•  Common Shareholder Equity per Share up 20% YoY; Adjusted Tangible Book Value per Share1 up 21% YoY
 
•  ROE of 10.6%, down 81 basis points (“bps”) YoY; Core ROTCE1 of 12.3%, down 148 bps YoY
 
•  Consumer auto originations of $9.3 billion, up 14% YoY, sourced from a third quarter record 3.2 million applications, up 11% YoY
 
•  Retail auto portfolio yield of 6.66%, up 46 bps YoY
 
•  Retail auto net charge-off rate of 1.38%, up 6 bps YoY
 
•  Insurance written premiums of $357 million, up 11% YoY – highest since IPO
 
•  Total deposits of $119.2 billion, up $17.9 billion YoY
 
•  Retail deposits of $101.3 billion, up $2.7 billion QoQ and up 20% YoY
 
•  Total retail deposit customers of 1.94 million, up 72 thousand QoQ and up 23% YoY – highest third quarter growth for Ally Bank
 
•  Corporate Finance held-for-investment loan portfolio of $5.0 billion, up 16% YoY
 
•  Self-directed net funded accounts at Ally Invest up 21% YoY – Introduced commission-free trading effective October 9th
 
•  Direct-to-consumer mortgage originations at Ally Home® of $0.8 billion, highest quarterly direct-to-consumer originations
 
•  Initiated 2019 Capital Plan, repurchasing $300 million of Ally common stock
 
•  Upgraded to BBB- from BB+ by Fitch Ratings, Ally’s first investment grade rating since 2005	

 
Ally Chief Executive Officer Jeffrey Brown commented on the financial results: 
 
“In the third quarter, strong financial results reflected the consistent execution of our strategic priorities. Our differentiated customer value proposition within our deposits and auto businesses helped drive 7% year-over-year growth in Adjusted Total Net Revenue 1 . Positive operating leverage from top line growth, coupled with share buybacks resulted in Adjusted EPS 1 increasing 11% to $1.01, the highest level since becoming a public company.”
 
“Only a few months after celebrating the 10-year anniversary of Ally Bank, we surpassed $100 billion of total retail deposits, an incredible achievement for our company. Our unwavering focus on our customers, combined with our innovative and disruptive brand, our unique culture, and constant quest to Be Better has helped us to attract and retain nearly two million Ally customers, including 365 thousand new customers over the last twelve months.”
 
“We continued to expand our dealer relationships, leading to increased application flow that allowed us to generate healthy volumes and solid risk-adjusted returns, ultimately resulting in auto pre-tax income increasing 12% year-over-year. Our comprehensive full credit spectrum product suite, deep relationships, and industry expertise optimally position us to find attractive opportunities within the auto finance space, regardless of product, geography, or OEM.”
 
“We remain pleased with the strong performance across all of our businesses and will continue to exceed the needs of our customers to generate results and grow shareholder value moving forward.”

1 	The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Adjusted Total Net Revenue, Core Pre-Tax Income, Core Net Income Attributable to Common Shareholders, Core OID, Core Return on Tangible Common Equity (Core ROTCE), Adjusted Efficiency Ratio, Tangible Common Equity, Net Financing Revenue (excluding Core OID) and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document.	

 
					
 	 	Discussion of Third Quarter Results	 	 	

Net income attributable to common shareholders was $381 million in the quarter, compared to net income attributable to common shareholders of $374 million in the third quarter of 2018, driven by higher net financing revenue and higher other revenue, partially offset by higher provision for loan losses and higher noninterest expense.
 
Net financing revenue improved to $1.2 billion, up $81 million from a year ago, driven by balance sheet growth and higher retail auto portfolio yield, partially offset by higher funding costs. Net financing revenue was $31 million higher quarter-over-quarter largely due to higher retail auto portfolio yield and balances, higher day count and higher lease gains.
 
Other revenue increased $15 million year-over-year, primarily due to higher insurance premiums and higher investment gains.
 
Net interest margin (“NIM”) of 2.70%, including Core OIDA of 2 bps, increased 3 bps year-over-year. Excluding Core
OID A, NIM was 2.72%, flat versus the prior-year period, and up 5 bps versus the prior quarter.
 
Provision for loan losses increased $30 million year-over-year to $263 million primarily due to asset growth and higher net charge-offs.
 
Noninterest expense increased $31 million year-over-year, driven primarily by costs associated with the continued growth of our consumer product suite, including marketing and digital and technological capabilities.	
A 	Represents a non-GAAP financial measure. Refer to definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.	

 	  	Third Quarter Financial Results	 	 	

																					
 	  	 	 	  	 	 	  	 	 	  	Increase/(Decrease) vs.	 	
($ millions except per share data)	  	3Q 19	 	  	2Q 19	 	  	3Q 18	 	  	2Q 19	 	  	3Q 18	 	
						
Net Financing Revenue (excluding Core OID)1	  	$	1,195	 	  	$	1,164	 	  	$	1,129	 	  	$	31	 	  	$	67	 	
						
Core OID	  	 	(7)	 	  	 	(7)	 	  	 	(22)	 	  	 	(0)	 	  	 	14	 	
						
(a) Net Financing Revenue (as reported)	  	 	1,188	 	  	 	1,157	 	  	 	1,107	 	  	 	31	 	  	 	81	 	
						
Other Revenue (excluding Change in Fair Value of Equity Securities)2	  	 	424	 	  	 	393	 	  	 	392	 	  	 	31	 	  	 	32	 	
						
Change in Fair Value of Equity Securities2	  	 	(11)	 	  	 	2	 	  	 	6	 	  	 	(13)	 	  	 	(17)	 	
						
(b) Other Revenue (as reported)	  	 	413	 	  	 	395	 	  	 	398	 	  	 	18	 	  	 	15	 	
						
(c) Provision for Loan Losses	  	 	263	 	  	 	177	 	  	 	233	 	  	 	86	 	  	 	30	 	
						
(d) Noninterest Expense	  	 	838	 	  	 	881	 	  	 	807	 	  	 	(43)	 	  	 	31	 	
						
Pre-Tax Income from Continuing Operations (a+b-c-d)	  	$	500	 	  	$	494	 	  	$	465	 	  	$	6	 	  	$	35	 	
						
Income Tax Expense (Benefit)	  	 	119	 	  	 	(90)	 	  	 	91	 	  	 	209	 	  	 	28	 	
						
(Loss) / Income from Discontinued Operations, Net of Tax	  	 	-	 	  	 	(2)	 	  	 	-	 	  	 	2	 	  	 	-	 	
						
Net Income	  	$	381	 	  	$	582	 	  	$	374	 	  	$	(201)	 	  	$	7	 	
						
 	  	3Q 19	 	  	2Q 19	 	  	3Q 18	 	  	2Q 19	 	  	3Q 18	 	
						
GAAP EPS (diluted)	  	$	0.97	 	  	$	1.46	 	  	$	0.88	 	  	$	(0.48)	 	  	$	0.09	 	
						
Discontinued Operations, Net of Tax	  	 	-	 	  	 	0.01	 	  	 	-	 	  	 	(0.01)	 	  	 	-	 	
						
Core OID, Net of Tax	  	 	0.02	 	  	 	0.01	 	  	 	0.04	 	  	 	0.00	 	  	 	(0.03)	 	
						
Change in Fair Value of Equity Securities, Net of Tax	  	 	0.02	 	  	 	(0.00)	 	  	 	(0.01)	 	  	 	0.03	 	  	 	0.03	 	
						
Significant Discrete Tax Items4	  	 	-	 	  	 	(0.50)	 	  	 	-	 	  	 	0.50	 	  	 	-	 	
						
Adjusted EPS3	  	$	1.01	 	  	$	0.97	 	  	$	0.91	 	  	$	0.04	 	  	$	0.10	 	
						
Core ROTCE3	  	 	12.3%	 	  	 	12.4%	 	  	 	13.7%	 	  	 	 	 	  	 	 	 	
						
Adjusted Efficiency Ratio3	  	 	45.3%	 	  	 	46.1%	 	  	 	46.0%	 	  	 	 	 	  	 	 	 	
						
Effective Tax Rate4	  	 	23.9%	 	  	 	-18.2%	 	  	 	19.6%	 	  	 

 	  	 

 	
(1)	Represents a non-GAAP financial measure. Adjusted for Core OID. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.	
(2)	Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.	
(3)	Represents a non-GAAP financial measure. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.	
(4)	Significant discrete tax items do not relate to the operating performance of the core businesses. 2Q 19 effective tax rate was primarily impacted by the release of valuation allowance on foreign tax credit carryforwards.	
 
2

 
					
 	  	Pre-Tax Income by Segment	 	 	

																					
 	  	 	 	  	 	 	  	 	 	  	Increase/(Decrease) vs.	 	
($ millions)	  	3Q 19	 	  	2Q 19	 	  	3Q 18	 	  	2Q 19	 	  	3Q 18	 	
						
Automotive Finance	  	$	429	 	  	$	459	 	  	$	383	 	  	$	(30)	 	  	$	46	 	
						
Insurance	  	 	56	 	  	 	-	 	  	 	55	 	  	 	56	 	  	 	1	 	
						
Dealer Financial Services	  	$	485	 	  	$	459	 	  	$	438	 	  	$	26	 	  	$	47	 	
						
Corporate Finance	  	 	44	 	  	 	46	 	  	 	36	 	  	 	(2)	 	  	 	8	 	
						
Mortgage Finance	  	 	11	 	  	 	14	 	  	 	8	 	  	 	(3)	 	  	 	3	 	
						
Corporate and Other	  	 	(40)	 	  	 	(25)	 	  	 	(17)	 	  	 	(15)	 	  	 	(23)	 	
 	 	 	 	 	 	
Pre-Tax Income from Continuing Operations	  	$	500	 	  	$	494	 	  	$	465	 	  	$	6	 	  	$	35	 	
						
Core OID1	  	 	7	 	  	 	7	 	  	 	22	 	  	 	0	 	  	 	(14)	 	
						
Change in Fair Value of Equity Securities2	  	 	11	 	  	 	(2)	 	  	 	(6)	 	  	 	13	 	  	 	17	 	
 	 	 	 	 	 	
Core Pre-Tax Income3	  	$	519	 	  	$	499	 	  	$	481	 	  	$	20	 	  	$	38	 	

(1)	Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.	
(2)	Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.	
(3)	Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations for Core OID and equity fair value adjustments related to ASU 2016-01. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.	

 	 	Discussion of Segment Results	 	 	

 
 
Auto Finance
Pre-tax income of $429 million was $46 million higher year-over-year, reflecting higher net financing revenue partially offset by higher provision for loan losses, higher noninterest expense and lower other revenue primarily associated with loan sale activity in the prior year period.
 
Net financing revenue of $1.08 billion was $122 million higher year-over-year due to higher retail auto yields and higher retail auto balances. Retail auto portfolio yield increased 46 bps year-over-year to 6.66% while commercial auto portfolio yield increased 19 bps year-over-year to 4.59%.
 
Provision for loan losses increased $36 million year-over-year largely driven by higher retail auto earning assets as well as higher retail auto net charge-offs.
 
Consumer auto originations increased to $9.3 billion from $8.1 billion in the prior year period, which included $4.6 billion of used retail volume, or 50% of total originations, $3.4 billion of new retail volume, and $1.3 billion of leases.
 
End of period auto earning assets increased $0.4 billion year-over-year from $114.5 billion to $114.9 billion. End of period consumer auto earning assets were up $2.9 billion year-over-year driven by growth in the retail auto portfolio. End of period commercial earning assets of $33.3 billion were $2.5 billion lower year-over-year while commercial average balance declined from $34.5 billion to $33.3 billion year-over-year.
 
Insurance
Pre-tax income increased $1 million year-over-year to $56 million while Core pre-tax income B increased $17 million year-over-year to $66 million due to higher earned premiums and lower weather losses.
 
Written premiums were up $34 million year-over-year at $357 million, the highest level since becoming a public company, driven by vehicle inventory insurance portfolio growth and rate increases as well as higher vehicle service contract volume.
 
Total investment income was flat year-over-year at $30 million, excluding a $10 million decrease in the fair value of equity securities during the quarterC.
 
AM Best upgraded the Financial Strength Rating for Ally Insurance Group to A- from B++; Ally’s first upgrade in 10 years.	

BRepresents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Refer to the definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.
CASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
 
3

 
	
Corporate Finance
Pre-tax income was $44 million in the quarter, compared to $36 million in the prior year period, as higher net financing revenue and lower provision for loan losses more than offset lower other revenue and higher noninterest expense.
 
Net financing revenue increased $10 million year-over-year to $60 million, driven by strong loan growth. The held-for-investment loan portfolio increased 16% year-over-year from $4.4 billion to $5.0 billion.
 
Provision for loan losses was down $5 million year-over-year primarily due to lower reserves on specific exposures relative to the prior year period.
 
Mortgage Finance
Pre-tax income was $11 million in the quarter, compared to $8 million in the prior year period, as higher other revenue more than offset lower net financing revenue.
 
Net financing revenue was down $5 million year-over-year to $39 million primarily due to faster prepayments and higher premium amortization. Other revenue increased $8 million year-over-year to $10 million primarily driven by gain on bulk asset sale in the current quarter. The held-for-investment portfolio increased $0.9 billion in the past year driven primarily by bulk mortgage purchases.
 
Noninterest expense increased $2 million year-over-year primarily due to asset growth.
 
Direct-to-consumer originations totaled $0.8 billion in the quarter, the highest direct-to-consumer originations since product launch in 2016.	

	 	Capital, Liquidity & Deposits	 		

Capital
Ally paid a $0.17 per share quarterly common dividend and completed $300 million of share repurchases in the third quarter, including shares withheld to cover income taxes owed by participants related to share-based incentive plans. Ally’s Board of Directors approved a $0.17 per share common dividend for the fourth quarter of 2019.
 
Preliminary fully phased-in Basel III Common Equity Tier 1 (CET1) capital ratio D increased from 9.5% to 9.6% quarter-over-quarter, primarily due to strong earnings generation and deferred tax asset utilization.
 
Liquidity & Funding
Consolidated cash and cash equivalents totaled $3.6 billion at quarter-end, unchanged relative to the end of the second quarter.
 	
U.S. auto term securitizations totaled $0.8 billion during the quarter.
 
At quarter-end, 92% of Ally’s total assets were funded at Ally Bank, up from 87% a year ago.
Deposits represented 74% of Ally’s funding portfolio at quarter-end, excluding Core OID balance, increasing from 65% a year ago.
 
Deposits
Retail deposits increased to $101.3 billion at quarter-end, up $16.7 billion year-over-year and up $2.7 billion for the quarter. Total deposits increased to $119.2 billion at quarter-end, up $17.9 billion year-over-year.
 
The average retail portfolio deposit rate was 2.14% for the quarter, up 36 bps year-over-year and down 8 bps quarter-over-quarter, the first quarter-over-quarter decline in retail portfolio deposit rate since the first quarter of 2017.
 
Ally’s retail deposit customer base grew 23% year-over-year, totaling 1.94 million customers at quarter-end, while adding 72 thousand customers during the quarter. Average customer balance ended the quarter at $52.2 thousand. Millennials continue to comprise the largest generation segment of new customers, accounting for 60% of new customers in the third quarter.	

D Fully phased-in Basel III CET1 is a non-GAAP financial measure which Ally believes is important to the reader of the Consolidated Financial Statements, but which is supplemental to and not a substitute for GAAP measures. This measure is used by management and we believe is useful to investors in assessing the company’s capital. Ally’s preliminary Basel III Common Equity Tier 1 capital ratio, reflective of transition provisions, is 9.6%. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this press release for details and calculation methodology.
 
4

 
					
 	  	Definitions of Non-GAAP  Financial Measures and Other Key Terms 	 	 	
			 		
Ally believes the non-GAAP financial measures defined here are important to the reader of the Consolidated Financial Statements, but these are supplemental to and not a substitute for GAAP measures.
Adjusted Earnings per Share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity, and (4) excludes significant discrete tax items that do not relate to the operating performance of the core businesses.
Adjusted Efficiency Ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted Efficiency Ratio, total noninterest expense is adjusted for Insurance segment expense and rep and warrant expense. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See Reconciliation to GAAP on page 8 for calculation methodology and details.
Adjusted Tangible Book Value per Share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of deferred tax liabilities (DTLs) and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered. In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in the future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate. See Reconciliation to GAAP on page 7 for calculation methodology and details.
Common Equity Tier 1 (CET1) Capital Fully Phased-In: Under the Basel III regulatory framework as adopted in the United States, banking organizations like the company are required to comply with a minimum ratio of common equity tier 1 capital to risk-weighted assets (CET1 Capital Ratio). Common equity tier 1 capital generally consists of common stock (plus any related surplus and net of any treasury stock), retained earnings, accumulated other comprehensive income, and minority interests in the common equity of consolidated subsidiaries, subject to specified conditions and adjustments. The obligation to comply with the minimum CET1 Capital Ratio is subject to ongoing transition periods and other provisions under Basel III. Management believes that both the transitional CET1 Capital Ratio and the fully phased-in CET1 Capital Ratio are helpful to readers in evaluating the company’s capital utilization and adequacy in absolute terms and relative to its peers. The fully phased-in CET1 Capital Ratio is a non-GAAP financial measure that is reconciled to the transitional CET1 Capital Ratio on page 7.
Core Net Income Attributable to Common Shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items, and tax-effected changes in equity investments measured at fair value. See Reconciliation to GAAP on page 6 for calculation methodology and details.
Core Original Issue Discount (Core OID) Amortization Expense is a non-GAAP financial measure for OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 7 for calculation methodology and details.
Core Outstanding Original Issue Discount Balance (Core OID balance) is a non-GAAP financial measure for outstanding OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 7 for calculation methodology and details.
Core Pre-tax Income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See the Pre-Tax Income by Segment Table on page 3 for calculation methodology and details.
Core Return on Tangible Common Equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.
 
(1)	In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity, and significant discrete tax items.	
(2)	In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.	
Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with new debt issuances and bond exchanges, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, the management of our legacy mortgage portfolio, and reclassifications and eliminations between the reportable operating segments. The revenue and expense activity associated with Ally Invest is included within the Corporate and Other segment.
 
5

 
Net Financing Revenue (excluding OID) excludes Core OID.
Net Charge-Off Ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale.
Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for Core OID balance and net deferred tax asset. See page 6 for calculation methodology & details.
U.S. Consumer Auto Originations

    New Retail – standard and subvented rate new vehicle loans	  	Used Retail – used vehicle loans	
    Growth – total originations from non-GM/Chrysler dealers and direct-to-consumer loans	  	Lease – new vehicle lease originations	

 	  	Reconciliation to GAAP	  	 	

															
Adjusted Earnings per Share	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
					
    Numerator ($ millions)	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
GAAP Net Income Attributable to Common Shareholders	 		  	$	381	 	 	$	582	 	 	$	374	 	
					
Discontinued Operations, Net of Tax	 		  	 	-	 	 	 	2	 	 	 	-	 	
					
Core OID	 		  	 	7	 	 	 	7	 	 	 	22	 	
					
Change in Fair Value of Equity Securities	 		  	 	11	 	 	 	(2	) 	 	 	(6	) 	
					
Tax on: Core OID & Change in Fair Value of Equity Securities (21% starting 1Q18)	 		  	 	(4	) 	 	 	(1	) 	 	 	(3	) 	
					
Significant Discrete Tax Items	 		  	 	-	 	 	 	(201	) 	 	 	-	 	
					
Core Net Income Attributable to Common Shareholders	 	[a]	  	$	396	 	 	$	387	 	 	$	386	 	
					
Denominator	 		  				 				 				
					
Weighted-Average Common Shares Outstanding - (Diluted, thousands)	 	[b]	  	 	392,604	 	 	 	399,916	 	 	 	424,784	 	
					
Adjusted EPS	 	[a] ÷ [b]	  	$	1.01	 	 	$	0.97	 	 	$	0.91	 	

Core Return on Tangible Common Equity (ROTCE)	 	  	  	  	 	 	  	 	 	  	 	
					
Numerator ($ millions)	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
GAAP Net Income Attributable to Common Shareholders	 		  	$	381	 	 	$	582	 	 	$	374	 	
					
Discontinued Operations, Net of Tax	 		  	 	-	 	 	 	2	 	 	 	-	 	
					
Core OID	 		  	 	7	 	 	 	7	 	 	 	22	 	
					
Change in Fair Value of Equity Securities	 		  	 	(11	) 	 	 	(2	) 	 	 	(6	) 	
					
Tax on: Core OID & Change in Fair Value of Equity Securities (21% starting 1Q18)	 		  	 	(4	) 	 	 	(1	) 	 	 	(3	) 	
					
Significant Discrete Tax Items	 		  	 	-	 	 	 	(201	) 	 	 	-	 	
					
Core Net Income Attributable to Common Shareholders	 	[a]	  	$	396	 	 	$	387	 	 	$	386	 	
					
Denominator (2-period average, $ billions)	 		  				 				 				
					
GAAP Shareholder’s Equity	 		  	$	14.4	 	 	$	14.0	 	 	$	13.1	 	
					
Goodwill & Identifiable Intangibles, Net of Deferred Tax Liabilities (DTLs)	 		  	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	
					
Tangible Common Equity	 		  	$	14.1	 	 	$	13.7	 	 	$	12.8	 	
					
Core OID Balance	 		  	 	(1.1	) 	 	 	(1.1	) 	 	 	(1.1	) 	
					
Net Deferred Tax Asset (DTA)	 		  	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.4	) 	
					
Normalized Common Equity	 	[b]	  	$	12.9	 	 	$	12.5	 	 	$	11.2	 	
					
Core Return on Tangible Common Equity	 	[a] ÷ [b]	  	 	12.3	% 	 	 	12.4	% 	 	 	13.7	% 	
 
6

 

Adjusted Tangible Book Value per Share	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
					
    Numerator ($ billions)	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    GAAP Common Shareholder’s Equity	 		  	$	14.5	 	 	$	14.3	 	 	$	13.1	 	
					
Goodwill and Identifiable Intangible Assets, Net of DTLs	 		  	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	
					
Tangible Common Equity	 		  	 	14.2	 	 	 	14.0	 	 	 	12.8	 	
					
Tax-effected Core OID Balance (21% starting in 4Q17)	 		  	 	(0.8	) 	 	 	(0.9	) 	 	 	(0.9	) 	
					
    Adjusted Tangible Book Value	 	[a]	  	$	13.3	 	 	$	13.2	 	 	$	11.9	 	
					
    Denominator	 		  				 				 				
					
    Issued Shares Outstanding (period-end, thousands)	 	[b]	  	383,523	 	 	392,775	 	 	416,591	 	
					
    Metric	 		  				 				 				
					
    GAAP Common Shareholder’s Equity per Share	 		  	$	37.7	 	 	$	36.4	 	 	$	31.4	 	
					
Goodwill and Identifiable Intangible Assets, Net of DTLs per Share	 		  	 	(0.7	) 	 	 	(0.7	) 	 	 	(0.7	) 	
					
Tangible Common Equity per Share	 		  	$	37.0	 	 	$	35.7	 	 	$	30.7	 	
					
Tax-effected Core OID Balance (21% starting in 4Q17) per Share	 		  	 	(2.2	) 	 	 	(2.2	) 	 	 	(2.1	) 	
					
    Adjusted Tangible Book Value per Share	 	[a] ÷ [b]	  	$	34.7	 	 	$	33.6	 	 	$	28.6	 	

Regulatory Capital – Basel III transition to fully phased-in ($ billions)	 	
					
    Numerator	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    Common Equity Tier 1 Capital	 	[a]	  	$	14.0	 	 	$	13.9	 	 	$	13.4	 	
					
    Denominator	 	 	  	 	 	 	 	 	 	 	 	
					
    Risk-weighted Assets (Transition)	 		  	$	145.8	 	 	$	145.9	 	 	$	142.2	 	
					
DTAs Arising from Temporary Differences that Could Not Be Realized Through NOL,
Net of VA and Net of DTLs Phased-in During Transition	 		  	 	0.1	 	 	 	0.2	 	 	 	0.3	 	
					
    Risk-weighted Assets (Fully Phased-in)	 	[b]	  	$	145.9	 	 	$	146.0	 	 	$	142.5	 	
					
    Metric	 	 	  	 	 	 	 	 	 	 	 	
					
    Common Equity Tier 1 (Transition)	 		  	 	9.6	% 	 	 	9.5	% 	 	 	9.4	% 	
					
    Common Equity Tier 1 (Fully Phased-in)	 	[a] ÷ [b]	  	 	9.6	% 	 	 	9.5	% 	 	 	9.4	% 	

Original Issue Discount Amortization Expense ($ millions)	 	  	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    Core Original Issue Discount (Core OID) Amortization Expense (excl. accelerated OID)	 		  	$	7	 	 	$	7	 	 	$	22	 	
					
Other OID	 		  	 	3	 	 	 	3	 	 	 	4	 	
					
    GAAP Original Issue Discount Amortization Expense	 	 	  	$	11	 	 	$	10	 	 	$	25	 	

 	 	 	 	 	
Outstanding Original Issue Discount Balance ($ millions)	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    Core Outstanding Original Issue Discount Balance (Core OID Balance)	 		  	$	(1,071	) 	 	$	(1,078	) 	 	$	(1,115	) 	
					
Other Outstanding OID Balance	 		  	 	(40	) 	 	 	(44	) 	 	 	(46	) 	
					
    GAAP Outstanding Original Issue Discount Balance	 	 	  	$	(1,111	) 	 	$	(1,122	) 	 	$	(1,161	) 	
 
7

 

Adjusted Efficiency Ratio	  	  	 	  	  	 	 	  	 	 	  	 	
					
    Numerator ($ millions)	  	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    GAAP Noninterest Expense	  				  	$	838	 	 	$	881	 	 	$	807	 	
					
Rep and Warrant Expense	  				  	 	(0	) 	 	 	(0	) 	 	 	(0	) 	
					
Insurance Expense	  				  	 	(247	) 	 	 	(301	) 	 	 	(241	) 	
					
    Adjusted Noninterest Expense for Adjusted Efficiency Ratio	  	 	[a]	 	  	$	591	 	 	$	580	 	 	$	566	 	
					
    Denominator ($ millions)	  				  				 				 				
					
    Total Net Revenue	  				  	$	1,601	 	 	$	1,552	 	 	$	1,505	 	
					
Core OID	  				  	 	7	 	 	 	7	 	 	 	22	 	
					
Insurance Revenue	  				  	 	(303)	 	 	 	(301)	 	 	 	(296)	 	
					
    Adjusted Net Revenue for Adjusted Efficiency Ratio	  	 	[b]	 	  	$	1,305	 	 	$	1,258	 	 	$	1,231	 	
					
    Adjusted Efficiency Ratio	  	 	[a] ÷ [b]	 	  	 	45.3%	 	 	 	46.1%	 	 	 	46.0%	 	
	  				  				 				 				
Net Financing Revenue (ex. Core OID)	  	  	 	  	  	 	 	  	 	 	  	 	
					
    ($ millions)	  	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    GAAP Net Financing Revenue	  				  	$	1,188	 	 	$	1,157	 	 	$	1,107	 	
					
Core OID	  				  	 	7	 	 	 	7	 	 	 	22	 	
					
    Net Financing Revenue (ex. Core OID)	  	 	[a]	 	  	$	1,195	 	 	$	1,164	 	 	$	1,129	 	

Adjusted Other Revenue	  	 	 	  	 	 	 	 	 	 	 	 	
					
    ($ millions)	  	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    GAAP Other Revenue	  				  	$	413	 	 	$	395	 	 	$	398	 	
					
Change in Fair Value of Equity Securities	  				  	 	11	 	 	 	(2)	 	 	 	(6)	 	
					
    Adjusted Other Revenue	  	 	[b]	 	  	$	424	 	 	$	393	 	 	$	392	 	

Adjusted Total Net Revenue	  	 	 	  	 	 	 	 	 	 	 	 	
					
    ($ millions)	  	 	 	  	3Q 19	 	 	2Q 19	 	 	3Q 18	 	
					
    Adjusted Total Net Revenue	  	 	[a] + [b]	 	  	$	1,620	 	 	$	1,557	 	 	$	1,521	 	
 
8

 
																																	
Insurance Non-GAAP Walk to Core Pre-Tax Income	 	
					
 	  	3Q 2019	 	 	  	 	  	3Q 2018	 	 	  	 	
									
    ($ millions)
 
    Insurance	  	 	GAAP	 	  	 	Core OID	 	  	 

 	Change in
the fair value
of equity
securities

 
 
 	  	 	Non-GAAP1	 
  	 	 	GAAP	 	  	 	Core OID	 	  	 

 	Change in
the fair value
of equity
securities

 
 
 	 	 	Non-GAAP1	 

Premiums, Service Revenue Earned and Other	  	$	283	 	  	$	-	 	  	$	-	 	  	$	283	 	 	$	260	 	  	$	-	 	  	$	-	 	 	$	260	 	
									
Losses and Loss Adjustment Expenses	  	 	74	 	  	 	-	 	  	 	-	 	  	 	74	 	 	 	77	 	  	 	-	 	  	 	-	 	 	 	77	 	
									
Acquisition and Underwriting Expenses	  	 	173	 	  	 	-	 	  	 	-	 	  	 	173	 	 	 	164	 	  	 	-	 	  	 	-	 	 	 	164	 	
									
Investment Income and Other	  	 	20	 	  	 	-	 	  	 	10	 	  	 	30	 	 	 	36	 	  	 	-	 	  	 	(7	) 	 	 	29	 	
									
Pre-Tax Income from Continuing Operations	  	$	56	 	  	$	-	 	  	$	10	 	  	$	66	 	 	$	55	 	  	$	-	 	  	$	(7	) 	 	$	48	 	
1Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income.

 	  	Additional Financial Information	 	 	
			 		
For additional financial information, the third quarter 2019 earnings presentation and financial supplement are available in the Events & Presentations section of Ally’s Investor Relations Website at http://www.ally.com/about/investor/events-presentations/.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $181.5 billion in assets as of September 30, 2019. As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on “Doing it Right” and being a trusted financial-services provider to our consumer, commercial, and corporate customers. We are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. Our award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including savings, money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
Forward-Looking Statements
This earnings release and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the release or related communication.
This earnings release and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for various financial and operating metrics and statements about future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2018, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.
This earnings release and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the release.
Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

Contacts:	  		
Daniel Eller	  	Andrea Puchalsky	
Ally Investor Relations	  	Ally Communications (Media)	
704-444-5216	  	313-656-3798	
daniel.eller@ally.com                	  	andrea.puchalsky@ally.com	
 
9

Ally Financial Inc. 3Q 2019 Earnings Review October 16, 2019 Contact Ally Investor Relations at (866) 710-4623 or investor.relations@ally.com Exhibit 99.2

Forward-Looking Statements and Additional Information This presentation and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication. This presentation and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for various financial and operating metrics and statements about future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2018, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings. This presentation and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation. Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

GAAP and Core Results The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Core Pre-Tax Income, Core Net Income Attributable to Common Shareholders, Core Return on Tangible Common Equity (Core ROTCE), Adjusted Efficiency Ratio, fully phased-in Common Equity Tier 1 (CET1) capital, Adjusted Total Net Revenue, Net Financing Revenue (excluding Core OID), Adjusted Other Revenue, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See pages 24 and 25 for calculation methodology and details. Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 25 for calculation methodology and details. Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and the net deferred tax asset. See page 27 for calculation methodology and details. Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if tax-effected Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. See page 26 for calculation methodology and details. Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. Adjusted efficiency ratio generally adjusts for Insurance segment revenue and expense, rep and warrant expense and Core OID. See page 28 for calculation methodology and details. Adjusted total net revenue is a non-GAAP financial measure that adjusts GAAP total net revenue for Core OID and for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 31 for calculation methodology and details.

Third Quarter 2019 Highlights Adjusted EPS(1) of 1.01 cents – up 11% YoY – highest since IPO | Core ROTCE(1) of 12.3% Adjusted total net revenue(1) of $1.62 billion – up 7% YoY Sustained optimization of auto business – originations supporting portfolio yield expansion Consumer auto originations of $9.3 billion, up 14% YoY – sourced from a third quarter record 3.2 million applications Steady retail auto portfolio yield expansion, up 46 bps YoY Estimated retail auto originated yield(2) of 7.51% – down 2 bps YoY Retail auto net-charge off rate of 1.38% – up 6 bps YoY Solid YoY deposit growth of $17.9 billion – deposit balances of $119.2 billion 3Q 19 retail deposit growth of $2.7 billion, resulting in $101.3 billion in ending balances Total retail deposit customers of 1.94 million, up 72k in 3Q 19 – highest third quarter growth for Ally Bank Steady Execution, Delivering on Long-term Strategic Objectives Ongoing momentum in growth businesses and digital product offerings Corporate Finance held-for-investment balances up 16% YoY Ally Home® – $0.8 billion direct-to-consumer originations in 3Q – highest quarterly direct-to-consumer originations Ally Invest – self-directed net funded accounts up 21% YoY | Introduced commission-free trading effective October 9th Completed acquisition of digital point-of-sale payment solution, Health Credit Services, on October 1st Represents a non-GAAP financial measure. See pages 25 and 27 for calculation methodology and details. Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 24 for details. Fitch Ratings upgraded Ally Financial’s senior unsecured credit rating to BBB- from BB+ Insurance written premiums of $357 million, up 11% YoY

Adjusted Earnings Per Share(1) Adjusted Total Net Revenue(2) Total Deposits Adjusted Tangible Book Value per Share(3) Core Metric Trends (2) Represents a non-GAAP financial measure. See page 31 for details. (1) Represents a non-GAAP financial measure. See page 25 for details. (3) Represents a non-GAAP financial measure. See page 26 for details. Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.

Third Quarter 2019 Financial Results Represents a non-GAAP financial measure. Adjusted for Core OID. See pages 24 and 31 for calculation methodology and details. Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. For Non-GAAP calculation methodology and details see page 30. For Non-GAAP calculation methodology and details see pages 25, 26 and 27. Significant discrete tax items do not relate to the operating performance of the core businesses. 2Q 19 effective tax rate was primarily impacted by the release of valuation allowance on foreign tax credit carryforwards. See page 23 for calculation methodology.

Balance Sheet and Net Interest Margin Represents a non-GAAP financial measure. Excludes Core OID. See page 31 for calculation methodology and details. Includes brokered (inclusive of sweep deposits) and other deposits (inclusive of mortgage escrow and other deposits). Includes Demand Notes, FHLB borrowings and Repurchase Agreements. Includes trust preferred securities.

Retail Deposit Balance Growth Deposit Mix and Retail Rate Trend Retail Deposit Customer Growth Deposits Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits. See page 24 for Customer Retention Rate definition. Total deposits of $119.2 billion, up $17.9 billion or 18% YoY 39 consecutive quarters of YoY double-digit percentage growth in balances Customer retention of 96% - stable and strong Deposits represent 74% of total funding(1) Ending retail deposits at $101.3 billion, up $16.7 billion YoY and up $2.7 billion QoQ Average retail deposits up $16.8 billion YoY and up $3.0 billion QoQ 1.94 million retail deposit customers, up 23% YoY YTD customer growth of 292k – exceeding full year 2018 growth by 27% Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits. (1) Excludes Core OID balance.

Stable Deposit Vintages All retail deposit vintages stable or growing since launch of Ally Bank Source: Ally Deposit Analytics – listing service data aggregation as of 9/30/2019 (1) Liquid balances include Money Market Savings (MMA), Online Savings and Checking balances. Online Savings: Consistent balance growth along with consistent, competitive rate paid Liquid(1) balances represents 57% of total retail balances at 3Q compared to 33% at YE 2011

Capital Ratios(1) and Risk-Weighted Assets Shareholder Distributions – Share Repurchases and Common Stock Dividends Capital (1) All capital ratios represent fully phased-in Basel III, which are non-GAAP financial measures; See page 29 for details. Preliminary fully phased-in Basel III CET1 ratio of 9.6% Prudent capital-efficient asset growth Repurchased 9.3M shares in 3Q 19, over an aggregate 20% of shares repurchased since program inception Estimated day 1 increase to reserves of 105 – 115% from implementation adjustment for Current Expected Credit Losses (“CECL”) accounting standard Increase primarily driven by retail auto coverage from 12 months to life-of-loan Note: 'Since Inception' is activity in 3Q 16 - 3Q 19. Shares Repurchased include shares withheld to cover income taxes owed by participants related to share-based incentive plans. Excludes commissions.

Consolidated Net Charge-Offs Provision Expense Retail Auto Net Charge-Offs Retail Auto Delinquencies (60+ DPD) Asset Quality Note: Above loans are classified as held-for-investment and recorded at gross carrying value. Note: Includes accruing contracts only. Days-past-due (“DPD”). Note: Retail auto loans exclude fair value adjustments for loans in hedge accounting relationship. Note: See page 24 for definition.

Auto Finance – Results (1) Noninterest expense includes corporate allocations of $184 million in 3Q 2019, $180 million in 2Q 2019, and $172 million in 3Q 2018 Pre-tax income of $429 million, up $46 million YoY and down $30 million QoQ Net financing revenue increased QoQ and YoY due to higher retail yields and retail portfolio growth Other revenue down YoY due to loan sale activity in the prior year Provision up YoY driven by higher net charge-offs and portfolio growth QoQ increase due to seasonal net charge-off activity $114.9 billion of earning assets, up $0.4 billion YoY – retail asset growth offset by lower commercial balances Steady optimization across our market-leading, adaptable auto finance franchise Strong dealer relationships(2) at 18.2k in 3Q – 22nd consecutive quarter of growth Application flow of 3.2 million in 3Q, up 11% YoY (2) Dealer relationships include Ally active dealers, excluding RV Commercial and Consumer lines of business exited in 2Q 18. (3) Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 24 for definitions.

Consumer Originations Origination Mix Consumer Assets Commercial Assets Auto Finance – Key Metrics Note: Held-for-investment (“HFI”) asset balances reflect the average daily balance for the quarter. Note: See page 24 for definition Note: See page 24 for definition

Insurance Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 30 for details. Noninterest expense includes corporate allocations of $14 million in 3Q 2019, $13 million in 2Q 2019, and $12 million in 3Q 2018 Pre-tax income of $56 million, up $1 million YoY and up $56 million QoQ Core pre-tax income(1) of $66 million, up $17 million YoY and up $70 million QoQ Earned premiums up YoY driven by vehicle inventory insurance portfolio growth and rate increases QoQ increase due to seasonally lower reinsurance cost Loss expense down QoQ driven by seasonally lower weather losses Written premiums of $357 million, up $34 million YoY – highest level since becoming public company Vehicle inventory insurance portfolio growth and rate increases, and higher vehicle service contract volume AM Best upgraded the Financial Strength Rating for Ally Insurance Group to A- from B++ Note: See page 24 for definitions

Corporate Finance Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 30 for details. Noninterest expense includes corporate allocations of $7 million in 3Q 2019, $7 million in 2Q 2019, and $6 million in 3Q 2018. Pre-tax income of $44 million Core pre-tax income(1) of $45 million, up $9 million YoY and down $2 million QoQ Net financing revenue increase YoY driven by strong loan growth Provision expense down YoY due to lower reserves on specific exposures Held-for-investment loan portfolio of $5.0 billion, up 16% YoY ~60% of 3Q originations were asset-based Highly diversified portfolio with continued expansion into new verticals, led by experienced cycle-tested teams

Mortgage Finance Noninterest expense includes corporate allocations of $20 million in 3Q 2019, $19 million in 2Q 2019, and $18 million in 3Q 2018. 1st lien only. Updated home values derived using a combination of appraisals, Broker price opinion (BPOs), Automated Valuation Models (AVMs) and Metropolitan Statistical Area (MSA) level house price indices. Pre-tax income of $11 million Net financing revenue down YoY and QoQ driven by faster prepayments, higher premium amortization Other revenue up QoQ and YoY primarily driven by gain on bulk asset sale in the current quarter Direct-to-consumer originations of $0.8 billion – highest quarter since product launch in 2016 55% of originations in 3Q were Ally Bank retail deposit customers Better.com implementation progressing well Rolled out to 38 states – expect remainder by early 2020 Competitive loan pricing coupled with best-in-class customer experience

Conclusion Ongoing optimization of auto & insurance Steady Execution Along Our Strategic Path Focused on Driving Long-term Shareholder Value Sustained deposit growth & customer acquisition Scale in expanded product offerings Efficient capital management & disciplined risk management Ongoing execution along earnings growth path Culture of relentless focus on customers, communities, associates and shareholders Leading Digital Bank Leading Auto Finance & Insurance Partner Relentless Customer Focus ‘Do It Right’ Culture & Values Dominant Franchises Core Competencies

Supplemental

Results by Segment Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 30 for details. Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations for Core OID and equity fair value adjustments related to ASU 2016-01. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See pages 24 and 30 for calculation methodology and details. Supplemental

Growth in Bank Funded Assets Funding Mix Unsecured Long-Term Debt Maturities(1) Funding and Liquidity Note: excludes Core OID balance. See page 31 for details. Ally Bank funded assets at 92% up 5 pts YoY Deposits at 74% of total funding (excluding Core OID balance)(a) up 9 pts YoY Wholesale funding in 3Q: $0.8 billion of new retail secured funding Total liquidity levels at $28.6 billion as of 9/30/19 Supplemental Excludes retail notes, demand notes and trust preferred securities. Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs. Weighted average coupon based on notional value and corresponding coupon for all unsecured bonds as of January 1st of the respective year. Does not reflect weighted average interest expense for the respective year. 2021+ excludes ~$2.7 billion Trust Preferred securities (excluding OID/issuance costs). Note: Total Liquidity includes cash & cash equivalents, highly liquid securities and current committed unused capacity. See page 18 of the Financial Supplement for more details. (a) Excludes Core OID balance. See page 31 for details.

Corporate and Other Represents a non-GAAP financial measure. See page 31 for details. Represents a non-GAAP financial measure. See page 30 for calculation methodology and details. Primarily HFI legacy mortgage portfolio. Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio and Ally Invest activity Pre-tax loss of $40 million, down $23 million YoY and down $15 million QoQ Net financing revenue down primarily driven by higher deposit funding costs Other revenue up QoQ and YoY primarily driven by investment gains Total assets up $4.8 billion YoY Higher investment securities balance partially offset by legacy mortgage portfolio run-off Supplemental

Interest Rate Sensitivity Supplemental Net financing revenue impacts reflect a rolling 12-month view. See page 24 for additional details. Gradual changes in interest rates are recognized over 12 months.

GAAP does not prescribe a method for calculating individual elements of deferred taxes for interim periods; therefore, these balances are estimates. Primarily book / tax timing differences. Deferred Tax Asset Supplemental Note: reflects Basel III fully phased-in disallowed DTA. See page 29 for more details. Note: Significant discrete tax items do not relate to the operating performance of the core businesses. 2Q 19 effective tax rate was primarily impacted by the release of valuation allowance on foreign tax credit carryforwards.

Notes on Non-GAAP and Other Financial Measures Supplemental Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items and tax-effected changes in equity investments measured at fair value. See page 25 for calculation methodology and details. Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 31 for calculation methodology and details. Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 31 for calculation methodology and details. Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 30 for calculation methodology and details. Interest rate risk modeling – We prepare our forward-looking baseline forecasts of net financing revenue taking into consideration anticipated future business growth, asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly dependent upon a variety of assumptions including the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We continually monitor industry and competitive repricing activity along with other market factors when contemplating deposit pricing actions. Please see the 10-Q for more details. Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale. Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for Core OID balance and net deferred tax asset. See page 26 for more details. U.S. consumer auto originations New Retail – standard and subvented rate new vehicle loans Lease – new vehicle lease originations Used – used vehicle loans Growth – total originations from non-GM/Chrysler dealers and direct-to-consumer loans Nonprime - originations with a FICO® Score of less than 620 Customer retention rate is the annualized 3-month rolling average of 1 minus the monthly attrition rate. Growth channel for Insurance includes all non-GM volume. Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. At this time there currently is no comparable GAAP financial measure for Estimated Retail Auto Originated Yield and therefore this forecasted estimate of yield at the time of origination cannot be quantitively reconciled to comparable GAAP information. The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to, and not a substitute for, GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Core Pre-Tax Income, Core Net Income Attributable to Common Shareholders, Core Return on Tangible Common Equity (Core ROTCE), Adjusted Efficiency Ratio, fully phased-in Common Equity Tier 1 (CET1) capital, Adjusted Total Net Revenue, Adjusted Other Revenue, Core original issue discount (Core OID) amortization expense and Core outstanding original issue discount balance (Core OID balance), Net Financing Revenue, excluding Core OID and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document.

GAAP to Core Results – Adjusted Earnings per Share Supplemental Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (4) excludes significant discrete tax items that do not relate to the operating performance of the core businesses.

GAAP to Core Results – Adjusted TBVPS Supplemental Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate.

GAAP to Core Results – Core ROTCE Supplemental Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share. In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and significant discrete tax items. In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

GAAP to Core Results – Adjusted Efficiency Ratio Supplemental Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense and Rep and warrant expense. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 14 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance segment.

Notes on Non-GAAP and Other Financial Measures Supplemental Common Equity Tier 1 (“CET1”) capital fully phased-in: Under the Basel III regulatory framework as adopted in the United States, banking organizations like the company are required to comply with a minimum ratio of common equity tier 1 capital to risk-weighted assets (CET1 Capital Ratio). Common equity tier 1 capital generally consists of common stock (plus any related surplus and net of any treasury stock), retained earnings, accumulated other comprehensive income, and minority interests in the common equity of consolidated subsidiaries, subject to specified conditions and adjustments. The obligation to comply with the minimum CET1 Capital Ratio is subject to ongoing transition periods and other provisions under Basel III. Management believes that both the transitional CET1 Capital Ratio and the fully phased-in CET1 Capital Ratio are helpful to readers in evaluating the company’s capital utilization and adequacy in absolute terms and relative to its peers. The fully phased-in CET1 Capital Ratio is a non-GAAP financial measure that is reconciled to the transitional CET1 Capital Ratio above.

Notes on Non-GAAP and Other Financial Measures Supplemental Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income. See page 24 for definitions.

Notes on Non-GAAP and Other Financial Measures Supplemental Note: Equity fair value adjustments related to ASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 24 for definitions.

Exhibit 99.3

THIRD QUARTER 2019
FINANCIAL SUPPLEMENT

			
ALLY FINANCIAL INC.
FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION	  		
 
This document and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication.
This document and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for various financial and operating metrics and statements about future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2018, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.
This document and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation.
Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

3Q 2019 Preliminary Results	  	2	

			
ALLY FINANCIAL INC.
TABLE OF CONTENTS	  		

 
					
 	  	Page(s)	
Consolidated Results	  				
Consolidated Financial Highlights	  	 	4	 	
Consolidated Income Statement	  	 	5	 	
Consolidated Period-End Balance Sheet	  	 	6	 	
Consolidated Average Balance Sheet	  	 	7	 	
		
Segment Detail	  				
Segment Highlights	  	 	8	 	
Automotive Finance	  	 	9-10	 	
Insurance	  	 	11	 	
Mortgage Finance	  	 	12	 	
Corporate Finance	  	 	13	 	
Corporate and Other	  	 	14	 	
		
Credit Related Information	  	 	15-16	 	
		
Supplemental Detail	  				
Capital	  	 	17	 	
Liquidity	  	 	18	 	
Net Interest Margin and Deposits	  	 	19	 	
Ally Bank Consumer Mortgage HFI Portfolios	  	 	20	 	
Earnings Per Share Related Information	  	 	21	 	
Adjusted Tangible Book Per Share Related Information	  	 	22	 	
Core ROTCE Related Information	  	 	23	 	
Adjusted Efficiency Ratio Related Information	  	 	24	 	

3Q 2019 Preliminary Results	  	3	

			
ALLY FINANCIAL INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS	  		
 
($ in millions, shares in thousands)
																													
 	  	 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Selected Income Statement Data	  	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Net financing revenue (ex. Core OID) (1)	  	  $	1,195	 	 	  $	1,164	 	 	  $	1,139	 	 	  $	1,163	 	 	  $	1,129	 	 	  $	31	 	 	  $	67	 	
Core OID	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(23	) 	 	 	(22	) 	 	 	(0	) 	 	 	14	 	
Net financing revenue (as reported)	  	 	1,188	 	 	 	1,157	 	 	 	1,132	 	 	 	1,140	 	 	 	1,107	 	 	 	31	 	 	 	81	 	
Other revenue (ex. change in the fair value of equity securities) (2)	  	 	424	 	 	 	393	 	 	 	396	 	 	 	393	 	 	 	392	 	 	 	31	 	 	 	32	 	
Change in the fair value of equity securities (3)	  	 	(11	) 	 	 	2	 	 	 	70	 	 	 	(95	) 	 	 	6	 	 	 	(13	) 	 	 	(17	) 	
Other revenue (as reported)	  	 	413	 	 	 	395	 	 	 	466	 	 	 	298	 	 	 	398	 	 	 	18	 	 	 	15	 	
Provision for loan losses	  	 	263	 	 	 	177	 	 	 	282	 	 	 	266	 	 	 	233	 	 	 	86	 	 	 	30	 	
Total noninterest expense (4)	  	 	838	 	 	 	881	 	 	 	830	 	 	 	804	 	 	 	807	 	 	 	(43	) 	 	 	31	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax income from continuing operations	  	 	500	 	 	 	494	 	 	 	486	 	 	 	368	 	 	 	465	 	 	 	6	 	 	 	35	 	
Income tax (benefit) / expense	  	 	119	 	 	 	(90	) 	 	 	111	 	 	 	79	 	 	 	91	 	 	 	209	 	 	 	28	 	
(Loss) / income from discontinued operations, net of tax	  	 	-	 	 	 	(2	) 	 	 	(1	) 	 	 	1	 	 	 	-	 	 	 	2	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to common shareholders	  	  $	381	 	 	  $	582	 	 	  $	374	 	 	  $	290	 	 	  $	374	 	 	  $	(201	) 	 	  $	7	 	
								
Selected Balance Sheet Data (Period-End)	  				 				 				 				 				 				 				
Total assets	  	  $	 181,485	 	 	  $	 180,448	 	 	  $	 180,117	 	 	  $	 178,869	 	 	  $	 173,101	 	 	  $	1,037	 	 	  $	8,384	 	
Consumer loans	  	 	90,081	 	 	 	90,698	 	 	 	89,211	 	 	 	87,240	 	 	 	86,501	 	 	 	(617	) 	 	 	3,580	 	
Commercial loans	  	 	38,528	 	 	 	38,512	 	 	 	40,844	 	 	 	42,686	 	 	 	40,104	 	 	 	16	 	 	 	(1,576	) 	
Allowance for loan losses	  	 	(1,277	) 	 	 	(1,282	) 	 	 	(1,288	) 	 	 	(1,242	) 	 	 	(1,248	) 	 	 	5	 	 	 	(29	) 	
Deposits	  	 	119,230	 	 	 	116,325	 	 	 	113,299	 	 	 	106,178	 	 	 	101,379	 	 	 	2,905	 	 	 	17,851	 	
Total equity	  	 	14,450	 	 	 	14,316	 	 	 	13,699	 	 	 	13,268	 	 	 	13,085	 	 	 	134	 	 	 	1,365	 	
								
Common Share Count	  				 				 				 				 				 				 				
Weighted average basic (5)	  	 	390,205	 	 	 	398,100	 	 	 	404,129	 	 	 	411,931	 	 	 	422,187	 	 	 	(7,895	) 	 	 	(31,982	) 	
Weighted average diluted (5)	  	 	392,604	 	 	 	399,916	 	 	 	405,959	 	 	 	414,750	 	 	 	424,784	 	 	 	(7,312	) 	 	 	(32,180	) 	
Issued shares outstanding (period-end)	  	 	383,523	 	 	 	392,775	 	 	 	399,761	 	 	 	404,900	 	 	 	416,591	 	 	 	(9,252	) 	 	 	(33,067	) 	
								
Per Common Share Data	  				 				 				 				 				 				 				
Earnings per share (basic) (5)	  	  $	0.98	 	 	  $	1.46	 	 	  $	0.93	 	 	  $	0.70	 	 	  $	0.89	 	 	  $	 (0.49	) 	 	  $	0.09	 	
Earnings per share (diluted) (5)	  	 	0.97	 	 	 	1.46	 	 	 	0.92	 	 	 	0.70	 	 	 	0.88	 	 	 	(0.48	) 	 	 	0.09	 	
Adjusted earnings per share (6)	  	 	1.01	 	 	 	0.97	 	 	 	0.80	 	 	 	0.92	 	 	 	0.91	 	 	 	0.04	 	 	 	0.10	 	
Book value per share	  	 	37.7	 	 	 	36.4	 	 	 	34.3	 	 	 	32.8	 	 	 	31.4	 	 	 	1.2	 	 	 	6.3	 	
Tangible book value per share (7)	  	 	37.0	 	 	 	35.7	 	 	 	33.6	 	 	 	32.1	 	 	 	30.7	 	 	 	1.2	 	 	 	6.2	 	
Adjusted tangible book value per share (7)	  	 	34.7	 	 	 	33.6	 	 	 	31.4	 	 	 	29.9	 	 	 	28.6	 	 	 	1.2	 	 	 	6.1	 	
								
Select Financial Ratios	  				 				 				 				 				 				 				
Net interest margin (as reported)	  	 	2.70%	 	 	 	2.66%	 	 	 	2.67%	 	 	 	2.66%	 	 	 	2.67%	 	 				 				
Net interest margin (ex. Core OID) (8)	  	 	2.72%	 	 	 	2.67%	 	 	 	2.69%	 	 	 	2.72%	 	 	 	2.72%	 	 				 				
Cost of funds	  	 	2.66%	 	 	 	2.74%	 	 	 	2.70%	 	 	 	2.60%	 	 	 	2.45%	 	 				 				
Cost of funds (ex. Core OID) (8)	  	 	2.62%	 	 	 	2.70%	 	 	 	2.66%	 	 	 	2.52%	 	 	 	2.38%	 	 				 				
Efficiency Ratio (9)	  	 	52.3%	 	 	 	56.8%	 	 	 	51.9%	 	 	 	55.9%	 	 	 	53.6%	 	 				 				
Adjusted efficiency ratio (8)(9)	  	 	45.3%	 	 	 	46.1%	 	 	 	48.9%	 	 	 	46.9%	 	 	 	46.0%	 	 				 				
Return on average assets (10)	  	 	0.8%	 	 	 	1.3%	 	 	 	0.8%	 	 	 	0.7%	 	 	 	0.9%	 	 				 				
Return on average total equity (10)	  	 	10.6%	 	 	 	16.6%	 	 	 	11.1%	 	 	 	8.8%	 	 	 	11.4%	 	 				 				
Return on average tangible common equity (10)	  	 	10.8%	 	 	 	17.0%	 	 	 	11.3%	 	 	 	9.0%	 	 	 	11.7%	 	 				 				
Core ROTCE (11)	  	 	12.3%	 	 	 	12.4%	 	 	 	10.9%	 	 	 	13.4%	 	 	 	13.7%	 	 				 				
								
Capital Ratios (12)	  				 				 				 				 				 				 				
Common Equity Tier 1 (CET1) capital ratio	  	 	9.6%	 	 	 	9.5%	 	 	 	9.3%	 	 	 	9.1%	 	 	 	9.4%	 	 				 				
Tier 1 capital ratio	  	 	11.2%	 	 	 	11.2%	 	 	 	11.0%	 	 	 	10.8%	 	 	 	11.1%	 	 				 				
Total capital ratio	  	 	12.8%	 	 	 	12.7%	 	 	 	12.5%	 	 	 	12.3%	 	 	 	12.7%	 	 				 				
Tier 1 leverage ratio	  	 	9.1%	 	 	 	9.0%	 	 	 	9.0%	 	 	 	9.0%	 	 	 	9.2%	 	 				 				
 
(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.
(2) Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For Non-GAAP calculation methodology and details see page 21.
(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(4) Including but not limited to employee related expenses, commissions and provision for losses and loss adjustment expense related to the insurance business, information technology expenses, servicing expenses, facilities expenses, marketing expenses, and other professional and legal expenses.
(5) Includes shares related to share-based compensation that vested but were not yet issued.
(6) Represents a non-GAAP financial measure. For more details refer to page 21.
(7) Represents a non-GAAP financial measure. For more details refer to page 22.
(8) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.
(9) Represents a non-GAAP financial measure. For more details refer to page 24.
(10) Return metrics are annualized.
(11) Return metrics are annualized. Represents a non-GAAP financial measure. For more details refer to page 23.
(12) Basel III rules became effective on January 1, 2015, subject to transition provisions primarily related to deductions and adjustments impacting CET1 capital and Tier 1 capital.

3Q 2019 Preliminary Results	  	4	

			
ALLY FINANCIAL INC.
CONSOLIDATED INCOME STATEMENT	  		
 
($ in millions)
																													
 	  	QUARTERLY TRENDS	 	CHANGE VS.	
								
 	  	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Financing revenue and other interest income	  				 				 				 				 				 				 				
Interest and fees on finance receivables and loans	  	  $	1,859	 	 	  $	1,860	 	 	  $	1,807	 	 	  $	1,790	 	 	  $	1,708	 	 	  $	(1	) 	 	  $	151	 	
Interest on loans held-for-sale	  	 	8	 	 	 	3	 	 	 	2	 	 	 	5	 	 	 	4	 	 	 	5	 	 	 	4	 	
Total interest and dividends on investment securities	  	 	221	 	 	 	227	 	 	 	222	 	 	 	211	 	 	 	182	 	 	 	(6	) 	 	 	39	 	
Interest-bearing cash	  	 	19	 	 	 	21	 	 	 	23	 	 	 	22	 	 	 	18	 	 	 	(2	) 	 	 	1	 	
Other earning assets	  	 	16	 	 	 	17	 	 	 	18	 	 	 	15	 	 	 	16	 	 	 	(1	) 	 	 	-	 	
Operating leases	  	 	368	 	 	 	363	 	 	 	361	 	 	 	365	 	 	 	368	 	 	 	5	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financing revenue and other interest income	  	 	2,491	 	 	 	2,491	 	 	 	2,433	 	 	 	2,408	 	 	 	2,296	 	 	 	-	 	 	 	195	 	
Interest expense	  				 				 				 				 				 				 				
Interest on deposits	  	 	658	 	 	 	651	 	 	 	592	 	 	 	523	 	 	 	462	 	 	 	7	 	 	 	196	 	
Interest on short-term borrowings	  	 	33	 	 	 	37	 	 	 	44	 	 	 	48	 	 	 	29	 	 	 	(4	) 	 	 	4	 	
Interest on long-term debt	  	 	378	 	 	 	407	 	 	 	419	 	 	 	457	 	 	 	451	 	 	 	(29	) 	 	 	(73	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest expense	  	 	1,069	 	 	 	1,095	 	 	 	1,055	 	 	 	1,028	 	 	 	942	 	 	 	(26	) 	 	 	127	 	
Depreciation expense on operating lease assets	  	 	234	 	 	 	239	 	 	 	246	 	 	 	240	 	 	 	247	 	 	 	(5	) 	 	 	(13	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net financing revenue (as reported)	  	  $	1,188	 	 	  $	1,157	 	 	  $	1,132	 	 	  $	1,140	 	 	  $	1,107	 	 	  $	31	 	 	  $	81	 	
Other revenue	  				 				 				 				 				 				 				
Servicing fees	  	 	4	 	 	 	5	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	(1	) 	 	 	(2	) 	
Insurance premiums and service revenue earned	  	 	280	 	 	 	261	 	 	 	261	 	 	 	269	 	 	 	258	 	 	 	19	 	 	 	22	 	
Gain on mortgage and automotive loans, net	  	 	10	 	 	 	2	 	 	 	10	 	 	 	6	 	 	 	17	 	 	 	8	 	 	 	(7	) 	
Other gain/loss on investments, net	  	 	27	 	 	 	39	 	 	 	108	 	 	 	(87	) 	 	 	22	 	 	 	(12	) 	 	 	5	 	
Other income, net of losses	  	 	92	 	 	 	88	 	 	 	81	 	 	 	104	 	 	 	95	 	 	 	4	 	 	 	(3	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other revenue	  	 	413	 	 	 	395	 	 	 	466	 	 	 	298	 	 	 	398	 	 	 	18	 	 	 	15	 	
Total net revenue	  	 	1,601	 	 	 	1,552	 	 	 	1,598	 	 	 	1,438	 	 	 	1,505	 	 	 	49	 	 	 	96	 	
Provision for loan losses	  	 	263	 	 	 	177	 	 	 	282	 	 	 	266	 	 	 	233	 	 	 	86	 	 	 	30	 	
Noninterest expense	  				 				 				 				 				 				 				
Compensation and benefits expense	  	 	296	 	 	 	296	 	 	 	318	 	 	 	283	 	 	 	274	 	 	 	-	 	 	 	22	 	
Insurance losses and loss adjustment expenses	  	 	74	 	 	 	127	 	 	 	59	 	 	 	54	 	 	 	77	 	 	 	(53	) 	 	 	(3	) 	
Other operating expenses	  	 	468	 	 	 	458	 	 	 	453	 	 	 	467	 	 	 	456	 	 	 	10	 	 	 	12	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total noninterest expense	  	 	838	 	 	 	881	 	 	 	830	 	 	 	804	 	 	 	807	 	 	 	(43	) 	 	 	31	 	
Pre-tax income from continuing operations	  	  $	500	 	 	  $	494	 	 	  $	486	 	 	  $	368	 	 	  $	465	 	 	  $	6	 	 	  $	35	 	
Income tax (benefit) / expense from continuing operations	  	 	119	 	 	 	(90	) 	 	 	111	 	 	 	79	 	 	 	91	 	 	 	209	 	 	 	28	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income from continuing operations	  	 	381	 	 	 	584	 	 	 	375	 	 	 	289	 	 	 	374	 	 	 	(203	) 	 	 	7	 	
Income / (loss) from discontinued operations, net of tax	  	 	-	 	 	 	(2	) 	 	 	(1	) 	 	 	1	 	 	 	-	 	 	 	2	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	  $	381	 	 	  $	582	 	 	  $	374	 	 	  $	290	 	 	  $	374	 	 	  $	(201	) 	 	  $	7	 	

Core Pre-Tax Income Walk	  				 				 				 				 				 				 				
Net financing revenue (ex. Core OID) (1)	  	  $	1,195	 	 	  $	1,164	 	 	  $	1,139	 	 	  $	1,163	 	 	  $	1,129	 	 	  $	31	 	 	  $	67	 	
Adjusted other revenue (2)	  	 	424	 	 	 	393	 	 	 	396	 	 	 	393	 	 	 	392	 	 	 	31	 	 	 	32	 	
Provision for loan losses	  	 	263	 	 	 	177	 	 	 	282	 	 	 	266	 	 	 	233	 	 	 	86	 	 	 	30	 	
Noninterest expense	  	 	838	 	 	 	881	 	 	 	830	 	 	 	804	 	 	 	807	 	 	 	(43	) 	 	 	31	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core pre-tax income (3)	  	  $	519	 	 	  $	499	 	 	  $	423	 	 	  $	486	 	 	  $	481	 	 	  $	20	 	 	  $	38	 	
Core OID	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(23	) 	 	 	(22	) 	 	 	(0	) 	 	 	14	 	
Change in the fair value of equity securities (4)	  	 	(11	) 	 	 	2	 	 	 	70	 	 	 	(95	) 	 	 	6	 	 	 	(13	) 	 	 	(17	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax income from continuing operations	  	  $	500	 	 	  $	494	 	 	  $	486	 	 	  $	368	 	 	  $	465	 	 	  $	6	 	 	  $	35	 	

(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.
(2) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For more details refer to page 21.
(3) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID and (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.
(4) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

3Q 2019 Preliminary Results	  	5	

			
ALLY FINANCIAL INC.
CONSOLIDATED PERIOD-END BALANCE SHEET	  		
 
($ in millions)
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
 	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Assets	 				 				 				 				 				 				 				
Cash and cash equivalents	 				 				 				 				 				 				 				
Noninterest-bearing	 	  $	723	 	 	  $	659	 	 	  $	946	 	 	  $	810	 	 	  $	802	 	 	  $	64	 	 	  $	(79	) 	
Interest-bearing	 	 	2,894	 	 	 	2,904	 	 	 	3,011	 	 	 	3,727	 	 	 	2,970	 	 	 	(10	) 	 	 	(76	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total cash and cash equivalents	 	 	3,617	 	 	 	3,563	 	 	 	3,957	 	 	 	4,537	 	 	 	3,772	 	 	 	54	 	 	 	(155	) 	
Investment securities (1)	 	 	32,572	 	 	 	31,740	 	 	 	30,553	 	 	 	28,438	 	 	 	26,882	 	 	 	832	 	 	 	5,690	 	
Loans held-for-sale, net	 	 	1,000	 	 	 	275	 	 	 	107	 	 	 	314	 	 	 	425	 	 	 	725	 	 	 	575	 	
Finance receivables and loans	 	 	128,609	 	 	 	129,210	 	 	 	130,055	 	 	 	129,926	 	 	 	126,605	 	 	 	(601	) 	 	 	2,004	 	
Allowance for loan losses	 	 	(1,277	) 	 	 	(1,282	) 	 	 	(1,288	) 	 	 	(1,242	) 	 	 	(1,248	) 	 	 	5	 	 	 	(29	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total finance receivables and loans, net	 	 	127,332	 	 	 	127,928	 	 	 	128,767	 	 	 	128,684	 	 	 	125,357	 	 	 	(596	) 	 	 	1,975	 	
Investment in operating leases, net	 	 	8,653	 	 	 	8,407	 	 	 	8,339	 	 	 	8,417	 	 	 	8,578	 	 	 	246	 	 	 	75	 	
Premiums receivables and other insurance assets	 	 	2,521	 	 	 	2,460	 	 	 	2,401	 	 	 	2,326	 	 	 	2,291	 	 	 	61	 	 	 	230	 	
Other assets	 	 	5,790	 	 	 	6,075	 	 	 	5,993	 	 	 	6,153	 	 	 	5,796	 	 	 	(285	) 	 	 	(6	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	  $	181,485	 	 	  $	180,448	 	 	  $	180,117	 	 	  $	178,869	 	 	  $	173,101	 	 	  $	1,037	 	 	  $	8,384	 	

Liabilities	 				 				 				 				 				 				 				
Deposit liabilities	 				 				 				 				 				 				 				
Noninterest-bearing	 	  $	156	 	 	  $	162	 	 	  $	141	 	 	  $	142	 	 	  $	180	 	 	  $	(6	) 	 	  $	(24	) 	
Interest-bearing	 	 	119,074	 	 	 	116,163	 	 	 	113,158	 	 	 	106,036	 	 	 	101,199	 	 	 	2,911	 	 	 	17,875	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total deposit liabilities	 	 	119,230	 	 	 	116,325	 	 	 	113,299	 	 	 	106,178	 	 	 	101,379	 	 	 	2,905	 	 	 	17,851	 	
Short-term borrowings	 	 	5,335	 	 	 	6,519	 	 	 	6,115	 	 	 	9,987	 	 	 	7,338	 	 	 	(1,184	) 	 	 	(2,003	) 	
Long-term debt	 	 	35,730	 	 	 	37,466	 	 	 	41,490	 	 	 	44,193	 	 	 	45,542	 	 	 	(1,736	) 	 	 	(9,812	) 	
Interest payable	 	 	894	 	 	 	744	 	 	 	696	 	 	 	523	 	 	 	712	 	 	 	150	 	 	 	182	 	
Unearned insurance premiums and service revenue	 	 	3,246	 	 	 	3,171	 	 	 	3,096	 	 	 	3,044	 	 	 	3,020	 	 	 	75	 	 	 	226	 	
Accrued expense and other liabilities	 	 	2,600	 	 	 	1,907	 	 	 	1,722	 	 	 	1,676	 	 	 	2,025	 	 	 	693	 	 	 	575	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	  $	167,035	 	 	  $	166,132	 	 	  $	166,418	 	 	  $	165,601	 	 	  $	160,016	 	 	  $	903	 	 	  $	7,019	 	
								
Equity	 				 				 				 				 				 				 				
Common stock and paid-in capital (2)	 	  $	18,628	 	 	  $	18,914	 	 	  $	19,119	 	 	  $	19,296	 	 	  $	19,582	 	 	  $	(286	) 	 	  $	(954	) 	
Accumulated deficit	 	 	(4,368	) 	 	 	(4,682	) 	 	 	(5,195	) 	 	 	(5,489	) 	 	 	(5,716	) 	 	 	314	 	 	 	1,348	 	
Accumulated other comprehensive (loss) / income	 	 	190	 	 	 	84	 	 	 	(225	) 	 	 	(539	) 	 	 	(781	) 	 	 	106	 	 	 	971	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	 	 	14,450	 	 	 	14,316	 	 	 	13,699	 	 	 	13,268	 	 	 	13,085	 	 	 	134	 	 	 	1,365	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	 	  $	181,485	 	 	  $	180,448	 	 	  $	180,117	 	 	  $	178,869	 	 	  $	173,101	 	 	  $	1,037	 	 	  $	8,384	 	

(1) Includes held-to-maturity securities.
(2) Includes Treasury stock.

3Q 2019 Preliminary Results	  	6	

			
ALLY FINANCIAL INC.
CONSOLIDATED AVERAGE BALANCE SHEET (1)	  		
 
($ in millions)

 	  	QUARTERLY TRENDS	 	CHANGE VS.	
 	  	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Assets	  				 				 				 				 				 				 				
Interest-bearing cash and cash equivalents	  	  $	3,539	 	 	  $	3,713	 	 	  $	4,212	 	 	  $	4,311	 	 	  $	3,159	 	 	  $	(174	) 	 	  $	380	 	
Investment securities	  	 	32,708	 	 	 	32,446	 	 	 	30,555	 	 	 	28,926	 	 	 	27,313	 	 	 	262	 	 	 	5,395	 	
Loans held-for-sale, net	  	 	745	 	 	 	191	 	 	 	190	 	 	 	394	 	 	 	318	 	 	 	554	 	 	 	427	 	
Total finance receivables and loans, net (2)	  	 	128,799	 	 	 	129,950	 	 	 	128,663	 	 	 	127,681	 	 	 	124,986	 	 	 	(1,151	) 	 	 	3,813	 	
Investment in operating leases, net	  	 	8,525	 	 	 	8,370	 	 	 	8,389	 	 	 	8,516	 	 	 	8,634	 	 	 	155	 	 	 	(109	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest earning assets	  	 	174,316	 	 	 	174,670	 	 	 	172,009	 	 	 	169,828	 	 	 	164,410	 	 	 	(354	) 	 	 	9,906	 	
Noninterest-bearing cash and cash equivalents	  	 	391	 	 	 	544	 	 	 	445	 	 	 	432	 	 	 	502	 	 	 	(153	) 	 	 	(111	) 	
Other assets	  	 	7,012	 	 	 	6,722	 	 	 	6,558	 	 	 	6,412	 	 	 	7,331	 	 	 	290	 	 	 	(319	) 	
Allowance for loan losses	  	 	(1,287	) 	 	 	(1,284	) 	 	 	(1,248	) 	 	 	(1,247	) 	 	 	(1,260	) 	 	 	(3	) 	 	 	(27	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	  $	180,432	 	 	  $	180,652	 	 	  $	177,764	 	 	  $	175,425	 	 	  $	170,983	 	 	  $	(220	) 	 	  $	9,449	 	

Liabilities	  				 				 				 				 				 				 				
Interest-bearing deposit liabilities	  				 				 				 				 				 				 				
Retail deposit liabilities	  	  $	99,874	 	 	  $	96,855	 	 	  $	91,881	 	 	  $	86,897	 	 	  $	83,034	 	 	  $	3,020	 	 	  $	16,840	 	
Other interest-bearing deposit liabilities (3)	  	 	17,615	 	 	 	17,402	 	 	 	17,291	 	 	 	16,763	 	 	 	16,781	 	 	 	212	 	 	 	834	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Interest-bearing deposit liabilities	  	 	117,489	 	 	 	114,257	 	 	 	109,172	 	 	 	103,660	 	 	 	99,815	 	 	 	3,232	 	 	 	17,674	 	
Short-term borrowings	  	 	5,550	 	 	 	5,887	 	 	 	7,054	 	 	 	8,082	 	 	 	5,531	 	 	 	(337	) 	 	 	19	 	
Long-term debt (4)	  	 	36,395	 	 	 	40,222	 	 	 	42,396	 	 	 	45,257	 	 	 	46,967	 	 	 	(3,827	) 	 	 	(10,572	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest-bearing liabilities (4)	  	 	159,434	 	 	 	160,366	 	 	 	158,622	 	 	 	156,999	 	 	 	152,313	 	 	 	(932	) 	 	 	7,121	 	
Noninterest-bearing deposit liabilities	  	 	149	 	 	 	135	 	 	 	137	 	 	 	142	 	 	 	149	 	 	 	14	 	 	 	-	 	
Other liabilities	  	 	6,468	 	 	 	6,357	 	 	 	5,660	 	 	 	5,330	 	 	 	5,388	 	 	 	111	 	 	 	1,080	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	  $	166,051	 	 	  $	166,858	 	 	  $	164,419	 	 	  $	162,471	 	 	  $	157,850	 	 	  $	(807	) 	 	  $	8,201	 	
								
Equity	  				 				 				 				 				 				 				
Total equity	  	  $	14,381	 	 	  $	13,794	 	 	  $	13,345	 	 	  $	12,954	 	 	  $	13,133	 	 	  $	587	 	 	  $	1,248	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	  $	180,432	 	 	  $	180,652	 	 	  $	177,764	 	 	  $	175,425	 	 	  $	170,983	 	 	  $	(220	) 	 	  $	9,449	 	

(1) Average balances are calculated using a combination of monthly and daily average methodologies.
(2) Nonperforming finance receivables and loans are included in the average balances net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(3) Includes brokered (inclusive of sweep deposits) and other deposits (inclusive of mortgage escrow, and other deposits).
(4) Includes average Core OID balance of $1,075 million in 3Q 19, $1,082 million in 2Q 19, $1,089 million in 1Q 19, $1,104 million in 4Q 18, and $1,126 million in 3Q 18.

3Q 2019 Preliminary Results	  	7	

			
ALLY FINANCIAL INC.
SEGMENT HIGHLIGHTS	  		
 
($ in millions)
																													
 	  	QUARTERLY TRENDS	 	CHANGE VS.	
								
 	  	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Pre-tax Income / (Loss)	  				 				 				 				 				 				 				
Automotive Finance	  	  $	429	 	 	  $	459	 	 	  $	329	 	 	  $	335	 	 	  $	383	 	 	  $	(30	) 	 	  $	46	 	
Insurance	  	 	56	 	 	 	-	 	 	 	145	 	 	 	(13	) 	 	 	55	 	 	 	56	 	 	 	1	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dealer Financial Services	  	 	485	 	 	 	459	 	 	 	474	 	 	 	322	 	 	 	438	 	 	 	26	 	 	 	47	 	
Corporate Finance	  	 	44	 	 	 	46	 	 	 	13	 	 	 	21	 	 	 	36	 	 	 	(2	) 	 	 	8	 	
Mortgage Finance	  	 	11	 	 	 	14	 	 	 	13	 	 	 	15	 	 	 	8	 	 	 	(3	) 	 	 	3	 	
Corporate and Other (1)	  	 	(40	) 	 	 	(25	) 	 	 	(14	) 	 	 	10	 	 	 	(17	) 	 	 	(15	) 	 	 	(23	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax income from continuing operations	  	  $	500	 	 	  $	494	 	 	  $	486	 	 	  $	368	 	 	  $	465	 	 	  $	6	 	 	  $	35	 	
Core OID (2)	  	 	7	 	 	 	7	 	 	 	7	 	 	 	23	 	 	 	22	 	 	 	0	 	 	 	(14	) 	
Change in the fair value of equity securities (3)	  	 	11	 	 	 	(2	) 	 	 	(70	) 	 	 	95	 	 	 	(6	) 	 	 	13	 	 	 	17	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core pre-tax income (4)	  	  $	519	 	 	  $	499	 	 	  $	423	 	 	  $	486	 	 	  $	481	 	 	  $	20	 	 	  $	38	 	

(1) Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio and Ally Invest activity.
(2) Core OID for all periods shown are applied to the pre-tax income of the Corporate and Other segment.
(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(4) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID and (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

3Q 2019 Preliminary Results	  	8	

			
ALLY FINANCIAL INC.
AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS	  		
 
($ in millions)
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Income Statement	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Net financing revenue	 				 				 				 				 				 				 				
Consumer	 	  $	1,227	 	 	  $	1,184	 	 	  $	1,130	 	 	  $	1,120	 	 	  $	1,097	 	 	  $	43	 	 	  $	130	 	
Commercial	 	 	385	 	 	 	412	 	 	 	422	 	 	 	422	 	 	 	381	 	 	 	(27	) 	 	 	4	 	
Loans held for sale	 	 	-	 	 	 	-	 	 	 	1	 	 	 	2	 	 	 	1	 	 	 	-	 	 	 	(1	) 	
Operating leases	 	 	368	 	 	 	363	 	 	 	361	 	 	 	365	 	 	 	368	 	 	 	5	 	 	 	-	 	
Other interest income	 	 	3	 	 	 	3	 	 	 	1	 	 	 	2	 	 	 	2	 	 	 	-	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financing revenue and other interest income	 	 	1,983	 	 	 	1,962	 	 	 	1,915	 	 	 	1,911	 	 	 	1,849	 	 	 	21	 	 	 	134	 	
Interest expense	 	 	671	 	 	 	701	 	 	 	689	 	 	 	692	 	 	 	646	 	 	 	(30	) 	 	 	25	 	
Depreciation expense on operating lease assets:	 				 				 				 				 				 				 				
Depreciation expense on operating lease assets (ex. remarketing)	 	 	262	 	 	 	261	 	 	 	262	 	 	 	268	 	 	 	274	 	 	 	2	 	 	 	(12	) 	
Remarketing gains	 	 	28	 	 	 	23	 	 	 	15	 	 	 	28	 	 	 	27	 	 	 	5	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total depreciation expense on operating lease assets	 	 	234	 	 	 	239	 	 	 	246	 	 	 	240	 	 	 	247	 	 	 	(5	) 	 	 	(13	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net financing revenue	 	 	1,078	 	 	 	1,022	 	 	 	980	 	 	 	979	 	 	 	956	 	 	 	56	 	 	 	122	 	
Other revenue	 				 				 				 				 				 				 				
Servicing fees	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	6	 	 	 	(1	) 	 	 	(3	) 	
Gain/(loss) on automotive loans, net	 	 	-	 	 	 	-	 	 	 	8	 	 	 	4	 	 	 	18	 	 	 	-	 	 	 	(18	) 	
Other income	 	 	57	 	 	 	57	 	 	 	56	 	 	 	50	 	 	 	56	 	 	 	(0	) 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other revenue	 	 	59	 	 	 	61	 	 	 	68	 	 	 	60	 	 	 	80	 	 	 	(2	) 	 	 	(21	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net revenue	 	 	1,137	 	 	 	1,083	 	 	 	1,048	 	 	 	1,039	 	 	 	1,036	 	 	 	54	 	 	 	101	 	
Provision for loan losses	 	 	265	 	 	 	180	 	 	 	262	 	 	 	262	 	 	 	229	 	 	 	85	 	 	 	36	 	
Noninterest expense	 				 				 				 				 				 				 				
Compensation and benefits	 	 	128	 	 	 	127	 	 	 	136	 	 	 	124	 	 	 	120	 	 	 	1	 	 	 	8	 	
Other operating expenses	 	 	315	 	 	 	317	 	 	 	321	 	 	 	318	 	 	 	304	 	 	 	(2	) 	 	 	11	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total noninterest expense	 	 	443	 	 	 	444	 	 	 	457	 	 	 	442	 	 	 	424	 	 	 	(1	) 	 	 	19	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Income	 	  $	429	 	 	  $	459	 	 	  $	329	 	 	  $	335	 	 	  $	383	 	 	  $	(30	) 	 	  $	46	 	

Memo: Net lease revenue	 				 				 				 				 				 				 				
Operating lease revenue	 	  $	368	 	 	  $	363	 	 	  $	361	 	 	  $	365	 	 	  $	368	 	 	  $	5	 	 	  $	-	 	
Depreciation expense on operating lease assets (ex. remarketing)	 	 	262	 	 	 	261	 	 	 	262	 	 	 	268	 	 	 	274	 	 	 	2	 	 	 	(12	) 	
Remarketing gains (losses), net of repo valuation	 	 	28	 	 	 	23	 	 	 	15	 	 	 	28	 	 	 	27	 	 	 	5	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total depreciation expense on operating lease assets	 	 	234	 	 	 	239	 	 	 	246	 	 	 	240	 	 	 	247	 	 	 	(5	) 	 	 	(13	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net lease revenue	 	  $	134	 	 	  $	124	 	 	  $	115	 	 	  $	125	 	 	  $	121	 	 	  $	10	 	 	  $	13	 	

Balance Sheet (Period-End)	 				 				 				 				 				 				 				
Cash, trading and investment securities	 	  $	23	 	 	  $	23	 	 	  $	23	 	 	  $	23	 	 	  $	23	 	 	  $	-	 	 	  $	-	 	
Consumer loans	 	 	72,894	 	 	 	72,746	 	 	 	71,490	 	 	 	70,515	 	 	 	70,048	 	 	 	148	 	 	 	2,846	 	
Commercial loans	 	 	33,330	 	 	 	33,575	 	 	 	35,726	 	 	 	38,134	 	 	 	35,881	 	 	 	(245	) 	 	 	(2,551	) 	
Allowance for loan losses	 	 	(1,156	) 	 	 	(1,146	) 	 	 	(1,138	) 	 	 	(1,111	) 	 	 	(1,107	) 	 	 	(10	) 	 	 	(49	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total finance receivables and loans, net	 	 	105,068	 	 	 	105,175	 	 	 	106,078	 	 	 	107,538	 	 	 	104,822	 	 	 	(107	) 	 	 	246	 	
Investment in operating leases, net	 	 	8,653	 	 	 	8,407	 	 	 	8,339	 	 	 	8,417	 	 	 	8,578	 	 	 	246	 	 	 	75	 	
Other assets	 	 	1,352	 	 	 	1,350	 	 	 	1,349	 	 	 	1,326	 	 	 	1,252	 	 	 	2	 	 	 	100	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	  $	115,096	 	 	  $	114,955	 	 	  $	115,789	 	 	  $	117,304	 	 	  $	114,675	 	 	  $	141	 	 	  $	421	 	

 
			
3Q 2019 Preliminary Results	  	9	

			
ALLY FINANCIAL INC.
AUTOMOTIVE FINANCE - KEY STATISTICS	  		

																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
 	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
U.S. Consumer Originations (1) ($ in billions)	 				 				 				 				 				 				 				
Retail standard - new vehicle GM	 	  $	1.3	 	 	  $	1.2	 	 	  $	1.0	 	 	  $	1.1	 	 	  $	0.9	 	 	  $	0.1	 	 	  $	0.3	 	
Retail standard - new vehicle Chrysler	 	 	0.9	 	 	 	0.9	 	 	 	0.8	 	 	 	0.8	 	 	 	0.8	 	 	 	(0.0	) 	 	 	0.1	 	
Retail standard - new vehicle Growth	 	 	1.2	 	 	 	1.3	 	 	 	1.2	 	 	 	1.1	 	 	 	1.0	 	 	 	(0.2	) 	 	 	0.1	 	
Used vehicle	 	 	4.6	 	 	 	5.3	 	 	 	5.2	 	 	 	4.3	 	 	 	4.3	 	 	 	(0.6	) 	 	 	0.3	 	
Lease	 	 	1.3	 	 	 	1.1	 	 	 	0.9	 	 	 	0.8	 	 	 	1.0	 	 	 	0.2	 	 	 	0.3	 	
Retail subvented	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	(0.0	) 	 	 	(0.1	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total originations	 	  $	9.3	 	 	  $	9.7	 	 	  $	9.2	 	 	  $	8.2	 	 	  $	8.1	 	 	  $	(0.5	) 	 	  $	1.1	 	
								
U.S. Consumer Originations - FICO Score	 				 				 				 				 				 				 				
Super Prime	 	  $	2.2	 	 	  $	2.2	 	 	  $	2.1	 	 	  $	2.0	 	 	  $	2.0	 	 	  $	(0.0	) 	 	  $	0.3	 	
Prime	 	 	3.4	 	 	 	3.6	 	 	 	3.3	 	 	 	3.0	 	 	 	3.0	 	 	 	(0.2	) 	 	 	0.5	 	
Prime/Near	 	 	2.0	 	 	 	2.1	 	 	 	2.1	 	 	 	1.8	 	 	 	1.9	 	 	 	(0.1	) 	 	 	0.1	 	
Non Prime	 	 	0.9	 	 	 	1.0	 	 	 	0.9	 	 	 	0.7	 	 	 	0.7	 	 	 	(0.1	) 	 	 	0.2	 	
Sub Prime	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	(0.1	) 	 	 	0.0	 	
Commercial Services Group (2)	 	 	0.7	 	 	 	0.7	 	 	 	0.7	 	 	 	0.6	 	 	 	0.5	 	 	 	(0.1	) 	 	 	0.1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total originations	 	  $	9.3	 	 	  $	9.7	 	 	  $	9.2	 	 	  $	8.2	 	 	  $	8.1	 	 	  $	(0.5	) 	 	  $	1.1	 	
								
U.S. Market	 				 				 				 				 				 				 				
Light vehicle sales (SAAR - units in millions)	 	 	17.0	 	 	 	17.0	 	 	 	16.9	 	 	 	17.5	 	 	 	16.9	 	 	 	(0.0	) 	 	 	0.1	 	
Light vehicle sales (quarterly - units in millions)	 	 	4.3	 	 	 	4.4	 	 	 	4.0	 	 	 	4.4	 	 	 	4.3	 	 	 	(0.1	) 	 	 	0.0	 	
GM market share	 	 	17.2%	 	 	 	16.9%	 	 	 	16.6%	 	 	 	18.0%	 	 	 	16.2%	 	 				 				
Chrysler market share	 	 	13.1%	 	 	 	13.5%	 	 	 	12.4%	 	 	 	12.8%	 	 	 	13.2%	 	 				 				
								
Ally U.S. Consumer Penetration	 				 				 				 				 				 				 				
GM	 	 	5.7%	 	 	 	5.6%	 	 	 	5.7%	 	 	 	4.6%	 	 	 	5.0%	 	 				 				
Chrysler	 	 	12.1%	 	 	 	11.1%	 	 	 	12.1%	 	 	 	10.7%	 	 	 	10.3%	 	 				 				
								
Ally U.S. Commercial Outstandings EOP ($ in billions)	 				 				 				 				 				 				 				
Floorplan outstandings	 	  $	27.7	 	 	  $	27.9	 	 	  $	30.1	 	 	  $	32.3	 	 	  $	29.6	 	 	  $	(0.2	) 	 	  $	(1.9	) 	
Dealer loans and other	 	 	5.6	 	 	 	5.6	 	 	 	5.7	 	 	 	5.8	 	 	 	6.2	 	 	 	(0.0	) 	 	 	(0.6	) 	
Total Commercial outstandings	 	  $	33.3	 	 	  $	33.6	 	 	  $	35.7	 	 	  $	38.1	 	 	  $	35.9	 	 	  $	(0.2	) 	 	  $	(2.5	) 	
								
U.S. Off-Lease Remarketing	 				 				 				 				 				 				 				
Off-lease vehicles terminated - on-balance sheet (# in units)	 	 	29,985	 	 	 	29,267	 	 	 	26,030	 	 	 	25,706	 	 	 	29,018	 	 	 	718	 	 	 	967	 	
Average gain / (loss) per vehicle	 	  $	944	 	 	  $	776	 	 	  $	573	 	 	  $	1,089	 	 	  $	944	 	 	  $	168	 	 	  $	(1	) 	
Total gain / (loss) ($ in millions)	 	  $	28	 	 	  $	23	 	 	  $	15	 	 	  $	28	 	 	  $	27	 	 	  $	6	 	 	  $	1	 	
 
(1) Some standard rate loan originations contain manufacturer sponsored cash back rebate incentives. Some lease originations contain rate subvention. While Ally may jointly develop marketing programs for these originations, Ally does not have exclusive rights to such originations under operating agreements with manufacturers.
(2) Commercial Services Group (CSG) are business customers. Average annualized credit losses of 40-45 bps on CSG loans from 2016 through 3Q19.

3Q 2019 Preliminary Results	  	10	

			
ALLY FINANCIAL INC.
INSURANCE - CONDENSED FINANCIAL STATEMENTS AND KEY STATISTICS	  		
 
($ in millions)
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Income Statement (GAAP View)	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Net financing revenue	 				 				 				 				 				 				 				
Interest and dividends on investment securities	 	  $	28	 	 	  $	29	 	 	  $	27	 	 	  $	30	 	 	  $	29	 	 	  $	(1	) 	 	  $	(1	) 	
Interest bearing cash	 	 	6	 	 	 	5	 	 	 	4	 	 	 	3	 	 	 	2	 	 	 	1	 	 	 	4	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financing revenue and other interest revenue	 	 	34	 	 	 	34	 	 	 	31	 	 	 	33	 	 	 	31	 	 	 	-	 	 	 	3	 	
Interest expense	 	 	20	 	 	 	19	 	 	 	19	 	 	 	18	 	 	 	17	 	 	 	1	 	 	 	3	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net financing revenue	 	 	14	 	 	 	15	 	 	 	12	 	 	 	15	 	 	 	14	 	 	 	(1	) 	 	 	-	 	
Other revenue	 				 				 				 				 				 				 				
Insurance premiums and service revenue earned	 	 	280	 	 	 	261	 	 	 	261	 	 	 	269	 	 	 	258	 	 	 	19	 	 	 	22	 	
Other gain / (loss) on investments, net	 	 	6	 	 	 	23	 	 	 	95	 	 	 	(84	) 	 	 	22	 	 	 	(17	) 	 	 	(16	) 	
Other income, net of losses	 	 	3	 	 	 	2	 	 	 	4	 	 	 	2	 	 	 	2	 	 	 	1	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other revenue	 	 	289	 	 	 	286	 	 	 	360	 	 	 	187	 	 	 	282	 	 	 	3	 	 	 	7	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net revenue	 	 	303	 	 	 	301	 	 	 	372	 	 	 	202	 	 	 	296	 	 	 	2	 	 	 	7	 	
Noninterest expense	 				 				 				 				 				 				 				
Compensation and benefits expense	 	 	19	 	 	 	20	 	 	 	21	 	 	 	18	 	 	 	18	 	 	 	(1	) 	 	 	1	 	
Insurance losses and loss adjustment expenses	 	 	74	 	 	 	127	 	 	 	59	 	 	 	54	 	 	 	77	 	 	 	(53	) 	 	 	(3	) 	
Other operating expenses	 	 	154	 	 	 	154	 	 	 	147	 	 	 	143	 	 	 	146	 	 	 	-	 	 	 	8	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total noninterest expense	 	 	247	 	 	 	301	 	 	 	227	 	 	 	215	 	 	 	241	 	 	 	(54	) 	 	 	6	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Income / (Loss)	 	  $	56	 	 	  $	-	 	 	  $	145	 	 	  $	(13	) 	 	  $	55	 	 	  $	56	 	 	  $	1	 	

Memo: Income Statement (Managerial View)	 				 				 				 				 				 				 				
Insurance premiums and other income	 				 				 				 				 				 				 				
Insurance premiums and service revenue earned	 	  $	280	 	 	  $	261	 	 	  $	261	 	 	  $	269	 	 	  $	258	 	 	  $	19	 	 	  $	22	 	
Investment income (adjusted) (1)	 	 	30	 	 	 	34	 	 	 	42	 	 	 	22	 	 	 	29	 	 	 	(4	) 	 	 	0	 	
Other income	 	 	3	 	 	 	2	 	 	 	4	 	 	 	2	 	 	 	2	 	 	 	1	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total insurance premiums and other income	 	 	313	 	 	 	297	 	 	 	307	 	 	 	293	 	 	 	289	 	 	 	16	 	 	 	23	 	
Expense	 				 				 				 				 				 				 				
Insurance losses and loss adjustment expenses	 	 	74	 	 	 	127	 	 	 	59	 	 	 	54	 	 	 	77	 	 	 	(53	) 	 	 	(3	) 	
Acquisition and underwriting expenses	 				 				 				 				 				 				 				
Compensation and benefit expense	 	 	19	 	 	 	20	 	 	 	21	 	 	 	18	 	 	 	18	 	 	 	(1	) 	 	 	1	 	
Insurance commission expense	 	 	120	 	 	 	117	 	 	 	114	 	 	 	108	 	 	 	113	 	 	 	3	 	 	 	7	 	
Other expense	 	 	34	 	 	 	37	 	 	 	33	 	 	 	35	 	 	 	33	 	 	 	(3	) 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total acquisition and underwriting expense	 	 	173	 	 	 	174	 	 	 	168	 	 	 	161	 	 	 	164	 	 	 	(1	) 	 	 	9	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expense	 	 	247	 	 	 	301	 	 	 	227	 	 	 	215	 	 	 	241	 	 	 	(54	) 	 	 	6	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core pre-tax income / (loss) (1)	 	 	66	 	 	 	(4	) 	 	 	80	 	 	 	78	 	 	 	48	 	 	 	70	 	 	 	17	 	
Change in the fair value of equity securities (1)	 	 	(10	) 	 	 	4	 	 	 	65	 	 	 	(91	) 	 	 	7	 	 	 	(14	) 	 	 	(16	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income / (Loss) before income tax expense	 	  $	56	 	 	  $	-	 	 	  $	145	 	 	  $	(13	) 	 	  $	55	 	 	  $	56	 	 	  $	1	 	

Balance Sheet (Period-End)	 				 				 				 				 				 				 				
Cash, trading and investment securities	 	  $	5,713	 	 	  $	5,538	 	 	  $	5,512	 	 	  $	5,092	 	 	  $	5,248	 	 	  $	175	 	 	  $	465	 	
Premiums receivable and other insurance assets	 	 	2,539	 	 	 	2,478	 	 	 	2,420	 	 	 	2,347	 	 	 	2,308	 	 	 	61	 	 	 	231	 	
Other assets	 	 	226	 	 	 	225	 	 	 	247	 	 	 	295	 	 	 	220	 	 	 	1	 	 	 	6	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	  $	8,478	 	 	  $	8,241	 	 	  $	8,179	 	 	  $	7,734	 	 	  $	7,776	 	 	  $	237	 	 	  $	702	 	

Key Statistics	 				 				 				 				 				 				 				
Total written premiums and revenue (2)	 	  $	357	 	 	  $	314	 	 	  $	305	 	 	  $	298	 	 	  $	323	 	 	  $	43	 	 	  $	34	 	
								
Loss ratio (3)	 	 	26.1%	 	 	 	48.5%	 	 	 	22.2%	 	 	 	20.1%	 	 	 	29.4%	 	 				 				
Underwriting expense ratio (4)	 	 	61.4%	 	 	 	65.9%	 	 	 	63.5%	 	 	 	59.4%	 	 	 	63.1%	 	 				 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				
Combined ratio	 	 	87.5%	 	 	 	114.4%	 	 	 	85.7%	 	 	 	79.5%	 	 	 	92.6%	 	 				 				
 
(1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(2) Written premiums are net of ceded premium for reinsurance.
(3) Loss Ratio is calculated as Insurance losses and loss adjustment expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.
(4) Underwriting Expense Ratio is calculated as Compensation and benefits expense and Other operating expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

3Q 2019 Preliminary Results	  	11	

			
ALLY FINANCIAL INC.
MORTGAGE FINANCE - CONDENSED FINANCIAL STATEMENTS	  		
 
($ in millions)
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Income Statement	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Net financing revenue	 				 				 				 				 				 				 				
Total financing revenue and other interest income	 	  $	144	 	 	  $	150	 	 	  $	146	 	 	  $	138	 	 	  $	126	 	 	  $	(6	) 	 	  $	18	 	
Interest expense	 	 	105	 	 	 	104	 	 	 	96	 	 	 	90	 	 	 	82	 	 	 	1	 	 	 	23	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net financing revenue	 	 	39	 	 	 	46	 	 	 	50	 	 	 	48	 	 	 	44	 	 	 	(7	) 	 	 	(5	) 	
Gain on mortgage loans, net	 	 	10	 	 	 	2	 	 	 	2	 	 	 	1	 	 	 	2	 	 	 	8	 	 	 	8	 	
Other income, net of losses	 	 	-	 	 	 	2	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	(2	) 	 	 	-	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other revenue	 	 	10	 	 	 	4	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	6	 	 	 	8	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net revenue	 	 	49	 	 	 	50	 	 	 	52	 	 	 	50	 	 	 	46	 	 	 	(1	) 	 	 	3	 	
Provision for loan losses	 	 	-	 	 	 	-	 	 	 	2	 	 	 	(3	) 	 	 	2	 	 	 	-	 	 	 	(2	) 	
Noninterest expense	 				 				 				 				 				 				 				
Compensation and benefits expense	 	 	7	 	 	 	9	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	(2	) 	 	 	(1	) 	
Other operating expense	 	 	31	 	 	 	27	 	 	 	29	 	 	 	30	 	 	 	28	 	 	 	4	 	 	 	3	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total noninterest expense	 	 	38	 	 	 	36	 	 	 	37	 	 	 	38	 	 	 	36	 	 	 	2	 	 	 	2	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Income	 	  $	11	 	 	  $	14	 	 	  $	13	 	 	  $	15	 	 	  $	8	 	 	  $	(3	) 	 	  $	3	 	

Balance Sheet (Period-End)	 				 				 				 				 				 				 				
Finance receivables and loans, net:	 				 				 				 				 				 				 				
Consumer loans	 	  $	15,782	 	 	  $	16,485	 	 	  $	16,225	 	 	  $	15,155	 	 	  $	14,840	 	 	  $	(703	) 	 	  $	942	 	
Allowance for loan losses	 	 	(17	) 	 	 	(18	) 	 	 	(18	) 	 	 	(16	) 	 	 	(20	) 	 	 	1	 	 	 	3	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total finance receivables and loans, net	 	 	15,765	 	 	 	16,467	 	 	 	16,207	 	 	 	15,139	 	 	 	14,820	 	 	 	(702	) 	 	 	945	 	
Other assets	 	 	818	 	 	 	117	 	 	 	94	 	 	 	72	 	 	 	76	 	 	 	701	 	 	 	742	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	  $	16,583	 	 	  $	16,584	 	 	  $	16,301	 	 	  $	15,211	 	 	  $	14,896	 	 	  $	(1	) 	 	  $	1,687	 	

 
			
3Q 2019 Preliminary Results	  	12	

			
ALLY FINANCIAL INC.
CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS	  		
 
($ in millions)
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Income Statement	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Net financing revenue	 				 				 				 				 				 				 				
Total financing revenue and other interest income	 	  $	93	 	 	  $	97	 	 	  $	90	 	 	  $	86	 	 	  $	82	 	 	  $	(4	) 	 	  $	11	 	
Interest expense	 	 	33	 	 	 	36	 	 	 	36	 	 	 	35	 	 	 	32	 	 	 	(3	) 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net financing revenue	 	 	60	 	 	 	61	 	 	 	54	 	 	 	51	 	 	 	50	 	 	 	(1	) 	 	 	10	 	
Total other revenue (adjusted) (1)	 	 	10	 	 	 	12	 	 	 	7	 	 	 	6	 	 	 	14	 	 	 	(1	) 	 	 	(4	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net revenue	 	 	70	 	 	 	73	 	 	 	61	 	 	 	57	 	 	 	64	 	 	 	(2	) 	 	 	6	 	
Provision for loan losses	 	 	3	 	 	 	3	 	 	 	23	 	 	 	10	 	 	 	8	 	 	 	-	 	 	 	(5	) 	
Noninterest expense	 				 				 				 				 				 				 				
Compensation and benefits expense	 	 	13	 	 	 	13	 	 	 	19	 	 	 	13	 	 	 	13	 	 	 	-	 	 	 	-	 	
Other operating expense	 	 	9	 	 	 	9	 	 	 	10	 	 	 	9	 	 	 	7	 	 	 	-	 	 	 	2	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total noninterest expense	 	 	22	 	 	 	22	 	 	 	29	 	 	 	22	 	 	 	20	 	 	 	-	 	 	 	2	 	
Core pre-tax income (1)	 	 	45	 	 	 	48	 	 	 	9	 	 	 	25	 	 	 	36	 	 	 	(2	) 	 	 	9	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Change in the fair value of equity securities (2)	 	 	(1	) 	 	 	(2	) 	 	 	4	 	 	 	(4	) 	 	 	(0	) 	 	 	0	 	 	 	(1	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Income	 	  $	44	 	 	  $	46	 	 	  $	13	 	 	  $	21	 	 	  $	36	 	 	  $	(2	) 	 	  $	8	 	

Balance Sheet (Period-End)	 				 				 				 				 				 				 				
Cash, trading and investment securities	 	  $	8	 	 	  $	9	 	 	  $	12	 	 	  $	7	 	 	  $	11	 	 	  $	(1	) 	 	  $	(3	) 	
Loans held for sale	 	 	240	 	 	 	195	 	 	 	24	 	 	 	47	 	 	 	112	 	 	 	45	 	 	 	128	 	
Commercial loans	 	 	5,033	 	 	 	4,795	 	 	 	5,001	 	 	 	4,636	 	 	 	4,356	 	 	 	238	 	 	 	677	 	
Allowance for loan losses	 	 	(75	) 	 	 	(87	) 	 	 	(96	) 	 	 	(77	) 	 	 	(76	) 	 	 	12	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total finance receivables and loans, net	 	 	4,958	 	 	 	4,708	 	 	 	4,905	 	 	 	4,559	 	 	 	4,280	 	 	 	250	 	 	 	678	 	
Other assets	 	 	69	 	 	 	68	 	 	 	65	 	 	 	57	 	 	 	56	 	 	 	1	 	 	 	13	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	  $	5,275	 	 	  $	4,980	 	 	  $	5,006	 	 	  $	4,670	 	 	  $	4,459	 	 	  $	295	 	 	  $	816	 	

(1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 21 for more details.
(2) Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

3Q 2019 Preliminary Results	  	13	

			
ALLY FINANCIAL INC.
CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS	  		
 
($ in millions)
																													
 	  	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Income Statement	  	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Net financing revenue	  				 				 				 				 				 				 				
Total financing revenue and other interest income	  	  $	237	 	 	  $	248	 	 	  $	251	 	 	  $	240	 	 	  $	208	 	 	  $	(11	) 	 	  $	29	 	
Interest expense	  				 				 				 				 				 				 				
Core original issue discount amortization	  	 	7	 	 	 	7	 	 	 	7	 	 	 	23	 	 	 	22	 	 	 	0	 	 	 	(14	) 	
Other interest expense	  	 	233	 	 	 	228	 	 	 	208	 	 	 	170	 	 	 	143	 	 	 	5	 	 	 	89	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest expense	  	 	240	 	 	 	235	 	 	 	215	 	 	 	193	 	 	 	165	 	 	 	5	 	 	 	75	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net financing (loss) / revenue	  	 	(3	) 	 	 	13	 	 	 	36	 	 	 	47	 	 	 	43	 	 	 	(16	) 	 	 	(46	) 	
Other revenue	  				 				 				 				 				 				 				
Other gain on investments, net	  	 	22	 	 	 	14	 	 	 	9	 	 	 	-	 	 	 	1	 	 	 	8	 	 	 	21	 	
Other income, net of losses (1)	  	 	24	 	 	 	20	 	 	 	16	 	 	 	47	 	 	 	19	 	 	 	4	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other revenue	  	 	46	 	 	 	34	 	 	 	25	 	 	 	47	 	 	 	20	 	 	 	12	 	 	 	26	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net revenue	  	 	43	 	 	 	47	 	 	 	61	 	 	 	94	 	 	 	63	 	 	 	(4	) 	 	 	(20	) 	
Provision for loan losses	  	 	(5	) 	 	 	(6	) 	 	 	(5	) 	 	 	(3	) 	 	 	(6	) 	 	 	1	 	 	 	1	 	
Noninterest expense	  				 				 				 				 				 				 				
Compensation and benefits expense	  	 	129	 	 	 	127	 	 	 	134	 	 	 	120	 	 	 	115	 	 	 	2	 	 	 	14	 	
Other operating expense (2)	  	 	(41	) 	 	 	(49	) 	 	 	(54	) 	 	 	(33	) 	 	 	(29	) 	 	 	8	 	 	 	(12	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total noninterest expense	  	 	88	 	 	 	78	 	 	 	80	 	 	 	87	 	 	 	86	 	 	 	10	 	 	 	2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax (loss) / income	  	  $	(40	) 	 	  $	(25	) 	 	  $	(14	) 	 	  $	10	 	 	  $	(17	) 	 	  $	(15	) 	 	  $	(23	) 	

Balance Sheet (Period-End)	  				 				 				 				 				 				 				
Cash, trading and investment securities	  	  $	30,445	 	 	  $	29,733	 	 	  $	28,963	 	 	  $	27,853	 	 	  $	25,372	 	 	  $	712	 	 	  $	5,073	 	
Loans held-for-sale	  	 	67	 	 	 	58	 	 	 	50	 	 	 	49	 	 	 	45	 	 	 	9	 	 	 	22	 	
Consumer loans	  	 	1,405	 	 	 	1,467	 	 	 	1,496	 	 	 	1,570	 	 	 	1,613	 	 	 	(62	) 	 	 	(208	) 	
Commercial loans (3)	  	 	165	 	 	 	142	 	 	 	135	 	 	 	126	 	 	 	122	 	 	 	23	 	 	 	43	 	
Allowance for loan losses	  	 	(29	) 	 	 	(31	) 	 	 	(36	) 	 	 	(38	) 	 	 	(45	) 	 	 	2	 	 	 	16	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total finance receivables and loans, net	  	 	1,541	 	 	 	1,578	 	 	 	1,595	 	 	 	1,658	 	 	 	1,690	 	 	 	(37	) 	 	 	(149	) 	
Other assets	  	 	4,000	 	 	 	4,319	 	 	 	4,234	 	 	 	4,390	 	 	 	4,188	 	 	 	(319	) 	 	 	(188	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	  $	36,053	 	 	  $	35,688	 	 	  $	34,842	 	 	  $	33,950	 	 	  $	31,295	 	 	  $	365	 	 	  $	4,758	 	

	Core OID Amortization Schedule(4)	  	2019	 	2020	 	2021	 	2022	 	2023 & After	 	 	 	 	
Remaining Core OID amortization expense	  	  $	8	 	 	  $	34	 	 	  $	39	 	 	  $	45	 	 	 	Avg = $52/yr	 	 				 				
 
(1) Includes gain/(loss) on mortgage and automotive loans as well as Ally Invest fee-based revenue.
(2) Other operating expenses includes corporate overhead allocated to the other business segments. Amounts of corporate overhead allocated were $225 million for 3Q19, $219 million for 2Q19, $229 million for 1Q19, $220 million for 4Q18 and $208 million for 3Q18. The receiving business segment records the allocation of corporate overhead expense within other operating expenses.
(3) Includes intercompany.
(4) Represents a non-GAAP financial measure. For more details refer to page 21.

3Q 2019 Preliminary Results	  	14	

			
ALLY FINANCIAL INC.
CREDIT RELATED INFORMATION	  		
 
($ in millions)
																													
 	  	QUARTERLY TRENDS	  	CHANGE VS.	
								
	Asset Quality - Consolidated (1)	  	3Q 19	  	2Q 19	  	1Q 19	  	4Q 18	  	3Q 18	  	2Q 19	 	3Q 18	
Ending loan balance	  	  $	128,609	 	  	  $	129,210	 	  	  $	130,055	 	  	  $	129,926	 	  	  $	126,605	 	  	  $	(601	) 	 	  $	2,004	 	
30+ Accruing DPD	  	  $	2,561	 	  	  $	2,227	 	  	  $	1,920	 	  	  $	2,598	 	  	  $	2,235	 	  	  $	334	 	 	  $	326	 	
30+ Accruing DPD%	  	 	1.99%	 	  	 	1.72%	 	  	 	1.48%	 	  	 	2.00%	 	  	 	1.76%	 	  				 				
Non-performing loans (NPLs)	  	  $	929	 	  	  $	903	 	  	  $	987	 	  	  $	1,092	 	  	  $	903	 	  	  $	26	 	 	  $	26	 	
Net charge-offs (NCOs)	  	  $	267	 	  	  $	182	 	  	  $	237	 	  	  $	271	 	  	  $	235	 	  	  $	85	 	 	  $	32	 	
Net charge-off rate (2)	  	 	0.83%	 	  	 	0.56%	 	  	 	0.73%	 	  	 	0.85%	 	  	 	0.75%	 	  				 				
								
Provision for loan losses	  	  $	263	 	  	  $	177	 	  	  $	282	 	  	  $	266	 	  	  $	233	 	  	  $	86	 	 	  $	30	 	
Allowance for loan losses (ALLL)	  	  $	1,277	 	  	  $	1,282	 	  	  $	1,288	 	  	  $	1,242	 	  	  $	1,248	 	  	  $	(5	) 	 	  $	29	 	
								
ALLL as % of Loans (3) (4)	  	 	0.99%	 	  	 	0.99%	 	  	 	0.99%	 	  	 	0.96%	 	  	 	0.99%	 	  				 				
ALLL as % of NPLs (3)	  	 	137%	 	  	 	142%	 	  	 	130%	 	  	 	114%	 	  	 	138%	 	  				 				
ALLL as % of NCOs (3)	  	 	119%	 	  	 	176%	 	  	 	136%	 	  	 	115%	 	  	 	133%	 	  				 				
								
US Auto Delinquencies - HFI Retail Contract $‘s (5)	  				  				  				  				  				  				 				
Delinquent contract $	  	  $	2,428	 	  	  $	2,113	 	  	  $	1,833	 	  	  $	2,501	 	  	  $	2,139	 	  	  $	315	 	 	  $	289	 	
% of retail contract $outstanding	  	 	3.32%	 	  	 	2.90%	 	  	 	2.56%	 	  	 	3.55%	 	  	 	3.06%	 	  				 				
								
U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s	  				  				  				  				  				  				 				
Net charge-offs	  	  $	253	 	  	  $	172	 	  	  $	234	 	  	  $	259	 	  	  $	233	 	  	  $	81	 	 	  $	20	 	
% of avg. HFI assets (2)	  	 	1.38%	 	  	 	0.95%	 	  	 	1.32%	 	  	 	1.48%	 	  	 	1.32%	 	  				 				
								
U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s	  				  				  				  				  				  				 				
Net charge-offs	  	  $	1	 	  	  $	1	 	  	  $	0	 	  	  $	0	 	  	  $	3	 	  	  $	-	 	 	  $	(2	) 	
% of avg. HFI assets (2)	  	 	0.02%	 	  	 	0.01%	 	  	 	0.00%	 	  	 	0.00%	 	  	 	0.04%	 	  				 				
 
(1) Loans within this table are classified as held-for-investment recorded at amortized cost as these loans are included in our allowance for loan losses.
(2) Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance recievables and loans excluding loans measured at fair value, conditional repurchase loans and loans held-for-sale during the year for each loan category.
(3) ALLL coverage ratios are based on the allowance for loan losses related to loans held-for-investment excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
(4) Excludes $176 million of fair value adjustment for loans in hedge accounting relationships in 3Q19, $153 million in 2Q19, $63 million in 1Q19, $24 million in 4Q18, ($52) million in 3Q18 and ($40) million in 2Q18.
(5) Dollar amount of accruing contracts greater than 30 days past due

3Q 2019 Preliminary Results	  	15	

			
ALLY FINANCIAL INC.
CREDIT RELATED INFORMATION, CONTINUED	  		
 
($ in millions)
CONTINUING OPERATIONS
																													
	Automotive Finance (1)	  	QUARTERLY TRENDS	  	CHANGE VS.	
								
Consumer	  	3Q 19	  	2Q 19	  	1Q 19	  	4Q 18	  	3Q 18	  	2Q 19	 	3Q 18	
Allowance for loan losses	  	  $	 1,090	 	  	  $	1,078	 	  	  $	1,070	 	  	  $	1,048	 	  	  $	1,043	 	  	  $	12	 	 	  $	47	 	
Total consumer loans (2)	  	  $	 73,071	 	  	  $	 72,898	 	  	  $	 71,553	 	  	  $	 70,539	 	  	  $	 69,995	 	  	  $	173	 	 	  $	 3,076	 	
Coverage ratio (3)	  	 	1.50%	 	  	 	1.48%	 	  	 	1.50%	 	  	 	1.49%	 	  	 	1.49%	 	  				 				
								
Commercial	  				  				  				  				  				  				 				
Allowance for loan losses	  	  $	66	 	  	  $	68	 	  	  $	68	 	  	  $	63	 	  	  $	64	 	  	  $	(2	) 	 	  $	2	 	
Total commercial loans	  	  $	33,330	 	  	  $	33,575	 	  	  $	35,708	 	  	  $	37,924	 	  	  $	35,626	 	  	  $	(245	) 	 	  $	 (2,296	) 	
Coverage ratio	  	 	0.20%	 	  	 	0.20%	 	  	 	0.19%	 	  	 	0.17%	 	  	 	0.18%	 	  				 				
								
Mortgage (1)	  				  				  				  				  				  				 				
Consumer	  				  				  				  				  				  				 				
Mortgage Finance	  				  				  				  				  				  				 				
Allowance for loan losses	  	  $	17	 	  	  $	18	 	  	  $	18	 	  	  $	16	 	  	  $	20	 	  	  $	(1	) 	 	  $	(3	) 	
Total consumer loans	  	  $	15,782	 	  	  $	16,485	 	  	  $	16,225	 	  	  $	15,155	 	  	  $	14,840	 	  	  $	(703	) 	 	  $	942	 	
Coverage ratio	  	 	0.11%	 	  	 	0.11%	 	  	 	0.11%	 	  	 	0.11%	 	  	 	0.13%	 	  				 				
								
Mortgage - Legacy	  				  				  				  				  				  				 				
Allowance for loan losses	  	  $	27	 	  	  $	31	 	  	  $	34	 	  	  $	37	 	  	  $	44	 	  	  $	(4	) 	 	  $	(17	) 	
Total consumer loans	  	  $	1,228	 	  	  $	1,315	 	  	  $	1,433	 	  	  $	1,546	 	  	  $	1,666	 	  	  $	(87	) 	 	  $	(438	) 	
Coverage ratio	  	 	2.23%	 	  	 	2.35%	 	  	 	2.36%	 	  	 	2.37%	 	  	 	2.64%	 	  				 				
								
Total Mortgage	  				  				  				  				  				  				 				
Allowance for loan losses	  	  $	44	 	  	  $	49	 	  	  $	52	 	  	  $	53	 	  	  $	64	 	  	  $	(5	) 	 	  $	(20	) 	
Total consumer loans	  	  $	17,010	 	  	  $	17,800	 	  	  $	17,658	 	  	  $	16,701	 	  	  $	16,506	 	  	  $	 (790	) 	 	  $	504	 	
Coverage ratio	  	 	0.26%	 	  	 	0.27%	 	  	 	0.29%	 	  	 	0.32%	 	  	 	0.39%	 	  				 				
								
Corporate Finance (1)	  				  				  				  				  				  				 				
Allowance for loan losses	  	  $	75	 	  	  $	87	 	  	  $	96	 	  	  $	77	 	  	  $	76	 	  	  $	(12	) 	 	  $	(1	) 	
Total commercial loans	  	  $	5,033	 	  	  $	4,795	 	  	  $	5,001	 	  	  $	4,636	 	  	  $	4,356	 	  	  $	238	 	 	  $	677	 	
Coverage ratio	  	 	1.50%	 	  	 	1.81%	 	  	 	1.91%	 	  	 	1.66%	 	  	 	1.74%	 	  				 				
								
Corporate and Other (1)	  				  				  				  				  				  				 				
Allowance for loan losses	  	  $	2	 	  	  $	0	 	  	  $	2	 	  	  $	1	 	  	  $	1	 	  	  $	2	 	 	  $	1	 	
Total commercial loans	  	  $	165	 	  	  $	142	 	  	  $	135	 	  	  $	126	 	  	  $	122	 	  	  $	23	 	 	  $	43	 	
Coverage ratio	  	 	0.93%	 	  	 	0.34%	 	  	 	1.31%	 	  	 	1.15%	 	  	 	1.15%	 	  				 				
 
(1) ALL coverage ratios are based on the domestic allowance as a percentage of finance receivables and loans reported at their gross carrying value, which includes the principal amount outstanding, net of unearned income, unamortized deferred fees reduced by costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. Excludes loans held at fair value.
(2) Includes $176 million of fair value adjustment for loans in hedge accounting relationships in 3Q19, $153 million in 2Q19, $63 million in 1Q19, $24 million in 4Q18, ($52) million in 3Q18 and ($40) million in 2Q18.
(3) Excludes $176 million of fair value adjustment for loans in hedge accounting relationships in 3Q19, $153 million in 2Q19, $63 million in 1Q19, $24 million in 4Q18, ($52) million in 3Q18 and ($40) million in 2Q18.

3Q 2019 Preliminary Results	  	16	

			
ALLY FINANCIAL INC.
CAPITAL	  		
 
($ in billions)
																													
 	  	QUARTERLY TRENDS	 	CHANGE VS.	
 	  	Basel III Transition	 	 	
	Capital (1)	  	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Risk-weighted assets	  	  $	145.8	 	 	  $	145.9	 	 	  $	145.9	 	 	  $	146.6	 	 	  $	142.2	 	 	  $	(0.1	) 	 	  $	3.6	 	
								
Common Equity Tier 1 (CET1) capital ratio	  	 	9.6%	 	 	 	9.5%	 	 	 	9.3%	 	 	 	9.1%	 	 	 	9.4%	 	 				 				
Tier 1 capital ratio	  	 	11.2%	 	 	 	11.2%	 	 	 	11.0%	 	 	 	10.8%	 	 	 	11.1%	 	 				 				
Total capital ratio	  	 	12.8%	 	 	 	12.7%	 	 	 	12.5%	 	 	 	12.3%	 	 	 	12.7%	 	 				 				
								
Tangible common equity / Tangible assets (2)(3)	  	 	7.8%	 	 	 	7.8%	 	 	 	7.5%	 	 	 	7.3%	 	 	 	7.4%	 	 				 				
Tangible common equity / Risk-weighted assets(2)	  	 	9.7%	 	 	 	9.6%	 	 	 	9.2%	 	 	 	8.9%	 	 	 	9.0%	 	 				 				
								
Shareholders’ equity	  	  $	14.5	 	 	  $	14.3	 	 	  $	13.7	 	 	  $	13.3	 	 	  $	13.1	 	 	  $	0.2	 	 	  $	1.4	 	
less:   Disallowed DTA	  	 	-	 	 	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.2	) 	 	 	0.1	 	 	 	0.2	 	
Certain AOCI items and other adjustments	  	 	(0.5	) 	 	 	(0.3	) 	 	 	-	 	 	 	0.3	 	 	 	0.5	 	 	 	(0.2	) 	 	 	(1.0	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common Equity Tier 1 capital (4)	  	  $	14.0	 	 	  $	13.9	 	 	  $	13.6	 	 	  $	13.4	 	 	  $	13.4	 	 	  $	0.1	 	 	  $	0.6	 	

Common Equity Tier 1 capital	  	  $	14.0	 	 	  $	13.9	 	 	  $	13.6	 	 	  $	13.4	 	 	  $	13.4	 	 	  $	0.1	 	 	  $	0.6	 	
add: Trust preferred securities	  	 	2.5	 	 	 	2.5	 	 	 	2.5	 	 	 	2.5	 	 	 	2.5	 	 	 	-	 	 	 	-	 	
less:   Other adjustments	  	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.1	) 	 	 	-	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tier 1 capital	  	  $	16.4	 	 	  $	16.3	 	 	  $	16.0	 	 	  $	15.8	 	 	  $	15.8	 	 	  $	0.1	 	 	  $	0.6	 	

Tier 1 capital	  	  $	16.4	 	 	  $	16.3	 	 	  $	16.0	 	 	  $	15.8	 	 	  $	15.8	 	 	  $	0.1	 	 	  $	0.6	 	
add: Qualifying subordinated debt	  	 	1.0	 	 	 	1.0	 	 	 	1.0	 	 	 	1.0	 	 	 	1.0	 	 	 	-	 	 	 	-	 	
Allowance for loan and lease losses includible in Tier 2 capital and other adjustments	  	 	1.2	 	 	 	1.2	 	 	 	1.2	 	 	 	1.2	 	 	 	1.2	 	 	 	-	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capital	  	  $	18.6	 	 	  $	18.6	 	 	  $	18.3	 	 	  $	18.0	 	 	  $	18.0	 	 	  $	-	 	 	  $	0.6	 	

Total shareholders’ equity	  	  $	14.5	 	 	  $	14.3	 	 	  $	13.7	 	 	  $	13.3	 	 	  $	13.1	 	 	  $	0.2	 	 	  $	1.4	 	
Goodwill and intangible assets, net of deferred tax liabilities	  	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	-	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible common equity (2)	  	  $	14.2	 	 	  $	14.0	 	 	  $	13.4	 	 	  $	13.0	 	 	  $	12.8	 	 	  $	0.2	 	 	  $	1.4	 	

Total assets	  	  $	181.5	 	 	  $	180.4	 	 	  $	180.1	 	 	  $	178.9	 	 	  $	173.1	 	 	  $	1.1	 	 	  $	8.4	 	
less:   Goodwill and intangible assets, net of deferred tax liabilities	  	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	-	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible assets (3)	  	  $	181.2	 	 	  $	180.2	 	 	  $	179.8	 	 	  $	178.6	 	 	  $	172.8	 	 	  $	1.0	 	 	  $	8.4	 	

Denominator for Common equity tier 1 ratio	  				 				 				 				 				 				 				
Risk-weighted assets (transition)	  	  $	145.8	 	 	  $	145.9	 	 	  $	145.9	 	 	  $	146.6	 	 	  $	142.2	 	 				 				
DTAs arising from temporary differences that could not be realized through NOL , net of VA and net of DTLs phased-in during transition	  	 	0.1	 	 	 	0.2	 	 	 	0.1	 	 	 	0.2	 	 	 	0.3	 	 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				
Risk-weighted assets (fully phased-in)	  	  $	145.9	 	 	  $	146.0	 	 	  $	146.0	 	 	  $	146.8	 	 	  $	142.5	 	 				 				
								
Metric	  				 				 				 				 				 				 				
Common equity tier 1 ratio (transition) 	  	 	9.6%	 	 	 	9.5%	 	 	 	9.3%	 	 	 	9.1%	 	 	 	9.4%	 	 				 				
Common equity tier 1 ratio (fully phased-in) (4)	  	 	9.6%	 	 	 	9.5%	 	 	 	9.3%	 	 	 	9.1%	 	 	 	9.4%	 	 				 				
 
Note: Numbers may not foot due to rounding
(1) Basel III rules became effective on January 1, 2015, subject to transition provisions primarily related to deductions and adjustments impacting CET1 capital and Tier 1 capital
(2) Represents a non-GAAP financial measure. Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for tax-effected Core OID balance and net deferred tax asset.
(3) Represents a non-GAAP financial measure. Ally defines tangible assets as total assets less goodwill and intangible assets, net of deferred tax liabilities.
(4) Common Equity Tier 1 (“CET1”) capital fully phased-in: Under the Basel III regulatory framework as adopted in the United States, banking organizations like the company are required to comply with a minimum ratio of common equity tier 1 capital to risk-weighted assets (CET1 Capital Ratio). Common equity tier 1 capital generally consists of common stock (plus any related surplus and net of any treasury stock), retained earnings, accumulated other comprehensive income, and minority interests in the common equity of consolidated subsidiaries, subject to specified conditions and adjustments. The obligation to comply with the minimum CET1 Capital Ratio is subject to ongoing transition periods and other provisions under Basel III. Management believes that both the transitional CET1 Capital Ratio and the fully phased-in CET1 Capital Ratio are helpful to readers in evaluating the company’s capital utilization and adequacy in absolute terms and relative to its peers. The fully phased-in CET1 Capital Ratio is a non-GAAP financial measure that is reconciled to the transitional CET1 Capital Ratio above.

3Q 2019 Preliminary Results	  	17	

			
ALLY FINANCIAL INC.
LIQUIDITY	  		
 
($ in billions)
																													
 	  	QUARTERLY TRENDS	  	CHANGE VS.	
	Consolidated Available Liquidity	  	3Q 19	  	2Q 19	  	1Q 19	  	4Q 18	  	3Q 18	  	2Q 19	  	3Q 18	
Cash and cash equivalents (1)	  	  $	3.2	 	  	  $	3.2	 	  	  $	3.5	 	  	  $	4.2	 	  	  $	3.3	 	  	  $	0.0	 	  	  $	 (0.1	) 	
Highly liquid securities (2)	  	 	23.5	 	  	 	21.5	 	  	 	20.3	 	  	 	12.8	 	  	 	15.5	 	  	 	1.9	 	  	 	8.0	 	
Current committed unused capacity	  	 	2.0	 	  	 	1.6	 	  	 	1.8	 	  	 	1.9	 	  	 	2.4	 	  	 	0.3	 	  	 	(0.4	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Subtotal	  	  $	 28.6	 	  	  $	 26.3	 	  	  $	 25.6	 	  	  $	 19.0	 	  	  $	 21.1	 	  	  $	2.3	 	  	  $	7.5	 	
Ally Bank intercompany loan	  	 	-	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	-	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total current available liquidity	  	  $	28.6	 	  	  $	26.3	 	  	  $	25.6	 	  	  $	19.0	 	  	  $	21.1	 	  	  $	 2.3	 	  	  $	7.5	 	

	Unsecured Long-Term Debt Maturity Profile	  	2019	  	2020	  	2021	  	2022	  	2023	  	2024 and After	  	 	
Consolidated remaining maturities	  	  $	0.8	 	  	  $	2.3	 	  	  $	0.7	 	  	  $	1.1	 	  	  $	0.0	 	  	  $	8.2	 	  				
 
(1) May include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date
(2) Includes unencumbered UST, Agency debt and Agency MBS

3Q 2019 Preliminary Results	  	18	

			
ALLY FINANCIAL INC.
NET INTEREST MARGIN AND DEPOSITS	  		
 
($ in millions)
																													
 	  	QUARTERLY TRENDS	  	CHANGE VS.	
								
	Average Balance Details	  	3Q 19	  	2Q 19	  	1Q 19	  	4Q 18	  	3Q 18	  	2Q 19	 	3Q 18	
Retail Auto Loans	  	  $	73,162	 	  	  $	72,274	 	  	  $	70,981	 	  	  $	69,982	 	  	  $	70,547	 	  	  $	888	 	 	  $	2,616	 	
Auto Lease (net of dep)	  	 	8,525	 	  	 	8,370	 	  	 	8,389	 	  	 	8,516	 	  	 	8,634	 	  	 	155	 	 	 	(109	) 	
Commercial Auto	  	 	33,273	 	  	 	34,757	 	  	 	35,641	 	  	 	36,815	 	  	 	34,529	 	  	 	(1,484	) 	 	 	(1,256	) 	
Corporate Finance	  	 	5,166	 	  	 	5,080	 	  	 	4,825	 	  	 	4,402	 	  	 	4,228	 	  	 	86	 	 	 	938	 	
Mortgage	  	 	17,723	 	  	 	17,841	 	  	 	17,186	 	  	 	16,602	 	  	 	15,660	 	  	 	(118	) 	 	 	2,063	 	
Cash, Securities and Other	  	 	36,467	 	  	 	36,348	 	  	 	34,987	 	  	 	33,511	 	  	 	30,812	 	  	 	119	 	 	 	5,655	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total Earning Assets	  	  $	 174,316	 	  	  $	 174,670	 	  	  $	 172,009	 	  	  $	 169,828	 	  	  $	 164,410	 	  	  $	(354	) 	 	  $	9,907	 	
								
Interest Revenue	  	 	2,257	 	  	 	2,252	 	  	 	2,187	 	  	 	2,168	 	  	 	2,049	 	  	 	5	 	 	 	209	 	
								
Unsecured Debt (ex. Core OID balance) (1)(4)	  	  $	13,164	 	  	  $	12,749	 	  	  $	12,664	 	  	  $	13,963	 	  	  $	15,014	 	  	  $	416	 	 	  $	(1,850	) 	
Secured Debt	  	 	9,860	 	  	 	13,722	 	  	 	16,163	 	  	 	18,029	 	  	 	18,840	 	  	 	(3,862	) 	 	 	(8,980	) 	
Deposits (2)	  	 	117,638	 	  	 	114,392	 	  	 	109,309	 	  	 	103,802	 	  	 	99,964	 	  	 	3,246	 	 	 	17,674	 	
Other Borrowings (3)	  	 	19,996	 	  	 	20,720	 	  	 	21,712	 	  	 	22,451	 	  	 	19,770	 	  	 	(725	) 	 	 	226	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total Funding Sources (ex. Core OID balance) (1)	  	  $	160,658	 	  	  $	161,583	 	  	  $	159,848	 	  	  $	158,245	 	  	  $	153,588	 	  	  $	(925	) 	 	  $	7,070	 	
Interest Expense (ex. Core OID) (1)	  	 	1,062	 	  	 	1,088	 	  	 	1,048	 	  	 	1,005	 	  	 	920	 	  	 	(26	) 	 	 	142	 	
								
Net Financing Revenue (ex. Core OID) (1)	  	  $	1,195	 	  	  $	1,164	 	  	  $	1,139	 	  	  $	1,163	 	  	  $	1,129	 	  	  $	31	 	 	  $	66	 	
								
Net Interest Margin (yield details)	  				  				  				  				  				  				 				
Retail Auto Loan	  	 	6.66%	 	  	 	6.58%	 	  	 	6.47%	 	  	 	6.39%	 	  	 	6.20%	 	  	 	0.08%	 	 	 	0.46%	 	
Auto Lease (net of dep)	  	 	6.24%	 	  	 	5.94%	 	  	 	5.56%	 	  	 	5.82%	 	  	 	5.56%	 	  	 	0.30%	 	 	 	0.68%	 	
Commercial Auto	  	 	4.59%	 	  	 	4.75%	 	  	 	4.80%	 	  	 	4.55%	 	  	 	4.40%	 	  	 	-0.16%	 	 	 	0.19%	 	
Corporate Finance	  	 	7.14%	 	  	 	7.66%	 	  	 	7.48%	 	  	 	7.48%	 	  	 	7.41%	 	  	 	-0.52%	 	 	 	-0.27%	 	
Mortgage	  	 	3.51%	 	  	 	3.71%	 	  	 	3.82%	 	  	 	3.73%	 	  	 	3.65%	 	  	 	-0.20%	 	 	 	-0.14%	 	
Cash, Securities and Other	  	 	2.82%	 	  	 	2.96%	 	  	 	3.09%	 	  	 	3.02%	 	  	 	2.83%	 	  	 	-0.14%	 	 	 	-0.01%	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total Earning Assets	  	 	5.14%	 	  	 	5.17%	 	  	 	5.16%	 	  	 	5.06%	 	  	 	4.94%	 	  	 	-0.03%	 	 	 	0.20%	 	
								
Unsecured Debt (ex. Core OID & Core OID balance) (1)(4)	  	 	6.15%	 	  	 	6.32%	 	  	 	6.37%	 	  	 	6.14%	 	  	 	5.79%	 	  	 	-0.17%	 	 	 	0.36%	 	
Secured Debt	  	 	3.02%	 	  	 	3.16%	 	  	 	3.11%	 	  	 	2.95%	 	  	 	2.79%	 	  	 	-0.14%	 	 	 	0.23%	 	
Deposits (2)	  	 	2.22%	 	  	 	2.29%	 	  	 	2.20%	 	  	 	2.00%	 	  	 	1.84%	 	  	 	-0.07%	 	 	 	0.38%	 	
Other Borrowings (3)	  	 	2.48%	 	  	 	2.48%	 	  	 	2.48%	 	  	 	2.33%	 	  	 	2.13%	 	  	 	0.00%	 	 	 	0.35%	 	

Total Funding Sources (ex. Core OID & Core OID balance) (1)	  	 	2.62%	 	  	 	2.70%	 	  	 	2.66%	 	  	 	2.52%	 	  	 	2.38%	 	  	 	-0.08%	 	 	 	0.24%	 	
								
NIM (as reported)	  	 	2.70%	 	  	 	2.66%	 	  	 	2.67%	 	  	 	2.66%	 	  	 	2.67%	 	  	 	0.04%	 	 	 	0.03%	 	
								
NIM (ex. Core OID & Core OID balance) (1)	  	 	2.72%	 	  	 	2.67%	 	  	 	2.69%	 	  	 	2.72%	 	  	 	2.72%	 	  	 	0.05%	 	 	 	0.00%	 	
								
Ally Bank Deposits	  				  				  				  				  				  				 				
Key Deposit Statistics	  				  				  				  				  				  				 				
Average retail CD maturity (months)	  	 	20.3	 	  	 	20.6	 	  	 	20.9	 	  	 	21.3	 	  	 	22.0	 	  	 	(0.2	) 	 	 	(1.6	) 	
Average retail deposit rate	  	 	2.14%	 	  	 	2.22%	 	  	 	2.14%	 	  	 	1.93%	 	  	 	1.78%	 	  				 				
								
End of Period Deposit Levels	  				  				  				  				  				  				 				
Retail	  	  $	101,295	 	  	  $	98,600	 	  	  $	95,423	 	  	  $	89,121	 	  	  $	84,629	 	  	  $	2,695	 	 	  $	 16,666	 	
Brokered & other(2)	  	 	17,935	 	  	 	17,725	 	  	 	17,876	 	  	 	17,057	 	  	 	16,750	 	  	 	210	 	 	 	1,185	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total deposits	  	  $	119,230	 	  	  $	116,325	 	  	  $	113,299	 	  	  $	106,178	 	  	  $	101,379	 	  	  $	2,905	 	 	  $	17,851	 	

Deposit Mix	  				  				  				  				  				  				 				
Retail CD	  	 	36%	 	  	 	34%	 	  	 	34%	 	  	 	34%	 	  	 	34%	 	  				 				
MMA/OSA/Checking	  	 	49%	 	  	 	51%	 	  	 	50%	 	  	 	50%	 	  	 	49%	 	  				 				
Brokered(2)	  	 	15%	 	  	 	15%	 	  	 	16%	 	  	 	16%	 	  	 	17%	 	  				 				
 
(1) Represents a non-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt.
(2) Includes brokered and other deposits. Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.
(3) Includes Demand Notes, FHLB Borrowings and Repurchase Agreements.
(4) Includes trust preferred securities.

3Q 2019 Preliminary Results	  	19	

			
ALLY FINANCIAL INC.
ALLY BANK CONSUMER MORTGAGE HFI PORTFOLIOS (PERIOD-END)	  		
 
($ in billions)
																					
 	  	HISTORICAL QUARTERLY TRENDS	
						
	Mortgage Finance HFI Portfolio	  	3Q 19	  	2Q 19	  	1Q 19	  	4Q 18	  	3Q 18	
Loan Value	  				  				  				  				  				
Gross carry value	  	  $	15.8	 	  	  $	16.5	 	  	  $	16.2	 	  	  $	15.2	 	  	  $	14.8	 	
Net carry value	  	  $	15.8	 	  	  $	16.5	 	  	  $	16.2	 	  	  $	15.1	 	  	  $	14.8	 	
						
Estimated Pool Characteristics	  				  				  				  				  				
% Second lien	  	 	0.0%	 	  	 	0.0%	 	  	 	0.0%	 	  	 	0.0%	 	  	 	0.0%	 	
% Interest only	  	 	0.0%	 	  	 	0.1%	 	  	 	0.1%	 	  	 	0.1%	 	  	 	0.1%	 	
% 30+ Day delinquent	  	 	0.8%	 	  	 	0.6%	 	  	 	0.4%	 	  	 	0.5%	 	  	 	0.4%	 	
% Low/No documentation	  	 	0.1%	 	  	 	0.1%	 	  	 	0.0%	 	  	 	0.0%	 	  	 	0.0%	 	
% Non-primary residence	  	 	4.5%	 	  	 	4.7%	 	  	 	4.6%	 	  	 	4.4%	 	  	 	4.2%	 	
Refreshed FICO	  	 	774	 	  	 	774	 	  	 	772	 	  	 	774	 	  	 	772	 	
Wtd. Avg. LTV/CLTV (1)	  	 	60.7%	 	  	 	60.6%	 	  	 	60.7%	 	  	 	59.6%	 	  	 	60.8%	 	
						
Corporate Other Legacy Mortgage HFI Portfolio	  				  				  				  				  				
Loan Value	  				  				  				  				  				
Gross carry value	  	  $	1.2	 	  	  $	1.3	 	  	  $	1.4	 	  	  $	1.5	 	  	  $	1.7	 	
Net carry value	  	  $	1.2	 	  	  $	1.3	 	  	  $	1.4	 	  	  $	1.5	 	  	  $	1.6	 	
						
Estimated Pool Characteristics	  				  				  				  				  				
% Second lien	  	 	14.0%	 	  	 	15.2%	 	  	 	15.6%	 	  	 	15.4%	 	  	 	15.2%	 	
% Interest only	  	 	0.1%	 	  	 	0.2%	 	  	 	0.3%	 	  	 	0.2%	 	  	 	0.2%	 	
% 30+ Day delinquent	  	 	5.2%	 	  	 	5.7%	 	  	 	5.4%	 	  	 	5.4%	 	  	 	6.1%	 	
% Low/No documentation	  	 	23.2%	 	  	 	23.2%	 	  	 	23.2%	 	  	 	23.3%	 	  	 	23.3%	 	
% Non-primary residence	  	 	7.1%	 	  	 	7.4%	 	  	 	7.5%	 	  	 	7.6%	 	  	 	7.5%	 	
Refreshed FICO	  	 	731	 	  	 	731	 	  	 	729	 	  	 	730	 	  	 	730	 	
Wtd. Avg. LTV/CLTV (1)	  	 	64.5%	 	  	 	65.4%	 	  	 	65.9%	 	  	 	65.8%	 	  	 	67.8%	 	

(1) Updated home values derived using a combination of appraisals, BPOs, AVMs and MSA level house price indices; calculation only includes first liens

3Q 2019 Preliminary Results	  	20	

			
ALLY FINANCIAL INC.
EARNINGS PER SHARE RELATED INFORMATION	  		
 
($ in millions, shares in thousands)
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Earnings Per Share Data	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
GAAP net income attributable to common shareholders	 	  $	381	 	 	  $	582	 	 	  $	374	 	 	  $	290	 	 	  $	374	 	 	  $	(201	) 	 	  $	7	 	
								
Weighted-average common shares outstanding - basic (1)	 	 	390,205	 	 	 	398,100	 	 	 	404,129	 	 	 	411,931	 	 	 	422,187	 	 	 	(7,895	) 	 	 	(31,982	) 	
								
Weighted-average common shares outstanding - diluted (1)	 	 	392,604	 	 	 	399,916	 	 	 	405,959	 	 	 	414,750	 	 	 	424,784	 	 	 	(7,312	) 	 	 	(32,180	) 	
								
Issued shares outstanding (period-end)	 	 	383,523	 	 	 	392,775	 	 	 	399,761	 	 	 	404,900	 	 	 	416,591	 	 	 	(9,252	) 	 	 	(33,067	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) per share - basic (1)	 	  $	0.98	 	 	  $	1.46	 	 	  $	0.93	 	 	  $	0.70	 	 	  $	0.89	 	 	  $	(0.49	) 	 	  $	0.09	 	

Net income (loss) per share - diluted (1)	 	  $	0.97	 	 	  $	1.46	 	 	  $	0.92	 	 	  $	0.70	 	 	  $	0.88	 	 	  $	(0.48	) 	 	  $	0.09	 	

Adjusted Earnings per Share (“Adjusted EPS”)	 				 				 				 				 				 				 				
Numerator	 				 				 				 				 				 				 				
GAAP net income attributable to common shareholders	 	  $	381	 	 	  $	582	 	 	  $	374	 	 	  $	290	 	 	  $	374	 	 	  $	(201	) 	 	  $	7	 	
(Loss) / income from discontinued operations, net of tax	 	 	-	 	 	 	2	 	 	 	1	 	 	 	(1	) 	 	 	-	 	 	 	(2	) 	 	 	-	 	
Core OID	 	 	7	 	 	 	7	 	 	 	7	 	 	 	23	 	 	 	22	 	 	 	0	 	 	 	(14	) 	
Change in the fair value of equity securities (2)	 	 	11	 	 	 	(2	) 	 	 	(70	) 	 	 	95	 	 	 	(6	) 	 	 	13	 	 	 	17	 	
Core OID & change in the fair value of equity securities tax (tax rate 21% starting 1Q18) (2)	 	 	(4	) 	 	 	(1	) 	 	 	13	 	 	 	(25	) 	 	 	(3	) 	 	 	(3	) 	 	 	(1	) 	
Significant discrete tax items	 	 	-	 	 	 	(201	) 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	201	 	 	 	-	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core net income attributable to common shareholders (3)	 	  $	396	 	 	  $	387	 	 	  $	325	 	 	  $	382	 	 	  $	386	 	 	  $	9	 	 	  $	9	 	
Denominator	 				 				 				 				 				 				 				
Weighted-average common shares outstanding - diluted (1)	 	 	    392,604	 	 	 	    399,916	 	 	 	    405,959	 	 	 	    414,750	 	 	 	    424,784	 	 	 	    (7,312	) 	 	 	    (32,180	) 	
								
Adjusted EPS (4)	 	  $	1.01	 	 	  $	0.97	 	 	  $	0.80	 	 	  $	0.92	 	 	  $	0.91	 	 	  $	0.04	 	 	  $	0.10	 	
								
Memo	 				 				 				 				 				 				 				
Original Issue Discount Amortization Expense	 				 				 				 				 				 				 				
Core original issue discount (Core OID) amortization expense (5)	 	  $	7	 	 	  $	7	 	 	  $	7	 	 	  $	23	 	 	  $	22	 	 	  $	0	 	 	  $	(14	) 	
Other OID	 	 	3	 	 	 	3	 	 	 	3	 	 	 	2	 	 	 	4	 	 	 	0	 	 	 	(0	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP original issue discount amortization expense	 	  $	11	 	 	  $	10	 	 	  $	10	 	 	  $	26	 	 	  $	25	 	 	  $	1	 	 	  $	(15	) 	

Outstanding Original Issue Discount Balance	 				 				 				 				 				 				 				
Core outstanding original issue discount balance (Core OID balance) (6)	 	  $	(1,071	) 	 	  $	(1,078	) 	 	  $	(1,085	) 	 	  $	(1,092	) 	 	  $	(1,115	) 	 	  $	7	 	 	  $	45	 	
Other outstanding OID balance	 	 	(40	) 	 	 	(44	) 	 	 	(39	) 	 	 	(43	) 	 	 	(46	) 	 	 	3	 	 	 	5	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP outstanding original issue discount balance	 	  $	(1,111	) 	 	  $	(1,122	) 	 	  $	(1,125	) 	 	  $	(1,135	) 	 	  $	(1,161	) 	 	  $	11	 	 	  $	50	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Other Revenue	 				 				 				 				 				 				 				
GAAP Other Revenue	 	  $	413	 	 	  $	395	 	 	  $	466	 	 	  $	298	 	 	  $	398	 	 	  $	18	 	 	  $	15	 	
Change in the fair value of equity securities (2)	 	 	11	 	 	 	(2	) 	 	 	(70	) 	 	 	95	 	 	 	(6	) 	 	 	13	 	 	 	17	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Other Revenue	 	  $	424	 	 	  $	393	 	 	  $	396	 	 	  $	393	 	 	  $	392	 	 	  $	31	 	 	  $	32	 	

Net Financing Revenue (ex. Core OID)	 				 				 				 				 				 				 				
GAAP net financing revenue	 	  $	1,188	 	 	  $	1,157	 	 	  $	1,132	 	 	  $	1,140	 	 	  $	1,107	 	 	  $	31	 	 	  $	81	 	
Core OID	 	 	7	 	 	 	7	 	 	 	7	 	 	 	23	 	 	 	22	 	 	 	0	 	 	 	(14	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Financing Revenue (ex. Core OID)	 	  $	1,195	 	 	  $	1,164	 	 	  $	1,139	 	 	  $	1,163	 	 	  $	1,129	 	 	  $	31	 	 	  $	67	 	

(1) Includes shares related to share-based compensation that vested but were not yet issued
(2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(3) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items and tax-effected changes in equity investments measured at fair value.
(4) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) excludes equity fair value adjustments (net of tax) related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity that do not reflect the operating performance of the core businesses, and (4) excludes significant discrete tax items that do not relate to the operating performance of the core businesses.
(5) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID, primarily related to bond exchange OID which excludes international operations and future issuances.
(6) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID, primarily related to bond exchange OID which excludes international operations and future issuances.

3Q 2019 Preliminary Results	  	21	

			
ALLY FINANCIAL INC.
ADJUSTED TANGIBLE BOOK PER SHARE RELATED INFORMATION	  		
 
($ in billions, shares in thousands)
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”) Information	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
								
Numerator	 				 				 				 				 				 				 				
GAAP Common shareholder’s equity	 	  $	14.5	 	 	  $	14.3	 	 	  $	13.7	 	 	  $	13.3	 	 	  $	13.1	 	 	  $	0.1	 	 	  $	1.4	 	
Goodwill and identifiable intangibles, net of DTLs	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	0.0	 	 	 	0.0	 	
Tangible common equity	 	 	14.2	 	 	 	14.0	 	 	 	13.4	 	 	 	13.0	 	 	 	12.8	 	 	 	0.1	 	 	 	1.4	 	
Tax-effected Core OID balance (21% tax rate starting 4Q17)	 	 	(0.8	) 	 	 	(0.9	) 	 	 	(0.9	) 	 	 	(0.9	) 	 	 	(0.9	) 	 	 	0.0	 	 	 	0.0	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted tangible book value (1)	 	  $	13.3	 	 	  $	13.2	 	 	  $	12.6	 	 	  $	12.1	 	 	  $	11.9	 	 	  $	0.1	 	 	  $	1.4	 	

Denominator	 				 				 				 				 				 				 				
Issued shares outstanding (period-end, thousands)	 	 	383,523	 	 	 	392,775	 	 	 	399,761	 	 	 	404,900	 	 	 	416,591	 	 	 	(9,252	) 	 	 	(33,067	) 	
								
GAAP Common shareholder’s equity per share	 	  $	37.7	 	 	  $	36.4	 	 	  $	34.3	 	 	  $	32.8	 	 	  $	31.4	 	 	  $	1.2	 	 	  $	6.3	 	
Goodwill and identifiable intangibles, net of DTLs per share	 	 	(0.7	) 	 	 	(0.7	) 	 	 	(0.7	) 	 	 	(0.7	) 	 	 	(0.7	) 	 	 	(0.0	) 	 	 	(0.0	) 	
Tangible common equity per share	 	 	37.0	 	 	 	35.7	 	 	 	33.6	 	 	 	32.1	 	 	 	30.7	 	 	 	1.2	 	 	 	6.2	 	
Tax-effected Core OID (21% tax rate starting 4Q17) per share	 	 	(2.2	) 	 	 	(2.2	) 	 	 	(2.1	) 	 	 	(2.1	) 	 	 	(2.1	) 	 	 	(0.0	) 	 	 	(0.1	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted tangible book value per share(1)	 	  $	34.7	 	 	  $	33.6	 	 	  $	31.4	 	 	  $	29.9	 	 	  $	28.6	 	 	  $	1.2	 	 	  $	6.1	 	

(1) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered.

3Q 2019 Preliminary Results	  	22	

			
ALLY FINANCIAL INC.
CORE ROTCE RELATED INFORMATION	  		

($ in millions) unless noted otherwise
																													
 	 	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Core Return on Tangible Common Equity (“Core ROTCE”)	 	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Numerator	 				 				 				 				 				 				 				
GAAP net income attributable to common shareholders	 	  $	381	 	 	  $	582	 	 	  $	374	 	 	  $	290	 	 	  $	374	 	 	  $	(201	) 	 	  $	7	 	
Discontinued operations, net of tax	 	 	-	 	 	 	2	 	 	 	1	 	 	 	(1	) 	 	 	-	 	 	 	(2	) 	 	 	-	 	
Core OID	 	 	7	 	 	 	7	 	 	 	7	 	 	 	23	 	 	 	22	 	 	 	0	 	 	 	(14	) 	
Change in the fair value of equity securities (1)	 	 	11	 	 	 	(2	) 	 	 	(70	) 	 	 	95	 	 	 	(6	) 	 	 	13	 	 	 	17	 	
Core OID & change in the fair value of equity securities tax (tax rate 21% starting 1Q18) (1)	 	 	(4	) 	 	 	(1	) 	 	 	13	 	 	 	(25	) 	 	 	(3	) 	 	 	(3	) 	 	 	(1	) 	
Significant discrete tax items	 	 	-	 	 	 	(201	) 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	201	 	 	 	-	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core net income attributable to common shareholders(2)	 	  $	396	 	 	  $	387	 	 	  $	325	 	 	  $	382	 	 	  $	386	 	 	  $	9	 	 	  $	9	 	
								
Denominator (2-period average, $ billions)	 				 				 				 				 				 				 				
GAAP shareholder’s equity	 	  $	14.4	 	 	  $	14.0	 	 	  $	13.5	 	 	  $	13.2	 	 	  $	13.1	 	 	  $	0.4	 	 	  $	1.3	 	
Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”)	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	(0.3	) 	 	 	0.0	 	 	 	0.0	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible common equity	 	  $	14.1	 	 	  $	13.7	 	 	  $	13.2	 	 	  $	12.9	 	 	  $	12.8	 	 	  $	0.4	 	 	  $	1.3	 	
Core OID balance	 	 	(1.1	) 	 	 	(1.1	) 	 	 	(1.1	) 	 	 	(1.1	) 	 	 	(1.1	) 	 	 	0.0	 	 	 	0.1	 	
Net deferred tax asset (“DTA”)	 	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.2	) 	 	 	(0.4	) 	 	 	(0.4	) 	 	 	0.0	 	 	 	0.3	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Normalized common equity (3)	 	  $	12.9	 	 	  $	12.5	 	 	  $	11.9	 	 	  $	11.4	 	 	  $	11.2	 	 	  $	0.4	 	 	  $	1.7	 	
Core Return on Tangible Common Equity (4)	 	 	12.3%	 	 	 	12.4%	 	 	 	10.9%	 	 	 	13.4%	 	 	 	13.7%	 	 				 				
 
(1) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(2) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items and tax-effected changes in equity investments measured at fair value.
(3) Normalized common equity is a non—GAAP measure calculated using 2 period average
(4) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.
 	1.	In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01, effective 1/1/2018, which requires change in the fair value of equity securities to be recognized in current period net income as compared to prior periods in which such adjustments were recognized through other comprehensive income, a component of equity, and significant discrete tax items that do not relate to the operating performance of the core businesses.	
 	2.	In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.	

3Q 2019 Preliminary Results	  	23	

			
ALLY FINANCIAL INC.
ADJUSTED EFFICIENCY RATIO RELATED INFORMATION	  		
 
($ in millions)
																													
 	  	QUARTERLY TRENDS	 	CHANGE VS.	
								
	Adjusted Efficiency Ratio Calculation	  	3Q 19	 	2Q 19	 	1Q 19	 	4Q 18	 	3Q 18	 	2Q 19	 	3Q 18	
Numerator	  				 				 				 				 				 				 				
GAAP noninterest expense	  	  $	838	 	 	  $	881	 	 	  $	830	 	 	  $	804	 	 	  $	807	 	 	  $	(43	) 	 	  $	31	 	
Rep and warrant expense	  	 	(0	) 	 	 	(0	) 	 	 	-	 	 	 	1	 	 	 	(0	) 	 	 	0	 	 	 	0	 	
Insurance expense	  	 	(247	) 	 	 	(301	) 	 	 	(227	) 	 	 	(215	) 	 	 	(241	) 	 	 	54	 	 	 	(6	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted noninterest expense for the Adjusted Efficiency Ratio	  	  $	591	 	 	  $	580	 	 	  $	603	 	 	  $	590	 	 	  $	566	 	 	  $	11	 	 	  $	25	 	
								
Denominator	  				 				 				 				 				 				 				
Total net revenue	  	  $	1,601	 	 	  $	1,552	 	 	  $	1,598	 	 	  $	1,438	 	 	  $	1,505	 	 	  $	49	 	 	  $	96	 	
Core OID	  	 	7	 	 	 	7	 	 	 	7	 	 	 	23	 	 	 	22	 	 	 	0	 	 	 	(14	) 	
Insurance revenue	  	 	(303	) 	 	 	(301	) 	 	 	(372	) 	 	 	(202	) 	 	 	(296	) 	 	 	(2	) 	 	 	(7	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net revenue for the Adjusted Efficiency Ratio	  	  $	1,305	 	 	  $	1,258	 	 	  $	1,233	 	 	  $	1,259	 	 	  $	1,231	 	 	  $	47	 	 	  $	75	 	
Adjusted Efficiency Ratio (1)	  	 	45.3%	 	 	 	46.1%	 	 	 	48.9%	 	 	 	46.9%	 	 	 	46.0%	 	 				 				

(1) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense and Rep and warrant expense. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 11 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance business.

3Q 2019 Preliminary Results	  	24