FORD MOTOR CREDIT CO LLC, 10-K filed on 2/6/2025
Annual Report
v3.25.0.1
Document and Entity Information Document
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Entity Registrant Name Ford Motor Credit Company LLC
Entity Central Index Key 0000038009
Current Fiscal Year End Date --12-31
Entity Filer Category Non-accelerated Filer
Document Type 10-K
Document Period End Date Dec. 31, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus FY
Amendment Flag false
Entity Common Stock, Shares Outstanding | shares 0
Entity Shell Company false
Entity Well-known Seasoned Issuer Yes
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Emerging Growth Company false
Entity Public Float | $ $ 0
Membership Interests Description All of the limited liability company interests in the registrant (“Shares”) are held by an affiliate of the registrant. None of the Shares are publicly traded.
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One One American Road
Entity Address, City or Town Dearborn,
Entity Address, State or Province MI
Entity Tax Identification Number 38-1612444
Entity Address, Postal Zip Code 48126
Document Transition Report false
Entity File Number 1-6368
City Area Code (313)
Local Phone Number 322-3000
Entity Interactive Data Current Yes
Entity Small Business false
Document Quarterly Report true
ICFR Auditor Attestation Flag true
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Detroit, Michigan
Auditor Firm ID 238
Document Financial Statement Error Correction [Flag] false
F/25i [Member]  
Title of 12(b) Security 1.355% Notes due February 7, 2025*
Trading Symbol F/25I
Security Exchange Name NYSE
F/25K [Member]  
Title of 12(b) Security 4.535% Notes due March 6, 2025*
Trading Symbol F/25K
Security Exchange Name NYSE
F/26N [Member]  
Title of 12(b) Security 3.350% Notes due Nine Months or More from the Date of Issue due August 20, 2026
Trading Symbol F/26N
Security Exchange Name NYSE
F/26AB [Member]  
Title of 12(b) Security 2.386% Notes due February 17, 2026*
Trading Symbol F/26AB
Security Exchange Name NYSE
F/28D  
Title of 12(b) Security 5.625% Notes due Oct. 9, 2028*
Trading Symbol F/28D
Security Exchange Name NYSE
F/25L [Member]  
Title of 12(b) Security 2.330% Notes due on November 25, 2025*
Trading Symbol F/25L
Security Exchange Name NYSE
F/26A  
Title of 12(b) Security 6.860% Notes due June 5, 2026*
Trading Symbol F/26A
Security Exchange Name NYSE
F/28E  
Title of 12(b) Security 4.165% Notes due November 21, 2028*
Trading Symbol F/28E
Security Exchange Name NYSE
F/30D  
Title of 12(b) Security 4.445% Notes due February 14, 2030*
Trading Symbol F/30D
Security Exchange Name NYSE
F/30A  
Title of 12(b) Security 5.780% Notes due April 30, 2030*
Trading Symbol F/30A
Security Exchange Name NYSE
F/28B  
Title of 12(b) Security 6.125% Notes due May 15, 2028*
Trading Symbol F/28B
Security Exchange Name NYSE
F/29B  
Title of 12(b) Security 5.125% Notes due February 20, 2029*
Trading Symbol F/29B
Security Exchange Name NYSE
F/27A  
Title of 12(b) Security 4.867% Notes due August 3, 2027*
Trading Symbol F/27A
Security Exchange Name NYSE
F/25M [Member]  
Title of 12(b) Security 3.250% Notes due September 15, 2025*
Trading Symbol F/25M
Security Exchange Name NYSE
v3.25.0.1
Consolidated Income Statement - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing revenue      
Retail financing $ 5,637 $ 4,236 $ 3,514
Dealer financing 2,922 2,403 1,079
Other 170 132 63
Total Financing Revenue 12,946 10,876 9,225
Depreciation on vehicles subject to operating leases (2,482) (2,309) (2,240)
Interest expense (7,583) (6,311) (3,334)
Net financing margin 2,881 2,256 3,651
Other revenue      
Insurance premiums earned 171 119 75
Fee based revenue and other 136 124 116
Total financing margin and other revenue 3,188 2,499 3,842
Expenses      
Operating expenses 1,395 1,360 1,329
Financing Receivable, Credit Loss, Expense (Reversal) 417 278 39
Insurance expenses 146 53 (4)
Total expenses 1,958 1,691 1,364
Other income, net 424 514 (41)
Income before income taxes 1,654 1,322 2,437
Provision for income taxes 398 (2) 448
Net income 1,256 1,324 1,989
Operating Lease, Lease Income $ 4,217 $ 4,105 $ 4,569
v3.25.0.1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 1,256 $ 1,324 $ 1,989
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total 868 1,512 1,662
Parent [Member]      
Foreign currency translation (345) 188 (558)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax $ 43 $ 0 $ 231
v3.25.0.1
Consolidated Balance Sheet - USD ($)
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and Cash Equivalents, at Carrying Value $ 9,272,000,000 $ 10,658,000,000
Marketable securities 706,000,000 789,000,000
Finance receivables, net 121,950,000,000 112,823,000,000
Net investment in operating leases 21,689,000,000 20,332,000,000
Derivative financial instruments 784,000,000 818,000,000
Other assets 3,055,000,000 2,940,000,000
Total assets 158,292,000,000 149,205,000,000
Liabilities    
Customer deposits, dealer reserves, and other 961,000,000 899,000,000
Accounts Payable And Due To Affiliated Entities 1,684,000,000 1,592,000,000
Debt 137,868,000,000 129,287,000,000
Deferred income taxes 364,000,000 337,000,000
Derivative financial instruments 1,992,000,000 2,141,000,000
Other liabilities and deferred income 2,627,000,000 2,459,000,000
Total liabilities 144,535,000,000 135,816,000,000
Shareholder's interest    
Shareholder’s interest 5,166,000,000 5,166,000,000
Accumulated other comprehensive income/(loss) (1,217,000,000) (829,000,000)
Retained earnings 9,808,000,000 9,052,000,000
Total shareholder’s interest 13,757,000,000 13,389,000,000
Total liabilities and shareholder's interest 158,292,000,000 149,205,000,000
Affiliated Entity [Member]    
ASSETS    
Accounts and Financing Receivable, after Allowance for Credit Loss 836,000,000 845,000,000
Liabilities    
Accounts Payable 723,000,000 693,000,000
Retail Installment loans, dealer financing, and other financing [Member]    
ASSETS    
Finance receivables, net 114,069,000,000 105,476,000,000
Finance Lease [Member]    
ASSETS    
Finance receivables, net 7,881,000,000 7,347,000,000
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Cash and Cash Equivalents, at Carrying Value 2,494,000,000 2,298,000,000
Finance receivables, net 60,717,000,000 56,131,000,000
Net investment in operating leases 13,309,000,000 11,179,000,000
Derivative financial instruments 34,000,000 90,000,000
Liabilities    
Debt 50,855,000,000 48,177,000,000
Derivative financial instruments $ 100,000,000 $ 45,000,000
v3.25.0.1
Consolidated Statement of Shareholder's Interest - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Total shareholder’s interest $ 13,757 $ 13,389 $ 11,877 $ 12,398
Shareholder's Interest [Roll Forward]        
Balance at beginning of period 13,389      
Net income 1,256 1,324 1,989  
Other comprehensive income/(loss), net of tax (388) 188 (327)  
Stockholders' Equity, Other     (83)  
Balance at end of period 13,757 13,389    
Shareholder's Interest [Member]        
Shareholder's Interest [Roll Forward]        
Balance at beginning of period 5,166 5,166 5,227  
Other comprehensive income/(loss), net of tax 0 0 0  
Distributions declared 0 0 0  
Stockholders' Equity, Other     (61)  
Balance at end of period 5,166 5,166 5,166  
Accumulated Other Comprehensive Income/(Loss) (Note11) [Member]        
Shareholder's Interest [Roll Forward]        
Balance at beginning of period (829) (1,017) (690)  
Net income 0 0 0  
Other comprehensive income/(loss), net of tax (388) 188 (327)  
Distributions declared 0 0 0  
Stockholders' Equity, Other     0  
Balance at end of period (1,217) (829) (1,017)  
Retained Earnings [Member]        
Shareholder's Interest [Roll Forward]        
Balance at beginning of period 9,052 7,728 7,839  
Net income 1,256 1,324 1,989  
Other comprehensive income/(loss), net of tax 0 0 0  
Distributions declared 500 0 2,100  
Stockholders' Equity, Other     0  
Balance at end of period 9,808 9,052 7,728  
Parent [Member]        
Shareholder's Interest [Roll Forward]        
Balance at beginning of period 13,389 11,877 12,376  
Net income 0 0 0  
Distributions declared (500) 0 (2,100)  
Stockholders' Equity, Other     (61)  
Balance at end of period 13,757 13,389 11,877  
Noncontrolling Interest [Member]        
Shareholder's Interest [Roll Forward]        
Net income 0 0 0  
Other comprehensive income/(loss), net of tax 0 0 0  
Distributions declared 0 0 0  
Stockholders' Equity, Other     (22)  
Stockholders' interest attributable to noncontrolling interest $ 0 $ 0 $ 0 $ 22
v3.25.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 1,256 $ 1,324 $ 1,989
Financing Receivable, Credit Loss, Expense (Reversal) 417 278 39
Adjustments to reconcile net income/(loss) to net cash provided by operations      
Depreciation and amortization 3,112 2,900 2,872
Amortization of upfront interest supplements (2,395) (1,795) (1,830)
Net change in deferred income taxes 276 (617) 324
Net change in other assets (219) (146) (497)
Net change in other liabilities 327 343 360
All other operating activities 375 43 228
Net cash provided by/(used in) operating activities 3,149 2,330 3,485
Cash flows from investing activities      
Purchases of finance receivables (43,536) (41,765) (35,085)
Principal collections of finance receivables 38,370 36,343 36,907
Purchases of operating lease vehicles (11,731) (9,577) (8,911)
Liquidations of operating lease vehicles 7,365 8,700 9,802
Net change in wholesale receivables and other (4,577) (4,794) (10,872)
Purchases of marketable securities (274) (2,039) (3,578)
Proceeds from sales and maturities of marketable securities 356 2,805 4,161
Settlements of derivatives (443) (145) 184
All other investing activities (91) (84) (91)
Net Cash Provided by (Used in) Investing Activities, Total (14,561) (10,556) (7,483)
Cash flows from financing activities      
Proceeds from issuances of long-term debt 57,202 51,659 42,175
Principal payments on long-term debt (45,528) (41,753) (41,758)
Change in short-term debt, net (795) (1,424) 5,375
Cash distributions to parent (500) 0 (2,100)
All other financing activities (135) (139) (78)
Net Cash Provided by (Used in) Financing Activities, Total 10,244 8,343 3,614
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (267) 158 (187)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 10,795 10,520 11,091
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (1,435) 275 (571)
Cash, cash equivalents, and restricted cash at end of period (Note 3) $ 9,360 $ 10,795 $ 10,520
v3.25.0.1
Consolidated Balance Sheet (parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]      
Allowance for credit losses $ (864) $ (882) $ (845)
v3.25.0.1
Organization, Consolidation and Presentation of Financial Statements
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Presentation
NOTE 1. PRESENTATION

Principles of Consolidation

For purposes of this report, “Ford Credit,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Credit Company LLC, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We are an indirect, wholly owned subsidiary of Ford Motor Company (“Ford”). Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We reclassified certain prior period amounts in our consolidated financial statements to conform to the current year presentation.

Nature of Operations

We offer a wide variety of automotive financing products to and through automotive dealers throughout the world. Our portfolio consists of finance receivables and net investment in operating leases. We also service the finance receivables and net investment in operating leases we originate and purchase, make loans to Ford affiliates, and provide insurance services related to our financing programs. See Notes 4, 5, and 11 for additional information. We conduct our financing operations directly and indirectly through our subsidiaries and affiliates. We offer substantially similar products and services throughout many different regions, subject to local legal restrictions and market conditions. See Note 14 for key operating data on our business segments and for geographic information on our regions.

The predominant share of our business consists of financing Ford and Lincoln vehicles and supporting Ford and Lincoln dealers. Any extended reduction or suspension of Ford’s production or sale of vehicles due to a decline in consumer demand, work stoppage, governmental action, negative publicity or other event, or significant changes to marketing programs sponsored by Ford, would have an adverse effect on our business.

Certain subsidiaries are subject to regulatory capital requirements that may limit the ability of those subsidiaries to pay dividends.
v3.25.0.1
Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Accounting Policies ACCOUNTING POLICIES
For each accounting topic that is addressed in its own note, the description of the accounting policy may be found in the related note. Other significant remaining accounting policies are described below.

Use of Estimates

The preparation of financial statements requires us to make estimates and assumptions that affect our results. The accounting estimates that are most important to our business involve the allowance for credit losses related to finance receivables, and accumulated depreciation on vehicles subject to operating leases. Estimates are based on assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.

Foreign Currency

When an entity has monetary assets and liabilities denominated in a currency that is different from its functional currency, we remeasure those assets and liabilities from the transactional currency to the legal entity’s functional currency. The effect of this remeasurement process and the results of our related foreign currency hedging activities are reported in Other income/(loss), net.
NOTE 2. ACCOUNTING POLICIES (Continued)

Generally, our foreign subsidiaries use the local currency as their functional currency. We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies to U.S. dollars using end-of-period exchange rates. Changes in the carrying value of these assets and liabilities attributable to fluctuations in exchange rates are recognized in Foreign currency translation, a component of Other comprehensive income/(Ioss), net of tax. Upon sale or upon complete or substantially complete liquidation of an investment in a foreign subsidiary, the amount of accumulated foreign currency translation related to the entity is reclassified to income and recognized as part of the gain or loss on the investment.

Fair Value Measurements

Cash equivalents, marketable securities, and derivative financial instruments are remeasured and presented on our financial statements on a recurring basis at fair value, while other assets and liabilities are measured at fair value on a nonrecurring basis.

In measuring fair value, we use various valuation methods and prioritize the use of observable inputs. The use of observable and unobservable inputs and their significance in measuring fair value are reflected in our fair value hierarchy.

•    Level 1 – inputs include quoted prices for identical instruments and are the most observable
•    Level 2 – inputs include quoted prices for similar instruments and observable inputs such as interest rates, currency exchange rates, and yield curves
•    Level 3 – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments

Transfers into and transfers out of the hierarchy levels are recognized as if they had taken place at the end of the reporting period.

Adoption of New Accounting Standards
ASU 2023-07, Segment Reporting, Improvements to Reportable Segment Disclosures. We adopted the new standard and applied the amendments retrospectively to all prior periods presented in our consolidated financial statements. The standard requires disclosure of any significant segment expenses that are regularly provided to the chief operating decision maker (”CODM”) for each reportable segment. In addition, the standard requires disclosure of an amount for “other segment items” by reportable segment and a description of its composition. The standard also requires all annual disclosures about a reporting segment’s profit or loss and assets to be provided on an interim basis, beginning in 2025. Adoption of the new standard did not impact our consolidated balance sheets or income statements, or have a material impact on our financial statement disclosures. Refer to Note 14 for the incremental disclosures required under the standard.
We also adopted the following Accounting Standards Updates (“ASUs”) during 2024, none of which had a material impact to our consolidated financial statements or financial statement disclosures:
ASUEffective Date
2023-01Leases: Common Control ArrangementsJanuary 1, 2024
2023-02Investments – Equity Method and Joint Ventures - Accounting for Investments in Tax Credit Structures Using the
Proportional Amortization Method		January 1, 2024

Accounting Standards Issued But Not Yet Adopted

ASU 2023-09, Improvements to Income Tax Disclosures. In December 2023, the FASB issued a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024, with retrospective application permitted. There will be no impact to our consolidated balance sheets or income statements; however, there will be changes to our consolidated financial statement disclosures, primarily related to the effective tax rate reconciliation and cash paid for income taxes.
NOTE 2. ACCOUNTING POLICIES (Continued)

ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). In November 2024, the FASB issued a new accounting standard to improve the disclosures about an entity’s expenses and address requests from investors for more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. We are assessing the effect on our consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or income statements.

All other ASUs issued but not yet adopted were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements or financial statement disclosures.
Accounting Standards Update and Change in Accounting Principle
Accounting Standards Issued But Not Yet Adopted

ASU 2023-09, Improvements to Income Tax Disclosures. In December 2023, the FASB issued a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024, with retrospective application permitted. There will be no impact to our consolidated balance sheets or income statements; however, there will be changes to our consolidated financial statement disclosures, primarily related to the effective tax rate reconciliation and cash paid for income taxes.
NOTE 2. ACCOUNTING POLICIES (Continued)

ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). In November 2024, the FASB issued a new accounting standard to improve the disclosures about an entity’s expenses and address requests from investors for more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. We are assessing the effect on our consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or income statements.
All other ASUs issued but not yet adopted were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements or financial statement disclosures
v3.25.0.1
Cash, Cash Equivalents, and Marketable Securities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
Cash and Cash Equivalents. Included in Cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. A debt security is classified as a cash equivalent if it meets these criteria and if it has a remaining time to maturity of three months or less from the date of purchase. Amounts on deposit and available upon demand, or negotiated to provide for daily liquidity without penalty, are classified as Cash and cash equivalents. Time deposits, certificates of deposit, and money market accounts that meet the above criteria are reported at par value on our consolidated balance sheets.

Marketable Securities. Investments in securities with a maturity date greater than three months at the date of purchase and other securities for which there is more than an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal are classified as Marketable securities. These investments are reported at fair value. We generally measure fair value using prices obtained from pricing services. Pricing methods and inputs to valuation models used by the pricing services depend on the security type (i.e., asset class). Where possible, fair values are generated using market inputs including quoted prices (the closing price in an exchange market), bid prices (the price at which a buyer stands ready to purchase), and other market information. For fixed income securities that are not actively traded, the pricing services use alternative methods to determine fair value for the securities, including quotes for similar fixed income securities, matrix pricing, discounted cash flow using benchmark curves, or other factors. In certain cases, when market data are not available, we may use broker quotes to determine fair value.

An annual review is performed on the security prices received from our pricing services, which includes discussion and analysis of the inputs used by the pricing services to value our securities. We also compare the price of certain securities sold close to the quarter end to the price of the same security at the balance sheet date to ensure the reported fair value is reasonable.

Realized and unrealized gains and losses and interest income on our marketable securities are recorded in Other income/(loss), net. Realized gains and losses are measured using the specific identification method.
NOTE 3. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued)

The following table categorizes the fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis on our balance sheets at December 31 (in millions):

Fair Value Level20232024
Cash and cash equivalents
United States government1$912 $854 
United States government agencies2625 400 
Non-United States government and agencies2276 370 
Corporate debt2101 339 
Total marketable securities classified as cash equivalents1,914 1,963 
Cash, time deposits and money market funds8,744 7,309 
Total cash and cash equivalents$10,658 $9,272 
Marketable securities
United States government1$207 $185 
United States government agencies249 — 
Non-United States government and agencies2109 79 
Corporate debt2268 252 
Other marketable securities2156 190 
Total marketable securities$789 $706 

Cash, Cash Equivalents, and Restricted Cash 

Cash, cash equivalents, and restricted cash as reported in our consolidated statements of cash flows are presented separately on our consolidated balance sheets as follows (in millions):
December 31, 2023December 31, 2024
Cash and cash equivalents$10,658 $9,272 
Restricted cash (a)137 88 
Total cash, cash equivalents, and restricted cash$10,795 $9,360 
__________
(a)Restricted cash is included in Other assets on our consolidated balance sheets and is primarily held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements. Restricted cash does not include required minimum balances or cash securing debt issued through securitization transactions.
v3.25.0.1
Net Investments in Operating Leases
 12 Months Ended
Dec. 31, 2024
Leases, Operating [Abstract]  
NET INVESTMENT IN OPERATING LEASES NET INVESTMENT IN OPERATING LEASES
Net investment in operating leases consists primarily of lease contracts for vehicles with individuals, daily rental companies, and fleet customers with terms of 60 months or less. Payment extensions may be requested by the customer and are generally limited to a maximum of six months over the term of the lease.  Term extensions may also be requested by the customer. Term and payment extensions in total generally do not exceed twelve months. A lease can be terminated at any time by satisfying the obligations under the lease agreement. Early termination programs may be occasionally offered to eligible lessees. At the end of the lease, the customer returns the vehicle to the dealer or may have the option to buy the leased vehicle. In the case of a contract default and repossession, the customer typically remains liable for any deficiency between net auction proceeds and the defaulted contract obligations, including any repossession-related expenses. Included in Net investment in operating leases are net investment in operating leases that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. See Note 6 for additional information.
Revenue from rental payments received on operating leases is recognized on a straight-line basis over the term of the lease. The accrual of revenue on operating leases is discontinued at the time an account is determined to be uncollectible.

We receive interest supplements and residual support payments on certain leasing transactions under agreements with Ford. We recognize these upfront collections from Ford and other vehicle acquisition costs as part of Net investment in operating leases, which are amortized to Depreciation on vehicles subject to operating leases over the term of the lease contract. Unearned interest supplements and residual support included in Net investment in operating leases at December 31, 2023 and 2024 was $1.3 billion and $1.9 billion, respectively. Earned interest supplements and residual support costs included in Depreciation on vehicles subject to operating leases for the years ended December 31, 2022, 2023, and 2024 was $1.2 billion, $0.9 billion, and $1.0 billion, respectively. Interest supplements and residual support cash received totaled $0.7 billion, $1.1 billion, and $1.6 billion for the years ended December 31, 2022, 2023, and 2024, respectively. Interest supplements due from Ford included in Notes and accounts receivable from affiliated companies totaled $46 million, $110 million, and $152 million for the years ended December 31, 2022, 2023, and 2024, respectively, and is a non-cash investing transaction in our consolidated statement of cash flows.

At the time of purchase, we establish the expected residual value for each vehicle, considering recent auction values, return volumes for our leased vehicles, industrywide used vehicle prices, marketing incentive plans, and vehicle quality data, and benchmark to third-party data depending on availability. Depreciation expense for vehicles under operating leases is then recognized on a straight-line basis, with the associated accumulated depreciation reducing the vehicle's value to its estimated residual value by the end of the scheduled lease term. Our depreciation for leased vehicles is evaluated regularly, using third-party data, and considering factors such as projected residual values at lease termination (including residual value support payments from Ford), the estimated number of vehicles that will be returned to us, and historical early termination rates due to customer defaults. Depreciation expense adjustments, reflecting revised residual value estimates, are applied prospectively on a straight-line basis. We monitor residual values monthly and review accumulated depreciation accuracy quarterly. Our policy is to promptly sell off-lease vehicles. When a vehicle is sold, the difference between net book value and proceeds, plus any lease termination fees (for example, variable lease payments such as excess wear and tear or mileage charges), are recorded as adjustments to Depreciation on vehicles subject to operating leases.

We evaluate the carrying value of held-and-used long-lived asset groups (such as vehicles subject to operating leases) for potential impairment when we determine a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed by comparing projected undiscounted future cash flows to the carrying value of the asset group. If the test for recoverability identifies a possible impairment, the asset group’s fair value is measured in accordance with the fair value measurement framework. An impairment charge is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value. For the periods presented, we have not recorded any impairment charges.
NOTE 5. NET INVESTMENT IN OPERATING LEASES (Continued)

Net investment in operating leases at December 31 was as follows (in millions):
20232024
Vehicles, at cost (a)$24,182 $25,424 
Accumulated depreciation(3,850)(3,735)
Net investment in operating leases$20,332 $21,689 
__________
(a)Includes vehicle acquisition costs less interest supplements and residual support payments we receive on certain leasing transactions under agreements with Ford and affiliated companies, and deferral method investment tax credits.

The amounts contractually due on our operating leases at December 31, 2024 were as follows (in millions):
20252026202720282029Total
Operating lease payments$3,774 $2,594 $1,181 $243 $14 $7,806 

Operating leases are generally pre-payable without penalty which may result in actual amounts paid to differ from amounts contractually due.
We have a sale-leaseback agreement with Ford primarily for vehicles that Ford leases to employees of Ford and its subsidiaries. The financing we provide under this agreement is reflected on our balance sheets in Total finance receivables, net. The revenue related to these agreements is reflected in Other financing.
v3.25.0.1
Finance Receivables and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Financing Receivables FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
We manage finance receivables as “consumer” and “non-consumer” portfolios. The receivables are generally secured by the vehicles, inventory, or other property being financed.

Consumer Portfolio. Receivables in this portfolio include products offered to individuals and businesses that finance the acquisition of Ford and Lincoln vehicles from dealers for personal or commercial use. Retail financing includes retail installment contracts for new and used vehicles and finance leases with retail customers, government entities, daily rental companies, and fleet customers.

Non-Consumer Portfolio. Receivables in this portfolio include products offered to automotive dealers and receivables purchased from Ford and its affiliates. The products include:

•Dealer financing – includes wholesale loans to dealers to finance the purchase of vehicle inventory, also known as floorplan financing, as well as loans to dealers to finance working capital and improvements to dealership facilities, finance the purchase of dealership real estate, and finance other dealer programs. Wholesale financing is approximately 97% of our dealer financing.

•Other financing – includes purchased receivables from Ford and its affiliates, primarily related to the sale of parts and accessories to dealers and certain used vehicles from daily rental fleet companies. In addition, we provide financing to Ford for vehicles that Ford leases to its employees. These receivables are excluded from our credit quality reporting since the performance of this group of receivables is generally guaranteed by Ford.

Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date.
Revenue from finance receivables is recognized using the interest method and includes the accretion of certain direct origination costs that are deferred and interest supplements received from Ford and affiliated companies. The unearned interest supplements on finance receivables are included in Total finance receivables, net on the balance sheets, and the earned interest supplements are included in Total financing revenue on the income statements.

We measure finance receivables at fair value using internal valuation models. These models project future cash flows of financing contracts based on scheduled contract payments (including principal and interest) and assumptions regarding expected credit losses and pre-payment speed. The projected cash flows are discounted to present value at current rates that incorporate present yield curve and credit spread assumptions. The fair value of finance receivables is categorized within Level 3 of the hierarchy.

On a nonrecurring basis, we also measure at fair value retail contracts 120 days past due or deemed to be uncollectible, and individual dealer loans probable of foreclosure. We use the fair value of collateral, adjusted for estimated costs to sell, to determine the fair value of these receivables. The collateral for a retail financing or wholesale receivable is the vehicle financed, and for dealer loans is real estate or other property.

The fair value of collateral for retail financing receivables is calculated as the outstanding receivable balances multiplied by the average recovery value percentage. The fair value of collateral for wholesale receivables is based on the wholesale market value or liquidation value for new and used vehicles. The fair value of collateral for dealer loans is determined by reviewing various appraisals, which include total adjusted appraised value of land and improvements, alternate use appraised value, broker’s opinion of value, and purchase offers.

Notes and accounts receivable from affiliated companies are presented separately on the balance sheets. These receivables are based on intercompany relationships and the balances are settled regularly. We do not assess these receivables for potential credit losses, nor are they subjected to aging analysis, credit quality reviews, or other formal assessments. As a result, Notes and accounts receivable from affiliated companies are not subject to the following disclosures contained herein.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Finance Receivables Classification

Finance receivables are accounted for as held for investment (“HFI”) if we have the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. The determination of intent and ability to hold for the foreseeable future is highly judgmental and requires us to make good faith estimates based on all information available at the time of origination or purchase. If we do not have the intent and ability to hold the receivables, then the receivables are classified as held for sale (“HFS”).

Each quarter, we make a determination of whether it is probable that finance receivables originated or purchased during the quarter will be held for the foreseeable future based on historical receivables sale experience, internal forecasts and budgets, as well as other relevant, reliable information available through the date of evaluation. For purposes of this determination, probable means at least 70% likely and, consistent with our budgeting and forecasting period, we define foreseeable future to mean twelve months. We classify receivables as HFI or HFS on a receivable-by-receivable basis. Specific receivables included in off-balance sheet sale transactions are generally not identified until the month in which the sale occurs.

Held-for-Investment. Finance receivables classified as HFI are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses. Cash flows from finance receivables that were originally classified as HFI are recorded as an investing activity since GAAP requires the statement of cash flows presentation to be based on the original classification of the receivables.

Held-for-Sale. Finance receivables classified as HFS are carried at the lower of cost or fair value. Cash flows resulting from the origination or purchase and sale of HFS receivables are recorded as an operating activity. Once a decision has been made to sell receivables that were originally classified as HFI, the receivables are reclassified as HFS and carried at the lower of cost or fair value. The valuation adjustment, if applicable, is recorded in Other income/(loss), net to recognize the receivables at the lower of cost or fair value.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Finance Receivables, Net

Total finance receivables, net at December 31 were as follows (in millions):
20232024
Consumer
Retail installment contracts, gross$73,943 $79,573 
Finance leases, gross7,793 8,357 
Retail financing, gross81,736 87,930 
Unearned interest supplements from Ford and affiliated companies(3,344)(4,598)
   Consumer finance receivables 78,392 83,332 
Non-Consumer
Dealer financing (a)33,377 37,384 
Other financing (b)1,936 2,098 
Non-Consumer finance receivables 35,313 39,482 
Total recorded investment (c)$113,705 $122,814 
Recorded investment in finance receivables$113,705 $122,814 
Allowance for credit losses(882)(864)
Total finance receivables, net$112,823 $121,950 
Net finance receivables subject to fair value (d)$105,476 $114,069 
Fair value 103,937 113,545 
__________
(a)Includes $7.9 billion and $7.1 billion at December 31, 2023 and 2024, respectively, of receivables generated by divisions and affiliates of Ford in connection with vehicle inventories released from Ford and in transit to the destination dealers. Interest earned from Ford and affiliated companies associated with receivables from gate-released vehicles in transit to dealers for the years ended December 31, 2022, 2023, and 2024 was $333 million, $640 million, and $716 million, respectively. Balances at December 31, 2023 and 2024, also include $792 million and $988 million, respectively, of dealer financing receivables with entities (primarily dealers) that are reported as consolidated subsidiaries of Ford. For the years ended December 31, 2022, 2023, and 2024, the interest earned on receivables from consolidated subsidiaries of Ford to which we provide dealer financing was $6 million, $19 million, and $16 million, respectively.
(b)Primarily represents other financing receivables with Ford, which includes amounts associated with purchased receivables and receivables associated with the financing of vehicles that Ford leases to employees.
(c)Earned interest supplements on consumer and non-consumer receivables from Ford and affiliated companies totaled $2.1 billion, $2.3 billion, and $2.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively. Cash received from interest supplements totaled $1.4 billion, $3.0 billion, and $4.3 billion for the years ended December 31, 2022, 2023, and 2024, respectively. Interest supplements due from Ford included in Notes and accounts receivable from affiliated companies totaled $130 million, $318 million, and $269 million for the years ended December 31, 2022, 2023, and 2024, respectively, and is a non-cash investing transaction in our consolidated statement of cash flows.
(d)Net finance receivables subject to fair value exclude finance leases.

At December 31, 2023 and 2024, accrued interest was $295 million and $336 million, respectively, which we report in Other assets on our consolidated balance sheets.

Included in the recorded investment in finance receivables were consumer and non-consumer receivables that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. See Note 6 for additional information.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Finance Leases

Finance leases are comprised of sales-type and direct financing leases. These financings include primarily lease plans for terms of 24 to 60 months. In limited cases, a customer may extend the lease term. Early terminations of leases may also occur at the customer’s request subject to approval. We offer financing products in which the customer may be required to pay any shortfall, or may receive as payment any excess amount between the fair market value and the contractual vehicle value at the end of the term, which are classified as finance leases. In some markets, we finance a vehicle with a series of monthly payments followed by a single balloon payment or the option for the customer to return the vehicle to Ford Credit; these arrangements containing a purchase option are classified as finance leases.

The amounts contractually due on finance leases at December 31, 2024 were as follows (in millions):

Finance Lease Receivables
20252026202720282029ThereafterTotal
Contractual maturity$1,848 $1,658 $1,345 $868 $122 $4 $5,845 
Less: Present value discount478 
   Total finance lease receivables $5,367 

The reconciliation from finance lease receivables to finance leases, gross and finance leases, net at December 31 is as follows (in millions):
20232024
Finance lease receivables$4,787 $5,367 
Unguaranteed residual assets2,910 2,883 
Initial direct costs96 107 
   Finance leases, gross7,793 8,357 
Unearned interest supplements from Ford and affiliated companies(408)(437)
Allowance for credit losses(38)(39)
   Finance leases, net$7,347 $7,881 

Financing revenue from finance leases was $303 million, $381 million, and $515 million for the years ended December 31, 2022, 2023, and 2024, respectively, and is included in Retail financing on our consolidated income statements.

Credit Quality

Consumer Portfolio. When originating consumer receivables, we use a proprietary scoring system that measures credit quality using information in the credit application, proposed contract terms, credit bureau data, and other information.  After a proprietary risk score is generated, we decide whether to purchase a contract using a decision process based on a judgmental evaluation of the applicant, the credit application, the proposed contract terms, credit bureau information (e.g., FICO score), proprietary risk score, and other information.  Our evaluation emphasizes the applicant’s ability to pay and creditworthiness focusing on payment, affordability, applicant credit history, and stability as key considerations. 

After origination, we review the credit quality of retail financing based on customer payment activity. As each customer develops a payment history, we use an internally developed behavioral scoring model to assist in determining the best collection strategies, which allows us to focus collection activity on higher-risk accounts. These models are used to refine our risk-based staffing model to ensure collection resources are aligned with portfolio risk. Based on data from this scoring model, contracts are categorized by collection risk. Our collection models evaluate several factors, including origination characteristics, updated credit bureau data, and payment patterns.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Credit quality ratings for consumer receivables are based on our aging. Consumer receivables credit quality ratings are as follows:

•Pass – current to 60 days past due;
•Special Mention – 61 to 120 days past due and in intensified collection status; and
•Substandard – greater than 120 days past due and for which the uncollectible portion of the receivables has already been charged off, as measured using the fair value of collateral less costs to sell.

The credit quality analysis of consumer receivables at December 31, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 201920192020202120222023TotalPercent
Consumer
31-60 days past due$40 $49 $130 $125 $187 $159 $690 0.9 %
61-120 days past due9 11 30 37 58 50 195 0.2 
Greater than 120 days past due7 4 7 10 10 5 43 0.1 
Total past due56 64 167 172 255 214 928 1.2 
Current891 2,360 7,395 11,325 20,281 35,212 77,464 98.8 
Total$947 $2,424 $7,562 $11,497 $20,536 $35,426 $78,392 100.0 %
Gross charge-offs$47 $40 $75 $85 $117 $37 $401 

The credit quality analysis of consumer receivables at December 31, 2024 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 202020202021202220232024TotalPercent
Consumer
31-60 days past due$43 $93 $104 $187 $242 $203 $872 1.0 %
61-120 days past due8 20 27 46 70 54 225 0.3 
Greater than 120 days past due7 7 8 11 12 5 50 0.1 
Total past due58 120 139 244 324 262 1,147 1.4 
Current788 3,162 5,465 12,298 24,189 36,283 82,185 98.6 
Total$846 $3,282 $5,604 $12,542 $24,513 $36,545 $83,332 100.0 %
Gross charge-offs$46 $58 $71 $152 $191 $50 $568 

Non-Consumer Portfolio. We extend credit to dealers primarily in the form of lines of credit to purchase new Ford and Lincoln vehicles as well as used vehicles. Payment is typically required when the dealer has sold the vehicle. Each non-consumer lending request is evaluated by considering the borrower’s financial condition and the underlying collateral securing the loan. We use a proprietary model to assign each dealer a risk rating. This model uses historical dealer performance data to identify key factors about a dealer that we consider most significant in predicting a dealer’s ability to meet its financial obligations. We also consider numerous other financial and qualitative factors of the dealer’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with ourselves and other creditors.

Dealers are assigned to one of four groups according to risk ratings as follows:

•Group I – strong to superior financial metrics;
•Group II – fair to favorable financial metrics;
•Group III – marginal to weak financial metrics; and
•Group IV – poor financial metrics, including dealers classified as uncollectible.

We generally suspend credit lines and extend no further funding to dealers classified in Group IV.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

We regularly review our model to confirm the continued business significance and statistical predictability of the model and may make updates to improve the performance of the model. In addition, we regularly audit dealer inventory and dealer sales records to verify that the dealer is in possession of the financed vehicles and is promptly paying each receivable following the sale of the financed vehicle. The frequency of on-site vehicle inventory audits depends primarily on the dealer’s risk rating. Under our policies, on-site vehicle inventory audits of low-risk dealers are conducted only as circumstances warrant. On-site vehicle inventory audits of higher-risk dealers are conducted with increased frequency based primarily on the dealer’s risk rating, but also considering the results of our electronic monitoring of the dealer’s performance, including daily payment verifications and monthly analyses of the dealer’s financial statements, payoffs, aged inventory, over credit line, and delinquency reports. We typically perform a credit review of each dealer annually and more frequently review certain dealers based on the dealer’s risk rating and total exposure. We adjust the dealer’s risk rating, if necessary. The credit quality of dealer financing receivables is evaluated based on our internal dealer risk rating analysis. A dealer has the same risk rating for its entire dealer financing regardless of the type of financing.

The credit quality analysis of dealer financing receivables at December 31, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 201920192020202120222023TotalWholesale LoansTotalPercent
Group I$383 $30 $58 $156 $61 $349 $1,037 $29,095 $30,132 90.3 %
Group II16 — 1 3 2 44 66 2,834 2,900 8.7 
Group III— — — — 1 8 9 292 301 0.9 
Group IV— 1 — — — 2 3 41 44 0.1 
Total (a)$399 $31 $59 $159 $64 $403 $1,115 $32,262 $33,377 100.0 %
Gross charge-offs$— $— $— $— $— $1 $1 $3 $4 
__________
(a)Total past due dealer financing receivables at December 31, 2023 were $33 million. 

The credit quality analysis of dealer financing receivables at December 31, 2024 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 202020202021202220232024TotalWholesale LoansTotalPercent
Group I$270 $63 $97 $47 $231 $245 $953 $33,345 $34,298 91.7 %
Group II13 — 3 1 28 31 76 2,494 2,570 6.9 
Group III— — 2 — 1 4 7 462 469 1.3 
Group IV— — — — — 1 1 46 47 0.1 
Total (a)$283 $63 $102 $48 $260 $281 $1,037 $36,347 $37,384 100.0 %
Gross charge-offs$1 $— $— $— $— $— $1 $6 $7 
__________
(a)Total past due dealer financing receivables at December 31, 2024 were $8 million.

Non-Accrual of Revenue. The accrual of financing revenue is discontinued at the time a receivable is determined to be uncollectible or when it is 90 days past due. Accounts may be restored to accrual status only when a customer settles all past-due deficiency balances and future payments are reasonably assured. For receivables in non-accrual status, subsequent financing revenue is recognized only to the extent a payment is received. Payments are generally applied first to outstanding interest and then to the unpaid principal balance.

Loan Modifications. Consumer and non-consumer receivables that have a modified interest rate and/or a term extension (including receivables that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code) are typically considered to be loan modifications. We do not grant modifications to the principal balance of our receivables. If a receivable is modified in a reorganization proceeding, all payment requirements of the reorganization plan need to be met before remaining balances are forgiven.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

During the collection process, we may offer a term extension to a customer experiencing financial difficulty. During the extension period, finance charges continue to accrue. If the customer's financial difficulty is not temporary, but we believe the customer is willing and able to repay their loan at a lower payment amount, we may offer to modify the interest rate and/or extend the term in order to lower the scheduled monthly payment. In those cases, the outstanding balance generally remains unchanged. The use of interest rate modifications and term extensions helps us mitigate financial loss. Term extensions may assist in cases where we believe the customer will recover from short-term financial difficulty and resume regularly scheduled payments. Before offering an interest rate modification or term extension, we evaluate and take into account the capacity of the customer to meet the revised payment terms. Although the granting of an extension could delay the eventual charge-off of a receivable, we are typically able to repossess and sell the related collateral, thereby mitigating the loss. The effect of most loan modifications made to borrowers experiencing financial difficulty is included in the historical trends used to measure the allowance for credit losses. A loan modification that improves the delinquency status of a borrower reduces the probability of default, which results in a lower allowance for credit losses. At December 31, 2024, an insignificant portion of our total finance receivables portfolio had been granted a loan modification and these modifications are generally treated as a continuation of the existing loan.

Allowance for Credit Losses

The allowance for credit losses represents our estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly.

Adjustments to the allowance for credit losses are made by recording charges to Provision for credit losses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors.

Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event we repossess the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets.

Consumer Portfolio

For consumer receivables that share similar risk characteristics such as product type, initial credit risk, term, vintage, geography, and other relevant factors, we estimate the lifetime expected credit loss allowance based on a collective assessment using measurement models and management judgment. The lifetime expected credit losses for the receivables is determined by applying probability of default and loss given default assumptions to monthly expected exposures, then discounting these cash flows to present value using the receivable’s original effective interest rate or the current effective interest rate for a variable rate receivable. Probability of default models are developed from internal risk scoring models taking into account the expected probability of payment and time to default, adjusted for macroeconomic outlook and recent performance. The models consider factors such as risk evaluation at the time of origination, historical trends in credit losses, and the composition and recent performance of the present portfolio (including vehicle brand, term, risk evaluation, and new/used vehicles). The loss given default is the percentage of the expected balance due at default that is not recoverable, taking into account the expected collateral value and trends in recoveries (including key metrics such as delinquencies, repossessions, and bankruptcies). Monthly exposures are equal to the receivables’ expected outstanding principal and interest balance.

The allowance for credit losses incorporates forward-looking macroeconomic conditions for baseline, upturn, and downturn scenarios. Three separate credit loss allowances are calculated from these scenarios. They are then probability-weighted to determine the quantitative estimate of the credit loss allowance recognized in the financial statements. We use forecasts from a third party that revert to a long-term historical average after a reasonable and supportable forecasting period, which is specific to the particular macroeconomic variable and which varies by market. We update the forward-looking macroeconomic forecasts quarterly.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

If management does not believe the models reflect lifetime expected credit losses for the portfolio, an adjustment is made to reflect management judgment regarding qualitative factors, including economic uncertainty, observable changes in portfolio performance, and other relevant factors.

On an ongoing basis, we review our models, including macroeconomic factors, the selection of macroeconomic scenarios, and their weighting, to ensure they reflect the risk of the portfolio.

Non-Consumer Portfolio
Dealer financing is evaluated on an individual dealer basis by segmenting dealers by risk characteristics (such as the amount of the loans, the nature of the collateral, and the financial status of the dealer) to determine if an individual dealer requires a specific allowance for credit loss. If required, the allowance is based on the present value of the expected future cash flows of the dealer’s receivables discounted at the loans’ original effective interest rate or the fair value of the collateral adjusted for estimated costs to sell.

For the remaining dealer financing, we estimate an allowance for credit losses on a collective basis.

Wholesale Loans. We estimate the allowance for credit losses for wholesale loans based on historical LTR ratios, expected future cash flows, and the fair value of collateral. The LTR model is based on the most recent years of history. An LTR ratio is calculated by dividing credit losses (i.e., charge-offs net of recoveries) by average net finance receivables, excluding allowance for credit losses. The average LTR ratio is multiplied by the end-of-period balances, representing the lifetime expected credit loss reserve.

Dealer Loans. We use a weighted-average remaining maturity method to estimate the lifetime expected credit loss reserve for dealer loans. The loss model is based on the industrywide commercial real estate credit losses, adjusted to factor in the historical credit losses for our dealer loans portfolio. The expected credit loss is calculated under different macroeconomic scenarios that are weighted to provide the total lifetime expected credit loss.

After establishing the collective and specific allowance for credit losses, if management believes the allowance does not reflect all losses inherent in the portfolio due to changes in recent economic trends and conditions, or other relevant forward-looking economic factors, an adjustment is made based on management judgment.

An analysis of the allowance for credit losses related to finance receivables for the years ended December 31 was as follows (in millions):
20232024
ConsumerNon-ConsumerTotalConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$838 $7 $845 $879 $3 $882 
Charge-offs (401)(4)(405)(568)(7)(575)
Recoveries151 2 153 160 3 163 
Provision for credit losses280 (2)278 412 5 417 
Other (a)11 — 11 (23)— (23)
Ending balance$879 $3 $882 $860 $4 $864 
_________
(a)Primarily represents amounts related to foreign currency translation adjustments.
For the year ended December 31, 2024, the allowance for credit losses decreased $18 million, reflecting improvement in the macroeconomic outlook, offset partially by an increase in consumer receivables.
v3.25.0.1
Derivative Financial Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
In the normal course of business, our operations are exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates. To manage these risks, we enter into highly effective derivative contracts:

•Interest rate contracts, including swaps, that are used to manage the effects of interest rate fluctuations;
•Foreign currency exchange contracts, including forwards, that are used to manage foreign exchange exposure; and
•Cross-currency interest rate swap contracts that are used to manage foreign currency and interest rate exposures on foreign-denominated debt.

We review our hedging program, derivative positions, and overall risk management strategy on a regular basis.

Derivative Financial Instruments and Hedge Accounting. Derivative assets and derivative liabilities are reported in Derivative financial instruments on our balance sheets.

Our derivatives are over-the-counter customized derivative transactions and are not exchange traded. We estimate the fair value of these instruments using industry-standard valuation models such as a discounted cash flow. These models project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates, foreign exchange rates, and the contractual terms of the derivative instruments. The discount rate used is the relevant benchmark interest rate (e.g., SOFR, SONIA) plus an adjustment for nonperformance risk. The adjustment reflects the full credit default swap (“CDS”) spread applied to a net exposure, by counterparty, considering the master netting agreements and any posted collateral. We use our counterparty’s CDS spread when we are in a net asset position and our own CDS spread when we are in a net liability position.

We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting.
NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued)

Fair Value Hedges. We use derivatives to reduce the risk of changes in the fair value of debt. We have designated certain receive-fixed, pay-float interest rate and cross-currency interest rate swaps as fair value hedges of fixed-rate debt. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate and foreign exchange. We report the change in fair value of the hedged debt related to the change in benchmark interest rate in Debt and Interest expense. We report the change in fair value of the hedged debt related to foreign currency in Debt and Other income/(loss), net. Net interest settlements and accruals, and fair value changes on hedging instruments due to the benchmark interest rate change are reported in Interest expense. Fair value changes on the hedging instrument due to foreign currency are reported in Other Income/(loss), net. The cash flows associated with fair value hedges are reported in Net cash provided by/(used in) operating activities on our statements of cash flows.

When a fair value hedge is de-designated, or when the derivative is terminated before maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in Interest expense over its remaining life.

Derivatives Not Designated as Hedging Instruments. We report net interest settlements and accruals and changes in the fair value of interest rate swaps not designated as hedging instruments in Other income/(loss), net. Foreign currency revaluation on accrued interest along with gains and losses on foreign exchange contracts and cross-currency interest rate swaps are reported in Other income/(loss), net. Cash flows associated with non-designated or de-designated derivatives are reported in Net cash provided by/(used in) investing activities on our statements of cash flows.

Income Effect of Derivative Financial Instruments

The gains/(losses), by hedge designation, reported in income for the years ended December 31 were as follows (in millions):
202220232024
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments
$(45)$(507)$(361)
Fair value changes on hedging instruments(1,875)196 (220)
Fair value changes on hedged debt 1,893 (260)182 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments(27)(79)(133)
Fair value changes on hedging instruments(111)96 (134)
Fair value changes on hedged debt113 (96)108 
Derivatives not designated as hedging instruments
Interest rate contracts390 37 (85)
Foreign currency exchange contracts (a)50 (35)268 
Cross-currency interest rate swap contracts(780)127 (272)
Total$(392)$(521)$(647)
__________
(a)Reflects forward contracts between us and an affiliated company.
NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued)

Balance Sheet Effect of Derivative Financial Instruments

Derivative assets and liabilities are reported on the balance sheets at fair value and are presented on a gross basis. The notional amounts of the derivative instruments do not necessarily represent amounts exchanged by the parties and are not a direct measure of our financial exposure. We also enter into master agreements with counterparties that may allow for netting of exposures in the event of default or breach of the counterparty agreement. Collateral represents cash received or paid under reciprocal arrangements that we have entered into with our derivative counterparties, which we do not use to offset our derivative assets and liabilities.

The fair value of our derivative instruments and the associated notional amounts at December 31 were as follows (in millions):
20232024
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Fair value hedges
Interest rate contracts$12,119 $106 $633 $16,194 $66 $645 
Cross-currency interest rate swaps2,078 69 104 3,802 9 139 
Derivatives not designated as hedging instruments
Interest rate contracts73,134 465 1,036 76,977 305 845 
Foreign currency exchange contracts (a)10,276 59 116 9,716 271 117 
Cross-currency interest rate swap contracts7,100 119 252 5,455 133 246 
Total derivative financial instruments, gross (b) (c) $104,707 $818 $2,141 $112,144 $784 $1,992 
__________
(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $5.9 billion and $5.3 billion in notional amounts and $46 million and $115 million in both assets and liabilities at December 31, 2023 and 2024, respectively.
(b)At December 31, 2023 and 2024, we held collateral of $40 million and $27 million, and we posted collateral of $126 million and $127 million, respectively.
(c)At December 31, 2023 and 2024, the fair value of assets and liabilities available for counterparty netting was $516 million and $450 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.
v3.25.0.1
Other Assets and Other Liabilities and Deferred Income
 12 Months Ended
Dec. 31, 2024
Other Assets and Other Liabilities and Deferred Income [Abstract]  
OTHER ASSETS AND OTHER LIABILITIES AND DEFERRED INCOME OTHER ASSETS AND OTHER LIABILITIES AND DEFERRED REVENUE
Other assets and Other liabilities and deferred revenue consist of various balance sheet items that are combined for financial statement presentation due to their respective materiality compared with other individual asset and liability items.

Other assets at December 31 were as follows (in millions):
20232024
Prepaid reinsurance premiums and other reinsurance recoverables$818 $876 
Accrued interest and other non-finance receivables677 666 
Collateral held for resale, at net realizable value426 392 
Property and equipment, net of accumulated depreciation (a)270 283 
Investment in non-consolidated affiliates167 182 
Deferred tax assets190 178 
Restricted cash137 88 
Operating lease assets53 40 
Other202 350 
Total other assets$2,940 $3,055 
__________
(a)Accumulated depreciation was $453 million and $448 million at December 31, 2023 and 2024, respectively.


Other liabilities and deferred revenue at December 31 were as follows (in millions):
20232024
Interest payable$963 $1,098 
Unearned insurance premiums and fees930 995 
Income tax and related interest (a)186 131 
Payroll and employee benefits96 86 
Operating lease liabilities55 42 
Other229 275 
Total other liabilities and deferred revenue$2,459 $2,627 
__________
(a)Includes tax and interest payable to affiliated companies of $62 million and $9 million at December 31, 2023 and 2024, respectively.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Ford Motor Credit Company LLC and certain of its subsidiaries are disregarded entities for United States income tax purposes. Ford’s consolidated United States federal and state income tax returns include certain of our domestic subsidiaries. Our provision for income taxes includes only income tax liabilities for Ford Credit entities recognized as taxable within a jurisdiction. Certain United States minimum taxes, such as the corporate alternative minimum tax and the tax on global intangible low-taxed income, are generally allocated to us on a separate return basis calculated as if we were a taxable entity. The net minimum tax liability allocated to us will not exceed the net liability as determined on a consolidated basis.

We account for United States tax on global intangible low-taxed income in the period incurred, and we account for investment tax credits using the deferral method.

We recognize income tax-related penalties in Provision for/(Benefit from) income taxes on our consolidated income statements.  We recognize income tax-related interest income and interest expense in Other income/(loss), net on our consolidated income statements.

Valuation of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and net operating loss carryforwards and tax credit carryforwards on a taxing jurisdiction basis. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid.

Our accounting for deferred tax consequences represents our best estimate of the likely future tax consequences of events that have been recognized in our financial statements or tax returns and their future probability. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, we record a valuation allowance.
NOTE 10. INCOME TAXES (Continued)

Components of Income Taxes

Components of income taxes for the years ended December 31 were as follows:

202220232024
Income before income taxes (in millions)
United States$1,532 $797 $773 
Non-United States905 525 881 
Total$2,437 $1,322 $1,654 
Provision for/(Benefit from) income taxes (in millions)
Current
Federal$81 $190 $(43)
Non-United States31 361 156 
State and local12 10 9 
Total current124 561 122 
Deferred
Federal(17)65 239 
Non-United States (a)341 (627)37 
State and local— (1)— 
Total deferred324 (563)276 
Total$448 $(2)$398 
Reconciliation of effective tax rate
United States statutory tax rate21.0 %21.0 %21.0 %
United States disregarded entities(8.9)4.8 0.5 
Non-United States tax rate differential0.7 (0.9)0.2 
State and local income taxes0.4 0.5 0.4 
Nontaxable foreign currency gains and losses4.5 (1.5)(0.7)
Dispositions and restructurings (a)— (25.9)— 
United States tax on non-United States earnings— — 3.6 
Prior year settlements and claims0.8 (0.8)— 
Other(0.1)2.6 (0.9)
Effective tax rate18.4 %(0.2)%24.1 %
__________
(a)2023 includes a benefit of $343 million associated with legal entity restructuring within our leasing operations.

At December 31, 2024, $4.8 billion of non-United States earnings are considered indefinitely reinvested in operations outside the United States, for which deferred taxes have not been provided. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable.
NOTE 10. INCOME TAXES (Continued)

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities at December 31 were as follows (in millions):
20232024
Deferred tax assets
Net operating loss carryforwards$490 $611 
Tax credit carryforwards— 119 
Provision for credit losses139 99 
Other foreign73 111 
Employee benefit plans14 12 
Other54 56 
Total gross deferred tax assets770 1,008 
Less: Valuation allowances(42)(45)
Total net deferred tax assets728 963 
Deferred tax liabilities
Leasing transactions359 692 
Other foreign510 431 
Other6 26 
Total deferred tax liabilities875 1,149 
Net deferred tax liability$147 $186 

Net operating loss carryforwards for tax purposes were $2.2 billion at December 31, 2024, resulting in a deferred tax asset of $611 million. A substantial portion of these losses will begin to expire beyond 2030. Tax credit carryforwards available to offset future tax liabilities are $119 million. These credits have a remaining carryforward period of twenty years. Tax benefits from net operating loss carryforwards and tax credit carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and available tax planning strategies.

Other

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 was as follows (in millions):
20232024
Beginning balance$58 $69 
Increase - tax positions in prior periods24 14 
Decrease - tax positions in prior periods(15)— 
Settlements(2)(7)
Lapse of statute of limitations(1)(1)
Foreign currency translation adjustments5 (10)
Ending balance$69 $65 

The amount of unrecognized tax benefits that would affect the effective tax rate if recognized was $69 million and $65 million as of December 31, 2023 and 2024, respectively.

Examinations by tax authorities have been completed through 2008 in Germany, 2014 in the United States, and 2018 in Canada and the United Kingdom. We have settled our United States federal income tax matters related to tax years prior to 2015 in accordance with our intercompany tax sharing agreement.
NOTE 10. INCOME TAXES (Continued)

Net tax-related interest expense on income taxes was $1 million, $12 million, and $3 million for the years ended December 31, 2022, 2023, and 2024, respectively. These were reported in Other income/(loss), net on our consolidated income statements. At December 31, 2023 and 2024, we reported a net tax-related interest payable of $24 million and $23 million, respectively.

Cash paid for income taxes was $416 million, $248 million, and $166 million in 2022, 2023, and 2024, respectively.
v3.25.0.1
Insurance
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
INSURANCE INSURANCE
We conduct insurance underwriting operations primarily through The American Road Insurance Company (“TARIC”). TARIC is a wholly owned subsidiary of Ford Credit operating in the United States and Canada. TARIC provides physical damage insurance coverage for Ford Credit financed vehicles at dealer locations and Ford and Lincoln vehicles in transit between final assembly plants and dealer locations. TARIC also provides physical damage insurance coverage for non-affiliated company financed vehicles, serviced by Ford Credit, at dealer locations. In addition, TARIC provides a variety of other insurance products and services to Ford and its affiliates, including contractual liability insurance on extended service contracts. TARIC provides commercial automobile insurance for Ford and third parties and general liability insurance and surety bonds for Ford in the United States.

Insurance premiums earned are reported net of reinsurance as Insurance premiums earned. These premiums are earned over their respective policy periods. Physical damage insurance premiums, including premiums on vehicles financed at wholesale by us, are recognized as income on a monthly basis. Premiums from extended service plan contracts and other contractual liability coverages are earned over the life of the policy based on historical loss experience. Commissions and premium taxes are deferred and amortized over the term of the related policies on the same basis on which premiums are earned.

Reserves for insurance losses and loss adjustment expenses are established based on actuarial estimates and historical loss development patterns, which represents management’s best estimate. If management believes the reserves do not reflect all losses due to changes in conditions, or other relevant factors, an adjustment is made based on management judgment.

Reinsurance activity primarily consists of ceding a majority of the contractual liability insurance business related to automotive extended service plan contracts for a ceding commission. Commissions on ceded amounts are earned on the same basis as related premiums. Reinsurance contracts do not relieve TARIC from its obligations to its policyholders. Failure of reinsurers to honor their obligations could result in losses to TARIC. Therefore, TARIC requires nearly all of its reinsurers to hold collateral and monitors the underlying business and financial performance of its reinsurers to mitigate risk.

Insurance Assets

Cash, cash equivalents, and marketable securities related to insurance activities at December 31 were as follows (in millions):
20232024
Cash and cash equivalents$82 $85 
Marketable securities649 644 
Total cash, cash equivalents, and marketable securities
$731 $729 

TARIC is required by law to maintain deposits with regulatory authorities. These deposited securities totaled $10 million and $11 million at December 31, 2023 and 2024, respectively, and were included in Marketable securities.
NOTE 11. INSURANCE (Continued)

Amounts paid to reinsurers relating to the unexpired portion of the underlying automotive service contracts, and amounts recoverable from reinsurers on unpaid losses, including incurred but not reported losses are reported in Other assets. Prepaid reinsurance premiums and other reinsurance recoverables were $818 million and $876 million at December 31, 2023 and 2024, respectively. This includes amounts ceded to Ford affiliates of $98 million at both December 31, 2023 and 2024.

Insurance Liabilities

Other liabilities and deferred revenue includes unearned insurance premiums and fees of $930 million and $995 million at December 31, 2023 and 2024, respectively. This includes amounts from Ford and its affiliates of $808 million and $863 million at December 31, 2023 and 2024, respectively.

The reserve for reported insurance losses and an estimate of unreported insurance losses, based on past experience, was $26 million and $35 million at December 31, 2023 and 2024, respectively, and was included in Other liabilities and deferred revenue.

Insurance Premiums

Insurance premiums written and earned for the years ended December 31 were as follows (in millions):
202220232024
WrittenEarnedWrittenEarnedWrittenEarned
Direct$337 $306 $394 $359 $472 $415 
Assumed— — — — — — 
Ceded(264)(231)(275)(240)(300)(244)
Net premiums
$73 $75 $119 $119 $172 $171 

The direct premiums earned from Ford and its affiliates were $241 million, $249 million, and $259 million for the years ended December 31, 2022, 2023, and 2024, respectively.

Insurance Expenses

Insurance underwriting losses and expenses are reported as Insurance expenses. The components of insurance expenses for the years ended December 31 were as follows (in millions):
202220232024
Insurance losses$34 $90 $181 
Loss adjustment expenses2 4 5 
Reinsurance income and other expenses, net(40)(41)(40)
Insurance expenses
$(4)$53 $146 

Insurance expenses with Ford and its affiliates were $107 million, $161 million, and $224 million for the years ended December 31, 2022, 2023, and 2024, respectively.

Insurance expenses were reduced by ceded insurance expenses of $156 million, $198 million, and $233 million for the years ended December 31, 2022, 2023, and 2024, respectively.
v3.25.0.1
Other Income, Net
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
OTHER INCOME, NET OTHER INCOME/(LOSS)
Other income/(loss) consists of various line items that are combined on the income statements due to their respective materiality compared with other individual income and expense items.

The amounts included in Other income/(loss), net for the years ended December 31 were as follows (in millions):
202220232024
Interest and investment income (a)123 545 $506 
Gains/(losses) on derivatives$(393)$177 (272)
Currency revaluation gains/(losses) 419 (216)114 
Gains/(losses) on changes in investments in affiliates (b)(231)— 44 
Other41 8 32 
Total other income/(loss), net$(41)$514 $424 
__________
(a)Includes interest income, primarily on notes receivable, from affiliated companies of $2 million, $2 million, and $3 million for the years ended December 31, 2022, 2023, and 2024, respectively.
(b)Includes the reclassification of foreign currency translation net losses of $231 million and net gains of $43 million in 2022 and 2024, respectively, to Other Income/(Loss),net from Accumulated other comprehensive income/(loss) related to the liquidation, or substantially complete liquidation of certain investments in our international markets.
v3.25.0.1
Retirement Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS AND SHARE-BASED COMPENSATION RETIREMENT BENEFITS
We are a participating employer in certain retirement plans that are sponsored by Ford. As described below, Ford allocates costs to us under these plans based on the total number of participating or eligible employees at Ford Credit. Further information about these sponsored plans is available in Ford’s Annual Report on Form 10-K for the year ended December 31, 2024, filed separately with the SEC.

Employee Retirement Plans

Benefits earned under certain Ford-sponsored retirement plans are generally based on an employee’s length of service, salary, and contributions. The allocation amount can be impacted by key assumptions (e.g., discount rate and average rate of increase in compensation) that Ford uses in determining its retirement plan obligations.

Retirement plan costs allocated to Ford Credit for our employees participating in the Ford-sponsored defined benefit plans were $54 million, $41 million, and $28 million for the years ended December 31, 2022, 2023, and 2024, respectively. Allocated costs for defined contribution and savings plans were $9 million, $10 million, and $11 million for the years ended December 31, 2022, 2023, and 2024, respectively, and were charged to Operating expenses.

Postretirement Health Care and Life Insurance Benefits

Postretirement health care and life insurance benefits are provided under certain Ford plans, which provide benefits to retired salaried employees in North America. Our employees generally may become eligible for these benefits if they retire while working for us; however, benefits and eligibility rules may be modified from time to time.
Postretirement health care and life insurance costs allocated to Ford Credit for our employees participating in the Ford-sponsored plans were $3 million, $2 million, and $1 million for the years ended December 31, 2022, 2023, and 2024, respectively, and were charged to Operating expenses.
v3.25.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
We report segment information consistent with the way our CODM, our President and Chief Executive Officer, evaluates the operating results and performance of the Company. We conduct our financing operations directly and indirectly through our subsidiaries and affiliates. We offer substantially similar products and services throughout many different regions, subject to local legal restrictions and market conditions. Our reportable segments are: the United States and Canada, Europe, and All Other. Our All Other reportable segment includes our operations in China, Mexico, and our joint venture in South Africa, as well as wind down activities in Brazil, Argentina, and India.

We report segment earnings on an income before income taxes basis after excluding market valuation adjustments to derivatives and exchange-rate fluctuations on foreign currency-denominated transactions, which are reflected in Unallocated Other. These adjustments are excluded when assessing our segment performance because they are carried out at the corporate level. Our CODM reviews segment earnings on an income before income taxes basis to evaluate performance and allocate resources, predominately in the budgeting, planning, and forecasting processes.
NOTE 14. SEGMENT AND GEOGRAPHIC INFORMATION (Continued)

Key operating data for our business segments for the years ended or at December 31 was as follows (in millions):
United States and CanadaEuropeAll OtherTotal
Segments		Unallocated OtherTotal
2022
Total revenue $8,189 $829 $398 $9,416 $— $9,416 
Total revenue less:
Depreciation on vehicles subject to operating leases
2,271 (31)— 2,240 — 2,240 
Interest expense3,035 233 190 3,458 (124)3,334 
Provision for credit losses10 (10)39 39 — 39 
Other segment items (a)779 323 307 1,409 (43)1,366 
Income before income taxes2,094 314 (138)2,270 167 2,437 
Other segment disclosures:
Net finance receivables and net investment in operating leases98,869 18,400 5,065 122,334 — 122,334 
Total assets 110,023 22,690 5,863 138,576 — 138,576 
2023
Total revenue $9,362 $1,316 $441 $11,119 $— $11,119 
Total revenue less:
Depreciation on vehicles subject to operating leases
2,284 25 — 2,309 — 2,309 
Interest expense5,199 684 242 6,125 186 6,311 
Provision for credit losses237 10 31 278 — 278 
Other segment items (a)528 291 93 912 (13)899 
Income before income taxes 1,114 306 75 1,495 (173)1,322 
Other segment disclosures:
Net finance receivables and net investment in operating leases107,695 20,249 5,211 133,155 — 133,155 
Total assets118,611 24,601 5,993 149,205 — 149,205 
2024
Total revenue $11,290 $1,508 $455 $13,253 $— $13,253 
Total revenue less:
Depreciation on vehicles subject to operating leases
2,447 35 — 2,482 — 2,482 
Interest expense6,062 875 258 7,195 388 7,583 
Provision for credit losses333 34 50 417 — 417 
Other segment items (a)988 207 87 1,282 (165)1,117 
Income before income taxes 1,460 357 60 1,877 (223)1,654 
Other segment disclosures:
Net finance receivables and net investment in operating leases118,969 20,469 4,201 143,639 — 143,639 
Total assets129,599 23,993 4,700 158,292 — 158,292 
__________
(a)Other items consists of Operating expenses, Insurance expenses, and Other income/(loss), net.
NOTE 14. SEGMENT AND GEOGRAPHIC INFORMATION (Continued)

Geographic Information

Key data, split geographically into the United States (which is our country of domicile), Canada, and All Other, for the years ended or at December 31 were as follows (in millions):
202220232024
Total revenue
United States$6,929 $8,012 $9,714 
Canada1,260 1,350 1,577 
All Other1,227 1,757 1,962 
Total revenue$9,416 $11,119 $13,253 
Net property and net investment in operating leases
United States$17,558 $15,642 $16,560 
Canada4,317 4,621 5,048 
All Other179 338 364 
Net property and net investment in operating leases$22,054 $20,601 $21,972 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Commitments and contingencies primarily consist of lease commitments, guarantees and indemnifications, and litigation and claims.

Lease Commitments

We lease land, buildings, and equipment under agreements that expire over various contractual periods ranging from less than one year to 26 years. Many of our leases contain one or more options to extend. We include options that we are reasonably certain to exercise in our evaluation of the lease term after considering all relevant economic and financial factors. The leased (“right-of-use”) assets in operating lease arrangements are reported in Other assets on our consolidated balance sheets. We do not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less. These lease payments are amortized to expense on a straight-line basis over the lease term.

For the majority of our leases, we do not separate the non-lease components (e.g., maintenance and operating services) from the lease components to which they relate. Instead, non-lease components are included in the measurement of the lease liabilities. We calculate the initial lease liability as the present value of fixed payments not yet paid and variable payments that are based on a market rate or an index (e.g., CPI), measured at commencement. The majority of our leases are discounted using our incremental borrowing rate because the rate implicit in the lease is not readily determinable. All other variable payments are expensed as incurred. Operating lease liabilities are reported in Other liabilities and deferred revenue.
NOTE 15. COMMITMENTS AND CONTINGENCIES (Continued)

The amounts contractually due on our operating lease liabilities at December 31, 2024 were as follows (in millions):
20252026202720282029ThereafterTotal
Operating lease$16 $12 $9 $3 $1 $7 $48 
Less: Present value discount6 
   Total operating lease liabilities$42 

Supplemental information related to operating leases for the years ended December 31 was as follows (in millions):
202220232024
Operating and variable lease expense$22$22$22
Right-of-use assets obtained in exchange for operating lease liabilities554
Weighted average remaining lease term for operating leases (in years)555
Weighted average remaining discount rate for operating leases3.9 %4.1 %4.3 %
Guarantees and Indemnifications

Guarantees and indemnifications are recorded at fair value at their inception. For financial guarantees, subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. For non-financial guarantees, we regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under a guarantee or indemnity, the amount of probable payment is recorded.

The maximum potential payments under these guarantees and limited indemnities totaled $90 million and $61 million at December 31, 2023 and 2024, respectively. Of these values, $48 million and $15 million at December 31, 2023 and 2024, respectively, were counter-guaranteed by Ford to us. There were no recorded liabilities related to guarantees and limited indemnities at December 31, 2023 and 2024.

In some cases, we have guaranteed debt and other financial obligations of outside third parties and unconsolidated affiliates, including Ford. Expiration dates vary, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the third party to fulfill its obligation covered by the guarantee. In some circumstances, we are entitled to recover from a third party amounts paid by us under the guarantee.

In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include and are not limited to claims relating to any of the following: environmental, tax, and shareholder matters; intellectual property rights; governmental regulations and employment-related matters; dealer and other commercial contractual relationships; and financial matters, such as securitizations. Performance under these indemnities generally would be triggered by a breach of contract claim brought by a counterparty or a third-party claim. While some of these indemnifications are limited in nature, many of them do not limit potential payment. Therefore, we are unable to estimate a maximum amount of future payments that could result from claims made under these unlimited indemnities.
NOTE 15. COMMITMENTS AND CONTINGENCIES (Continued)

Litigation and Claims

Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include but are not limited to matters arising out of governmental regulations; tax matters; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer and other contractual relationships; investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, sanctions, assessments, or other relief, which, if granted, would require very large expenditures.

The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome.

We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time.

For nearly all matters where our historical experience with similar matters is of limited value (i.e., “non-pattern matters”), we evaluate the matters primarily based on the individual facts and circumstances. For non-pattern matters, we evaluate whether there is a reasonable possibility of a material loss in excess of any accrual that can be estimated. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably and could require us to pay damages or make other expenditures. We do not reasonably expect, based on our analysis, that such matters would have a material effect on future financial statements for a particular year, although such an outcome is possible.

As noted, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Our assessments are based on our knowledge and experience, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 1,256 $ 1,324 $ 1,989
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Strategy and Risk Management

We devote significant resources to our security program that we believe is reasonably designed to mitigate our cybersecurity and information technology risk. We believe our cybersecurity program is reasonably designed to protect our information systems, software, networks, and other assets against, and mitigate the effects of, cybersecurity incidents where unauthorized parties attempt, among other things, to disrupt or degrade service or our operations; misuse or abuse technology and information systems; make unauthorized disclosure of data; or otherwise cause harm to Ford and Ford Credit, our customers, suppliers, or dealers, or other key stakeholders. We employ capabilities, processes, and other security measures we believe are reasonably designed to reduce and mitigate these risks, and have requirements for our suppliers and service providers to do the same. Data safeguard practices of suppliers and service providers who process Personally Identifiable Information on our behalf are reviewed annually for compliance with our policies and applicable regulations. Despite having thorough due diligence, onboarding, and cybersecurity assessment processes in place for our suppliers and service providers, there can be no assurance that we can prevent the risk of any compromise or failure in the information systems, software, networks, and other assets owned or controlled by those parties. When we become aware that a supplier or service provider’s cybersecurity has been compromised, we attempt to mitigate the risk to the Company, including, if appropriate and feasible, by terminating the supplier’s connection to our information systems.

In an effort to effectively prevent, detect, and respond to cybersecurity threats, we employ a multi-layered cybersecurity risk management program supervised by Ford’s Chief Information Security Officer, whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, architecture, and processes. The team provides cybersecurity services for Ford and its affiliates, including Ford Credit. The services provided to Ford Credit and its affiliates are governed by appropriate service agreements with Ford. Local regional teams and designated responsible individuals work with the enterprise-wide team to provide cybersecurity-related services in compliance with local requirements. The team’s responsibility includes identifying, considering, and assessing potentially material cybersecurity incidents on an ongoing basis, establishing processes designed to prevent and monitor potential cybersecurity risks, implementing mitigation and remedial measures, and maintaining the cybersecurity program. To do so, the program is informed by and designed to comply with the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). The program leverages both internal and external techniques and expertise. Internally, we perform penetration tests, internal tests/code reviews, and Red Team exercises, among other things, to evaluate aspects of our cybersecurity program. We also perform phishing and social engineering simulations with, and provide cybersecurity training for, personnel with Company email and access to Company assets, and regularly circulate security awareness newsletters to employees. Externally, we monitor notifications from the U.S. Computer Emergency Readiness Team (“CERT”) and various Information Sharing and Analysis Centers (each an “ISAC”); review customer, media, and third-party cybersecurity reports; and operate a bug bounty program. The cybersecurity program also includes disaster recovery and incident response plans, including a ransomware response plan, which is regularly tested and evaluated in tabletop simulations.

Ford and Ford Credit’s global cybersecurity incident response is overseen by Ford’s Chief Information Security Officer. Ford’s Chief Information Security Officer has served in that role for over 7 years and has over a decade of engineering and operations expertise with cybersecurity technologies and services. He was appointed in 2022 by the Ford Credit Board as Ford Credit’s “Qualified Individual” under the Federal Trade Commission Safeguards Rule, and is responsible for overseeing and implementing Ford Credit’s information security program and enforcing it. Ford Credit’s Chief Technology Officer is Ford Credit’s senior member responsible for direction and oversight of the Qualified Individual. Ford’s Chief Information Security Officer also reports to Ford Motor Company’s Chief Enterprise Technology Officer, who has spent over two decades managing cybersecurity risks as a leader at enterprise software and Fortune 50 companies. Ford’s Chief Enterprise Technology Officer reports directly to Ford’s Chief Executive Officer.
When a cybersecurity threat or incident is identified, our policy is to review and triage the threat or incident, and to then manage it to conclusion in accordance with our cybersecurity incident response processes. When a cybersecurity incident is determined to be significant, it is addressed by management committees using processes that leverage subject-matter expertise from across Ford and Ford Credit. Further, we have in the past and may in the future engage with third-party advisors and government and law enforcement agencies as part of our incident management processes. All cybersecurity incidents that are identified as reasonably having the potential to be highly significant to Ford and Ford Credit are brought to the attention of Ford’s Chief Enterprise Technology Officer and General Counsel by Ford’s Chief Information Security Officer as part of the Company’s cybersecurity incident response processes.

Cybersecurity Governance and Oversight

Cybersecurity risk identification, assessment, and management are integrated into Ford Credit’s overall enterprise risk management program. As part of its enterprise risk management efforts, the Ford Credit Board meets with senior management to assess and respond to critical business risks. These critical enterprise risks are assessed by senior management annually and discussed with the Ford Credit Board. Then each of the top risks are validated, prioritized, and assigned risk owners who are responsible to oversee risk assessment, develop and implement mitigation plans, and provide regular updates to the Board (and/or Board committee assigned to the risk). In this way, critical business risks, including cybersecurity risk, benefit from both top-down and bottom-up risk management efforts that we believe are reasonably designed to escalate key risk and control issues to senior management and the Ford Credit Board.
As a result of this enterprise risk management process, cybersecurity threats have been and continue to be identified as one of the Company’s top risks, with Ford Credit’s Chief Technology Officer assigned as the executive risk owner. Ford Credit’s Board is responsible for the oversight of cybersecurity and information technology risks, and Ford Credit’s preparedness for these risks.
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity risk identification, assessment, and management are integrated into Ford Credit’s overall enterprise risk management program. As part of its enterprise risk management efforts, the Ford Credit Board meets with senior management to assess and respond to critical business risks. These critical enterprise risks are assessed by senior management annually and discussed with the Ford Credit Board. Then each of the top risks are validated, prioritized, and assigned risk owners who are responsible to oversee risk assessment, develop and implement mitigation plans, and provide regular updates to the Board (and/or Board committee assigned to the risk). In this way, critical business risks, including cybersecurity risk, benefit from both top-down and bottom-up risk management efforts that we believe are reasonably designed to escalate key risk and control issues to senior management and the Ford Credit Board.
As a result of this enterprise risk management process, cybersecurity threats have been and continue to be identified as one of the Company’s top risks, with Ford Credit’s Chief Technology Officer assigned as the executive risk owner. Ford Credit’s Board is responsible for the oversight of cybersecurity and information technology risks, and Ford Credit’s preparedness for these risks
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]
In 2024, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. For a discussion of whether and how cybersecurity incidents, ransomware attacks, and other disruptions to Ford and Ford Credit’s operational information systems, security systems, vehicles, and services could reasonably be expected to affect Ford and Ford Credit, including their business strategy, results of operations or financial condition, see our risk factors above in Item 1A. generally and, in particular, “Operational information systems, security systems, vehicles, and services could be affected by cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford, Ford Credit, their suppliers, and dealers” on page 18.
Cybersecurity Risk Board of Directors Oversight [Text Block] As part of its oversight responsibilities, the Ford Credit Board receives annual cybersecurity updates from Ford’s Chief Information Security Officer. The annual review includes oversight of cybersecurity practices, cyber risks, and risk management processes, such as updates to Ford Credit’s cybersecurity programs and mitigation strategies, and other cybersecurity developments.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] In addition to these regular updates, as part of Ford Credit’s incident response processes, Ford Credit’s Chief Technology Officer, in collaboration with Ford Credit’s Qualified Individual and Chief Compliance Officer, provides updates on certain cybersecurity incidents to Ford Credit’s Compliance Committee and, in some cases, the Ford Credit Board of Directors.
Cybersecurity Risk Role of Management [Text Block] In addition to these regular updates, as part of Ford Credit’s incident response processes, Ford Credit’s Chief Technology Officer, in collaboration with Ford Credit’s Qualified Individual and Chief Compliance Officer, provides updates on certain cybersecurity incidents to Ford Credit’s Compliance Committee and, in some cases, the Ford Credit Board of Directors
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Ford and Ford Credit’s global cybersecurity incident response is overseen by Ford’s Chief Information Security Officer. Ford’s Chief Information Security Officer has served in that role for over 7 years and has over a decade of engineering and operations expertise with cybersecurity technologies and services. He was appointed in 2022 by the Ford Credit Board as Ford Credit’s “Qualified Individual” under the Federal Trade Commission Safeguards Rule, and is responsible for overseeing and implementing Ford Credit’s information security program and enforcing it. Ford Credit’s Chief Technology Officer is Ford Credit’s senior member responsible for direction and oversight of the Qualified Individual. Ford’s Chief Information Security Officer also reports to Ford Motor Company’s Chief Enterprise Technology Officer, who has spent over two decades managing cybersecurity risks as a leader at enterprise software and Fortune 50 companies. Ford’s Chief Enterprise Technology Officer reports directly to Ford’s Chief Executive Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] As part of its oversight responsibilities, the Ford Credit Board receives annual cybersecurity updates from Ford’s Chief Information Security Officer. The annual review includes oversight of cybersecurity practices, cyber risks, and risk management processes, such as updates to Ford Credit’s cybersecurity programs and mitigation strategies, and other cybersecurity developments. In addition, Ford Credit’s Compliance Committee reviews at least annually Ford Credit’s cybersecurity programs, and the Ford Credit Audit Committee receives updates on Ford Credit’s cybersecurity initiatives and information technology internal controls. In addition to these regular updates, as part of Ford Credit’s incident response processes, Ford Credit’s Chief Technology Officer, in collaboration with Ford Credit’s Qualified Individual and Chief Compliance Officer, provides updates on certain cybersecurity incidents to Ford Credit’s Compliance Committee and, in some cases, the Ford Credit Board of Directors. In the event Ford Credit determines it has experienced a material cybersecurity incident, Ford Credit’s Audit Committee and Chief Compliance Officer are notified about the incident in advance of filing a Current Report on Form 8-K
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Organization, Consolidation and Presentation of Financial Statements (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] For purposes of this report, “Ford Credit,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Credit Company LLC, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We are an indirect, wholly owned subsidiary of Ford Motor Company (“Ford”).
Comparability of Prior Year Financial Data, Policy [Policy Text Block] We reclassified certain prior period amounts in our consolidated financial statements to conform to the current year presentation.
v3.25.0.1
Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] For purposes of this report, “Ford Credit,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Credit Company LLC, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We are an indirect, wholly owned subsidiary of Ford Motor Company (“Ford”).
Reclassifications [Abstract]  
Comparability of Prior Year Financial Data, Policy [Policy Text Block] We reclassified certain prior period amounts in our consolidated financial statements to conform to the current year presentation.
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments, Policy [Policy Text Block]
Cash equivalents, marketable securities, and derivative financial instruments are remeasured and presented on our financial statements on a recurring basis at fair value, while other assets and liabilities are measured at fair value on a nonrecurring basis.

In measuring fair value, we use various valuation methods and prioritize the use of observable inputs. The use of observable and unobservable inputs and their significance in measuring fair value are reflected in our fair value hierarchy.

•    Level 1 – inputs include quoted prices for identical instruments and are the most observable
•    Level 2 – inputs include quoted prices for similar instruments and observable inputs such as interest rates, currency exchange rates, and yield curves
•    Level 3 – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments

Transfers into and transfers out of the hierarchy levels are recognized as if they had taken place at the end of the reporting period.
Cash and Cash Equivalents. Included in Cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. A debt security is classified as a cash equivalent if it meets these criteria and if it has a remaining time to maturity of three months or less from the date of purchase. Amounts on deposit and available upon demand, or negotiated to provide for daily liquidity without penalty, are classified as Cash and cash equivalents. Time deposits, certificates of deposit, and money market accounts that meet the above criteria are reported at par value on our consolidated balance sheets.

Marketable Securities. Investments in securities with a maturity date greater than three months at the date of purchase and other securities for which there is more than an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal are classified as Marketable securities. These investments are reported at fair value. We generally measure fair value using prices obtained from pricing services. Pricing methods and inputs to valuation models used by the pricing services depend on the security type (i.e., asset class). Where possible, fair values are generated using market inputs including quoted prices (the closing price in an exchange market), bid prices (the price at which a buyer stands ready to purchase), and other market information. For fixed income securities that are not actively traded, the pricing services use alternative methods to determine fair value for the securities, including quotes for similar fixed income securities, matrix pricing, discounted cash flow using benchmark curves, or other factors. In certain cases, when market data are not available, we may use broker quotes to determine fair value.

An annual review is performed on the security prices received from our pricing services, which includes discussion and analysis of the inputs used by the pricing services to value our securities. We also compare the price of certain securities sold close to the quarter end to the price of the same security at the balance sheet date to ensure the reported fair value is reasonable.

Realized and unrealized gains and losses and interest income on our marketable securities are recorded in Other income/(loss), net. Realized gains and losses are measured using the specific identification method.
On a nonrecurring basis, we also measure at fair value retail contracts 120 days past due or deemed to be uncollectible, and individual dealer loans probable of foreclosure. We use the fair value of collateral, adjusted for estimated costs to sell, to determine the fair value of these receivables. The collateral for a retail financing or wholesale receivable is the vehicle financed, and for dealer loans is real estate or other property.

The fair value of collateral for retail financing receivables is calculated as the outstanding receivable balances multiplied by the average recovery value percentage. The fair value of collateral for wholesale receivables is based on the wholesale market value or liquidation value for new and used vehicles. The fair value of collateral for dealer loans is determined by reviewing various appraisals, which include total adjusted appraised value of land and improvements, alternate use appraised value, broker’s opinion of value, and purchase offers.

Notes and accounts receivable from affiliated companies are presented separately on the balance sheets. These receivables are based on intercompany relationships and the balances are settled regularly. We do not assess these receivables for potential credit losses, nor are they subjected to aging analysis, credit quality reviews, or other formal assessments. As a result, Notes and accounts receivable from affiliated companies are not subject to the following disclosures contained herein.
Our derivatives are over-the-counter customized derivative transactions and are not exchange traded. We estimate the fair value of these instruments using industry-standard valuation models such as a discounted cash flow. These models project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates, foreign exchange rates, and the contractual terms of the derivative instruments. The discount rate used is the relevant benchmark interest rate (e.g., SOFR, SONIA) plus an adjustment for nonperformance risk. The adjustment reflects the full credit default swap (“CDS”) spread applied to a net exposure, by counterparty, considering the master netting agreements and any posted collateral. We use our counterparty’s CDS spread when we are in a net asset position and our own CDS spread when we are in a net liability position.
We measure debt at fair value for purposes of disclosure using quoted prices for our own debt with approximately the same remaining maturities. Where quoted prices are not available, we estimate fair value using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of the debt instruments. For certain short-term debt with an original maturity date of one year or less, we assume that book value is a reasonable approximation of the debt’s fair value. The fair value of debt is categorized within Level 2 of the hierarchy.
Loans and Leases Receivable Disclosure [Abstract]  
Finance, Loans and Leases Receivable, Policy [Policy Text Block]
Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date.
Revenue from finance receivables is recognized using the interest method and includes the accretion of certain direct origination costs that are deferred and interest supplements received from Ford and affiliated companies. The unearned interest supplements on finance receivables are included in Total finance receivables, net on the balance sheets, and the earned interest supplements are included in Total financing revenue on the income statements.
Lease Policy [Abstract]  
Lessor, Leases [Policy Text Block] We receive interest supplements and residual support payments on certain leasing transactions under agreements with Ford. We recognize these upfront collections from Ford and other vehicle acquisition costs as part of Net investment in operating leases, which are amortized to Depreciation on vehicles subject to operating leases over the term of the lease contract.
At the time of purchase, we establish the expected residual value for each vehicle, considering recent auction values, return volumes for our leased vehicles, industrywide used vehicle prices, marketing incentive plans, and vehicle quality data, and benchmark to third-party data depending on availability. Depreciation expense for vehicles under operating leases is then recognized on a straight-line basis, with the associated accumulated depreciation reducing the vehicle's value to its estimated residual value by the end of the scheduled lease term. Our depreciation for leased vehicles is evaluated regularly, using third-party data, and considering factors such as projected residual values at lease termination (including residual value support payments from Ford), the estimated number of vehicles that will be returned to us, and historical early termination rates due to customer defaults. Depreciation expense adjustments, reflecting revised residual value estimates, are applied prospectively on a straight-line basis. We monitor residual values monthly and review accumulated depreciation accuracy quarterly. Our policy is to promptly sell off-lease vehicles. When a vehicle is sold, the difference between net book value and proceeds, plus any lease termination fees (for example, variable lease payments such as excess wear and tear or mileage charges), are recorded as adjustments to Depreciation on vehicles subject to operating leases.

We evaluate the carrying value of held-and-used long-lived asset groups (such as vehicles subject to operating leases) for potential impairment when we determine a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed by comparing projected undiscounted future cash flows to the carrying value of the asset group. If the test for recoverability identifies a possible impairment, the asset group’s fair value is measured in accordance with the fair value measurement framework. An impairment charge is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value. For the periods presented, we have not recorded any impairment charges.
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives, Policy [Policy Text Block]
Derivative Financial Instruments and Hedge Accounting. Derivative assets and derivative liabilities are reported in Derivative financial instruments on our balance sheets.
We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting.
NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued)

Fair Value Hedges. We use derivatives to reduce the risk of changes in the fair value of debt. We have designated certain receive-fixed, pay-float interest rate and cross-currency interest rate swaps as fair value hedges of fixed-rate debt. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate and foreign exchange. We report the change in fair value of the hedged debt related to the change in benchmark interest rate in Debt and Interest expense. We report the change in fair value of the hedged debt related to foreign currency in Debt and Other income/(loss), net. Net interest settlements and accruals, and fair value changes on hedging instruments due to the benchmark interest rate change are reported in Interest expense. Fair value changes on the hedging instrument due to foreign currency are reported in Other Income/(loss), net. The cash flows associated with fair value hedges are reported in Net cash provided by/(used in) operating activities on our statements of cash flows.

When a fair value hedge is de-designated, or when the derivative is terminated before maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in Interest expense over its remaining life.

Derivatives Not Designated as Hedging Instruments. We report net interest settlements and accruals and changes in the fair value of interest rate swaps not designated as hedging instruments in Other income/(loss), net. Foreign currency revaluation on accrued interest along with gains and losses on foreign exchange contracts and cross-currency interest rate swaps are reported in Other income/(loss), net. Cash flows associated with non-designated or de-designated derivatives are reported in Net cash provided by/(used in) investing activities on our statements of cash flows.
Debt Disclosure [Abstract]  
Debt, Policy [Policy Text Block]
Debt is reported on our consolidated balance sheets at par value adjusted for unamortized discount or premium, unamortized issuance costs, and adjustments related to designated fair value hedging (see Note 7 for additional information). Debt due within one year at issuance is classified as short-term. Debt due after one year at issuance is classified as long-term. Discounts, premiums, and costs directly related to the issuance of debt are capitalized and amortized over the life of the debt or to the put date and are recorded in Interest expense using the effective interest method. Gains and losses on the extinguishment of debt are recorded in Other income/(loss), net.
Income Tax Disclosure [Abstract]  
Income Tax, Policy [Policy Text Block]
NOTE 10. INCOME TAXES (Continued)

Components of Deferred Tax Assets and Liabilities
Insurance [Abstract]  
Insurance Premiums Revenue Recognition, Policy [Policy Text Block]
Insurance premiums earned are reported net of reinsurance as Insurance premiums earned. These premiums are earned over their respective policy periods. Physical damage insurance premiums, including premiums on vehicles financed at wholesale by us, are recognized as income on a monthly basis. Premiums from extended service plan contracts and other contractual liability coverages are earned over the life of the policy based on historical loss experience. Commissions and premium taxes are deferred and amortized over the term of the related policies on the same basis on which premiums are earned.
Insurance Losses and Claims, Policy [Policy Text Block]
Reserves for insurance losses and loss adjustment expenses are established based on actuarial estimates and historical loss development patterns, which represents management’s best estimate. If management believes the reserves do not reflect all losses due to changes in conditions, or other relevant factors, an adjustment is made based on management judgment.
Insurance underwriting losses and expenses are reported as Insurance expenses.
Reinsurance Accounting Policy [Policy Text Block]
Reinsurance activity primarily consists of ceding a majority of the contractual liability insurance business related to automotive extended service plan contracts for a ceding commission. Commissions on ceded amounts are earned on the same basis as related premiums. Reinsurance contracts do not relieve TARIC from its obligations to its policyholders. Failure of reinsurers to honor their obligations could result in losses to TARIC. Therefore, TARIC requires nearly all of its reinsurers to hold collateral and monitors the underlying business and financial performance of its reinsurers to mitigate risk.
Amounts paid to reinsurers relating to the unexpired portion of the underlying automotive service contracts, and amounts recoverable from reinsurers on unpaid losses, including incurred but not reported losses are reported in Other assets.
Commitments and Contingencies Disclosure [Abstract]  
Guarantees and Indemnifications Policies [Policy Text Block]
We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time.
New Accounting Pronouncements, Policy
Adoption of New Accounting Standards
ASU 2023-07, Segment Reporting, Improvements to Reportable Segment Disclosures. We adopted the new standard and applied the amendments retrospectively to all prior periods presented in our consolidated financial statements. The standard requires disclosure of any significant segment expenses that are regularly provided to the chief operating decision maker (”CODM”) for each reportable segment. In addition, the standard requires disclosure of an amount for “other segment items” by reportable segment and a description of its composition. The standard also requires all annual disclosures about a reporting segment’s profit or loss and assets to be provided on an interim basis, beginning in 2025. Adoption of the new standard did not impact our consolidated balance sheets or income statements, or have a material impact on our financial statement disclosures. Refer to Note 14 for the incremental disclosures required under the standard.
We also adopted the following Accounting Standards Updates (“ASUs”) during 2024, none of which had a material impact to our consolidated financial statements or financial statement disclosures:
ASUEffective Date
2023-01Leases: Common Control ArrangementsJanuary 1, 2024
2023-02Investments – Equity Method and Joint Ventures - Accounting for Investments in Tax Credit Structures Using the
Proportional Amortization Method		January 1, 2024
v3.25.0.1
Cash, Cash Equivalents, and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table categorizes the fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis on our balance sheets at December 31 (in millions):

Fair Value Level20232024
Cash and cash equivalents
United States government1$912 $854 
United States government agencies2625 400 
Non-United States government and agencies2276 370 
Corporate debt2101 339 
Total marketable securities classified as cash equivalents1,914 1,963 
Cash, time deposits and money market funds8,744 7,309 
Total cash and cash equivalents$10,658 $9,272 
Marketable securities
United States government1$207 $185 
United States government agencies249 — 
Non-United States government and agencies2109 79 
Corporate debt2268 252 
Other marketable securities2156 190 
Total marketable securities$789 $706 
Schedule of cash, cash equivalents and restricted cash [Table Text Block]
Cash, cash equivalents, and restricted cash as reported in our consolidated statements of cash flows are presented separately on our consolidated balance sheets as follows (in millions):
December 31, 2023December 31, 2024
Cash and cash equivalents$10,658 $9,272 
Restricted cash (a)137 88 
Total cash, cash equivalents, and restricted cash$10,795 $9,360 
__________
(a)Restricted cash is included in Other assets on our consolidated balance sheets and is primarily held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements. Restricted cash does not include required minimum balances or cash securing debt issued through securitization transactions.
v3.25.0.1
Net Investment in Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases, Operating [Abstract]  
Net investment in operating leases [Table Text Block]
Net investment in operating leases at December 31 was as follows (in millions):
20232024
Vehicles, at cost (a)$24,182 $25,424 
Accumulated depreciation(3,850)(3,735)
Net investment in operating leases$20,332 $21,689 
__________
(a)Includes vehicle acquisition costs less interest supplements and residual support payments we receive on certain leasing transactions under agreements with Ford and affiliated companies, and deferral method investment tax credits.
Schedule of Minimum Payments Receivable on Operating Leases [Table Text Block]
The amounts contractually due on our operating leases at December 31, 2024 were as follows (in millions):
20252026202720282029Total
Operating lease payments$3,774 $2,594 $1,181 $243 $14 $7,806 
v3.25.0.1
Finance Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Financing Receivables [Line Items]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
Total finance receivables, net at December 31 were as follows (in millions):
20232024
Consumer
Retail installment contracts, gross$73,943 $79,573 
Finance leases, gross7,793 8,357 
Retail financing, gross81,736 87,930 
Unearned interest supplements from Ford and affiliated companies(3,344)(4,598)
   Consumer finance receivables 78,392 83,332 
Non-Consumer
Dealer financing (a)33,377 37,384 
Other financing (b)1,936 2,098 
Non-Consumer finance receivables 35,313 39,482 
Total recorded investment (c)$113,705 $122,814 
Recorded investment in finance receivables$113,705 $122,814 
Allowance for credit losses(882)(864)
Total finance receivables, net$112,823 $121,950 
Net finance receivables subject to fair value (d)$105,476 $114,069 
Fair value 103,937 113,545 
__________
(a)Includes $7.9 billion and $7.1 billion at December 31, 2023 and 2024, respectively, of receivables generated by divisions and affiliates of Ford in connection with vehicle inventories released from Ford and in transit to the destination dealers. Interest earned from Ford and affiliated companies associated with receivables from gate-released vehicles in transit to dealers for the years ended December 31, 2022, 2023, and 2024 was $333 million, $640 million, and $716 million, respectively. Balances at December 31, 2023 and 2024, also include $792 million and $988 million, respectively, of dealer financing receivables with entities (primarily dealers) that are reported as consolidated subsidiaries of Ford. For the years ended December 31, 2022, 2023, and 2024, the interest earned on receivables from consolidated subsidiaries of Ford to which we provide dealer financing was $6 million, $19 million, and $16 million, respectively.
(b)Primarily represents other financing receivables with Ford, which includes amounts associated with purchased receivables and receivables associated with the financing of vehicles that Ford leases to employees.
(c)Earned interest supplements on consumer and non-consumer receivables from Ford and affiliated companies totaled $2.1 billion, $2.3 billion, and $2.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively. Cash received from interest supplements totaled $1.4 billion, $3.0 billion, and $4.3 billion for the years ended December 31, 2022, 2023, and 2024, respectively. Interest supplements due from Ford included in Notes and accounts receivable from affiliated companies totaled $130 million, $318 million, and $269 million for the years ended December 31, 2022, 2023, and 2024, respectively, and is a non-cash investing transaction in our consolidated statement of cash flows.
(d)Net finance receivables subject to fair value exclude finance leases.
Financing Receivable, Allowance for Credit Loss
An analysis of the allowance for credit losses related to finance receivables for the years ended December 31 was as follows (in millions):
20232024
ConsumerNon-ConsumerTotalConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$838 $7 $845 $879 $3 $882 
Charge-offs (401)(4)(405)(568)(7)(575)
Recoveries151 2 153 160 3 163 
Provision for credit losses280 (2)278 412 5 417 
Other (a)11 — 11 (23)— (23)
Ending balance$879 $3 $882 $860 $4 $864 
_________
(a)Primarily represents amounts related to foreign currency translation adjustments.
Financing Receivable, Past Due
The credit quality analysis of consumer receivables at December 31, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 201920192020202120222023TotalPercent
Consumer
31-60 days past due$40 $49 $130 $125 $187 $159 $690 0.9 %
61-120 days past due9 11 30 37 58 50 195 0.2 
Greater than 120 days past due7 4 7 10 10 5 43 0.1 
Total past due56 64 167 172 255 214 928 1.2 
Current891 2,360 7,395 11,325 20,281 35,212 77,464 98.8 
Total$947 $2,424 $7,562 $11,497 $20,536 $35,426 $78,392 100.0 %
Gross charge-offs$47 $40 $75 $85 $117 $37 $401 

The credit quality analysis of consumer receivables at December 31, 2024 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 202020202021202220232024TotalPercent
Consumer
31-60 days past due$43 $93 $104 $187 $242 $203 $872 1.0 %
61-120 days past due8 20 27 46 70 54 225 0.3 
Greater than 120 days past due7 7 8 11 12 5 50 0.1 
Total past due58 120 139 244 324 262 1,147 1.4 
Current788 3,162 5,465 12,298 24,189 36,283 82,185 98.6 
Total$846 $3,282 $5,604 $12,542 $24,513 $36,545 $83,332 100.0 %
Gross charge-offs$46 $58 $71 $152 $191 $50 $568 
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
The amounts contractually due on finance leases at December 31, 2024 were as follows (in millions):

Finance Lease Receivables
20252026202720282029ThereafterTotal
Contractual maturity$1,848 $1,658 $1,345 $868 $122 $4 $5,845 
Less: Present value discount478 
   Total finance lease receivables $5,367 

The reconciliation from finance lease receivables to finance leases, gross and finance leases, net at December 31 is as follows (in millions):
20232024
Finance lease receivables$4,787 $5,367 
Unguaranteed residual assets2,910 2,883 
Initial direct costs96 107 
   Finance leases, gross7,793 8,357 
Unearned interest supplements from Ford and affiliated companies(408)(437)
Allowance for credit losses(38)(39)
   Finance leases, net$7,347 $7,881 
Non-Consumer Segment [Member]  
Financing Receivables [Line Items]  
Schedule of Financing Receivable Credit Quality Indicators [Table Text Block]
The credit quality analysis of dealer financing receivables at December 31, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 201920192020202120222023TotalWholesale LoansTotalPercent
Group I$383 $30 $58 $156 $61 $349 $1,037 $29,095 $30,132 90.3 %
Group II16 — 1 3 2 44 66 2,834 2,900 8.7 
Group III— — — — 1 8 9 292 301 0.9 
Group IV— 1 — — — 2 3 41 44 0.1 
Total (a)$399 $31 $59 $159 $64 $403 $1,115 $32,262 $33,377 100.0 %
Gross charge-offs$— $— $— $— $— $1 $1 $3 $4 
__________
(a)Total past due dealer financing receivables at December 31, 2023 were $33 million. 

The credit quality analysis of dealer financing receivables at December 31, 2024 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 202020202021202220232024TotalWholesale LoansTotalPercent
Group I$270 $63 $97 $47 $231 $245 $953 $33,345 $34,298 91.7 %
Group II13 — 3 1 28 31 76 2,494 2,570 6.9 
Group III— — 2 — 1 4 7 462 469 1.3 
Group IV— — — — — 1 1 46 47 0.1 
Total (a)$283 $63 $102 $48 $260 $281 $1,037 $36,347 $37,384 100.0 %
Gross charge-offs$1 $— $— $— $— $— $1 $6 $7 
__________
(a)Total past due dealer financing receivables at December 31, 2024 were $8 million.
v3.25.0.1
Transfers of Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Transfers and Servicing [Abstract]  
Schedule Of Interest Expense related to Securitization Transactions [Table Text Block]
Interest expense related to securitization debt for the years ended December 31 was as follows (in millions):
202220232024
VIE$1,009 $1,872 $2,165 
Non-VIE267 591 610 
Total securitization transactions$1,276 $2,463 $2,775 
Schedule of Exposures Based on the Fair Value of Derivative Instruments Related to Securitization Programs [Table Text Block] Our exposures based on the fair value of derivative instruments with external counterparties related to securitization programs at December 31 were as follows (in millions):
20232024
Derivative
Asset		Derivative
Liability		Derivative
Asset		Derivative
Liability
Derivatives of the VIEs$90 $45 $34 $100 
Derivatives related to the VIEs7 48 29 32 
Other securitization related derivatives90 29 39 27 
Total exposures related to securitization$187 $122 $102 $159 
Schedule of Derivative Expense/(Income) Related to Securitization Transactions [Table Text Block]
Derivative expense/(income) related to our securitization transactions for the years ended December 31 was as follows (in millions):
202220232024
Derivatives of the VIEs$(327)$25 $14 
Derivatives related to the VIEs120 (38)12 
Other securitization related derivatives(259)(26)(82)
Total derivative expense/(income) related to securitization$(466)$(39)$(56)
Schedule of Assets and Liabilities Related to Securitization Transactions [Table Text Block] The following tables show the assets and debt related to our securitization transactions that were included in our consolidated financial statements at December 31 (in billions):
2023
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing $1.6 $35.7 $(0.4)$35.3 $29.1 
Wholesale financing0.2 20.8 — 20.8 11.6 
Finance receivables1.8 56.5 (0.4)56.1 40.7 
Net investment in operating leases0.5 11.2 — 11.2 7.5 
Total VIE$2.3 $67.7 $(0.4)$67.3 $48.2 
Non-VIE
Retail financing$0.4 $10.3 $(0.1)$10.2 $9.4 
Wholesale financing— 0.5 — 0.5 0.4 
Finance receivables0.4 10.8 (0.1)10.7 9.8 
Net investment in operating leases— — — — — 
Total Non-VIE$0.4 $10.8 $(0.1)$10.7 $9.8 
Total securitization transactions
Retail financing$2.0 $46.0 $(0.5)$45.5 $38.5 
Wholesale financing 0.2 21.3 — 21.3 12.0 
Finance receivables2.2 67.3 (0.5)66.8 50.5 
Net investment in operating leases0.5 11.2 — 11.2 7.5 
Total securitization transactions$2.7 $78.5 $(0.5)$78.0 $58.0 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

2024
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing$1.7 $37.0 $(0.3)$36.7 $31.6 
Wholesale financing0.3 24.0 — 24.0 10.8 
Finance receivables2.0 61.0 (0.3)60.7 42.4 
Net investment in operating leases0.5 13.3 — 13.3 8.5 
Total VIE$2.5 $74.3 $(0.3)$74.0 $50.9 
Non-VIE
Retail financing$0.5 $10.6 $(0.1)$10.5 $9.3 
Wholesale financing— 0.4 — 0.4 0.2 
Finance receivables0.5 11.0 (0.1)10.9 9.5 
Net investment in operating leases— — — — — 
Total Non-VIE$0.5 $11.0 $(0.1)$10.9 $9.5 
Total securitization transactions
Retail financing$2.2 $47.6 $(0.4)$47.2 $40.9 
Wholesale financing0.3 24.4 — 24.4 11.0 
Finance receivables2.5 72.0 (0.4)71.6 51.9 
Net investment in operating leases0.5 13.3 — 13.3 8.5 
Total securitization transactions$3.0 $85.3 $(0.4)$84.9 $60.4 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.
v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The gains/(losses), by hedge designation, reported in income for the years ended December 31 were as follows (in millions):
202220232024
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments
$(45)$(507)$(361)
Fair value changes on hedging instruments(1,875)196 (220)
Fair value changes on hedged debt 1,893 (260)182 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments(27)(79)(133)
Fair value changes on hedging instruments(111)96 (134)
Fair value changes on hedged debt113 (96)108 
Derivatives not designated as hedging instruments
Interest rate contracts390 37 (85)
Foreign currency exchange contracts (a)50 (35)268 
Cross-currency interest rate swap contracts(780)127 (272)
Total$(392)$(521)$(647)
__________
(a)Reflects forward contracts between us and an affiliated company.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The fair value of our derivative instruments and the associated notional amounts at December 31 were as follows (in millions):
20232024
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Fair value hedges
Interest rate contracts$12,119 $106 $633 $16,194 $66 $645 
Cross-currency interest rate swaps2,078 69 104 3,802 9 139 
Derivatives not designated as hedging instruments
Interest rate contracts73,134 465 1,036 76,977 305 845 
Foreign currency exchange contracts (a)10,276 59 116 9,716 271 117 
Cross-currency interest rate swap contracts7,100 119 252 5,455 133 246 
Total derivative financial instruments, gross (b) (c) $104,707 $818 $2,141 $112,144 $784 $1,992 
__________
(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $5.9 billion and $5.3 billion in notional amounts and $46 million and $115 million in both assets and liabilities at December 31, 2023 and 2024, respectively.
(b)At December 31, 2023 and 2024, we held collateral of $40 million and $27 million, and we posted collateral of $126 million and $127 million, respectively.
(c)At December 31, 2023 and 2024, the fair value of assets and liabilities available for counterparty netting was $516 million and $450 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.
v3.25.0.1
Other Assets and Other Liabilities and Deferred Income (Tables)
 12 Months Ended
Dec. 31, 2024
Other Assets and Other Liabilities and Deferred Income [Abstract]  
Schedule of Other Assets and Other Liabilities [Table Text Block]
Other assets at December 31 were as follows (in millions):
20232024
Prepaid reinsurance premiums and other reinsurance recoverables$818 $876 
Accrued interest and other non-finance receivables677 666 
Collateral held for resale, at net realizable value426 392 
Property and equipment, net of accumulated depreciation (a)270 283 
Investment in non-consolidated affiliates167 182 
Deferred tax assets190 178 
Restricted cash137 88 
Operating lease assets53 40 
Other202 350 
Total other assets$2,940 $3,055 
__________
(a)Accumulated depreciation was $453 million and $448 million at December 31, 2023 and 2024, respectively.


Other liabilities and deferred revenue at December 31 were as follows (in millions):
20232024
Interest payable$963 $1,098 
Unearned insurance premiums and fees930 995 
Income tax and related interest (a)186 131 
Payroll and employee benefits96 86 
Operating lease liabilities55 42 
Other229 275 
Total other liabilities and deferred revenue$2,459 $2,627 
__________
(a)Includes tax and interest payable to affiliated companies of $62 million and $9 million at December 31, 2023 and 2024, respectively.
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
Debt outstanding and interest rates at December 31 were as follows (in millions):
 Interest Rates
DebtAverage ContractualAverage Effective
 202320242023202420232024
Short-term debt
Unsecured debt
Floating rate demand notes$10,907 $12,040 
Other short-term debt4,593 4,173 
Asset-backed debt3,158 1,200 
Total short-term debt
18,658 17,413 5.3 %4.7 %5.3 %4.7 %
Long-term debt
Unsecured debt
Notes payable within one year11,755 12,871 
Notes payable after one year45,435 49,607 
Asset-backed debt
Notes payable within one year18,851 23,050 
Notes payable after one year36,074 36,224 
Unamortized (discount)/premium9 (18)
Unamortized issuance costs(237)(235)
Fair value adjustments (a)(1,258)(1,044)
Total long-term debt110,629 120,455 4.7 %4.8 %4.7 %4.8 %
Total debt$129,287 $137,868 4.8 %4.8 %4.8 %4.8 %
Fair value of debt$130,533 $140,046 
Interest rate characteristics of debt payable after one year
Fixed interest rate64,655 69,085 
Variable interest rate (generally based on EURIBOR or other short-term rates)16,854 16,746 
Total payable after one year
$81,509 $85,831 
__________
(a)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $(681) million and $(450) million at December 31, 2023 and 2024, respectively. The carrying value of hedged debt was $38.7 billion and $41.1 billion at December 31, 2023 and 2024, respectively.
Schedule of Maturities of Long-term Debt [Table Text Block]
Debt maturities at December 31, 2024 were as follows (in millions):
2025 (a)2026202720282029Thereafter (b)Total
Unsecured debt $29,084 $12,879 $11,467 $6,786 $6,414 $12,061 $78,691 
Asset-backed debt24,250 19,491 8,759 5,358 2,616 — 60,474 
Total
53,334 32,370 20,226 12,144 9,030 12,061 139,165 
Unamortized (discount)/premium(18)
Unamortized issuance costs
(235)
Fair value adjustments (1,044)
Total debt$137,868 
__________
(a)Includes $17,413 million for short-term and $35,921 million for long-term debt.
(b)Matures between 2030 and 2034.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Components of Income Taxes

Components of income taxes for the years ended December 31 were as follows:

202220232024
Income before income taxes (in millions)
United States$1,532 $797 $773 
Non-United States905 525 881 
Total$2,437 $1,322 $1,654 
Provision for/(Benefit from) income taxes (in millions)
Current
Federal$81 $190 $(43)
Non-United States31 361 156 
State and local12 10 9 
Total current124 561 122 
Deferred
Federal(17)65 239 
Non-United States (a)341 (627)37 
State and local— (1)— 
Total deferred324 (563)276 
Total$448 $(2)$398 
Reconciliation of effective tax rate
United States statutory tax rate21.0 %21.0 %21.0 %
United States disregarded entities(8.9)4.8 0.5 
Non-United States tax rate differential0.7 (0.9)0.2 
State and local income taxes0.4 0.5 0.4 
Nontaxable foreign currency gains and losses4.5 (1.5)(0.7)
Dispositions and restructurings (a)— (25.9)— 
United States tax on non-United States earnings— — 3.6 
Prior year settlements and claims0.8 (0.8)— 
Other(0.1)2.6 (0.9)
Effective tax rate18.4 %(0.2)%24.1 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of deferred tax assets and liabilities at December 31 were as follows (in millions):
20232024
Deferred tax assets
Net operating loss carryforwards$490 $611 
Tax credit carryforwards— 119 
Provision for credit losses139 99 
Other foreign73 111 
Employee benefit plans14 12 
Other54 56 
Total gross deferred tax assets770 1,008 
Less: Valuation allowances(42)(45)
Total net deferred tax assets728 963 
Deferred tax liabilities
Leasing transactions359 692 
Other foreign510 431 
Other6 26 
Total deferred tax liabilities875 1,149 
Net deferred tax liability$147 $186 
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
20232024
Beginning balance$58 $69 
Increase - tax positions in prior periods24 14 
Decrease - tax positions in prior periods(15)— 
Settlements(2)(7)
Lapse of statute of limitations(1)(1)
Foreign currency translation adjustments5 (10)
Ending balance$69 $65 
v3.25.0.1
Insurance (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Insurance Assets [Table Text Block]
Cash, cash equivalents, and marketable securities related to insurance activities at December 31 were as follows (in millions):
20232024
Cash and cash equivalents$82 $85 
Marketable securities649 644 
Total cash, cash equivalents, and marketable securities
$731 $729 
Schedule of Insurance Underwriting Losses and Expenses [Table Text Block] The components of insurance expenses for the years ended December 31 were as follows (in millions):
202220232024
Insurance losses$34 $90 $181 
Loss adjustment expenses2 4 5 
Reinsurance income and other expenses, net(40)(41)(40)
Insurance expenses
$(4)$53 $146 
Schedule of the Effect of Reinsurance Premiums Written and Earned [Table Text Block]
Insurance premiums written and earned for the years ended December 31 were as follows (in millions):
202220232024
WrittenEarnedWrittenEarnedWrittenEarned
Direct$337 $306 $394 $359 $472 $415 
Assumed— — — — — — 
Ceded(264)(231)(275)(240)(300)(244)
Net premiums
$73 $75 $119 $119 $172 $171 
v3.25.0.1
Other Income, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Income [Table Text Block]
The amounts included in Other income/(loss), net for the years ended December 31 were as follows (in millions):
202220232024
Interest and investment income (a)123 545 $506 
Gains/(losses) on derivatives$(393)$177 (272)
Currency revaluation gains/(losses) 419 (216)114 
Gains/(losses) on changes in investments in affiliates (b)(231)— 44 
Other41 8 32 
Total other income/(loss), net$(41)$514 $424 
__________
(a)Includes interest income, primarily on notes receivable, from affiliated companies of $2 million, $2 million, and $3 million for the years ended December 31, 2022, 2023, and 2024, respectively.
(b)Includes the reclassification of foreign currency translation net losses of $231 million and net gains of $43 million in 2022 and 2024, respectively, to Other Income/(Loss),net from Accumulated other comprehensive income/(loss) related to the liquidation, or substantially complete liquidation of certain investments in our international markets.
v3.25.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Key operating data for our business segments for the years ended or at December 31 was as follows (in millions):
United States and CanadaEuropeAll OtherTotal
Segments		Unallocated OtherTotal
2022
Total revenue $8,189 $829 $398 $9,416 $— $9,416 
Total revenue less:
Depreciation on vehicles subject to operating leases
2,271 (31)— 2,240 — 2,240 
Interest expense3,035 233 190 3,458 (124)3,334 
Provision for credit losses10 (10)39 39 — 39 
Other segment items (a)779 323 307 1,409 (43)1,366 
Income before income taxes2,094 314 (138)2,270 167 2,437 
Other segment disclosures:
Net finance receivables and net investment in operating leases98,869 18,400 5,065 122,334 — 122,334 
Total assets 110,023 22,690 5,863 138,576 — 138,576 
2023
Total revenue $9,362 $1,316 $441 $11,119 $— $11,119 
Total revenue less:
Depreciation on vehicles subject to operating leases
2,284 25 — 2,309 — 2,309 
Interest expense5,199 684 242 6,125 186 6,311 
Provision for credit losses237 10 31 278 — 278 
Other segment items (a)528 291 93 912 (13)899 
Income before income taxes 1,114 306 75 1,495 (173)1,322 
Other segment disclosures:
Net finance receivables and net investment in operating leases107,695 20,249 5,211 133,155 — 133,155 
Total assets118,611 24,601 5,993 149,205 — 149,205 
2024
Total revenue $11,290 $1,508 $455 $13,253 $— $13,253 
Total revenue less:
Depreciation on vehicles subject to operating leases
2,447 35 — 2,482 — 2,482 
Interest expense6,062 875 258 7,195 388 7,583 
Provision for credit losses333 34 50 417 — 417 
Other segment items (a)988 207 87 1,282 (165)1,117 
Income before income taxes 1,460 357 60 1,877 (223)1,654 
Other segment disclosures:
Net finance receivables and net investment in operating leases118,969 20,469 4,201 143,639 — 143,639 
Total assets129,599 23,993 4,700 158,292 — 158,292 
__________
(a)Other items consists of Operating expenses, Insurance expenses, and Other income/(loss), net.
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]
Key data, split geographically into the United States (which is our country of domicile), Canada, and All Other, for the years ended or at December 31 were as follows (in millions):
202220232024
Total revenue
United States$6,929 $8,012 $9,714 
Canada1,260 1,350 1,577 
All Other1,227 1,757 1,962 
Total revenue$9,416 $11,119 $13,253 
Net property and net investment in operating leases
United States$17,558 $15,642 $16,560 
Canada4,317 4,621 5,048 
All Other179 338 364 
Net property and net investment in operating leases$22,054 $20,601 $21,972 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Lessee, Operating Lease, Liability, Maturity
The amounts contractually due on our operating lease liabilities at December 31, 2024 were as follows (in millions):
20252026202720282029ThereafterTotal
Operating lease$16 $12 $9 $3 $1 $7 $48 
Less: Present value discount6 
   Total operating lease liabilities$42 
Operating Leases, supplemental information
Supplemental information related to operating leases for the years ended December 31 was as follows (in millions):
202220232024
Operating and variable lease expense$22$22$22
Right-of-use assets obtained in exchange for operating lease liabilities554
Weighted average remaining lease term for operating leases (in years)555
Weighted average remaining discount rate for operating leases3.9 %4.1 %4.3 %
v3.25.0.1
Accounting Policies (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Total shareholder’s interest $ 13,757 $ 13,389 $ 11,877 $ 12,398
v3.25.0.1
Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash, Cash Equivalents, and Short-term Investments $ 7,309 $ 8,744    
Total cash and cash equivalents 9,272 10,658    
Restricted Cash 88 137    
Cash, cash equivalents, and restricted cash at beginning of period (Note 3) 9,360 10,795 $ 10,520 $ 11,091
Fair Value, Measurements, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 1,963 1,914    
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Marketable securities 706 789    
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 854 912    
Marketable securities 185 207    
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 400 625    
Marketable securities 0 49    
Debt Security, Government, Non-US [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 370 276    
Marketable securities 79 109    
Corporate debt [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 339 101    
Marketable securities 252 268    
Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Marketable securities $ 190 $ 156    
v3.25.0.1
Net Investments in Operating Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property Subject to or Available for Operating Lease [Line Items]      
Vehicles, at cost $ 25,424 $ 24,182  
Accumulated depreciation (3,735) (3,850)  
Net investment in operating leases before allowance for credit losses 21,689 20,332  
Net investment in operating leases 21,689 20,332  
Operating Leases, Future Minimum Payments Receivable $ 7,806    
Length of lease contract 60 months    
Maximum payment extension six months    
Total payment extension twelve months    
Lessor, Operating Lease, Payments to be Received, Next Rolling Twelve Months $ 3,774    
Lessor, Operating Lease, Payment to be Received, Year Two 2,594    
Lessor, Operating Lease, Payment to be Received, Year Three 1,181    
Lessor, Operating Lease, Payment to be Received, Year Four 243    
Lessor, Operating Lease, Payment to be Received, Year Five 14    
IncreaseDecreaseInRelatedPartySubventionReceivable, NIOL 152 110 $ 46
Affiliated Entity [Member]      
Property Subject to or Available for Operating Lease [Line Items]      
Related Party Transaction, Deferred Interest Supplements and Residual Support Payments on Net Investment in Operating Leases 1,900 1,300  
Related Party Transaction, Earned Interest Supplements and Residual Support Costs, Net Investment in Operating Lease 1,000 900 1,200
Related Party Transactions, Cash Received and Interest Supplements, Net Investment in Operating Lease $ 1,600 $ 1,100 $ 700
v3.25.0.1
Finance Receivables Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Wholesale Loans Percentage of Dealer Financing 97.00%    
Net Finance Receivables [Abstract]      
Finance receivables before unearned interest supplements $ 8,357 $ 7,793  
Sales-type and Direct Financing Leases, Lease Receivable 5,367    
Financing Receivable, Gross 122,814 113,705  
Allowance for credit losses (864) (882) $ (845)
Finance receivables, net 121,950 112,823  
Net finance receivables subject to fair value 114,069 105,476  
Related Party Transaction, Dealer Financing 7,100 7,900  
Related Party Transaction, Dealer Financing 988 792  
Related Party, Interest Income, Finance Receivables 16 19 6
Interest and Fee Income, Other Loans 170 132 63
Related Party Transaction, Interest Income, Purchased Receivables 716 640 333
Related Party Transaction, Earned Interest Supplements, Financing Receivables 2,900 2,300 2,100
Related Party Transactions Cash Received Interest Supplements Financing Receivables 4,300 3,000 1,400
Uncollected interest receivable excluded from finance receivable $ 336 295  
Financing Receivable, Threshold Period Past Due 31 days    
Term at Which Fair Value of Finance Receivables is Measured 120 days    
Threshold of whether it is probable that finance receivables will be held for the foreseeable future 70.00%    
Financing Receivable, Threshold Period Past Due, Writeoff 120 days    
IncreaseDecreaseInRelatedPartySubventionReceivable, Finance Receivable $ 269 318 130
Consumer Segment [Member]      
Net Finance Receivables [Abstract]      
Financing Receivable, Gross 83,332 78,392  
Allowance for credit losses (860) (879) (838)
Non-Consumer Segment [Member]      
Net Finance Receivables [Abstract]      
Financing Receivable, Gross 39,482 35,313  
Allowance for credit losses (4) (3) $ (7)
Retail [Member] | Consumer Segment [Member]      
Net Finance Receivables [Abstract]      
Finance receivables before unearned interest supplements 87,930 81,736  
Unearned interest supplements from Ford and affiliated companies (4,598) (3,344)  
Financing Receivable, Gross 83,332 78,392  
Wholesale and Dealer Loans [Member] | Non-Consumer Segment [Member]      
Net Finance Receivables [Abstract]      
Financing Receivable, Gross 37,384 33,377  
Other Finance Receivables [Member] | Non-Consumer Segment [Member]      
Net Finance Receivables [Abstract]      
Financing Receivable, Gross 2,098 1,936  
Retail Installment Loans [Member] | Consumer Segment [Member]      
Net Finance Receivables [Abstract]      
Finance receivables before unearned interest supplements 79,573 73,943  
Finance Lease [Member]      
Net Finance Receivables [Abstract]      
Finance receivables, net 7,881 7,347  
Finance Lease [Member] | Consumer Segment [Member]      
Net Finance Receivables [Abstract]      
Sales-type and Direct Financing Leases, Lease Receivable 8,357 7,793  
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]      
Net Finance Receivables [Abstract]      
Fair value $ 113,545 $ 103,937  
v3.25.0.1
Finance Receivables - Contractual Maturities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross $ 122,814,000,000 $ 113,705,000,000
Finance receivables before unearned interest supplements 8,357,000,000 7,793,000,000
Financing Receivable, Allowance for Credit Losses, Write-downs 575,000,000 405,000,000
Consumer Segment [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 83,332,000,000 78,392,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 3,282,000,000 2,424,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 5,604,000,000 7,562,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 12,542,000,000 11,497,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 24,513,000,000 20,536,000,000
Financing Receivable, Year One, Originated, Current Fiscal Year 36,545,000,000 35,426,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 846,000,000 947,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 71,000,000 75,000,000
Financing Receivable, Allowance for Credit Losses, Write-downs 568,000,000 401,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 46,000,000 47,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 58,000,000 40,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 152,000,000 85,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 191,000,000 117,000,000
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 50,000,000 37,000,000
Consumer Segment [Member] | Percent of Total    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 1.000 1.000
Consumer Segment [Member] | 31-60 Days Past Due [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 872,000,000 690,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 93,000,000 49,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 104,000,000 130,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 187,000,000 125,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 242,000,000 187,000,000
Financing Receivable, Year One, Originated, Current Fiscal Year 203,000,000 159,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 43,000,000 40,000,000
Consumer Segment [Member] | 31-60 Days Past Due [Member] | Percent of Total    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 0.010 0.009
Consumer Segment [Member] | Financing Receivables, 61-120 Days past due [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 225,000,000 195,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 20,000,000 11,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 27,000,000 30,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 46,000,000 37,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 70,000,000 58,000,000
Financing Receivable, Year One, Originated, Current Fiscal Year 54,000,000 50,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 8,000,000 9,000,000
Consumer Segment [Member] | Financing Receivables, 61-120 Days past due [Member] | Percent of Total    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 0.003 0.002
Consumer Segment [Member] | Greater Than 120 Days Past Due [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 50,000,000 43,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 7,000,000 4,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 8,000,000 7,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 11,000,000 10,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 12,000,000 10,000,000
Financing Receivable, Year One, Originated, Current Fiscal Year 5,000,000 5,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,000,000 7,000,000
Consumer Segment [Member] | Greater Than 120 Days Past Due [Member] | Percent of Total    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 0.001 0.001
Consumer Segment [Member] | Total past due [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 1,147,000,000 928,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 120,000,000 64,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 139,000,000 167,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 244,000,000 172,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 324,000,000 255,000,000
Financing Receivable, Year One, Originated, Current Fiscal Year 262,000,000 214,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 58,000,000 56,000,000
Consumer Segment [Member] | Total past due [Member] | Percent of Total    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 0.014 0.012
Consumer Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 82,185,000,000 77,464,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 3,162,000,000 2,360,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 5,465,000,000 7,395,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 12,298,000,000 11,325,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 24,189,000,000 20,281,000,000
Financing Receivable, Year One, Originated, Current Fiscal Year 36,283,000,000 35,212,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 788,000,000 891,000,000
Consumer Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | Percent of Total    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 0.986 0.988
Consumer Segment [Member] | Retail [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 83,332,000,000 78,392,000,000
Finance receivables before unearned interest supplements 87,930,000,000 81,736,000,000
Non-Consumer Segment [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 39,482,000,000 35,313,000,000
Financing Receivable, Allowance for Credit Losses, Write-downs 7,000,000 4,000,000
Non-Consumer Segment [Member] | Wholesale and Dealer Loans [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross 37,384,000,000 33,377,000,000
Non-Consumer Segment [Member] | Other Finance Receivables [Member]    
Finance Receivables Maturity [Abstract]    
Financing Receivable, Gross $ 2,098,000,000 $ 1,936,000,000
v3.25.0.1
Finance Receivables - Aging Analysis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross $ 122,814 $ 113,705
Consumer Segment [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 83,332 78,392
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 846 947
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 3,282 2,424
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 5,604 7,562
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 12,542 11,497
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 24,513 20,536
Financing Receivable, Year One, Originated, Current Fiscal Year 36,545 35,426
Non-Consumer Segment [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 39,482 35,313
Financing Receivable, Revolving 36,347 32,262
Non-Consumer Segment [Member] | Dealer Loan    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 283 399
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 63 31
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 102 59
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 48 159
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 260 64
Financing Receivable, Year One, Originated, Current Fiscal Year 281 403
Non-Consumer Segment [Member] | Group I [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 34,298 30,132
Financing Receivable, Revolving 33,345 29,095
Non-Consumer Segment [Member] | Group I [Member] | Dealer Loan    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 270 383
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 63 30
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 97 58
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 47 156
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 231 61
Financing Receivable, Year One, Originated, Current Fiscal Year 245 349
Non-Consumer Segment [Member] | Group II [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 2,570 2,900
Financing Receivable, Revolving 2,494 2,834
Non-Consumer Segment [Member] | Group II [Member] | Dealer Loan    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 13 16
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0 0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 3 1
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1 3
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 28 2
Financing Receivable, Year One, Originated, Current Fiscal Year 31 44
Non-Consumer Segment [Member] | Group III [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 469 301
Financing Receivable, Revolving 462 292
Non-Consumer Segment [Member] | Group III [Member] | Dealer Loan    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0 0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0 0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2 0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1 1
Financing Receivable, Year One, Originated, Current Fiscal Year 4 8
Non-Consumer Segment [Member] | Group IV [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 47 44
Financing Receivable, Revolving 46 41
Non-Consumer Segment [Member] | Group IV [Member] | Dealer Loan    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0 0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0 1
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0 0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0
Financing Receivable, Year One, Originated, Current Fiscal Year 1 2
Financial Asset, 1 to 29 Days Past Due [Member] | Consumer Segment [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 82,185 77,464
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 788 891
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 3,162 2,360
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 5,465 7,395
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 12,298 11,325
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 24,189 20,281
Financing Receivable, Year One, Originated, Current Fiscal Year 36,283 35,212
31-60 Days Past Due [Member] | Consumer Segment [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 872 690
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 43 40
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 93 49
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 104 130
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 187 125
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 242 187
Financing Receivable, Year One, Originated, Current Fiscal Year 203 159
Financing Receivables, 61-120 Days past due [Member] | Consumer Segment [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 225 195
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 8 9
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 20 11
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 27 30
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 46 37
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 70 58
Financing Receivable, Year One, Originated, Current Fiscal Year 54 50
Greater Than 120 Days Past Due [Member] | Consumer Segment [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 50 43
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7 7
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 7 4
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 8 7
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 11 10
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 12 10
Financing Receivable, Year One, Originated, Current Fiscal Year 5 5
Total past due [Member] | Consumer Segment [Member]    
Finance Receivables Aging Analysis [Abstract]    
Financing Receivable, Gross 1,147 928
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 58 56
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 120 64
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 139 167
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 244 172
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 324 255
Financing Receivable, Year One, Originated, Current Fiscal Year $ 262 $ 214
v3.25.0.1
Finance Receivables - Credit Quality and Impaired Receivables (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables $ 122,814,000,000 $ 113,705,000,000  
Finance receivables before unearned interest supplements 8,357,000,000 7,793,000,000  
Related Party Transaction, Expenses from Transactions with Related Party (437,000,000) (408,000,000)  
Finance receivables, net 7,881,000,000 7,347,000,000  
Sales-type Lease, Interest Income, Unguaranteed Residual Asset 2,883,000,000 2,910,000,000  
Deferred Costs, Leasing, Gross 107,000,000 96,000,000  
Sales-Type and Direct Financing Lease, Gross 5,367,000,000 4,787,000,000  
Sales Type and Direct Financing Lease Revenue $ 515,000,000 381,000,000 $ 303,000,000
Non-Accrual of Revenue 90    
Finance Leases Portfolio Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Allowance for Credit Loss $ (39,000,000) (38,000,000)  
Wholesale and Dealer Loans [Member] | Financing Receivable [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 8,000,000 33,000,000  
Consumer Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 83,332,000,000 78,392,000,000  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 846,000,000 947,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 3,282,000,000 2,424,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 5,604,000,000 7,562,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 12,542,000,000 11,497,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 24,513,000,000 20,536,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 36,545,000,000 35,426,000,000  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 46,000,000 47,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 58,000,000 40,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 71,000,000 75,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 152,000,000 85,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 191,000,000 117,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 50,000,000 37,000,000  
Consumer Segment [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 1.000 1.000  
Consumer Segment [Member] | 31-60 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 872,000,000 690,000,000  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 43,000,000 40,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 93,000,000 49,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 104,000,000 130,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 187,000,000 125,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 242,000,000 187,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 203,000,000 159,000,000  
Consumer Segment [Member] | 31-60 Days Past Due [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.010 0.009  
Consumer Segment [Member] | Financing Receivables, 61-120 Days past due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 225,000,000 195,000,000  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 8,000,000 9,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 20,000,000 11,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 27,000,000 30,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 46,000,000 37,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 70,000,000 58,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 54,000,000 50,000,000  
Consumer Segment [Member] | Financing Receivables, 61-120 Days past due [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.003 0.002  
Consumer Segment [Member] | Greater Than 120 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 50,000,000 43,000,000  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,000,000 7,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 7,000,000 4,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 8,000,000 7,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 11,000,000 10,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 12,000,000 10,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 5,000,000 5,000,000  
Consumer Segment [Member] | Greater Than 120 Days Past Due [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.001 0.001  
Consumer Segment [Member] | Total past due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 1,147,000,000 928,000,000  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 58,000,000 56,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 120,000,000 64,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 139,000,000 167,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 244,000,000 172,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 324,000,000 255,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 262,000,000 214,000,000  
Consumer Segment [Member] | Total past due [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.014 0.012  
Consumer Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 82,185,000,000 77,464,000,000  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 788,000,000 891,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 3,162,000,000 2,360,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 5,465,000,000 7,395,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 12,298,000,000 11,325,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 24,189,000,000 20,281,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 36,283,000,000 35,212,000,000  
Consumer Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables $ 0.986 0.988  
Consumer Segment [Member] | Pass [Member] | Maximum [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance Receivables Credit Quality Ratings Term Range 60 days    
Consumer Segment [Member] | Substandard [Member] | Minimum [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance Receivables Credit Quality Ratings Term Range 120 days    
Consumer Segment [Member] | Special Mention | Minimum [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance Receivables Credit Quality Ratings Term Range 61 days    
Consumer Segment [Member] | Special Mention | Maximum [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance Receivables Credit Quality Ratings Term Range 120 days    
Non-Consumer Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables $ 39,482,000,000 35,313,000,000  
Financing Receivable, Revolving 36,347,000,000 32,262,000,000  
Financing Receivable, Revolving, Writeoff 6,000,000 3,000,000  
Non-Consumer Segment [Member] | Group I [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 34,298,000,000 30,132,000,000  
Financing Receivable, Revolving 33,345,000,000 29,095,000,000  
Non-Consumer Segment [Member] | Group I [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.917 0.903  
Non-Consumer Segment [Member] | Group II [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 2,570,000,000 2,900,000,000  
Financing Receivable, Revolving 2,494,000,000 2,834,000,000  
Non-Consumer Segment [Member] | Group II [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.069 0.087  
Non-Consumer Segment [Member] | Group III [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 469,000,000 301,000,000  
Financing Receivable, Revolving 462,000,000 292,000,000  
Non-Consumer Segment [Member] | Group III [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.013 0.009  
Non-Consumer Segment [Member] | Group IV [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 47,000,000 44,000,000  
Financing Receivable, Revolving 46,000,000 41,000,000  
Non-Consumer Segment [Member] | Group IV [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 0.001 0.001  
Non-Consumer Segment [Member] | Dealer Loan      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 283,000,000 399,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 63,000,000 31,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 102,000,000 59,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 48,000,000 159,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 260,000,000 64,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 281,000,000 403,000,000  
Financing Receivable Total 1,037,000,000 1,115,000,000  
Non-Consumer Segment [Member] | Dealer Loan | Group I [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 270,000,000 383,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 63,000,000 30,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 97,000,000 58,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 47,000,000 156,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 231,000,000 61,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 245,000,000 349,000,000  
Financing Receivable Total 953,000,000 1,037,000,000  
Non-Consumer Segment [Member] | Dealer Loan | Group II [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 13,000,000 16,000,000  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0 0  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 3,000,000 1,000,000  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,000,000 3,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 28,000,000 2,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 31,000,000 44,000,000  
Financing Receivable Total 76,000,000 66,000,000  
Non-Consumer Segment [Member] | Dealer Loan | Group III [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0 0  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0 0  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,000,000 0  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,000,000 1,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year 4,000,000 8,000,000  
Financing Receivable Total 7,000,000 9,000,000  
Non-Consumer Segment [Member] | Dealer Loan | Group IV [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0 0  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0 1,000,000  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0 0  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0  
Financing Receivable, Year One, Originated, Current Fiscal Year 1,000,000 2,000,000  
Financing Receivable Total 1,000,000 3,000,000  
Non-Consumer Segment [Member] | Non-Consumer Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 37,384,000,000 33,377,000,000  
Non-Consumer Segment [Member] | Non-Consumer Segment [Member] | Percent of Total      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 1.000 1.000  
Non-Consumer Segment [Member] | Wholesale and Dealer Loans [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivables 37,384,000,000 33,377,000,000  
Financing Receivable, Allowance for Credit Loss, Write off 7,000,000 4,000,000  
Non-Consumer Segment [Member] | Dealer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 1,000,000 0  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 0 1,000,000  
Financing Receivable, Allowance for Credit Loss, Write off $ 1,000,000 $ 1,000,000  
v3.25.0.1
Finance Leases (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Receivables [Abstract]  
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount $ 478
Sales-type and Direct Financing Leases, Lease Receivable 5,367
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One 1,848
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two 1,658
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three 1,345
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four 868
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five 122
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received 5,845
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 6
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five $ 4
Minimum [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Lessor, Sales-type Lease, Term of Contract 24 months
Maximum [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Lessor, Sales-type Lease, Term of Contract 60 months
v3.25.0.1
Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Losses [Line Items]      
Finance receivables, net $ 121,950 $ 112,823  
Financing Receivable, Allowance for Credit Loss 864 882 $ 845
Charge-offs (575) (405)  
Recoveries 163 153  
Provision for credit losses 417 278  
Other (23) 11  
Financing Receivable, Gross 122,814 113,705  
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) $ 18    
Financing Receivable, Threshold Period Past Due, Writeoff 120 days    
Consumer Segment [Member]      
Financing Receivable, Allowance for Credit Losses [Line Items]      
Financing Receivable, Allowance for Credit Loss $ 860 879 838
Charge-offs (568) (401)  
Recoveries 160 151  
Provision for credit losses 412 280  
Other (23) 11  
Financing Receivable, Gross 83,332 78,392  
Non-Consumer Segment [Member]      
Financing Receivable, Allowance for Credit Losses [Line Items]      
Financing Receivable, Allowance for Credit Loss 4 3 $ 7
Charge-offs (7) (4)  
Recoveries 3 2  
Provision for credit losses 5 (2)  
Other 0 0  
Financing Receivable, Gross $ 39,482 $ 35,313  
v3.25.0.1
Transfers of Receivables - Assets and Liabilities of Securitizations (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value $ 9,272,000,000 $ 10,658,000,000  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 143,639,000,000 133,155,000,000 $ 122,334,000,000
Debt 137,868,000,000 129,287,000,000  
Variable Interest Entity, Primary Beneficiary [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 2,494,000,000 2,298,000,000  
Debt $ 50,855,000,000 48,177,000,000  
Cash Collateral to Support Wholesale Transactions TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES
We securitize finance receivables and net investment in operating leases through a variety of programs using amortizing, variable funding, and revolving structures. We also sell finance receivables or pledge them as collateral in certain transactions outside of the United States, in other types of structured financing transactions. Due to the similarities between securitization and structured financing, we refer to structured financings as securitization transactions. Our securitization programs are targeted to institutional investors in both public and private transactions in capital markets primarily in the United States, Canada, Mexico, Germany, Italy, the United Kingdom, and China.

The finance receivables sold for legal purposes and net investment in operating leases included in securitization transactions are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions. They are not available to pay our other obligations or the claims of our other creditors. The debt is the obligation of our consolidated securitization entities and not the obligation of Ford Credit or our other subsidiaries. We hold the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions.

We use special purpose entities (“SPEs”) to issue asset-backed securities in our securitization transactions. We have deemed most of these SPEs to be VIEs of which we are the primary beneficiary, and therefore, are consolidated. The SPEs are established for the sole purpose of financing the securitized financial assets. The SPEs are generally financed through the issuance of notes or commercial paper into the public or private markets or directly with conduits.

We continue to recognize our financial assets related to our sales of receivables when the financial assets are sold to a consolidated VIE or a consolidated voting interest entity. We derecognize our financial assets when the financial assets are sold to a non-consolidated entity and we do not maintain control over the financial assets.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

A VIE is an entity that either (i) has insufficient equity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. We consolidate VIEs of which we are the primary beneficiary. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. Assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against our general assets. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs.

We have the power to direct significant activities of our SPEs when we have the ability to exercise discretion in the servicing of financial assets, issue additional debt, exercise a unilateral call option, add assets to revolving structures, or control investment decisions. We generally retain a portion of the economic interests in the asset-backed securitization transactions, which could be retained in the form of a portion of the senior interests, the subordinated interests, cash reserve accounts, residual interests, and servicing rights. The transfers of assets in our securitization transactions do not qualify for accounting sale treatment.

The transactions create and pass along risks to the variable interest holders, depending on the assets securing the debt and the specific terms of the transactions. We aggregate and analyze the asset-backed securitization transactions based on the risk profile of the product and the type of funding structure, including:

•Retail financing – consumer credit risk and pre-payment risk;
•Wholesale financing – dealer credit risk and Ford risk, as the receivables owned by the VIEs primarily arise from the financing provided by us to Ford-franchised dealers; therefore, the collections depend upon the sale of Ford vehicles; and
•Net investment in operating leases – vehicle residual value risk, consumer credit risk, and pre-payment risk.

As residual interest holder, we are exposed to the underlying residual and credit risk of the collateral and are exposed to interest rate risk in some transactions. The amount of risk absorbed by our residual interests generally is represented by and limited to the amount of overcollateralization of the assets securing the debt and any cash reserves.

We have no obligation to repurchase or replace any securitized asset that subsequently becomes delinquent in payment or otherwise is in default, except when representations and warranties about the eligibility of the securitized assets are breached, or when certain changes are made to the underlying asset contracts. Securitization investors have no recourse to us or our other assets other than as provided above and have no right to require us to repurchase the asset-backed securities. We generally have no obligation to provide liquidity or contribute cash or additional assets to the VIEs and do not guarantee any asset-backed securities. We may choose to support the performance of certain securitization transactions, however, by increasing cash reserves.

Although not contractually required, we regularly support our wholesale securitization programs by repurchasing receivables of a dealer from a VIE when the dealer’s performance is at risk, which transfers the corresponding risk of loss from the VIE to us. In order to continue to fund the wholesale receivables, we also may contribute additional cash or wholesale receivables if the collateral falls below the required levels. The balance of cash related to these contributions was zero at both December 31, 2023 and 2024, and ranged from zero to $41 million during 2023 and was zero for all of 2024.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

Most of these securitization transactions utilize VIEs. The following tables show the assets and debt related to our securitization transactions that were included in our consolidated financial statements at December 31 (in billions):
2023
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing $1.6 $35.7 $(0.4)$35.3 $29.1 
Wholesale financing0.2 20.8 — 20.8 11.6 
Finance receivables1.8 56.5 (0.4)56.1 40.7 
Net investment in operating leases0.5 11.2 — 11.2 7.5 
Total VIE$2.3 $67.7 $(0.4)$67.3 $48.2 
Non-VIE
Retail financing$0.4 $10.3 $(0.1)$10.2 $9.4 
Wholesale financing— 0.5 — 0.5 0.4 
Finance receivables0.4 10.8 (0.1)10.7 9.8 
Net investment in operating leases— — — — — 
Total Non-VIE$0.4 $10.8 $(0.1)$10.7 $9.8 
Total securitization transactions
Retail financing$2.0 $46.0 $(0.5)$45.5 $38.5 
Wholesale financing 0.2 21.3 — 21.3 12.0 
Finance receivables2.2 67.3 (0.5)66.8 50.5 
Net investment in operating leases0.5 11.2 — 11.2 7.5 
Total securitization transactions$2.7 $78.5 $(0.5)$78.0 $58.0 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

2024
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing$1.7 $37.0 $(0.3)$36.7 $31.6 
Wholesale financing0.3 24.0 — 24.0 10.8 
Finance receivables2.0 61.0 (0.3)60.7 42.4 
Net investment in operating leases0.5 13.3 — 13.3 8.5 
Total VIE$2.5 $74.3 $(0.3)$74.0 $50.9 
Non-VIE
Retail financing$0.5 $10.6 $(0.1)$10.5 $9.3 
Wholesale financing— 0.4 — 0.4 0.2 
Finance receivables0.5 11.0 (0.1)10.9 9.5 
Net investment in operating leases— — — — — 
Total Non-VIE$0.5 $11.0 $(0.1)$10.9 $9.5 
Total securitization transactions
Retail financing$2.2 $47.6 $(0.4)$47.2 $40.9 
Wholesale financing0.3 24.4 — 24.4 11.0 
Finance receivables2.5 72.0 (0.4)71.6 51.9 
Net investment in operating leases0.5 13.3 — 13.3 8.5 
Total securitization transactions$3.0 $85.3 $(0.4)$84.9 $60.4 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.

Interest expense related to securitization debt for the years ended December 31 was as follows (in millions):
202220232024
VIE$1,009 $1,872 $2,165 
Non-VIE267 591 610 
Total securitization transactions$1,276 $2,463 $2,775 
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)
Certain of our securitization entities may enter into derivative transactions to mitigate interest rate exposure, primarily resulting from fixed-rate assets securing floating-rate debt. In certain instances, the counterparty enters into offsetting derivative transactions with us to mitigate its interest rate risk resulting from derivatives with our securitization entities. These related derivatives are not the obligations of our securitization entities. See Note 7 for additional information regarding the accounting for derivatives. Our exposures based on the fair value of derivative instruments with external counterparties related to securitization programs at December 31 were as follows (in millions):
20232024
Derivative
Asset		Derivative
Liability		Derivative
Asset		Derivative
Liability
Derivatives of the VIEs$90 $45 $34 $100 
Derivatives related to the VIEs7 48 29 32 
Other securitization related derivatives90 29 39 27 
Total exposures related to securitization$187 $122 $102 $159 
Derivative expense/(income) related to our securitization transactions for the years ended December 31 was as follows (in millions):
202220232024
Derivatives of the VIEs$(327)$25 $14 
Derivatives related to the VIEs120 (38)12 
Other securitization related derivatives(259)(26)(82)
Total derivative expense/(income) related to securitization$(466)$(39)$(56)
    
Cash Contribution Collateral to Support Wholesale Securitization Program $ 0    
Cash Collateral to Support Wholesale Transactions 0    
Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member]      
Securitization Transactions [Line Items]      
Cash Contribution Collateral to Support Wholesale Securitization Program   41,000,000  
Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member]      
Securitization Transactions [Line Items]      
Cash Contribution Collateral to Support Wholesale Securitization Program   0  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 2,500,000,000 2,300,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 74,300,000,000 67,700,000,000  
Financing and Loans and Leases Receivable Allowance (300,000,000) (400,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 74,000,000,000.0 67,300,000,000  
Debt 50,900,000,000 48,200,000,000  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Retail [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 1,700,000,000 1,600,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 37,000,000,000.0 35,700,000,000  
Financing and Loans and Leases Receivable Allowance (300,000,000) (400,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 36,700,000,000 35,300,000,000  
Debt 31,600,000,000 29,100,000,000  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Wholesale [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 300,000,000 200,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 24,000,000,000.0 20,800,000,000  
Financing and Loans and Leases Receivable Allowance 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 24,000,000,000.0 20,800,000,000  
Debt 10,800,000,000 11,600,000,000  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Financing Receivable [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 2,000,000,000.0 1,800,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 61,000,000,000.0 56,500,000,000  
Financing and Loans and Leases Receivable Allowance (300,000,000) (400,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 60,700,000,000 56,100,000,000  
Debt 42,400,000,000 40,700,000,000  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Net Investment in Operating Leases [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 500,000,000 500,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 13,300,000,000 11,200,000,000  
Financing and Loans and Leases Receivable Allowance 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 13,300,000,000 11,200,000,000  
Debt 8,500,000,000 7,500,000,000  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 500,000,000 400,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 11,000,000,000.0 10,800,000,000  
Financing and Loans and Leases Receivable Allowance (100,000,000) (100,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,900,000,000 10,700,000,000  
Debt 9,500,000,000 9,800,000,000  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Retail [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 500,000,000 400,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 10,600,000,000 10,300,000,000  
Financing and Loans and Leases Receivable Allowance (100,000,000) (100,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,500,000,000 10,200,000,000  
Debt 9,300,000,000 9,400,000,000  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Wholesale [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 0 0  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 400,000,000 500,000,000  
Financing and Loans and Leases Receivable Allowance 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 400,000,000 500,000,000  
Debt 200,000,000 400,000,000  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Financing Receivable [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 500,000,000 400,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 11,000,000,000.0 10,800,000,000  
Financing and Loans and Leases Receivable Allowance (100,000,000) (100,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,900,000,000 10,700,000,000  
Debt 9,500,000,000 9,800,000,000  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Net Investment in Operating Leases [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 0 0  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 0 0  
Financing and Loans and Leases Receivable Allowance 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 0 0  
Debt 0 0  
Consolidated Entities [Member] | Securitization Transactions [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 3,000,000,000.0 2,700,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 85,300,000,000 78,500,000,000  
Financing and Loans and Leases Receivable Allowance (400,000,000) (500,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 84,900,000,000 78,000,000,000.0  
Debt 60,400,000,000 58,000,000,000.0  
Consolidated Entities [Member] | Securitization Transactions [Member] | Retail [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 2,200,000,000 2,000,000,000.0  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 47,600,000,000 46,000,000,000.0  
Financing and Loans and Leases Receivable Allowance (400,000,000) (500,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 47,200,000,000 45,500,000,000  
Debt 40,900,000,000 38,500,000,000  
Consolidated Entities [Member] | Securitization Transactions [Member] | Wholesale [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 300,000,000 200,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 24,400,000,000 21,300,000,000  
Financing and Loans and Leases Receivable Allowance 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 24,400,000,000 21,300,000,000  
Debt 11,000,000,000.0 12,000,000,000.0  
Consolidated Entities [Member] | Securitization Transactions [Member] | Financing Receivable [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 2,500,000,000 2,200,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 72,000,000,000.0 67,300,000,000  
Financing and Loans and Leases Receivable Allowance (400,000,000) (500,000,000)  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 71,600,000,000 66,800,000,000  
Debt 51,900,000,000 50,500,000,000  
Consolidated Entities [Member] | Securitization Transactions [Member] | Net Investment in Operating Leases [Member]      
Securitization Transactions [Line Items]      
Cash and Cash Equivalents, at Carrying Value 500,000,000 500,000,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 13,300,000,000 11,200,000,000  
Financing and Loans and Leases Receivable Allowance 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 13,300,000,000 11,200,000,000  
Debt $ 8,500,000,000 $ 7,500,000,000  
v3.25.0.1
Transfers of Receivables - Exposure Based on Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Securitization Transactions [Line Items]    
Fair Value of Derivative Assets $ 784 $ 818
Fair Value of Derivative Liabilities 1,992 2,141
Securitization Transactions [Member]    
Securitization Transactions [Line Items]    
Fair Value of Derivative Assets 102 187
Fair Value of Derivative Liabilities 159 122
Related to Variable Interest Entity - Not VIE [Member] | Securitization Transactions [Member]    
Securitization Transactions [Line Items]    
Fair Value of Derivative Assets 29 7
Fair Value of Derivative Liabilities 32 48
Other, Not Variable Interest Entity Related [Member] | Securitization Transactions [Member]    
Securitization Transactions [Line Items]    
Fair Value of Derivative Assets 39 90
Fair Value of Derivative Liabilities 27 29
Variable Interest Entity, Primary Beneficiary [Member]    
Securitization Transactions [Line Items]    
Fair Value of Derivative Assets 34 90
Fair Value of Derivative Liabilities 100 45
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member]    
Securitization Transactions [Line Items]    
Fair Value of Derivative Assets 34 90
Fair Value of Derivative Liabilities $ 100 $ 45
v3.25.0.1
Transfers of Receivables - Derivative Income and Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative expense/(income) related to securitization transactions [Abstract]      
Derivative expense/(income) $ 647 $ 521 $ 392
Securitization Transactions [Member]      
Derivative expense/(income) related to securitization transactions [Abstract]      
Derivative expense/(income) (56) (39) (466)
Securitization Transactions [Member] | Related to Variable Interest Entity - Not VIE [Member]      
Derivative expense/(income) related to securitization transactions [Abstract]      
Derivative expense/(income) 12 (38) 120
Securitization Transactions [Member] | Other, Not Variable Interest Entity Related [Member]      
Derivative expense/(income) related to securitization transactions [Abstract]      
Derivative expense/(income) (82) (26) (259)
Securitization Transactions [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Derivative expense/(income) related to securitization transactions [Abstract]      
Derivative expense/(income) $ 14 $ 25 $ (327)
v3.25.0.1
Transfers of Receivables - Interest Expense on Securitization Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Securitization Transactions [Line Items]      
Interest expense $ 7,583 $ 6,311 $ 3,334
Securitization Transactions [Member]      
Securitization Transactions [Line Items]      
Interest expense 2,775 2,463 1,276
Securitization Transactions [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]      
Securitization Transactions [Line Items]      
Interest expense 610 591 267
Securitization Transactions [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Securitization Transactions [Line Items]      
Interest expense $ 2,165 $ 1,872 $ 1,009
v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Effect of Derivative Financial Instruments [Abstract]      
Derivative, Gain (Loss) on Derivative, Net $ (647) $ (521) $ (392)
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Fair Value of Derivative Assets 784 818  
Fair Value of Derivative Liabilities 1,992 2,141  
Derivative, Collateral, Obligation to Return Cash 27 40  
Derivative, Collateral, Right to Reclaim Cash 127 126  
Derivative Asset, Not Offset, Policy Election Deduction 450 516  
Derivative, Notional Amount 112,144 104,707  
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]      
Income Effect of Derivative Financial Instruments [Abstract]      
Derivative, Gain (Loss) on Derivative, Net (85) 37 390
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Derivative, Notional Amount 76,977 73,134  
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]      
Income Effect of Derivative Financial Instruments [Abstract]      
Net interest settlements and accruals excluded from the assessment of hedge effectiveness (361) (507) (45)
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments (220) 196 (1,875)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 182 (260) 1,893
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Derivative, Notional Amount 16,194 12,119  
Interest Rate Contract [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member]      
Income Effect of Derivative Financial Instruments [Abstract]      
Net interest settlements and accruals excluded from the assessment of hedge effectiveness (133) (79) (27)
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments (134) 96 (111)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 108 (96) 113
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]      
Income Effect of Derivative Financial Instruments [Abstract]      
Derivative, Gain (Loss) on Derivative, Net 268 (35) 50
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Derivative, Notional Amount 9,716 10,276  
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Affiliated Entity [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Derivative, Notional Amount 5,300 5,900  
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]      
Income Effect of Derivative Financial Instruments [Abstract]      
Derivative, Gain (Loss) on Derivative, Net (272) 127 $ (780)
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Derivative, Notional Amount 5,455 7,100  
Cross Currency Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Derivative, Notional Amount 3,802 2,078  
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Fair Value of Derivative Assets 305 465  
Fair Value of Derivative Liabilities 845 1,036  
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Affiliated Entity [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Fair Value of Derivative Assets 115 46  
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Fair Value of Derivative Assets 66 106  
Fair Value of Derivative Liabilities 645 633  
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Fair Value of Derivative Assets 271 59  
Fair Value of Derivative Liabilities 117 116  
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Fair Value of Derivative Assets 133 119  
Fair Value of Derivative Liabilities 246 252  
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]      
Balance Sheet Effect of Derivative Financial Instruments [Abstract]      
Fair Value of Derivative Assets 9 69  
Fair Value of Derivative Liabilities $ 139 $ 104  
v3.25.0.1
Other Assets and Other Liabilities and Deferred Income (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Assets [Abstract]    
Accrued interest and other non-finance receivables $ 666 $ 677
Collateral held for resale, at net realizable value, and other inventory 392 426
Prepaid reinsurance premiums and other reinsurance recoverables 876 818
Deferred charges - income taxes 178 190
Property and equipment, net of accumulated depreciation 283 270
Restricted cash 88 137
Investment in non-consolidated affiliates 182 167
Operating Lease, Right-of-Use Asset 40 53
Other 350 202
Total other assets 3,055 2,940
Accumulated depreciation 448 453
Other Liabilities and Deferred Income [Abstract]    
Unearned insurance premiums and fees 995 930
Interest payable 1,098 963
Taxes Payable 131 186
Employee-related Liabilities 86 96
Operating Lease, Liability 42 55
Other 275 229
Other liabilities and deferred income 2,627 2,459
Related Party Transactions Income Taxes and Related Interest Payable $ 9 $ 62
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total other assets Total other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities and deferred income Other liabilities and deferred income
v3.25.0.1
Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Total short-term debt $ 17,413,000,000 $ 18,658,000,000  
Notes payable after one year 85,831,000,000 81,509,000,000  
Unamortized discount (18,000,000) 9,000,000  
Unamortized debt issuance costs (235,000,000) (237,000,000)  
Fair value adjustments (1,044,000,000) (1,258,000,000)  
Total long-term debt 120,455,000,000 110,629,000,000  
Debt 137,868,000,000 129,287,000,000  
Debt Carrying Value Fair Value $ 41,100,000,000 $ 38,700,000,000  
Average Contractual (interest rate) 4.80% 4.80%  
Average Effective (interest rate) 4.80% 4.80%  
Fair value of short-term debt $ 16,200,000,000 $ 15,500,000,000  
Interest Paid, Including Capitalized Interest, Operating and Investing Activities 7,000,000,000.0 5,800,000,000 $ 3,200,000,000
Discontinued Hedged Debt (450,000,000) (681,000,000)  
Accounts Payable And Due To Affiliated Entities 1,684,000,000 1,592,000,000  
Fixed Interest Rate [Member]      
Debt Instrument [Line Items]      
Notes payable after one year 69,085,000,000 64,655,000,000  
Variable Interest Rate [Member]      
Debt Instrument [Line Items]      
Notes payable after one year 16,746,000,000 16,854,000,000  
Floating Rate Demand Notes [Member]      
Debt Instrument [Line Items]      
Total short-term debt 12,040,000,000 10,907,000,000  
Other short-term debt [Member]      
Debt Instrument [Line Items]      
Total short-term debt 4,173,000,000 4,593,000,000  
Asset-backed Securities [Member]      
Debt Instrument [Line Items]      
Total short-term debt 1,200,000,000 3,158,000,000  
Notes payable within one year 23,050,000,000 18,851,000,000  
Notes payable after one year 36,224,000,000 $ 36,074,000,000  
Debt $ 60,474,000,000    
Total short-term debt [Member]      
Debt Instrument [Line Items]      
Average Contractual (interest rate) 4.70% 5.30%  
Average Effective (interest rate) 4.70% 5.30%  
Unsecured Debt [Member]      
Debt Instrument [Line Items]      
Notes payable within one year $ 12,871,000,000 $ 11,755,000,000  
Notes payable after one year 49,607,000,000 $ 45,435,000,000  
Debt $ 78,691,000,000    
Total long-term debt [Member]      
Debt Instrument [Line Items]      
Average Contractual (interest rate) 4.80% 4.70%  
Average Effective (interest rate) 4.80% 4.70%  
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member]      
Debt Instrument [Line Items]      
Fair value of debt $ 140,046,000,000 $ 130,533,000,000  
Affiliated Entity [Member]      
Debt Instrument [Line Items]      
Accounts Payable 723,000,000 693,000,000  
Accounts and Financing Receivable, after Allowance for Credit Loss $ 836,000,000 $ 845,000,000  
v3.25.0.1
Debt Maturities (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Debt Maturities [Abstract]    
2019 $ 53,334,000,000  
2020 32,370,000,000  
2021 20,226,000,000  
2022 12,144,000,000  
2023 9,030,000,000  
Thereafter 12,061,000,000  
DebtAndCapitalLeaseObligationTotal 139,165,000,000  
Debt 137,868,000,000 $ 129,287,000,000
Total unamortized discount (18,000,000) 9,000,000
Unamortized debt issuance costs (235,000,000) (237,000,000)
Total fair value adjustments (1,044,000,000) $ (1,258,000,000)
Unsecured Debt [Member]    
Debt Maturities [Abstract]    
2019 29,084,000,000  
2020 12,879,000,000  
2021 11,467,000,000  
2022 6,786,000,000  
2023 6,414,000,000  
Thereafter 12,061,000,000  
Debt 78,691,000,000  
Asset-backed Securities [Member]    
Debt Maturities [Abstract]    
2019 24,250,000,000  
2020 19,491,000,000  
2021 8,759,000,000  
2022 5,358,000,000  
2023 2,616,000,000  
Thereafter 0  
Debt 60,474,000,000  
Short-term debt [Member]    
Debt Maturities [Abstract]    
2019 17,413,000,000  
Long-term debt [Member]    
Debt Maturities [Abstract]    
2019 $ 35,921,000,000  
v3.25.0.1
Debt - Credit Facilities and Committed Liquidity Programs (Details)
€ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2024
GBP (£)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Schedule Of Debt [Line Items]        
ABS Liquidity $ 360,000,000   € 346  
Discontinued Hedged Debt (450,000,000)     $ (681,000,000)
Debt 137,868,000,000     $ 129,287,000,000
FCE Bank plc Liquidity 250,000,000 £ 199,000,000    
Asset-Backed Capacity In Excess of Receivables 100,000,000      
Unsecured Debt [Member]        
Schedule Of Debt [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity 1,700,000,000      
Borrowing availability 1,200,000,000      
Syndicated Credit Facility [Member] | FCE Bank plc [Member]        
Schedule Of Debt [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity | £   685    
Borrowing availability 452,000,000 £ 361,000,000    
Syndicated Credit Facility [Member] | Ford Bank [Member] [Member]        
Schedule Of Debt [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity 219,000,000   € 210  
Contractually Committed Liquidity Facilities [Member]        
Schedule Of Debt [Line Items]        
Commitment To Sell Commercial Paper Conduits Maximum 42,900,000,000      
Debt 25,600,000,000      
Operating Lease [Member] | Contractually Committed Liquidity Facilities [Member]        
Schedule Of Debt [Line Items]        
Commitment To Sell Commercial Paper Conduits Maximum 10,400,000,000      
Retail [Member] | Contractually Committed Liquidity Facilities [Member]        
Schedule Of Debt [Line Items]        
Commitment To Sell Commercial Paper Conduits Maximum 24,500,000,000      
Wholesale [Member] | Contractually Committed Liquidity Facilities [Member]        
Schedule Of Debt [Line Items]        
Commitment To Sell Commercial Paper Conduits Maximum $ 8,000,000,000.0      
v3.25.0.1
Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current [Abstract]      
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Components of Income Taxes

Components of income taxes for the years ended December 31 were as follows:

202220232024
Income before income taxes (in millions)
United States$1,532 $797 $773 
Non-United States905 525 881 
Total$2,437 $1,322 $1,654 
Provision for/(Benefit from) income taxes (in millions)
Current
Federal$81 $190 $(43)
Non-United States31 361 156 
State and local12 10 9 
Total current124 561 122 
Deferred
Federal(17)65 239 
Non-United States (a)341 (627)37 
State and local— (1)— 
Total deferred324 (563)276 
Total$448 $(2)$398 
Reconciliation of effective tax rate
United States statutory tax rate21.0 %21.0 %21.0 %
United States disregarded entities(8.9)4.8 0.5 
Non-United States tax rate differential0.7 (0.9)0.2 
State and local income taxes0.4 0.5 0.4 
Nontaxable foreign currency gains and losses4.5 (1.5)(0.7)
Dispositions and restructurings (a)— (25.9)— 
United States tax on non-United States earnings— — 3.6 
Prior year settlements and claims0.8 (0.8)— 
Other(0.1)2.6 (0.9)
Effective tax rate18.4 %(0.2)%24.1 %
    
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]      
United States statutory tax rate 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, Dispositions and Restructurings, Dollar Amount $ 343    
Effective Income Tax Rate Reconciliation, Disregarded United States tax entities not include in the calculation of the Provision for/(Benefit from) income taxes, Percent 0.50% 4.80% (8.90%)
Effective Income Tax Rate Reconciliation, Dispositions and Restructurings 0.00% (25.90%) 0.00%
Non-U.S. tax rates under U.S. rate 0.20% (0.90%) 0.70%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent (0.70%) (1.50%) 4.50%
State and local income taxes 0.40% 0.50% 0.40%
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent 0.00% (0.80%) 0.80%
Other (0.90%) 2.60% (0.10%)
Effective tax rate 24.10% (0.20%) 18.40%
Undistributed Foreign Earnings, Deferred Taxes Not Provided $ 4,800    
Deferred tax assets [Abstract]      
Net operating loss carryforwards 611 $ 490  
Deferred Tax Assets, Tax Credit Carryforwards 119 0  
Provision for credit losses 99 139  
Other foreign 111 73  
Employee benefit plans 12 14  
Other 56 54  
Total gross deferred tax assets 1,008 770  
Less: valuation allowance (45) (42)  
Total net deferred tax assets 963 728  
Deferred tax liabilities [Abstract]      
Leasing transactions 692 359  
Other foreign 431 510  
Other 26 6  
Total deferred tax liabilities 1,149 875  
Net deferred tax liability 186 147  
Operating Loss Carryforwards 2,200    
Net operating loss carryforwards 611 490  
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Balance at January 1 69 58  
Increase - tax positions in prior years 14 24  
Decrease - tax positions in prior years 0 (15)  
Settlements (7) (2)  
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations (1) (1)  
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation (10)    
Balance at December 31 65 69 $ 58
Unrecognized Tax Benefits Interest Income   12  
Income Taxes Paid 166 248 416
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation   5  
Unrecognized Tax Benefits Interest Expense 3   1
Income Tax Contingency [Line Items]      
Income before income taxes 1,654 1,322 2,437
Federal (43) 190 81
Non-United States 156 361 31
State and local 9 10 12
Current Income Tax Expense (Benefit) 122 561 124
Unrecognized Tax Benefits 65 69 $ 58
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 65 69  
Unrecognized Tax Benefits, Interest on Income Taxes Accrued $ (23) $ (24)  
Effective Income Tax Rate Reconciliation Foreign Operations Taxed in United States 3.60% 0.00% 0.00%
Federal $ 239 $ 65 $ (17)
Non-United States (a) 37 (627) 341
State and local   (1)  
Deferred Income Tax Expense (Benefit) 276 (563) 324
Provision for income taxes 398 (2) 448
Non U.S. [member]      
Income Tax Contingency [Line Items]      
Income before income taxes 881 525 905
United States [member]      
Income Tax Contingency [Line Items]      
Income before income taxes $ 773 $ 797 $ 1,532
v3.25.0.1
Insurance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statutory Accounting Practices [Line Items]      
Cash and cash equivalents $ 85 $ 82  
Marketable securities 644 649  
Total cash, cash equivalents, and marketable securities 729 731  
Assets Held by Insurance Regulators 11 10  
Prepaid reinsurance premiums and other reinsurance recoverables 876 818  
Related party transaction, prepaid reinsurance premiums and other reinsurance recoverables 98 98  
Earned insurance premiums 259 249 $ 241
Insurance loss and loss adjustment expenses 224 161 107
Liability for reported insurance claims and estimate of unreported claims 35 26  
Unearned insurance premiums and fees 995 930  
Related Party Transactions Unearned Premiums and Fees 863 808  
Premiums Written and Earned [Abstract]      
Direct premiums written 472 394 337
Assumed premiums written 0 0 0
Ceded premiums written (300) (275) (264)
Net premiums written 172 119 73
Direct premiums earned 415 359 306
Assumed premiums earned 0 0 0
Ceded premiums earned (244) (240) (231)
Premiums Earned, Net 171 119 75
Insurance Expenses [Abstract]      
Insurance losses 181 90 34
Loss adjustment expenses 5 4 2
Reinsurance Income and Other Expenses, Net (40) (41) (40)
Insurance expenses 146 53 (4)
Liability for reported insurance claims and estimate of unreported claims 35 26  
Ceded insurance expenses $ 233 $ 198 $ 156
v3.25.0.1
Restructuring and Related Activities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]        
Total shareholder’s interest $ 13,757 $ 13,389 $ 11,877 $ 12,398
v3.25.0.1
Other Income, Net (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Component of Other Income, Nonoperating [Line Items]        
Gains/(Losses) on derivatives   $ (272,000,000) $ 177,000,000 $ (393,000,000)
Currency revaluation gains/(losses)   114,000,000 (216,000,000) 419,000,000
Interest and investment income   506,000,000 545,000,000 123,000,000
Other   32,000,000 8,000,000 41,000,000
Total other income, net   424,000,000 514,000,000 (41,000,000)
Gain (Loss) on Investments   $ 44,000,000 0 (231,000,000)
Derivative, gain (loss), statement of income or comprehensive income, extensible enumeration   Total other income, net    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax $ 231 $ 43,000,000    
Affiliated Entity [Member]        
Component of Other Income, Nonoperating [Line Items]        
Related Party Transaction, Interest Income, Notes Receivable, Tax Sharing Agreement   $ 3,000,000 $ 2,000,000 $ 2,000,000
v3.25.0.1
Retirement Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Allocated Service Cost $ 28 $ 41 $ 54
Defined Contribution Plan, Cost 11 10 9
Other Postretirement Benefits Cost (Reversal of Cost) $ 1 $ 2 $ 3
v3.25.0.1
Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total revenue $ 13,253 $ 11,119 $ 9,416
Income before income taxes 1,654 1,322 2,437
Other disclosures [Abstract]      
Depreciation on vehicles subject to operating leases (2,482) (2,309) (2,240)
Interest expense 7,583 6,311 3,334
Financing Receivable, Credit Loss, Expense (Reversal) 417 278 39
Segment Reporting, Other Segment Item, Amount 1,117 899 1,366
Net finance receivables and net investment in operating leases 143,639 133,155 122,334
Total assets 158,292 149,205 138,576
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Total revenue 13,253 11,119 9,416
Income before income taxes 1,877 1,495 2,270
Other disclosures [Abstract]      
Depreciation on vehicles subject to operating leases (2,482) (2,309) (2,240)
Interest expense 7,195 6,125 3,458
Financing Receivable, Credit Loss, Expense (Reversal) 417 278 39
Segment Reporting, Other Segment Item, Amount 1,282 912 1,409
Net finance receivables and net investment in operating leases 143,639 133,155 122,334
Total assets 158,292 149,205 138,576
Operating Segments [Member] | Americas [Member]      
Segment Reporting Information [Line Items]      
Total revenue 11,290 9,362 8,189
Income before income taxes 1,460 1,114 2,094
Other disclosures [Abstract]      
Depreciation on vehicles subject to operating leases (2,447) (2,284) (2,271)
Interest expense 6,062 5,199 3,035
Financing Receivable, Credit Loss, Expense (Reversal) 333 237 10
Segment Reporting, Other Segment Item, Amount 988 528 779
Net finance receivables and net investment in operating leases 118,969 107,695 98,869
Total assets 129,599 118,611 110,023
Operating Segments [Member] | Europe [Member]      
Segment Reporting Information [Line Items]      
Total revenue 1,508 1,316 829
Income before income taxes 357 306 314
Other disclosures [Abstract]      
Depreciation on vehicles subject to operating leases (35) (25) (31)
Interest expense 875 684 233
Financing Receivable, Credit Loss, Expense (Reversal) 34 10 (10)
Segment Reporting, Other Segment Item, Amount 207 291 323
Net finance receivables and net investment in operating leases 20,469 20,249 18,400
Total assets 23,993 24,601 22,690
Operating Segments [Member] | Asia Pacific [Member]      
Segment Reporting Information [Line Items]      
Total revenue 455 441 398
Income before income taxes 60 75 (138)
Other disclosures [Abstract]      
Depreciation on vehicles subject to operating leases 0 0 0
Interest expense 258 242 190
Financing Receivable, Credit Loss, Expense (Reversal) 50 31 39
Segment Reporting, Other Segment Item, Amount 87 93 307
Net finance receivables and net investment in operating leases 4,201 5,211 5,065
Total assets 4,700 5,993 5,863
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]      
Segment Reporting Information [Line Items]      
Total revenue 0 0 0
Income before income taxes (223) (173) 167
Other disclosures [Abstract]      
Depreciation on vehicles subject to operating leases 0 0 0
Interest expense 388 186 (124)
Financing Receivable, Credit Loss, Expense (Reversal) 0 0 0
Segment Reporting, Other Segment Item, Amount (165) (13) (43)
Net finance receivables and net investment in operating leases 0 0 0
Total assets $ 0 $ 0 $ 0
v3.25.0.1
Geographic Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 13,253 $ 11,119 $ 9,416
Net property and net investment in operating leases 21,972 20,601 22,054
United States [member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 9,714 8,012 6,929
Net property and net investment in operating leases 16,560 15,642 17,558
Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 1,577 1,350 1,260
Net property and net investment in operating leases 5,048 4,621 4,317
All Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 1,962 1,757 1,227
Net property and net investment in operating leases $ 364 $ 338 $ 179
v3.25.0.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Guarantor Obligations [Line Items]      
Guarantor Obligations, Current Carrying Value $ 0 $ 0  
Lessee, Operating Lease, Liability, to be Paid, Year One 16    
Lessee, Operating Lease, Liability, to be Paid, Year Two 12    
Lessee, Operating Lease, Liability, to be Paid, Year Three 9    
Lessee, Operating Lease, Liability, to be Paid, Year Four 3    
Lessee, Operating Lease, Liability, to be Paid, Year Five 1    
Lessee, Operating Lease, Liability, to be Paid, after Year Five 7    
Lessee, operating lease, liability to be paid 48    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 6    
Operating Lease, Liability $ 42 $ 55  
Operating Lease, Weighted Average Discount Rate, Percent 4.30% 4.10% 3.90%
Operating Lease, Weighted Average Remaining Lease Term 5 years 5 years 5 years
Operating Lease, Expense $ 22 $ 22 $ 22
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 4 5 $ 5
Operating Leases, supplemental information
Supplemental information related to operating leases for the years ended December 31 was as follows (in millions):
202220232024
Operating and variable lease expense$22$22$22
Right-of-use assets obtained in exchange for operating lease liabilities554
Weighted average remaining lease term for operating leases (in years)555
Weighted average remaining discount rate for operating leases3.9 %4.1 %4.3 %
    
Operating Lease Liability [Member]      
Guarantor Obligations [Line Items]      
Operating Lease, Liability $ 42    
Financial Guarantee [Member]      
Guarantor Obligations [Line Items]      
Maximum potential payments 61 90  
Counter Guarantee [Member] | Ford Motor Company [Member]      
Guarantor Obligations [Line Items]      
Counter guarantee $ 15 $ 48  
Minimum [Member]      
Guarantor Obligations [Line Items]      
Lessee, Operating Lease, Term of Contract 1 year    
Other Commitments [Line Items]      
Lessee, Operating Lease, Term of Contract 1 year    
Maximum [Member]      
Guarantor Obligations [Line Items]      
Lessee, Operating Lease, Term of Contract 26 years    
Other Commitments [Line Items]      
Lessee, Operating Lease, Term of Contract 26 years