ALLY FINANCIAL INC., 10-Q filed on 11/2/2021
Quarterly Report
v3.21.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2021
Oct. 29, 2021
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
Document Transition Report false  
Entity File Number 1-3754  
Entity Registrant Name Ally Financial Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 38-0572512  
Entity Address, Address Description Ally Detroit Center  
Entity Address, Address Line One 500 Woodward Avenue  
Entity Address, Address Line Two Floor 10  
Entity Address, City or Town Detroit  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 48226  
City Area Code 866  
Local Phone Number 710-4623  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol ALLY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   346,444,000
Entity Central Index Key 0000040729  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.21.2
Condensed Consolidated Statement of Comprehensive Income (unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Financing revenue and other interest income        
Interest and fees on finance receivables and loans $ 1,619 $ 1,602 $ 4,789 $ 4,974
Interest on loans held-for-sale 5 5 14 11
Interest and dividends on investment securities and other earning assets 155 173 433 596
Interest on cash and cash equivalents 5 5 13 23
Operating leases 393 360 1,147 1,070
Total financing revenue and other interest income 2,177 2,145 6,396 6,674
Interest expense        
Interest on deposits 245 452 819 1,585
Interest on short-term borrowings 0 9 1 39
Interest on long-term debt 191 309 671 975
Interest on other 8 0 8 0
Total interest expense 444 770 1,499 2,599
Net depreciation expense on operating lease assets 139 175 384 675
Net financing revenue and other interest income 1,594 1,200 4,513 3,400
Other revenue        
Insurance premiums and service revenue earned 279 276 837 816
Gain on mortgage and automotive loans, net 18 33 73 35
Loss on extinguishment of debt (52) (49) (126) (50)
Other gain on investments, net 24 64 212 173
Other income, net of losses 122 160 498 331
Total other revenue 391 484 1,494 1,305
Total net revenue 1,985 1,684 6,007 4,705
Provision for credit losses 76 147 31 1,337
Noninterest expense        
Compensation and benefits expense 389 342 1,230 1,036
Insurance losses and loss adjustment expenses 69 85 206 301
Goodwill impairment 0 0 0 50
Other operating expenses 544 478 1,584 1,423
Total noninterest expense 1,002 905 3,020 2,810
Income (loss) from continuing operations before income tax expense 907 632 2,956 558
Income tax expense from continuing operations 195 156 549 159
Net income from continuing operations [1] 712 476 2,407 399
Income (loss) from discontinued operations, net of tax [1] 0 0 1 (1)
Net income 712 476 2,408 398
Other comprehensive (loss) income, net of tax (165) (120) (580) 572
Comprehensive income 547 356 1,828 970
Net income from continuing operations attributable to common stockholders [1] 683 476 2,378 399
Net income attributable to common stockholders [1] $ 683 $ 476 $ 2,379 $ 398
Basic weighted-average common shares outstanding [1],[2] 359,179,000 375,658,000 368,215,000 375,478,000
Diluted weighted-average common shares outstanding [1],[2],[3] 361,855,000 377,011,000 370,745,000 376,659,000
Basic earnings per common share        
Net income (loss) from continuing operations (in dollars per share) [1] $ 1.90 $ 1.27 $ 6.46 $ 1.06
Net income (loss) (in dollars per share) [1] 1.90 1.27 6.46 1.06
Diluted earnings per common share        
Net income (loss) from continuing operations (in dollars per share) [1] 1.89 1.26 6.41 1.06
Net income (loss) (in dollars per share) [1] 1.89 1.26 6.42 1.06
Cash dividends declared per common share (in dollars per share) [1] $ 0.25 $ 0.19 $ 0.63 $ 0.57
Antidilutive securities excluded from computation of earnings per share, amount 0 400,000 0 1,000,000
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
[2] Includes shares related to share-based compensation that vested but were not yet issued.
[3] During the three months and nine months ended September 30, 2020, there were 0.4 million and 1.0 million, respectively, in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months and nine months ended September 30, 2021.
v3.21.2
Condensed Consolidated Balance Sheet (unaudited) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Cash and cash equivalents    
Noninterest-bearing $ 636 $ 724
Interest-bearing 10,279 14,897
Total cash and cash equivalents 10,915 15,621
Equity securities 1,045 1,071
Available-for-sale securities (amortized cost of $32,972 and $28,936) [1] 33,122 29,830
Held-to-maturity securities (fair value of $1,193 and $1,331) 1,150 1,253
Loans held-for-sale, net 456 406
Finance receivables and loans, net    
Finance receivables and loans, net of unearned income 114,471 118,534
Allowance for loan losses (3,148) (3,283)
Total finance receivables and loans, net 111,323 115,251
Investment in operating leases, net 10,969 9,639
Premiums receivable and other insurance assets 2,752 2,679
Other assets 7,452 6,415
Total assets 179,184 182,165
Deposit liabilities    
Noninterest-bearing 167 128
Interest-bearing 139,277 136,908
Total deposit liabilities 139,444 137,036
Short-term borrowings 0 2,136
Long-term debt 14,946 22,006
Interest payable 422 412
Unearned insurance premiums and service revenue 3,537 3,438
Accrued expenses and other liabilities 3,546 2,434
Total liabilities 161,895 167,462
Contingencies (refer to Note 23)
Equity    
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 504,133,393 and 501,237,055; and outstanding 349,598,889 and 374,674,415) 21,644 21,544
Preferred stock 2,324 0
Accumulated deficit (2,136) (4,278)
Accumulated other comprehensive income 51 631
Treasury stock, at cost (154,534,504 and 126,562,640 shares) (4,594) (3,194)
Total equity 17,289 14,703
Total liabilities and equity 179,184 182,165
On-balance sheet variable interest entities    
Finance receivables and loans, net    
Allowance for loan losses (284) (285)
Total finance receivables and loans, net 7,872 13,213
Other assets 621 983
Total assets 8,493 14,196
Deposit liabilities    
Long-term debt 1,437 4,158
Accrued expenses and other liabilities 2 3
Total liabilities 1,439 4,161
On-balance sheet variable interest entities | Consumer    
Finance receivables and loans, net    
Finance receivables and loans, net of unearned income 8,156 7,630
On-balance sheet variable interest entities | Commercial    
Finance receivables and loans, net    
Finance receivables and loans, net of unearned income $ 0 $ 5,868
[1] Refer to Note 6 for discussion of investment securities pledged as collateral.
v3.21.2
Condensed Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,100,000,000 1,100,000,000
Common stock, shares issued (in shares) 504,133,393 501,237,055
Common stock, shares outstanding (in shares) 349,598,889 374,674,415
Treasury stock, shares (in shares) 154,534,504 126,562,640
Available-for-sale debt securities | Available-for-sale securities    
Available-for-sale securities, amortized cost $ 32,972 $ 28,936
Held-to-maturity securities    
Held-to-maturity securities, fair value 1,193 1,331
Held-to-maturity securities | Held-to-maturity securities    
Held-to-maturity securities, fair value $ 1,193 $ 1,331
v3.21.2
Condensed Consolidated Statement of Changes in Equity (unaudited) - USD ($)
$ in Millions
Total
Series B Preferred Stock
Series C Preferred Stock
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common stock and paid-in capital
Common stock and paid-in capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Preferred stock
Preferred stock
Series B Preferred Stock
Preferred stock
Series C Preferred Stock
Preferred stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated deficit
Accumulated deficit
Series B Preferred Stock
Accumulated deficit
Series C Preferred Stock
Accumulated deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated deficit
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury stock
Treasury stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Adoption of Accounting Standards Update 2016-13 $ 14,416     $ (1,017) $ 13,399 $ 21,438 $ 21,438 $ 0     $ 0 $ (4,057)     $ (1,017) $ (5,074) $ 123 $ 123 $ (3,088) $ (3,088)
Beginning balance at Dec. 31, 2019 14,416     $ (1,017) $ 13,399 21,438 $ 21,438 0     $ 0 (4,057)     $ (1,017) $ (5,074) 123 $ 123 (3,088) $ (3,088)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income 398                     398                
Share-based compensation 79         79                            
Other comprehensive income (loss) 572                               572      
Common stock repurchases (105)                                   (105)  
Common stock dividends (217)                     (217)                
Ending balance at Sep. 30, 2020 14,126         21,517   0       (4,893)         695   (3,193)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Adoption of Accounting Standards Update 2016-13 13,826         21,499   0       (5,296)         815   (3,192)  
Beginning balance at Jun. 30, 2020 13,826         21,499   0       (5,296)         815   (3,192)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income 476                     476                
Share-based compensation 18         18                            
Other comprehensive income (loss) (120)                               (120)      
Common stock repurchases (1)                                   (1)  
Common stock dividends (73)                     (73)                
Ending balance at Sep. 30, 2020 14,126         21,517   0       (4,893)         695   (3,193)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Adoption of Accounting Standards Update 2016-13 14,126         21,517   0       (4,893)         695   (3,193)  
Adoption of Accounting Standards Update 2016-13 14,703         21,544   0       (4,278)         631   (3,194)  
Beginning balance at Dec. 31, 2020 14,703         21,544   0       (4,278)         631   (3,194)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income 2,408                     2,408                
Net proceeds from issuance of series preferred stock   $ 1,335 $ 989           $ 1,335 $ 989                    
Preferred stock dividends   (20) (9)                   $ (20) $ (9)            
Share-based compensation 100         100                            
Other comprehensive income (loss) (580)                               (580)      
Common stock repurchases (1,400)                                   (1,400)  
Common stock dividends (237)                     (237)                
Ending balance at Sep. 30, 2021 17,289         21,644   2,324       (2,136)         51   (4,594)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Adoption of Accounting Standards Update 2016-13 17,530         21,631   2,324       (2,726)         216   (3,915)  
Beginning balance at Jun. 30, 2021 17,530         21,631   2,324       (2,726)         216   (3,915)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income 712                     712                
Preferred stock dividends   $ (20) $ (9)                   $ (20) $ (9)            
Share-based compensation 13         13                            
Other comprehensive income (loss) (165)                               (165)      
Common stock repurchases (679)                                   (679)  
Common stock dividends (93)                     (93)                
Ending balance at Sep. 30, 2021 17,289         21,644   2,324       (2,136)         51   (4,594)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Adoption of Accounting Standards Update 2016-13 $ 17,289         $ 21,644   $ 2,324       $ (2,136)         $ 51   $ (4,594)  
v3.21.2
Condensed Consolidated Statement of Changes in Equity (unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared per common share (in dollars per share) [1] $ 0.25 $ 0.19 $ 0.63 $ 0.57
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
v3.21.2
Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income $ 2,408 $ 398
Reconciliation of net income to net cash provided by operating activities    
Depreciation and amortization 931 1,159
Goodwill impairment 0 50
Provision for credit losses 31 1,337
Gain on mortgage and automotive loans, net (73) (35)
Other gain on investments, net (212) (173)
Loss on extinguishment of debt 126 50
Originations and purchases of loans held-for-sale (3,136) (2,241)
Proceeds from sales and repayments of loans held-for-sale 3,186 2,107
Net change in    
Deferred income taxes (558) 122
Interest payable 10 107
Other assets 19 (196)
Other liabilities 419 (29)
Other, net (68) (52)
Net cash provided by operating activities 3,083 2,604
Investing activities    
Purchases of equity securities (1,117) (816)
Proceeds from sales of equity securities 1,280 936
Purchases of available-for-sale securities (17,211) (12,013)
Proceeds from sales of available-for-sale securities 4,870 6,350
Proceeds from repayments of available-for-sale securities 8,725 7,846
Purchases of held-to-maturity securities (201) 0
Proceeds from repayments of held-to-maturity securities 303 306
Purchases of finance receivables and loans held-for-investment (5,466) (5,188)
Proceeds from sales of finance receivables and loans initially held-for-investment 376 122
Originations and repayments of finance receivables and loans held-for-investment and other, net 8,669 14,745
Purchases of operating lease assets (4,231) (3,226)
Disposals of operating lease assets 2,618 1,946
Net change in nonmarketable equity investments 104 305
Other, net (294) (308)
Net cash (used in) provided by investing activities (1,575) 11,005
Financing activities    
Net change in short-term borrowings (2,136) (2,499)
Net increase in deposits 2,398 14,168
Proceeds from issuance of long-term debt 253 3,174
Repayments of long-term debt (4,812) (11,887)
Purchases of land and buildings in satisfaction of finance lease liabilities (391) 0
Repurchases of common stock (1,400) (105)
Preferred stock issuance 2,324 0
Trust preferred securities redemption (2,513) 0
Common stock dividends paid (237) (217)
Preferred stock dividends paid (29) 0
Net cash (used in) provided by financing activities (6,543) 2,634
Effect of exchange-rate changes on cash and cash equivalents and restricted cash 0 (1)
Net (decrease) increase in cash and cash equivalents and restricted cash (5,035) 16,242
Cash and cash equivalents and restricted cash at beginning of year 16,574 4,380
Cash and cash equivalents and restricted cash at September 30, 11,539 20,622
Cash paid for    
Interest 1,422 2,414
Income taxes 1,235 8
Noncash items    
Loans held-for-sale transferred to finance receivables and loans held-for-investment 5 74
Additions of property and equipment 46 0
Finance receivables and loans held-for-investment transferred to loans held-for-sale 414 128
In-kind distribution from equity-method investee 0 126
Equity consideration received in exchange for restructured loans 0 5
Decrease in held-to-maturity securities due to the consolidation of a VIE 0 5
Increase in held-for-investment loans and other, net, due to the consolidation of a VIE 0 114
Increase in collateralized borrowings, net, due to the consolidation of a VIE 0 109
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents on the Condensed Consolidated Balance Sheet 10,915 19,939
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet [1] 624 683
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows $ 11,539 $ 20,622
[1] Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 10 for additional details describing the nature of restricted cash balances.
v3.21.2
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies
Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a digital financial-services company committed to its promise to “Do It Right” for its consumer, commercial, and corporate customers. Ally is composed of an industry-leading independent automotive finance and insurance operation, an award-winning digital direct bank (Ally Bank, Member FDIC and Equal Housing Lender, which offers mortgage lending, point-of-sale personal lending, and a variety of deposit and other banking products), a corporate finance business for equity sponsors and middle-market companies, and securities brokerage and investment advisory services. A relentless ally for all things money, Ally helps people save well and earn well, so they can spend for what matters. We are a Delaware corporation and are registered as a BHC under the BHC Act, and an FHC under the GLB Act.
Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Condensed Consolidated Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes.
The Condensed Consolidated Financial Statements at September 30, 2021, and for the three months and nine months ended September 30, 2021, and 2020, are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements (and the related Notes) included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed on February 24, 2021, with the SEC.
Significant Accounting Policies
Income Taxes
In calculating the provision for interim income taxes, in accordance with ASC 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology.
Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K regarding additional significant accounting policies.
Recently Adopted Accounting Standards
Reference Rate Reform (ASU 2021-01)
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified the scope of ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, indicating that certain optional expedients and exceptions included in ASU 2020-04 are applicable to derivative instruments affected by the market-wide change in interest rates used for discounting, margining, or contract price alignment. We adopted the amendments in this ASU immediately upon issuance in January 2021 on a prospective basis and will apply this guidance, along with the guidance from ASU 2020-04, as contracts are modified through December 2022. The adoption did not have an immediate direct impact on our financial statements. We do not expect there to be a material impact to our financial statements.
v3.21.2
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Our primary revenue sources, which include financing revenue and other interest income, are addressed by other GAAP and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other GAAP and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred.
The following tables present a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K.
Three months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2021
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $157 $— $— $— $157 
Remarketing fee income26 — — — — 26 
Brokerage commissions and other revenue— — — — 12 12 
Deposit account and other banking fees (d)— — — — 2 2 
Brokered/agent commissions— 4 — — — 4 
Other5 — — — 1 6 
Total revenue from contracts with customers
31 161 — — 15 207 
All other revenue
30 122 19 16 (3)184 
Total other revenue (e)$61 $283 $19 $16 $12 $391 
2020
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $148 $— $— $— $148 
Remarketing fee income20 — — — — 20 
Brokerage commissions and other revenue— — — — 12 12 
Deposit account and other banking fees (d)— — — — 4 4 
Brokered/agent commissions— 4 — — — 4 
Other3 — — — — 3 
Total revenue from contracts with customers
23 152 — — 16 191 
All other revenue38 186 36 9 24 293 
Total other revenue (e)$61 $338 $36 $9 $40 $484 
(a)We had opening balances of $3.1 billion and $2.9 billion in unearned revenue associated with outstanding contracts at July 1, 2021, and July 1, 2020, respectively, and $228 million and $218 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended September 30, 2021, and September 30, 2020, respectively.
(b)At September 30, 2021, we had unearned revenue of $3.1 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $218 million during the remainder of 2021, $817 million in 2022, $735 million in 2023, $572 million in 2024, and $731 million thereafter. At September 30, 2020, we had unearned revenue of $3.0 billion associated with outstanding contracts.
(c)We had deferred insurance assets of $1.9 billion at both July 1, 2021, and September 30, 2021, and recognized $135 million of expense during the three months ended September 30, 2021. We had deferred insurance assets of $1.8 billion at both July 1, 2020, and September 30, 2020, and recognized $125 million of expense during the three months ended September 30, 2020.
(d)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts.
(e)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
Nine months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2021
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $470 $— $— $— $470 
Remarketing fee income80 — — — — 80 
Brokerage commissions and other revenue— — — — 45 45 
Deposit account and other banking fees (c)— — — — 13 13 
Brokered/agent commissions— 12 — — — 12 
Other17 — — — 3 20 
Total revenue from contracts with customers
97 482 — — 61 640 
All other revenue
87 524 81 75 87 854 
Total other revenue (d)$184 $1,006 $81 $75 $148 $1,494 
2020
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $433 $— $— $— $433 
Remarketing fee income52 — — — — 52 
Brokerage commissions and other revenue— — — — 39 39 
Deposit account and other banking fees (c)— — — — 9 9 
Brokered/agent commissions— 12 — — — 12 
Other11 — — — — 11 
Total revenue from contracts with customers
63 445 — — 48 556 
All other revenue85 468 65 28 103 749 
Total other revenue (d)$148 $913 $65 $28 $151 $1,305 
(a)We had opening balances of $3.0 billion and $2.9 billion in unearned revenue associated with outstanding contracts at January 1, 2021, and January 1, 2020, respectively, and $681 million and $643 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the nine months ended September 30, 2021, and September 30, 2020.
(b)We had deferred insurance assets of $1.8 billion and $1.9 billion at January 1, 2021, and September 30, 2021, respectively, and recognized $400 million of expense during the nine months ended September 30, 2021. We had deferred insurance assets of $1.7 billion and $1.8 billion at January 1, 2020, and September 30, 2020, respectively, and recognized $371 million of expense during the nine months ended September 30, 2020.
(c)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts.
(d)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $86 million and $278 million for the three months and nine months ended September 30, 2021, respectively, and $71 million and $62 million for the three months and nine months ended September 30, 2020, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income.
v3.21.2
Other Income, Net of Losses
 9 Months Ended
Sep. 30, 2021
Other Nonoperating Income (Expense) [Abstract]  
Other Income, Net of Losses Other Income, Net of Losses
Details of other income, net of losses, were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Gain on nonmarketable equity investments, net$1 $15 $104 $11 
Late charges and other administrative fees29 28 89 65 
Remarketing fees26 20 80 52 
Income from equity-method investments26 63 71 115 
Other, net40 34 154 88 
Total other income, net of losses$122 $160 $498 $331 
v3.21.2
Reserves for Insurance Losses and Loss Adjustment Expenses
 9 Months Ended
Sep. 30, 2021
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]  
Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses
The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
($ in millions)20212020
Total gross reserves for insurance losses and loss adjustment expenses at January 1,$129 $122 
Less: Reinsurance recoverable90 88 
Net reserves for insurance losses and loss adjustment expenses at January 1,39 34 
Net insurance losses and loss adjustment expenses incurred related to:
Current year207 298 
Prior years (a)(1)3 
Total net insurance losses and loss adjustment expenses incurred206 301 
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year(174)(271)
Prior years(29)(27)
Total net insurance losses and loss adjustment expenses paid or payable(203)(298)
Net reserves for insurance losses and loss adjustment expenses at September 30,42 37 
Plus: Reinsurance recoverable83 88 
Total gross reserves for insurance losses and loss adjustment expenses at September 30,$125 $125 
(a)There have been no material adverse changes to the reserve for prior years.
v3.21.2
Other Operating Expenses
 9 Months Ended
Sep. 30, 2021
Operating Expenses [Abstract]  
Other Operating Expenses Other Operating Expenses
Details of other operating expenses were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Insurance commissions$142 $130 $416 $383 
Technology and communications90 77 249 236 
Lease and loan administration56 57 168 141 
Advertising and marketing57 36 143 112 
Property and equipment depreciation40 34 114 102 
Professional services36 28 97 87 
Vehicle remarketing and repossession19 17 57 51 
Charitable contributions (a)2 2 57 6 
Regulatory and licensing fees19 18 54 76 
Occupancy14 14 47 43 
Non-income taxes8 9 23 23 
Amortization of intangible assets5 4 14 14 
Other56 52 145 149 
Total other operating expenses$544 $478 $1,584 $1,423 
(a)Includes contributions made to the Ally Charitable Foundation.
v3.21.2
Investment Securities
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
September 30, 2021December 31, 2020
Amortized costGross unrealized
Fair value
Amortized costGross unrealized
Fair value
($ in millions)gainslossesgainslosses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$1,759 $3 $(19)$1,743 $783 $20 $— $803 
U.S. States and political subdivisions839 25 (6)858 1,046 50 (1)1,095 
Foreign government159 4 (2)161 167 9 — 176 
Agency mortgage-backed residential
19,579 306 (179)19,706 18,053 538 (3)18,588 
Mortgage-backed residential3,463 23 (7)3,479 2,595 49 (4)2,640 
Agency mortgage-backed commercial4,767 90 (121)4,736 4,063 139 (13)4,189 
Asset-backed544 3 — 547 420 5 — 425 
Corporate debt1,862 43 (13)1,892 1,809 105 — 1,914 
Total available-for-sale securities (a) (b) (c) (d) (e)
$32,972 $497 $(347)$33,122 $28,936 $915 $(21)$29,830 
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential$1,150 $55 $(12)$1,193 $1,253 $79 $(1)$1,331 
Total held-to-maturity securities (e) (f)$1,150 $55 $(12)$1,193 $1,253 $79 $(1)$1,331 
(a)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million at both September 30, 2021, and December 31, 2020.
(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information.
(c)Available-for-sale securities with a fair value of $258 million and $145 million at September 30, 2021, and December 31, 2020, respectively, were pledged for purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge the underlying investment securities.
(d)Totals do not include accrued interest receivable, which was $82 million and $90 million at September 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
(e)There was no allowance for credit losses recorded at September 30, 2021, or December 31, 2020, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.
(f)Totals do not include accrued interest receivable, which was $2 million and $3 million at September 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
TotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
($ in millions)AmountYieldAmountYieldAmountYieldAmountYieldAmountYield
September 30, 2021
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$1,743 1.1 %$291 0.8 %$180 1.0 %$1,272 1.2 %$— — %
U.S. States and political subdivisions858 3.1 33 2.5 74 2.7 134 3.3 617 3.1 
Foreign government161 1.8 2 0.8 97 1.9 62 1.8 — — 
Agency mortgage-backed residential19,706 2.5 — — — — 28 2.0 19,678 2.5 
Mortgage-backed residential3,479 2.6 — — — — 25 2.9 3,454 2.6 
Agency mortgage-backed commercial4,736 1.9 — — 26 2.4 1,751 2.3 2,959 1.7 
Asset-backed547 2.0 — — 308 2.4 230 1.4 9 3.3 
Corporate debt1,892 2.3 89 3.0 765 2.3 1,029 2.3 9 2.3 
Total available-for-sale securities$33,122 2.4 $415 1.4 $1,450 2.1 $4,531 2.0 $26,726 2.5 
Amortized cost of available-for-sale securities
$32,972 $413 $1,420 $4,466 $26,673 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential$1,150 2.8 %$— — %$— — %$— — %$1,150 2.8 %
Total held-to-maturity securities
$1,150 2.8 $— — $— — $— — $1,150 2.8 
December 31, 2020
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$803 1.2 %$13 0.1 %$708 1.1 %$82 1.7 %$— — %
U.S. States and political subdivisions1,095 3.0 49 1.4 103 2.3 228 2.7 715 3.3 
Foreign government176 2.1 9 1.7 86 2.3 81 1.9 — — 
Agency mortgage-backed residential18,588 3.1 — — — — 37 2.0 18,551 3.1 
Mortgage-backed residential2,640 3.1 — — — — 36 2.9 2,604 3.1 
Agency mortgage-backed commercial4,189 1.9 — — — — 1,628 2.3 2,561 1.7 
Asset-backed425 2.9 — — 349 3.0 49 1.8 27 3.1 
Corporate debt1,914 2.7 155 2.7 625 2.9 1,077 2.6 57 2.1 
Total available-for-sale securities$29,830 2.8 $226 2.3 $1,871 2.2 $3,218 2.4 $24,515 3.0 
Amortized cost of available-for-sale securities
$28,936 $224 $1,808 $3,022 $23,882 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential
$1,253 3.0 %$— — %$— — %$— — %$1,253 3.0 %
Total held-to-maturity securities
$1,253 3.0 $— — $— — $— — $1,253 3.0 
(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses.
The balances of cash equivalents were $151 million and $25 million at September 30, 2021, and December 31, 2020, respectively, and were composed primarily of money-market funds and short-term securities, including U.S. Treasury bills.
The following table presents interest and dividends on investment securities.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Taxable interest$139 $154 $384 $536 
Taxable dividends7 4 19 14 
Interest and dividends exempt from U.S. federal income tax4 4 14 12 
Interest and dividends on investment securities$150 $162 $417 $562 
The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.
Three months ended September 30,Nine months ended September 30,
($ in millions)
2021202020212020
Available-for-sale securities
Gross realized gains$44 $45 $82 $169 
Gross realized losses (a)— (2)— (2)
Net realized gains on available-for-sale securities44 43 82 167 
Net realized gain on equity securities45 7 159 88 
Net unrealized (loss) gain on equity securities(65)14 (29)(82)
Other gain on investments, net$24 $64 $212 $173 
(a)Certain available-for-sale securities were sold at a loss during the three months and nine months ended September 30, 2020, as a result of identifiable market or credit events, or a loss was realized based on corporate actions outside of our control (such as a call by the issuer). Any such sales were made in accordance with our risk-management policies and practices.
The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of September 30, 2021, and December 31, 2020. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. They represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2021, and December 31, 2020. We have not recorded any interest income reversals on our held-to-maturity securities during the nine months ended September 30, 2021, or 2020.
September 30, 2021December 31, 2020
($ in millions)AATotal (a)AATotal (a)
Debt securities
Agency mortgage-backed residential$1,150 $1,150 $1,253 $1,253 
Total held-to-maturity securities$1,150 $1,150 $1,253 $1,253 
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.
The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. As of September 30, 2021, and December 31, 2020, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the nine months ended September 30, 2021, or 2020.
September 30, 2021December 31, 2020
Less than 12 months12 months or longerLess than 12 months12 months or longer
($ in millions)
Fair value
Unrealized loss
Fair value
Unrealized loss
Fair valueUnrealized lossFair valueUnrealized loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$1,349 $(19)$— $— $3 $— $— $— 
U.S. States and political subdivisions264 (6)11 — 83 (1)— — 
Foreign government60 (2)4 — 7 — — — 
Agency mortgage-backed residential9,619 (178)48 (1)1,225 (3)— — 
Mortgage-backed residential1,344 (7)17 — 316 (4)— — 
Agency mortgage-backed commercial2,955 (112)125 (9)926 (13)— — 
Asset-backed139 — — — 11 — — — 
Corporate debt718 (11)29 (2)59 — 5 — 
Total available-for-sale securities
$16,448 $(335)$234 $(12)$2,630 $(21)$5 $— 
During the three months and nine months ended September 30, 2021, and 2020, management determined that there were no expected credit losses for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. As a result of this evaluation, management determined that no credit reserves were required at September 30, 2021, or December 31, 2020.
v3.21.2
Finance Receivables and Loans, Net
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Finance Receivables and Loans, Net Finance Receivables and Loans, Net
The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions)September 30, 2021December 31, 2020
Consumer automotive (a)$77,761 $73,668 
Consumer mortgage
Mortgage Finance (b)16,059 14,632 
Mortgage — Legacy (c)396 495 
Total consumer mortgage16,455 15,127 
Consumer other (d)836 407 
Total consumer95,052 89,202 
Commercial
Commercial and industrial
Automotive8,772 19,082 
Other5,859 5,242 
Commercial real estate4,788 5,008 
Total commercial19,419 29,332 
Total finance receivables and loans (e) (f)$114,471 $118,534 
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information.
(b)Includes loans originated as interest-only mortgage loans of $6 million and $8 million at September 30, 2021, and December 31, 2020, respectively. All of these loans have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $23 million and $30 million at September 30, 2021, and December 31, 2020, respectively, of which 98% have exited the interest-only period.
(d)Includes $8 million of finance receivables at both September 30, 2021, and December 31, 2020, for which we have elected the fair value option.
(e)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion and $2.0 billion at September 30, 2021, and December 31, 2020, respectively.
(f)Totals do not include accrued interest receivable, which was $487 million and $587 million at September 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2021.
Three months ended September 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at July 1, 2021$2,802 $24 $72 $228 $3,126 
Charge-offs (b)(211)(2)(5)— (218)
Recoveries160 4 — — 164 
Net charge-offs(51)2 (5)— (54)
Provision for credit losses59 (1)19 (1)76 
Allowance at September 30, 2021$2,810 $25 $86 $227 $3,148 
(a)Excludes $8 million of finance receivables at both July 1, 2021, and September 30, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2021$2,902 $33 $73 $275 $3,283 
Charge-offs (b)(678)(6)(18)(21)(723)
Recoveries535 10 1 11 557 
Net charge-offs(143)4 (17)(10)(166)
Provision for credit losses51 (12)30 (38)31 
Allowance at September 30, 2021$2,810 $25 $86 $227 $3,148 
(a)Excludes $8 million of finance receivables at both September 30, 2021, and December 31, 2020, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
Three months ended September 30, 2020 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at July 1, 2020$2,963 $42 $49 $300 $3,354 
Charge-offs (b)(269)(4)(2)(4)(279)
Recoveries152 5 — — 157 
Net charge-offs(117)1 (2)(4)(122)
Provision for credit losses134 (3)20 (4)147 
Other2 (1)— (1)— 
Allowance at September 30, 2020$2,982 $39 $67 $291 $3,379 
(a)Excludes $8 million of finance receivables at both July 1, 2020, and September 30, 2020, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2020 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at December 31, 2019$1,075 $46 $9 $133 $1,263 
Cumulative effect of the adoption of Accounting Standards Update 2016-13
1,334 (6)16 2 1,346 
Allowance at January 1, 20202,409 40 25 135 2,609 
Charge-offs (b)(887)(9)(11)(47)(954)
Recoveries371 14 1 2 388 
Net charge-offs(516)5 (10)(45)(566)
Provision for credit losses1,088 (5)51 203 1,337 
Other1 (1)1 (2)(1)
Allowance at September 30, 2020$2,982 $39 $67 $291 $3,379 
(a)Excludes $8 million and $11 million of finance receivables at September 30, 2020, and December 31, 2019, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held for investment to held for sale based on net carrying value.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Consumer mortgage$— $128 $413 $128 
Total sales and transfers$— $128 $413 $128 
The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Consumer automotive$709 $925 $2,013 $1,920 
Consumer mortgage1,191 659 3,123 3,013 
Commercial3 3 3 4 
Total purchases of finance receivables and loans$1,903 $1,587 $5,139 $4,937 
Nonaccrual Loans
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of September 30, 2021, and December 31, 2020.
September 30, 2021
($ in millions)Nonaccrual status at Jan. 1, 2021Nonaccrual status at Jul. 1, 2021Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,256 $1,033 $1,015 $432 
Consumer mortgage
Mortgage Finance67 49 45 27 
Mortgage — Legacy35 27 24 22 
Total consumer mortgage102 76 69 49 
Consumer other3 2 3 — 
Total consumer1,361 1,111 1,087 481 
Commercial
Commercial and industrial
Automotive40 33 32 3 
Other116 133 163 62 
Commercial real estate5 6 3 3 
Total commercial161 172 198 68 
Total finance receivables and loans$1,522 $1,283 $1,285 $549 
(a)Represents a component of nonaccrual status at end of period.
December 31, 2020
($ in millions)Nonaccrual status at Jan. 1, 2020Nonaccrual status at Jul. 1, 2020Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$762 $1,250 $1,256 $604 
Consumer mortgage
Mortgage Finance17 27 67 18 
Mortgage — Legacy40 36 35 28 
Total consumer mortgage57 63 102 46 
Consumer other2 1 3 — 
Total consumer821 1,314 1,361 650 
Commercial
Commercial and industrial
Automotive73 80 40 10 
Other138 132 116 41 
Commercial real estate4 6 5 5 
Total commercial215 218 161 56 
Total finance receivables and loans$1,036 $1,532 $1,522 $706 
(a)Represents a component of nonaccrual status at end of period.
We recorded interest income from cash payments associated with finance receivables and loans in nonaccrual status of $2 million and $7 million for the three months and nine months ended September 30, 2021, respectively, compared to $2 million and $8 million for the three months and nine months ended September 30, 2020, respectively.
Credit Quality Indicators
We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan. In accordance with regulatory guidance, if borrowers are less than 30 days past due on their loans and enter into loan modifications offered as a result of
COVID-19, their loans generally continue to be considered performing loans and continue to accrue interest during the period of the loan modification. For borrowers who are 30 days or more past due when entering into loan modifications offered as a result of COVID-19, we evaluate the loan modifications under our existing troubled debt restructuring framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan is accounted for as a TDR and generally will not accrue interest.
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status at September 30, 2021, and origination year.
Origination yearRevolving loans converted to term
September 30, 2021 ($ in millions)
202120202019201820172016 and priorRevolving loansTotal
Consumer automotive
Current$28,365 $19,572 $13,244 $7,877 $4,172 $2,538 $— $— $75,768 
30–59 days past due224 325 335 238 152 122 — — 1,396 
60–89 days past due50 93 102 68 41 32 — — 386 
90 or more days past due17 40 54 40 29 31 — — 211 
Total consumer automotive28,656 20,030 13,735 8,223 4,394 2,723 — — 77,761 
Consumer mortgage
Mortgage Finance
Current7,542 2,485 1,151 862 1,192 2,649 — — 15,881 
30–59 days past due78 4 10 18 12 23 — — 145 
60–89 days past due1 — — — 1 3 — — 5 
90 or more days past due— — 4 8 2 14 — — 28 
Total Mortgage Finance7,621 2,489 1,165 888 1,207 2,689 — — 16,059 
Mortgage — Legacy
Current— — — — — 86 252 26 364 
30–59 days past due— — — — — 5 4 2 11 
60–89 days past due— — — — — 2 — — 2 
90 or more days past due— — — — — 14 4 1 19 
Total Mortgage — Legacy— — — — — 107 260 29 396 
Total consumer mortgage7,621 2,489 1,165 888 1,207 2,796 260 29 16,455 
Consumer other
Current613 168 24 6 2 — — — 813 
30–59 days past due5 2 — — — — — — 7 
60–89 days past due4 1 — — — — — — 5 
90 or more days past due2 1 — — — — — — 3 
Total consumer other (a)624 172 24 6 2 — — — 828 
Total consumer$36,901 $22,691 $14,924 $9,117 $5,603 $5,519 $260 $29 $95,044 
(a)Excludes $8 million of finance receivables at September 30, 2021, for which we have elected the fair value option.
Origination yearRevolving loans converted to term
December 31, 2020 ($ in millions)
202020192018201720162015 and priorRevolving loansTotal
Consumer automotive
Current$27,255 $19,204 $12,129 $7,060 $3,678 $1,766 $— $— $71,092 
30–59 days past due281 466 376 264 174 97 — — 1,658 
60–89 days past due66 165 129 88 55 32 — — 535 
90 or more days past due32 108 96 71 46 30 — — 383 
Total consumer automotive27,634 19,943 12,730 7,483 3,953 1,925 — — 73,668 
Consumer mortgage
Mortgage Finance
Current3,432 2,410 1,744 2,254 1,177 3,492 — — 14,509 
30–59 days past due10 9 10 11 7 16 — — 63 
60–89 days past due1 1 3 2 1 3 — — 11 
90 or more days past due1 5 8 10 4 21 — — 49 
Total Mortgage Finance3,444 2,425 1,765 2,277 1,189 3,532 — — 14,632 
Mortgage — Legacy
Current— — — — — 121 303 36 460 
30–59 days past due— — — — — 4 2 — 6 
60–89 days past due— — — — — 2 — — 2 
90 or more days past due— — — — — 20 5 2 27 
Total Mortgage — Legacy— — — — — 147 310 38 495 
Total consumer mortgage3,444 2,425 1,765 2,277 1,189 3,679 310 38 15,127 
Consumer other
Current306 53 13 4 1 — — — 377 
30–59 days past due9 3 1 — — — — — 13 
60–89 days past due4 1 — 1 — — — — 6 
90 or more days past due2 1 — — — — — — 3 
Total consumer other (a)321 58 14 5 1 — — — 399 
Total consumer$31,399 $22,426 $14,509 $9,765 $5,143 $5,604 $310 $38 $89,194 
(a)Excludes $8 million of finance receivables at December 31, 2020, for which we have elected the fair value option.
We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk rankings below Pass.
•Special mention — Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date.
•Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
•Doubtful — Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors. A borrower’s internal credit risk rating is updated at least annually, and more frequently when a borrower’s credit profile changes, including when we become aware of potential credit deterioration. The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
Origination yearRevolving loans converted to term
September 30, 2021 ($ in millions)
202120202019201820172016 and priorRevolving loansTotal
Commercial and industrial
Automotive
Pass$278 $247 $182 $49 $32 $64 $7,232 $— $8,084 
Special mention9 4 17 26 33 29 525 — 643 
Substandard— 1 — 1 — — 43 — 45 
Total automotive287 252 199 76 65 93 7,800 — 8,772 
Other
Pass519 468 489 125 138 155 2,948 96 4,938 
Special mention— 75 114 21 21 138 115 15 499 
Substandard— 24 96 — 139 90 10 25 384 
Doubtful— 7 — — — 27 4 — 38 
Total other519 574 699 146 298 410 3,077 136 5,859 
Commercial real estate
Pass784 1,153 837 698 398 721 3 5 4,599 
Special mention6 5 118 7 19 24 — — 179 
Substandard— — — — — 10 — — 10 
Total commercial real estate790 1,158 955 705 417 755 3 5 4,788 
Total commercial$1,596 $1,984 $1,853 $927 $780 $1,258 $10,880 $141 $19,419 
Origination yearRevolving loans converted to term
December 31, 2020 ($ in millions)
202020192018201720162015 and priorRevolving loansTotal
Commercial and industrial
Automotive
Pass$869 $220 $58 $91 $76 $34 $15,433 $— $16,781 
Special mention48 23 59 52 9 18 2,013 — 2,222 
Substandard3 2 — — 1 — 72 — 78 
Doubtful— — — — — — 1 — 1 
Total automotive920 245 117 143 86 52 17,519 — 19,082 
Other
Pass536 622 244 210 81 69 2,142 76 3,980 
Special mention76 169 123 190 102 115 123 43 941 
Substandard33 26 — 108 — 77 21 20 285 
Doubtful— — — 6 — 27 2 1 36 
Total other645 817 367 514 183 288 2,288 140 5,242 
Commercial real estate
Pass1,108 928 799 580 651 512 — 2 4,580 
Special mention38 132 116 32 49 43 — — 410 
Substandard— — — 3 6 7 — — 16 
Doubtful— — — — 2 — — — 2 
Total commercial real estate1,146 1,060 915 615 708 562 — 2 5,008 
Total commercial$2,711 $2,122 $1,399 $1,272 $977 $902 $19,807 $142 $29,332 
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
($ in millions)30–59 days past due60–89 days past due90 days or more past dueTotal past dueCurrentTotal finance receivables and loans
September 30, 2021
Commercial
Commercial and industrial
Automotive$— $— $— $— $8,772 $8,772 
Other— — — — 5,859 5,859 
Commercial real estate— — — — 4,788 4,788 
Total commercial$— $— $— $— $19,419 $19,419 
December 31, 2020
Commercial
Commercial and industrial
Automotive$— $— $— $— $19,082 $19,082 
Other— — — — 5,242 5,242 
Commercial real estate— — 2 2 5,006 5,008 
Total commercial$— $— $2 $2 $29,330 $29,332 
Troubled Debt Restructurings
TDRs are loan modifications where concessions were granted to borrowers experiencing financial difficulties. For consumer automotive loans, we may offer several types of assistance to aid our customers, including payment extensions and rewrites of the loan terms. Additionally, for mortgage loans, as part of certain programs, we offer mortgage loan modifications to qualified borrowers. These programs are in place to provide support to our mortgage customers in financial distress, including principal forgiveness, maturity extensions, delinquent interest capitalization, and changes to contractual interest rates. Total TDRs recorded at amortized cost were $2.4 billion and $2.2 billion at September 30, 2021, and December 31, 2020, respectively.
Our consumer automotive portfolio accounts for the majority of the year-over-year increase in TDR balances. TDRs in our consumer automotive portfolio increased as a result of the COVID-19 loan modification program offered to customers. Additionally, following the expiration of that program, we have continued to support impacted borrowers pursuant to our established risk management policies and practices.
Total commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $24 million and $14 million at September 30, 2021, and December 31, 2020, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional information.
The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
20212020
Three months ended September 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive19,907 $347 $338 30,794 $540 $525 
Consumer mortgage
Mortgage Finance18 11 10 2 — — 
Mortgage — Legacy8 1 1 12 1 1 
Total consumer mortgage26 12 11 14 1 1 
Total consumer19,933 359 349 30,808 541 526 
Commercial and industrial
Automotive— — — 2 7 7 
Other— — — 2 58 54 
Total commercial— — — 4 65 61 
Total finance receivables and loans19,933 $359 $349 30,812 $606 $587 
20212020
Nine months ended September 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive60,167 $1,090 $1,071 74,887 $1,203 $1,140 
Consumer mortgage
Mortgage Finance33 19 19 31 15 15 
Mortgage — Legacy12 2 2 67 8 8 
Total consumer mortgage45 21 21 98 23 23 
Total consumer60,212 1,111 1,092 74,985 1,226 1,163 
Commercial and industrial
Automotive1 1 1 5 45 40 
Other1 33 33 3 81 61 
Commercial real estate1 3 3 — — — 
Total commercial3 37 37 8 126 101 
Total finance receivables and loans60,215 $1,148 $1,129 74,993 $1,352 $1,264 
The following tables present information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
20212020
Three months ended September 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive2,374 $31 $15 5,195 $52 $37 
Total consumer finance receivables and loans2,374 $31 $15 5,195 $52 $37 
20212020
Nine months ended September 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive6,939 $86 $46 7,478 $76 $54 
Consumer mortgage
Mortgage Finance1——— — — 
Mortgage — Legacy4——— — — 
Total consumer finance receivables and loans6,944 $86 $46 7,478 $76 $54 
v3.21.2
Leasing
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leasing Leasing
Ally as the Lessee
We have operating leases for our corporate facilities, which have remaining lease terms of 3 months to 11 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend the leases for periods that range from 1 to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 to 6 years after the commencement of the leases. We have not included any of these term extensions or termination provisions in our estimates of the lease term, as we do not consider it reasonably certain that the options will be exercised.
We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception.
During the three months and nine months ended September 30, 2021, we paid $10 million and $39 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2021, compared to $12 million and $37 million for the three months and nine months ended September 30, 2020, in cash for amounts included in the measurement of lease liabilities at September 30, 2020. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the nine months ended September 30, 2021, and September 30, 2020, we obtained $352 million and $58 million, respectively, of ROU assets in
exchange for new lease liabilities. For the nine months ended September 30, 2021, this balance included a new corporate facility in Charlotte, North Carolina, which we executed a purchase agreement on in July 2021, and reclassified the ROU asset to property and equipment and satisfied the finance lease liability. As of September 30, 2021, the weighted-average remaining lease term of our operating lease portfolio was 7 years, and the weighted-average discount rate was 2.03%, compared to 7 years and 2.21% as of December 31, 2020.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2021, and that have noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$11 
202238 
202328 
202423 
202521 
2026 and thereafter66 
Total undiscounted cash flows187 
Difference between undiscounted cash flows and discounted cash flows(12)
Total lease liability$175 
In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which included an underlying purchase option. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to lease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term.
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Operating lease expense$10 $11 $36 $35 
Variable lease expense2 2 6 6 
Total lease expense, net (a)$12 $13 $42 $41 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of September 30,
2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $211 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)September 30, 2021December 31, 2020
Vehicles$12,445 $11,182 
Accumulated depreciation(1,476)(1,543)
Investment in operating leases, net$10,969 $9,639 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$430 
20221,461 
20231,027 
2024396 
202572 
2026 and thereafter5 
Total lease payments from operating leases$3,391 
We recognized operating lease revenue of $393 million and $1.1 billion for the three months and nine months ended September 30, 2021, respectively, and $360 million and $1.1 billion for the three months and nine months ended September 30, 2020. Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $246 $662 $737 
Remarketing gains, net(86)(71)(278)(62)
Net depreciation expense on operating lease assets$139 $175 $384 $675 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $3 million and $13 million during the three months and nine months ended September 30, 2021, respectively, and $6 million and $18 million during the three months and nine months ended September 30, 2020.
Finance Leases
In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $488 million and $450 million as of September 30, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $475 million and $437 million at September 30, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both September 30, 2021, and December 31, 2020. Interest income on finance lease receivables was $7 million and $20 million for the three months and nine months ended September 30, 2021, respectively, and $5 million and $11 million for the three months and nine months ended September 30, 2020, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$45 
2022158 
2023129 
2024106 
202551 
2026 and thereafter37 
Total undiscounted cash flows526 
Difference between undiscounted cash flows and discounted cash flows(475)
Present value of lease payments recorded as lease receivable$51 
Leasing Leasing
Ally as the Lessee
We have operating leases for our corporate facilities, which have remaining lease terms of 3 months to 11 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend the leases for periods that range from 1 to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 to 6 years after the commencement of the leases. We have not included any of these term extensions or termination provisions in our estimates of the lease term, as we do not consider it reasonably certain that the options will be exercised.
We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception.
During the three months and nine months ended September 30, 2021, we paid $10 million and $39 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2021, compared to $12 million and $37 million for the three months and nine months ended September 30, 2020, in cash for amounts included in the measurement of lease liabilities at September 30, 2020. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the nine months ended September 30, 2021, and September 30, 2020, we obtained $352 million and $58 million, respectively, of ROU assets in
exchange for new lease liabilities. For the nine months ended September 30, 2021, this balance included a new corporate facility in Charlotte, North Carolina, which we executed a purchase agreement on in July 2021, and reclassified the ROU asset to property and equipment and satisfied the finance lease liability. As of September 30, 2021, the weighted-average remaining lease term of our operating lease portfolio was 7 years, and the weighted-average discount rate was 2.03%, compared to 7 years and 2.21% as of December 31, 2020.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2021, and that have noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$11 
202238 
202328 
202423 
202521 
2026 and thereafter66 
Total undiscounted cash flows187 
Difference between undiscounted cash flows and discounted cash flows(12)
Total lease liability$175 
In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which included an underlying purchase option. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to lease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term.
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Operating lease expense$10 $11 $36 $35 
Variable lease expense2 2 6 6 
Total lease expense, net (a)$12 $13 $42 $41 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of September 30,
2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $211 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)September 30, 2021December 31, 2020
Vehicles$12,445 $11,182 
Accumulated depreciation(1,476)(1,543)
Investment in operating leases, net$10,969 $9,639 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$430 
20221,461 
20231,027 
2024396 
202572 
2026 and thereafter5 
Total lease payments from operating leases$3,391 
We recognized operating lease revenue of $393 million and $1.1 billion for the three months and nine months ended September 30, 2021, respectively, and $360 million and $1.1 billion for the three months and nine months ended September 30, 2020. Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $246 $662 $737 
Remarketing gains, net(86)(71)(278)(62)
Net depreciation expense on operating lease assets$139 $175 $384 $675 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $3 million and $13 million during the three months and nine months ended September 30, 2021, respectively, and $6 million and $18 million during the three months and nine months ended September 30, 2020.
Finance Leases
In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $488 million and $450 million as of September 30, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $475 million and $437 million at September 30, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both September 30, 2021, and December 31, 2020. Interest income on finance lease receivables was $7 million and $20 million for the three months and nine months ended September 30, 2021, respectively, and $5 million and $11 million for the three months and nine months ended September 30, 2020, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$45 
2022158 
2023129 
2024106 
202551 
2026 and thereafter37 
Total undiscounted cash flows526 
Difference between undiscounted cash flows and discounted cash flows(475)
Present value of lease payments recorded as lease receivable$51 
Leasing Leasing
Ally as the Lessee
We have operating leases for our corporate facilities, which have remaining lease terms of 3 months to 11 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend the leases for periods that range from 1 to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 to 6 years after the commencement of the leases. We have not included any of these term extensions or termination provisions in our estimates of the lease term, as we do not consider it reasonably certain that the options will be exercised.
We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception.
During the three months and nine months ended September 30, 2021, we paid $10 million and $39 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2021, compared to $12 million and $37 million for the three months and nine months ended September 30, 2020, in cash for amounts included in the measurement of lease liabilities at September 30, 2020. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the nine months ended September 30, 2021, and September 30, 2020, we obtained $352 million and $58 million, respectively, of ROU assets in
exchange for new lease liabilities. For the nine months ended September 30, 2021, this balance included a new corporate facility in Charlotte, North Carolina, which we executed a purchase agreement on in July 2021, and reclassified the ROU asset to property and equipment and satisfied the finance lease liability. As of September 30, 2021, the weighted-average remaining lease term of our operating lease portfolio was 7 years, and the weighted-average discount rate was 2.03%, compared to 7 years and 2.21% as of December 31, 2020.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2021, and that have noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$11 
202238 
202328 
202423 
202521 
2026 and thereafter66 
Total undiscounted cash flows187 
Difference between undiscounted cash flows and discounted cash flows(12)
Total lease liability$175 
In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which included an underlying purchase option. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to lease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term.
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Operating lease expense$10 $11 $36 $35 
Variable lease expense2 2 6 6 
Total lease expense, net (a)$12 $13 $42 $41 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of September 30,
2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $211 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)September 30, 2021December 31, 2020
Vehicles$12,445 $11,182 
Accumulated depreciation(1,476)(1,543)
Investment in operating leases, net$10,969 $9,639 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$430 
20221,461 
20231,027 
2024396 
202572 
2026 and thereafter5 
Total lease payments from operating leases$3,391 
We recognized operating lease revenue of $393 million and $1.1 billion for the three months and nine months ended September 30, 2021, respectively, and $360 million and $1.1 billion for the three months and nine months ended September 30, 2020. Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $246 $662 $737 
Remarketing gains, net(86)(71)(278)(62)
Net depreciation expense on operating lease assets$139 $175 $384 $675 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $3 million and $13 million during the three months and nine months ended September 30, 2021, respectively, and $6 million and $18 million during the three months and nine months ended September 30, 2020.
Finance Leases
In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $488 million and $450 million as of September 30, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $475 million and $437 million at September 30, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both September 30, 2021, and December 31, 2020. Interest income on finance lease receivables was $7 million and $20 million for the three months and nine months ended September 30, 2021, respectively, and $5 million and $11 million for the three months and nine months ended September 30, 2020, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$45 
2022158 
2023129 
2024106 
202551 
2026 and thereafter37 
Total undiscounted cash flows526 
Difference between undiscounted cash flows and discounted cash flows(475)
Present value of lease payments recorded as lease receivable$51 
v3.21.2
Securitizations and Variable Interest Entities
 9 Months Ended
Sep. 30, 2021
Securitizations And Variable Interest Entities [Abstract]  
Securitizations and Variable Interest Entities Securitizations and Variable Interest Entities
We securitize, transfer, and service consumer and commercial automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. An SPE is a legal entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets. SPEs are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet.
VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity.
The VIEs included on the Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant.
The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the securitization are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these securitizations, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability.
There were no sales of financial assets into nonconsolidated VIEs for both the three months and nine months ended September 30, 2021, and September 30, 2020.
We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit.
We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low-income housing tax credits that are subject to recapture.
Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs.
The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet.
($ in millions)Carrying value of total assetsCarrying value of total liabilitiesAssets sold to nonconsolidated VIEs (a)Maximum exposure to loss in nonconsolidated VIEs
September 30, 2021
On-balance sheet variable interest entities
Consumer automotive$19,580 (b)$1,563 (c)
Off-balance sheet variable interest entities
Commercial other1,688 (d)733 (e)— 2,234 (f)
Total$21,268 $2,296 $— $2,234 
December 31, 2020
On-balance sheet variable interest entities
Consumer automotive$17,833 (b)$3,103 (c)
Commercial automotive6,276 1,152 
Off-balance sheet variable interest entities
Commercial other1,295 (d)529 (e)— 1,754 (f)
Total$25,404 $4,784 $— $1,754 
(a)Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs.
(b)Includes $11.1 billion and $9.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at September 30, 2021, and December 31, 2020, respectively. Ally or consolidated affiliates hold the interests in these assets.
(c)Includes $124 million and $94 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2021, and December 31, 2020, respectively.
(d)Amounts are classified as other assets.
(e)Amounts are classified as accrued expenses and other liabilities.
(f)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
Cash Flows with Off-Balance Sheet Securitization Entities
The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (for example, servicing) that were outstanding during the nine months ended September 30, 2021, and 2020. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
Nine months ended September 30,
($ in millions)20212020
Consumer automotive
Cash flows received on retained interests in securitization entities$— $11 
Servicing fees— 3 
Cash disbursements for repurchases during the period— (2)
Total$— $12 
Delinquencies and Net Credit Losses
We did not have any off-balance sheet securitizations or whole-loan sales where we had continuing involvement at September 30, 2021, or December 31, 2020. During the nine months ended September 30, 2020, we recognized $1 million of net credit losses from off-balance sheet securitizations where we have continuing involvement.
v3.21.2
Other Assets
 9 Months Ended
Sep. 30, 2021
Other Assets [Abstract]  
Other Assets Other Assets
The components of other assets were as follows.
($ in millions)September 30, 2021December 31, 2020
Property and equipment at cost (a)$2,075 $1,541 
Accumulated depreciation(917)(815)
Net property and equipment1,158 726 
Investment in qualified affordable housing projects1,341 1,095 
Nonmarketable equity investments (b) (c)931 915 
Net deferred tax assets852 94 
Accrued interest, fees, and rent receivables580 704 
Restricted cash held for securitization trusts (d)567 875 
Equity-method investments (e)402 320 
Goodwill343 343 
Other accounts receivable158 166 
Operating lease right-of-use assets148 162 
Restricted cash and cash equivalents (f)57 78 
Net intangible assets (g)37 50 
Fair value of derivative contracts in receivable position (h)9 17 
Other assets869 870 
Total other assets$7,452 $6,415 
(a)Balance includes a new corporate facility purchased during the three months ended September 30, 2021. Refer to Note 8 for additional information.
(b)Includes investments in FHLB stock of $224 million and $276 million at September 30, 2021, and December 31, 2020, respectively; FRB stock of $449 million at both September 30, 2021, and December 31, 2020; and equity securities without a readily determinable fair value of $258 million and $189 million at September 30, 2021, and December 31, 2020, respectively, measured at cost with adjustments for impairment and observable changes in price.
(c)During the three months and nine months ended September 30, 2021, we recorded $1 million and $83 million of upward adjustments related to equity securities without a readily determinable fair value still held at September 30, 2021, respectively, driven primarily by an investment in one entity for which there was a subsequent funding round at a higher valuation during the nine months ended September 30, 2021, resulting in an observable price change. During the nine months ended September 30, 2021, we recorded $1 million of impairments and downward adjustments related to equity securities without a readily determinable fair value still held at September 30, 2021, respectively. Securities held in our portfolio of equity securities without a readily determinable fair value as of September 30, 2021, include cumulative upward adjustments of $178 million and impairments and downward adjustments of $12 million through September 30, 2021.
(d)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(e)Primarily relates to investments made in connection with our CRA program.
(f)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
(g)Includes gross intangible assets of $109 million at both September 30, 2021, and December 31, 2020, and accumulated amortization of $72 million and $59 million at September 30, 2021, and December 31, 2020, respectively.
(h)For additional information on derivative instruments and hedging activities, refer to Note 18.
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 2020$20 $27 $296 $343 
Impairment losses— — — — 
Goodwill at September 30, 2021$20 $27 $296 $343 
(a)Includes $153 million of goodwill associated with Ally Lending at both September 30, 2021, and December 31, 2020, and $143 million of goodwill associated with Ally Invest at both September 30, 2021, and December 31, 2020.
v3.21.2
Deposit Liabilities
 9 Months Ended
Sep. 30, 2021
Deposits [Abstract]  
Deposit Liabilities Deposit Liabilities
Deposit liabilities consisted of the following.
($ in millions)September 30, 2021December 31, 2020
Noninterest-bearing deposits$167 $128 
Interest-bearing deposits
Savings, money market, and checking accounts98,035 83,698 
Certificates of deposit41,242 53,210 
Total deposit liabilities$139,444 $137,036 
At September 30, 2021, and December 31, 2020, certificates of deposit included $21.7 billion and $25.8 billion, respectively, of those in denominations of $100 thousand or more. At September 30, 2021, and December 31, 2020, certificates of deposit included $7.3 billion and $8.6 billion, respectively, of those in denominations in excess of $250 thousand federal insurance limits.
v3.21.2
Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
September 30, 2021December 31, 2020
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Demand notes (b)$— $— $— $2,136 $— $2,136 
Total short-term borrowings$— $— $— $2,136 $— $2,136 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
(b)On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes.
Long-Term Debt
The following table presents the composition of our long-term debt portfolio.
September 30, 2021December 31, 2020
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,000 $4,428 $5,428 $647 $4,438 $5,085 
Due after one year
7,855 1,663 9,518 11,367 5,554 16,921 
Total long-term debt (b) (c)$8,855 $6,091 $14,946 $12,014 $9,992 $22,006 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information.
(b)Includes $188 million and $2.6 billion of trust preferred securities at September 30, 2021, and December 31, 2020, respectively.
(c)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $4.6 billion and $5.8 billion at September 30, 2021, and December 31, 2020, respectively.
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2021, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202120222023202420252026 and thereafter
Total
Unsecured
Long-term debt
$209 $1,083 $2,086 $1,479 $2,357 $2,571 $9,785 
Original issue discount
(20)(51)(57)(64)(69)(669)(930)
Total unsecured
189 1,032 2,029 1,415 2,288 1,902 8,855 
Secured
Long-term debt
643 4,791 591 32 24 10 6,091 
Total long-term debt
$832 $5,823 $2,620 $1,447 $2,312 $1,912 $14,946 
The following summarizes assets restricted as collateral for the payment of the related debt obligation, primarily arising from securitization transactions accounted for as secured borrowings.
September 30, 2021December 31, 2020
($ in millions)
Total (a)
Ally Bank
Total (a)
Ally Bank
Consumer mortgage finance receivables$16,378 $16,378 $14,979 $14,979 
Consumer automotive finance receivables
10,389 10,276 9,953 9,510 
Commercial finance receivables10 10 10,866 10,866 
Total assets restricted as collateral (b) (c)$26,777 $26,664 $35,798 $35,355 
Secured debt
$6,091 $6,008 $9,992 $9,634 
(a)Ally Bank is a component of the total column.
(b)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $16.4 billion and $20.0 billion at September 30, 2021, and December 31, 2020, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both September 30, 2021, and December 31, 2020. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.
(c)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information.
Trust Preferred Securities
We had approximately $191 million and $2.6 billion in aggregate liquidation preference of Series 2 TRUPS outstanding at September 30, 2021, and December 31, 2020, respectively. Each Series 2 TRUPS security has a liquidation amount of $25. Distributions are cumulative and are payable until redemption at the applicable coupon rate. Distributions are payable at an annual rate equal to three-month LIBOR plus 5.785% payable quarterly in arrears. Ally has the right to defer payments of interest for a period not exceeding 20 consecutive quarters. The Series 2 TRUPS have no stated maturity date, but must be redeemed upon the redemption or maturity of the related debentures (Debentures), which mature on February 15, 2040. Ally at any time may redeem, in part or in whole, the Series 2 TRUPS at a redemption price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest through the date of redemption. The Series 2 TRUPS are generally nonvoting, other than with respect to certain limited matters. During any period in which any Series 2 TRUPS remain outstanding but in which distributions on the Series 2 TRUPS have not been fully paid, none of Ally or its subsidiaries will be permitted to (i) declare or pay dividends on, make any distributions with respect to, or redeem, purchase, acquire or otherwise make a liquidation payment with respect to, any of Ally’s capital stock or make any guarantee payment with respect thereto; or (ii) make any payments of principal, interest, or premium on, or repay, repurchase or redeem, any debt securities or guarantees that rank on a parity with or junior in interest to the Debentures with certain specified exceptions in each case. The Series 2 TRUPS were issued prior to October 4, 2010, under the Emergency Economic Stabilization Act of 2008 and are not subject to phase-out from additional Tier 1 capital into Tier 2 capital.
On April 22, 2021, we issued $1.35 billion of preferred stock, Series B, and used the proceeds to redeem $1.4 billion, or 56,000,000 shares of the Series 2 TRUPS outstanding, effective May 24, 2021. On June 2, 2021, we issued $1.0 billion of preferred stock, Series C, and used the proceeds to redeem an additional $1.04 billion, or 41,600,000 shares of the Series 2 TRUPS outstanding, effective July 2, 2021. On September 15, 2021, we announced our intent to redeem the remaining $191 million or 7,650,000 shares of the Series 2 TRUPS outstanding. The redemption was effectuated on October 15, 2021.
Funding Facilities
We utilize both committed secured credit facilities and other collateralized funding vehicles. The debt outstanding under our various funding facilities is included on our Condensed Consolidated Balance Sheet.
The total capacity in our credit facilities is provided by banks through private transactions. The facilities can be revolving in nature, generally having an original tenor ranging from 364 days to two years, and allow for additional funding during the commitment period, or they can be amortizing and not allow for any further funding after the commitment period. At September 30, 2021, all of our $75 million of capacity was revolving with a remaining tenor greater than 364 days.
Committed Secured Credit Facilities
OutstandingUnused capacity (a)Total capacity
($ in millions)September 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Parent funding
Secured$— $— $75 $560 $75 $560 
Total committed secured credit facilities$— $— $75 $560 $75 $560 
(a)Funding from committed secured credit facilities is available on request in the event excess collateral resides in certain facilities or the extent incremental collateral is available and contributed to the facilities.
v3.21.2
Accrued Expenses and Other Liabilities
 9 Months Ended
Sep. 30, 2021
Accounts Payable and Accrued Liabilities [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
The components of accrued expenses and other liabilities were as follows.
($ in millions)September 30, 2021December 31, 2020
Accounts payable$1,296 $602 
Unfunded commitments for investment in qualified affordable housing projects729 525 
Employee compensation and benefits450 316 
Operating lease liabilities175 187 
Deferred revenue169 104 
Reserves for insurance losses and loss adjustment expenses125 129 
Fair value of derivative contracts in payable position (a)61 33 
Net deferred tax liabilities13 92 
Cash collateral received from counterparties8 6 
Other liabilities520 440 
Total accrued expenses and other liabilities$3,546 $2,434 
(a)For additional information on derivative instruments and hedging activities, refer to Note 18.
v3.21.2
Preferred Stock
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Preferred Stock Preferred Stock
Series B Preferred Stock
In April 2021, we issued 1,350,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series B Preferred Stock are discretionary and are not cumulative. Holders of the Series B Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2026, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2026, during each five-year reset period, at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 3.868% on the liquidation preference amount of $1,000 per share. So long as any share of Series B Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series B Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock.
The holders of the Series B Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series B Preferred Stock included in Ally’s Certificate of Incorporation. The Series B Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series B Preferred Stock and holders of the Series B Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series B Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2026, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series B Preferred Stock will be entitled to receive the liquidation amount per share of Series B Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series B Preferred Stock, subject to the rights of Ally’s creditors.
Series C Preferred Stock
In June 2021, we issued 1,000,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series C Preferred Stock are discretionary and are not cumulative. Holders of the Series C Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2028, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2028, during each seven-year reset period, at a rate per annum equal to the seven-year treasury rate as of the most recent reset dividend determination date plus 3.481% on the liquidation preference amount of $1,000 per share. So long as any share of Series C Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series C Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock.
The holders of the Series C Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series C Preferred Stock included in Ally’s Certificate of Incorporation. The Series C Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series C Preferred Stock and holders of the Series C Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series C Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2028, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series C Preferred Stock will be entitled to receive the liquidation amount per share of Series C Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series C Preferred Stock, subject to the rights of Ally’s creditors.
The following table summarizes information about our preferred stock.
September 30, 2021
Series B preferred stock (a)
Issuance dateApril 22, 2021
Carrying value ($ in millions)
$1,335
Par value (per share)
$0.01
Liquidation preference (per share)
$1,000
Number of shares authorized1,350,000
Number of shares issued and outstanding1,350,000
Dividend/coupon
Prior to May 15, 20264.700%
On and after May 15, 2026
Five Year Treasury + 3.868%
Series C preferred stock (a)
Issuance dateJune 2, 2021
Carrying value ($ in millions)
$989
Par value (per share)
$0.01
Liquidation preference (per share)
$1,000
Number of shares authorized1,000,000
Number of shares issued and outstanding1,000,000
Dividend/coupon
Prior to May 15, 20284.700%
On and after May 15, 2028
Seven Year Treasury + 3.481%
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
v3.21.2
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following tables present changes, net of tax, in each component of accumulated other comprehensive income.
Three months ended September 30,
($ in millions)
Unrealized gains on investment securities (a)
Translation adjustments and net investment hedges (b)
Cash flow hedges (b)
Defined benefit pension plans
Accumulated other comprehensive income
Balance at July 1, 2020$783 $19 $116 $(103)$815 
Net change(103)(1)(16)— (120)
Balance at September 30, 2020$680 $18 $100 $(103)$695 
Balance at July 1, 2021$259 $20 $48 $(111)$216 
Net change(157)— (9)1 (165)
Balance at September 30, 2021$102 $20 $39 $(110)$51 
(a)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.
(b)For additional information on derivative instruments and hedging activities, refer to Note 18.
Nine months ended September 30,
($ in millions)
Unrealized gains on investment securities (a)
Translation adjustments and net investment hedges (b)
Cash flow hedges (b)
Defined benefit pension plans
Accumulated other comprehensive income
Balance at January 1, 2020$208 $19 $2 $(106)$123 
Net change472 (1)98 3 572 
Balance at September 30, 2020$680 $18 $100 $(103)$695 
Balance at January 1, 2021$640 $19 $82 $(110)$631 
Net change(538)1 (43)— (580)
Balance at September 30, 2021$102 $20 $39 $(110)$51 
(a)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.
(b)For additional information on derivative instruments and hedging activities, refer to Note 18.
The following tables present the before- and after-tax changes in each component of accumulated other comprehensive income.
Three months ended September 30, 2021 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(161)$38 $(123)
Less: Net realized gains reclassified to income from continuing operations44 (a)(10)(b)34 
Net change(205)48 (157)
Translation adjustments
Net unrealized losses arising during the period(4)1 (3)
Net investment hedges (c)
Net unrealized gains arising during the period4 (1)3 
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations12 (d)(3)(b)9 
Defined benefit pension plans
Less: Net realized losses reclassified to income from continuing operations(1)— (b)(1)
Other comprehensive loss$(216)$51 $(165)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended September 30, 2020 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(92)$22 $(70)
Less: Net realized gains reclassified to income from continuing operations43(a)(10)(b)33
Net change(135)32 (103)
Translation adjustments
Net unrealized gains arising during the period3 (1)2 
Net investment hedges (c)
Net unrealized losses arising during the period(4)1 (3)
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations21 (5)16 
Other comprehensive loss$(157)$37 $(120)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
Nine months ended September 30, 2021 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(621)$147 $(474)
Less: Net realized gains reclassified to income from continuing operations82 (a)(18)(b)64 
Net change(703)165 (538)
Translation adjustments
Net unrealized gains arising during the period1 — 1 
Net investment hedges (c)
Net unrealized losses arising during the period(1)1 — 
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations55 (d)(12)(b)43 
Defined benefit pension plans
Net unrealized losses arising during the period(2)1 (1)
Less: Net realized losses reclassified to income from continuing operations(1)— (b)(1)
Net change(1)1 — 
Other comprehensive loss$(759)$179 $(580)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
Nine months ended September 30, 2020 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized gains arising during the period$785 $(184)$601 
Less: Net realized gains reclassified to income from continuing operations167(a)(38)(b)129
Net change618(146)472
Translation adjustments
Net unrealized losses arising during the period(4)1 (3)
Net investment hedges (c)
Net unrealized gains arising during the period3 (1)2 
Cash flow hedges (c)
Net unrealized gains arising during the period169 (41)128 
Less: Net realized gains reclassified to income from continuing operations40 (10)30 
Net change129 (31)98 
Defined benefit pension plans
Net unrealized gains arising during the period4 (1)3 
Other comprehensive income$750 $(178)$572 
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
v3.21.2
Earnings per Common Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the calculation of basic and diluted earnings per common share.
Three months ended September 30,Nine months ended September 30,
($ in millions, except per share data; shares in thousands) (a)
2021202020212020
Net income from continuing operations$712 $476 $2,407 $399 
Preferred stock dividends — Series B(20)— (20)— 
Preferred stock dividends — Series C(9)— (9)— 
Net income from continuing operations attributable to common stockholders$683 $476 $2,378 $399 
Income (loss) from discontinued operations, net of tax— — 1 (1)
Net income attributable to common stockholders$683 $476 $2,379 $398 
Basic weighted-average common shares outstanding (b)359,179 375,658 368,215 375,478 
Diluted weighted-average common shares outstanding (b) (c)361,855 377,011 370,745 376,659 
Basic earnings per common share
Net income from continuing operations$1.90 $1.27 $6.46 $1.06 
Net income$1.90 $1.27 $6.46 $1.06 
Diluted earnings per common share
Net income from continuing operations$1.89 $1.26 $6.41 $1.06 
Net income$1.89 $1.26 $6.42 $1.06 
(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
(b)Includes shares related to share-based compensation that vested but were not yet issued.
(c)During the three months and nine months ended September 30, 2020, there were 0.4 million and 1.0 million, respectively, in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months and nine months ended September 30, 2021.
v3.21.2
Regulatory Capital and Other Regulatory Matters
 9 Months Ended
Sep. 30, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Regulatory Capital and Other Regulatory Matters Regulatory Capital and Other Regulatory Matters
Ally is currently subject to enhanced prudential standards that were established by the FRB under the Dodd-Frank Act. Targeted amendments to the Dodd-Frank Act and other financial-services laws were enacted through the EGRRCP Act, including amendments that affect whether and, if so, how the FRB applies enhanced prudential standards to BHCs like us with $100 billion or more but less than $250 billion in total consolidated assets. Through final rules implementing these amendments—which are commonly known as the tailoring framework—the FRB and other U.S. banking agencies established four risk-based categories of prudential standards and capital and liquidity requirements for banking organizations with $100 billion or more in total consolidated assets. The most stringent standards and requirements apply to U.S. global systemically important BHCs, which are assigned to Category I. The assignment of other banking organizations to the remaining three categories is based on measures of size and four other risk-based indicators: cross-jurisdictional activity, wSTWF, nonbank assets, and off-balance-sheet exposure.
Under the tailoring framework, Ally is a Category IV firm and, as such, is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio provided that our average wSTWF continues to remain under $50 billion, and (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits. Refer to Note 20 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional details on the tailoring framework and other applicable capital and liquidity requirements.
We continue to be subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities, or risks to the U.S. economy. Further, we remain subject to rules requiring the resubmission of our capital plan if we determine that there has been or will be a material change in our risk profile, financial condition, or corporate structure since we last submitted the capital plan or if the FRB determines that (a) our capital plan is incomplete or our capital plan or internal capital adequacy process contains material weaknesses, (b) there has been, or will likely be, a material change in our risk profile (including a material change in our business strategy or any risk exposure), financial condition, or corporate structure, or (c) the BHC stress scenario(s) are not appropriate for our business model and portfolios, or changes in the financial markets or the macroeconomic outlook that could have a material impact on our risk profile and financial condition require the use of updated scenarios.
In January 2021 the FDIC announced that, given the passage of time since the last submission of resolution plans and the uncertain economic outlook, the FDIC will resume requiring resolution plan submissions for insured depository institutions with $100 billion or more in assets, including Ally Bank. In June 2021 the FDIC outlined a modified approach to implementing its rule requiring these insured depository
institutions to submit resolution plans. The modified approach extends the submission frequency to a three-year cycle, streamlines content requirements, and places enhanced emphasis on engagement with firms. Under the modified approach, resolution plans will be submitted in two groups, with the first group consisting of Ally Bank and other insured depository institutions whose top-tier parent company is not a U.S. global systemically important bank or a Category II firm and the second group consisting of all other insured depository institutions with $100 billion or more in total assets. In August 2021, the FDIC notified Ally Bank that its next resolution plan submission is due on or before December 1, 2022.
Refer to Note 20 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion about regulatory developments.
Basel Capital Framework
The FRB and other U.S. banking agencies have adopted risk-based and leverage capital standards that establish minimum capital-to-asset ratios for BHCs, like Ally, and depository institutions, like Ally Bank. The risk-based capital ratios are based on a banking organization’s RWAs, which are generally determined under the standardized approach applicable to Ally and Ally Bank by (1) assigning on-balance-sheet exposures to broad risk-weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk), and (2) multiplying off-balance-sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk-weight categories. The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance-sheet exposures.
Under U.S. Basel III, Ally and Ally Bank must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum total risk-based capital ratio of 8%. In addition to these minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which for Ally was 3.5% and for Ally Bank was 2.5% as of September 30, 2021, as further described in the next paragraph. Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4%.
In March 2020, the FRB issued a final rule to more closely align forward-looking stress testing results with the FRB’s non-stress regulatory capital requirements for BHCs with $100 billion or more in total consolidated assets and other specified companies. The final rule introduced a stress capital buffer requirement based on firm-specific stress test performance and planned dividends, which for Ally replaced the fixed 2.5% component of the capital conservation buffer requirement. Refer to Note 20 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for details about changes to the CCAR process effected by the final rule. Under the final rule, Ally’s stress capital buffer requirement is the greater of 2.5% and the result of the following calculation: (1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of risk-weighted assets. For a Category IV firm like Ally, the capital conservation buffer requirement comprises the stress capital buffer requirement. The capital conservation buffer requirement applicable to Ally’s depository-institution subsidiary, Ally Bank, continues to be a fixed 2.5%. Ally received its first preliminary stress capital buffer requirement from the FRB in June 2020, which was determined under this new methodology to be 3.5%, was finalized in August 2020, and became effective in October 2020. In June 2020, the FRB also announced its determination that changes in financial markets or the macroeconomic outlook could have a material effect on the risk profiles and financial conditions of firms subject to the capital-plan rule and that, as a result, the firms (including Ally) would be required to resubmit capital plans to the FRB within 45 days after receiving updated stress scenarios from the FRB. In September 2020, the FRB released two updated scenarios—severely adverse and alternative severe. We updated our capital plan in light of firm-specific baseline and stress scenarios, as required, and submitted our updated plan to the FRB in November 2020. In December 2020, the FRB publicly disclosed summary results of this second round of supervisory stress testing and extended its deadline for notifying firms about whether their stress capital buffer requirements will be recalculated to March 31, 2021. On March 25, 2021, the FRB further extended this deadline to June 30, 2021. On June 24, 2021, we received notification from the FRB that our stress capital buffer requirement would not be recalculated in connection with the second round of 2020 supervisory stress testing. Refer to the later section titled Capital Planning and Stress Tests for more information.
Under the capital conservation buffer requirement, the maximum amount of capital distributions and discretionary bonus payments that can be made by a banking organization, such as Ally or Ally Bank, is a function of its eligible retained income. During the COVID-19 pandemic, the FRB and other U.S. banking agencies expressed a concern that the definition of eligible retained income would not limit distributions in the gradual manner intended but instead could do so in a sudden and severe manner even if a banking organization were to experience only a modest reduction in its capital ratios. As a result, to better allow a banking organization to use its capital buffer as intended and continue lending in adverse conditions, the U.S. banking agencies issued an interim final rule that became effective in March 2020, and revised the definition of eligible retained income to the greater of (1) a banking organization’s net income for the four preceding calendar quarters, net of any distributions and associated tax effects not already reflected in net income, and (2) the average of a banking organization’s net income over the preceding four quarters. This interim final rule was adopted as final with no changes effective January 1, 2021.
Ally and Ally Bank are subject to the U.S. Basel III standardized approach for counterparty credit risk but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities.
The risk-based capital ratios and the Tier 1 leverage ratio play a central role in PCA, which is an enforcement framework used by the U.S. banking agencies to constrain the activities of depository institutions based on their levels of regulatory capital. Five categories have been established using thresholds for the Common Equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, the total risk-based capital ratio, and the Tier 1 leverage ratio: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. FDICIA generally prohibits a depository institution from making any capital distribution, including any payment of a cash dividend or a management fee to its BHC, if the depository institution would become undercapitalized after the distribution. An undercapitalized institution is also subject to growth limitations and must submit and fulfill a capital restoration plan. While BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. In addition, under FDICIA, only well-capitalized and, with a waiver from the FDIC, adequately capitalized institutions may accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. At September 30, 2021, Ally Bank was well capitalized under the PCA framework.
The following table summarizes our capital ratios under U.S. Basel III.
September 30, 2021December 31, 2020Required minimum (a)Well-capitalized minimum
($ in millions)AmountRatioAmountRatio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.$15,670 11.20 %$14,878 10.64 %4.50 %(b)
Ally Bank18,095 13.71 17,567 13.38 4.50 6.50 %
Tier 1 (to risk-weighted assets)
Ally Financial Inc.$17,930 12.81 %$17,289 12.37 %6.00 %6.00 %
Ally Bank18,095 13.71 17,567 13.38 6.00 8.00 
Total (to risk-weighted assets)
Ally Financial Inc.$20,375 14.56 %$19,778 14.15 %8.00 %10.00 %
Ally Bank19,746 14.96 19,210 14.63 8.00 10.00 
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.$17,930 9.99 %$17,289 9.41 %4.00 %(b)
Ally Bank18,095 10.65 17,567 10.12 4.00 5.00 %
(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally was required to maintain a minimum capital conservation buffer of 3.5% at both September 30, 2021, and December 31, 2020, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both September 30, 2021, and December 31, 2020.
(b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.”
(c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective for the first quarter of 2020 and that provides BHCs and banks with an alternative option to temporarily delay an estimate of the impact of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. The interim final rule was clarified and adjusted in a final rule that became effective in September 2020. We have elected this alternative option instead of the one described in the December 2018 rule. As a result, under the final rule, we will delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. The estimated impact of CECL on regulatory capital that we will defer and later phase in is calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. As of September 30, 2021, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $1.2 billion.
At both September 30, 2021, and December 31, 2020, Ally and Ally Bank were “well-capitalized.” Compliance with capital requirements is a strategic priority for Ally. We expect to be in compliance with all applicable requirements within the established timeframes.
Capital Planning and Stress Tests
Under the tailoring framework described earlier in the section titled Basel Capital Framework, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument,
any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary.
We submitted our 2020 capital plan in April 2020, which included planned capital distributions to common stockholders through share repurchases and cash dividends over the nine-quarter planning horizon. In June 2020, the FRB provided us with the results of the supervisory stress test, additional industry-wide sensitivity analyses conducted in light of the COVID-19 pandemic, and our preliminary stress capital buffer requirement. As described earlier in the section titled Basel Capital Framework, we updated our capital plan in light of revised stress scenarios from the FRB and submitted our updated plan to the FRB in November 2020. In December 2020, the FRB publicly disclosed summary results of its second round of supervisory stress testing and extended its deadline for notifying firms about whether their stress capital buffer requirements will be recalculated to March 31, 2021. On March 25, 2021, the FRB further extended this deadline to June 30, 2021. On June 24, 2021, we received notification from the FRB that our stress capital buffer requirement would not be recalculated in connection with the second round of 2020 supervisory stress testing.
In June 2020, the FRB announced several actions to ensure that large firms, such as Ally, would remain resilient despite the economic uncertainty from the COVID-19 pandemic, including for the third quarter of 2020 (1) the suspension of repurchases by any firm of its common stock, except repurchases relating to issuances of common stock related to employee stock ownership plans, and (2) the disallowance of any increase by a firm in the amount of its common-stock dividends and the imposition of a common-stock dividend limit equal to the average of the firm’s net income for the four preceding calendar quarters. These restrictions were extended by the FRB for the fourth quarter of 2020. In December 2020, the FRB extended and modified these restrictions for the first quarter of 2021 to limit aggregate common-stock dividends and share repurchases to an amount equal to the average of the firm’s net income for the four preceding calendar quarters subject to specified exceptions. On March 25, 2021, the FRB extended these modified restrictions for the second quarter of 2021 and announced that, for a firm such as Ally that is not subject to the 2021 supervisory stress test and on a two-year cycle, the additional restrictions will end after June 30, 2021, and the firm’s stress capital buffer requirement based on the June 2020 supervisory stress test results will remain in place. On January 11, 2021, our Board authorized a stock-repurchase program, permitting us to repurchase up to $1.6 billion of our common stock from time to time from the first quarter of 2021 through the fourth quarter of 2021 subject to restrictions imposed by the FRB. On July 12, 2021, our Board authorized an increase in the maximum amount of this stock-repurchase program, from $1.6 billion to $2.0 billion.
In January 2021, the FRB issued a final rule effective April 5, 2021, to align its capital planning and stress capital buffer requirements with the tailoring framework. Under the final rule, unless otherwise directed by the FRB in specified circumstances, Ally and other Category IV firms are generally no longer required to calculate forward-looking projections of revenues, losses, reserves, and pro forma capital levels under scenarios provided by the FRB. Each firm continues to be required, however, to provide a forward-looking analysis of income and capital levels under expected and stressful conditions that are designed by the firm. In addition, for Category IV firms, the final rule updated the frequency of calculating the portion of the stress capital buffer derived from the supervisory stress test to every other year. These firms have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which they would not generally be subject to the supervisory stress test. During a year in which a Category IV firm does not undergo a supervisory stress test, the firm would receive an updated stress capital buffer requirement that reflects its updated planned common-stock dividends. The final rule also includes reporting and other changes consistent with the tailoring framework. The deadline for electing to opt into the 2021 supervisory stress test was April 5, 2021, and Ally did not make such an election.
We submitted our 2021 capital plan on April 5, 2021, which includes planned capital distributions to common stockholders through share repurchases and cash dividends over the nine-quarter planning horizon and other capital actions. During the second quarter of 2021, we issued $1.35 billion of Series B Preferred Stock and $1.0 billion of Series C Preferred Stock, both of which qualify as additional Tier 1 capital under U.S. Basel III. The proceeds from these issuances were used to redeem a portion of the Series 2 TRUPS then outstanding. Refer to Note 12 and Note 14 for additional details about these instruments and capital actions. In June 2021, we submitted an updated capital plan to the FRB reflecting these capital actions and the increases in our stock-repurchase program and common-stock dividend described above. This updated capital plan was used by the FRB to recalculate Ally’s final stress capital buffer requirement, which was announced in August 2021 and remained unchanged at 3.5%. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB), impacts related to the COVID-19 pandemic, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time.
The following table presents information related to our common stock and distributions to our common stockholders over the last seven quarters.
Common stock repurchased during period (a) (b)Number of common shares outstandingCash dividends declared per common share (c)
($ in millions, except per share data; shares in thousands)Approximate dollar valueNumber of sharesBeginning of periodEnd of period
2020
First quarter$104 3,838 374,332 373,155 $0.19 
Second quarter— 53 373,155 373,837 0.19 
Third quarter1 9 373,837 373,857 0.19 
Fourth quarter1 37 373,857 374,674 0.19 
2021
First quarter$219 5,276 374,674 371,805 $0.19 
Second quarter502 9,641 371,805 362,639 0.19 
Third quarter679 13,055 362,639 349,599 0.25 
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.
(b)On March 17, 2020, we announced the voluntary suspension of our stock-repurchase program through its termination on June 30, 2020. Consistent with the FRB’s restrictions on common-stock repurchases for large firms such as Ally, described above, we did not implement a new stock-repurchase program or repurchase shares of our common stock, except in connection with compensation plans, for the remainder of 2020. Refer to the discussion above for further details about this action.
(c)On October 5, 2021, our Board declared a quarterly cash dividend of $0.25 per share on all common stock, payable on November 15, 2021, to stockholders of record at the close of business on November 1, 2021. Refer to Note 24 for further information regarding this common stock dividend.
v3.21.2
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
We enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, and interest rate options in connection with our risk-management activities. Our primary objective for utilizing derivative financial instruments is to manage interest rate risk associated with our fixed-rate and variable-rate assets and liabilities, foreign exchange risks related to our foreign-currency denominated assets and liabilities, and other market risks related to our investment portfolio.
Interest Rate Risk
We monitor our mix of fixed-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve our desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges (which do not qualify for hedge accounting treatment).
Derivatives qualifying for hedge accounting treatment can include receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate FHLB advances, pay-fixed swaps designated as fair value hedges of securities within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of closed portfolios of fixed-rate held-for-investment consumer automotive loan assets in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Other derivatives qualifying for hedge accounting consist of pay-fixed swaps designated as cash flow hedges of the expected future cash flows in the form of interest payments on certain variable-rate borrowings and deposit liabilities, receive-fixed swaps designated as cash flow hedges of the expected future cash flows in the form of interest receipts on certain securities within our available-for-sale portfolio, as well as interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans.
We execute economic hedges, which may consist of interest rate swaps, interest rate caps, forwards, and options to mitigate interest rate risk.
We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business that meet the accounting definition of a derivative.
Foreign Exchange Risk
We enter into derivative financial instrument contracts to mitigate the risk associated with variability in cash flows related to our various foreign-currency exposures.
We enter into foreign-currency forwards with external counterparties as net investment hedges of foreign exchange exposure on our investment in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive income. We also periodically enter into foreign-currency forwards to economically hedge any foreign-denominated debt, centralized lending, and foreign-denominated third-party loans. These
foreign-currency forwards that are used as economic hedges are recorded at fair value with changes recorded as income or expense offsetting the gains and losses on the associated foreign-currency transactions.
Investment Risk
We enter into equity options to mitigate the risk associated with our exposure to the equity markets.
Credit Risk
We enter into various retail automotive-loan purchase agreements with certain counterparties. As part of those agreements, we may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative.
Counterparty Credit Risk
Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, assuming no recoveries of underlying collateral as measured by the market value of the derivative financial instrument.
We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements.
We execute certain OTC derivatives, such as interest rate caps and floors, using bilateral agreements with financial counterparties. Bilateral agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. In the event that either party defaults on the obligation, the secured party may seize the collateral. Payments related to the exchange of collateral for OTC derivatives are recognized as collateral.
We also execute certain derivatives, such as interest rate swaps, with clearinghouses, which requires us to post and receive collateral. For these clearinghouse derivatives, these payments are recognized as settlements rather than collateral.
Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit-risk-related event. No such specified credit-risk-related events occurred during the nine months ended September 30, 2021, or 2020.
We placed cash and noncash collateral totaling $7 million and $258 million, respectively, supporting our derivative positions at September 30, 2021, compared to $4 million and $145 million of cash and noncash collateral at December 31, 2020, in accounts maintained by counterparties. These amounts include collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The receivables for cash collateral placed are included on our Condensed Consolidated Balance Sheet in other assets.
We received cash collateral from counterparties totaling $8 million in accounts maintained by counterparties at September 30, 2021. This amount includes collateral received from clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities. Included in these amounts is noncash collateral where we have been granted the right to sell or pledge the underlying assets. We have not sold or pledged any of the noncash collateral received under these agreements.
Balance Sheet Presentation
The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.
Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
September 30, 2021December 31, 2020
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $22,282 $— $— $12,385 
Foreign exchange contracts
Forwards
1 — 172 1 — 164 
Total derivatives designated as accounting hedges
1 — 22,454 1 — 12,549 
Derivatives not designated as accounting hedges
Interest rate contracts
Futures and forwards
2 — 249 1 — 391 
Written options
5 2 406 15 — 587 
Total interest rate risk
7 2 655 16 — 978 
Foreign exchange contracts
Futures and forwards— — 436 — 1 159 
Total foreign exchange risk— — 436 — 1 159 
Credit contracts (a)
Other credit derivatives— 55 n/a— 28 n/a
Total credit risk— 55 n/a— 28 n/a
Equity contracts
Written options
— 4 1 — 4 2 
Purchased options
1 — — — — — 
Total equity risk
1 4 1 — 4 2 
Total derivatives not designated as accounting hedges
8 61 1,092 16 33 1,139 
Total derivatives
$9 $61 $23,546 $17 $33 $13,688 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $109 million and $56 million as of September 30, 2021, and December 31, 2020, respectively.
The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
($ in millions)Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
TotalDiscontinued (a)
September 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Assets
Available-for-sale securities (b) (c)$5,307 $1,259 $(26)$39 $4 $28 
Finance receivables and loans, net (d)
45,463 28,393 78 225 50 72 
Liabilities
Long-term debt$7,083 $8,656 $108 $169 $132 $203 
(a)Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment.
(b)The carrying amount of hedged available-for-sale securities is presented above using amortized cost and includes $3.9 billion and $592 million at September 30, 2021, and December 31, 2020, respectively, related to closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Refer to Note 6 for a reconciliation of the amortized cost and fair value of available-for-sale securities.
(c)The amount that is identified as the last of layer in the open hedge relationship was $3.0 billion as of September 30, 2021. The basis adjustment associated with the open last of layer relationship was a $30 million liability as of September 30, 2021, which would be allocated across the entire remaining pool upon termination or maturity of the hedge relationship. The amount that has been identified as the last of layer in the discontinued hedge relationship was $4.7 billion and $1.2 billion as of September 30, 2021, and December 31, 2020, respectively. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last of layer relationship was a $9 million asset as of September 30, 2021, and a $20 million asset as of December 31, 2020, which was allocated across the entire remaining pool upon termination of the hedge relationship.
(d)The hedged item represents the carrying value of the hedged portfolio of assets. The amount identified as the last of layer in the open hedge relationship was $16.6 billion and $9.4 billion at September 30, 2021, and December 31, 2020, respectively. The basis adjustment associated with the open last-of-layer relationship was a $28 million asset as of September 30, 2021, and a $153 million asset as of December 31, 2020, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $20.1 billion at September 30, 2021, and $18.5 billion at December 31, 2020. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last-of-layer hedge relationship was a $50 million asset and a $72 million asset as of September 30, 2021, and December 31, 2020, respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship.
Statement of Comprehensive Income Presentation
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
(Loss) gain recognized in earnings
Interest rate contracts
(Loss) gain on mortgage and automotive loans, net$(4)$7 $(12)$(8)
Other income, net of losses
4 (4)6 (27)
Total interest rate contracts
— 3 (6)(35)
Foreign exchange contracts
Other income, net of losses
— (4)— (1)
Other operating expenses3 — (1)— 
Total foreign exchange contracts
3 (4)(1)(1)
Credit contracts
Other income, net of losses(7)— (22)— 
Total credit contracts(7)— (22)— 
Total loss recognized in earnings$(4)$(1)$(29)$(36)
The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on depositsInterest on long-term debt
Three months ended September 30, ($ in millions)
20212020202120202021202020212020
(Loss) gain on fair value hedging relationships
Interest rate contracts
Hedged fixed-rate unsecured debt$— $— $— $— $— $— $(4)$(2)
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — — — 4 2 
Hedged available-for-sale securities— — (34)(2)— — — — 
Derivatives designated as hedging instruments on available-for-sale securities— — 34 2 — — — — 
Hedged fixed-rate consumer automotive loans(35)(45)— — — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans35 45 — — — — — — 
Total gain on fair value hedging relationships
— — — — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged deposit liabilities
Reclassified from accumulated other comprehensive income into income— — — — — (2)— — 
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive income into income12 23 — — — — — — 
Total gain (loss) on cash flow hedging relationships
$12 $23 $— $— $— $(2)$— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income$1,619 $1,602 $155 $173 $245 $452 $191 $309 
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on depositsInterest on long-term debt
Nine months ended September 30, ($ in millions)
20212020202120202021202020212020
Gain (loss) on fair value hedging relationships
Interest rate contracts
Hedged fixed-rate unsecured debt$— $— $— $— $— $— $69 $(172)
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — — — (69)172 
Hedged available-for-sale securities— — (51)43 — — — — 
Derivatives designated as hedging instruments on available-for-sale securities— — 51 (43)— — — — 
Hedged fixed-rate consumer automotive loans(112)180 — — — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans112 (180)— — — — — — 
Total gain on fair value hedging relationships
— — — — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged deposit liabilities
Reclassified from accumulated other comprehensive income into income— — — — (1)(7)— — 
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive income into income52 48 — — — — — — 
Reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction being probable not to occur4 — — — — — — — 
Total gain (loss) on cash flow hedging relationships
$56 $48 $— $— $(1)$(7)$— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income$4,789 $4,974 $433 $596 $819 $1,585 $671 $975 
During the next 12 months, we estimate $22 million of gains will be reclassified into pretax earnings from derivatives designated as cash flow hedges.
The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended September 30, ($ in millions)
202120202021202020212020
Gain (loss) on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $1 $3 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — (3)(5)
Amortization of deferred basis adjustments of available-for-sale securities— — (1)(2)— — 
Interest for qualifying accounting hedges of available-for-sale securities— — (1)(2)— — 
Amortization of deferred loan basis adjustments(11)(12)— — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment(31)(37)— — — — 
Total loss on fair value hedging relationships$(42)$(49)$(2)$(4)$(2)$(2)
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Nine months ended September 30, ($ in millions)
202120202021202020212020
Gain (loss) on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $3 $11 
Interest for qualifying accounting hedges of unsecured debt— — — — 3 — 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — (11)(17)
Amortization of deferred basis adjustments of available-for-sale securities— — (4)(5)— — 
Interest for qualifying accounting hedges of available-for-sale securities— — (5)(4)— — 
Amortization of deferred loan basis adjustments(35)(38)— — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment(93)(84)— — — — 
Total loss on fair value hedging relationships(128)(122)(9)(9)(5)(6)
Gain on cash flow hedging relationships
Interest rate contracts
Interest for qualifying accounting hedges of variable-rate commercial loans— 1 — — — — 
Total gain on cash flow hedging relationships$— $1 $— $— $— $— 
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive income.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Interest rate contracts
(Loss) gain recognized in other comprehensive income$(12)$(21)$(55)$129 
The following table summarizes the effect of net investment hedges on accumulated other comprehensive income and the Condensed Consolidated Statement of Comprehensive Income.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Foreign exchange contracts (a) (b)
Gain (loss) recognized in other comprehensive income$4 $(4)$(1)$3 
(a)There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2021, or 2020.
(b)Gains and losses reclassified from accumulated other comprehensive income are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months and nine months ended September 30, 2021, or 2020.
v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We recognized total income tax expense from continuing operations of $195 million and $549 million for the three months and nine months ended September 30, 2021, respectively, compared to income tax expense of $156 million and $159 million for the same periods in 2020.
The increase in income tax expense for the three months ended September 30, 2021, compared to the same period in 2020, was primarily due to the tax effects of an increase in pretax earnings. The increase in income tax expense for the nine months ended September 30, 2021, compared to the same period in 2020, was primarily due to the tax effects of an increase in pretax earnings, partially offset by a nonrecurring tax benefit from the release of valuation allowance on foreign tax credit carryforwards during the second quarter of 2021.
As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. Following the changes to the aforementioned valuation allowance, we continue to believe it is more likely than not that the benefit for certain foreign tax credit carryforwards and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards and it is reasonably possible that the valuation allowance may change in the next 12 months.
v3.21.2
Fair Value
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair Value Measurements
For purposes of this disclosure, fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market in an orderly transaction between market participants at the measurement date under current market conditions. Fair value is based on the assumptions we believe market participants would use when pricing an asset or liability. Additionally, entities are required to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability.
Judgment is used in estimating inputs to our internal valuation models used to estimate our Level 3 fair value measurements. Level 3 inputs such as interest rate movements, prepayment speeds, credit losses, and discount rates are inherently difficult to estimate. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.
GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.
Level 1    Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity.
Level 2    Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
Level 3    Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation.
The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized.
•Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1.
•Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities.
•Interests retained in financial asset sales — We retain certain noncertificated interests retained from the sale of automotive finance receivables. Due to inactivity in the market, valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate; therefore, we classified these assets as Level 3. The valuation considers recent market transactions, experience with similar assets, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and credit losses).
•Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies. Certain of these derivatives are exchange traded, such as equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1.
We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these derivative contracts as Level 2 because all significant inputs into these models were market observable.
We also enter into interest rate lock commitments and forward-sale commitments that are executed as part of our mortgage business, certain of which meet the accounting definition of a derivative and therefore are recorded as derivatives on our Condensed Consolidated Balance Sheet. Because these derivatives are valued using internal pricing models with unobservable inputs, they are classified as Level 3.
We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3.
We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of a liability. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk and the credit risk of our counterparties in the valuation of derivative instruments through a CVA, if warranted. The CVA calculation would utilize the credit default swap spreads of the counterparty.
Recurring Fair Value
The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities.
Recurring fair value measurements
September 30, 2021 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a)$1,034 $— $11 $1,045 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
1,743 — — 1,743 
U.S. States and political subdivisions
— 851 7 858 
Foreign government15 146 — 161 
Agency mortgage-backed residential
— 19,706 — 19,706 
Mortgage-backed residential
— 3,479 — 3,479 
Agency mortgage-backed commercial— 4,736 — 4,736 
Asset-backed— 547 — 547 
Corporate debt
— 1,892 — 1,892 
Total available-for-sale securities1,758 31,357 7 33,122 
Mortgage loans held-for-sale (b)
— 102 — 102 
Finance receivables and loans, net
Consumer other (b)— — 8 8 
Derivative contracts in a receivable position
Interest rate— 2 5 7 
Foreign currency— 1 — 1 
Equity contracts1 — — 1 
Total derivative contracts in a receivable position
1 3 5 9 
Total assets$2,793 $31,462 $31 $34,286 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Interest rate$— $— $2 $2 
Credit contracts— — 55 55 
Equity contracts4 — — 4 
Total derivative contracts in a payable position
4 — 57 61 
Total liabilities$4 $— $57 $61 
(a)Our direct investment in any one industry did not exceed 9%.
(b)Carried at fair value due to fair value option elections.
Recurring fair value measurements
December 31, 2020 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a)$1,064 $— $7 $1,071 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
803 — — 803 
U.S. States and political subdivisions
— 1,088 7 1,095 
Foreign government17 159 — 176 
Agency mortgage-backed residential
— 18,588 — 18,588 
Mortgage-backed residential
— 2,640 — 2,640 
Agency mortgage-backed commercial— 4,189 — 4,189 
Asset-backed— 425 — 425 
Corporate debt
— 1,914 — 1,914 
Total available-for-sale securities820 29,003 7 29,830 
Mortgage loans held-for-sale (b)
— — 91 91 
Finance receivables and loans, net
Consumer other (b)— — 8 8 
Derivative contracts in a receivable position
Interest rate— — 16 16 
Foreign currency— 1 — 1 
Total derivative contracts in a receivable position
— 1 16 17 
Total assets$1,884 $29,004 $129 $31,017 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $1 $— $1 
Credit contracts— — 28 28 
Equity contracts4 — — 4 
Total derivative contracts in a payable position
4 1 28 33 
Total liabilities$4 $1 $28 $33 
(a)Our direct investment in any one industry did not exceed 11%.
(b)Carried at fair value due to fair value option elections.
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.
Equity securities (a)Available-for-sale securitiesMortgage loans held-for-sale (b) (c)Finance receivables and loans, net (b) (d)Interests retained in financial asset sales
($ in millions)2021202020212020202120202021202020212020
Assets
Fair value at July 1,$9 $5 $7 $5 $97 $91 $8 $8 $— $1 
Net realized/unrealized gains
Included in earnings1 1 — — 15 22 1 2 — — 
Included in OCI— — — — — — — — — — 
Purchases— — — 2 789 854 4 5 — — 
Sales— — — — (799)(811)— — — — 
Issuances— — — — — — — — — — 
Settlements— — — — — — (5)(7)— (1)
Transfers into Level 31 — — — — — — — — — 
Transfers out of Level 3 (e)— — — — (102)— — — — — 
Fair value at September 30,$11 $6 $7 $7 $— $156 $8 $8 $— $— 
Net unrealized gains still held at September 30,
Included in earnings$1 $1 $— $— $— $— $— $— $— $— 
Included in OCI— — — — — — — — — — 
(a)Net realized/unrealized gains are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Carried at fair value due to fair value option elections.
(c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(e)During the three months ended September 30, 2021, mortgage loans held for sale were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Derivative liabilities, net of derivative assets
($ in millions)2021 (a)2020 (b)
Liabilities
Fair value at July 1,$37 $(12)
Net realized/unrealized losses (gains)
Included in earnings12 (6)
Included in OCI— — 
Purchases— — 
Sales— — 
Issuances1 — 
Settlements— — 
Transfers into Level 3— — 
Transfers out of Level 3 (c)2 — 
Fair value at September 30,$52 $(18)
Net unrealized losses (gains) still held at September 30,
Included in earnings$10 $(6)
Included in OCI— — 
(a)Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(c)During the three months ended September 30, 2021, certain derivative assets were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Equity securities (a)Available-for-sale securitiesMortgage loans held-for-sale (b) (c)Finance receivables and loans, net (b) (d)Interests retained in financial asset sales
($ in millions)2021202020212020202120202021202020212020
Assets
Fair value at January 1,$7 $8 $7 $2 $91 $30 $8 $11 $— $2 
Net realized/unrealized gains (losses)
Included in earnings5 (2)— — 64 35 2 2 — — 
Included in OCI— — — — — — — — — — 
Purchases— — — 5 2,640 1,832 12 14 — — 
Sales(2)— — — (2,693)(1,741)— — — — 
Issuances— — — — — — — — — — 
Settlements— — — — — — (14)(19)— (2)
Transfers into Level 31 — — — — — — — — — 
Transfers out of Level 3 (e)— — — — (102)— — — — — 
Fair value at September 30,$11 $6 $7 $7 $— $156 $8 $8 $— $— 
Net unrealized gains (losses) still held at September 30,
Included in earnings$5 $(2)$— $— $— $2 $— $— $— $— 
Included in OCI— — — — — — — — — — 
(a)Net realized/unrealized gains (losses) are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Carried at fair value due to fair value option elections.
(c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(e)During the nine months ended September 30, 2021, mortgage loans held for sale were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Derivative liabilities, net of derivative assets
($ in millions)2021 (a)2020 (b)
Liabilities
Fair value at January 1,$12 $(2)
Net realized/unrealized losses (gains)
Included in earnings34 (16)
Included in OCI— — 
Purchases— — 
Sales— — 
Issuances4 — 
Settlements— — 
Transfers into Level 3— — 
Transfers out of Level 3 (c)2 — 
Fair value at September 30,$52 $(18)
Net unrealized losses (gains) still held at September 30,
Included in earnings$25 $(16)
Included in OCI— — 
(a)Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(c)During the nine months ended September 30, 2021, certain derivative assets were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Nonrecurring Fair Value
We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures.
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at September 30, 2021, and December 31, 2020, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
September 30, 2021 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $354 $354 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive
— — 27 27 (2)n/m(a)
Other
— — 67 67 (36)n/m(a)
Total commercial finance receivables and loans, net
— — 94 94 (38)n/m(a)
Other assets
Nonmarketable equity investments2 — 8 10 1 n/m(a)
Repossessed and foreclosed assets (c)— — 3 3 — n/m(a)
Total assets
$2 $— $459 $461 $(37)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2020 ($ in millions)
Level 1Level 2Level 3Total
Assets
Loans held-for-sale, net$— $— $315 $315 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive— — 27 27 (5)n/m(a)
Other— — 54 54 (20)n/m(a)
Total commercial finance receivables and loans, net— — 81 81 (25)n/m(a)
Other assets
Nonmarketable equity investments (c)— 7 118 125 88 n/m(a)
Repossessed and foreclosed assets (d)— — 9 9 (1)n/m(a)
Total assets$— $7 $523 $530 $62 n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)Primarily relates to an investment in one entity for which there was a subsequent funding round. This subsequent funding round resulted in an observable price change in the value of our investment in the entity. Refer to Note 13 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion.
(d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Additionally, on April 30, 2020, we recognized a $50 million impairment of goodwill at Ally Invest. At the time of impairment, the fair value of goodwill at Ally Invest was classified as Level 3 under the fair value hierarchy. Refer to Note 13 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion.
Fair Value Option for Financial Assets
We elected the fair value option for an insignificant amount of conforming mortgage loans held for sale and certain acquired unsecured consumer finance receivables. We elected the fair value option for conforming mortgage loans held for sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain acquired unsecured consumer finance receivables to mitigate the complexities of recording these loans at amortized cost. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or losses and economic exposure for certain assets and liabilities.
Fair Value of Financial Instruments
The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2021, and December 31, 2020.
Estimated fair value
($ in millions)
Carrying value
Level 1
Level 2
Level 3
Total
September 30, 2021
Financial assets
Held-to-maturity securities
$1,150 $— $1,193 $— $1,193 
Loans held-for-sale, net
354 — — 354 354 
Finance receivables and loans, net
111,315 — — 118,484 118,484 
FHLB/FRB stock (a)
673 — 673 — 673 
Financial liabilities
Deposit liabilities
$43,242 $— $— $43,594 $43,594 
Long-term debt
14,946 — 12,643 4,992 17,635 
December 31, 2020
Financial assets
Held-to-maturity securities$1,253 $— $1,331 $— $1,331 
Loans held-for-sale, net315 — — 315 315 
Finance receivables and loans, net115,243 — — 122,156 122,156 
FHLB/FRB stock (a)725 — 725 — 725 
Financial liabilities
Deposit liabilities$55,210 $— $— $55,932 $55,932 
Short-term borrowings2,136 — — 2,136 2,136 
Long-term debt22,006 — 19,161 6,310 25,471 
(a)Included in other assets on our Condensed Consolidated Balance Sheet.
In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk. These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short-term receivables and payables. Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates.
v3.21.2
Offsetting Assets and Liabilities
 9 Months Ended
Sep. 30, 2021
Offsetting [Abstract]  
Offsetting Assets and Liabilities Offsetting Assets and Liabilities
Our derivative contracts and repurchase/reverse repurchase transactions are supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (i) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (ii) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty.
To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default.
In certain instances, as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At September 30, 2021, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 18.
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
September 30, 2021
Assets
Derivative assets in net asset positions$1 $— $1 $— $(1)$— 
Derivative assets in net liability positions
1 — 1 (1)— — 
Derivative assets with no offsetting arrangements
7 — 7 — — 7 
Total assets
$9 $— $9 $(1)$(1)$7 
Liabilities
Derivative liabilities in net liability positions
$4 $— $4 $(1)$(3)$— 
Derivative liabilities with no offsetting arrangements57 — 57 — — 57 
Total liabilities$61 $— $61 $(1)$(3)$57 
December 31, 2020
Assets
Derivative assets in net liability positions$1 $— $1 $(1)$— $— 
Derivative assets with no offsetting arrangements
16 — 16 — — 16 
Total assets
$17 $— $17 $(1)$— $16 
Liabilities
Derivative liabilities in net liability positions
$5 $— $5 $(1)$(1)$3 
Derivative liabilities with no offsetting arrangements28 — 28 — — 28 
Total liabilities$33 $— $33 $(1)$(1)$31 
(a)Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
(b)Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record such collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met.
(c)Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements.
v3.21.2
Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our chief operating decision maker in deciding how to allocate resources and in assessing performance.
We report our results of operations on a business-line basis through four operating segments: Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by management. The following is a description of each of our reportable operating segments.
Automotive Finance operations — One of the largest full-service automotive finance operations in the United States providing automotive financing services to consumers, automotive dealers, companies, and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services.
Insurance operations — A complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide VSCs, VMCs, and GAP products. We also underwrite select commercial insurance coverages, which primarily insure dealers’ vehicle inventory.
Mortgage Finance operations — Our held-for-investment portfolio includes our direct-to-consumer Ally Home mortgage offering and bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Through our direct-to-consumer channel, we offer a variety of competitively priced jumbo and conforming fixed- and adjustable-rate mortgage products through a third-party fulfillment provider. Through the bulk loan channel, we purchase loans from several qualified sellers on a servicing-released basis, allowing us to directly oversee servicing activities and manage refinancing through our direct-to-consumer channel.
Corporate Finance operations — Primarily provides senior secured leveraged cash flow and asset-based loans to mostly U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors. These loans are typically used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. We also provide, through our Lender Finance business, nonbank wholesale-funded managers with partial funding for their direct-lending activities, which is principally leveraged loans. Additionally, we offer a commercial real estate product to serve companies in the healthcare industry.
Corporate and Other primarily consists of centralized corporate treasury activities, such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock, the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. Financial results related to Ally Invest, our online brokerage operations, and Ally Lending, our point-of-sale financing business, are also included within Corporate and Other.
We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities based on expected duration and the benchmark rate curve plus an assumed credit spread. Matching duration allocates interest income and interest expense to these reportable segments so their respective results are insulated from interest rate risk. This methodology is consistent with our ALM practices, which includes managing interest rate risk centrally at a corporate level. The net residual impact of the FTP methodology is included within the results of Corporate and Other.
The information presented in our reportable operating segments is based in part on internal allocations, which involve management judgment.
Financial information for our reportable operating segments is summarized as follows.
Three months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2021
Net financing revenue and other interest income$1,329 $14 $36 $77 $138 $1,594 
Other revenue61 283 19 16 12 391 
Total net revenue1,390 297 55 93 150 1,985 
Provision for credit losses53 — 2 5 16 76 
Total noninterest expense512 273 47 27 143 1,002 
Income (loss) from continuing operations before income tax expense
$825 $24 $6 $61 $(9)$907 
Total assets$99,617 $9,354 $16,328 $6,729 $47,156 $179,184 
2020
Net financing revenue and other interest income
$1,102 $8 $30 $75 $(15)$1,200 
Other revenue61 338 36 9 40 484 
Total net revenue1,163 346 66 84 25 1,684 
Provision for credit losses128 — — 1 18 147 
Total noninterest expense469 268 40 23 105 905 
Income (loss) from continuing operations before income tax expense$566 $78 $26 $60 $(98)$632 
Total assets$103,366 $8,944 $15,503 $5,995 $51,462 $185,270 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $1.5 billion and $1.1 billion for the three months ended September 30, 2021, and September 30, 2020, respectively.
Nine months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2021
Net financing revenue and other interest income$3,868 $44 $82 $225 $294 $4,513 
Other revenue184 1,006 81 75 148 1,494 
Total net revenue4,052 1,050 163 300 442 6,007 
Provision for credit losses8 — (2)5 20 31 
Total noninterest expense1,499 798 136 86 501 3,020 
Income (loss) from continuing operations before income tax expense
$2,545 $252 $29 $209 $(79)$2,956 
Total assets$99,617 $9,354 $16,328 $6,729 $47,156 $179,184 
2020
Net financing revenue and other interest income
$3,131 $34 $98 $220 $(83)$3,400 
Other revenue148 913 65 28 151 1,305 
Total net revenue3,279 947 163 248 68 4,705 
Provision for credit losses1,150 — 4 140 43 1,337 
Total noninterest expense1,407 846 113 84 360 2,810 
Income (loss) from continuing operations before income tax expense$722 $101 $46 $24 $(335)$558 
Total assets$103,366 $8,944 $15,503 $5,995 $51,462 $185,270 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $4.5 billion and $2.1 billion for the nine months ended September 30, 2021, and September 30, 2020, respectively.
v3.21.2
Contingencies and Other Risks
 9 Months Ended
Sep. 30, 2021
Loss Contingency [Abstract]  
Contingencies and Other Risks Contingencies and Other Risks
As a financial-services company, we are regularly involved in pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws—and some can present novel legal theories and allege substantial or indeterminate damages.
Ally and its subsidiaries, including Ally Bank, also are or may be subject to potential liability under other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies.
We accrue for a legal matter or other contingent exposure when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel. No assurance exists that our accruals will not need to be adjusted in the future. When a probable or reasonably possible loss on a legal matter or other contingent exposure could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC Topic 450, Contingencies. Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional information related to our policy for establishing accruals.
The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances.
As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree.
Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated financial condition after taking into account existing accruals. In light of the uncertainties inherent in these matters and other exposures, however, one or more of them could be material to our results of operations or cash flows during a particular reporting period, depending on factors such as the amount of the loss or liability and the level of our income for that period.
Descriptions of certain of our legal matters follow. We do not believe, however, that an estimate of reasonably possible losses or a range of reasonably possible losses—whether in excess of any related accrual or where no accrual exists—can be made for any of these matters for some or all of the reasons identified in the preceding paragraphs.
Purported and Certified Class Actions
In March 2016, Ally filed an action against two buyers of a motor vehicle—Ally Financial Inc. v. Alberta Haskins and David Duncan, Case No. 16JE-AC01713-01, in the Circuit Court of Jefferson County, Missouri—for the purpose of collecting the deficiency that remained due under the retail installment sales contract after the buyers had defaulted and the vehicle had been repossessed and disposed of. In March 2017, the buyers filed a second amended answer and counterclaim on behalf of nationwide and Missouri classes, arguing that Ally’s pre- and post-disposition notices had violated Article 9 of the Uniform Commercial Code as adopted in each State and other applicable jurisdiction. The request for relief included an indeterminate amount of actual, statutory, and punitive damages as well as fees, costs, interest, and other remedies. In May 2018, the circuit court certified the nationwide and Missouri classes and denied Ally’s motion for partial summary judgment. In September 2018, the case was reassigned to a different circuit-court judge, and in February 2019, Ally filed a motion to decertify the nationwide and Missouri classes. In November 2019, the circuit court denied Ally’s motion to decertify. In December 2019, Ally filed a petition with the Missouri Court of Appeals and then with the Missouri Supreme Court for a writ prohibiting the circuit court from taking further action other than vacating the order denying decertification, but each of those petitions was denied. In June 2020, the buyers on behalf of the certified nationwide and Missouri classes filed a motion for partial summary judgment on liability and damages, including statutory damages, the waiver of amounts due, and prejudgment interest. These damages, if awarded by the court, could be significant. In August 2020, Ally filed a petition for a writ of certiorari with the United States Supreme Court—Ally Financial Inc. v. Alberta Haskins et al., No. 20-177—requesting review of the Missouri Supreme Court’s order denying Ally’s petition for a writ of prohibition. In December 2020, Ally—while maintaining its denial of any liability or wrongdoing and its other positions in the case—entered into a binding memorandum of understanding with the buyers, on behalf of the nationwide and Missouri classes, to fully settle the case. In January 2021, the United States Supreme Court granted a joint motion to defer consideration of Ally’s petition for a writ of certiorari. In March 2021, the parties executed and filed with the circuit court a class-action settlement agreement and release that includes provisions for a cash payment of $87.5 million by Ally, a waiver of $700 million in charged-off deficiency balances by Ally, a request by Ally that identified consumer reporting agencies delete specified trade lines, and a release by the nationwide and Missouri classes of related claims against Ally. The class-action settlement agreement and release was preliminarily approved by the circuit court in March 2021, and specified notices have been delivered to class
members. In September 2021, the circuit court entered an amended final order approving the class-action settlement agreement and release. During the year ended December 31, 2020, Ally established an accrual of $87.5 million related to this matter.
In February 2021, a purported class action—Cheng et al. v. Ally Financial Inc. et al.—was filed in the U.S. District Court for the Northern District of California (Case No. 3:21-cv-00781). The complaint alleges that Ally and other defendants conspired to prevent or restrict retail investors from purchasing or otherwise acquiring long positions in specified equity securities and to force them instead to sell their positions in those securities at artificially lower prices. The claims include alleged violations of antitrust and unfair-competition laws, misleading public statements, breach of fiduciary duty and the implied covenant of good faith and fair dealing, negligence, and constructive fraud. The request for relief includes an indeterminate amount of damages, fees, costs, and interest, injunctive relief, and other remedies. Also in February 2021, three other purported class actions were filed—Clapp et al. v. Ally Financial Inc. et al. in the U.S. District Court for the Northern District of California (Case No. 3:21-cv-00896), Dechirico et al. v. Ally Financial Inc. et al. in the U.S. District Court for the Eastern District of New York (Case No. 1:21-cv-00677), and Ross et al. v. Ally Financial Inc. et al. in the U.S. District Court for the Southern District of Texas (Case No. 4:21-cv-00292). In March 2021, a fifth purported class action—Fox et al. v. Ally Financial Inc. et al.—was filed in the U.S. District Court for the District of Minnesota (Case No. 0:21-cv-00689). In April 2021, the U.S. Judicial Panel on Multidistrict Litigation consolidated all five of these cases into a multidistrict litigation proceeding in the U.S. District Court for the Southern District of Florida with the caption In re: January 2021 Short Squeeze Trading Litigation (Case No. 1:21-md-02989). Also in April 2021, a sixth purported class action—D’Agostino et al. v. Ally Financial Inc. et al.— was filed in the U.S. District Court for the Southern District of Florida (Case No. 1:21-cv-21458), and in July 2021, this case was consolidated into the multidistrict litigation proceeding as well. The allegations and requested relief in the Clapp, Dechirico, Ross, Fox, and D’Agostino complaints are substantially similar to those included in the Cheng complaint. In August 2021, the plaintiffs voluntarily dismissed Ally from the multidistrict litigation proceeding, without prejudice to their right to refile the purported class action against Ally in the future.
v3.21.2
Subsequent Events
 9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Declaration of Common Dividend
On October 5, 2021, our Board declared a quarterly cash dividend of $0.25 per share on all common stock. The dividend is payable on November 15, 2021, to stockholders of record at the close of business on November 1, 2021.
Fair Square Financial Acquisition
On October 20, 2021, we signed a definitive agreement to acquire Fair Square Financial Holdings LLC and its subsidiaries, including Fair Square Financial LLC (collectively, Fair Square). Fair Square is a digital-first, nonbank credit-card company that operates in the United States. The consideration for the acquisition is $750 million in cash, subject to closing equity and other adjustments. The transaction is currently expected to close by March 31, 2022, subject to the satisfaction of customary closing conditions.
v3.21.2
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Condensed Consolidated Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes.
Income Taxes
Income Taxes
In calculating the provision for interim income taxes, in accordance with ASC 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology.
Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K regarding additional significant accounting policies.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards
Reference Rate Reform (ASU 2021-01)
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified the scope of ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, indicating that certain optional expedients and exceptions included in ASU 2020-04 are applicable to derivative instruments affected by the market-wide change in interest rates used for discounting, margining, or contract price alignment. We adopted the amendments in this ASU immediately upon issuance in January 2021 on a prospective basis and will apply this guidance, along with the guidance from ASU 2020-04, as contracts are modified through December 2022. The adoption did not have an immediate direct impact on our financial statements. We do not expect there to be a material impact to our financial statements.
Fair Value Measurements
GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.
Level 1    Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity.
Level 2    Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
Level 3    Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation.
v3.21.2
Revenue from Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following tables present a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K.
Three months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2021
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $157 $— $— $— $157 
Remarketing fee income26 — — — — 26 
Brokerage commissions and other revenue— — — — 12 12 
Deposit account and other banking fees (d)— — — — 2 2 
Brokered/agent commissions— 4 — — — 4 
Other5 — — — 1 6 
Total revenue from contracts with customers
31 161 — — 15 207 
All other revenue
30 122 19 16 (3)184 
Total other revenue (e)$61 $283 $19 $16 $12 $391 
2020
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $148 $— $— $— $148 
Remarketing fee income20 — — — — 20 
Brokerage commissions and other revenue— — — — 12 12 
Deposit account and other banking fees (d)— — — — 4 4 
Brokered/agent commissions— 4 — — — 4 
Other3 — — — — 3 
Total revenue from contracts with customers
23 152 — — 16 191 
All other revenue38 186 36 9 24 293 
Total other revenue (e)$61 $338 $36 $9 $40 $484 
(a)We had opening balances of $3.1 billion and $2.9 billion in unearned revenue associated with outstanding contracts at July 1, 2021, and July 1, 2020, respectively, and $228 million and $218 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended September 30, 2021, and September 30, 2020, respectively.
(b)At September 30, 2021, we had unearned revenue of $3.1 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $218 million during the remainder of 2021, $817 million in 2022, $735 million in 2023, $572 million in 2024, and $731 million thereafter. At September 30, 2020, we had unearned revenue of $3.0 billion associated with outstanding contracts.
(c)We had deferred insurance assets of $1.9 billion at both July 1, 2021, and September 30, 2021, and recognized $135 million of expense during the three months ended September 30, 2021. We had deferred insurance assets of $1.8 billion at both July 1, 2020, and September 30, 2020, and recognized $125 million of expense during the three months ended September 30, 2020.
(d)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts.
(e)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
Nine months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2021
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $470 $— $— $— $470 
Remarketing fee income80 — — — — 80 
Brokerage commissions and other revenue— — — — 45 45 
Deposit account and other banking fees (c)— — — — 13 13 
Brokered/agent commissions— 12 — — — 12 
Other17 — — — 3 20 
Total revenue from contracts with customers
97 482 — — 61 640 
All other revenue
87 524 81 75 87 854 
Total other revenue (d)$184 $1,006 $81 $75 $148 $1,494 
2020
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $433 $— $— $— $433 
Remarketing fee income52 — — — — 52 
Brokerage commissions and other revenue— — — — 39 39 
Deposit account and other banking fees (c)— — — — 9 9 
Brokered/agent commissions— 12 — — — 12 
Other11 — — — — 11 
Total revenue from contracts with customers
63 445 — — 48 556 
All other revenue85 468 65 28 103 749 
Total other revenue (d)$148 $913 $65 $28 $151 $1,305 
(a)We had opening balances of $3.0 billion and $2.9 billion in unearned revenue associated with outstanding contracts at January 1, 2021, and January 1, 2020, respectively, and $681 million and $643 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the nine months ended September 30, 2021, and September 30, 2020.
(b)We had deferred insurance assets of $1.8 billion and $1.9 billion at January 1, 2021, and September 30, 2021, respectively, and recognized $400 million of expense during the nine months ended September 30, 2021. We had deferred insurance assets of $1.7 billion and $1.8 billion at January 1, 2020, and September 30, 2020, respectively, and recognized $371 million of expense during the nine months ended September 30, 2020.
(c)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts.
(d)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
v3.21.2
Other Income, Net of Losses (Tables)
 9 Months Ended
Sep. 30, 2021
Other Nonoperating Income (Expense) [Abstract]  
Schedule of Other Nonoperating Income, by Component
Details of other income, net of losses, were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Gain on nonmarketable equity investments, net$1 $15 $104 $11 
Late charges and other administrative fees29 28 89 65 
Remarketing fees26 20 80 52 
Income from equity-method investments26 63 71 115 
Other, net40 34 154 88 
Total other income, net of losses$122 $160 $498 $331 
v3.21.2
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables)
 9 Months Ended
Sep. 30, 2021
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
($ in millions)20212020
Total gross reserves for insurance losses and loss adjustment expenses at January 1,$129 $122 
Less: Reinsurance recoverable90 88 
Net reserves for insurance losses and loss adjustment expenses at January 1,39 34 
Net insurance losses and loss adjustment expenses incurred related to:
Current year207 298 
Prior years (a)(1)3 
Total net insurance losses and loss adjustment expenses incurred206 301 
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year(174)(271)
Prior years(29)(27)
Total net insurance losses and loss adjustment expenses paid or payable(203)(298)
Net reserves for insurance losses and loss adjustment expenses at September 30,42 37 
Plus: Reinsurance recoverable83 88 
Total gross reserves for insurance losses and loss adjustment expenses at September 30,$125 $125 
(a)There have been no material adverse changes to the reserve for prior years.
v3.21.2
Other Operating Expenses (Tables)
 9 Months Ended
Sep. 30, 2021
Operating Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
Details of other operating expenses were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Insurance commissions$142 $130 $416 $383 
Technology and communications90 77 249 236 
Lease and loan administration56 57 168 141 
Advertising and marketing57 36 143 112 
Property and equipment depreciation40 34 114 102 
Professional services36 28 97 87 
Vehicle remarketing and repossession19 17 57 51 
Charitable contributions (a)2 2 57 6 
Regulatory and licensing fees19 18 54 76 
Occupancy14 14 47 43 
Non-income taxes8 9 23 23 
Amortization of intangible assets5 4 14 14 
Other56 52 145 149 
Total other operating expenses$544 $478 $1,584 $1,423 
(a)Includes contributions made to the Ally Charitable Foundation.
v3.21.2
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Portfolio The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
September 30, 2021December 31, 2020
Amortized costGross unrealized
Fair value
Amortized costGross unrealized
Fair value
($ in millions)gainslossesgainslosses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$1,759 $3 $(19)$1,743 $783 $20 $— $803 
U.S. States and political subdivisions839 25 (6)858 1,046 50 (1)1,095 
Foreign government159 4 (2)161 167 9 — 176 
Agency mortgage-backed residential
19,579 306 (179)19,706 18,053 538 (3)18,588 
Mortgage-backed residential3,463 23 (7)3,479 2,595 49 (4)2,640 
Agency mortgage-backed commercial4,767 90 (121)4,736 4,063 139 (13)4,189 
Asset-backed544 3 — 547 420 5 — 425 
Corporate debt1,862 43 (13)1,892 1,809 105 — 1,914 
Total available-for-sale securities (a) (b) (c) (d) (e)
$32,972 $497 $(347)$33,122 $28,936 $915 $(21)$29,830 
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential$1,150 $55 $(12)$1,193 $1,253 $79 $(1)$1,331 
Total held-to-maturity securities (e) (f)$1,150 $55 $(12)$1,193 $1,253 $79 $(1)$1,331 
(a)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million at both September 30, 2021, and December 31, 2020.
(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information.
(c)Available-for-sale securities with a fair value of $258 million and $145 million at September 30, 2021, and December 31, 2020, respectively, were pledged for purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge the underlying investment securities.
(d)Totals do not include accrued interest receivable, which was $82 million and $90 million at September 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
(e)There was no allowance for credit losses recorded at September 30, 2021, or December 31, 2020, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.
(f)Totals do not include accrued interest receivable, which was $2 million and $3 million at September 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
Investments Classified by Contractual Maturity Date
The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
TotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
($ in millions)AmountYieldAmountYieldAmountYieldAmountYieldAmountYield
September 30, 2021
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$1,743 1.1 %$291 0.8 %$180 1.0 %$1,272 1.2 %$— — %
U.S. States and political subdivisions858 3.1 33 2.5 74 2.7 134 3.3 617 3.1 
Foreign government161 1.8 2 0.8 97 1.9 62 1.8 — — 
Agency mortgage-backed residential19,706 2.5 — — — — 28 2.0 19,678 2.5 
Mortgage-backed residential3,479 2.6 — — — — 25 2.9 3,454 2.6 
Agency mortgage-backed commercial4,736 1.9 — — 26 2.4 1,751 2.3 2,959 1.7 
Asset-backed547 2.0 — — 308 2.4 230 1.4 9 3.3 
Corporate debt1,892 2.3 89 3.0 765 2.3 1,029 2.3 9 2.3 
Total available-for-sale securities$33,122 2.4 $415 1.4 $1,450 2.1 $4,531 2.0 $26,726 2.5 
Amortized cost of available-for-sale securities
$32,972 $413 $1,420 $4,466 $26,673 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential$1,150 2.8 %$— — %$— — %$— — %$1,150 2.8 %
Total held-to-maturity securities
$1,150 2.8 $— — $— — $— — $1,150 2.8 
December 31, 2020
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$803 1.2 %$13 0.1 %$708 1.1 %$82 1.7 %$— — %
U.S. States and political subdivisions1,095 3.0 49 1.4 103 2.3 228 2.7 715 3.3 
Foreign government176 2.1 9 1.7 86 2.3 81 1.9 — — 
Agency mortgage-backed residential18,588 3.1 — — — — 37 2.0 18,551 3.1 
Mortgage-backed residential2,640 3.1 — — — — 36 2.9 2,604 3.1 
Agency mortgage-backed commercial4,189 1.9 — — — — 1,628 2.3 2,561 1.7 
Asset-backed425 2.9 — — 349 3.0 49 1.8 27 3.1 
Corporate debt1,914 2.7 155 2.7 625 2.9 1,077 2.6 57 2.1 
Total available-for-sale securities$29,830 2.8 $226 2.3 $1,871 2.2 $3,218 2.4 $24,515 3.0 
Amortized cost of available-for-sale securities
$28,936 $224 $1,808 $3,022 $23,882 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential
$1,253 3.0 %$— — %$— — %$— — %$1,253 3.0 %
Total held-to-maturity securities
$1,253 3.0 $— — $— — $— — $1,253 3.0 
(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses.
Investment Income
The following table presents interest and dividends on investment securities.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Taxable interest$139 $154 $384 $536 
Taxable dividends7 4 19 14 
Interest and dividends exempt from U.S. federal income tax4 4 14 12 
Interest and dividends on investment securities$150 $162 $417 $562 
Schedule of Realized Gain (Loss)
The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.
Three months ended September 30,Nine months ended September 30,
($ in millions)
2021202020212020
Available-for-sale securities
Gross realized gains$44 $45 $82 $169 
Gross realized losses (a)— (2)— (2)
Net realized gains on available-for-sale securities44 43 82 167 
Net realized gain on equity securities45 7 159 88 
Net unrealized (loss) gain on equity securities(65)14 (29)(82)
Other gain on investments, net$24 $64 $212 $173 
(a)Certain available-for-sale securities were sold at a loss during the three months and nine months ended September 30, 2020, as a result of identifiable market or credit events, or a loss was realized based on corporate actions outside of our control (such as a call by the issuer). Any such sales were made in accordance with our risk-management policies and practices.
Held to Maturity Debt Securities by Credit Quality
The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of September 30, 2021, and December 31, 2020. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. They represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2021, and December 31, 2020. We have not recorded any interest income reversals on our held-to-maturity securities during the nine months ended September 30, 2021, or 2020.
September 30, 2021December 31, 2020
($ in millions)AATotal (a)AATotal (a)
Debt securities
Agency mortgage-backed residential$1,150 $1,150 $1,253 $1,253 
Total held-to-maturity securities$1,150 $1,150 $1,253 $1,253 
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.
Schedule of Unrealized Loss on Investments
The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. As of September 30, 2021, and December 31, 2020, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the nine months ended September 30, 2021, or 2020.
September 30, 2021December 31, 2020
Less than 12 months12 months or longerLess than 12 months12 months or longer
($ in millions)
Fair value
Unrealized loss
Fair value
Unrealized loss
Fair valueUnrealized lossFair valueUnrealized loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$1,349 $(19)$— $— $3 $— $— $— 
U.S. States and political subdivisions264 (6)11 — 83 (1)— — 
Foreign government60 (2)4 — 7 — — — 
Agency mortgage-backed residential9,619 (178)48 (1)1,225 (3)— — 
Mortgage-backed residential1,344 (7)17 — 316 (4)— — 
Agency mortgage-backed commercial2,955 (112)125 (9)926 (13)— — 
Asset-backed139 — — — 11 — — — 
Corporate debt718 (11)29 (2)59 — 5 — 
Total available-for-sale securities
$16,448 $(335)$234 $(12)$2,630 $(21)$5 $— 
v3.21.2
Finance Receivables and Loans, Net (Tables)
 9 Months Ended
Sep. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions)September 30, 2021December 31, 2020
Consumer automotive (a)$77,761 $73,668 
Consumer mortgage
Mortgage Finance (b)16,059 14,632 
Mortgage — Legacy (c)396 495 
Total consumer mortgage16,455 15,127 
Consumer other (d)836 407 
Total consumer95,052 89,202 
Commercial
Commercial and industrial
Automotive8,772 19,082 
Other5,859 5,242 
Commercial real estate4,788 5,008 
Total commercial19,419 29,332 
Total finance receivables and loans (e) (f)$114,471 $118,534 
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information.
(b)Includes loans originated as interest-only mortgage loans of $6 million and $8 million at September 30, 2021, and December 31, 2020, respectively. All of these loans have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $23 million and $30 million at September 30, 2021, and December 31, 2020, respectively, of which 98% have exited the interest-only period.
(d)Includes $8 million of finance receivables at both September 30, 2021, and December 31, 2020, for which we have elected the fair value option.
(e)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion and $2.0 billion at September 30, 2021, and December 31, 2020, respectively.
(f)Totals do not include accrued interest receivable, which was $487 million and $587 million at September 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
Allowance for Credit Losses on Financing Receivables
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2021.
Three months ended September 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at July 1, 2021$2,802 $24 $72 $228 $3,126 
Charge-offs (b)(211)(2)(5)— (218)
Recoveries160 4 — — 164 
Net charge-offs(51)2 (5)— (54)
Provision for credit losses59 (1)19 (1)76 
Allowance at September 30, 2021$2,810 $25 $86 $227 $3,148 
(a)Excludes $8 million of finance receivables at both July 1, 2021, and September 30, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2021$2,902 $33 $73 $275 $3,283 
Charge-offs (b)(678)(6)(18)(21)(723)
Recoveries535 10 1 11 557 
Net charge-offs(143)4 (17)(10)(166)
Provision for credit losses51 (12)30 (38)31 
Allowance at September 30, 2021$2,810 $25 $86 $227 $3,148 
(a)Excludes $8 million of finance receivables at both September 30, 2021, and December 31, 2020, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
Three months ended September 30, 2020 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at July 1, 2020$2,963 $42 $49 $300 $3,354 
Charge-offs (b)(269)(4)(2)(4)(279)
Recoveries152 5 — — 157 
Net charge-offs(117)1 (2)(4)(122)
Provision for credit losses134 (3)20 (4)147 
Other2 (1)— (1)— 
Allowance at September 30, 2020$2,982 $39 $67 $291 $3,379 
(a)Excludes $8 million of finance receivables at both July 1, 2020, and September 30, 2020, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2020 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at December 31, 2019$1,075 $46 $9 $133 $1,263 
Cumulative effect of the adoption of Accounting Standards Update 2016-13
1,334 (6)16 2 1,346 
Allowance at January 1, 20202,409 40 25 135 2,609 
Charge-offs (b)(887)(9)(11)(47)(954)
Recoveries371 14 1 2 388 
Net charge-offs(516)5 (10)(45)(566)
Provision for credit losses1,088 (5)51 203 1,337 
Other1 (1)1 (2)(1)
Allowance at September 30, 2020$2,982 $39 $67 $291 $3,379 
(a)Excludes $8 million and $11 million of finance receivables at September 30, 2020, and December 31, 2019, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
Schedule of Sales of Financing Receivables and Loans
The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held for investment to held for sale based on net carrying value.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Consumer mortgage$— $128 $413 $128 
Total sales and transfers$— $128 $413 $128 
Schedule of Purchases of Financing Receivables and Loans
The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Consumer automotive$709 $925 $2,013 $1,920 
Consumer mortgage1,191 659 3,123 3,013 
Commercial3 3 3 4 
Total purchases of finance receivables and loans$1,903 $1,587 $5,139 $4,937 
Schedule of Financing Receivables, Nonaccrual Status
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of September 30, 2021, and December 31, 2020.
September 30, 2021
($ in millions)Nonaccrual status at Jan. 1, 2021Nonaccrual status at Jul. 1, 2021Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,256 $1,033 $1,015 $432 
Consumer mortgage
Mortgage Finance67 49 45 27 
Mortgage — Legacy35 27 24 22 
Total consumer mortgage102 76 69 49 
Consumer other3 2 3 — 
Total consumer1,361 1,111 1,087 481 
Commercial
Commercial and industrial
Automotive40 33 32 3 
Other116 133 163 62 
Commercial real estate5 6 3 3 
Total commercial161 172 198 68 
Total finance receivables and loans$1,522 $1,283 $1,285 $549 
(a)Represents a component of nonaccrual status at end of period.
December 31, 2020
($ in millions)Nonaccrual status at Jan. 1, 2020Nonaccrual status at Jul. 1, 2020Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$762 $1,250 $1,256 $604 
Consumer mortgage
Mortgage Finance17 27 67 18 
Mortgage — Legacy40 36 35 28 
Total consumer mortgage57 63 102 46 
Consumer other2 1 3 — 
Total consumer821 1,314 1,361 650 
Commercial
Commercial and industrial
Automotive73 80 40 10 
Other138 132 116 41 
Commercial real estate4 6 5 5 
Total commercial215 218 161 56 
Total finance receivables and loans$1,036 $1,532 $1,522 $706 
(a)Represents a component of nonaccrual status at end of period.
Troubled Debt Restructurings on Financing Receivables
The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
20212020
Three months ended September 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive19,907 $347 $338 30,794 $540 $525 
Consumer mortgage
Mortgage Finance18 11 10 2 — — 
Mortgage — Legacy8 1 1 12 1 1 
Total consumer mortgage26 12 11 14 1 1 
Total consumer19,933 359 349 30,808 541 526 
Commercial and industrial
Automotive— — — 2 7 7 
Other— — — 2 58 54 
Total commercial— — — 4 65 61 
Total finance receivables and loans19,933 $359 $349 30,812 $606 $587 
20212020
Nine months ended September 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive60,167 $1,090 $1,071 74,887 $1,203 $1,140 
Consumer mortgage
Mortgage Finance33 19 19 31 15 15 
Mortgage — Legacy12 2 2 67 8 8 
Total consumer mortgage45 21 21 98 23 23 
Total consumer60,212 1,111 1,092 74,985 1,226 1,163 
Commercial and industrial
Automotive1 1 1 5 45 40 
Other1 33 33 3 81 61 
Commercial real estate1 3 3 — — — 
Total commercial3 37 37 8 126 101 
Total finance receivables and loans60,215 $1,148 $1,129 74,993 $1,352 $1,264 
Finance Receivables and Loans Redefaulted During the Period
The following tables present information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
20212020
Three months ended September 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive2,374 $31 $15 5,195 $52 $37 
Total consumer finance receivables and loans2,374 $31 $15 5,195 $52 $37 
20212020
Nine months ended September 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive6,939 $86 $46 7,478 $76 $54 
Consumer mortgage
Mortgage Finance1——— — — 
Mortgage — Legacy4——— — — 
Total consumer finance receivables and loans6,944 $86 $46 7,478 $76 $54 
Consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status at September 30, 2021, and origination year.
Origination yearRevolving loans converted to term
September 30, 2021 ($ in millions)
202120202019201820172016 and priorRevolving loansTotal
Consumer automotive
Current$28,365 $19,572 $13,244 $7,877 $4,172 $2,538 $— $— $75,768 
30–59 days past due224 325 335 238 152 122 — — 1,396 
60–89 days past due50 93 102 68 41 32 — — 386 
90 or more days past due17 40 54 40 29 31 — — 211 
Total consumer automotive28,656 20,030 13,735 8,223 4,394 2,723 — — 77,761 
Consumer mortgage
Mortgage Finance
Current7,542 2,485 1,151 862 1,192 2,649 — — 15,881 
30–59 days past due78 4 10 18 12 23 — — 145 
60–89 days past due1 — — — 1 3 — — 5 
90 or more days past due— — 4 8 2 14 — — 28 
Total Mortgage Finance7,621 2,489 1,165 888 1,207 2,689 — — 16,059 
Mortgage — Legacy
Current— — — — — 86 252 26 364 
30–59 days past due— — — — — 5 4 2 11 
60–89 days past due— — — — — 2 — — 2 
90 or more days past due— — — — — 14 4 1 19 
Total Mortgage — Legacy— — — — — 107 260 29 396 
Total consumer mortgage7,621 2,489 1,165 888 1,207 2,796 260 29 16,455 
Consumer other
Current613 168 24 6 2 — — — 813 
30–59 days past due5 2 — — — — — — 7 
60–89 days past due4 1 — — — — — — 5 
90 or more days past due2 1 — — — — — — 3 
Total consumer other (a)624 172 24 6 2 — — — 828 
Total consumer$36,901 $22,691 $14,924 $9,117 $5,603 $5,519 $260 $29 $95,044 
(a)Excludes $8 million of finance receivables at September 30, 2021, for which we have elected the fair value option.
Origination yearRevolving loans converted to term
December 31, 2020 ($ in millions)
202020192018201720162015 and priorRevolving loansTotal
Consumer automotive
Current$27,255 $19,204 $12,129 $7,060 $3,678 $1,766 $— $— $71,092 
30–59 days past due281 466 376 264 174 97 — — 1,658 
60–89 days past due66 165 129 88 55 32 — — 535 
90 or more days past due32 108 96 71 46 30 — — 383 
Total consumer automotive27,634 19,943 12,730 7,483 3,953 1,925 — — 73,668 
Consumer mortgage
Mortgage Finance
Current3,432 2,410 1,744 2,254 1,177 3,492 — — 14,509 
30–59 days past due10 9 10 11 7 16 — — 63 
60–89 days past due1 1 3 2 1 3 — — 11 
90 or more days past due1 5 8 10 4 21 — — 49 
Total Mortgage Finance3,444 2,425 1,765 2,277 1,189 3,532 — — 14,632 
Mortgage — Legacy
Current— — — — — 121 303 36 460 
30–59 days past due— — — — — 4 2 — 6 
60–89 days past due— — — — — 2 — — 2 
90 or more days past due— — — — — 20 5 2 27 
Total Mortgage — Legacy— — — — — 147 310 38 495 
Total consumer mortgage3,444 2,425 1,765 2,277 1,189 3,679 310 38 15,127 
Consumer other
Current306 53 13 4 1 — — — 377 
30–59 days past due9 3 1 — — — — — 13 
60–89 days past due4 1 — 1 — — — — 6 
90 or more days past due2 1 — — — — — — 3 
Total consumer other (a)321 58 14 5 1 — — — 399 
Total consumer$31,399 $22,426 $14,509 $9,765 $5,143 $5,604 $310 $38 $89,194 
(a)Excludes $8 million of finance receivables at December 31, 2020, for which we have elected the fair value option.
Commercial  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
Origination yearRevolving loans converted to term
September 30, 2021 ($ in millions)
202120202019201820172016 and priorRevolving loansTotal
Commercial and industrial
Automotive
Pass$278 $247 $182 $49 $32 $64 $7,232 $— $8,084 
Special mention9 4 17 26 33 29 525 — 643 
Substandard— 1 — 1 — — 43 — 45 
Total automotive287 252 199 76 65 93 7,800 — 8,772 
Other
Pass519 468 489 125 138 155 2,948 96 4,938 
Special mention— 75 114 21 21 138 115 15 499 
Substandard— 24 96 — 139 90 10 25 384 
Doubtful— 7 — — — 27 4 — 38 
Total other519 574 699 146 298 410 3,077 136 5,859 
Commercial real estate
Pass784 1,153 837 698 398 721 3 5 4,599 
Special mention6 5 118 7 19 24 — — 179 
Substandard— — — — — 10 — — 10 
Total commercial real estate790 1,158 955 705 417 755 3 5 4,788 
Total commercial$1,596 $1,984 $1,853 $927 $780 $1,258 $10,880 $141 $19,419 
Origination yearRevolving loans converted to term
December 31, 2020 ($ in millions)
202020192018201720162015 and priorRevolving loansTotal
Commercial and industrial
Automotive
Pass$869 $220 $58 $91 $76 $34 $15,433 $— $16,781 
Special mention48 23 59 52 9 18 2,013 — 2,222 
Substandard3 2 — — 1 — 72 — 78 
Doubtful— — — — — — 1 — 1 
Total automotive920 245 117 143 86 52 17,519 — 19,082 
Other
Pass536 622 244 210 81 69 2,142 76 3,980 
Special mention76 169 123 190 102 115 123 43 941 
Substandard33 26 — 108 — 77 21 20 285 
Doubtful— — — 6 — 27 2 1 36 
Total other645 817 367 514 183 288 2,288 140 5,242 
Commercial real estate
Pass1,108 928 799 580 651 512 — 2 4,580 
Special mention38 132 116 32 49 43 — — 410 
Substandard— — — 3 6 7 — — 16 
Doubtful— — — — 2 — — — 2 
Total commercial real estate1,146 1,060 915 615 708 562 — 2 5,008 
Total commercial$2,711 $2,122 $1,399 $1,272 $977 $902 $19,807 $142 $29,332 
Past Due Financing Receivables
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
($ in millions)30–59 days past due60–89 days past due90 days or more past dueTotal past dueCurrentTotal finance receivables and loans
September 30, 2021
Commercial
Commercial and industrial
Automotive$— $— $— $— $8,772 $8,772 
Other— — — — 5,859 5,859 
Commercial real estate— — — — 4,788 4,788 
Total commercial$— $— $— $— $19,419 $19,419 
December 31, 2020
Commercial
Commercial and industrial
Automotive$— $— $— $— $19,082 $19,082 
Other— — — — 5,242 5,242 
Commercial real estate— — 2 2 5,006 5,008 
Total commercial$— $— $2 $2 $29,330 $29,332 
v3.21.2
Leasing (Tables)
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2021, and that have noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$11 
202238 
202328 
202423 
202521 
2026 and thereafter66 
Total undiscounted cash flows187 
Difference between undiscounted cash flows and discounted cash flows(12)
Total lease liability$175 
Lease, Cost
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Operating lease expense$10 $11 $36 $35 
Variable lease expense2 2 6 6 
Total lease expense, net (a)$12 $13 $42 $41 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Schedule of Investment in Operating Lease
The following table details our investment in operating leases.
($ in millions)September 30, 2021December 31, 2020
Vehicles$12,445 $11,182 
Accumulated depreciation(1,476)(1,543)
Investment in operating leases, net$10,969 $9,639 
Lessor, Operating Lease, Payments to be Received, Maturity
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$430 
20221,461 
20231,027 
2024396 
202572 
2026 and thereafter5 
Total lease payments from operating leases$3,391 
Depreciation Expense on Operating Lease Assets The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $246 $662 $737 
Remarketing gains, net(86)(71)(278)(62)
Net depreciation expense on operating lease assets$139 $175 $384 $675 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $3 million and $13 million during the three months and nine months ended September 30, 2021, respectively, and $6 million and $18 million during the three months and nine months ended September 30, 2020.
Finance Lease, Liability, Maturity
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2021.
($ in millions)
2021$45 
2022158 
2023129 
2024106 
202551 
2026 and thereafter37 
Total undiscounted cash flows526 
Difference between undiscounted cash flows and discounted cash flows(475)
Present value of lease payments recorded as lease receivable$51 
v3.21.2
Securitizations and Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2021
Securitizations And Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities
The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet.
($ in millions)Carrying value of total assetsCarrying value of total liabilitiesAssets sold to nonconsolidated VIEs (a)Maximum exposure to loss in nonconsolidated VIEs
September 30, 2021
On-balance sheet variable interest entities
Consumer automotive$19,580 (b)$1,563 (c)
Off-balance sheet variable interest entities
Commercial other1,688 (d)733 (e)— 2,234 (f)
Total$21,268 $2,296 $— $2,234 
December 31, 2020
On-balance sheet variable interest entities
Consumer automotive$17,833 (b)$3,103 (c)
Commercial automotive6,276 1,152 
Off-balance sheet variable interest entities
Commercial other1,295 (d)529 (e)— 1,754 (f)
Total$25,404 $4,784 $— $1,754 
(a)Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs.
(b)Includes $11.1 billion and $9.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at September 30, 2021, and December 31, 2020, respectively. Ally or consolidated affiliates hold the interests in these assets.
(c)Includes $124 million and $94 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2021, and December 31, 2020, respectively.
(d)Amounts are classified as other assets.
(e)Amounts are classified as accrued expenses and other liabilities.
(f)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
Schedule of Cash Flow Received and Paid to Nonconsolidated Securitization Entities
The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (for example, servicing) that were outstanding during the nine months ended September 30, 2021, and 2020. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
Nine months ended September 30,
($ in millions)20212020
Consumer automotive
Cash flows received on retained interests in securitization entities$— $11 
Servicing fees— 3 
Cash disbursements for repurchases during the period— (2)
Total$— $12 
v3.21.2
Other Assets (Tables)
 9 Months Ended
Sep. 30, 2021
Other Assets [Abstract]  
Schedule of Other Assets
The components of other assets were as follows.
($ in millions)September 30, 2021December 31, 2020
Property and equipment at cost (a)$2,075 $1,541 
Accumulated depreciation(917)(815)
Net property and equipment1,158 726 
Investment in qualified affordable housing projects1,341 1,095 
Nonmarketable equity investments (b) (c)931 915 
Net deferred tax assets852 94 
Accrued interest, fees, and rent receivables580 704 
Restricted cash held for securitization trusts (d)567 875 
Equity-method investments (e)402 320 
Goodwill343 343 
Other accounts receivable158 166 
Operating lease right-of-use assets148 162 
Restricted cash and cash equivalents (f)57 78 
Net intangible assets (g)37 50 
Fair value of derivative contracts in receivable position (h)9 17 
Other assets869 870 
Total other assets$7,452 $6,415 
(a)Balance includes a new corporate facility purchased during the three months ended September 30, 2021. Refer to Note 8 for additional information.
(b)Includes investments in FHLB stock of $224 million and $276 million at September 30, 2021, and December 31, 2020, respectively; FRB stock of $449 million at both September 30, 2021, and December 31, 2020; and equity securities without a readily determinable fair value of $258 million and $189 million at September 30, 2021, and December 31, 2020, respectively, measured at cost with adjustments for impairment and observable changes in price.
(c)During the three months and nine months ended September 30, 2021, we recorded $1 million and $83 million of upward adjustments related to equity securities without a readily determinable fair value still held at September 30, 2021, respectively, driven primarily by an investment in one entity for which there was a subsequent funding round at a higher valuation during the nine months ended September 30, 2021, resulting in an observable price change. During the nine months ended September 30, 2021, we recorded $1 million of impairments and downward adjustments related to equity securities without a readily determinable fair value still held at September 30, 2021, respectively. Securities held in our portfolio of equity securities without a readily determinable fair value as of September 30, 2021, include cumulative upward adjustments of $178 million and impairments and downward adjustments of $12 million through September 30, 2021.
(d)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(e)Primarily relates to investments made in connection with our CRA program.
(f)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
(g)Includes gross intangible assets of $109 million at both September 30, 2021, and December 31, 2020, and accumulated amortization of $72 million and $59 million at September 30, 2021, and December 31, 2020, respectively.
(h)For additional information on derivative instruments and hedging activities, refer to Note 18.
Schedule of Goodwill
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 2020$20 $27 $296 $343 
Impairment losses— — — — 
Goodwill at September 30, 2021$20 $27 $296 $343 
(a)Includes $153 million of goodwill associated with Ally Lending at both September 30, 2021, and December 31, 2020, and $143 million of goodwill associated with Ally Invest at both September 30, 2021, and December 31, 2020.
v3.21.2
Deposit Liabilities (Tables)
 9 Months Ended
Sep. 30, 2021
Deposits [Abstract]  
Schedule of Deposit Liabilities
Deposit liabilities consisted of the following.
($ in millions)September 30, 2021December 31, 2020
Noninterest-bearing deposits$167 $128 
Interest-bearing deposits
Savings, money market, and checking accounts98,035 83,698 
Certificates of deposit41,242 53,210 
Total deposit liabilities$139,444 $137,036 
v3.21.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The following table presents the composition of our short-term borrowings portfolio.
September 30, 2021December 31, 2020
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Demand notes (b)$— $— $— $2,136 $— $2,136 
Total short-term borrowings$— $— $— $2,136 $— $2,136 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
(b)On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes.
Long-term Debt
The following table presents the composition of our long-term debt portfolio.
September 30, 2021December 31, 2020
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,000 $4,428 $5,428 $647 $4,438 $5,085 
Due after one year
7,855 1,663 9,518 11,367 5,554 16,921 
Total long-term debt (b) (c)$8,855 $6,091 $14,946 $12,014 $9,992 $22,006 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information.
(b)Includes $188 million and $2.6 billion of trust preferred securities at September 30, 2021, and December 31, 2020, respectively.
(c)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $4.6 billion and $5.8 billion at September 30, 2021, and December 31, 2020, respectively.
Schedule of Maturities of Long-term Debt
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2021, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202120222023202420252026 and thereafter
Total
Unsecured
Long-term debt
$209 $1,083 $2,086 $1,479 $2,357 $2,571 $9,785 
Original issue discount
(20)(51)(57)(64)(69)(669)(930)
Total unsecured
189 1,032 2,029 1,415 2,288 1,902 8,855 
Secured
Long-term debt
643 4,791 591 32 24 10 6,091 
Total long-term debt
$832 $5,823 $2,620 $1,447 $2,312 $1,912 $14,946 
Pledged Assets for the Payment of the Related Secured Borrowings and Repurchase Agreements
The following summarizes assets restricted as collateral for the payment of the related debt obligation, primarily arising from securitization transactions accounted for as secured borrowings.
September 30, 2021December 31, 2020
($ in millions)
Total (a)
Ally Bank
Total (a)
Ally Bank
Consumer mortgage finance receivables$16,378 $16,378 $14,979 $14,979 
Consumer automotive finance receivables
10,389 10,276 9,953 9,510 
Commercial finance receivables10 10 10,866 10,866 
Total assets restricted as collateral (b) (c)$26,777 $26,664 $35,798 $35,355 
Secured debt
$6,091 $6,008 $9,992 $9,634 
(a)Ally Bank is a component of the total column.
(b)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $16.4 billion and $20.0 billion at September 30, 2021, and December 31, 2020, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both September 30, 2021, and December 31, 2020. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.
(c)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information.
Schedule of Committed Funding Facilities
OutstandingUnused capacity (a)Total capacity
($ in millions)September 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Parent funding
Secured$— $— $75 $560 $75 $560 
Total committed secured credit facilities$— $— $75 $560 $75 $560 
(a)Funding from committed secured credit facilities is available on request in the event excess collateral resides in certain facilities or the extent incremental collateral is available and contributed to the facilities.
v3.21.2
Accrued Expenses and Other Liabilities (Tables)
 9 Months Ended
Sep. 30, 2021
Accounts Payable and Accrued Liabilities [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
The components of accrued expenses and other liabilities were as follows.
($ in millions)September 30, 2021December 31, 2020
Accounts payable$1,296 $602 
Unfunded commitments for investment in qualified affordable housing projects729 525 
Employee compensation and benefits450 316 
Operating lease liabilities175 187 
Deferred revenue169 104 
Reserves for insurance losses and loss adjustment expenses125 129 
Fair value of derivative contracts in payable position (a)61 33 
Net deferred tax liabilities13 92 
Cash collateral received from counterparties8 6 
Other liabilities520 440 
Total accrued expenses and other liabilities$3,546 $2,434 
(a)For additional information on derivative instruments and hedging activities, refer to Note 18.
v3.21.2
Preferred Stock (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Preferred Stock
The following table summarizes information about our preferred stock.
September 30, 2021
Series B preferred stock (a)
Issuance dateApril 22, 2021
Carrying value ($ in millions)
$1,335
Par value (per share)
$0.01
Liquidation preference (per share)
$1,000
Number of shares authorized1,350,000
Number of shares issued and outstanding1,350,000
Dividend/coupon
Prior to May 15, 20264.700%
On and after May 15, 2026
Five Year Treasury + 3.868%
Series C preferred stock (a)
Issuance dateJune 2, 2021
Carrying value ($ in millions)
$989
Par value (per share)
$0.01
Liquidation preference (per share)
$1,000
Number of shares authorized1,000,000
Number of shares issued and outstanding1,000,000
Dividend/coupon
Prior to May 15, 20284.700%
On and after May 15, 2028
Seven Year Treasury + 3.481%
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
v3.21.2
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following tables present changes, net of tax, in each component of accumulated other comprehensive income.
Three months ended September 30,
($ in millions)
Unrealized gains on investment securities (a)
Translation adjustments and net investment hedges (b)
Cash flow hedges (b)
Defined benefit pension plans
Accumulated other comprehensive income
Balance at July 1, 2020$783 $19 $116 $(103)$815 
Net change(103)(1)(16)— (120)
Balance at September 30, 2020$680 $18 $100 $(103)$695 
Balance at July 1, 2021$259 $20 $48 $(111)$216 
Net change(157)— (9)1 (165)
Balance at September 30, 2021$102 $20 $39 $(110)$51 
(a)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.
(b)For additional information on derivative instruments and hedging activities, refer to Note 18.
Nine months ended September 30,
($ in millions)
Unrealized gains on investment securities (a)
Translation adjustments and net investment hedges (b)
Cash flow hedges (b)
Defined benefit pension plans
Accumulated other comprehensive income
Balance at January 1, 2020$208 $19 $2 $(106)$123 
Net change472 (1)98 3 572 
Balance at September 30, 2020$680 $18 $100 $(103)$695 
Balance at January 1, 2021$640 $19 $82 $(110)$631 
Net change(538)1 (43)— (580)
Balance at September 30, 2021$102 $20 $39 $(110)$51 
(a)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.
(b)For additional information on derivative instruments and hedging activities, refer to Note 18.
Reclassification Out of Accumulated Other Comprehensive Income
The following tables present the before- and after-tax changes in each component of accumulated other comprehensive income.
Three months ended September 30, 2021 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(161)$38 $(123)
Less: Net realized gains reclassified to income from continuing operations44 (a)(10)(b)34 
Net change(205)48 (157)
Translation adjustments
Net unrealized losses arising during the period(4)1 (3)
Net investment hedges (c)
Net unrealized gains arising during the period4 (1)3 
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations12 (d)(3)(b)9 
Defined benefit pension plans
Less: Net realized losses reclassified to income from continuing operations(1)— (b)(1)
Other comprehensive loss$(216)$51 $(165)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended September 30, 2020 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(92)$22 $(70)
Less: Net realized gains reclassified to income from continuing operations43(a)(10)(b)33
Net change(135)32 (103)
Translation adjustments
Net unrealized gains arising during the period3 (1)2 
Net investment hedges (c)
Net unrealized losses arising during the period(4)1 (3)
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations21 (5)16 
Other comprehensive loss$(157)$37 $(120)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
Nine months ended September 30, 2021 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(621)$147 $(474)
Less: Net realized gains reclassified to income from continuing operations82 (a)(18)(b)64 
Net change(703)165 (538)
Translation adjustments
Net unrealized gains arising during the period1 — 1 
Net investment hedges (c)
Net unrealized losses arising during the period(1)1 — 
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations55 (d)(12)(b)43 
Defined benefit pension plans
Net unrealized losses arising during the period(2)1 (1)
Less: Net realized losses reclassified to income from continuing operations(1)— (b)(1)
Net change(1)1 — 
Other comprehensive loss$(759)$179 $(580)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
Nine months ended September 30, 2020 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized gains arising during the period$785 $(184)$601 
Less: Net realized gains reclassified to income from continuing operations167(a)(38)(b)129
Net change618(146)472
Translation adjustments
Net unrealized losses arising during the period(4)1 (3)
Net investment hedges (c)
Net unrealized gains arising during the period3 (1)2 
Cash flow hedges (c)
Net unrealized gains arising during the period169 (41)128 
Less: Net realized gains reclassified to income from continuing operations40 (10)30 
Net change129 (31)98 
Defined benefit pension plans
Net unrealized gains arising during the period4 (1)3 
Other comprehensive income$750 $(178)$572 
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
v3.21.2
Earnings per Common Share (Tables)
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of basic and diluted earnings per common share.
Three months ended September 30,Nine months ended September 30,
($ in millions, except per share data; shares in thousands) (a)
2021202020212020
Net income from continuing operations$712 $476 $2,407 $399 
Preferred stock dividends — Series B(20)— (20)— 
Preferred stock dividends — Series C(9)— (9)— 
Net income from continuing operations attributable to common stockholders$683 $476 $2,378 $399 
Income (loss) from discontinued operations, net of tax— — 1 (1)
Net income attributable to common stockholders$683 $476 $2,379 $398 
Basic weighted-average common shares outstanding (b)359,179 375,658 368,215 375,478 
Diluted weighted-average common shares outstanding (b) (c)361,855 377,011 370,745 376,659 
Basic earnings per common share
Net income from continuing operations$1.90 $1.27 $6.46 $1.06 
Net income$1.90 $1.27 $6.46 $1.06 
Diluted earnings per common share
Net income from continuing operations$1.89 $1.26 $6.41 $1.06 
Net income$1.89 $1.26 $6.42 $1.06 
(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
(b)Includes shares related to share-based compensation that vested but were not yet issued.
(c)During the three months and nine months ended September 30, 2020, there were 0.4 million and 1.0 million, respectively, in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months and nine months ended September 30, 2021.
v3.21.2
Regulatory Capital and Other Regulatory Matters (Tables)
 9 Months Ended
Sep. 30, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations
The following table summarizes our capital ratios under U.S. Basel III.
September 30, 2021December 31, 2020Required minimum (a)Well-capitalized minimum
($ in millions)AmountRatioAmountRatio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.$15,670 11.20 %$14,878 10.64 %4.50 %(b)
Ally Bank18,095 13.71 17,567 13.38 4.50 6.50 %
Tier 1 (to risk-weighted assets)
Ally Financial Inc.$17,930 12.81 %$17,289 12.37 %6.00 %6.00 %
Ally Bank18,095 13.71 17,567 13.38 6.00 8.00 
Total (to risk-weighted assets)
Ally Financial Inc.$20,375 14.56 %$19,778 14.15 %8.00 %10.00 %
Ally Bank19,746 14.96 19,210 14.63 8.00 10.00 
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.$17,930 9.99 %$17,289 9.41 %4.00 %(b)
Ally Bank18,095 10.65 17,567 10.12 4.00 5.00 %
(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally was required to maintain a minimum capital conservation buffer of 3.5% at both September 30, 2021, and December 31, 2020, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both September 30, 2021, and December 31, 2020.
(b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.”
(c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
Schedule of Common Share Distribution Activity
The following table presents information related to our common stock and distributions to our common stockholders over the last seven quarters.
Common stock repurchased during period (a) (b)Number of common shares outstandingCash dividends declared per common share (c)
($ in millions, except per share data; shares in thousands)Approximate dollar valueNumber of sharesBeginning of periodEnd of period
2020
First quarter$104 3,838 374,332 373,155 $0.19 
Second quarter— 53 373,155 373,837 0.19 
Third quarter1 9 373,837 373,857 0.19 
Fourth quarter1 37 373,857 374,674 0.19 
2021
First quarter$219 5,276 374,674 371,805 $0.19 
Second quarter502 9,641 371,805 362,639 0.19 
Third quarter679 13,055 362,639 349,599 0.25 
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.
(b)On March 17, 2020, we announced the voluntary suspension of our stock-repurchase program through its termination on June 30, 2020. Consistent with the FRB’s restrictions on common-stock repurchases for large firms such as Ally, described above, we did not implement a new stock-repurchase program or repurchase shares of our common stock, except in connection with compensation plans, for the remainder of 2020. Refer to the discussion above for further details about this action.
(c)On October 5, 2021, our Board declared a quarterly cash dividend of $0.25 per share on all common stock, payable on November 15, 2021, to stockholders of record at the close of business on November 1, 2021. Refer to Note 24 for further information regarding this common stock dividend.
v3.21.2
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position
The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.
Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
September 30, 2021December 31, 2020
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $22,282 $— $— $12,385 
Foreign exchange contracts
Forwards
1 — 172 1 — 164 
Total derivatives designated as accounting hedges
1 — 22,454 1 — 12,549 
Derivatives not designated as accounting hedges
Interest rate contracts
Futures and forwards
2 — 249 1 — 391 
Written options
5 2 406 15 — 587 
Total interest rate risk
7 2 655 16 — 978 
Foreign exchange contracts
Futures and forwards— — 436 — 1 159 
Total foreign exchange risk— — 436 — 1 159 
Credit contracts (a)
Other credit derivatives— 55 n/a— 28 n/a
Total credit risk— 55 n/a— 28 n/a
Equity contracts
Written options
— 4 1 — 4 2 
Purchased options
1 — — — — — 
Total equity risk
1 4 1 — 4 2 
Total derivatives not designated as accounting hedges
8 61 1,092 16 33 1,139 
Total derivatives
$9 $61 $23,546 $17 $33 $13,688 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $109 million and $56 million as of September 30, 2021, and December 31, 2020, respectively.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
($ in millions)Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
TotalDiscontinued (a)
September 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Assets
Available-for-sale securities (b) (c)$5,307 $1,259 $(26)$39 $4 $28 
Finance receivables and loans, net (d)
45,463 28,393 78 225 50 72 
Liabilities
Long-term debt$7,083 $8,656 $108 $169 $132 $203 
(a)Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment.
(b)The carrying amount of hedged available-for-sale securities is presented above using amortized cost and includes $3.9 billion and $592 million at September 30, 2021, and December 31, 2020, respectively, related to closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Refer to Note 6 for a reconciliation of the amortized cost and fair value of available-for-sale securities.
(c)The amount that is identified as the last of layer in the open hedge relationship was $3.0 billion as of September 30, 2021. The basis adjustment associated with the open last of layer relationship was a $30 million liability as of September 30, 2021, which would be allocated across the entire remaining pool upon termination or maturity of the hedge relationship. The amount that has been identified as the last of layer in the discontinued hedge relationship was $4.7 billion and $1.2 billion as of September 30, 2021, and December 31, 2020, respectively. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last of layer relationship was a $9 million asset as of September 30, 2021, and a $20 million asset as of December 31, 2020, which was allocated across the entire remaining pool upon termination of the hedge relationship.
(d)The hedged item represents the carrying value of the hedged portfolio of assets. The amount identified as the last of layer in the open hedge relationship was $16.6 billion and $9.4 billion at September 30, 2021, and December 31, 2020, respectively. The basis adjustment associated with the open last-of-layer relationship was a $28 million asset as of September 30, 2021, and a $153 million asset as of December 31, 2020, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $20.1 billion at September 30, 2021, and $18.5 billion at December 31, 2020. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last-of-layer hedge relationship was a $50 million asset and a $72 million asset as of September 30, 2021, and December 31, 2020, respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship.
Schedule of Derivative Instruments Not Designated as Accounting Hedge
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
(Loss) gain recognized in earnings
Interest rate contracts
(Loss) gain on mortgage and automotive loans, net$(4)$7 $(12)$(8)
Other income, net of losses
4 (4)6 (27)
Total interest rate contracts
— 3 (6)(35)
Foreign exchange contracts
Other income, net of losses
— (4)— (1)
Other operating expenses3 — (1)— 
Total foreign exchange contracts
3 (4)(1)(1)
Credit contracts
Other income, net of losses(7)— (22)— 
Total credit contracts(7)— (22)— 
Total loss recognized in earnings$(4)$(1)$(29)$(36)
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments
The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on depositsInterest on long-term debt
Three months ended September 30, ($ in millions)
20212020202120202021202020212020
(Loss) gain on fair value hedging relationships
Interest rate contracts
Hedged fixed-rate unsecured debt$— $— $— $— $— $— $(4)$(2)
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — — — 4 2 
Hedged available-for-sale securities— — (34)(2)— — — — 
Derivatives designated as hedging instruments on available-for-sale securities— — 34 2 — — — — 
Hedged fixed-rate consumer automotive loans(35)(45)— — — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans35 45 — — — — — — 
Total gain on fair value hedging relationships
— — — — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged deposit liabilities
Reclassified from accumulated other comprehensive income into income— — — — — (2)— — 
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive income into income12 23 — — — — — — 
Total gain (loss) on cash flow hedging relationships
$12 $23 $— $— $— $(2)$— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income$1,619 $1,602 $155 $173 $245 $452 $191 $309 
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on depositsInterest on long-term debt
Nine months ended September 30, ($ in millions)
20212020202120202021202020212020
Gain (loss) on fair value hedging relationships
Interest rate contracts
Hedged fixed-rate unsecured debt$— $— $— $— $— $— $69 $(172)
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — — — (69)172 
Hedged available-for-sale securities— — (51)43 — — — — 
Derivatives designated as hedging instruments on available-for-sale securities— — 51 (43)— — — — 
Hedged fixed-rate consumer automotive loans(112)180 — — — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans112 (180)— — — — — — 
Total gain on fair value hedging relationships
— — — — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged deposit liabilities
Reclassified from accumulated other comprehensive income into income— — — — (1)(7)— — 
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive income into income52 48 — — — — — — 
Reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction being probable not to occur4 — — — — — — — 
Total gain (loss) on cash flow hedging relationships
$56 $48 $— $— $(1)$(7)$— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income$4,789 $4,974 $433 $596 $819 $1,585 $671 $975 
Schedule of Derivative Instruments
The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended September 30, ($ in millions)
202120202021202020212020
Gain (loss) on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $1 $3 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — (3)(5)
Amortization of deferred basis adjustments of available-for-sale securities— — (1)(2)— — 
Interest for qualifying accounting hedges of available-for-sale securities— — (1)(2)— — 
Amortization of deferred loan basis adjustments(11)(12)— — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment(31)(37)— — — — 
Total loss on fair value hedging relationships$(42)$(49)$(2)$(4)$(2)$(2)
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Nine months ended September 30, ($ in millions)
202120202021202020212020
Gain (loss) on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $3 $11 
Interest for qualifying accounting hedges of unsecured debt— — — — 3 — 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — (11)(17)
Amortization of deferred basis adjustments of available-for-sale securities— — (4)(5)— — 
Interest for qualifying accounting hedges of available-for-sale securities— — (5)(4)— — 
Amortization of deferred loan basis adjustments(35)(38)— — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment(93)(84)— — — — 
Total loss on fair value hedging relationships(128)(122)(9)(9)(5)(6)
Gain on cash flow hedging relationships
Interest rate contracts
Interest for qualifying accounting hedges of variable-rate commercial loans— 1 — — — — 
Total gain on cash flow hedging relationships$— $1 $— $— $— $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive income.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Interest rate contracts
(Loss) gain recognized in other comprehensive income$(12)$(21)$(55)$129 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of net investment hedges on accumulated other comprehensive income and the Condensed Consolidated Statement of Comprehensive Income.
Three months ended September 30,Nine months ended September 30,
($ in millions)2021202020212020
Foreign exchange contracts (a) (b)
Gain (loss) recognized in other comprehensive income$4 $(4)$(1)$3 
(a)There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2021, or 2020.
(b)Gains and losses reclassified from accumulated other comprehensive income are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months and nine months ended September 30, 2021, or 2020.
v3.21.2
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis
The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities.
Recurring fair value measurements
September 30, 2021 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a)$1,034 $— $11 $1,045 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
1,743 — — 1,743 
U.S. States and political subdivisions
— 851 7 858 
Foreign government15 146 — 161 
Agency mortgage-backed residential
— 19,706 — 19,706 
Mortgage-backed residential
— 3,479 — 3,479 
Agency mortgage-backed commercial— 4,736 — 4,736 
Asset-backed— 547 — 547 
Corporate debt
— 1,892 — 1,892 
Total available-for-sale securities1,758 31,357 7 33,122 
Mortgage loans held-for-sale (b)
— 102 — 102 
Finance receivables and loans, net
Consumer other (b)— — 8 8 
Derivative contracts in a receivable position
Interest rate— 2 5 7 
Foreign currency— 1 — 1 
Equity contracts1 — — 1 
Total derivative contracts in a receivable position
1 3 5 9 
Total assets$2,793 $31,462 $31 $34,286 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Interest rate$— $— $2 $2 
Credit contracts— — 55 55 
Equity contracts4 — — 4 
Total derivative contracts in a payable position
4 — 57 61 
Total liabilities$4 $— $57 $61 
(a)Our direct investment in any one industry did not exceed 9%.
(b)Carried at fair value due to fair value option elections.
Recurring fair value measurements
December 31, 2020 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a)$1,064 $— $7 $1,071 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
803 — — 803 
U.S. States and political subdivisions
— 1,088 7 1,095 
Foreign government17 159 — 176 
Agency mortgage-backed residential
— 18,588 — 18,588 
Mortgage-backed residential
— 2,640 — 2,640 
Agency mortgage-backed commercial— 4,189 — 4,189 
Asset-backed— 425 — 425 
Corporate debt
— 1,914 — 1,914 
Total available-for-sale securities820 29,003 7 29,830 
Mortgage loans held-for-sale (b)
— — 91 91 
Finance receivables and loans, net
Consumer other (b)— — 8 8 
Derivative contracts in a receivable position
Interest rate— — 16 16 
Foreign currency— 1 — 1 
Total derivative contracts in a receivable position
— 1 16 17 
Total assets$1,884 $29,004 $129 $31,017 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $1 $— $1 
Credit contracts— — 28 28 
Equity contracts4 — — 4 
Total derivative contracts in a payable position
4 1 28 33 
Total liabilities$4 $1 $28 $33 
(a)Our direct investment in any one industry did not exceed 11%.
(b)Carried at fair value due to fair value option elections.
Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.
Equity securities (a)Available-for-sale securitiesMortgage loans held-for-sale (b) (c)Finance receivables and loans, net (b) (d)Interests retained in financial asset sales
($ in millions)2021202020212020202120202021202020212020
Assets
Fair value at July 1,$9 $5 $7 $5 $97 $91 $8 $8 $— $1 
Net realized/unrealized gains
Included in earnings1 1 — — 15 22 1 2 — — 
Included in OCI— — — — — — — — — — 
Purchases— — — 2 789 854 4 5 — — 
Sales— — — — (799)(811)— — — — 
Issuances— — — — — — — — — — 
Settlements— — — — — — (5)(7)— (1)
Transfers into Level 31 — — — — — — — — — 
Transfers out of Level 3 (e)— — — — (102)— — — — — 
Fair value at September 30,$11 $6 $7 $7 $— $156 $8 $8 $— $— 
Net unrealized gains still held at September 30,
Included in earnings$1 $1 $— $— $— $— $— $— $— $— 
Included in OCI— — — — — — — — — — 
(a)Net realized/unrealized gains are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Carried at fair value due to fair value option elections.
(c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(e)During the three months ended September 30, 2021, mortgage loans held for sale were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Derivative liabilities, net of derivative assets
($ in millions)2021 (a)2020 (b)
Liabilities
Fair value at July 1,$37 $(12)
Net realized/unrealized losses (gains)
Included in earnings12 (6)
Included in OCI— — 
Purchases— — 
Sales— — 
Issuances1 — 
Settlements— — 
Transfers into Level 3— — 
Transfers out of Level 3 (c)2 — 
Fair value at September 30,$52 $(18)
Net unrealized losses (gains) still held at September 30,
Included in earnings$10 $(6)
Included in OCI— — 
(a)Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(c)During the three months ended September 30, 2021, certain derivative assets were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Equity securities (a)Available-for-sale securitiesMortgage loans held-for-sale (b) (c)Finance receivables and loans, net (b) (d)Interests retained in financial asset sales
($ in millions)2021202020212020202120202021202020212020
Assets
Fair value at January 1,$7 $8 $7 $2 $91 $30 $8 $11 $— $2 
Net realized/unrealized gains (losses)
Included in earnings5 (2)— — 64 35 2 2 — — 
Included in OCI— — — — — — — — — — 
Purchases— — — 5 2,640 1,832 12 14 — — 
Sales(2)— — — (2,693)(1,741)— — — — 
Issuances— — — — — — — — — — 
Settlements— — — — — — (14)(19)— (2)
Transfers into Level 31 — — — — — — — — — 
Transfers out of Level 3 (e)— — — — (102)— — — — — 
Fair value at September 30,$11 $6 $7 $7 $— $156 $8 $8 $— $— 
Net unrealized gains (losses) still held at September 30,
Included in earnings$5 $(2)$— $— $— $2 $— $— $— $— 
Included in OCI— — — — — — — — — — 
(a)Net realized/unrealized gains (losses) are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Carried at fair value due to fair value option elections.
(c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(e)During the nine months ended September 30, 2021, mortgage loans held for sale were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Derivative liabilities, net of derivative assets
($ in millions)2021 (a)2020 (b)
Liabilities
Fair value at January 1,$12 $(2)
Net realized/unrealized losses (gains)
Included in earnings34 (16)
Included in OCI— — 
Purchases— — 
Sales— — 
Issuances4 — 
Settlements— — 
Transfers into Level 3— — 
Transfers out of Level 3 (c)2 — 
Fair value at September 30,$52 $(18)
Net unrealized losses (gains) still held at September 30,
Included in earnings$25 $(16)
Included in OCI— — 
(a)Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(c)During the nine months ended September 30, 2021, certain derivative assets were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the reporting period.
Fair Value Measurements - Nonrecurring Basis
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at September 30, 2021, and December 31, 2020, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
September 30, 2021 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $354 $354 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive
— — 27 27 (2)n/m(a)
Other
— — 67 67 (36)n/m(a)
Total commercial finance receivables and loans, net
— — 94 94 (38)n/m(a)
Other assets
Nonmarketable equity investments2 — 8 10 1 n/m(a)
Repossessed and foreclosed assets (c)— — 3 3 — n/m(a)
Total assets
$2 $— $459 $461 $(37)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2020 ($ in millions)
Level 1Level 2Level 3Total
Assets
Loans held-for-sale, net$— $— $315 $315 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive— — 27 27 (5)n/m(a)
Other— — 54 54 (20)n/m(a)
Total commercial finance receivables and loans, net— — 81 81 (25)n/m(a)
Other assets
Nonmarketable equity investments (c)— 7 118 125 88 n/m(a)
Repossessed and foreclosed assets (d)— — 9 9 (1)n/m(a)
Total assets$— $7 $523 $530 $62 n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)Primarily relates to an investment in one entity for which there was a subsequent funding round. This subsequent funding round resulted in an observable price change in the value of our investment in the entity. Refer to Note 13 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion.
(d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Fair Value, by Balance Sheet Grouping
The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2021, and December 31, 2020.
Estimated fair value
($ in millions)
Carrying value
Level 1
Level 2
Level 3
Total
September 30, 2021
Financial assets
Held-to-maturity securities
$1,150 $— $1,193 $— $1,193 
Loans held-for-sale, net
354 — — 354 354 
Finance receivables and loans, net
111,315 — — 118,484 118,484 
FHLB/FRB stock (a)
673 — 673 — 673 
Financial liabilities
Deposit liabilities
$43,242 $— $— $43,594 $43,594 
Long-term debt
14,946 — 12,643 4,992 17,635 
December 31, 2020
Financial assets
Held-to-maturity securities$1,253 $— $1,331 $— $1,331 
Loans held-for-sale, net315 — — 315 315 
Finance receivables and loans, net115,243 — — 122,156 122,156 
FHLB/FRB stock (a)725 — 725 — 725 
Financial liabilities
Deposit liabilities$55,210 $— $— $55,932 $55,932 
Short-term borrowings2,136 — — 2,136 2,136 
Long-term debt22,006 — 19,161 6,310 25,471 
(a)Included in other assets on our Condensed Consolidated Balance Sheet.
v3.21.2
Offsetting Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2021
Offsetting [Abstract]  
Offsetting Assets
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
September 30, 2021
Assets
Derivative assets in net asset positions$1 $— $1 $— $(1)$— 
Derivative assets in net liability positions
1 — 1 (1)— — 
Derivative assets with no offsetting arrangements
7 — 7 — — 7 
Total assets
$9 $— $9 $(1)$(1)$7 
Liabilities
Derivative liabilities in net liability positions
$4 $— $4 $(1)$(3)$— 
Derivative liabilities with no offsetting arrangements57 — 57 — — 57 
Total liabilities$61 $— $61 $(1)$(3)$57 
December 31, 2020
Assets
Derivative assets in net liability positions$1 $— $1 $(1)$— $— 
Derivative assets with no offsetting arrangements
16 — 16 — — 16 
Total assets
$17 $— $17 $(1)$— $16 
Liabilities
Derivative liabilities in net liability positions
$5 $— $5 $(1)$(1)$3 
Derivative liabilities with no offsetting arrangements28 — 28 — — 28 
Total liabilities$33 $— $33 $(1)$(1)$31 
(a)Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
(b)Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record such collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met.
(c)Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements.
Offsetting Liabilities
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
September 30, 2021
Assets
Derivative assets in net asset positions$1 $— $1 $— $(1)$— 
Derivative assets in net liability positions
1 — 1 (1)— — 
Derivative assets with no offsetting arrangements
7 — 7 — — 7 
Total assets
$9 $— $9 $(1)$(1)$7 
Liabilities
Derivative liabilities in net liability positions
$4 $— $4 $(1)$(3)$— 
Derivative liabilities with no offsetting arrangements57 — 57 — — 57 
Total liabilities$61 $— $61 $(1)$(3)$57 
December 31, 2020
Assets
Derivative assets in net liability positions$1 $— $1 $(1)$— $— 
Derivative assets with no offsetting arrangements
16 — 16 — — 16 
Total assets
$17 $— $17 $(1)$— $16 
Liabilities
Derivative liabilities in net liability positions
$5 $— $5 $(1)$(1)$3 
Derivative liabilities with no offsetting arrangements28 — 28 — — 28 
Total liabilities$33 $— $33 $(1)$(1)$31 
(a)Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
(b)Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record such collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met.
(c)Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements.
v3.21.2
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Financial information for our reportable operating segments is summarized as follows.
Three months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2021
Net financing revenue and other interest income$1,329 $14 $36 $77 $138 $1,594 
Other revenue61 283 19 16 12 391 
Total net revenue1,390 297 55 93 150 1,985 
Provision for credit losses53 — 2 5 16 76 
Total noninterest expense512 273 47 27 143 1,002 
Income (loss) from continuing operations before income tax expense
$825 $24 $6 $61 $(9)$907 
Total assets$99,617 $9,354 $16,328 $6,729 $47,156 $179,184 
2020
Net financing revenue and other interest income
$1,102 $8 $30 $75 $(15)$1,200 
Other revenue61 338 36 9 40 484 
Total net revenue1,163 346 66 84 25 1,684 
Provision for credit losses128 — — 1 18 147 
Total noninterest expense469 268 40 23 105 905 
Income (loss) from continuing operations before income tax expense$566 $78 $26 $60 $(98)$632 
Total assets$103,366 $8,944 $15,503 $5,995 $51,462 $185,270 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $1.5 billion and $1.1 billion for the three months ended September 30, 2021, and September 30, 2020, respectively.
Nine months ended September 30, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2021
Net financing revenue and other interest income$3,868 $44 $82 $225 $294 $4,513 
Other revenue184 1,006 81 75 148 1,494 
Total net revenue4,052 1,050 163 300 442 6,007 
Provision for credit losses8 — (2)5 20 31 
Total noninterest expense1,499 798 136 86 501 3,020 
Income (loss) from continuing operations before income tax expense
$2,545 $252 $29 $209 $(79)$2,956 
Total assets$99,617 $9,354 $16,328 $6,729 $47,156 $179,184 
2020
Net financing revenue and other interest income
$3,131 $34 $98 $220 $(83)$3,400 
Other revenue148 913 65 28 151 1,305 
Total net revenue3,279 947 163 248 68 4,705 
Provision for credit losses1,150 — 4 140 43 1,337 
Total noninterest expense1,407 846 113 84 360 2,810 
Income (loss) from continuing operations before income tax expense$722 $101 $46 $24 $(335)$558 
Total assets$103,366 $8,944 $15,503 $5,995 $51,462 $185,270 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $4.5 billion and $2.1 billion for the nine months ended September 30, 2021, and September 30, 2020, respectively.
v3.21.2
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers $ 207 $ 191 $ 640 $ 556        
All other revenue 184 293 854 749        
Total other revenue 391 484 1,494 1,305        
Remarketing gains (losses), net 86 71 278 62        
Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 15 16 61 48        
All other revenue (3) 24 87 103        
Total other revenue 12 40 148 151        
Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 31 23 97 63        
All other revenue 30 38 87 85        
Total other revenue 61 61 184 148        
Remarketing gains (losses), net 86 71 278 62        
Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 161 152 482 445        
All other revenue 122 186 524 468        
Total other revenue 283 338 1,006 913        
Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
All other revenue 19 36 81 65        
Total other revenue 19 36 81 65        
Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
All other revenue 16 9 75 28        
Total other revenue 16 9 75 28        
Noninsurance contracts                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 157 148 470 433        
Noninsurance contracts | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Noninsurance contracts | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Noninsurance contracts | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 157 148 470 433        
Unearned revenue, remaining performance obligation, amount 3,100 3,000 3,100 3,000 $ 3,100 $ 3,000 $ 2,900 $ 2,900
Unearned revenue, revenue recognized 228 218 681 643        
Capitalized contract cost, net 1,900 1,800 1,900 1,800 $ 1,900 $ 1,800 $ 1,800 $ 1,700
Capitalized contract cost, amortization 135 125 400 371        
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 218   $ 218          
Remaining performance obligation, expected timing of satisfaction, period 3 months   3 months          
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 817   $ 817          
Remaining performance obligation, expected timing of satisfaction, period 1 year   1 year          
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 735   $ 735          
Remaining performance obligation, expected timing of satisfaction, period 1 year   1 year          
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 572   $ 572          
Remaining performance obligation, expected timing of satisfaction, period 1 year   1 year          
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 731   $ 731          
Remaining performance obligation, expected timing of satisfaction, period            
Noninsurance contracts | Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers $ 0 0 $ 0 0        
Noninsurance contracts | Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Remarketing fee income                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 26 20 80 52        
Remarketing fee income | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Remarketing fee income | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 26 20 80 52        
Remarketing fee income | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Remarketing fee income | Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Remarketing fee income | Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokerage commissions and other revenue                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 12 12 45 39        
Brokerage commissions and other revenue | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 12 12 45 39        
Brokerage commissions and other revenue | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokerage commissions and other revenue | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokerage commissions and other revenue | Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokerage commissions and other revenue | Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Deposit account and other banking fees                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 2 4 13 9        
Deposit account and other banking fees | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 2 4 13 9        
Deposit account and other banking fees | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Deposit account and other banking fees | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Deposit account and other banking fees | Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Deposit account and other banking fees | Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokered/agent commissions                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 4 4 12 12        
Brokered/agent commissions | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokered/agent commissions | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokered/agent commissions | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 4 4 12 12        
Brokered/agent commissions | Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Brokered/agent commissions | Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 6 3 20 11        
Other | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 1 0 3 0        
Other | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 5 3 17 11        
Other | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Other | Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Other | Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers $ 0 $ 0 $ 0 $ 0        
v3.21.2
Other Income, Net of Losses (Schedule of Other Income, Net of Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Other Nonoperating Income (Expense) [Abstract]        
Gain on nonmarketable equity investments, net $ 1 $ 15 $ 104 $ 11
Late charges and other administrative fees 29 28 89 65
Remarketing fees 26 20 80 52
Income from equity-method investments 26 63 71 115
Other, net 40 34 154 88
Total other income, net of losses $ 122 $ 160 $ 498 $ 331
v3.21.2
Reserves for Insurance Losses and Loss Adjustment Expenses (Rollforward of Reserves for Insurance Losses and Loss Adjustment Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Gross reserves for insurance losses and loss adjustment expenses, beginning balance     $ 129 $ 122
Reinsurance recoverable     90 88
Net reserves for insurance losses and loss adjustment expenses, beginning balance     39 34
Net insurance losses and loss adjustment expenses, current year     207 298
Net insurance losses and loss adjustment expenses, prior years     (1) 3
Total net insurance losses and loss adjustment expenses incurred $ 69 $ 85 206 301
Net insurance losses and loss adjustment expenses paid or payable, current year     (174) (271)
Net insurance losses and loss adjustment expenses paid or payable, prior years     (29) (27)
Total net insurance losses and loss adjustment expenses paid or payable     (203) (298)
Net reserves for insurance losses and loss adjustment expenses, ending balance 42 37 42 37
Reinsurance recoverable 83 88 83 88
Gross reserves for insurance losses and loss adjustment expenses, ending balance $ 125 $ 125 $ 125 $ 125
v3.21.2
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating Expenses [Abstract]        
Insurance commissions $ 142 $ 130 $ 416 $ 383
Technology and communications 90 77 249 236
Lease and loan administration 56 57 168 141
Advertising and marketing 57 36 143 112
Property and equipment depreciation 40 34 114 102
Professional services 36 28 97 87
Vehicle remarketing and repossession 19 17 57 51
Charitable contributions 2 2 57 6
Regulatory and licensing fees 19 18 54 76
Occupancy 14 14 47 43
Non-income taxes 8 9 23 23
Amortization of intangible assets 5 4 14 14
Other 56 52 145 149
Total other operating expenses $ 544 $ 478 $ 1,584 $ 1,423
v3.21.2
Investment Securities (Investment Portfolio) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Available-for-sale securities    
Fair value [1] $ 33,122 $ 29,830
Held-to-maturity securities    
Amortized cost 1,150 1,253
Available-for-sale securities    
Held-to-maturity securities    
Securities pledged for Federal Home Loan Bank, at fair value 258 145
Operating Segments | Insurance operations | Available-for-sale securities    
Held-to-maturity securities    
Deposit securities 13 13
Available-for-sale debt securities | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 32,972 28,936
Gross unrealized gains 497 915
Gross unrealized losses (347) (21)
Fair value 33,122 29,830
Held-to-maturity securities    
Debt securities, available-for-sale, accrued interest receivable 82 90
U.S. Treasury and federal agencies | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 1,759 783
Gross unrealized gains 3 20
Gross unrealized losses (19) 0
Fair value 1,743 803
U.S. States and political subdivisions | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 839 1,046
Gross unrealized gains 25 50
Gross unrealized losses (6) (1)
Fair value 858 1,095
Foreign government | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 159 167
Gross unrealized gains 4 9
Gross unrealized losses (2) 0
Fair value 161 176
Agency mortgage-backed securities    
Held-to-maturity securities    
Amortized cost 1,150 1,253
Agency mortgage-backed securities | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 19,579 18,053
Gross unrealized gains 306 538
Gross unrealized losses (179) (3)
Fair value 19,706 18,588
Agency mortgage-backed securities | Held-to-maturity securities    
Held-to-maturity securities    
Amortized cost 1,150 1,253
Gross unrealized gains 55 79
Gross unrealized losses (12) (1)
Fair value 1,193 1,331
Mortgage-backed residential | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 3,463 2,595
Gross unrealized gains 23 49
Gross unrealized losses (7) (4)
Fair value 3,479 2,640
Agency mortgage-backed commercial | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 4,767 4,063
Gross unrealized gains 90 139
Gross unrealized losses (121) (13)
Fair value 4,736 4,189
Asset-backed | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 544 420
Gross unrealized gains 3 5
Gross unrealized losses 0 0
Fair value 547 425
Corporate debt | Available-for-sale securities    
Available-for-sale securities    
Amortized cost 1,862 1,809
Gross unrealized gains 43 105
Gross unrealized losses (13) 0
Fair value 1,892 1,914
Held-to-maturity securities    
Held-to-maturity securities    
Amortized cost 1,150 1,253
Gross unrealized gains 55 79
Gross unrealized losses (12) (1)
Fair value 1,193 1,331
Debt securities, held-to-maturity, accrued interest receivable 2 3
Held-to-maturity securities | Held-to-maturity securities    
Held-to-maturity securities    
Fair value $ 1,193 $ 1,331
[1] Refer to Note 6 for discussion of investment securities pledged as collateral.
v3.21.2
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Available-for-sale securities    
Total available-for-sale debt securities [1] $ 33,122 $ 29,830
Held-to-maturity securities    
Debt securities, held-to-maturity, amortized cost, amount 1,150 1,253
Cash equivalents 151 25
Agency mortgage-backed securities    
Held-to-maturity securities    
Debt securities, held-to-maturity, amortized cost, amount 1,150 1,253
Held-to-maturity securities    
Held-to-maturity securities    
Debt securities, held-to-maturity, amortized cost, amount $ 1,150 $ 1,253
Debt securities, held-to-maturity, yield 2.80% 3.00%
Debt securities, held-to-maturity, maturity, within one year, amortized cost $ 0 $ 0
Debt securities, held-to-maturity, due in one year or less, yield 0.00% 0.00%
Debt securities, held-to-maturity, maturity, one through five years, amortized cost $ 0 $ 0
Debt securities, held-to-maturity, due after one year through five years, yield 0.00% 0.00%
Debt securities, held-to-maturity, maturity, after five through ten years, amortized cost $ 0 $ 0
Debt securities, held-to-maturity, due after five years through ten years, yield 0.00% 0.00%
Debt securities, held-to-maturity, maturity, after ten years, amortized cost $ 1,150 $ 1,253
Debt securities, held-to-maturity, due after ten years, yield 2.80% 3.00%
Available-for-sale securities | Available-for-sale debt securities    
Available-for-sale securities    
Total available-for-sale debt securities $ 33,122 $ 29,830
Debt securities, available-for-sale, yield 2.40% 2.80%
Debt securities, available-for-sale, due in one year or less $ 415 $ 226
Debt securities, available-for-sale, due in one year or less, yield 1.40% 2.30%
Debt securities, available-for-sale, due after one year through five years $ 1,450 $ 1,871
Debt securities, available-for-sale, due after one year through five years, yield 2.10% 2.20%
Debt securities, available-for-sale, due after five years through ten years $ 4,531 $ 3,218
Debt securities, available-for-sale, due after five years through ten years, yield 2.00% 2.40%
Debt securities, available-for-sale, due after ten years $ 26,726 $ 24,515
Debt securities, available-for-sale, due after ten years, yield 2.50% 3.00%
Debt securities, available-for-sale, amortized cost $ 32,972 $ 28,936
Debt securities, available-for-sale, maturity, within one year, amortized cost 413 224
Debt securities, available-for-sale, maturity, after one through five years, amortized cost 1,420 1,808
Debt securities, available-for-sale, maturity, after five through ten years, amortized cost 4,466 3,022
Debt securities, available-for-sale, maturity, after ten years, amortized cost 26,673 23,882
Available-for-sale securities | U.S. Treasury and federal agencies    
Available-for-sale securities    
Total available-for-sale debt securities $ 1,743 $ 803
Debt securities, available-for-sale, yield 1.10% 1.20%
Debt securities, available-for-sale, due in one year or less $ 291 $ 13
Debt securities, available-for-sale, due in one year or less, yield 0.80% 0.10%
Debt securities, available-for-sale, due after one year through five years $ 180 $ 708
Debt securities, available-for-sale, due after one year through five years, yield 1.00% 1.10%
Debt securities, available-for-sale, due after five years through ten years $ 1,272 $ 82
Debt securities, available-for-sale, due after five years through ten years, yield 1.20% 1.70%
Debt securities, available-for-sale, due after ten years $ 0 $ 0
Debt securities, available-for-sale, due after ten years, yield 0.00% 0.00%
Debt securities, available-for-sale, amortized cost $ 1,759 $ 783
Available-for-sale securities | U.S. States and political subdivisions    
Available-for-sale securities    
Total available-for-sale debt securities $ 858 $ 1,095
Debt securities, available-for-sale, yield 3.10% 3.00%
Debt securities, available-for-sale, due in one year or less $ 33 $ 49
Debt securities, available-for-sale, due in one year or less, yield 2.50% 1.40%
Debt securities, available-for-sale, due after one year through five years $ 74 $ 103
Debt securities, available-for-sale, due after one year through five years, yield 2.70% 2.30%
Debt securities, available-for-sale, due after five years through ten years $ 134 $ 228
Debt securities, available-for-sale, due after five years through ten years, yield 3.30% 2.70%
Debt securities, available-for-sale, due after ten years $ 617 $ 715
Debt securities, available-for-sale, due after ten years, yield 3.10% 3.30%
Debt securities, available-for-sale, amortized cost $ 839 $ 1,046
Available-for-sale securities | Foreign government    
Available-for-sale securities    
Total available-for-sale debt securities $ 161 $ 176
Debt securities, available-for-sale, yield 1.80% 2.10%
Debt securities, available-for-sale, due in one year or less $ 2 $ 9
Debt securities, available-for-sale, due in one year or less, yield 0.80% 1.70%
Debt securities, available-for-sale, due after one year through five years $ 97 $ 86
Debt securities, available-for-sale, due after one year through five years, yield 1.90% 2.30%
Debt securities, available-for-sale, due after five years through ten years $ 62 $ 81
Debt securities, available-for-sale, due after five years through ten years, yield 1.80% 1.90%
Debt securities, available-for-sale, due after ten years $ 0 $ 0
Debt securities, available-for-sale, due after ten years, yield 0.00% 0.00%
Debt securities, available-for-sale, amortized cost $ 159 $ 167
Available-for-sale securities | Agency mortgage-backed securities    
Available-for-sale securities    
Total available-for-sale debt securities $ 19,706 $ 18,588
Debt securities, available-for-sale, yield 2.50% 3.10%
Debt securities, available-for-sale, due in one year or less $ 0 $ 0
Debt securities, available-for-sale, due in one year or less, yield 0.00% 0.00%
Debt securities, available-for-sale, due after one year through five years $ 0 $ 0
Debt securities, available-for-sale, due after one year through five years, yield 0.00% 0.00%
Debt securities, available-for-sale, due after five years through ten years $ 28 $ 37
Debt securities, available-for-sale, due after five years through ten years, yield 2.00% 2.00%
Debt securities, available-for-sale, due after ten years $ 19,678 $ 18,551
Debt securities, available-for-sale, due after ten years, yield 2.50% 3.10%
Debt securities, available-for-sale, amortized cost $ 19,579 $ 18,053
Available-for-sale securities | Mortgage-backed residential    
Available-for-sale securities    
Total available-for-sale debt securities $ 3,479 $ 2,640
Debt securities, available-for-sale, yield 2.60% 3.10%
Debt securities, available-for-sale, due in one year or less $ 0 $ 0
Debt securities, available-for-sale, due in one year or less, yield 0.00% 0.00%
Debt securities, available-for-sale, due after one year through five years $ 0 $ 0
Debt securities, available-for-sale, due after one year through five years, yield 0.00% 0.00%
Debt securities, available-for-sale, due after five years through ten years $ 25 $ 36
Debt securities, available-for-sale, due after five years through ten years, yield 2.90% 2.90%
Debt securities, available-for-sale, due after ten years $ 3,454 $ 2,604
Debt securities, available-for-sale, due after ten years, yield 2.60% 3.10%
Debt securities, available-for-sale, amortized cost $ 3,463 $ 2,595
Available-for-sale securities | Agency mortgage-backed commercial    
Available-for-sale securities    
Total available-for-sale debt securities $ 4,736 $ 4,189
Debt securities, available-for-sale, yield 1.90% 1.90%
Debt securities, available-for-sale, due in one year or less $ 0 $ 0
Debt securities, available-for-sale, due in one year or less, yield 0.00% 0.00%
Debt securities, available-for-sale, due after one year through five years $ 26 $ 0
Debt securities, available-for-sale, due after one year through five years, yield 2.40% 0.00%
Debt securities, available-for-sale, due after five years through ten years $ 1,751 $ 1,628
Debt securities, available-for-sale, due after five years through ten years, yield 2.30% 2.30%
Debt securities, available-for-sale, due after ten years $ 2,959 $ 2,561
Debt securities, available-for-sale, due after ten years, yield 1.70% 1.70%
Debt securities, available-for-sale, amortized cost $ 4,767 $ 4,063
Available-for-sale securities | Asset-backed    
Available-for-sale securities    
Total available-for-sale debt securities $ 547 $ 425
Debt securities, available-for-sale, yield 2.00% 2.90%
Debt securities, available-for-sale, due in one year or less $ 0 $ 0
Debt securities, available-for-sale, due in one year or less, yield 0.00% 0.00%
Debt securities, available-for-sale, due after one year through five years $ 308 $ 349
Debt securities, available-for-sale, due after one year through five years, yield 2.40% 3.00%
Debt securities, available-for-sale, due after five years through ten years $ 230 $ 49
Debt securities, available-for-sale, due after five years through ten years, yield 1.40% 1.80%
Debt securities, available-for-sale, due after ten years $ 9 $ 27
Debt securities, available-for-sale, due after ten years, yield 3.30% 3.10%
Debt securities, available-for-sale, amortized cost $ 544 $ 420
Available-for-sale securities | Corporate debt    
Available-for-sale securities    
Total available-for-sale debt securities $ 1,892 $ 1,914
Debt securities, available-for-sale, yield 2.30% 2.70%
Debt securities, available-for-sale, due in one year or less $ 89 $ 155
Debt securities, available-for-sale, due in one year or less, yield 3.00% 2.70%
Debt securities, available-for-sale, due after one year through five years $ 765 $ 625
Debt securities, available-for-sale, due after one year through five years, yield 2.30% 2.90%
Debt securities, available-for-sale, due after five years through ten years $ 1,029 $ 1,077
Debt securities, available-for-sale, due after five years through ten years, yield 2.30% 2.60%
Debt securities, available-for-sale, due after ten years $ 9 $ 57
Debt securities, available-for-sale, due after ten years, yield 2.30% 2.10%
Debt securities, available-for-sale, amortized cost $ 1,862 $ 1,809
Held-to-maturity securities | Agency mortgage-backed securities    
Held-to-maturity securities    
Debt securities, held-to-maturity, amortized cost, amount $ 1,150 $ 1,253
Debt securities, held-to-maturity, yield 2.80% 3.00%
Debt securities, held-to-maturity, maturity, within one year, amortized cost $ 0 $ 0
Debt securities, held-to-maturity, due in one year or less, yield 0.00% 0.00%
Debt securities, held-to-maturity, maturity, one through five years, amortized cost $ 0 $ 0
Debt securities, held-to-maturity, due after one year through five years, yield 0.00% 0.00%
Debt securities, held-to-maturity, maturity, after five through ten years, amortized cost $ 0 $ 0
Debt securities, held-to-maturity, due after five years through ten years, yield 0.00% 0.00%
Debt securities, held-to-maturity, maturity, after ten years, amortized cost $ 1,150 $ 1,253
Debt securities, held-to-maturity, due after ten years, yield 2.80% 3.00%
[1] Refer to Note 6 for discussion of investment securities pledged as collateral.
v3.21.2
Investment Securities (Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividends on investment securities $ 155 $ 173 $ 433 $ 596
Excludes other earning assets        
Taxable interest 139 154 384 536
Taxable dividends 7 4 19 14
Interest and dividends exempt from U.S. federal income tax 4 4 14 12
Interest and dividends on investment securities $ 150 $ 162 $ 417 $ 562
v3.21.2
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]        
Available-for-sale securities, gross realized gains $ 44 $ 45 $ 82 $ 169
Available-for-sale securities, gross realized losses 0 (2) 0 (2)
Net realized gains on available-for-sale securities 44 43 82 167
Net realized gain on equity securities 45 7 159 88
Net unrealized (loss) gain on equity securities (65) 14 (29) (82)
Other gain on investments, net $ 24 $ 64 $ 212 $ 173
v3.21.2
Investment securities (Investments Classified by Credit Rating) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities $ 1,150 $ 1,253
Agency mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 1,150 1,253
AA Rating    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 1,150 1,253
AA Rating | Agency mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities $ 1,150 $ 1,253
v3.21.2
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months $ 16,448 $ 2,630
Debt securities, available-for-sale, unrealized loss, less than 12 months (335) (21)
Debt securities, available-for-sale, fair value, 12 months or longer 234 5
Debt securities, available-for-sale, unrealized loss, 12 months or longer (12) 0
U.S. Treasury and federal agencies    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 1,349 3
Debt securities, available-for-sale, unrealized loss, less than 12 months (19) 0
Debt securities, available-for-sale, fair value, 12 months or longer 0 0
Debt securities, available-for-sale, unrealized loss, 12 months or longer 0 0
U.S. States and political subdivisions    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 264 83
Debt securities, available-for-sale, unrealized loss, less than 12 months (6) (1)
Debt securities, available-for-sale, fair value, 12 months or longer 11 0
Debt securities, available-for-sale, unrealized loss, 12 months or longer 0 0
Foreign government    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 60 7
Debt securities, available-for-sale, unrealized loss, less than 12 months (2) 0
Debt securities, available-for-sale, fair value, 12 months or longer 4 0
Debt securities, available-for-sale, unrealized loss, 12 months or longer 0 0
Agency mortgage-backed securities    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 9,619 1,225
Debt securities, available-for-sale, unrealized loss, less than 12 months (178) (3)
Debt securities, available-for-sale, fair value, 12 months or longer 48 0
Debt securities, available-for-sale, unrealized loss, 12 months or longer (1) 0
Mortgage-backed residential    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 1,344 316
Debt securities, available-for-sale, unrealized loss, less than 12 months (7) (4)
Debt securities, available-for-sale, fair value, 12 months or longer 17 0
Debt securities, available-for-sale, unrealized loss, 12 months or longer 0 0
Agency mortgage-backed commercial    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 2,955 926
Debt securities, available-for-sale, unrealized loss, less than 12 months (112) (13)
Debt securities, available-for-sale, fair value, 12 months or longer 125 0
Debt securities, available-for-sale, unrealized loss, 12 months or longer (9) 0
Asset-backed    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 139 11
Debt securities, available-for-sale, unrealized loss, less than 12 months 0 0
Debt securities, available-for-sale, fair value, 12 months or longer 0 0
Debt securities, available-for-sale, unrealized loss, 12 months or longer 0 0
Corporate debt    
Debt Securities [Line Items]    
Debt securities, available-for-sale, fair value, less than 12 months 718 59
Debt securities, available-for-sale, unrealized loss, less than 12 months (11) 0
Debt securities, available-for-sale, fair value, 12 months or longer 29 5
Debt securities, available-for-sale, unrealized loss, 12 months or longer $ (2) $ 0
v3.21.2
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans $ 114,471   $ 118,534      
Unamortized premiums and discounts and deferred fees and costs 2,300   2,000      
Accrued interest receivable 487   587      
Consumer            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 95,052   89,202      
Consumer | Automotive            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 77,761   73,668      
Consumer | Mortgage/Real Estate            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 16,455   15,127      
Consumer | Mortgage Finance            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 16,059   14,632      
Interest-only mortgage loans 6   8      
Consumer | Mortgage - Legacy            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 396   495      
Interest-only mortgage loans $ 23   30      
Interest-only mortgage loans having exited the interest-only period 98.00%          
Consumer | Other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans $ 836   407      
Finance receivables, fair value 8 $ 8 8 $ 8 $ 8 $ 11
Commercial            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 19,419   29,332      
Commercial | Automotive            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 8,772   19,082      
Commercial | Mortgage/Real Estate            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans 4,788   5,008      
Commercial | Other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total finance receivables and loans $ 5,859   $ 5,242      
v3.21.2
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance $ 3,126 $ 3,354 $ 3,283 $ 1,263        
Charge-offs (218) (279) (723) (954)        
Recoveries 164 157 557 388        
Net charge-offs (54) (122) (166) (566)        
Provision for credit losses 76 147 31 1,337        
Other   0   (1)        
Allowance, ending balance 3,148 3,379 3,148 3,379        
Cumulative Effect, Period of Adoption, Adjustment                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       1,346        
Cumulative Effect, Period of Adoption, Adjusted Balance                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       2,609        
Consumer | Automotive                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance 2,802 2,963 2,902 1,075        
Charge-offs (211) (269) (678) (887)        
Recoveries 160 152 535 371        
Net charge-offs (51) (117) (143) (516)        
Provision for credit losses 59 134 51 1,088        
Other   2   1        
Allowance, ending balance 2,810 2,982 2,810 2,982        
Consumer | Automotive | Cumulative Effect, Period of Adoption, Adjustment                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       1,334        
Consumer | Automotive | Cumulative Effect, Period of Adoption, Adjusted Balance                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       2,409        
Consumer | Mortgage/Real Estate                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance 24 42 33 46        
Charge-offs (2) (4) (6) (9)        
Recoveries 4 5 10 14        
Net charge-offs 2 1 4 5        
Provision for credit losses (1) (3) (12) (5)        
Other   (1)   (1)        
Allowance, ending balance 25 39 25 39        
Consumer | Mortgage/Real Estate | Cumulative Effect, Period of Adoption, Adjustment                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       (6)        
Consumer | Mortgage/Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       40        
Consumer | Other                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance 72 49 73 9        
Charge-offs (5) (2) (18) (11)        
Recoveries 0 0 1 1        
Net charge-offs (5) (2) (17) (10)        
Provision for credit losses 19 20 30 51        
Other   0   1        
Allowance, ending balance 86 67 86 67        
Finance receivables, fair value 8 8 8 8 $ 8 $ 8 $ 8 $ 11
Consumer | Other | Cumulative Effect, Period of Adoption, Adjustment                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       16        
Consumer | Other | Cumulative Effect, Period of Adoption, Adjusted Balance                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       25        
Commercial                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance 228 300 275 133        
Charge-offs 0 (4) (21) (47)        
Recoveries 0 0 11 2        
Net charge-offs 0 (4) (10) (45)        
Provision for credit losses (1) (4) (38) 203        
Other   (1)   (2)        
Allowance, ending balance $ 227 $ 291 $ 227 291        
Commercial | Cumulative Effect, Period of Adoption, Adjustment                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       2        
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance                
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward]                
Allowance, beginning balance       $ 135        
v3.21.2
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total sales and transfers $ 0 $ 128 $ 413 $ 128
Consumer | Mortgage/Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total sales and transfers $ 0 $ 128 $ 413 $ 128
v3.21.2
Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivables and loans, significant purchases $ 1,903 $ 1,587 $ 5,139 $ 4,937
Consumer | Automotive        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivables and loans, significant purchases 709 925 2,013 1,920
Consumer | Mortgage/Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivables and loans, significant purchases 1,191 659 3,123 3,013
Commercial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivables and loans, significant purchases $ 3 $ 3 $ 3 $ 4
v3.21.2
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Nonaccrual Status) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status $ 1,285   $ 1,285   $ 1,283 $ 1,522 $ 1,532 $ 1,036
Financing receivable, nonaccrual, with no allowance 549   549     706    
Financing receivable, nonaccrual, interest income 2 $ 2 7 $ 8        
Consumer                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 1,087   1,087   1,111 1,361 1,314 821
Financing receivable, nonaccrual, with no allowance 481   481     650    
Consumer | Automotive                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 1,015   1,015   1,033 1,256 1,250 762
Financing receivable, nonaccrual, with no allowance 432   432     604    
Consumer | Mortgage/Real Estate                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 69   69   76 102 63 57
Financing receivable, nonaccrual, with no allowance 49   49     46    
Consumer | Mortgage Finance                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 45   45   49 67 27 17
Financing receivable, nonaccrual, with no allowance 27   27     18    
Consumer | Mortgage - Legacy                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 24   24   27 35 36 40
Financing receivable, nonaccrual, with no allowance 22   22     28    
Consumer | Other                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 3   3   2 3 1 2
Financing receivable, nonaccrual, with no allowance 0   0     0    
Commercial                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 198   198   172 161 218 215
Financing receivable, nonaccrual, with no allowance 68   68     56    
Commercial | Automotive                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 32   32   33 40 80 73
Financing receivable, nonaccrual, with no allowance 3   3     10    
Commercial | Mortgage/Real Estate                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 3   3   6 5 6 4
Financing receivable, nonaccrual, with no allowance 3   3     5    
Commercial | Other                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 163   163   $ 133 116 $ 132 $ 138
Financing receivable, nonaccrual, with no allowance $ 62   $ 62     $ 41    
v3.21.2
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Consumer) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]            
Total finance receivables and loans $ 114,471   $ 118,534      
Consumer            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total finance receivables and loans 95,052   89,202      
Consumer | Excludes fair value option elected other loans            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 36,901   31,399      
Year two, originated, fiscal year before current fiscal year 22,691   22,426      
Year three, originated, two years before current fiscal year 14,924   14,509      
Year four, originated, three years before current fiscal year 9,117   9,765      
Year five, originated, four years before current fiscal year 5,603   5,143      
Originated, more than five years before current fiscal year 5,519   5,604      
Revolving loans 260   310      
Revolving loans converted to term 29   38      
Total finance receivables and loans 95,044   89,194      
Consumer | Automotive            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 28,656   27,634      
Year two, originated, fiscal year before current fiscal year 20,030   19,943      
Year three, originated, two years before current fiscal year 13,735   12,730      
Year four, originated, three years before current fiscal year 8,223   7,483      
Year five, originated, four years before current fiscal year 4,394   3,953      
Originated, more than five years before current fiscal year 2,723   1,925      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 77,761   73,668      
Consumer | Mortgage/Real Estate            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 7,621   3,444      
Year two, originated, fiscal year before current fiscal year 2,489   2,425      
Year three, originated, two years before current fiscal year 1,165   1,765      
Year four, originated, three years before current fiscal year 888   2,277      
Year five, originated, four years before current fiscal year 1,207   1,189      
Originated, more than five years before current fiscal year 2,796   3,679      
Revolving loans 260   310      
Revolving loans converted to term 29   38      
Total finance receivables and loans 16,455   15,127      
Consumer | Mortgage Finance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 7,621   3,444      
Year two, originated, fiscal year before current fiscal year 2,489   2,425      
Year three, originated, two years before current fiscal year 1,165   1,765      
Year four, originated, three years before current fiscal year 888   2,277      
Year five, originated, four years before current fiscal year 1,207   1,189      
Originated, more than five years before current fiscal year 2,689   3,532      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 16,059   14,632      
Consumer | Mortgage - Legacy            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 0   0      
Year two, originated, fiscal year before current fiscal year 0   0      
Year three, originated, two years before current fiscal year 0   0      
Year four, originated, three years before current fiscal year 0   0      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 107   147      
Revolving loans 260   310      
Revolving loans converted to term 29   38      
Total finance receivables and loans 396   495      
Consumer | Other            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total finance receivables and loans 836   407      
Finance receivables, fair value 8 $ 8 8 $ 8 $ 8 $ 11
Consumer | Other | Excludes fair value option elected other loans            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 624   321      
Year two, originated, fiscal year before current fiscal year 172   58      
Year three, originated, two years before current fiscal year 24   14      
Year four, originated, three years before current fiscal year 6   5      
Year five, originated, four years before current fiscal year 2   1      
Originated, more than five years before current fiscal year 0   0      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 828   399      
Current | Consumer | Automotive            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 28,365   27,255      
Year two, originated, fiscal year before current fiscal year 19,572   19,204      
Year three, originated, two years before current fiscal year 13,244   12,129      
Year four, originated, three years before current fiscal year 7,877   7,060      
Year five, originated, four years before current fiscal year 4,172   3,678      
Originated, more than five years before current fiscal year 2,538   1,766      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 75,768   71,092      
Current | Consumer | Mortgage Finance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 7,542   3,432      
Year two, originated, fiscal year before current fiscal year 2,485   2,410      
Year three, originated, two years before current fiscal year 1,151   1,744      
Year four, originated, three years before current fiscal year 862   2,254      
Year five, originated, four years before current fiscal year 1,192   1,177      
Originated, more than five years before current fiscal year 2,649   3,492      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 15,881   14,509      
Current | Consumer | Mortgage - Legacy            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 0   0      
Year two, originated, fiscal year before current fiscal year 0   0      
Year three, originated, two years before current fiscal year 0   0      
Year four, originated, three years before current fiscal year 0   0      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 86   121      
Revolving loans 252   303      
Revolving loans converted to term 26   36      
Total finance receivables and loans 364   460      
Current | Consumer | Other | Excludes fair value option elected other loans            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 613   306      
Year two, originated, fiscal year before current fiscal year 168   53      
Year three, originated, two years before current fiscal year 24   13      
Year four, originated, three years before current fiscal year 6   4      
Year five, originated, four years before current fiscal year 2   1      
Originated, more than five years before current fiscal year 0   0      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 813   377      
Financing receivables, 30 to 59 days past due | Consumer | Automotive            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 224   281      
Year two, originated, fiscal year before current fiscal year 325   466      
Year three, originated, two years before current fiscal year 335   376      
Year four, originated, three years before current fiscal year 238   264      
Year five, originated, four years before current fiscal year 152   174      
Originated, more than five years before current fiscal year 122   97      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 1,396   1,658      
Financing receivables, 30 to 59 days past due | Consumer | Mortgage Finance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 78   10      
Year two, originated, fiscal year before current fiscal year 4   9      
Year three, originated, two years before current fiscal year 10   10      
Year four, originated, three years before current fiscal year 18   11      
Year five, originated, four years before current fiscal year 12   7      
Originated, more than five years before current fiscal year 23   16      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 145   63      
Financing receivables, 30 to 59 days past due | Consumer | Mortgage - Legacy            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 0   0      
Year two, originated, fiscal year before current fiscal year 0   0      
Year three, originated, two years before current fiscal year 0   0      
Year four, originated, three years before current fiscal year 0   0      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 5   4      
Revolving loans 4   2      
Revolving loans converted to term 2   0      
Total finance receivables and loans 11   6      
Financing receivables, 30 to 59 days past due | Consumer | Other | Excludes fair value option elected other loans            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 5   9      
Year two, originated, fiscal year before current fiscal year 2   3      
Year three, originated, two years before current fiscal year 0   1      
Year four, originated, three years before current fiscal year 0   0      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 0   0      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 7   13      
Financing receivables, 60 to 89 days past due | Consumer | Automotive            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 50   66      
Year two, originated, fiscal year before current fiscal year 93   165      
Year three, originated, two years before current fiscal year 102   129      
Year four, originated, three years before current fiscal year 68   88      
Year five, originated, four years before current fiscal year 41   55      
Originated, more than five years before current fiscal year 32   32      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 386   535      
Financing receivables, 60 to 89 days past due | Consumer | Mortgage Finance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 1   1      
Year two, originated, fiscal year before current fiscal year 0   1      
Year three, originated, two years before current fiscal year 0   3      
Year four, originated, three years before current fiscal year 0   2      
Year five, originated, four years before current fiscal year 1   1      
Originated, more than five years before current fiscal year 3   3      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 5   11      
Financing receivables, 60 to 89 days past due | Consumer | Mortgage - Legacy            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 0   0      
Year two, originated, fiscal year before current fiscal year 0   0      
Year three, originated, two years before current fiscal year 0   0      
Year four, originated, three years before current fiscal year 0   0      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 2   2      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 2   2      
Financing receivables, 60 to 89 days past due | Consumer | Other | Excludes fair value option elected other loans            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 4   4      
Year two, originated, fiscal year before current fiscal year 1   1      
Year three, originated, two years before current fiscal year 0   0      
Year four, originated, three years before current fiscal year 0   1      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 0   0      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 5   6      
Financing receivables, 90 or more days past due | Consumer | Automotive            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 17   32      
Year two, originated, fiscal year before current fiscal year 40   108      
Year three, originated, two years before current fiscal year 54   96      
Year four, originated, three years before current fiscal year 40   71      
Year five, originated, four years before current fiscal year 29   46      
Originated, more than five years before current fiscal year 31   30      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 211   383      
Financing receivables, 90 or more days past due | Consumer | Mortgage Finance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 0   1      
Year two, originated, fiscal year before current fiscal year 0   5      
Year three, originated, two years before current fiscal year 4   8      
Year four, originated, three years before current fiscal year 8   10      
Year five, originated, four years before current fiscal year 2   4      
Originated, more than five years before current fiscal year 14   21      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans 28   49      
Financing receivables, 90 or more days past due | Consumer | Mortgage - Legacy            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 0   0      
Year two, originated, fiscal year before current fiscal year 0   0      
Year three, originated, two years before current fiscal year 0   0      
Year four, originated, three years before current fiscal year 0   0      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 14   20      
Revolving loans 4   5      
Revolving loans converted to term 1   2      
Total finance receivables and loans 19   27      
Financing receivables, 90 or more days past due | Consumer | Other | Excludes fair value option elected other loans            
Financing Receivable, Credit Quality Indicator [Line Items]            
Year one, originated, current fiscal year 2   2      
Year two, originated, fiscal year before current fiscal year 1   1      
Year three, originated, two years before current fiscal year 0   0      
Year four, originated, three years before current fiscal year 0   0      
Year five, originated, four years before current fiscal year 0   0      
Originated, more than five years before current fiscal year 0   0      
Revolving loans 0   0      
Revolving loans converted to term 0   0      
Total finance receivables and loans $ 3   $ 3      
v3.21.2
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Commercial) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]    
Total finance receivables and loans $ 114,471 $ 118,534
Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 1,596 2,711
Year two, originated, fiscal year before current fiscal year 1,984 2,122
Year three, originated, two years before current fiscal year 1,853 1,399
Year four, originated, three years before current fiscal year 927 1,272
Year five, originated, four years before current fiscal year 780 977
Originated, more than five years before current fiscal year 1,258 902
Revolving loans 10,880 19,807
Revolving loans converted to term 141 142
Total finance receivables and loans 19,419 29,332
Automotive loan | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 287 920
Year two, originated, fiscal year before current fiscal year 252 245
Year three, originated, two years before current fiscal year 199 117
Year four, originated, three years before current fiscal year 76 143
Year five, originated, four years before current fiscal year 65 86
Originated, more than five years before current fiscal year 93 52
Revolving loans 7,800 17,519
Revolving loans converted to term 0 0
Total finance receivables and loans 8,772 19,082
Automotive loan | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 278 869
Year two, originated, fiscal year before current fiscal year 247 220
Year three, originated, two years before current fiscal year 182 58
Year four, originated, three years before current fiscal year 49 91
Year five, originated, four years before current fiscal year 32 76
Originated, more than five years before current fiscal year 64 34
Revolving loans 7,232 15,433
Revolving loans converted to term 0 0
Total finance receivables and loans 8,084 16,781
Automotive loan | Special Mention | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 9 48
Year two, originated, fiscal year before current fiscal year 4 23
Year three, originated, two years before current fiscal year 17 59
Year four, originated, three years before current fiscal year 26 52
Year five, originated, four years before current fiscal year 33 9
Originated, more than five years before current fiscal year 29 18
Revolving loans 525 2,013
Revolving loans converted to term 0 0
Total finance receivables and loans 643 2,222
Automotive loan | Substandard | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 0 3
Year two, originated, fiscal year before current fiscal year 1 2
Year three, originated, two years before current fiscal year 0 0
Year four, originated, three years before current fiscal year 1 0
Year five, originated, four years before current fiscal year 0 1
Originated, more than five years before current fiscal year 0 0
Revolving loans 43 72
Revolving loans converted to term 0 0
Total finance receivables and loans 45 78
Automotive loan | Doubtful | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year   0
Year two, originated, fiscal year before current fiscal year   0
Year three, originated, two years before current fiscal year   0
Year four, originated, three years before current fiscal year   0
Year five, originated, four years before current fiscal year   0
Originated, more than five years before current fiscal year   0
Revolving loans   1
Revolving loans converted to term   0
Total finance receivables and loans   1
Other | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 519 645
Year two, originated, fiscal year before current fiscal year 574 817
Year three, originated, two years before current fiscal year 699 367
Year four, originated, three years before current fiscal year 146 514
Year five, originated, four years before current fiscal year 298 183
Originated, more than five years before current fiscal year 410 288
Revolving loans 3,077 2,288
Revolving loans converted to term 136 140
Total finance receivables and loans 5,859 5,242
Other | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 519 536
Year two, originated, fiscal year before current fiscal year 468 622
Year three, originated, two years before current fiscal year 489 244
Year four, originated, three years before current fiscal year 125 210
Year five, originated, four years before current fiscal year 138 81
Originated, more than five years before current fiscal year 155 69
Revolving loans 2,948 2,142
Revolving loans converted to term 96 76
Total finance receivables and loans 4,938 3,980
Other | Special Mention | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 0 76
Year two, originated, fiscal year before current fiscal year 75 169
Year three, originated, two years before current fiscal year 114 123
Year four, originated, three years before current fiscal year 21 190
Year five, originated, four years before current fiscal year 21 102
Originated, more than five years before current fiscal year 138 115
Revolving loans 115 123
Revolving loans converted to term 15 43
Total finance receivables and loans 499 941
Other | Substandard | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 0 33
Year two, originated, fiscal year before current fiscal year 24 26
Year three, originated, two years before current fiscal year 96 0
Year four, originated, three years before current fiscal year 0 108
Year five, originated, four years before current fiscal year 139 0
Originated, more than five years before current fiscal year 90 77
Revolving loans 10 21
Revolving loans converted to term 25 20
Total finance receivables and loans 384 285
Other | Doubtful | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 0 0
Year two, originated, fiscal year before current fiscal year 7 0
Year three, originated, two years before current fiscal year 0 0
Year four, originated, three years before current fiscal year 0 6
Year five, originated, four years before current fiscal year 0 0
Originated, more than five years before current fiscal year 27 27
Revolving loans 4 2
Revolving loans converted to term 0 1
Total finance receivables and loans 38 36
Commercial real estate | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 790 1,146
Year two, originated, fiscal year before current fiscal year 1,158 1,060
Year three, originated, two years before current fiscal year 955 915
Year four, originated, three years before current fiscal year 705 615
Year five, originated, four years before current fiscal year 417 708
Originated, more than five years before current fiscal year 755 562
Revolving loans 3 0
Revolving loans converted to term 5 2
Total finance receivables and loans 4,788 5,008
Commercial real estate | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 784 1,108
Year two, originated, fiscal year before current fiscal year 1,153 928
Year three, originated, two years before current fiscal year 837 799
Year four, originated, three years before current fiscal year 698 580
Year five, originated, four years before current fiscal year 398 651
Originated, more than five years before current fiscal year 721 512
Revolving loans 3 0
Revolving loans converted to term 5 2
Total finance receivables and loans 4,599 4,580
Commercial real estate | Special Mention | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 6 38
Year two, originated, fiscal year before current fiscal year 5 132
Year three, originated, two years before current fiscal year 118 116
Year four, originated, three years before current fiscal year 7 32
Year five, originated, four years before current fiscal year 19 49
Originated, more than five years before current fiscal year 24 43
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 179 410
Commercial real estate | Substandard | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 0 0
Year two, originated, fiscal year before current fiscal year 0 0
Year three, originated, two years before current fiscal year 0 0
Year four, originated, three years before current fiscal year 0 3
Year five, originated, four years before current fiscal year 0 6
Originated, more than five years before current fiscal year 10 7
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans $ 10 16
Commercial real estate | Doubtful | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year   0
Year two, originated, fiscal year before current fiscal year   0
Year three, originated, two years before current fiscal year   0
Year four, originated, three years before current fiscal year   0
Year five, originated, four years before current fiscal year   2
Originated, more than five years before current fiscal year   0
Revolving loans   0
Revolving loans converted to term   0
Total finance receivables and loans   $ 2
v3.21.2
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Commercial) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans $ 114,471 $ 118,534
Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 19,419 29,332
Automotive loan | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 8,772 19,082
Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 5,859 5,242
Mortgage/Real Estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 4,788 5,008
Total past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 2
Total past due | Automotive loan | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Total past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Total past due | Mortgage/Real Estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 2
Financing receivables, 30 to 59 days past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 30 to 59 days past due | Automotive loan | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 30 to 59 days past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 30 to 59 days past due | Mortgage/Real Estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 60 to 89 days past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 60 to 89 days past due | Automotive loan | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 60 to 89 days past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 60 to 89 days past due | Mortgage/Real Estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 90 or more days past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 2
Financing receivables, 90 or more days past due | Automotive loan | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 90 or more days past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 0
Financing receivables, 90 or more days past due | Mortgage/Real Estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 0 2
Current | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 19,419 29,330
Current | Automotive loan | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 8,772 19,082
Current | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans 5,859 5,242
Current | Mortgage/Real Estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Total finance receivables and loans $ 4,788 $ 5,006
v3.21.2
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
loan
Sep. 30, 2020
USD ($)
loan
Sep. 30, 2021
USD ($)
loan
Sep. 30, 2020
USD ($)
loan
Dec. 31, 2020
USD ($)
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, gross carrying value $ 2,400   $ 2,400   $ 2,200
Loans and leases receivable, impaired, commitment to lend $ 24   $ 24   $ 14
Financing receivable, modifications, number of loans | loan 19,933 30,812 60,215 74,993  
Financing receivable, modifications, pre-modification amortized cost basis $ 359 $ 606 $ 1,148 $ 1,352  
Financing receivable, modifications, post-modification amortized cost basis $ 349 $ 587 $ 1,129 $ 1,264  
Consumer          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 19,933 30,808 60,212 74,985  
Financing receivable, modifications, pre-modification amortized cost basis $ 359 $ 541 $ 1,111 $ 1,226  
Financing receivable, modifications, post-modification amortized cost basis $ 349 $ 526 $ 1,092 $ 1,163  
Consumer | Automotive loan          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 19,907 30,794 60,167 74,887  
Financing receivable, modifications, pre-modification amortized cost basis $ 347 $ 540 $ 1,090 $ 1,203  
Financing receivable, modifications, post-modification amortized cost basis $ 338 $ 525 $ 1,071 $ 1,140  
Consumer | Mortgage/Real Estate          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 26 14 45 98  
Financing receivable, modifications, pre-modification amortized cost basis $ 12 $ 1 $ 21 $ 23  
Financing receivable, modifications, post-modification amortized cost basis $ 11 $ 1 $ 21 $ 23  
Consumer | Mortgage Finance          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 18 2 33 31  
Financing receivable, modifications, pre-modification amortized cost basis $ 11 $ 0 $ 19 $ 15  
Financing receivable, modifications, post-modification amortized cost basis $ 10 $ 0 $ 19 $ 15  
Consumer | Mortgage - Legacy          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 8 12 12 67  
Financing receivable, modifications, pre-modification amortized cost basis $ 1 $ 1 $ 2 $ 8  
Financing receivable, modifications, post-modification amortized cost basis $ 1 $ 1 $ 2 $ 8  
Commercial          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 0 4 3 8  
Financing receivable, modifications, pre-modification amortized cost basis $ 0 $ 65 $ 37 $ 126  
Financing receivable, modifications, post-modification amortized cost basis $ 0 $ 61 $ 37 $ 101  
Commercial | Automotive loan          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 0 2 1 5  
Financing receivable, modifications, pre-modification amortized cost basis $ 0 $ 7 $ 1 $ 45  
Financing receivable, modifications, post-modification amortized cost basis $ 0 $ 7 $ 1 $ 40  
Commercial | Other          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan 0 2 1 3  
Financing receivable, modifications, pre-modification amortized cost basis $ 0 $ 58 $ 33 $ 81  
Financing receivable, modifications, post-modification amortized cost basis $ 0 $ 54 $ 33 $ 61  
Commercial | Commercial real estate          
Financing Receivable, Troubled Debt Restructuring          
Financing receivable, modifications, number of loans | loan     1 0  
Financing receivable, modifications, pre-modification amortized cost basis     $ 3 $ 0  
Financing receivable, modifications, post-modification amortized cost basis     $ 3 $ 0  
v3.21.2
Finance Receivables and Loans, Net (Finance Receivables and Loans Redefaulted During the Period) (Details) - Consumer
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
loan
Sep. 30, 2020
USD ($)
loan
Sep. 30, 2021
USD ($)
loan
Sep. 30, 2020
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable        
Number of loans | loan 2,374 5,195 6,944 7,478
Amortized cost $ 31 $ 52 $ 86 $ 76
Charge-off amount $ 15 $ 37 $ 46 $ 54
Automotive loan        
Accounts, Notes, Loans and Financing Receivable        
Number of loans | loan 2,374 5,195 6,939 7,478
Amortized cost $ 31 $ 52 $ 86 $ 76
Charge-off amount $ 15 $ 37 $ 46 $ 54
Mortgage Finance        
Accounts, Notes, Loans and Financing Receivable        
Number of loans | loan     1 0
Amortized cost     $ 0 $ 0
Charge-off amount     $ 0 $ 0
Mortgage - Legacy        
Accounts, Notes, Loans and Financing Receivable        
Number of loans | loan     4 0
Amortized cost     $ 0 $ 0
Charge-off amount     $ 0 $ 0
v3.21.2
Leasing (Ally as the Lessee) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Lessee, Lease, Description [Line Items]          
Noncancelable lease term     367 days    
Lease extension, maximum     48 months    
Cash paid for amounts included in the measurement of lease liabilities $ 10 $ 12 $ 39 $ 37  
Right-of-use asset obtained in exchange for operating lease liability     $ 352 $ 58  
Operating lease, weighted-average remaining lease term 7 years   7 years   7 years
Operating lease, weighted average discount rate 2.03%   2.03%   2.21%
Undiscounted future lease payments $ 13   $ 13    
Term of contract 10 years   10 years    
Minimum          
Lessee, Lease, Description [Line Items]          
Operating lease remaining lease term 3 months   3 months    
Option to terminate     5    
Maximum          
Lessee, Lease, Description [Line Items]          
Operating lease remaining lease term 11 years   11 years    
Option to terminate     6 years    
Land and Building | Minimum          
Lessee, Lease, Description [Line Items]          
Option to extend     1    
Land and Building | Maximum          
Lessee, Lease, Description [Line Items]          
Option to extend     15 years    
v3.21.2
Leasing (Lessee, Operating Lease, Liability, Maturity) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Leases [Abstract]    
2021 $ 11  
2022 38  
2023 28  
2024 23  
2025 21  
2026 and thereafter 66  
Total undiscounted cash flows 187  
Difference between undiscounted cash flows and discounted cash flows (12)  
Total lease liability $ 175 $ 187
v3.21.2
Leasing (Lease, Cost) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Leases [Abstract]        
Operating lease expense $ 10 $ 11 $ 36 $ 35
Variable lease expense 2 2 6 6
Total lease expense, net $ 12 $ 13 $ 42 $ 41
v3.21.2
Leasing (Ally as the Lessor) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Lessor, Lease, Description [Line Items]    
Residual value guarantee, percentage 15.00% 15.00%
Vehicles $ 12,445 $ 11,182
Accumulated depreciation (1,476) (1,543)
Investment in operating leases, net $ 10,969 9,639
Minimum    
Lessor, Lease, Description [Line Items]    
Lessor, operating lease, lessee option to purchase underlying asset 24  
Maximum    
Lessor, Lease, Description [Line Items]    
Lessor, operating lease, lessee option to purchase underlying asset 60 months  
Vehicles    
Lessor, Lease, Description [Line Items]    
Residual value of leased asset $ 211 $ 352
v3.21.2
Leasing (Lessor, Operating Lease, Payments to be Received, Maturity) (Details)
$ in Millions
Sep. 30, 2021
USD ($)
Leases [Abstract]  
2021 $ 430
2022 1,461
2023 1,027
2024 396
2025 72
2026 and thereafter 5
Total lease payments from operating leases $ 3,391
v3.21.2
Leasing (Depreciation Expense on Operating Lease Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Leases [Abstract]        
Operating lease revenue $ 393 $ 360 $ 1,147 $ 1,070
Depreciation expense on operating lease assets 225 246 662 737
Remarketing gains, net (86) (71) (278) (62)
Net depreciation expense on operating lease assets 139 175 384 675
Variable lease payments, excessive wear and tear $ 3 $ 6 $ 13 $ 18
v3.21.2
Leasing (Sales-type and Direct Financing Leases, Lease Receivable, Maturity) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Leases [Abstract]          
Direct financing lease, net investment in lease $ 488   $ 488   $ 450
Direct financing lease, present value of lease payments recorded as lease receivable 475   475   437
Direct financing lease, unguaranteed residual asset 13   13   $ 13
Direct financing lease, interest income 7 $ 5 20 $ 11  
2021 45   45    
2022 158   158    
2023 129   129    
2024 106   106    
2025 51   51    
2026 and thereafter 37   37    
Total undiscounted cash flows 526   526    
Difference between undiscounted cash flows and discounted cash flows (475)   (475)    
Present value of lease payments recorded as lease receivable $ 51   $ 51    
v3.21.2
Securitizations and Variable Interest Entities (Narrative) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]        
Sales of financial assets $ 0 $ 0 $ 0 $ 0
Off-balance sheet variable interest entities | Consumer Automotive Industry Sector        
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]        
Net credit losses recognized       $ 1,000,000
v3.21.2
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Variable Interest Entity [Line Items]      
Carrying value of total assets $ 179,184 $ 182,165 $ 185,270
Carrying value of total liabilities 161,895 167,462  
On-balance sheet variable interest entities      
Variable Interest Entity [Line Items]      
Carrying value of total assets 8,493 14,196  
Carrying value of total liabilities 1,439 4,161  
On-balance sheet variable interest entities | Consumer Automotive Industry Sector      
Variable Interest Entity [Line Items]      
Carrying value of total assets 19,580 17,833  
Carrying value of total liabilities 1,563 3,103  
Assets held-in-trust 11,100 9,900  
Non-recourse debt 124 94  
On-balance sheet variable interest entities | Commercial Automotive Industry Sector      
Variable Interest Entity [Line Items]      
Carrying value of total assets   6,276  
Carrying value of total liabilities   1,152  
Off-balance sheet variable interest entities      
Variable Interest Entity [Line Items]      
Carrying value of total assets 21,268 25,404  
Carrying value of total liabilities 2,296 4,784  
Assets sold to nonconsolidated VIEs 0 0  
Maximum exposure to loss in nonconsolidated VIEs 2,234 1,754  
Off-balance sheet variable interest entities | Commercial Other Industry Sector      
Variable Interest Entity [Line Items]      
Carrying value of total assets 1,688 1,295  
Carrying value of total liabilities 733 529  
Assets sold to nonconsolidated VIEs 0 0  
Maximum exposure to loss in nonconsolidated VIEs $ 2,234 $ 1,754  
v3.21.2
Securitizations and Variable Interest Entities (Schedule of Cash Flow Received from and Paid to Nonconsolidated Securitization Entities) (Details) - Off-balance sheet variable interest entities - Consumer Automotive Industry Sector - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items]    
Cash flows received on retained interests in securitization entities $ 0 $ 11
Servicing fees 0 3
Cash disbursements for repurchases during the period 0 (2)
Total $ 0 $ 12
v3.21.2
Other Assets (Schedule of Other Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Dec. 31, 2020
Other Assets [Abstract]      
Property and equipment at cost $ 2,075 $ 2,075 $ 1,541
Accumulated depreciation (917) (917) (815)
Net property and equipment 1,158 1,158 726
Investment in qualified affordable housing projects 1,341 1,341 1,095
Nonmarketable equity investments 931 931 915
Net deferred tax assets 852 852 94
Accrued interest, fees, and rent receivables 580 580 704
Restricted cash held for securitization trusts 567 567 875
Equity-method investments 402 402 320
Goodwill 343 343 343
Other accounts receivable 158 158 166
Operating lease right-of-use assets 148 148 162
Restricted cash and cash equivalents 57 57 78
Net intangible assets 37 37 50
Fair value of derivative contracts in receivable position 9 9 17
Other assets 869 869 870
Total other assets 7,452 7,452 6,415
Federal Home Loan Bank stock 224 224 276
Federal Reserve Bank stock 449 449 449
Equity securities without a readily determinable fair value 258 258 189
Annual adjustment amount 1 83  
Equity securities without readily determinable fair value, impairment loss, amount   1  
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount 178 178  
Impairment related to equity securities without a readily determinable fair value 12 12  
Gross intangible assets 109 109 109
Intangible assets, accumulated amortization $ 72 $ 72 $ 59
v3.21.2
Other Assets (Schedule of Goodwill) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Apr. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Goodwill [Roll Forward]          
Goodwill beginning balance       $ 343  
Impairment losses   $ 0 $ 0 0 $ (50)
Goodwill ending balance   343   343  
Operating Segments | Automotive Finance operations          
Goodwill [Roll Forward]          
Goodwill beginning balance       20  
Impairment losses       0  
Goodwill ending balance   20   20  
Operating Segments | Insurance operations          
Goodwill [Roll Forward]          
Goodwill beginning balance       27  
Impairment losses       0  
Goodwill ending balance   27   27  
Corporate and Other          
Goodwill [Roll Forward]          
Goodwill beginning balance       296  
Impairment losses $ (50)     0  
Goodwill ending balance   296   296  
Ally Lending | Corporate and Other          
Goodwill [Roll Forward]          
Goodwill beginning balance       153  
Goodwill ending balance   153   153  
Ally Invest | Corporate and Other          
Goodwill [Roll Forward]          
Goodwill beginning balance       143  
Goodwill ending balance   $ 143   $ 143  
v3.21.2
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Deposits [Abstract]    
Noninterest-bearing deposits $ 167 $ 128
Interest-bearing deposits    
Savings, money market, and checking accounts 98,035 83,698
Certificates of deposit 41,242 53,210
Total deposit liabilities 139,444 137,036
Certificates of deposit, $100,000 or more 21,700 25,800
Certificates of deposit, in excess of $250,000 federal insurance limits $ 7,300 $ 8,600
v3.21.2
Debt (Schedule of Short-term Debt) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Short-term Debt [Line Items]    
Demand notes $ 0 $ 2,136
Total short-term borrowings 0 2,136
Unsecured debt    
Short-term Debt [Line Items]    
Demand notes 0 2,136
Total short-term borrowings 0 2,136
Secured debt    
Short-term Debt [Line Items]    
Demand notes 0 0
Total short-term borrowings $ 0 $ 0
v3.21.2
Debt (Long-term Debt) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Long-term debt, due within one year $ 5,428 $ 5,085
Long-term debt, due after one year 9,518 16,921
Total long-term debt 14,946 22,006
Trust preferred securities 188 2,600
Secured debt 6,091 9,992
Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, due within one year 1,000 647
Long-term debt, due after one year 7,855 11,367
Total long-term debt 8,855 12,014
Secured debt    
Debt Instrument [Line Items]    
Long-term debt, due within one year 4,428 4,438
Long-term debt, due after one year 1,663 5,554
Total long-term debt 6,091 9,992
Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Secured debt $ 4,600 $ 5,800
v3.21.2
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months $ 832  
Long-term debt, maturities, repayments of principal in year two 5,823  
Long-term debt, maturities, repayments of principal in year three 2,620  
Long-term debt, maturities, repayments of principal in year four 1,447  
Long-term debt, maturities, repayments of principal in year five 2,312  
Long-term debt, maturities, repayments of principal after year five 1,912  
Total long-term debt 14,946 $ 22,006
Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months 189  
Long-term debt, maturities, repayments of principal in year two 1,032  
Long-term debt, maturities, repayments of principal in year three 2,029  
Long-term debt, maturities, repayments of principal in year four 1,415  
Long-term debt, maturities, repayments of principal in year five 2,288  
Long-term debt, maturities, repayments of principal after year five 1,902  
Total long-term debt 8,855 12,014
Secured debt    
Debt Instrument [Line Items]    
Total long-term debt 6,091 $ 9,992
Long-term debt | Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months 209  
Long-term debt, maturities, repayments of principal in year two 1,083  
Long-term debt, maturities, repayments of principal in year three 2,086  
Long-term debt, maturities, repayments of principal in year four 1,479  
Long-term debt, maturities, repayments of principal in year five 2,357  
Long-term debt, maturities, repayments of principal after year five 2,571  
Total long-term debt 9,785  
Long-term debt | Secured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months 643  
Long-term debt, maturities, repayments of principal in year two 4,791  
Long-term debt, maturities, repayments of principal in year three 591  
Long-term debt, maturities, repayments of principal in year four 32  
Long-term debt, maturities, repayments of principal in year five 24  
Long-term debt, maturities, repayments of principal after year five 10  
Total long-term debt 6,091  
Original issue discount | Unsecured debt    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, current (20)  
Debt instrument, unamortized discount (930)  
Original issue discount | Unsecured debt | 2022    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (51)  
Original issue discount | Unsecured debt | 2023    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (57)  
Original issue discount | Unsecured debt | 2024    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (64)  
Original issue discount | Unsecured debt | 2025    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (69)  
Original issue discount | Unsecured debt | 2026 and thereafter    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent $ (669)  
v3.21.2
Debt (Pledged Assets Related to Secured Borrowings and Repurchase Agreement) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, mortgage finance receivables $ 16,378 $ 14,979
Pledged assets, restricted as collateral 26,777 35,798
Secured debt 6,091 9,992
Consumer | Automotive loan    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, finance receivables 10,389 9,953
Commercial    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, finance receivables 10 10,866
Ally Bank    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, mortgage finance receivables 16,378 14,979
Pledged assets, restricted as collateral 26,664 35,355
Secured debt 6,008 9,634
Ally Bank | Pledged assets for Federal Home Loan Bank    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral 16,400 20,000
Ally Bank | Pledged assets for Federal Reserve Bank    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral 2,400 2,400
Ally Bank | Consumer | Automotive loan    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, finance receivables 10,276 9,510
Ally Bank | Commercial    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, finance receivables $ 10 $ 10,866
v3.21.2
Debt (Narrative - Trust Preferred Securities) (Details)
$ / shares in Units, $ in Millions
 9 Months Ended
Oct. 15, 2021
USD ($)
shares
Jul. 02, 2021
USD ($)
shares
Jun. 02, 2021
USD ($)
May 24, 2021
USD ($)
shares
Apr. 22, 2021
USD ($)
Sep. 30, 2021
USD ($)
quarter
$ / shares
Sep. 30, 2020
USD ($)
Jun. 30, 2021
$ / shares
Apr. 30, 2021
$ / shares
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]                    
Trust preferred securities           $ 188       $ 2,600
Liquidation preference (in dollars per share) | $ / shares           $ 25        
Distribution payable in addition to annual rate equal to three-month London interbank offer rate, percentage           5.785%        
Period of consecutive quarters for which Ally has right to defer interest payments, maximum | quarter           20        
Redemption price, percentage of principal debt, plus accrued and unpaid interest           100.00%        
Preferred stock issuance           $ 2,324 $ 0      
Trust preferred securities redemption           $ 2,513 $ 0      
Series B Preferred Stock                    
Debt Instrument [Line Items]                    
Liquidation preference (in dollars per share) | $ / shares           $ 1,000     $ 1,000  
Preferred stock issuance         $ 1,350          
Trust Preferred Securities Subject to Mandatory Redemption                    
Debt Instrument [Line Items]                    
Trust preferred securities redemption   $ 1,040   $ 1,400            
Debt redeemed during period, number of shares | shares   41,600,000   56,000,000            
Trust Preferred Securities Subject to Mandatory Redemption | Subsequent event                    
Debt Instrument [Line Items]                    
Trust preferred securities redemption $ 191                  
Debt redeemed during period, number of shares | shares 7,650,000                  
Series C Preferred Stock                    
Debt Instrument [Line Items]                    
Liquidation preference (in dollars per share) | $ / shares           $ 1,000   $ 1,000    
Preferred stock issuance     $ 1,000              
Variable Income Interest Rate                    
Debt Instrument [Line Items]                    
Trust preferred securities           $ 191       $ 2,600
v3.21.2
Debt (Committed Funding Facilities) (Details) - Committed funding facilities - Secured debt - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Long-term line of credit $ 0 $ 0
Line of credit facility, remaining borrowing capacity 75 560
Line of credit facility, maximum borrowing capacity 75 560
Revolving credit facility    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity 75  
Ally Financial Inc    
Debt Instrument [Line Items]    
Long-term line of credit 0 0
Line of credit facility, remaining borrowing capacity 75 560
Line of credit facility, maximum borrowing capacity $ 75 $ 560
v3.21.2
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Dec. 31, 2019
Accounts Payable and Accrued Liabilities [Abstract]        
Accounts payable $ 1,296 $ 602    
Unfunded commitments for investment in qualified affordable housing projects 729 525    
Employee compensation and benefits 450 316    
Operating lease liabilities 175 187    
Deferred revenue 169 104    
Reserves for insurance losses and loss adjustment expenses 125 129 $ 125 $ 122
Fair value of derivative contracts in payable position 61 33    
Net deferred tax liabilities 13 92    
Cash collateral received from counterparties 8 6    
Other liabilities 520 440    
Total accrued expenses and other liabilities $ 3,546 $ 2,434    
Operating lease, liability, statement of financial position [Extensible List] Total accrued expenses and other liabilities Total accrued expenses and other liabilities    
v3.21.2
Preferred Stock (Details) - $ / shares
 1 Months Ended 9 Months Ended
May 15, 2028
Jun. 30, 2021
Apr. 30, 2021
Sep. 30, 2021
Class of Stock [Line Items]        
Liquidation preference (in dollars per share)       $ 25
Series B Preferred Stock        
Class of Stock [Line Items]        
Number of shares issued     1,350,000 1,350,000
Dividend/coupon rate     4.70%  
Par value (in dollars per share)     $ 0.01 $ 0.01
Liquidation preference (in dollars per share)     $ 1,000 $ 1,000
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate        
Class of Stock [Line Items]        
Dividend/coupon rate     3.868% 3.868%
Series C Preferred Stock        
Class of Stock [Line Items]        
Number of shares issued   1,000,000   1,000,000
Dividend/coupon rate   4.70%    
Par value (in dollars per share)   $ 0.01   $ 0.01
Liquidation preference (in dollars per share)   $ 1,000   $ 1,000
Series C Preferred Stock, On And After May 15, 2028 | US Treasury (UST) Interest Rate        
Class of Stock [Line Items]        
Dividend/coupon rate       3.481%
Series C Preferred Stock, On And After May 15, 2028 | US Treasury (UST) Interest Rate | Subsequent event        
Class of Stock [Line Items]        
Dividend/coupon rate 3.481%      
v3.21.2
Preferred Stock (Schedule of Preferred Stock) (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 9 Months Ended
Jun. 30, 2021
Apr. 30, 2021
Sep. 30, 2021
Dec. 31, 2020
Class of Stock [Line Items]        
Carrying value     $ 2,324 $ 0
Liquidation preference (in dollars per share)     $ 25  
Series B Preferred Stock        
Class of Stock [Line Items]        
Carrying value     $ 1,335  
Par value (in dollars per share)   $ 0.01 $ 0.01  
Liquidation preference (in dollars per share)   $ 1,000 $ 1,000  
Number of shares authorized     1,350,000  
Number of shares issued   1,350,000 1,350,000  
Number of shares outstanding     1,350,000  
Dividend/coupon rate   4.70%    
Series B Preferred Stock, Prior To May 15, 2026        
Class of Stock [Line Items]        
Dividend/coupon rate     4.70%  
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate        
Class of Stock [Line Items]        
Dividend/coupon rate   3.868% 3.868%  
Series C Preferred Stock        
Class of Stock [Line Items]        
Carrying value     $ 989  
Par value (in dollars per share) $ 0.01   $ 0.01  
Liquidation preference (in dollars per share) $ 1,000   $ 1,000  
Number of shares authorized     1,000,000  
Number of shares issued 1,000,000   1,000,000  
Number of shares outstanding     1,000,000  
Dividend/coupon rate 4.70%      
Series C Preferred Stock, Prior To May 15, 2028        
Class of Stock [Line Items]        
Dividend/coupon rate     4.70%  
Series C Preferred Stock, On And After May 15, 2028 | US Treasury (UST) Interest Rate        
Class of Stock [Line Items]        
Dividend/coupon rate     3.481%  
v3.21.2
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 17,530 $ 13,826 $ 14,703 $ 14,416
Net change (165) (120) (580) 572
Ending balance 17,289 14,126 17,289 14,126
Accumulated other comprehensive income (loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 216 815 631 123
Ending balance 51 695 51 695
Unrealized gains on investment securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 259 783 640 208
Net change (157) (103) (538) 472
Ending balance 102 680 102 680
Translation adjustments and net investment hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 20 19 19 19
Net change 0 (1) 1 (1)
Ending balance 20 18 20 18
Cash flow hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 48 116 82 2
Net change (9) (16) (43) 98
Ending balance 39 100 39 100
Defined benefit pension plans        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (111) (103) (110) (106)
Net change 1 0 0 3
Ending balance $ (110) $ (103) $ (110) $ (103)
v3.21.2
Accumulated Other Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), before tax $ (216) $ (157) $ (759) $ 750
Other comprehensive income (loss), tax effect 51 37 179 (178)
Other comprehensive income (loss), net of tax (165) (120) (580) 572
Investment securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net unrealized gains (losses) arising during the period, before tax (161) (92) (621) 785
Net unrealized gains (losses) arising during the period, tax 38 22 147 (184)
Net unrealized gains (losses) arising during the period, net of tax (123) (70) (474) 601
Net realized gains reclassified to income from continuing operations, before tax 44 43 82 167
Net realized gains reclassified to income from continuing operations, tax (10) (10) (18) (38)
Net realized gains reclassified to income from continuing operations, net of tax 34 33 64 129
Other comprehensive income (loss), before tax (205) (135) (703) 618
Other comprehensive income (loss), tax effect 48 32 165 (146)
Other comprehensive income (loss), net of tax (157) (103) (538) 472
Translation adjustments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), before tax (4) 3 1 (4)
Other comprehensive income (loss), tax effect 1 (1) 0 1
Other comprehensive income (loss), net of tax (3) 2 1 (3)
Net investment hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), before tax 4 (4) (1) 3
Other comprehensive income (loss), tax effect (1) 1 1 (1)
Other comprehensive income (loss), net of tax 3 (3) 0 2
Cash flow hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net unrealized gains (losses) arising during the period, before tax       169
Net unrealized gains (losses) arising during the period, tax       (41)
Net unrealized gains (losses) arising during the period, net of tax       128
Net realized gains reclassified to income from continuing operations, before tax 12 21 55 40
Net realized gains reclassified to income from continuing operations, tax (3) (5) (12) (10)
Net realized gains reclassified to income from continuing operations, net of tax 9 $ 16 43 30
Other comprehensive income (loss), before tax       129
Other comprehensive income (loss), tax effect       (31)
Other comprehensive income (loss), net of tax       98
Defined benefit pension plans        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net unrealized gains (losses) arising during the period, before tax     (2)  
Net unrealized gains (losses) arising during the period, tax     1  
Net unrealized gains (losses) arising during the period, net of tax     (1)  
Net realized gains reclassified to income from continuing operations, before tax (1)   (1)  
Net realized gains reclassified to income from continuing operations, tax 0   0  
Net realized gains reclassified to income from continuing operations, net of tax $ (1)   (1)  
Other comprehensive income (loss), before tax     (1) 4
Other comprehensive income (loss), tax effect     1 (1)
Other comprehensive income (loss), net of tax     $ 0 $ 3
v3.21.2
Earnings per Common Share (Schedule of Basic and Diluted Earnings per Common Share) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Class of Stock [Line Items]        
Net income from continuing operations attributable to common stockholders [1] $ 712 $ 476 $ 2,407 $ 399
Net income from continuing operations attributable to common stockholders [1] 683 476 2,378 399
Income (loss) from discontinued operations, net of tax [1] 0 0 1 (1)
Net income attributable to common stockholders [1] $ 683 $ 476 $ 2,379 $ 398
Basic weighted-average common shares outstanding [1],[2] 359,179,000 375,658,000 368,215,000 375,478,000
Diluted weighted-average common shares outstanding [1],[2],[3] 361,855,000 377,011,000 370,745,000 376,659,000
Basic earnings per common share        
Net income (loss) from continuing operations (in dollars per share) [1] $ 1.90 $ 1.27 $ 6.46 $ 1.06
Net income (loss) (in dollars per share) [1] 1.90 1.27 6.46 1.06
Diluted earnings per common share        
Net income (loss) from continuing operations (in dollars per share) [1] 1.89 1.26 6.41 1.06
Net income (loss) (in dollars per share) [1] $ 1.89 $ 1.26 $ 6.42 $ 1.06
Antidilutive securities excluded from computation of earnings per share, amount 0 400,000 0 1,000,000
Series B Preferred Stock        
Class of Stock [Line Items]        
Preferred stock dividends [1] $ (20) $ 0 $ (20) $ 0
Series C Preferred Stock        
Class of Stock [Line Items]        
Preferred stock dividends [1] $ (9) $ 0 $ (9) $ 0
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
[2] Includes shares related to share-based compensation that vested but were not yet issued.
[3] During the three months and nine months ended September 30, 2020, there were 0.4 million and 1.0 million, respectively, in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months and nine months ended September 30, 2021.
v3.21.2
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details)
$ in Millions
Sep. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
BHC enhanced prudential standards, minimum $ 100,000  
BHC enhanced prudential standards, maximum 250,000  
Average wSTWF exemption threshold $ 50,000  
Minimum capital conservation buffer 0.025  
Accounting Standards Update 2016-13    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Phase-in of capital impact of Accounting Standards Update 2016-13 25.00%  
CECL scaling factor 25.00%  
Deferred reduction to Common Equity Tier 1 Capital from CECL $ 1,200  
Ally Financial Inc    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier one capital ratio 0.1120 0.1064
Minimum capital conservation buffer 0.035 0.035
Common equity tier one capital $ 15,670 $ 14,878
Tier one capital to risk-weighted assets, amount $ 17,930 $ 17,289
Tier one capital to risk-weighted assets, ratio 0.1281 0.1237
Tier one capital to risk-weighted assets, well-capitalized minimum 0.0600  
Capital to risk-weighted assets, amount $ 20,375 $ 19,778
Capital to risk-weighted assets, ratio 0.1456 0.1415
Capital to risk weighted assets, well-capitalzed minimum 0.1000  
Tier one leverage to adjusted quarterly average assets, amount $ 17,930 $ 17,289
Tier one leverage to adjusted quarterly average assets, ratio 0.0999 0.0941
Ally Bank    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier one capital ratio 0.1371 0.1338
Minimum capital conservation buffer 0.025 0.025
Common equity tier one capital $ 18,095 $ 17,567
Common equity tier one capital, well capitalized minimum 0.0650  
Tier one capital to risk-weighted assets, amount $ 18,095 $ 17,567
Tier one capital to risk-weighted assets, ratio 0.1371 0.1338
Tier one capital to risk-weighted assets, well-capitalized minimum 0.0800  
Capital to risk-weighted assets, amount $ 19,746 $ 19,210
Capital to risk-weighted assets, ratio 0.1496 0.1463
Capital to risk weighted assets, well-capitalzed minimum 0.1000  
Tier one leverage to adjusted quarterly average assets, amount $ 18,095 $ 17,567
Tier one leverage to adjusted quarterly average assets, ratio 0.1065 0.1012
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum 0.0500  
Minimum    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier one capital ratio 0.045  
Tier one capital to risk-weighted assets, required minimum 0.06  
Capital to risk-weighted assets, required minimum 0.08  
Tier one leverage ratio, minimum 0.04  
Minimum | Ally Financial Inc    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier one capital ratio 0.0450  
Tier one capital to risk-weighted assets, required minimum 0.0600  
Capital to risk-weighted assets, required minimum 0.0800  
Tier one leverage ratio, minimum 0.0400  
Minimum | Ally Bank    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier one capital ratio 0.0450  
Tier one capital to risk-weighted assets, required minimum 0.0600  
Capital to risk-weighted assets, required minimum 0.0800  
Tier one leverage ratio, minimum 0.0400  
v3.21.2
Regulatory Capital and Other Regulatory Matters (Common Share Repurchases) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 05, 2021
Sep. 30, 2021
Jun. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jul. 12, 2021
Mar. 31, 2021
Jan. 11, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Accelerated Share Repurchases [Line Items]                          
Treasury stock, common, amount   $ 679,000,000 $ 502,000,000 $ 1,000,000 $ 679,000,000 $ 1,000,000   $ 219,000,000   $ 1,000,000 $ 0 $ 104,000,000  
Treasury stock, common, shares (in shares)   13,055,000 9,641,000 9,000 13,055,000 9,000   5,276,000   37,000 53,000 3,838,000  
Common stock, shares outstanding (in shares)   349,598,889 362,639,000 373,857,000 349,598,889 373,857,000   371,805,000   374,674,415 373,837,000 373,155,000 374,332,000
Dividends declared (in dollars per share)   $ 0.25 $ 0.19 $ 0.19 $ 0.25 $ 0.19   $ 0.19   $ 0.19 $ 0.19 $ 0.19  
Cash dividends declared per common share (in dollars per share) [1]   $ 0.25   $ 0.19 $ 0.63 $ 0.57              
Common stock                          
Accelerated Share Repurchases [Line Items]                          
Stock repurchase program, authorized amount             $ 2,000,000,000   $ 1,600,000,000        
Common stock | Subsequent event                          
Accelerated Share Repurchases [Line Items]                          
Dividends payable, date declared Oct. 05, 2021                        
Cash dividends declared per common share (in dollars per share) $ 0.25                        
Dividends payable, date to be paid Nov. 15, 2021                        
Dividends payable, date of record Nov. 01, 2021                        
Series B Preferred Stock                          
Accelerated Share Repurchases [Line Items]                          
Gross proceeds from issuance of series preferred stock     $ 1,350,000,000                    
Series C Preferred Stock                          
Accelerated Share Repurchases [Line Items]                          
Gross proceeds from issuance of series preferred stock     $ 1,000,000,000                    
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
v3.21.2
Derivative Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Cash collateral placed with counterparties $ 7 $ 4
Noncash collateral placed with counterparties 258 $ 145
Cash collateral received from counterparties $ 8  
v3.21.2
Derivative Instruments and Hedging Activities (Fair Value Amounts of Derivative Instruments Reported on our Condensed Consolidated Balance Sheet) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position $ 9 $ 17
Fair value of derivative contracts in payable position 61 33
Derivative, notional amount 23,546 13,688
Credit derivative, maximum exposure, undiscounted 109 56
Designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 1 1
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 22,454 12,549
Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 8 16
Fair value of derivative contracts in payable position 61 33
Derivative, notional amount 1,092 1,139
Interest rate contracts | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 7 16
Fair value of derivative contracts in payable position 2 0
Derivative, notional amount 655 978
Interest rate swaps | Designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 22,282 12,385
Interest rate futures and forwards | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 2 1
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 249 391
Interest rate written options | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 5 15
Fair value of derivative contracts in payable position 2 0
Derivative, notional amount 406 587
Foreign exchange contracts | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 0 1
Derivative, notional amount 436 159
Foreign exchange forwards | Designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 1 1
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 172 164
Foreign exchange futures and forwards | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 0 1
Derivative, notional amount 436 159
Other credit derivatives | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 55 28
Equity contracts | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 1 0
Fair value of derivative contracts in payable position 4 4
Derivative, notional amount 1 2
Equity contract written options | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 4 4
Derivative, notional amount 1 2
Purchased Options | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 1 0
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount $ 0 $ 0
v3.21.2
Derivative Instruments and Hedging Activities (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Available-for-sale securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, fair value hedge $ 5,307 $ 1,259
Hedged asset, fair value hedge, cumulative increase (decrease) (26) 39
Closed portfolio and beneficial interest, last-of-layer, amortized cost 3,900 592
Hedged asset, last-of-layer, amount 3,000  
Hedge basis adjustment, last-of-layer (30)  
Finance receivables and loans, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, fair value hedge 45,463 28,393
Hedged asset, fair value hedge, cumulative increase (decrease) 78 225
Hedged asset, last-of-layer, amount 16,600 9,400
Hedge basis adjustment, last-of-layer 28 153
Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, fair value hedge 7,083 8,656
Hedged liability, fair value hedge, cumulative increase (decrease) 108 169
Discontinued hedge | Available-for-sale securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) 4 28
Hedged asset, last-of-layer, amount 4,700 1,200
Hedge basis adjustment, last-of-layer 9 20
Discontinued hedge | Finance receivables and loans, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) 50 72
Hedged asset, last-of-layer, amount 20,100 18,500
Hedge basis adjustment, last-of-layer 50 72
Discontinued hedge | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) $ 132 $ 203
v3.21.2
Derivative Instruments and Hedging Activities (Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income) (Details) - Not designated as hedging instrument - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings $ (4) $ (1) $ (29) $ (36)
Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings 0 3 (6) (35)
Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings 3 (4) (1) (1)
Other credit derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings (7) 0 (22) 0
(Loss) gain on mortgage and automotive loans, net | Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings (4) 7 (12) (8)
Other income, net of losses | Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings 4 (4) 6 (27)
Other income, net of losses | Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings 0 (4) 0 (1)
Other income, net of losses | Other credit derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings (7) 0 (22) 0
Other operating expenses | Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative instruments recognized in earnings $ 3 $ 0 $ (1) $ 0
v3.21.2
Derivative Instruments and Hedging Activities (Derivative Instruments Designated as Fair Value Hedges, Gain (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]        
Interest and fees on finance receivables and loans $ 1,619 $ 1,602 $ 4,789 $ 4,974
Interest and dividends on investment securities and other earning assets 155 173 433 596
Interest on deposits 245 452 819 1,585
Interest on long-term debt 191 309 671 975
Earnings on cash flow hedges to be recognized within twelve months     22  
Designated as hedging instrument | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships 0 0 0 0
Total gain (loss) on cash flow hedging relationships 12 23 56 48
Designated as hedging instrument | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships 0 0 0 0
Total gain (loss) on cash flow hedging relationships 0 0 0 0
Designated as hedging instrument | Interest on deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships 0 0 0 0
Total gain (loss) on cash flow hedging relationships 0 (2) (1) (7)
Designated as hedging instrument | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships 0 0 0 0
Total gain (loss) on cash flow hedging relationships 0 0 0 0
Designated as hedging instrument | Unsecured debt | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Unsecured debt | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Unsecured debt | Interest on deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Unsecured debt | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge (4) (2) 69 (172)
Change in unrealized gain (loss) on fair value hedging instruments 4 2 (69) 172
Designated as hedging instrument | Available-for-sale securities | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Available-for-sale securities | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge (34) (2) (51) 43
Change in unrealized gain (loss) on fair value hedging instruments 34 2 51 (43)
Designated as hedging instrument | Available-for-sale securities | Interest on deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Available-for-sale securities | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Fixed-rate automotive loans | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge (35) (45) (112) 180
Change in unrealized gain (loss) on fair value hedging instruments 35 45 112 (180)
Designated as hedging instrument | Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Fixed-rate automotive loans | Interest on deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Fixed-rate automotive loans | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0 0 0
Designated as hedging instrument | Deposit liabilities | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings 0 0 0 0
Designated as hedging instrument | Deposit liabilities | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings 0 0 0 0
Designated as hedging instrument | Deposit liabilities | Interest on deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings 0 (2) (1) (7)
Designated as hedging instrument | Deposit liabilities | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings 0 0 0 0
Designated as hedging instrument | Variable-rate commercial loans | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings 12 23 52 48
Designated as hedging instrument | Variable-rate commercial loans | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings 0 0 0 0
Designated as hedging instrument | Variable-rate commercial loans | Interest on deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings 0 0 0 0
Designated as hedging instrument | Variable-rate commercial loans | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings $ 0 $ 0 0 0
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings     4 0
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings     0 0
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest on deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings     0 0
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge gain (loss) reclassified to earnings     $ 0 $ 0
v3.21.2
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - Designated as hedging instrument - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss on fair value hedging relationships $ (42) $ (49) $ (128) $ (122)
Total gain on cash flow hedging relationships     0 1
Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss on fair value hedging relationships (2) (4) (9) (9)
Total gain on cash flow hedging relationships     0 0
Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss on fair value hedging relationships (2) (2) (5) (6)
Total gain on cash flow hedging relationships     0 0
Unsecured debt | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Gain (loss) on interest for qualifying hedge     0 0
Unsecured debt | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Gain (loss) on interest for qualifying hedge     0 0
Unsecured debt | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 1 3 3 11
Gain (loss) on interest for qualifying hedge     3 0
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Federal Home Loan Bank certificates and obligations | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Federal Home Loan Bank certificates and obligations | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments (3) (5) (11) (17)
Available-for-sale securities | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Gain (loss) on interest for qualifying hedge 0 0 0 0
Available-for-sale securities | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments (1) (2) (4) (5)
Gain (loss) on interest for qualifying hedge (1) (2) (5) (4)
Available-for-sale securities | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Gain (loss) on interest for qualifying hedge 0 0 0 0
Fixed-rate automotive loans | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments (11) (12) (35) (38)
Gain (loss) on interest for qualifying hedge (31) (37) (93) (84)
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Gain (loss) on interest for qualifying hedge 0 0 0 0
Fixed-rate automotive loans | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on amortization of deferred basis adjustments 0 0 0 0
Gain (loss) on interest for qualifying hedge $ 0 $ 0 0 0
Variable-rate commercial loans | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on interest for qualifying hedge     0 1
Variable-rate commercial loans | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on interest for qualifying hedge     0 0
Variable-rate commercial loans | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on interest for qualifying hedge     $ 0 $ 0
v3.21.2
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest rate contracts | Cash flow hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
(Loss) gain recognized in other comprehensive income, cash flow hedge, interest rate contracts $ (12,000,000) $ (21,000,000) $ (55,000,000) $ 129,000,000
Foreign exchange contracts | Net investment hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
(Loss) gain recognized in other comprehensive income, net investment hedge, foreign exchange contracts 4,000,000 (4,000,000) (1,000,000) 3,000,000
Amounts excluded from effectiveness testing 0 0 0 0
Amounts reclassified from accumulated other comprehensive income $ 0 $ 0 $ 0 $ 0
v3.21.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Tax Disclosure [Abstract]        
Income tax expense from continuing operations $ 195 $ 156 $ 549 $ 159
v3.21.2
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities $ 1,045 $ 1,071
Debt securities, available-for-sale, fair value [1] 33,122 29,830
Derivative contracts in a receivable position 7 16
Derivative contracts in a payable position $ 57 $ 31
Investment in any one industry did not exceed percentage 9.00% 11.00%
Fair value, measurements, recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value $ 33,122 $ 29,830
Derivative contracts in a receivable position 9 17
Total assets 34,286 31,017
Derivative contracts in a payable position 61 33
Total liabilities 61 33
Fair value, measurements, recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 2  
Fair value, measurements, recurring | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position   1
Fair value, measurements, recurring | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 55 28
Fair value, measurements, recurring | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 4 4
Fair value, measurements, recurring | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 1,045 1,071
Fair value, measurements, recurring | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 1,743 803
Fair value, measurements, recurring | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 858 1,095
Fair value, measurements, recurring | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 161 176
Fair value, measurements, recurring | Agency mortgage-backed securities | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 19,706 18,588
Fair value, measurements, recurring | Agency mortgage-backed securities | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 4,736 4,189
Fair value, measurements, recurring | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 3,479 2,640
Fair value, measurements, recurring | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 547 425
Fair value, measurements, recurring | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 1,892 1,914
Fair value, measurements, recurring | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 102 91
Fair value, measurements, recurring | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 8 8
Fair value, measurements, recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 7 16
Fair value, measurements, recurring | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 1 1
Fair value, measurements, recurring | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 1  
Fair value, measurements, recurring | Fair value, inputs, level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 1,758 820
Derivative contracts in a receivable position 1 0
Total assets 2,793 1,884
Derivative contracts in a payable position 4 4
Total liabilities 4 4
Fair value, measurements, recurring | Fair value, inputs, level 1 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0  
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position   0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 4 4
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 1,034 1,064
Fair value, measurements, recurring | Fair value, inputs, level 1 | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 1,743 803
Fair value, measurements, recurring | Fair value, inputs, level 1 | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 15 17
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed securities | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed securities | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 0 0
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 1  
Fair value, measurements, recurring | Fair value, inputs, level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 31,357 29,003
Derivative contracts in a receivable position 3 1
Total assets 31,462 29,004
Derivative contracts in a payable position 0 1
Total liabilities 0 1
Fair value, measurements, recurring | Fair value, inputs, level 2 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0  
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position   1
Fair value, measurements, recurring | Fair value, inputs, level 2 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 0 0
Fair value, measurements, recurring | Fair value, inputs, level 2 | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 2 | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 851 1,088
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 146 159
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed securities | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 19,706 18,588
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed securities | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 4,736 4,189
Fair value, measurements, recurring | Fair value, inputs, level 2 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 3,479 2,640
Fair value, measurements, recurring | Fair value, inputs, level 2 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 547 425
Fair value, measurements, recurring | Fair value, inputs, level 2 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 1,892 1,914
Fair value, measurements, recurring | Fair value, inputs, level 2 | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 102 0
Fair value, measurements, recurring | Fair value, inputs, level 2 | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Fair value, measurements, recurring | Fair value, inputs, level 2 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 2 0
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 1 1
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 0  
Fair value, measurements, recurring | Fair value, inputs, level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 7 7
Derivative contracts in a receivable position 5 16
Total assets 31 129
Derivative contracts in a payable position 57 28
Total liabilities 57 28
Fair value, measurements, recurring | Fair value, inputs, level 3 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 2  
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position   0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 55 28
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 11 7
Fair value, measurements, recurring | Fair value, inputs, level 3 | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 7 7
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Agency mortgage-backed securities | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Agency mortgage-backed securities | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, fair value 0 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 0 91
Fair value, measurements, recurring | Fair value, inputs, level 3 | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 8 8
Fair value, measurements, recurring | Fair value, inputs, level 3 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 5 16
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 0 $ 0
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position $ 0  
[1] Refer to Note 6 for discussion of investment securities pledged as collateral.
v3.21.2
Fair Value (Fair Value Measurements - Reconciliation of Level 3 Assets And Liabilities) (Details) - Fair value, measurements, recurring - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Derivative liabilities, net of derivative assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset, transfers into level 3 $ 0 $ 0 $ 0 $ 0
Fair value, measurement, recurring, transfers out of level 3 (2) 0 (2) 0
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value, beginning balance 37 (12) 12 (2)
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in earnings 12 (6) 34 (16)
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in other comprehensive income (loss) 0 0 0 0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, purchases 0 0 0 0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, sales 0 0 0 0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, issuances 1 0 4 0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, settlements 0 0 0 0
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 2 0 2 0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value, ending balance 52 (18) 52 (18)
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in earnings 10 (6) 25 (16)
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Equity securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset value, beginning balance 9 5 7 8
Fair value, measurement, recurring, asset, gain (loss) included in earnings 1 1 5 (2)
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) 0 0 0 0
Fair value, measurement, recurring, asset, purchases 0 0 0 0
Fair value, measurement, recurring, asset, sales 0 0 (2) 0
Fair value, measurement, recurring, asset, issuances 0 0 0 0
Fair value, measurement, recurring, asset, settlements 0 0 0 0
Fair value, measurement, recurring, asset, transfers into level 3 1 0 1 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, measurement, recurring, asset value, ending balance 11 6 11 6
Fair value, assets, recurring, net unrealized gains (losses) included in earnings 1 1 5 (2)
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset, transfers into level 3 1 0 1 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Available-for-sale securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset value, beginning balance 7 5 7 2
Fair value, measurement, recurring, asset, gain (loss) included in earnings 0 0 0 0
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) 0 0 0 0
Fair value, measurement, recurring, asset, purchases 0 2 0 5
Fair value, measurement, recurring, asset, sales 0 0 0 0
Fair value, measurement, recurring, asset, issuances 0 0 0 0
Fair value, measurement, recurring, asset, settlements 0 0 0 0
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, measurement, recurring, asset value, ending balance 7 7 7 7
Fair value, assets, recurring, net unrealized gains (losses) included in earnings 0 0 0 0
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Mortgage loans held-for-sale        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset value, beginning balance 97 91 91 30
Fair value, measurement, recurring, asset, gain (loss) included in earnings 15 22 64 35
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) 0 0 0 0
Fair value, measurement, recurring, asset, purchases 789 854 2,640 1,832
Fair value, measurement, recurring, asset, sales (799) (811) (2,693) (1,741)
Fair value, measurement, recurring, asset, issuances 0 0 0 0
Fair value, measurement, recurring, asset, settlements 0 0 0 0
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 (102) 0 (102) 0
Fair value, measurement, recurring, asset value, ending balance 0 156 0 156
Fair value, assets, recurring, net unrealized gains (losses) included in earnings 0 0 0 2
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 102 0 102 0
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Finance receivables and loans, net | Consumer Loan        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset value, beginning balance 8 8 8 11
Fair value, measurement, recurring, asset, gain (loss) included in earnings 1 2 2 2
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) 0 0 0 0
Fair value, measurement, recurring, asset, purchases 4 5 12 14
Fair value, measurement, recurring, asset, sales 0 0 0 0
Fair value, measurement, recurring, asset, issuances 0 0 0 0
Fair value, measurement, recurring, asset, settlements (5) (7) (14) (19)
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, measurement, recurring, asset value, ending balance 8 8 8 8
Fair value, assets, recurring, net unrealized gains (losses) included in earnings 0 0 0 0
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Interests retained in financial asset sales        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset value, beginning balance 0 1 0 2
Fair value, measurement, recurring, asset, gain (loss) included in earnings 0 0 0 0
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) 0 0 0 0
Fair value, measurement, recurring, asset, purchases 0 0 0 0
Fair value, measurement, recurring, asset, sales 0 0 0 0
Fair value, measurement, recurring, asset, issuances 0 0 0 0
Fair value, measurement, recurring, asset, settlements 0 (1) 0 (2)
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, measurement, recurring, asset value, ending balance 0 0 0 0
Fair value, assets, recurring, net unrealized gains (losses) included in earnings 0 0 0 0
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income 0 0 0 0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, measurement, recurring, asset, transfers into level 3 0 0 0 0
Fair value, measurement, recurring, transfers out of level 3 0 0 0 0
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income $ 0 $ 0 $ 0 $ 0
v3.21.2
Fair Value (Fair Value Measurements - Nonrecurring Basis) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Apr. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans held-for-sale, net   $ 456   $ 456   $ 406
Finance receivables and loans, net   111,323   111,323   115,251
Goodwill impairment   0 $ 0 0 $ 50  
Corporate and Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Goodwill impairment $ 50     0    
Assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Total assets   461   461   530
Lower of cost or fair value, valuation reserve, or cumulative adjustments   (37)   (37)   62
Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans held-for-sale, net   354   354   315
Lower of cost or fair value, valuation reserve, or cumulative adjustments   0   0   0
Nonmarketable equity investments | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   10   10   125
Lower of cost or fair value, valuation reserve, or cumulative adjustments   1   1   88
Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   3   3   9
Lower of cost or fair value, valuation reserve, or cumulative adjustments   0   0   (1)
Fair value, inputs, level 1 | Assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Total assets   2   2   0
Fair value, inputs, level 1 | Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans held-for-sale, net   0   0   0
Fair value, inputs, level 1 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   2   2   0
Fair value, inputs, level 1 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   0   0   0
Fair value, inputs, level 2 | Assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Total assets   0   0   7
Fair value, inputs, level 2 | Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans held-for-sale, net   0   0   0
Fair value, inputs, level 2 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   0   0   7
Fair value, inputs, level 2 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   0   0   0
Fair value, inputs, level 3 | Assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Total assets   459   459   523
Fair value, inputs, level 3 | Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans held-for-sale, net   354   354   315
Fair value, inputs, level 3 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   8   8   118
Fair value, inputs, level 3 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Other assets   3   3   9
Commercial | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   94   94   81
Lower of cost or fair value, valuation reserve, or cumulative adjustments   (38)   (38)   (25)
Commercial | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   0   0   0
Commercial | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   0   0   0
Commercial | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   94   94   81
Automotive loan | Commercial | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   27   27   27
Lower of cost or fair value, valuation reserve, or cumulative adjustments   (2)   (2)   (5)
Automotive loan | Commercial | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   0   0   0
Automotive loan | Commercial | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   0   0   0
Automotive loan | Commercial | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   27   27   27
Other | Commercial | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   67   67   54
Lower of cost or fair value, valuation reserve, or cumulative adjustments   (36)   (36)   (20)
Other | Commercial | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   0   0   0
Other | Commercial | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   0   0   0
Other | Commercial | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Finance receivables and loans, net   $ 67   $ 67   $ 54
v3.21.2
Fair Value (Fair Value, by Balance Sheet Grouping) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities $ 1,150 $ 1,253
Loans held-for-sale, net 456 406
Finance receivables and loans, net 111,323 115,251
Deposit liabilities 139,444 137,036
Short-term borrowings 0 2,136
Long-term debt 14,946 22,006
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 1,150 1,253
Loans held-for-sale, net 354 315
Finance receivables and loans, net 111,315 115,243
FHLB/FRB stock 673 725
Deposit liabilities 43,242 55,210
Short-term borrowings   2,136
Long-term debt 14,946 22,006
Estimated fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 1,193 1,331
Loans held-for-sale, net 354 315
Finance receivables and loans, net 118,484 122,156
FHLB/FRB stock 673 725
Deposit liabilities 43,594 55,932
Short-term borrowings   2,136
Long-term debt 17,635 25,471
Estimated fair value | Fair value, inputs, level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 0 0
Loans held-for-sale, net 0 0
Finance receivables and loans, net 0 0
FHLB/FRB stock 0 0
Deposit liabilities 0 0
Short-term borrowings   0
Long-term debt 0 0
Estimated fair value | Fair value, inputs, level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 1,193 1,331
Loans held-for-sale, net 0 0
Finance receivables and loans, net 0 0
FHLB/FRB stock 673 725
Deposit liabilities 0 0
Short-term borrowings   0
Long-term debt 12,643 19,161
Estimated fair value | Fair value, inputs, level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 0 0
Loans held-for-sale, net 354 315
Finance receivables and loans, net 118,484 122,156
FHLB/FRB stock 0 0
Deposit liabilities 43,594 55,932
Short-term borrowings   2,136
Long-term debt $ 4,992 $ 6,310
v3.21.2
Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Offsetting Assets [Line Items]    
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet $ 0 $ 0
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments (1) (1)
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral (1) 0
Derivative assets with no offsetting arrangements 7 16
Total assets, Gross amounts of recognized assets/liabilities 9 17
Total assets, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet 9 17
Total assets, Net amount 7 16
Derivative liabilities, Gross amounts of recognized assets/liabilities 4 5
Derivative liabilities, Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Net amounts of liabilities presented on the Consolidated Balance Sheet 4 5
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments (1) (1)
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral (3) (1)
Derivative liabilities, Net amount 0 3
Derivative liabilities with no offsetting arrangements 57 28
Total liabilities, Gross amounts of recognized assets/liabilities 61 33
Total liabilities, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet 61 33
Total liabilities, Net amount 57 31
Derivative Assets Net Asset Position    
Offsetting Assets [Line Items]    
Derivative asset, Gross amounts of recognized assets/liabilities 1  
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet 0  
Net amounts of assets presented on the Consolidated Balance Sheet 1  
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments 0  
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral (1)  
Derivative assets, Net amount 0  
Derivative Asset Net Liability Position    
Offsetting Assets [Line Items]    
Derivative asset, Gross amounts of recognized assets/liabilities 1 1
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Net amounts of assets presented on the Consolidated Balance Sheet 1 1
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments (1) (1)
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral 0 0
Derivative assets, Net amount $ 0 $ 0
v3.21.2
Segment Information (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
segment
Sep. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Segment Reporting Information [Line Items]          
Number of operating segments | segment     4    
Net financing revenue and other interest income $ 1,594 $ 1,200 $ 4,513 $ 3,400  
Other revenue 391 484 1,494 1,305  
Total net revenue 1,985 1,684 6,007 4,705  
Provision for credit losses 76 147 31 1,337  
Total noninterest expense 1,002 905 3,020 2,810  
Income (loss) from continuing operations before income tax expense 907 632 2,956 558  
Total assets 179,184 185,270 179,184 185,270 $ 182,165
Net financing revenue and other interest income after the provision for credit losses 1,500 1,100 4,500 2,100  
Operating Segments | Automotive Finance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 1,329 1,102 3,868 3,131  
Other revenue 61 61 184 148  
Total net revenue 1,390 1,163 4,052 3,279  
Provision for credit losses 53 128 8 1,150  
Total noninterest expense 512 469 1,499 1,407  
Income (loss) from continuing operations before income tax expense 825 566 2,545 722  
Total assets 99,617 103,366 99,617 103,366  
Operating Segments | Insurance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 14 8 44 34  
Other revenue 283 338 1,006 913  
Total net revenue 297 346 1,050 947  
Provision for credit losses 0 0 0 0  
Total noninterest expense 273 268 798 846  
Income (loss) from continuing operations before income tax expense 24 78 252 101  
Total assets 9,354 8,944 9,354 8,944  
Operating Segments | Mortgage Finance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 36 30 82 98  
Other revenue 19 36 81 65  
Total net revenue 55 66 163 163  
Provision for credit losses 2 0 (2) 4  
Total noninterest expense 47 40 136 113  
Income (loss) from continuing operations before income tax expense 6 26 29 46  
Total assets 16,328 15,503 16,328 15,503  
Operating Segments | Corporate Finance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 77 75 225 220  
Other revenue 16 9 75 28  
Total net revenue 93 84 300 248  
Provision for credit losses 5 1 5 140  
Total noninterest expense 27 23 86 84  
Income (loss) from continuing operations before income tax expense 61 60 209 24  
Total assets 6,729 5,995 6,729 5,995  
Corporate and Other          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 138 (15) 294 (83)  
Other revenue 12 40 148 151  
Total net revenue 150 25 442 68  
Provision for credit losses 16 18 20 43  
Total noninterest expense 143 105 501 360  
Income (loss) from continuing operations before income tax expense (9) (98) (79) (335)  
Total assets $ 47,156 $ 51,462 $ 47,156 $ 51,462  
v3.21.2
Contingencies and Other Risks (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Loss Contingency [Abstract]    
Loss contingency, estimate of possible loss $ 87.5 $ 87.5
Charged-off deficiency balance $ 700.0  
v3.21.2
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2022
Oct. 05, 2021
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Subsequent Event [Line Items]            
Cash dividends declared per common share (in dollars per share) [1]     $ 0.25 $ 0.19 $ 0.63 $ 0.57
Subsequent event | Fair Square Financial Holdings LLC | Forecast            
Subsequent Event [Line Items]            
Cash consideration $ 750          
Subsequent event | Common stock            
Subsequent Event [Line Items]            
Dividends payable, date declared   Oct. 05, 2021        
Cash dividends declared per common share (in dollars per share)   $ 0.25        
Dividends payable, date to be paid   Nov. 15, 2021        
Dividends payable, date of record   Nov. 01, 2021        
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
v3.21.2
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2016-13 [Member]