ALLY FINANCIAL INC., 10-Q filed on 11/5/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
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 $0.01 per share  
Trading Symbol ALLY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   304,714,784
Entity Central Index Key 0000040729  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing revenue and other interest income        
Interest and fees on finance receivables and loans $ 2,889 $ 2,837 $ 8,561 $ 8,133
Interest on loans held-for-sale 5 7 48 29
Interest and dividends on investment securities and other earning assets 262 267 793 752
Interest on cash and cash equivalents 102 99 287 242
Operating leases 316 385 1,005 1,179
Total financing revenue and other interest income 3,574 3,595 10,694 10,335
Interest expense        
Interest on deposits 1,616 1,563 4,861 4,198
Interest on short-term borrowings 13 13 63 36
Interest on long-term debt 256 274 748 753
Interest on other 0 0 1 2
Total interest expense 1,885 1,850 5,673 4,989
Net depreciation expense on operating lease assets 201 212 582 638
Net financing revenue and other interest income 1,488 1,533 4,439 4,708
Other revenue        
Insurance premiums and service revenue earned 359 320 1,045 936
Gain on mortgage and automotive loans, net 6 4 18 13
Other gain (loss) on investments, net 74 (41) 96 59
Other income, net of losses 176 152 491 431
Total other revenue 615 435 1,650 1,439
Total net revenue 2,103 1,968 6,089 6,147
Provision for credit losses 645 508 1,609 1,381
Noninterest expense        
Compensation and benefits expense 435 463 1,396 1,448
Insurance losses and loss adjustment expenses 135 107 428 329
Other operating expenses 655 662 1,995 1,970
Total noninterest expense 1,225 1,232 3,819 3,747
Income (loss) from continuing operations before income tax (benefit) expense 233 228 661 1,019
Income tax (benefit) expense from continuing operations (124) (68) (147) 74
Net income from continuing operations 357 296 808 945
Loss from discontinued operations, net of tax 0 0 0 (1)
Net income 357 296 808 944
Other comprehensive income (loss), net of tax 616 (902) 423 (706)
Comprehensive income (loss) 973 (606) 1,231 238
Net income from continuing operations attributable to common stockholders [1] 330 269 725 862
Loss from discontinued operations, net of tax [1] 0 0 0 (1)
Net income attributable to common stockholders [1] $ 330 $ 269 $ 725 $ 861
Basic weighted-average common shares outstanding (in shares) [1],[2] 307,312 304,134 306,699 303,497
Diluted weighted-average common shares outstanding (in shares) [1],[2] 311,044 305,693 309,786 304,601
Basic earnings per common share        
Net income from continuing operations (in dollars per share) [1] $ 1.07 $ 0.88 $ 2.37 $ 2.84
Loss from discontinued operations, net of tax (in dollars per share) [1] 0 0 0 (0.01)
Net income (in dollars per share) [1] 1.07 0.88 2.37 2.84
Diluted earnings per common share        
Net income from continuing operations (in dollars per share) [1] 1.06 0.88 2.34 2.83
Loss from discontinued operations, net of tax (in dollars per share) [1] 0 0 0 (0.01)
Net income (in dollars per share) [1] 1.06 0.88 2.34 2.83
Cash dividends declared per common share (in dollars per share) [1] $ 0.30 $ 0.30 $ 0.90 $ 0.90
[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.
v3.24.3
Condensed Consolidated Balance Sheet (unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Cash and cash equivalents    
Noninterest-bearing $ 544 $ 638
Interest-bearing 8,072 6,307
Total cash and cash equivalents 8,616 6,945
Equity securities 877 810
Available-for-sale securities (amortized cost of $27,312 and $28,416) 23,905 24,415
Held-to-maturity securities (fair value of $4,570 and $4,729) 4,441 4,680
Loans held-for-sale, net 306 400
Finance receivables and loans, net    
Finance receivables and loans, net of unearned income 137,501 139,439
Allowance for loan losses (3,700) (3,587)
Total finance receivables and loans, net 133,801 135,852
Investment in operating leases, net 8,318 9,171
Premiums receivable and other insurance assets 2,810 2,749
Other assets 9,907 9,395
Assets of operations held-for-sale 0 1,975
Total assets 192,981 196,392
Deposit liabilities    
Noninterest-bearing 174 139
Interest-bearing 151,776 154,527
Total deposit liabilities 151,950 154,666
Short-term borrowings 1,771 3,297
Long-term debt 16,807 17,570
Interest payable 1,425 858
Unearned insurance premiums and service revenue 3,534 3,492
Accrued expenses and other liabilities 2,769 2,726
Liabilities of operations held-for-sale 0 17
Total liabilities 178,256 182,626
Contingencies (refer to Note 24)
Equity    
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 514,937,313 and 511,861,447; and outstanding 304,714,784 and 302,459,258) 22,101 21,975
Preferred stock 2,324 2,324
Retained earnings 595 154
Accumulated other comprehensive loss (3,393) (3,816)
Treasury stock, at cost (210,222,529 and 209,402,189 shares) (6,902) (6,871)
Total equity 14,725 13,766
Total liabilities and equity $ 192,981 $ 196,392
v3.24.3
Condensed Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Available-for-sale securities, amortized cost $ 27,312 $ 28,416
Held-to-maturity securities, fair value $ 4,570 $ 4,729
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) 514,937,313 511,861,447
Common stock, shares outstanding (in shares) 304,714,784 302,459,258
Treasury stock, common, shares (in shares) 210,222,529 209,402,189
v3.24.3
Condensed Consolidated Balance Sheet (unaudited) (VIEs) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Finance receivables and loans, net $ 137,501 $ 139,439
Allowance for loan losses (3,700) (3,587)
Total finance receivables and loans, net 133,801 135,852
Other assets 9,907 9,395
Total assets 192,981 196,392
Long-term debt 16,807 17,570
Accrued expenses and other liabilities 2,769 2,726
Total liabilities 178,256 182,626
Consumer    
Finance receivables and loans, net 103,095 104,977
Consumer | Automotive    
Finance receivables and loans, net 83,424 84,320
Allowance for loan losses (3,166) (3,083)
On‑balance sheet variable interest entities    
Allowance for loan losses (204) (254)
Total finance receivables and loans, net 5,132 6,614
Other assets 326 461
Total assets 5,458 7,075
Long-term debt 1,717 1,509
Accrued expenses and other liabilities 3 4
Total liabilities 1,720 1,513
On‑balance sheet variable interest entities | Consumer | Automotive    
Finance receivables and loans, net 5,336 6,868
Total assets 13,966 16,415
Total liabilities $ 1,829 $ 1,614
v3.24.3
Condensed Consolidated Statement of Changes in Equity (unaudited) - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Cumulative Effect, Period of Adoption, Adjusted Balance
Preferred stock dividends — Series B
Preferred stock dividends — Series C
Common stock and paid-in capital
Common stock and paid-in capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Preferred stock
Preferred stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained earnings (accumulated deficit)
Retained earnings (accumulated deficit)
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Retained earnings (accumulated deficit)
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained earnings (accumulated deficit)
Preferred stock dividends — Series B
Retained earnings (accumulated deficit)
Preferred stock dividends — Series C
Accumulated other comprehensive loss
Accumulated other comprehensive loss
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury stock
Treasury stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2022 $ 12,859         $ 21,816   $ 2,324   $ (384)         $ (4,059)   $ (6,838)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Net income 944                 944                
Preferred stock dividends       $ (48) $ (35)               $ (48) $ (35)        
Share-based compensation 120         120                        
Other comprehensive income (loss) (706)                           (706)      
Common stock repurchases (29)                               (29)  
Common stock dividends (280)                 (280)                
Ending balance at Sep. 30, 2023 12,825         21,936   2,324   197         (4,765)   (6,867)  
Beginning balance at Jun. 30, 2023 13,532         21,915   2,324   23         (3,863)   (6,867)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Net income 296                 296                
Preferred stock dividends       (16) (11)               (16) (11)        
Share-based compensation 21         21                        
Other comprehensive income (loss) (902)                           (902)      
Common stock dividends (95)                 (95)                
Ending balance at Sep. 30, 2023 12,825         21,936   2,324   197         (4,765)   (6,867)  
Beginning balance at Dec. 31, 2023 13,766 $ (2) $ 13,764     21,975 $ 21,975 2,324 $ 2,324 154 $ (2) $ 152     (3,816) $ (3,816) (6,871) $ (6,871)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Net income 808                 808                
Preferred stock dividends       (48) (35)               (48) (35)        
Share-based compensation 126         126                        
Other comprehensive income (loss) 423                           423      
Common stock repurchases (31)                               (31)  
Common stock dividends (282)                 (282)                
Ending balance at Sep. 30, 2024 14,725         22,101   2,324   595         (3,393)   (6,902)  
Beginning balance at Jun. 30, 2024 13,851         22,077   2,324   360         (4,009)   (6,901)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Net income 357                 357                
Preferred stock dividends       $ (16) $ (11)               $ (16) $ (11)        
Share-based compensation 24         24                        
Other comprehensive income (loss) 616                           616      
Common stock repurchases (1)                               (1)  
Common stock dividends (95)                 (95)                
Ending balance at Sep. 30, 2024 $ 14,725         $ 22,101   $ 2,324   $ 595         $ (3,393)   $ (6,902)  
[1] Refer to the section titled Recently Adopted Accounting Standards in Note 1 for additional information.
v3.24.3
Condensed Consolidated Statement of Changes in Equity (unaudited) (Parenthetical)
 12 Months Ended
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]  
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2023-02 [1]
[1] Refer to the section titled Recently Adopted Accounting Standards in Note 1 for additional information.
v3.24.3
Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 808 $ 944
Reconciliation of net income to net cash provided by operating activities    
Depreciation and amortization 930 923
Provision for credit losses 1,609 1,381
Gain on mortgage and automotive loans, net (18) (13)
Other gain on investments, net (96) (59)
Originations and purchases of loans held-for-sale (1,413) (1,913)
Proceeds from sales and repayments of loans held-for-sale 1,862 2,283
Net change in    
Deferred income taxes (201) (62)
Interest payable 567 1,029
Other assets (181) 29
Other liabilities (130) 52
Other, net 171 86
Net cash provided by operating activities 3,908 4,680
Investing activities    
Purchases of equity securities (630) (257)
Proceeds from sales of equity securities 680 295
Purchases of available-for-sale securities (462) (388)
Proceeds from sales of available-for-sale securities 134 337
Proceeds from repayments of available-for-sale securities 1,450 1,631
Proceeds from repayments of held-to-maturity securities 360 49
Purchases of finance receivables and loans held-for-investment (2,612) (3,201)
Proceeds from sales of finance receivables and loans initially held-for-investment 1,190 25
Originations and repayments of finance receivables and loans held-for-investment and other, net 1,526 (2,452)
Purchases of operating lease assets (2,543) (2,174)
Disposals of operating lease assets 2,782 2,384
Proceeds from sale of a business unit, net 1,956 0
Net change in nonmarketable equity investments 84 (45)
Other, net (461) (419)
Net cash provided by (used in) investing activities 3,454 (4,215)
Financing activities    
Net change in short-term borrowings (1,526) 11
Net (decrease) increase in deposits (2,757) 525
Proceeds from issuance of long-term debt 2,866 4,893
Repayments of long-term debt (3,683) (2,609)
Repurchases of common stock (31) (29)
Common stock dividends paid (280) (277)
Preferred stock dividends paid (83) (83)
Net cash (used in) provided by financing activities (5,494) 2,431
Effect of exchange-rate changes on cash and cash equivalents and restricted cash (3) 0
Net increase in cash and cash equivalents and restricted cash 1,865 2,896
Cash and cash equivalents and restricted cash at beginning of year 7,439 6,222
Cash and cash equivalents and restricted cash at September 30, 9,304 9,118
Cash paid (received) for    
Interest 5,043 3,895
Income taxes 94 (42)
Noncash items    
Held-to-maturity securities received in consideration for loans sold 56 0
Loans held-for-sale transferred to finance receivables and loans held-for-investment 28 208
Finance receivables and loans held-for-investment transferred to loans held-for-sale 1,729 11
Transfer of nonmarketable equity investments to equity securities 0 19
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents on the Condensed Consolidated Balance Sheet 8,616 8,515
Restricted cash and cash equivalents and restricted cash held for securitization trusts included in other assets on the Condensed Consolidated Balance Sheet [1] 688 603
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows $ 9,304 $ 9,118
[1] Refer to Note 11 for additional details describing the nature of restricted cash and cash equivalent balances.
v3.24.3
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
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 financial-services company with the nation’s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities. The Company serves customers through a full range of online banking services (including deposits, mortgage, and credit card products) and securities brokerage and investment advisory services. The Company also includes a corporate finance business that offers capital for equity sponsors and middle-market companies. Ally is a Delaware corporation and is 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 U.S. 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, 2024, and for the three months and nine months ended September 30, 2024, and 2023, 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, 2023, as filed on February 20, 2024, with the SEC.
Significant Accounting Policies
Allowance for Loan Losses
The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our loan portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions and reductions to the allowance are charged to current period earnings through the provision for credit losses and amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that the loan modification will be executed with a borrower.
For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted factors over a reasonable and supportable forecast period. These forecasted variables are derived from both internal and external sources. Beyond this forecasted period, we revert each variable to a historical average on a straight-line basis. The historical average is calculated predominantly using historical data beginning in January 2008 through the most recent period of available data.
During the second quarter of 2024, we updated our reasonable and supportable forecast period from 12 months to 24 months, and our reversion period from 24 months to 12 months. This refinement to our estimation process represents a change in accounting estimate, with prospective application beginning in the period of change. The impact of this refinement to our estimation process was offset by an adjustment in the qualitative portion of our allowance. The use of a longer-duration reasonable and supportable macroeconomic forecast period to produce the modeled portion of our allowance for loan losses is expected to further improve model performance.
Equity-Method Investments and Proportional Amortization Investments
Our equity-method investments primarily include equity investments related to the CRA, which do not have a readily determinable fair value. The majority of these investments are accounted for using the equity method of accounting and are included in equity-method investments within other assets on our Condensed Consolidated Balance Sheet.
Our proportional amortization investments include tax equity investments related to the CRA, for which the primary return to us is the income tax credits and other income tax benefits we receive. We have elected to apply the proportional amortization method to qualifying tax equity investments within our LIHTC, NMTC, and HTC programs. Under the proportional amortization method, the costs of qualifying tax equity investments are amortized in proportion to the allocation of income tax credits and other income tax benefits in each period to the total
income tax benefits expected to be obtained over the life of the investment, and the investment amortization and income tax credits are presented on a net basis as a component of income tax expense. Our proportional amortization investments are included within other assets on our Condensed Consolidated Balance Sheet. Our obligations related to unfunded commitments for our proportional amortization investments are included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Income tax credits and other income tax benefits received are recorded in income tax expense of the Condensed Consolidated Statement of Comprehensive Income (Loss) and in net income and as a component of operating activities within deferred income taxes, other assets, and other liabilities of the Condensed Consolidated Statement of Cash Flows.
This update to our accounting policy resulted from our adoption of ASU 2023-02 on January 1, 2024, as further described within the section below titled Recently Adopted Accounting Standards.
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 2023 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 2023 Annual Report on Form 10-K regarding additional significant accounting policies.
Recently Adopted Accounting Standards
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03)
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The purpose of this guidance is to clarify that a contractual restriction on the ability to sell an equity security is not considered part of the unit of account of the equity security, and therefore should not be considered when measuring the equity security’s fair value. Additionally, an entity cannot separately recognize and measure a contractual-sale restriction. This guidance also adds specific disclosures related to equity securities that are subject to contractual-sale restrictions, including (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) the circumstances that could cause a lapse in the restrictions. We adopted the amendments on January 1, 2024, using the prospective approach. The impact of these amendments was not material.
Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASU 2023-02)
In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The purpose of this guidance is to expand the use of the proportional amortization method to certain tax equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. In order to qualify for the proportional amortization method, the following five conditions must be met: (1) it is probable that the income tax credits allocable to the tax equity investor will be available, (2) the tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project, (3) substantially all of the projected benefits are from income tax credits and other income tax benefits, (4) the tax equity investor’s projected yield is based solely on the cash flows from the income tax credits and other income tax benefits is positive, and (5) the tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. Selecting the proportional amortization method is an accounting policy election that must be applied on a tax-credit-program-by-tax-credit-program basis rather than at the entity level or to individual investments. Additionally, in order to apply the proportional amortization method to qualifying investments, an entity must use the flow-through method when accounting for the receipt of the investment tax credits. This guidance also adds disclosure requirements related to tax credit programs where the proportional amortization method has been elected. We adopted the amendments on January 1, 2024, using the modified retrospective approach. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $2 million, net of income taxes.
Recently Issued Accounting Standards and Disclosure Rules
Improvements to Reportable Segment Disclosures (ASU 2023-07)
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The purpose of this guidance is to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. This ASU requires that an entity disclose, on an interim and annual basis, significant segment expenses that are regularly provided to the CODM and are included within the reported measure of segment profit or loss. This ASU also requires an entity to disclose, on an interim and annual basis, other segment items by reportable segment, including a qualitative description of the composition of those items. This “other” category is defined as the difference between segment profit or loss and segment revenue less significant segment expenses. Entities are also required to disclose the title and position of the individual, or the name of the group or committee, identified as the CODM. The amendments are effective on January 1, 2024, for annual reporting, and January 1, 2025, for interim reporting, with early adoption permitted. The amendments must be applied using a retrospective approach. Management does not expect the impact of these amendments to be material.
Improvements to Income Tax Disclosures (ASU 2023-09)
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures. This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes. The amendments are effective on January 1, 2025, with early adoption permitted. The amendments must be applied using either a prospective or retrospective approach. Management does not expect the impact of these amendments to be material.
The Enhancement and Standardization of Climate-Related Disclosures for Investors (SEC Release No. 33-11275)
In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule requires registrants to disclose certain climate-related information in registration statements and annual reports for the fiscal year beginning January 1, 2025. On April 4, 2024, the SEC ordered that the final rule is stayed pending the completion of judicial review in the U.S. Court of Appeals for the Eighth Circuit. Management is still assessing the final rule and monitoring legal developments to determine its impact on us.
v3.24.3
Held-for-sale Operations
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Held-for-sale Operations Held-for-sale Operations
On December 31, 2023, we committed to sell Ally Lending, a component of our Corporate and Other segment. We closed the sale of Ally Lending on March 1, 2024. For all periods presented, the operating results for our held-for-sale operations are presented within continuing operations in the Condensed Consolidated Statement of Comprehensive Income (Loss). Additionally, the assets and liabilities of our held-for-sale operations are presented separately on the Condensed Consolidated Balance Sheet as of December 31, 2023.
In connection with the classification of the operations as held-for-sale, the disposal group was measured at lower-of-cost or fair value. First, the finance receivables and loans were classified as held-for-sale and measured at the lower-of-cost or fair value, which resulted in a benefit of $16 million to our provision for credit losses during the year ended December 31, 2023. Next, the remaining assets and liabilities of the disposal group were measured at the lower-of-cost or fair value. The fair value was determined based on the sales agreement with the third-party purchaser, which is a Level 2 fair value input. The carrying value exceeded the fair value of the assets and liabilities of the disposal group, which resulted in a goodwill impairment charge of $149 million during the year ended December 31, 2023. In total, we recognized a net pretax loss of $133 million for the year ended December 31, 2023, in connection with classification of the operations as held-for-sale. During the nine months ended September 30, 2024, we recognized an additional pretax loss of $8 million in connection with the sale of Ally Lending, and do not expect to recognize any significant incremental losses related to this transaction.
The assets and liabilities of operations held-for-sale are summarized below.
($ in millions)December 31, 2023
Assets
Loans held-for-sale, net$1,940 
Other assets (a)35 
Total assets
$1,975 
Liabilities
Accrued expenses and other liabilities (b)$17 
Total liabilities$17 
(a)Primarily includes accrued interest and fees of $25 million, goodwill of $4 million, and property and equipment of $4 million at December 31, 2023.
(b)Includes $5 million for reserves for unfunded lending commitments at December 31, 2023.
Nonrecurring Fair Value
The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at December 31, 2023. The disposal group was sold on March 1, 2024. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
December 31, 2023 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $1,940 $— $1,940 $— n/m(a)
Other assets (b)— 35 — 35 (149)n/m(a)
Total assets
$— $1,975 $— $1,975 $(149)n/m
Liabilities
Accrued expenses and other liabilities$— $17 $— $17 $— n/m(a)
Total liabilities$— $17 $— $17 $— n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments 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.
(b)Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy.
v3.24.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Our primary revenue sources, which include financing revenue and other interest income, are addressed by other U.S. GAAP topics and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other U.S. GAAP topics and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred.
The following tables present a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.
Three months ended September 30,
($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2024
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $246 $— $— $— $246 
Remarketing fee income28 — — — — 28 
Brokerage commissions and other revenue— — — — 22 22 
Banking fees and interchange income (d)— — — — 12 12 
Brokered/agent commissions— 5 — — — 5 
Other5 1 — — — 6 
Total revenue from contracts with customers
33 252 — — 34 319 
All other revenue
52 185 6 37 16 296 
Total other revenue (e)$85 $437 $6 $37 $50 $615 
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $173 $— $— $— $173 
Remarketing fee income27 — — — — 27 
Brokerage commissions and other revenue— — — — 23 23 
Banking fees and interchange income (d)— — — — 10 10 
Brokered/agent commissions— 3 — — — 3 
Other5 1 — — — 6 
Total revenue from contracts with customers
32 177 — — 33 242 
All other revenue47 116 4 24 2 193 
Total other revenue (e)$79 $293 $4 $24 $35 $435 
(a)We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both July 1, 2024, and 2023, and $243 million and $249 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income (Loss) during the three months ended September 30, 2024, and 2023, respectively.
(b)At September 30, 2024, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $232 million during the remainder of 2024, $818 million in 2025, $674 million in 2026, $514 million in 2027, and $726 million thereafter. At September 30, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts.
(c)We had deferred insurance assets of $1.8 billion at both July 1, 2024 and September 30, 2024, and recognized $141 million of expense during the three months ended September 30, 2024. We had deferred insurance assets of $1.8 billion at both July 1, 2023 and September 30, 2023, and recognized $148 million of expense during the three months ended September 30, 2023.
(d)Interchange income is reported net of customer rewards. Customer rewards expense was $7 million and $5 million for the three months ended September 30, 2024, and 2023, respectively.
(e)Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments.
Nine months ended September 30,
($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2024
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $666 $— $— $— $666 
Remarketing fee income88 — — — — 88 
Brokerage commissions and other revenue— — — — 67 67 
Banking fees and interchange income (c)— — — — 35 35 
Brokered/agent commissions— 15 — — — 15 
Other14 2 — — — 16 
Total revenue from contracts with customers
102 683 — — 102 887 
All other revenue
173 476 17 90 7 763 
Total other revenue (d)$275 $1,159 $17 $90 $109 $1,650 
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $513 $— $— $— $513 
Remarketing fee income91 — — — — 91 
Brokerage commissions and other revenue— — — — 69 69 
Banking fees and interchange income (c)— — — — 31 31 
Brokered/agent commissions— 10 — — — 10 
Other15 1 — — — 16 
Total revenue from contracts with customers
106 524 — — 100 730 
All other revenue133 487 13 81 (5)709 
Total other revenue (d)$239 $1,011 $13 $81 $95 $1,439 
(a)We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2024, and 2023, and $732 million and $733 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income (Loss) during the nine months ended September 30, 2024, and 2023, respectively.
(b)We had deferred insurance assets of $1.8 billion at both January 1, 2024 and September 30, 2024, and recognized $432 million of expense during the nine months ended September 30, 2024. We had deferred insurance assets of $1.8 billion at both January 1, 2023, and September 30, 2023, and recognized $436 million of expense during the nine months ended September 30, 2023.
(c)Interchange income is reported net of customer rewards. Customer rewards expense was $20 million and $14 million for the nine months ended September 30, 2024, and 2023, respectively.
(d)Represents a component of total net revenue. Refer to Note 23 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 $24 million and $129 million for the three months and nine months ended September 30, 2024, respectively, compared to $57 million and $174 million for the same periods in 2023, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income (Loss). Refer to Note 9 for additional information.
v3.24.3
Other Income, Net of Losses
 9 Months Ended
Sep. 30, 2024
Other Nonoperating Income (Expense) [Abstract]  
Other Income, Net of Losses Other Income, Net of Losses
Details of other income, net of losses, were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Late charges and other administrative fees$49 $50 $150 $145 
Remarketing fees28 27 88 91 
Income from equity-method investments (a)10 8 14 5 
Loss on nonmarketable equity investments, net (a)— — (9)(11)
Other, net89 67 248 201 
Total other income, net of losses$176 $152 $491 $431 
(a)Refer to Note 11 for further information on our equity-method investments and nonmarketable equity investments.
v3.24.3
Reserves for Insurance Losses and Loss Adjustment Expenses
 9 Months Ended
Sep. 30, 2024
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]  
Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses
The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
($ in millions)20242023
Total gross reserves for insurance losses and loss adjustment expenses at January 1,$140 $119 
Less: Reinsurance recoverable66 72 
Net reserves for insurance losses and loss adjustment expenses at January 1,74 47 
Net insurance losses and loss adjustment expenses incurred related to:
Current year411 326 
Prior years (a)17 3 
Total net insurance losses and loss adjustment expenses incurred428 329 
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year(319)(270)
Prior years(64)(38)
Total net insurance losses and loss adjustment expenses paid or payable(383)(308)
Net reserves for insurance losses and loss adjustment expenses at September 30,119 68 
Plus: Reinsurance recoverable (b)78 77 
Total gross reserves for insurance losses and loss adjustment expenses at September 30, (c)$197 $145 
(a)There have been no material adverse changes to the reserve for prior years.
(b)Included in premiums receivable and other insurance assets on our Condensed Consolidated Balance Sheet.
(c)Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
v3.24.3
Other Operating Expenses
 9 Months Ended
Sep. 30, 2024
Operating Expenses [Abstract]  
Other Operating Expenses Other Operating Expenses
Details of other operating expenses were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Insurance commissions$164 $160 $486 $475 
Technology and communications110 109 319 328 
Advertising and marketing69 74 221 231 
Property and equipment depreciation55 51 169 146 
Regulatory and licensing fees45 45 137 119 
Lease and loan administration45 57 136 158 
Professional services36 35 106 103 
Vehicle remarketing and repossession31 30 96 85 
Amortization of intangible assets (a)4 6 15 19 
Other96 95 310 306 
Total other operating expenses$655 $662 $1,995 $1,970 
(a)Refer to Note 11 for further information on our intangible assets.
v3.24.3
Investment Securities
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
September 30, 2024December 31, 2023
Amortized costGross unrealized
Fair value
Amortized costGross unrealized
Fair value
($ in millions)gainslossesgainslosses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$2,270 $— $(155)$2,115 $2,284 $— $(209)$2,075 
U.S. States and political subdivisions718 1 (72)647 727 1 (70)658 
Foreign government203 2 (5)200 190 1 (8)183 
Agency mortgage-backed residential (a)17,094 1 (2,398)14,697 18,122 1 (2,739)15,384 
Mortgage-backed residential254 — (35)219 268 — (43)225 
Agency mortgage-backed commercial (a)4,675 7 (666)4,016 4,539 2 (783)3,758 
Asset-backed204 — (2)202 344 — (12)332 
Corporate debt1,894 12 (97)1,809 1,942 4 (146)1,800 
Total available-for-sale securities (b) (c) (d) (e) (f)$27,312 $23 $(3,430)$23,905 $28,416 $9 $(4,010)$24,415 
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential$950 $— $(155)$795 $999 $— $(173)$826 
Mortgage-backed residential3,392 283 — 3,675 3,603 221 — 3,824 
Asset-backed retained notes99 1 — 100 78 1 — 79 
Total held-to-maturity securities (d) (f) (g)$4,441 $284 $(155)$4,570 $4,680 $222 $(173)$4,729 
(a)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $100 million asset and a $46 million asset for agency mortgage-backed residential securities at September 30, 2024, and December 31, 2023, respectively, and a $57 million asset and a $29 million asset for agency mortgage-backed commercial securities at September 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 19 for additional information.
(c)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million and $12 million at September 30, 2024, and December 31, 2023, respectively.
(d)Investment securities with a fair value of $4.0 billion and $4.7 billion were pledged as collateral at September 30, 2024, and December 31, 2023, respectively. This primarily included $3.1 billion and $3.3 billion pledged to secure advances from the FHLB at September 30, 2024, and December 31, 2023, respectively. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $901 million and $1.4 billion of the underlying available-for-sale securities at September 30, 2024, and December 31, 2023, respectively.
(e)Totals do not include accrued interest receivable, which was $72 million and $76 million at September 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
(f)There was no allowance for credit losses recorded at both September 30, 2024, or December 31, 2023, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.
(g)Totals do not include accrued interest receivable, which was $12 million and $13 million at September 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
In the fourth quarter of 2023, non-agency mortgage-backed residential securities with a fair value of $3.6 billion were transferred from available-for-sale to held-to-maturity. At the time of the transfer, $911 million of unrealized losses were retained in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheet. The transfer of these securities to held-to-maturity reduces our exposure to fluctuations in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheet that can result from unrealized losses on available-for-sale securities due to changes in market interest rates. The unrealized loss at the time of transfer is amortized over the remaining life of the security, offsetting the amortization of the security’s premium or discount, and resulting in no impact to the Condensed Consolidated Statement of Comprehensive Income (Loss). Refer to Note 16 for additional information.
The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
TotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
($ in millions)AmountYieldAmountYieldAmountYieldAmountYieldAmountYield
September 30, 2024
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,115 1.6 %$253 0.8 %$1,100 1.5 %$762 1.9 %$— — %
U.S. States and political subdivisions647 3.4 32 6.7 69 3.0 94 4.0 452 3.2 
Foreign government200 2.6 39 1.9 50 2.3 107 2.9 4 3.3 
Agency mortgage-backed residential (b)14,697 2.6 — — 8 2.0 26 2.5 14,663 2.6 
Mortgage-backed residential219 2.7 — — — — — — 219 2.7 
Agency mortgage-backed commercial (b)4,016 2.4 23 3.1 273 3.7 1,694 2.4 2,026 2.2 
Asset-backed202 1.6 — — 197 1.6 4 3.9 1 2.7 
Corporate debt1,809 3.0 214 3.0 789 2.6 729 3.2 77 5.2 
Total available-for-sale securities$23,905 2.5 $561 1.8 $2,486 2.2 $3,416 2.5 $17,442 2.5 
Amortized cost of available-for-sale securities
$27,312 $565 $2,596 $3,767 $20,384 
Amortized cost of held-to-maturity securities (c)
Agency mortgage-backed residential$950 2.7 %$— — %$— — %$— — %$950 2.7 %
Mortgage-backed residential3,392 2.8 — — — — 9 3.0 3,383 2.8 
Asset-backed retained notes
99 5.4 — — 67 5.4 32 5.5 — — 
Total held-to-maturity securities
$4,441 2.9 $— — $67 5.4 $41 5.0 $4,333 2.8 
December 31, 2023
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,075 1.6 %$215 0.9 %$1,120 1.5 %$740 1.9 %$— — %
U.S. States and political subdivisions658 3.2 4 3.4 55 2.7 110 3.6 489 3.1 
Foreign government183 2.3 20 1.3 82 2.4 81 2.5 — — 
Agency mortgage-backed residential (b)15,384 2.6 — — 10 1.9 32 2.5 15,342 2.6 
Mortgage-backed residential225 2.7 — — — — — — 225 2.7 
Agency mortgage-backed commercial (b)3,758 2.3 — — 163 3.8 1,641 2.4 1,954 2.1 
Asset-backed332 1.7 — — 327 1.7 4 3.9 1 2.7 
Corporate debt1,800 2.7 210 2.4 915 2.6 671 2.9 4 6.2 
Total available-for-sale securities$24,415 2.5 $449 1.7 $2,672 2.1 $3,279 2.4 $18,015 2.5 
Amortized cost of available-for-sale securities
$28,416 $461 $2,844 $3,746 $21,365 
Amortized cost of held-to-maturity securities (c)
Agency mortgage-backed residential
$999 2.8 %$— — %$— — %$— — %$999 2.8 %
Mortgage-backed residential3,603 2.8 — — — — 12 3.0 3,591 2.8 
Asset-backed retained notes
78 5.6 1 5.6 41 5.6 2 6.0 34 5.6 
Total held-to-maturity securities
$4,680 2.8 $1 5.6 $41 5.6 $14 3.4 $4,624 2.8 
(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost inclusive of hedge basis adjustments for dedesignated hedges, and excludes expected capital gains and losses. Yield does not consider hedging effects for securities in active hedges.
(b)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $100 million asset and a $46 million asset for agency mortgage-backed residential securities at September 30, 2024, and December 31, 2023, respectively, and a $57 million asset and a $29 million asset for agency mortgage-backed commercial securities at September 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
(c)Yield is calculated using the effective yield of each security at the end of the period, weighted based on amortized cost by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost and excludes capital gains, capital losses, and the premium or discount on securities transferred from available-for-sale to held-to-maturity.
The balances of cash equivalents were $426 million and $36 million at September 30, 2024, and December 31, 2023, respectively, and were composed primarily of money-market funds.
The following table presents interest and dividends on investment securities.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Taxable interest$243 $246 $732 $692 
Taxable dividends5 5 15 12 
Interest and dividends exempt from U.S. federal income tax5 5 16 16 
Interest and dividends on investment securities$253 $256 $763 $720 
The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Available-for-sale securities
Gross realized gains$1 $— $2 $5 
Net realized gain on available-for-sale securities1 — 2 5 
Net realized gain on equity securities15 15 53 21 
Net unrealized gain (loss) on equity securities58 (56)41 33 
Other gain (loss) on investments, net$74 $(41)$96 $59 
The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of September 30, 2024, and December 31, 2023. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both September 30, 2024, and December 31, 2023. We have not recorded any interest income reversals on our held-to-maturity securities during the nine months ended September 30, 2024, or 2023.
($ in millions)AAAAAABBBTotal (a)
September 30, 2024
Debt securities
Agency mortgage-backed residential$— $950 $— $— $950 
Mortgage-backed residential3,299 81 12 — 3,392 
Asset-backed retained notes91 4 2 2 99 
Total held-to-maturity securities$3,390 $1,035 $14 $2 $4,441 
December 31, 2023
Debt securities
Agency mortgage-backed residential$— $999 $— $— $999 
Mortgage-backed residential3,497 93 13 — 3,603 
Asset-backed retained notes73 2 2 1 78 
Total held-to-maturity securities$3,570 $1,094 $15 $1 $4,680 
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.
The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. As of September 30, 2024, and December 31, 2023, we did not have the intent to sell the available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the nine months ended September 30, 2024, or 2023.
September 30, 2024December 31, 2023
Less than 12 months12 months or longerLess than 12 months12 months or longer
($ 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$— $— $2,115 $(155)$— $— $2,075 $(209)
U.S. States and political subdivisions47 (1)497 (71)70 — 501 (70)
Foreign government9 — 122 (5)16 — 134 (8)
Agency mortgage-backed residential (a)18 — 14,548 (2,398)300 (5)15,015 (2,734)
Mortgage-backed residential— — 219 (35)— — 225 (43)
Agency mortgage-backed commercial (a)79 (1)3,608 (665)153 (4)3,472 (779)
Asset-backed— — 178 (2)18 — 302 (12)
Corporate debt57 (1)1,423 (96)33 (1)1,607 (145)
Total available-for-sale securities
$210 $(3)$22,710 $(3,427)$590 $(10)$23,331 $(4,000)
(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at September 30, 2024, and December 31, 2023. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
During the nine months ended September 30, 2024, and 2023, management determined that there were no expected credit losses for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. As a result of this evaluation, management determined that no credit reserves were required at September 30, 2024, or December 31, 2023.
v3.24.3
Finance Receivables and Loans, Net
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Finance Receivables and Loans, Net Finance Receivables and Loans, Net
The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions)September 30, 2024December 31, 2023
Consumer automotive (a)$83,424 $84,320 
Consumer mortgage
Mortgage Finance (b)17,309 18,442 
Mortgage — Legacy (c)192 225 
Total consumer mortgage17,501 18,667 
Consumer other
Credit Card2,170 1,990 
Total consumer other2,170 1,990 
Total consumer103,095 104,977 
Commercial
Commercial and industrial
Automotive19,259 18,700 
Other8,824 9,712 
Commercial real estate6,323 6,050 
Total commercial34,406 34,462 
Total finance receivables and loans (d) (e)$137,501 $139,439 
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information.
(b)Includes loans originated as interest-only mortgage loans of $1 million and $2 million at September 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $12 million and $13 million at September 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period.
(d)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both September 30, 2024, and December 31, 2023.
(e)Totals do not include accrued interest receivable, which was $851 million and $853 million at September 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2024, and 2023, respectively.
Three months ended September 30, 2024 ($ in millions)
Consumer automotiveConsumer mortgageConsumer otherCommercialTotal
Allowance at July 1, 2024$3,055 $19 $302 $196 $3,572 
Charge-offs (a)(683)— (61)— (744)
Recoveries216 1 9 1 227 
Net charge-offs(467)1 (52)1 (517)
Provision for credit losses578 (3)58 12 645 
Other— 2 (1)(1)— 
Allowance at September 30, 2024
$3,166 $19 $307 $208 $3,700 
(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2024 ($ in millions)
Consumer automotiveConsumer mortgageConsumer otherCommercialTotal
Allowance at January 1, 2024$3,083 $21 $293 $190 $3,587 
Charge-offs (a)(1,976)(1)(199)(2)(2,178)
Recoveries654 3 23 7 687 
Net charge-offs(1,322)2 (176)5 (1,491)
Write-downs from transfers to held-for-sale (b)(5)— — — (5)
Provision for credit losses1,410 (6)191 14 1,609 
Other— 2 (1)(1)— 
Allowance at September 30, 2024
$3,166 $19 $307 $208 $3,700 
(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
(b)Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.
Three months ended September 30, 2023 ($ in millions)
Consumer automotiveConsumer mortgageConsumer otherCommercialTotal
Allowance at July 1, 2023$3,064 $23 $476 $218 $3,781 
Charge-offs (a)(602)— (74)(1)(677)
Recoveries209 2 6 4 221 
Net charge-offs(393)2 (68)3 (456)
Provision for credit losses (b)433 (4)68 15 512 
Other— 1 (2)1 — 
Allowance at September 30, 2023
$3,104 $22 $474 $237 $3,837 
(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
(b)Excludes $4 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Nine months ended September 30, 2023 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2023$3,020 $27 $426 $238 $3,711 
Charge-offs (b)(1,634)(3)(208)(62)(1,907)
Recoveries613 7 18 5 643 
Net charge-offs(1,021)4 (190)(57)(1,264)
Provision for credit losses (c)1,106 (9)239 54 1,390 
Other(1)— (1)2 — 
Allowance at September 30, 2023
$3,104 $22 $474 $237 $3,837 
(a)Excludes $3 million of finance receivables and loans at January 1, 2023, 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 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
(c)Excludes $9 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Consumer automotive$— $— $1,108 $— 
Consumer mortgage208 — 325 1 
Commercial131 11 296 11 
Total sales and transfers$339 $11 $1,729 $12 
The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Consumer automotive$802 $1,064 $2,377 $2,902 
Consumer mortgage7 7 15 14 
Commercial— 3 — 10 
Total purchases of finance receivables and loans$809 $1,074 $2,392 $2,926 
Nonaccrual Loans
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of September 30, 2024, and December 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.
September 30, 2024
($ in millions)Nonaccrual status at Jan. 1, 2024Nonaccrual status at
Jul. 1, 2024		Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,129 $978 $1,204 $525 
Consumer mortgage
Mortgage Finance41 32 37 25 
Mortgage — Legacy13 9 9 9 
Total consumer mortgage54 41 46 34 
Consumer other
Credit Card92 80 84 — 
Total consumer other92 80 84 — 
Total consumer1,275 1,099 1,334 559 
Commercial
Commercial and industrial
Automotive18 18 51 33 
Other98 96 95 4 
Commercial real estate3 2 10 10 
Total commercial119 116 156 47 
Total finance receivables and loans (b)$1,394 $1,215 $1,490 $606 
(a)Represents a component of nonaccrual status at end of period.
(b)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $14 million for the three months and nine months ended September 30, 2024, respectively.
December 31, 2023
($ in millions)Nonaccrual status at Jan. 1, 2023Nonaccrual status at
Jul. 1, 2023		Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,187 $1,098 $1,129 $531 
Consumer mortgage
Mortgage Finance34 38 41 21 
Mortgage — Legacy15 14 13 12 
Total consumer mortgage49 52 54 33 
Consumer other
Personal Lending (b)13 11 — — 
Credit Card43 55 92 — 
Total consumer other56 66 92 — 
Total consumer1,292 1,216 1,275 564 
Commercial
Commercial and industrial
Automotive5 24 18 13 
Other157 161 98 5 
Commercial real estate— 3 3 3 
Total commercial162 188 119 21 
Total finance receivables and loans (c)$1,454 $1,404 $1,394 $585 
(a)Represents a component of nonaccrual status at end of period.
(b)Personal Lending finance receivables and loans were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
(c)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $11 million for the three months and nine months ended September 30, 2023, respectively.
Credit Quality Indicators
We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan.
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
Origination yearRevolving loans converted to term
September 30, 2024 ($ in millions)
202420232022202120202019 and priorRevolving loansTotal
Consumer automotive
Current$23,561 $22,621 $17,069 $9,646 $3,714 $2,436 $— $— $79,047 
30–59 days past due270 699 840 569 187 165 — — 2,730 
60–89 days past due77 288 380 245 79 66 — — 1,135 
90 or more days past due23 116 157 102 35 38 — — 471 
Total consumer automotive (a)23,931 23,724 18,446 10,562 4,015 2,705 — — 83,383 
Consumer mortgage
Mortgage Finance
Current6 31 1,925 9,958 1,754 3,556 — — 17,230 
30–59 days past due— — 8 14 3 18 — — 43 
60–89 days past due— — — 2 — 5 — — 7 
90 or more days past due— — 1 6 1 21 — — 29 
Total Mortgage Finance6 31 1,934 9,980 1,758 3,600 — — 17,309 
Mortgage — Legacy
Current— — — — — 47 119 16 182 
30–59 days past due— — — — — 2 1 — 3 
90 or more days past due— — — — — 5 1 1 7 
Total Mortgage — Legacy— — — — — 54 121 17 192 
Total consumer mortgage6 31 1,934 9,980 1,758 3,654 121 17 17,501 
Consumer other
Credit Card
Current— — — — — — 2,020 — 2,020 
30–59 days past due— — — — — — 38 — 38 
60–89 days past due— — — — — — 32 — 32 
90 or more days past due— — — — — — 80 — 80 
Total Credit Card— — — — — — 2,170 — 2,170 
Total consumer other— — — — — — 2,170 — 2,170 
Total consumer$23,937 $23,755 $20,380 $20,542 $5,773 $6,359 $2,291 $17 $103,054 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes an asset of $41 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at September 30, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
Origination yearRevolving loans converted to term
December 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive
Current$30,677 $23,699 $14,209 $6,132 $3,306 $1,876 $— $— $79,899 
30–59 days past due539 1,041 739 270 181 122 — — 2,892 
60–89 days past due170 443 303 109 68 45 — — 1,138 
90 or more days past due64 167 122 44 32 28 — — 457 
Total consumer automotive (a)31,450 25,350 15,373 6,555 3,587 2,071 — — 84,386 
Consumer mortgage
Mortgage Finance
Current152 2,170 10,374 1,836 747 3,073 — — 18,352 
30–59 days past due1 8 14 3 3 20 — — 49 
60–89 days past due— 2 4 3 — 5 — — 14 
90 or more days past due— 1 4 1 2 19 — — 27 
Total Mortgage Finance153 2,181 10,396 1,843 752 3,117 — — 18,442 
Mortgage — Legacy
Current— — — — — 51 142 17 210 
30–59 days past due— — — — — 3 — 1 4 
60–89 days past due— — — — — 1 1 — 2 
90 or more days past due— — — — — 6 2 1 9 
Total Mortgage — Legacy— — — — — 61 145 19 225 
Total consumer mortgage153 2,181 10,396 1,843 752 3,178 145 19 18,667 
Consumer other
Credit Card
Current— — — — — — 1,828 — 1,828 
30–59 days past due— — — — — — 39 — 39 
60–89 days past due— — — — — — 34 — 34 
90 or more days past due— — — — — — 89 — 89 
Total Credit Card— — — — — — 1,990 — 1,990 
Total consumer other (b)— — — — — — 1,990 — 1,990 
Total consumer$31,603 $27,531 $25,769 $8,398 $4,339 $5,249 $2,135 $19 $105,043 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $66 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
(b)Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
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 ratings 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.
•Loss — Loans that are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.
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, 2024 ($ in millions)
202420232022202120202019 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$395 $325 $386 $133 $74 $57 $16,633 $— $18,003 
Special mention5 20 14 25 2 8 1,061 — 1,135 
Substandard— 1 — — — — 110 — 111 
Doubtful— — — — — — 10 — 10 
Total automotive400 346 400 158 76 65 17,814 — 19,259 
Other
Pass526 298 313 264 172 235 5,614 91 7,513 
Special mention— — 367 238 172 77 235 23 1,112 
Substandard— 27 — 23 46 54 10 3 163 
Doubtful— — — — — 26 10 — 36 
Total other526 325 680 525 390 392 5,869 117 8,824 
Commercial real estate
Pass740 1,008 1,296 1,058 825 1,216 — 35 6,178 
Special mention6 18 69 42 — — — — 135 
Substandard— — 5 — 3 — — — 8 
Doubtful— — 1 — — 1 — — 2 
Total commercial real estate746 1,026 1,371 1,100 828 1,217 — 35 6,323 
Total commercial$1,672 $1,697 $2,451 $1,783 $1,294 $1,674 $23,683 $152 $34,406 
Origination yearRevolving loans converted to term
December 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$509 $512 $165 $97 $58 $22 $16,446 $— $17,809 
Special mention6 7 30 1 1 14 723 — 782 
Substandard— 1 — — — — 44 — 45 
Doubtful— — — — — 1 63 — 64 
Total automotive515 520 195 98 59 37 17,276 — 18,700 
Other
Pass331 646 343 405 266 180 6,202 173 8,546 
Special mention— 208 188 206 51 85 198 25 961 
Substandard— — 46 3 — 83 25 11 168 
Doubtful— — — — — 26 10 — 36 
Loss— — — — 1 — — — 1 
Total other331 854 577 614 318 374 6,435 209 9,712 
Commercial real estate
Pass971 1,452 1,129 884 607 811 100 26 5,980 
Special mention3 16 28 1 18 — — — 66 
Substandard— 3 — — — 1 — — 4 
Total commercial real estate974 1,471 1,157 885 625 812 100 26 6,050 
Total commercial$1,820 $2,845 $1,929 $1,597 $1,002 $1,223 $23,811 $235 $34,462 
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
($ in millions)30–59 days past due60–89 days past due90 days or more past dueTotal past dueCurrentTotal finance receivables and loans
September 30, 2024
Commercial
Commercial and industrial
Automotive$— $— $— $— $19,259 $19,259 
Other— — — — 8,824 8,824 
Commercial real estate— — 1 1 6,322 6,323 
Total commercial$— $— $1 $1 $34,405 $34,406 
December 31, 2023
Commercial
Commercial and industrial
Automotive$— $— $— $— $18,700 $18,700 
Other2 — 3 5 9,707 9,712 
Commercial real estate— — — — 6,050 6,050 
Total commercial$2 $— $3 $5 $34,457 $34,462 
The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the nine months ended September 30, 2024, and during the year ended December 31, 2023, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our charge-off policy.
Origination yearRevolving loans converted to term
September 30, 2024 ($ in millions)
202420232022202120202019 and priorRevolving loansTotal
Consumer automotive (a)$65 $567 $719 $396 $108 $121 $— $— $1,976 
Consumer mortgage
Mortgage Finance— — — 1 — — — — 1 
Total consumer mortgage— — — 1 — — — — 1 
Consumer other
Credit Card— — — — — — 187 12 199 
Total consumer other— — — — — — 187 12 199 
Total consumer65 567 719 397 108 121 187 12 2,176 
Commercial
Commercial and industrial
Automotive— — — — — 1 1 — 2 
Total commercial— — — — — 1 1 — 2 
Total finance receivables and loans$65 $567 $719 $397 $108 $122 $188 $12 $2,178 
(a)Excludes $5 million of write-downs from transfers to held-for-sale from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.
Origination yearRevolving loans converted to term
December 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive (a)$225 $952 $651 $194 $142 $120 $— $— $2,284 
Consumer mortgage
Mortgage Finance— — — — — 1 — — 1 
Mortgage — Legacy— — — — — 2 — — 2 
Total consumer mortgage— — — — — 3 — — 3 
Consumer other
Personal Lending (b)14 82 29 3 — — — — 128 
Credit Card— — — — — — 165 10 175 
Total consumer other14 82 29 3 — — 165 10 303 
Total consumer239 1,034 680 197 142 123 165 10 2,590 
Commercial
Commercial and industrial
Automotive— — — — — 5 19 — 24 
Other— — — — 79 23 4 — 106 
Total commercial— — — — 79 28 23 — 130 
Total finance receivables and loans$239 $1,034 $680 $197 $221 $151 $188 $10 $2,720 
(a)Excludes $41 million of write-downs from transfers to held-for-sale from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Refer to Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information.
(b)Excludes $174 million of write-downs from the transfer to held-for-sale related to Personal Lending. Refer to Note 2 for additional information.
Loan Modifications
The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months and nine months ended September 30, 2024, and 2023, respectively, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. The below tables exclude consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of September 30, 2024, and December 31, 2023, there were $3 million and $5 million of consumer mortgage finance receivables and loans in a trial modification program, respectively.
Payment extensions
Three months ended September 30, 2024
($ in millions)
Payment deferralsContractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal
Consumer automotive$— $130 $2 $— $— $132 
Consumer mortgage
Mortgage Finance— 1 — — — 1 
Total consumer mortgage— 1 — — — 1 
Consumer other
Credit Card— — 1 6 — 7 
Total consumer other— — 1 6 — 7 
Total consumer— 131 3 6 — 140 
Commercial
Commercial and industrial
Automotive— — — 37 — 37 
Other— 25 — — 14 39 
Commercial real estate— — — — 1 1 
Total commercial— 25 — 37 15 77 
Total finance receivables and loans$— $156 $3 $43 $15 $217 
Payment extensions
Nine months ended September 30, 2024
($ in millions)
Payment deferralsContractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal (a)
Consumer automotive$— $305 $4 $— $— $309 
Consumer mortgage
Mortgage Finance— 2 — — — 2 
Total consumer mortgage— 2 — — — 2 
Consumer other
Credit Card— — 1 13 — 14 
Total consumer other— — 1 13 — 14 
Total consumer— 307 5 13 — 325 
Commercial
Commercial and industrial
Automotive5 — — 37 — 42 
Other— 174 — — 14 188 
Commercial real estate— — — — 1 1 
Total commercial5 174 — 37 15 231 
Total finance receivables and loans$5 $481 $5 $50 $15 $556 
(a)Represents 0.4% of total finance receivables and loans outstanding as of September 30, 2024.
Payment extensions
Three months ended September 30, 2023
($ in millions)
Payment deferrals (a)Contractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal
Consumer automotive$— $62 $1 $— $— $63 
Consumer mortgage
Mortgage Finance— 1 — — — 1 
Mortgage — Legacy— — — — 1 1 
Total consumer mortgage— 1 — — 1 2 
Consumer other
Credit Card— — — 4 — 4 
Total consumer other— — — 4 — 4 
Total consumer— 63 1 4 1 69 
Commercial
Commercial and industrial
Other37 — — — — 37 
Total commercial37 — — — — 37 
Total finance receivables and loans$37 $63 $1 $4 $1 $106 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.
Payment extensions
Nine months ended September 30, 2023
($ in millions)
Payment deferrals (a)Contractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal (b)
Consumer automotive$— $99 $13 $— $30 $142 
Consumer mortgage
Mortgage Finance— 2 — — 2 4 
Mortgage — Legacy— 1 — — 1 2 
Total consumer mortgage— 3 — — 3 6 
Consumer other
Credit Card— — — 9 — 9 
Total consumer other— — — 9 — 9 
Total consumer— 102 13 9 33 157 
Commercial
Commercial and industrial
Other65 47 — — — 112 
Total commercial65 47 — — — 112 
Total finance receivables and loans$65 $149 $13 $9 $33 $269 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.
(b)Represents 0.2% of total finance receivables and loans outstanding as of September 30, 2023.
The following tables present the financial effect of loan modifications that occurred during the three months and nine months ended September 30, 2024, and 2023, respectively.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
Three months ended
September 30, 2024
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive30$1 — %— %— — — %— %
Consumer mortgage
Mortgage Finance126— — — — — — — 
Total consumer mortgage126— — — — — — — 
Consumer other
Credit Card— 1 30.4 10.4 — — — — 
Total consumer other— $1 30.4 10.4 — — — — 
Commercial
Commercial and industrial
Automotive— $— 11.0 %7.9 %— — — %— %
Other15— — — 4605.5 4.3 
Commercial real estate— — — — 849011.0 6.0 
Total commercial15$— 11.0 7.9 7615.7 4.3 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
Nine months ended
September 30, 2024
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive29$1 — %— %——— %— %
Consumer mortgage
Mortgage Finance176— — — — — — — 
Total consumer mortgage176— — — — — — — 
Consumer other
Credit Card— 1 30.4 7.9 ——— — 
Total consumer other— $1 30.4 7.9 ——— — 
Commercial
Commercial and industrial
Automotive10$— 11.0 %7.9 %——— %— %
Other37— — — 4605.5 4.3 
Commercial real estate— — — — 849011.0 6.0 
Total commercial36$— 11.0 7.9 7615.7 4.3 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
Three months ended
September 30, 2023
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive28$— — %— %— — — %— %
Consumer mortgage
Mortgage Finance210— — — — — — — 
Mortgage — Legacy— — — — 1802802.5 2.0 
Total consumer mortgage210— — — 1802802.5 2.0 
Consumer other
Credit Card— — 30.0 11.0 ——— — 
Total consumer other— $— 30.0 11.0 ——— — 
Commercial
Commercial and industrial
Other (c)3$— — %— %——— %— %
Total commercial3$— — — ——— — 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
(c)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b) (c)
Nine months ended
September 30, 2023
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive27$2 — %— %758510.4 %9.7 %
Consumer mortgage
Mortgage Finance186— — — 3094704.6 3.4 
Mortgage — Legacy76— — — 1742832.7 2.0 
Total consumer mortgage149— — — 2844354.3 3.1 
Consumer other
Credit Card—— 30.0 8.0 ——— — 
Total consumer other—$— 30.0 8.0 ——— — 
Commercial
Commercial and industrial
Other (d)13$— — %— %——— %— %
Total commercial13$— — — ——— — 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
(c)Some Mortgage Finance combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 210 months.
(d)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.
The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to September 30, 2024.
September 30, 2024 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$316 $67 $25 $8 $416 
Principal forgiveness— — — 4 4 
Combination1 — — — 1 
Total consumer automotive317 67 25 12 421 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions2 1 — — 3 
Total Mortgage Finance2 1 — — 3 
Mortgage — Legacy
Combination1 — — — 1 
Total Mortgage — Legacy1 — — — 1 
Total consumer mortgage3 1 — — 4 
Consumer other
Credit Card
Interest rate concessions10 2 1 3 16 
Total consumer other10 2 1 3 16 
Total consumer$330 $70 $26 $15 $441 
September 30, 2024 ($ in millions)
PassSpecial mentionSubstandardDoubtfulTotal
Commercial and industrial
Automotive
Payment deferrals$— $— $5 $— $5 
Interest rate concessions— — 37 — 37 
Other
Contractual maturity extensions118 — 56 — 174 
Combination— — 14 — 14 
Commercial real estate
Combination— — — 1 1 
Total commercial$118 $— $112 $1 $231 
As of September 30, 2024, 1,205 consumer automotive loans with a total amortized cost of $29 million redefaulted within 12 months of modification.
The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified during the three months and nine months ended September 30, 2023.
Three months ended September 30, 2023 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$60 $2 $— $— $62 
Principal forgiveness— — — 1 1 
Total consumer automotive60 2 — 1 63 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions1 — — — 1 
Total Mortgage Finance1 — — — 1 
Mortgage — Legacy
Combination1 — — — 1 
Total Mortgage — Legacy1 — — — 1 
Total consumer mortgage2 — — — 2 
Consumer other
Credit Card
Interest rate concessions2 1 — 1 4 
Total consumer other2 1 — 1 4 
Total consumer$64 $3 $— $2 $69 
Three months ended September 30, 2023 ($ in millions)
PassSpecial mentionSubstandardDoubtfulTotal
Commercial and industrial
Other
Payment deferrals (a)$— $— $— $37 $37 
Total commercial$— $— $— $37 $37 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.
Nine months ended September 30, 2023 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$89 $7 $2 $1 $99 
Principal forgiveness8 1 — 4 13 
Combination28 1 1 — 30 
Total consumer automotive125 9 3 5 142 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions2 — — — 2 
Combination— — — 2 2 
Total Mortgage Finance2 — — 2 4 
Mortgage — Legacy
Contractual maturity extensions1 — — — 1 
Combination1 — — — 1 
Total Mortgage — Legacy2 — — — 2 
Total consumer mortgage4 — — 2 6 
Consumer other
Credit Card
Interest rate concessions5 1 1 2 9 
Total consumer other5 1 1 2 9 
Total consumer$134 $10 $4 $9 $157 
Nine months ended September 30, 2023 ($ in millions)
PassSpecial mentionSubstandardDoubtfulTotal
Commercial and industrial
Other
Payment deferrals (a)$— $— $— $65 $65 
Contractual maturity extensions34 7 6 — 47 
Total commercial$34 $7 $6 $65 $112 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.
During the three months ended September 30, 2023, 67 consumer automotive loans with a total amortized cost of $1 million redefaulted. During the nine months ended September 30, 2023, 108 consumer automotive loans with a total amortized cost of $3 million and 1 consumer mortgage loan with a total amortized cost of $2 million redefaulted.
v3.24.3
Leasing
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 6 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if 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, 2024, we paid $9 million and $26 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2024, compared to $7 million and $23 million for the three months and nine months ended September 30, 2023, in cash amounts included in the measurement of lease liabilities at September 30, 2023. 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, 2024 and September 30, 2023, we obtained $19 million and $10 million, respectively, of ROU assets in exchange for new lease liabilities. As of September 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.16%, compared to 4 years and 2.85% as of December 31, 2023.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2024, and that have noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$9 
202534 
202627 
202722 
202816 
2029 and thereafter3 
Total undiscounted cash flows111 
Difference between undiscounted cash flows and discounted cash flows(6)
Total lease liability$105 
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Operating lease expense$7 $7 $22 $21 
Variable lease expense1 1 3 3 
Total lease expense, net (a)$8 $8 $25 $24 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, 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, tax credits, 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. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally 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 (Loss) as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer 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 (Loss). 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, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $1.3 billion and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024. As of September 30, 2024, $2 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $1.3 billion is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)September 30, 2024December 31, 2023
Vehicles$9,865 $11,101 
Accumulated depreciation(1,547)(1,930)
Investment in operating leases, net$8,318 $9,171 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$362 
20251,165 
2026752 
2027254 
202825 
2029 and thereafter2 
Total lease payments from operating leases$2,560 
We recognized operating lease revenue of $316 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, and $385 million and $1.2 billion for the three months and nine months ended September 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $269 $711 $812 
Remarketing gains, net(24)(57)(129)(174)
Net depreciation expense on operating lease assets$201 $212 $582 $638 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $16 million for the three months and nine months ended September 30, 2024, respectively, and $3 million and $7 million for the three months and nine months ended September 30, 2023.
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 $530 million and $537 million as of September 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $526 million and $531 million at September 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $4 million and $6 million at September 30, 2024, and December 31, 2023, respectively. Interest income on finance lease receivables was $11 million and $34 million for the three months and nine months ended September 30, 2024, respectively, and $10 million and $28 million for the three months and nine months ended September 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$53 
2025187 
2026162 
2027118 
202857 
2029 and thereafter33 
Total undiscounted cash flows610 
Difference between undiscounted cash flows and discounted cash flows(84)
Present value of lease payments recorded as lease receivable$526 
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 6 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if 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, 2024, we paid $9 million and $26 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2024, compared to $7 million and $23 million for the three months and nine months ended September 30, 2023, in cash amounts included in the measurement of lease liabilities at September 30, 2023. 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, 2024 and September 30, 2023, we obtained $19 million and $10 million, respectively, of ROU assets in exchange for new lease liabilities. As of September 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.16%, compared to 4 years and 2.85% as of December 31, 2023.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2024, and that have noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$9 
202534 
202627 
202722 
202816 
2029 and thereafter3 
Total undiscounted cash flows111 
Difference between undiscounted cash flows and discounted cash flows(6)
Total lease liability$105 
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Operating lease expense$7 $7 $22 $21 
Variable lease expense1 1 3 3 
Total lease expense, net (a)$8 $8 $25 $24 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, 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, tax credits, 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. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally 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 (Loss) as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer 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 (Loss). 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, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $1.3 billion and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024. As of September 30, 2024, $2 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $1.3 billion is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)September 30, 2024December 31, 2023
Vehicles$9,865 $11,101 
Accumulated depreciation(1,547)(1,930)
Investment in operating leases, net$8,318 $9,171 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$362 
20251,165 
2026752 
2027254 
202825 
2029 and thereafter2 
Total lease payments from operating leases$2,560 
We recognized operating lease revenue of $316 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, and $385 million and $1.2 billion for the three months and nine months ended September 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $269 $711 $812 
Remarketing gains, net(24)(57)(129)(174)
Net depreciation expense on operating lease assets$201 $212 $582 $638 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $16 million for the three months and nine months ended September 30, 2024, respectively, and $3 million and $7 million for the three months and nine months ended September 30, 2023.
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 $530 million and $537 million as of September 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $526 million and $531 million at September 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $4 million and $6 million at September 30, 2024, and December 31, 2023, respectively. Interest income on finance lease receivables was $11 million and $34 million for the three months and nine months ended September 30, 2024, respectively, and $10 million and $28 million for the three months and nine months ended September 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$53 
2025187 
2026162 
2027118 
202857 
2029 and thereafter33 
Total undiscounted cash flows610 
Difference between undiscounted cash flows and discounted cash flows(84)
Present value of lease payments recorded as lease receivable$526 
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 6 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if 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, 2024, we paid $9 million and $26 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2024, compared to $7 million and $23 million for the three months and nine months ended September 30, 2023, in cash amounts included in the measurement of lease liabilities at September 30, 2023. 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, 2024 and September 30, 2023, we obtained $19 million and $10 million, respectively, of ROU assets in exchange for new lease liabilities. As of September 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.16%, compared to 4 years and 2.85% as of December 31, 2023.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2024, and that have noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$9 
202534 
202627 
202722 
202816 
2029 and thereafter3 
Total undiscounted cash flows111 
Difference between undiscounted cash flows and discounted cash flows(6)
Total lease liability$105 
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Operating lease expense$7 $7 $22 $21 
Variable lease expense1 1 3 3 
Total lease expense, net (a)$8 $8 $25 $24 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, 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, tax credits, 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. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally 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 (Loss) as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer 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 (Loss). 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, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $1.3 billion and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024. As of September 30, 2024, $2 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $1.3 billion is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)September 30, 2024December 31, 2023
Vehicles$9,865 $11,101 
Accumulated depreciation(1,547)(1,930)
Investment in operating leases, net$8,318 $9,171 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$362 
20251,165 
2026752 
2027254 
202825 
2029 and thereafter2 
Total lease payments from operating leases$2,560 
We recognized operating lease revenue of $316 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, and $385 million and $1.2 billion for the three months and nine months ended September 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $269 $711 $812 
Remarketing gains, net(24)(57)(129)(174)
Net depreciation expense on operating lease assets$201 $212 $582 $638 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $16 million for the three months and nine months ended September 30, 2024, respectively, and $3 million and $7 million for the three months and nine months ended September 30, 2023.
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 $530 million and $537 million as of September 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $526 million and $531 million at September 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $4 million and $6 million at September 30, 2024, and December 31, 2023, respectively. Interest income on finance lease receivables was $11 million and $34 million for the three months and nine months ended September 30, 2024, respectively, and $10 million and $28 million for the three months and nine months ended September 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$53 
2025187 
2026162 
2027118 
202857 
2029 and thereafter33 
Total undiscounted cash flows610 
Difference between undiscounted cash flows and discounted cash flows(84)
Present value of lease payments recorded as lease receivable$526 
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 6 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if 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, 2024, we paid $9 million and $26 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2024, compared to $7 million and $23 million for the three months and nine months ended September 30, 2023, in cash amounts included in the measurement of lease liabilities at September 30, 2023. 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, 2024 and September 30, 2023, we obtained $19 million and $10 million, respectively, of ROU assets in exchange for new lease liabilities. As of September 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.16%, compared to 4 years and 2.85% as of December 31, 2023.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2024, and that have noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$9 
202534 
202627 
202722 
202816 
2029 and thereafter3 
Total undiscounted cash flows111 
Difference between undiscounted cash flows and discounted cash flows(6)
Total lease liability$105 
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Operating lease expense$7 $7 $22 $21 
Variable lease expense1 1 3 3 
Total lease expense, net (a)$8 $8 $25 $24 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, 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, tax credits, 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. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally 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 (Loss) as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer 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 (Loss). 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, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $1.3 billion and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024. As of September 30, 2024, $2 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $1.3 billion is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)September 30, 2024December 31, 2023
Vehicles$9,865 $11,101 
Accumulated depreciation(1,547)(1,930)
Investment in operating leases, net$8,318 $9,171 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$362 
20251,165 
2026752 
2027254 
202825 
2029 and thereafter2 
Total lease payments from operating leases$2,560 
We recognized operating lease revenue of $316 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, and $385 million and $1.2 billion for the three months and nine months ended September 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $269 $711 $812 
Remarketing gains, net(24)(57)(129)(174)
Net depreciation expense on operating lease assets$201 $212 $582 $638 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $16 million for the three months and nine months ended September 30, 2024, respectively, and $3 million and $7 million for the three months and nine months ended September 30, 2023.
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 $530 million and $537 million as of September 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $526 million and $531 million at September 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $4 million and $6 million at September 30, 2024, and December 31, 2023, respectively. Interest income on finance lease receivables was $11 million and $34 million for the three months and nine months ended September 30, 2024, respectively, and $10 million and $28 million for the three months and nine months ended September 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$53 
2025187 
2026162 
2027118 
202857 
2029 and thereafter33 
Total undiscounted cash flows610 
Difference between undiscounted cash flows and discounted cash flows(84)
Present value of lease payments recorded as lease receivable$526 
v3.24.3
Securitizations and Variable Interest Entities
 9 Months Ended
Sep. 30, 2024
Securitizations And Variable Interest Entities [Abstract]  
Securitizations and Variable Interest Entities Securitizations and Variable Interest Entities
We securitize, transfer, and service consumer 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. Additionally, we opportunistically sell consumer automotive and credit card whole-loans to SPEs where we have a continuing involvement.
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 sale are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these sales, 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.
We had pretax gains on sales of financial assets into nonconsolidated VIEs of $1 million and $2 million during the three months and nine months ended September 30, 2024, respectively. We had no pretax gains or losses on sales of financial assets into nonconsolidated VIEs during the three months ended September 30, 2023, and a pretax gain of $1 million during the nine months ended September 30, 2023.
We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit.
We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low-income housing tax credits that are subject to recapture.
Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs.
The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to the Condensed Consolidated Balance Sheet.
($ 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, 2024
On‑balance sheet variable interest entities
Consumer automotive$13,966 (b)$1,829 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive (d)103 (e)— 3,056 3,159 (f)
Consumer other (g)— — 93 93 
Commercial other2,681 (h)982 (i)— 3,345 (j)
Total$16,750 $2,811 $3,149 $6,597 
December 31, 2023
On-balance sheet variable interest entities
Consumer automotive$16,415 (b)$1,614 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive (d)81 (e)— 2,514 2,595 (f)
Consumer other (g)— — 125 125 
Commercial other2,516 (h)974 (i)— 2,738 (j)
Total$19,012 $2,588 $2,639 $5,458 
(a)Asset values represent the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs.
(b)Includes $8.5 billion and $9.3 billion of assets that were not encumbered by VIE beneficial interests held by third parties at September 30, 2024, and December 31, 2023, respectively. Ally or consolidated affiliates hold the interests in these assets.
(c)Includes $109 million and $100 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2024, and December 31, 2023, respectively.
(d)Includes activity where we sell loans through a pass-through program to a third party.
(e)Represents retained notes and certificated residual interests, of which $99 million and $78 million were classified as held-to-maturity securities at September 30, 2024, and December 31, 2023, respectively, and $4 million and $3 million were classified as other assets at September 30, 2024, and December 31, 2023, respectively. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations.
(f)Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss.
(g)Represents balances from Ally Credit Card.
(h)Amounts are classified as other assets except for $48 million and $44 million classified as equity securities at September 30, 2024, and December 31, 2023, respectively.
(i)Amounts are classified as accrued expenses and other liabilities.
(j)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
Cash Flows with Nonconsolidated Special-Purpose Entities
The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the nine months ended September 30, 2024, and 2023. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
Nine months ended September 30,
($ in millions)20242023
Consumer automotive
Cash proceeds from transfers completed during the period$1,468 $707 
Servicing fees44 11 
Cash flows received on retained interests in securitization entities41 — 
Cash disbursements for repurchases during the period1 — 
Other cash flows2 1 
Consumer other (a)
Cash proceeds from transfers completed during the period35 100 
Servicing fees5 7 
Total$1,596 $826 
(a)Represents activity from Ally Credit Card.
Delinquencies and Net Credit Losses
The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement.
Total amountAmount 60 days or more past due
($ in millions)September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Off-balance-sheet securitization entities
Consumer automotive$1,948 $1,558 $19 $11 
Whole-loan sales (a)
Consumer automotive1,108 956 79 44 
Consumer other93 125 11 17 
Total$3,149 $2,639 $109 $72 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
Net credit losses
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Off-balance-sheet securitization entities
Consumer automotive$6 $— $14 $— 
Whole-loan sales (a)
Consumer automotive22 10 54 14 
Consumer other7 8 29 21 
Total$35 $18 $97 $35 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
v3.24.3
Other Assets
 9 Months Ended
Sep. 30, 2024
Other Assets [Abstract]  
Other Assets Other Assets
The components of other assets were as follows.
($ in millions)September 30, 2024December 31, 2023
Property and equipment at cost$2,190 $2,153 
Accumulated depreciation(923)(871)
Net property and equipment1,267 1,282 
Proportional amortization investments (a) (b)2,034 1,866 
Net deferred tax assets1,468 1,224 
Accrued interest, fees, and rent receivables (c)945 935 
Nonmarketable equity investments789 886 
Goodwill669 669 
Equity-method investments (a) (d)658 651 
Restricted cash and cash equivalents (e)399 87 
Restricted cash held for securitization trusts (f)289 407 
Other accounts receivable203 189 
Operating lease right-of-use assets85 90 
Net intangible assets58 73 
Other assets1,043 1,036 
Total other assets (g)$9,907 $9,395 
(a)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments as of September 30, 2024. Prior to the adoption of ASU 2023-02 on January 1, 2024, NMTC and HTC investments were included in equity-method investments. Refer to Note 1 for additional information.
(b)Presented gross of the associated unfunded commitment. Refer to Note 14 for further information.
(c)Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans.
(d)Primarily relates to investments made in connection with our CRA program.
(e)Primarily represents restricted cash equivalents funded through the issuance of credit-linked notes. Additionally, includes 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. Refer to Note 18 for further information about the issuance of credit-linked notes.
(f)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.
(g)Excludes Ally Lending other assets which were transferred to assets of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
We elected to apply the proportional amortization method to qualifying tax equity investments within our LIHTC, NMTC, and HTC programs upon adoption of ASU 2023-02 on January 1, 2024. Prior to adoption, the proportional amortization method applied to our qualifying LIHTC investments only. Refer to Note 1 for additional information.
The following table summarizes information about our proportional amortization investments.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Tax credits and other tax benefits from proportional amortization investments (a) (b)$116 $68 $225 $190 
Investment amortization expense recognized as a component of income tax expense (a)94 50 182 149 
Net benefit from proportional amortization investments (a)$22 $18 $43 $41 
(a)Amounts are included within income tax (benefit) expense from continuing operations on our Condensed Consolidated Statement of Comprehensive Income (Loss) and as a component of operating activities within deferred income taxes, other assets, and other liabilities on our Condensed Consolidated Statement of Cash Flows.
(b)There were no impairment losses recognized during both the three months and nine months ended September 30, 2024, and September 30, 2023, resulting from the forfeiture or ineligibility of tax credits or other circumstances.
Our proportional amortization investments were $2.0 billion and $1.9 billion at September 30, 2024, and December 31, 2023, respectively, and are included within other assets on our Condensed Consolidated Balance Sheet. Additionally, unfunded commitments to provide additional capital to proportional amortization investments were $980 million and $973 million at September 30, 2024, and December 31, 2023, respectively, and are included within accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Substantially all of the unfunded commitments at September 30, 2024, are expected to be paid out within the next five years.
The total carrying value of the nonmarketable equity investments held at September 30, 2024, and December 31, 2023, including cumulative unrealized gains and losses, was as follows.
($ in millions)September 30, 2024December 31, 2023
FRB stock$425 $392 
FHLB stock272 392 
Equity investments without a readily determinable fair value
Cost basis at acquisition78 74 
Adjustments
Upward adjustments53 51 
Downward adjustments (including impairment)(39)(23)
Carrying amount, equity investments without a readily determinable fair value92 102 
Nonmarketable equity investments$789 $886 
During the three months and nine months ended September 30, 2024, and September 30, 2023, respectively, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of September 30, 2024, and September 30, 2023, were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Upward adjustments$1 $— $2 $7 
Downward adjustments (including impairment) (a)$(5)$— $(19)$(17)
(a)No impairment on FHLB and FRB stock was recognized during both the three months and nine months ended September 30, 2024, and 2023.
Total loss on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses, were net losses of $9 million for the nine months ended September 30, 2024, compared to net losses of $11 million for the nine months ended September 30, 2023.
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 2022
$20 $27 $775 $822 
Goodwill impairment— — (149)(149)
Transfer to assets of operations held-for-sale— — (4)(4)
Goodwill at December 31, 2023
$20 $27 $622 $669 
Goodwill acquired— — — — 
Goodwill at September 30, 2024
$20 $27 $622 $669 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both September 30, 2024, and December 31, 2023, and $143 million of goodwill associated with Ally Invest at both September 30, 2024, and December 31, 2023.
During the year ended December 31, 2023, we recognized a $149 million impairment of goodwill at Corporate and Other related to the transfer of Ally Lending to held-for-sale. Subsequent to the impairment charge, the goodwill balance of $4 million was transferred to assets of operations held-for-sale on the Condensed Consolidated Balance Sheet. We closed the sale of Ally Lending on March 1, 2024. For additional information, refer to Note 2.
The net carrying value of intangible assets by class was as follows.
September 30, 2024December 31, 2023
($ in millions)Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$117 $(74)$43 $117 $(64)$53 
Customer lists41 (41)— 41 (39)2 
Purchased credit card relationships25 (10)15 25 (7)18 
Trademarks2 (2)— 2 (2)— 
Total intangible assets (a)$185 $(127)$58 $185 $(112)$73 
(a)Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. The sale was closed on March 1, 2024. Refer to Note 2 for additional information.
Estimated future amortization expense of intangible assets are as follows.
($ in millions)
2024$4 
202514 
202614 
202713 
202813 
Total estimated future amortization expense$58 
v3.24.3
Deposit Liabilities
 9 Months Ended
Sep. 30, 2024
Deposits [Abstract]  
Deposit Liabilities Deposit Liabilities
Deposit liabilities consisted of the following.
($ in millions)September 30, 2024December 31, 2023
Noninterest-bearing deposits$174 $139 
Interest-bearing deposits
Savings, money market, and spending accounts101,872 99,340 
Certificates of deposit49,904 55,187 
Total deposit liabilities$151,950 $154,666 
At September 30, 2024, and December 31, 2023, certificates of deposit included $6.7 billion and $7.7 billion, respectively, of those in denominations in excess of $250 thousand.
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
September 30, 2024December 31, 2023
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $1,400 $1,400 $— $2,550 $2,550 
Securities sold under agreements to repurchase
— 371 371 — 747 747 
Total short-term borrowings$— $1,771 $1,771 $— $3,297 $3,297 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of September 30, 2024, the securities sold under agreements to repurchase consisted of $371 million of U.S. Treasury and federal agency securities. The repurchase agreements were set to mature within 30 days. Refer to Note 7 and Note 22 for further details.
The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. At December 31, 2023, we received cash collateral of $6 million and non-cash collateral of $1 million related to repurchase agreements.
Long-Term Debt
The following table presents the composition of our long-term debt portfolio.
September 30, 2024December 31, 2023
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,289 $2,451 $3,740 $1,409 $2,931 $4,340 
Due after one year
8,731 4,336 13,067 9,015 4,215 13,230 
Total long-term debt (b)$10,020 $6,787 $16,807 $10,424 $7,146 $17,570 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 19 for additional information.
(b)Includes advances from the FHLB of Pittsburgh of $4.8 billion and $5.6 billion at September 30, 2024, and December 31, 2023, respectively.
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202420252026202720282029 and thereafter
Total
Unsecured
Long-term debt
$9 $2,483 $151 $1,601 $866 $5,690 $10,800 
Original issue discount
(17)(74)(83)(94)(107)(405)(780)
Total unsecured
(8)2,409 68 1,507 759 5,285 10,020 
Secured
Long-term debt
761 2,267 2,055 1,331 348 25 6,787 
Total long-term debt
$753 $4,676 $2,123 $2,838 $1,107 $5,310 $16,807 
The following table summarizes assets restricted as collateral for the payment of the related debt obligation.
($ in millions)September 30, 2024December 31, 2023
Consumer automotive finance receivables$39,199 $40,805 
Consumer mortgage finance receivables17,536 18,703 
Commercial finance receivables6,351 5,968 
Investment securities (amortized cost of $3,273 and $4,030) (a)
3,491 4,036 
Other assets (b)
288 — 
Total assets restricted as collateral (c) (d)$66,865 $69,512 
Secured debt (e)$8,558 $10,443 
(a)A portion of the restricted investment securities at both September 30, 2024, and December 31, 2023, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)Includes the collateral account restricted for the payment of credit-linked notes recorded within restricted cash and cash equivalents. Excludes restricted cash and cash reserves for securitization trusts. Refer to Note 11 and Note 18 for additional information.
(c)All restricted assets are those of Ally Bank.
(d)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 $27.0 billion and $27.9 billion at September 30, 2024, and December 31, 2023, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $33.9 billion and $34.0 billion at September 30, 2024, and December 31, 2023, respectively. 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.
(e)Includes $1.8 billion and $3.3 billion of short-term borrowings at September 30, 2024, and December 31, 2023, respectively.
v3.24.3
Accrued Expenses and Other Liabilities
 9 Months Ended
Sep. 30, 2024
Accounts Payable and Accrued Liabilities [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
The components of accrued expenses and other liabilities were as follows.
($ in millions)
September 30, 2024December 31, 2023
Unfunded commitments for proportional amortization investments (a)$980 $973 
Accounts payable545 509 
Employee compensation and benefits359 409 
Reserves for insurance losses and loss adjustment expenses (b)197 140 
Deferred revenue113 103 
Operating lease liabilities105 113 
Other liabilities470 479 
Total accrued expenses and other liabilities (c)$2,769 $2,726 
(a)Primarily relates to unfunded commitments for investments in qualified affordable housing projects.
(b)Refer to Note 5 for further information.
(c)Excludes Ally Lending accrued expenses and other liabilities, which were transferred to liabilities of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
v3.24.3
Preferred Stock
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Preferred Stock Preferred Stock
The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.
September 30, 2024December 31, 2023
Series B preferred stock (a)
Issuance dateApril 22, 2021April 22, 2021
Carrying value ($ in millions)
$1,335$1,335
Par value (per share)
$0.01$0.01
Liquidation preference (per share)
$1,000$1,000
Number of shares authorized1,350,0001,350,000
Number of shares issued and outstanding1,350,0001,350,000
Dividend/coupon
Prior to May 15, 20264.700%4.700%
On and after May 15, 2026
Five Year Treasury + 3.868%
Five Year Treasury + 3.868%
Series C preferred stock (a)
Issuance dateJune 2, 2021June 2, 2021
Carrying value ($ in millions)
$989$989
Par value (per share)
$0.01$0.01
Liquidation preference (per share)
$1,000$1,000
Number of shares authorized1,000,0001,000,000
Number of shares issued and outstanding1,000,0001,000,000
Dividend/coupon
Prior to May 15, 20284.700%4.700%
On and after May 15, 2028
Seven Year Treasury + 3.481%
Seven Year Treasury + 3.481%
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
v3.24.3
Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
The following tables present changes, net of tax, in each component of accumulated other comprehensive loss.
Three months ended September 30,
Investment securities (a)
($ in millions)
Available-
for-sale securities (b)		Held-to-maturity securitiesTranslation adjustments and net investment hedges (c)Cash flow hedges (c)Accumulated other comprehensive loss
Balance at July 1, 2023$(3,881)$— $21 $(3)$(3,863)
Net change(886)— (1)(15)(902)
Balance at September 30, 2023$(4,767)$— $20 $(18)$(4,765)
Balance at July 1, 2024$(3,353)$(650)$20 $(26)$(4,009)
Net change588 18 1 9 616 
Balance at September 30, 2024$(2,765)$(632)$21 $(17)$(3,393)
(a)For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7.
(b)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information.
(c)For additional information on derivative instruments and hedging activities, refer to Note 19.
Nine months ended September 30,
Investment securities (a)
($ in millions)
Available-
for-sale securities (b)		Held-to-maturity securitiesTranslation adjustments and net investment hedges (c)Cash flow hedges (c)Accumulated other comprehensive loss
Balance at January 1, 2023$(4,095)$— $18 $18 $(4,059)
Net change(672)— 2 (36)(706)
Balance at September 30, 2023$(4,767)$— $20 $(18)$(4,765)
Balance at January 1, 2024$(3,146)$(682)$21 $(9)$(3,816)
Net change381 50 — (8)423 
Balance at September 30, 2024$(2,765)$(632)$21 $(17)$(3,393)
(a)For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7.
(b)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information.
(c)For additional information on derivative instruments and hedging activities, refer to Note 19.
The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss.
Three months ended September 30, 2024 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized gains arising during the period$772 $(183)$589 
Less: Net realized gains reclassified to income from continuing operations1 (a)— (b)1 
Net change771 (183)588 
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c)(23)(d)5 (b)(18)
Translation adjustments
Net unrealized gains arising during the period2 — 2 
Net investment hedges (e)
Net unrealized losses arising during the period(1)— (1)
Cash flow hedges (e)
Net unrealized gains arising during the period8 (2)6 
Less: Net realized losses reclassified to income from continuing operations(4)(f)1 (b)(3)
Net change12 (3)9 
Other comprehensive income$807 $(191)$616 
(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.
(d)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(e)For additional information on derivative instruments and hedging activities, refer to Note 19.
(f)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Three months ended September 30, 2023 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized losses arising during the period$(1,163)$277 $(886)
Translation adjustments
Net unrealized losses arising during the period(5)1 (4)
Net investment hedges (a)
Net unrealized gains arising during the period4 (1)3 
Cash flow hedges (a)
Net unrealized losses arising during the period(15)4 (11)
Less: Net realized gains reclassified to income from continuing operations5 (b)(1)(c)4 
Net change(20)5 (15)
Other comprehensive loss$(1,184)$282 $(902)
(a)For additional information on derivative instruments and hedging activities, refer to Note 19.
(b)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Nine months ended September 30, 2024 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized gains arising during the period$502 $(119)$383 
Less: Net realized gains reclassified to income from continuing operations2 (a)— (b)2 
Net change500 (119)381 
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c)(65)(d)15 (b)(50)
Translation adjustments
Net unrealized losses arising during the period(5)1 (4)
Net investment hedges (e)
Net unrealized gains arising during the period5 (1)4 
Cash flow hedges (e)
Net unrealized losses arising during the period(17)4 (13)
Less: Net realized losses reclassified to income from continuing operations(7)(f)2 (b)(5)
Net change(10)2 (8)
Other comprehensive income$555 $(132)$423 
(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.
(d)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(e)For additional information on derivative instruments and hedging activities, refer to Note 19.
(f)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Nine months ended September 30, 2023 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized losses arising during the period$(877)$209 $(668)
Less: Net realized gains reclassified to income from continuing operations5(a)(1)(b)4
Net change(882)210 (672)
Translation adjustments
Net unrealized gains arising during the period1 — 1 
Net investment hedges (c)
Net unrealized gains arising during the period1 — 1 
Cash flow hedges (c)
Net unrealized losses arising during the period(33)9 (24)
Less: Net realized gains reclassified to income from continuing operations15 (d)(3)(b)12 
Net change(48)12 (36)
Other comprehensive loss$(928)$222 $(706)
(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)For additional information on derivative instruments and hedging activities, refer to Note 19.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
v3.24.3
Earnings per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the calculation of basic and diluted earnings per common share.
Three months ended September 30,Nine months ended September 30,
($ in millions, except per share data; shares in thousands) (a)
2024202320242023
Net income from continuing operations$357 $296 $808 $945 
Preferred stock dividends — Series B(16)(16)(48)(48)
Preferred stock dividends — Series C(11)(11)(35)(35)
Net income from continuing operations attributable to common stockholders$330 $269 $725 $862 
Loss from discontinued operations, net of tax— — — (1)
Net income attributable to common stockholders$330 $269 $725 $861 
Basic weighted-average common shares outstanding (b)307,312 304,134 306,699 303,497 
Diluted weighted-average common shares outstanding (b)311,044 305,693 309,786 304,601 
Basic earnings per common share
Net income from continuing operations$1.07 $0.88 $2.37 $2.84 
Loss from discontinued operations, net of tax— — — (0.01)
Net income$1.07 $0.88 $2.37 $2.84 
Diluted earnings per common share
Net income from continuing operations$1.06 $0.88 $2.34 $2.83 
Loss from discontinued operations, net of tax— — — (0.01)
Net income$1.06 $0.88 $2.34 $2.83 
(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.
v3.24.3
Regulatory Capital and Other Regulatory Matters
 9 Months Ended
Sep. 30, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Regulatory Capital and Other Regulatory Matters Regulatory Capital and Other Regulatory Matters
Ally is subject to enhanced prudential standards that have been established by the FRB under the Dodd-Frank Act, as amended by the EGRRCP Act and as applied to Category IV firms under the Tailoring Rules. Refer to the discussion below, however, about rules proposed by the U.S. banking agencies in 2023 that would significantly alter the Tailoring Rules. Currently, as a Category IV firm, Ally 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. Even so, we are 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 based on risks to the U.S. economy. Further, we are 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. While a resubmission is pending, without prior approval of the FRB, we would generally be prohibited from paying dividends, repurchasing our common stock, or making other capital distributions. In addition, to satisfy the FRB in its review of our capital plan, we may be required to further cease or limit these capital distributions or to issue capital instruments that could be dilutive to stockholders. The FRB also may prevent us from maintaining or expanding lending or other business activities.
Basel Capital Framework
The FRB and other U.S. banking agencies have adopted risk-based and leverage capital rules 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%. On top of the minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which must be satisfied entirely with capital that qualifies as Common Equity Tier 1 capital. 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%. While the capital conservation buffer requirement for Ally Bank is fixed at 2.5% of RWAs, the capital conservation buffer requirement for a Category IV firm, like Ally, is equal to its stress capital buffer requirement. The stress capital buffer requirement for Ally, in turn, 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 RWAs. As of September 30, 2024, the stress capital buffer requirement for Ally was 2.5%. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2024, which was determined to be 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024.
Ally and Ally Bank are currently 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 currently subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. Since Ally and Ally Bank are currently not subject to the advanced approaches risk-based capital rules, we elected to apply a one-time option to exclude most components of accumulated other comprehensive income and loss from regulatory capital. As of September 30, 2024, and December 31, 2023, Ally had $3.4 billion and $3.8 billion, respectively, of accumulated other comprehensive loss, net of applicable income taxes, that was excluded from Common Equity Tier 1 capital. Refer to the discussion below about rules proposed by the U.S. banking agencies in 2023 that would require us to recognize all components of accumulated other comprehensive income and loss in regulatory capital, except gains and losses on cash-flow hedges where the hedged items are not recognized on our balance sheet at fair value. Refer also to Note 16 for additional details about our accumulated other comprehensive loss.
Failure to satisfy regulatory-capital requirements could result in significant sanctions—such as bars or other limits on capital distributions and discretionary bonuses to executive officers, limitations on acquisitions and new activities, restrictions on our acceptance of brokered deposits, a loss of our status as an FHC, or informal or formal enforcement and other supervisory actions—and could have a significant adverse effect on the Consolidated Financial Statements or the business, results of operations, financial condition, or prospects of Ally and Ally Bank.
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. Although 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. At both September 30, 2024, and December 31, 2023, Ally Bank met the capital ratios required to be well capitalized under the PCA framework.
Under FDICIA and the PCA framework, insured depository institutions such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. Our brokered deposits totaled $9.1 billion at September 30, 2024, which represented 6.0% of total deposit liabilities.
The following table summarizes our capital ratios under U.S. Basel III.
September 30, 2024December 31, 2023Required minimum (a)Well-capitalized minimum
($ in millions)AmountRatioAmountRatio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.$15,298 9.79 %$15,129 9.36 %4.50 %(b)
Ally Bank17,579 11.92 17,217 11.24 4.50 6.50 %
Tier 1 (to risk-weighted assets)
Ally Financial Inc.$17,564 11.24 %$17,392 10.76 %6.00 %6.00 %
Ally Bank17,579 11.92 17,217 11.24 6.00 8.00 
Total (to risk-weighted assets)
Ally Financial Inc.$20,173 12.90 %$20,055 12.41 %8.00 %10.00 %
Ally Bank19,441 13.18 19,144 12.50 8.00 10.00 
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.$17,564 8.99 %$17,392 8.67 %4.00 %(b)
Ally Bank17,579 9.52 17,217 9.07 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 and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both September 30, 2024, and December 31, 2023. In October 2024, Ally’s capital conservation buffer requirement increased to 2.6%, reflecting its updated stress capital buffer requirement.
(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.
On January 1, 2020, we adopted CECL. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information about our allowance for loan losses accounting policy. Under a rule finalized by the FRB and other U.S. banking agencies in 2020, we delayed recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we were 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 deferred and began phasing in on January 1, 2022, is generally 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, 2024, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $296 million.
In April 2023, in a statement accompanying the review of the FRB’s supervision and regulation of SVB, FRB Vice Chair for Supervision Barr highlighted a plan to revisit the Tailoring Rules and develop stronger capital, liquidity, stress-testing, and other standards for Category IV firms like Ally. In July 2023, the U.S. banking agencies issued a proposed rule to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017 (commonly known as the Basel III endgame or as Basel IV). For regulatory capital, the proposed rule would eliminate the effect of the Tailoring Rules by requiring the recognition of most elements of accumulated other comprehensive income and loss and the application of deductions, limitations, and criteria for specified capital investments, minority interests, and TLAC holdings. For each of the risk-based capital ratios, a large banking organization, like Ally, would calculate and be bound by the lower of two alternatives: one version of the ratio based on an expanded risk-based approach prescribed in the proposed rule and one version of the ratio based on the standardized approach as modified by the proposed rule. All capital buffer requirements, including the stress capital buffer requirement, would apply regardless of whether the expanded risk-based approach or the standardized approach produces the lower ratio. Under the expanded risk-based approach, total RWAs would equal the sum of the RWAs for credit risk, equity risk, operational risk, market risk, and CVA risk as set forth in the proposed rule minus any amount of the banking organization’s adjusted allowance for credit losses that is not included in Tier 2 capital and any amount of allocated transfer risk reserves. Under the standardized approach, total RWAs would be calculated using the existing rules with a revised methodology for determining RWAs for market risk, and a required application of the standardized approach for counterparty credit risk for derivative exposures. Category IV firms would be further required under the proposed rule to project their risk-based capital ratios under baseline conditions in their capital plans and related reports using the RWA-calculation approach that results in their binding risk-based capital ratios as of the start of the projection horizon. The proposed rule also would roll back additional elements of the Tailoring Rules by applying to Category IV firms the supplementary leverage ratio, the countercyclical capital buffer, and enhanced public disclosure and reporting requirements. Under the proposed rule, a three-year transition period from July 1, 2025, to June 30, 2028, would apply to the recognition of accumulated other comprehensive income and loss in regulatory capital and the use of the expanded risk-based approach. The phase-in of accumulated other comprehensive income and loss is expected to significantly affect our levels of regulatory capital. While we believe that this would be manageable, we also anticipate that our levels of regulatory capital would need to be gradually increased in advance of and during the proposed transition period. As for the proposed changes to RWAs, while we continue to evaluate the effects of individual provisions and the interplay among them as well as potential management actions in response, the impact is not currently expected to be significant in the
aggregate if the proposed rule were adopted in its existing form. Since the proposed rule was issued, we have been engaged with research and advocacy groups to inform the rulemaking process and better understand the impacts of the proposed rule on banking organizations of various sizes and complexities—as well as the competitive environment more broadly—and likewise encourage the U.S. banking agencies to closely study these impacts and their wider implications.
In August 2023, the U.S. banking agencies issued a proposed rule to improve the resolvability of Category IV firms, like Ally. The proposed rule would require Category II, III, and IV firms, their large consolidated banks, and other institutions to issue and maintain minimum amounts of eligible long-term debt in an amount that is the greater of (i) 6 percent of total RWAs, (ii) 3.5 percent of average total consolidated assets, and (iii) 2.5 percent of total leverage exposure. CIDIs, like Ally Bank, that are consolidated subsidiaries of covered entities, like Ally, would be required to issue eligible long-term debt internally to a company that consolidates the CIDI, which would in turn be required to purchase that long-term debt. Only long-term debt instruments that are most readily able to absorb losses in a resolution proceeding would qualify, and the operations of covered entities would be subject to clean-holding-company requirements such as prohibitions and limitations on their liabilities to unaffiliated entities. Under the proposed rule, a transition period would apply with 25, 50, and 100 percent of the long-term-debt requirements coming into effect by the end of the first, second, and third years, respectively, after finalization of the rule. We are still assessing the impact of this proposed rule but, due to the current structure and amount of debt instruments issued by Ally and Ally Bank, we expect it to significantly affect us.
Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any final rules after public comments are considered, remain unclear. Also, beyond these proposed rules, more stringent and less tailored liquidity, stress-testing, and other standards for Category IV firms, like Ally, may be forthcoming, including those that may reinstate the LCR, require more rigorous liquidity stress testing, and return Ally to supervisory stress testing on an annual cycle.
In June 2024, the FDIC issued a final rule that requires each CIDI with $100 billion or more in total assets, like Ally Bank, to submit a full resolution plan with an identified strategy from the point of their failure to disposition of substantially all of the CIDI’s assets and operations through wind-down, liquidation, divestiture, or other return to the private sector. Under the final rule, the CIDI must utilize as its identified strategy the formation or stabilization of a bridge depository institution that continues operations through the completion of the CIDI’s resolution and exit unless the CIDI demonstrates why another strategy is more appropriate based upon its size, complexity, and risk profile. All CIDIs are required to demonstrate capabilities to carry out the sale of the CIDI and its assets. Such capabilities include the capability to maintain continuity of critical services, the capability to produce valuations needed in assessing the resolution strategy that is least costly to the FDIC’s deposit insurance fund, and the capability to establish a virtual due diligence data room promptly in the run-up to or upon failure of the CIDI to support the ability of the FDIC to market and execute a timely sale or disposition of the CIDI and its assets. Each CIDI’s resolution plan will also be subject to additional requirements, including those related to the underlying failure scenario assumptions, resolution plan content, and FDIC reviews of the resolution plan under the final rule. CIDIs not affiliated with U.S. global systemically important banking organizations are subject to a triennial submission cycle in which a full resolution plan is required to be submitted once every three years, with interim supplements due in non-submission years. The final rule became effective on October 1, 2024. Ally Bank will be required to submit its initial interim supplement on or before July 1, 2025 and a full resolution plan on or before July 1, 2026 under the final rule.
Capital Planning and Stress Tests
Under the Tailoring Rules, 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.
The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to 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 Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework above for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally did not elect to participate in the 2023 supervisory stress test, but was subject to the 2024 supervisory stress test.
We received an updated preliminary stress capital buffer requirement based on our 2022 capital plan submission from the FRB in June 2022, which was determined to be 2.5% and reflected a decline of 100 basis points relative to our prior requirement. The updated 2.5% stress capital buffer requirement was finalized in August 2022 and became effective in October 2022. We submitted our 2023 capital plan to the FRB in April 2023, and received an updated preliminary stress capital buffer requirement in June 2023 that remained unchanged at 2.5%. The 2.5% stress capital buffer requirement was finalized in July 2023 and became effective in October 2023. We submitted our 2024 capital plan to the FRB in April 2024. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2024, which was
determined to be 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024.
In February 2023, we accessed the unsecured debt capital markets and issued $500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. In June 2024, we accessed the debt capital markets and issued $330 million of credit-linked notes based on a reference portfolio of $3.0 billion of consumer automotive loans. The proceeds from this issuance constitute prefunded credit protection for mezzanine tranches of the reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. This transaction is structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure.
Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), the taxation of share repurchases, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time.
The following table presents information related to our common stock and distributions to our common stockholders.
Common stock repurchased during period (a) (b)Number of common shares outstandingCash dividends declared per common share (c)
($ in millions, except per share data; shares in thousands)Approximate dollar valueNumber of sharesBeginning of periodEnd of period
2023
First quarter$27 836 299,324 300,821 $0.30 
Second quarter2 58 300,821 301,619 0.30 
Third quarter— 5 301,619 301,630 0.30 
Fourth quarter4 145 301,630 302,459 0.30 
2024
First quarter$29 781 302,459 303,978 $0.30 
Second quarter1 13 303,978 304,656 0.30 
Third quarter1 27 304,656 304,715 0.30 
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.
(b)Since the commencement of our initial stock-repurchase program in the third quarter of 2016, we have reduced the number of outstanding shares of our common stock by 37%, from 484 million as of June 30, 2016, to 305 million as of September 30, 2024. Except for repurchases made of shares withheld to cover income taxes owed by participants in our share-based incentive plans, we did not make any common-stock repurchases in 2023 or the first nine months of 2024, and at this time, the Board has not authorized a stock-repurchase program for 2024.
(c)On October 7, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on November 15, 2024, to stockholders of record at the close of business on November 1, 2024.
v3.24.3
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2024
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 using 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 net investments in foreign subsidiaries, as well as 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 a more 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 that 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 fixed-rate held-for-investment consumer automotive loan assets. Other derivatives qualifying for hedge accounting consist of 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 have the ability to execute economic hedges, which could 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 and loss. 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 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 be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative.
We enter into arrangements with certain counterparties through which we issue credit-linked notes covering a specified pool of loans. These notes contain an embedded derivative (referred to as a credit-linked note derivative), which provides us credit protection against the risk of loss when a specified credit event occurs on the reference pool.
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, with adjustments to reflect the exchange of collateral for margined transactions.
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. If 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 require 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, 2024, or 2023.
We placed cash and noncash collateral with counterparties totaling $2 million and $519 million, respectively, supporting our derivative positions at September 30, 2024, compared to $6 million and $642 million of cash and noncash collateral, respectively, at December 31, 2023. These amounts include noncash 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 granted our counterparties the right to sell or pledge the noncash collateral.
We received cash collateral from counterparties totaling $16 million and $31 million at September 30, 2024, and December 31, 2023, respectively. These amounts exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities.
Balance Sheet Presentation
The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.
Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
September 30, 2024December 31, 2023
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $34,200 $— $— $35,835 
Purchased options
13 — 6,250 31 — 6,250 
Foreign exchange contracts
Forwards
— 2 169 — 6 166 
Total derivatives designated as accounting hedges
13 2 40,619 31 6 42,251 
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps
— — — — — 2,000 
Forwards— — 150 — — 70 
Written options
2 — 102 2 — 88 
Total interest rate risk
2 — 252 2 — 2,158 
Foreign exchange contracts
Forwards— — 51 — 1 59 
Total foreign exchange risk— — 51 — 1 59 
Credit contracts
Credit-linked note derivative— — 288 — — — 
Other credit derivatives (a)— 5 n/a— 10 n/a
Total credit risk— 5 288 — 10 — 
Total derivatives not designated as accounting hedges
2 5 591 2 11 2,217 
Total derivatives
$15 $7 $41,210 $33 $17 $44,468 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $13 million and $29 million as of September 30, 2024, and December 31, 2023, respectively.
The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.

Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
TotalDiscontinued (a)
($ in millions)
September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Assets
Available-for-sale securities (b)$15,815 $16,302 $32 $(79)$(138)$(156)
Finance receivables and loans, net (c)39,312 54,189 28 (93)(13)(27)
Liabilities
Long-term debt$6,346 $7,750 $91 $100 $91 $100 
(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)These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.3 billion and $14.8 billion, respectively, of which $14.1 billion and $14.6 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At September 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $50 million asset and a $45 million liability, respectively, of which the portion related to discontinued hedging relationships was a $107 million liability and a $120 million liability, respectively. At September 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $12.0 billion and $11.3 billion, respectively, with cumulative basis adjustments of a $157 million asset and a $75 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities.
(c)These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2024, and December 31, 2023, the carrying value of the closed portfolios used in these hedging relationships was $39.3 billion and $54.2 billion, respectively, of which $38.0 billion and $50.0 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At September 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $28 million asset and a $93 million liability, respectively, of which the portion related to discontinued hedging relationships was a $13 million liability and a $27 million liability, respectively. At September 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $20.8 billion and $23.2 billion, respectively, with cumulative basis adjustments of a $41 million asset and a $66 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship.
Statement of Income Presentation
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Gain (loss) recognized in earnings
Interest rate contracts
Gain on mortgage and automotive loans, net$6 $4 $16 $13 
Other income, net of losses
— (1)— (1)
Total interest rate contracts6 3 16 12 
Foreign exchange contracts
Other operating expenses(1)1 1 1 
Total foreign exchange contracts
(1)1 1 1 
Credit contracts
Other income, net of losses1 — 1 (5)
Total credit contracts1 — 1 (5)
Equity contracts
Other income, net of losses
1 (4)3 (11)
Total equity contracts1 (4)3 (11)
Total gain (loss) recognized in earnings$7 $— $21 $(3)
The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended September 30, ($ in millions)
202420232024202320242023
Gain (loss) on fair value hedging relationships
Interest rate contracts 
Hedged available-for-sale securities— — 327 (164)— — 
Derivatives designated as hedging instruments on available-for-sale securities— — (327)164 — — 
Hedged fixed-rate consumer automotive loans190 66 — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(190)(66)— — — — 
Total gain on fair value hedging relationships— — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income(4)4 — — — — 
Total (loss) gain on cash flow hedging relationships$(4)$4 $— $— $— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income (Loss)$2,889 $2,837 $262 $267 $256 $274 
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Nine months ended September 30, ($ in millions)
202420232024202320242023
Gain (loss) on fair value hedging relationships
Interest rate contracts 
Hedged fixed-rate unsecured debt$— $— $— $— $— $1 
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — — (1)
Hedged available-for-sale securities— — 94 (272)— — 
Derivatives designated as hedging instruments on available-for-sale securities— — (94)272 — — 
Hedged fixed-rate consumer automotive loans107 232 — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(107)(232)— — — — 
Total gain on fair value hedging relationships— — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income(7)14 — — — — 
Total (loss) gain on cash flow hedging relationships$(7)$14 $— $— $— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income (Loss)$8,561 $8,133 $793 $752 $748 $753 
During the next 12 months, we estimate $29 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges.
The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended September 30, ($ in millions)
202420232024202320242023
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $2 $3 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — 1 1 
Amortization of deferred basis adjustments of available-for-sale securities— — 6 6 — — 
Interest for qualifying accounting hedges of available-for-sale securities— — 50 46 — — 
Amortization of deferred loan basis adjustments3 8 — — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment59 154 — — — — 
Total gain on fair value hedging relationships$62 $162 $56 $52 $3 $4 
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Nine months ended September 30, ($ in millions)
202420232024202320242023
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $7 $7 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — 2 2 
Amortization of deferred basis adjustments of available-for-sale securities— — 17 17 — — 
Interest for qualifying accounting hedges of available-for-sale securities— — 147 86 — — 
Amortization of deferred loan basis adjustments12 26 — — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment206 505 — — — — 
Total gain on fair value hedging relationships$218 $531 $164 $103 $9 $9 
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Interest rate contracts
Gain (loss) recognized in other comprehensive income (loss)$12 $(20)$(10)$(48)
The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Foreign exchange contracts (a) (b)
(Loss) gain recognized in other comprehensive income (loss)$(1)$4 $5 $1 
(a)There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2024, or 2023.
(b)Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss). There were no amounts reclassified for the three months and nine months ended September 30, 2024, or 2023.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We recognized total income tax benefit from continuing operations of $124 million and $147 million for the three months and nine months ended September 30, 2024, respectively, compared to income tax benefit of $68 million and income tax expense of $74 million for the same periods in 2023. The decreases in income tax expense for the three months and nine months ended September 30, 2024, compared to the same periods in 2023, were primarily due to an increase in qualified clean vehicle tax credits partially offset by an adjustment to the valuation allowance related to foreign tax credit carryforwards during the three months ended September 30, 2023. The increase in qualified clean vehicle tax credits was primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024, which increased our purchased battery-electric vehicle lease origination volume. The adjustment to the valuation allowance related to foreign tax credit carryforwards during the three months ended September 30, 2023, was a nonrecurring tax benefit, primarily driven by a tax planning strategy.
The income tax benefit for qualified clean vehicle tax credits, along with other tax credits, resulted in a significant variation in the customary relationship between pretax income and income tax expense for the three months and nine months ended September 30, 2024. We record qualified clean vehicle tax credits as part of our investment tax credit category. All our investment tax credits are accounted for using the flow-through method and are recognized as a reduction to current income tax expense.
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. 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.
v3.24.3
Fair Value
 9 Months Ended
Sep. 30, 2024
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.
U.S. 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.
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.
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.
•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 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. Interest rate lock commitments are valued with unobservable inputs, so they are classified as Level 3. Certain forward commitments are Level 2 and others are Level 3 depending on the valuation model inputs.
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 be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than 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 derivative assets and liabilities. 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 in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads.
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. 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, 2024 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$828 $— $— $828 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,115 — — 2,115 
U.S. States and political subdivisions
— 609 38 647 
Foreign government39 161 — 200 
Agency mortgage-backed residential
— 14,697 — 14,697 
Mortgage-backed residential
— 219 — 219 
Agency mortgage-backed commercial— 4,016 — 4,016 
Asset-backed— 202 — 202 
Corporate debt
— 1,809 — 1,809 
Total available-for-sale securities2,154 21,713 38 23,905 
Mortgage loans held-for-sale (c)— 23 7 30 
Other assets
Derivative contracts in a receivable position
Interest rate— 13 2 15 
Total derivative contracts in a receivable position— 13 2 15 
Total assets$2,982 $21,749 $47 $24,778 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $2 $— $2 
Credit — — 5 5 
Total derivative contracts in a payable position
— 2 5 7 
Total liabilities$— $2 $5 $7 
(a)Our direct investment in any one industry did not exceed 13%. The concentration calculation excludes our investment in mutual funds and ETFs.
(b)Excludes $49 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
Recurring fair value measurements
December 31, 2023 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$765 $— $1 $766 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,075 — — 2,075 
U.S. States and political subdivisions
— 649 9 658 
Foreign government51 132 — 183 
Agency mortgage-backed residential
— 15,384 — 15,384 
Mortgage-backed residential
— 225 — 225 
Agency mortgage-backed commercial— 3,758 — 3,758 
Asset-backed— 332 — 332 
Corporate debt
— 1,800 — 1,800 
Total available-for-sale securities2,126 22,280 9 24,415 
Mortgage loans held-for-sale (c)— 25 — 25 
Other assets
Derivative contracts in a receivable position
Interest rate— 31 2 33 
Total derivative contracts in a receivable position— 31 2 33 
Total assets$2,891 $22,336 $12 $25,239 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $7 $— $7 
Credit— — 10 10 
Total derivative contracts in a payable position
— 7 10 17 
Total liabilities$— $7 $10 $17 
(a)Our direct investment in any one industry did not exceed 11%. The concentration calculation excludes our investment in mutual funds and ETFs.
(b)Excludes $44 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.
Equity securitiesAvailable-for-sale securitiesMortgage loans held-for-sale (a)Finance receivables and loans, net (a)
($ in millions)20242023202420232024202320242023
Assets
Fair value at July 1,$— $1 $11 $5 $2 $— $— $— 
Net realized/unrealized gains
Included in earnings— — — — — — — — 
Included in OCI— — — — — — — — 
Purchases and originations (b)— — 27 — 16 — — — 
Sales— — — — (11)— — — 
Issuances— — — — — — — — 
Settlements— — — (1)— — — — 
Transfers into Level 3— — — — — — — — 
Transfers out of Level 3— — — — — — — — 
Fair value at September 30,$— $1 $38 $4 $7 $— $— $— 
Net unrealized gains still held at September 30,
Included in earnings$— $— $— $— $— $— $— $— 
Included in OCI— — — — — — — — 
(a)Carried at fair value due to fair value option elections.
(b)Includes a $27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the three months ended September 30, 2024.
Derivative liabilities, net of derivative assets (a)
($ in millions)20242023
Liabilities
Fair value at July 1,$3 $18 
Net realized/unrealized gains
Included in earnings(5)(3)
Included in OCI— — 
Purchases and originations— — 
Sales— — 
Issuances— — 
Settlements— (5)
Transfers into Level 3— — 
Transfers out of Level 3 (b)5 3 
Fair value at September 30,$3 $13 
Net unrealized gains still held at September 30,
Included in earnings$(2)$— 
Included in OCI— — 
(a)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the three months ended September 30, 2024, and September 30, 2023. These transfers are deemed to have occurred at the end of the reporting period.
Equity securitiesAvailable-for-sale securitiesMortgage loans held-for-sale (a)Finance receivables and loans, net (a)
($ in millions)20242023202420232024202320242023
Assets
Fair value at January 1,$1 $1 $9 $4 $— $— $— $3 
Net realized/unrealized gains
Included in earnings— — — — — — — — 
Included in OCI— — — — — — — — 
Purchases and originations (b)— — 29 1 18 — — — 
Sales— — — — (11)— — — 
Issuances— — — — — — — — 
Settlements— — — (1)— — — (3)
Transfers into Level 3— — — — — — — — 
Transfers out of Level 3(1)— — — — — — — 
Fair value at September 30,$— $1 $38 $4 $7 $— $— $— 
Net unrealized gains still held at September 30,
Included in earnings$— $— $— $— $— $— $— $— 
Included in OCI— — — — — — — — 
(a)Carried at fair value due to fair value option elections.
(b)Includes a $27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the nine months ended September 30, 2024.
Derivative liabilities, net of derivative assets (a)
($ in millions)20242023
Liabilities
Fair value at January 1,$8 $39 
Net realized/unrealized gains
Included in earnings(14)(6)
Included in OCI— — 
Purchases and originations— — 
Sales— — 
Issuances— — 
Settlements(5)(30)
Transfers into Level 3— — 
Transfers out of Level 3 (b)14 10 
Fair value at September 30,$3 $13 
Net unrealized gains still held at September 30,
Included in earnings$(7)$(3)
Included in OCI— — 
(a)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the nine months ended September 30, 2024, and September 30, 2023. These transfers are deemed to have occurred at the end of the reporting period.
Nonrecurring Fair Value
We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures.
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at September 30, 2024, and December 31, 2023, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude assets of operations held-for-sale, refer to Note 2 for additional information.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
September 30, 2024 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $68 $68 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive
— — 18 18 (2)n/m(a)
Other
— — 38 38 (53)n/m(a)
Total commercial finance receivables and loans, net
— — 56 56 (55)n/m(a)
Other assets
Nonmarketable equity investments— 1 — 1 (1)n/m(a)
Repossessed and foreclosed assets (c)— — 6 6 (1)n/m(a)
Total assets
$— $1 $130 $131 $(57)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2023 ($ in millions)
Level 1Level 2Level 3Total
Assets
Loans held-for-sale, net$— $— $375 $375 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive— — 6 6 — n/m(a)
Other— — 49 49 (43)n/m(a)
Total commercial finance receivables and loans, net— — 55 55 (43)n/m(a)
Other assets
Nonmarketable equity investments— — 1 1 1 n/m(a)
Repossessed and foreclosed assets (c)— — 10 10 (1)n/m(a)
Total assets$— $— $441 $441 $(43)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments 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.
Fair Value Option for Financial Assets
We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale, non-conforming jumbo mortgage loans held-for-sale, and certain personal lending finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale and certain non-conforming jumbo 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 personal lending 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. This table excludes assets of operations held-for-sale, refer to Note 2 for additional information. 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, 2024, and December 31, 2023.
Estimated fair value
($ in millions)
Carrying value
Level 1
Level 2
Level 3
Total
September 30, 2024
Financial assets
Held-to-maturity securities
$4,441 $— $4,570 $— $4,570 
Loans held-for-sale, net
276 — — 277 277 
Finance receivables and loans, net
133,801 — — 136,300 136,300 
FHLB/FRB stock (a)
697 — 697 — 697 
Financial liabilities
Deposit liabilities
$49,904 $— $— $50,236 $50,236 
Short-term borrowings
1,771 — — 1,771 1,771 
Long-term debt
16,807 — 12,837 5,228 18,065 
December 31, 2023
Financial assets
Held-to-maturity securities$4,680 $— $4,729 $— $4,729 
Loans held-for-sale, net375 — — 375 375 
Finance receivables and loans, net135,852 — — 137,244 137,244 
FHLB/FRB stock (a)784 — 784 — 784 
Financial liabilities
Deposit liabilities$55,187 $— $— $55,311 $55,311 
Short-term borrowings3,297 — — 3,335 3,335 
Long-term debt17,570 — 12,789 5,749 18,538 
(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.
v3.24.3
Offsetting Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Offsetting [Abstract]  
Offsetting Assets and Liabilities Offsetting Assets and Liabilities
Our derivative contracts and repurchase/reverse repurchase transactions are generally 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, 2024, 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 19.
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, 2024
Assets
Derivative assets (d)$15 $— $15 $— $(13)$2 
Total assets
$15 $— $15 $— $(13)$2 
Liabilities
Derivative liabilities (e)$7 $— $7 $— $(2)$5 
Securities sold under agreements to repurchase (f)371 — 371 — (370)1 
Total liabilities$378 $— $378 $— $(372)$6 
December 31, 2023
Assets
Derivative assets (d)$33 $— $33 $— $(31)$2 
Total assets
$33 $— $33 $— $(31)$2 
Liabilities
Derivative liabilities (e)$17 $— $17 $— $(6)$11 
Securities sold under agreements to repurchase (f)747 — 747 — (747)— 
Total liabilities$764 $— $764 $— $(753)$11 
(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 noncash 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.
(d)Includes derivative assets with no offsetting arrangements of $2 million at both September 30, 2024, and December 31, 2023.
(e)Includes derivative liabilities with no offsetting arrangements of $5 million and $10 million as of September 30, 2024, and December 31, 2023, respectively.
(f)For additional information on securities sold under agreements to repurchase, refer to Note 13.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
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 CODM 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.
Dealer Financial Services
Dealer Financial Services comprises the following two 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 and retailers, 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. 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
Our Corporate Finance operations provide senior secured asset-based and leveraged cash flow 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, refinancing and recapitalizations, mergers and acquisitions, growth, turnarounds, and debtor-in-possession financings. 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, currently focused on lending to skilled nursing facilities, senior housing, and medical office buildings.
Corporate and Other
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—as well as other equity investments through Ally Ventures, our strategic investment business—and 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 digital brokerage and advisory offering, Ally Lending, Ally Credit Card, and CRA loans and investments are also included within Corporate and Other. On December 31, 2023, we committed to sell Ally Lending. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
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 on a match funded basis, utilizing a benchmark rate curve plus an assumed credit spread. The assumed credit spread is calculated based on a composite investment grade unsecured yield curve or based on advance rates published by the FHLB for any asset that is eligible to be pledged as collateral to the FHLB. While the baseline FTP components at Ally assume 100% debt funding, the methodology also incorporates a credit on the allocated capital for each business line based on a historical average of benchmark rates. For business lines not subject to an FTP funding allocation, the FTP methodology applies a capital charge to the amount of excess equity that the business line holds, relative to its regulatory capital and other adjustments. 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 and methodologies, including a COH methodology, which involves management judgment. COH methodology is used for measuring the profit and loss of our reportable operating segments. We have various enterprise functions, such as technology, marketing, finance, compliance, internal audit, and risk.
Operating expenses from the enterprise functions are either directly allocated to the reportable operating segment, indirectly allocated to the reportable operating segment utilizing the COH methodology, or remain in Corporate and Other. COH methodology considers the reportable operating segment expense base and enterprise function expenses. The reportable operating segment expense base is used to determine the allocation mix. This mix is applied to the allocable expenses in Corporate and Other to determine the COH for the respective reportable operating segment. Allocable enterprise function costs are primarily technology and marketing expenses. Generally, costs that remain within Corporate and Other that are not allocated to our reportable operating segments include marketing sponsorships, treasury and other corporate activities, and charitable contributions.
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)
2024
Net financing revenue and other interest income$1,285 $31 $52 $101 $19 $1,488 
Other revenue85 437 6 37 50 615 
Total net revenue1,370 468 58 138 69 2,103 
Provision for credit losses579 — — 11 55 645 
Total noninterest expense616 366 31 32 180 1,225 
Income (loss) from continuing operations before income tax (benefit) expense$175 $102 $27 $95 $(166)$233 
Total assets$113,934 $9,455 $17,594 $10,398 $41,600 $192,981 
2023
Net financing revenue and other interest income$1,360 $29 $53 $97 $(6)$1,533 
Other revenue79 293 4 24 35 435 
Total net revenue1,439 322 57 121 29 1,968 
Provision for credit losses444 — (2)5 61 508 
Total noninterest expense618 338 33 32 211 1,232 
Income (loss) from continuing operations before income tax (benefit) expense$377 $(16)$26 $84 $(243)$228 
Total assets$114,742 $8,736 $18,745 $10,749 $42,732 $195,704 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $843 million and $1.0 billion for the three months ended September 30, 2024, and 2023, respectively.
Nine months ended September 30,
($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2024
Net financing revenue and other interest income$3,913 $90 $157 $316 $(37)$4,439 
Other revenue275 1,159 17 90 109 1,650 
Total net revenue4,188 1,249 174 406 72 6,089 
Provision for credit losses1,410 — (1)13 187 1,609 
Total noninterest expense1,874 1,119 96 110 620 3,819 
Income (loss) from continuing operations before income tax (benefit) expense$904 $130 $79 $283 $(735)$661 
Total assets$113,934 $9,455 $17,594 $10,398 $41,600 $192,981 
2023
Net financing revenue and other interest income$4,031 $84 $160 $292 $141 $4,708 
Other revenue239 1,011 13 81 95 1,439 
Total net revenue4,270 1,095 173 373 236 6,147 
Provision for credit losses1,126 — (3)35 223 1,381 
Total noninterest expense1,824 1,011 108 110 694 3,747 
Income (loss) from continuing operations before income tax (benefit) expense$1,320 $84 $68 $228 $(681)$1,019 
Total assets$114,742 $8,736 $18,745 $10,749 $42,732 $195,704 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $2.8 billion and $3.3 billion for the nine months ended September 30, 2024, and 2023, respectively.
v3.24.3
Contingencies and Other Risks
 9 Months Ended
Sep. 30, 2024
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 2023 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.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Declaration of Common Dividend
On October 7, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on November 15, 2024, to stockholders of record at the close of business on November 1, 2024.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income $ 357 $ 296 $ 808 $ 944
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
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 U.S. 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.
Allowance for Loan Losses
Allowance for Loan Losses
The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our loan portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions and reductions to the allowance are charged to current period earnings through the provision for credit losses and amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that the loan modification will be executed with a borrower.
For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted factors over a reasonable and supportable forecast period. These forecasted variables are derived from both internal and external sources. Beyond this forecasted period, we revert each variable to a historical average on a straight-line basis. The historical average is calculated predominantly using historical data beginning in January 2008 through the most recent period of available data.
During the second quarter of 2024, we updated our reasonable and supportable forecast period from 12 months to 24 months, and our reversion period from 24 months to 12 months. This refinement to our estimation process represents a change in accounting estimate, with prospective application beginning in the period of change. The impact of this refinement to our estimation process was offset by an adjustment in the qualitative portion of our allowance. The use of a longer-duration reasonable and supportable macroeconomic forecast period to produce the modeled portion of our allowance for loan losses is expected to further improve model performance.
Equity Method Investments and Proportional Amortization Investments
Equity-Method Investments and Proportional Amortization Investments
Our equity-method investments primarily include equity investments related to the CRA, which do not have a readily determinable fair value. The majority of these investments are accounted for using the equity method of accounting and are included in equity-method investments within other assets on our Condensed Consolidated Balance Sheet.
Our proportional amortization investments include tax equity investments related to the CRA, for which the primary return to us is the income tax credits and other income tax benefits we receive. We have elected to apply the proportional amortization method to qualifying tax equity investments within our LIHTC, NMTC, and HTC programs. Under the proportional amortization method, the costs of qualifying tax equity investments are amortized in proportion to the allocation of income tax credits and other income tax benefits in each period to the total
income tax benefits expected to be obtained over the life of the investment, and the investment amortization and income tax credits are presented on a net basis as a component of income tax expense. Our proportional amortization investments are included within other assets on our Condensed Consolidated Balance Sheet. Our obligations related to unfunded commitments for our proportional amortization investments are included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Income tax credits and other income tax benefits received are recorded in income tax expense of the Condensed Consolidated Statement of Comprehensive Income (Loss) and in net income and as a component of operating activities within deferred income taxes, other assets, and other liabilities of the Condensed Consolidated Statement of Cash Flows.
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 2023 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology.
Recently Adopted and Issued Accounting Standards and Disclosure Rules
Recently Adopted Accounting Standards
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03)
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The purpose of this guidance is to clarify that a contractual restriction on the ability to sell an equity security is not considered part of the unit of account of the equity security, and therefore should not be considered when measuring the equity security’s fair value. Additionally, an entity cannot separately recognize and measure a contractual-sale restriction. This guidance also adds specific disclosures related to equity securities that are subject to contractual-sale restrictions, including (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) the circumstances that could cause a lapse in the restrictions. We adopted the amendments on January 1, 2024, using the prospective approach. The impact of these amendments was not material.
Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASU 2023-02)
In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The purpose of this guidance is to expand the use of the proportional amortization method to certain tax equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. In order to qualify for the proportional amortization method, the following five conditions must be met: (1) it is probable that the income tax credits allocable to the tax equity investor will be available, (2) the tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project, (3) substantially all of the projected benefits are from income tax credits and other income tax benefits, (4) the tax equity investor’s projected yield is based solely on the cash flows from the income tax credits and other income tax benefits is positive, and (5) the tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. Selecting the proportional amortization method is an accounting policy election that must be applied on a tax-credit-program-by-tax-credit-program basis rather than at the entity level or to individual investments. Additionally, in order to apply the proportional amortization method to qualifying investments, an entity must use the flow-through method when accounting for the receipt of the investment tax credits. This guidance also adds disclosure requirements related to tax credit programs where the proportional amortization method has been elected. We adopted the amendments on January 1, 2024, using the modified retrospective approach. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $2 million, net of income taxes.
Recently Issued Accounting Standards and Disclosure Rules
Improvements to Reportable Segment Disclosures (ASU 2023-07)
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The purpose of this guidance is to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. This ASU requires that an entity disclose, on an interim and annual basis, significant segment expenses that are regularly provided to the CODM and are included within the reported measure of segment profit or loss. This ASU also requires an entity to disclose, on an interim and annual basis, other segment items by reportable segment, including a qualitative description of the composition of those items. This “other” category is defined as the difference between segment profit or loss and segment revenue less significant segment expenses. Entities are also required to disclose the title and position of the individual, or the name of the group or committee, identified as the CODM. The amendments are effective on January 1, 2024, for annual reporting, and January 1, 2025, for interim reporting, with early adoption permitted. The amendments must be applied using a retrospective approach. Management does not expect the impact of these amendments to be material.
Improvements to Income Tax Disclosures (ASU 2023-09)
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures. This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes. The amendments are effective on January 1, 2025, with early adoption permitted. The amendments must be applied using either a prospective or retrospective approach. Management does not expect the impact of these amendments to be material.
The Enhancement and Standardization of Climate-Related Disclosures for Investors (SEC Release No. 33-11275)
In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule requires registrants to disclose certain climate-related information in registration statements and annual reports for the fiscal year beginning January 1, 2025. On April 4, 2024, the SEC ordered that the final rule is stayed pending the completion of judicial review in the U.S. Court of Appeals for the Eighth Circuit. Management is still assessing the final rule and monitoring legal developments to determine its impact on us.
Fair Value Measurements
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.
•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 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. Interest rate lock commitments are valued with unobservable inputs, so they are classified as Level 3. Certain forward commitments are Level 2 and others are Level 3 depending on the valuation model inputs.
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 be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than 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 derivative assets and liabilities. 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 in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads.
v3.24.3
Held-for-sale Operations (Tables)
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Assets and Liabilities of Operations Held-for-Sale
The assets and liabilities of operations held-for-sale are summarized below.
($ in millions)December 31, 2023
Assets
Loans held-for-sale, net$1,940 
Other assets (a)35 
Total assets
$1,975 
Liabilities
Accrued expenses and other liabilities (b)$17 
Total liabilities$17 
(a)Primarily includes accrued interest and fees of $25 million, goodwill of $4 million, and property and equipment of $4 million at December 31, 2023.
(b)Includes $5 million for reserves for unfunded lending commitments at December 31, 2023.
Schedule of Fair Value Measurements - Nonrecurring Basis
The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at December 31, 2023. The disposal group was sold on March 1, 2024. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
December 31, 2023 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $1,940 $— $1,940 $— n/m(a)
Other assets (b)— 35 — 35 (149)n/m(a)
Total assets
$— $1,975 $— $1,975 $(149)n/m
Liabilities
Accrued expenses and other liabilities$— $17 $— $17 $— n/m(a)
Total liabilities$— $17 $— $17 $— n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments 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.
(b)Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy.
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at September 30, 2024, and December 31, 2023, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude assets of operations held-for-sale, refer to Note 2 for additional information.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
September 30, 2024 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $68 $68 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive
— — 18 18 (2)n/m(a)
Other
— — 38 38 (53)n/m(a)
Total commercial finance receivables and loans, net
— — 56 56 (55)n/m(a)
Other assets
Nonmarketable equity investments— 1 — 1 (1)n/m(a)
Repossessed and foreclosed assets (c)— — 6 6 (1)n/m(a)
Total assets
$— $1 $130 $131 $(57)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2023 ($ in millions)
Level 1Level 2Level 3Total
Assets
Loans held-for-sale, net$— $— $375 $375 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive— — 6 6 — n/m(a)
Other— — 49 49 (43)n/m(a)
Total commercial finance receivables and loans, net— — 55 55 (43)n/m(a)
Other assets
Nonmarketable equity investments— — 1 1 1 n/m(a)
Repossessed and foreclosed assets (c)— — 10 10 (1)n/m(a)
Total assets$— $— $441 $441 $(43)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
v3.24.3
Revenue from Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.
Three months ended September 30,
($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2024
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $246 $— $— $— $246 
Remarketing fee income28 — — — — 28 
Brokerage commissions and other revenue— — — — 22 22 
Banking fees and interchange income (d)— — — — 12 12 
Brokered/agent commissions— 5 — — — 5 
Other5 1 — — — 6 
Total revenue from contracts with customers
33 252 — — 34 319 
All other revenue
52 185 6 37 16 296 
Total other revenue (e)$85 $437 $6 $37 $50 $615 
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $173 $— $— $— $173 
Remarketing fee income27 — — — — 27 
Brokerage commissions and other revenue— — — — 23 23 
Banking fees and interchange income (d)— — — — 10 10 
Brokered/agent commissions— 3 — — — 3 
Other5 1 — — — 6 
Total revenue from contracts with customers
32 177 — — 33 242 
All other revenue47 116 4 24 2 193 
Total other revenue (e)$79 $293 $4 $24 $35 $435 
(a)We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both July 1, 2024, and 2023, and $243 million and $249 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income (Loss) during the three months ended September 30, 2024, and 2023, respectively.
(b)At September 30, 2024, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $232 million during the remainder of 2024, $818 million in 2025, $674 million in 2026, $514 million in 2027, and $726 million thereafter. At September 30, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts.
(c)We had deferred insurance assets of $1.8 billion at both July 1, 2024 and September 30, 2024, and recognized $141 million of expense during the three months ended September 30, 2024. We had deferred insurance assets of $1.8 billion at both July 1, 2023 and September 30, 2023, and recognized $148 million of expense during the three months ended September 30, 2023.
(d)Interchange income is reported net of customer rewards. Customer rewards expense was $7 million and $5 million for the three months ended September 30, 2024, and 2023, respectively.
(e)Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments.
Nine months ended September 30,
($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2024
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $666 $— $— $— $666 
Remarketing fee income88 — — — — 88 
Brokerage commissions and other revenue— — — — 67 67 
Banking fees and interchange income (c)— — — — 35 35 
Brokered/agent commissions— 15 — — — 15 
Other14 2 — — — 16 
Total revenue from contracts with customers
102 683 — — 102 887 
All other revenue
173 476 17 90 7 763 
Total other revenue (d)$275 $1,159 $17 $90 $109 $1,650 
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b)$— $513 $— $— $— $513 
Remarketing fee income91 — — — — 91 
Brokerage commissions and other revenue— — — — 69 69 
Banking fees and interchange income (c)— — — — 31 31 
Brokered/agent commissions— 10 — — — 10 
Other15 1 — — — 16 
Total revenue from contracts with customers
106 524 — — 100 730 
All other revenue133 487 13 81 (5)709 
Total other revenue (d)$239 $1,011 $13 $81 $95 $1,439 
(a)We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2024, and 2023, and $732 million and $733 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income (Loss) during the nine months ended September 30, 2024, and 2023, respectively.
(b)We had deferred insurance assets of $1.8 billion at both January 1, 2024 and September 30, 2024, and recognized $432 million of expense during the nine months ended September 30, 2024. We had deferred insurance assets of $1.8 billion at both January 1, 2023, and September 30, 2023, and recognized $436 million of expense during the nine months ended September 30, 2023.
(c)Interchange income is reported net of customer rewards. Customer rewards expense was $20 million and $14 million for the nine months ended September 30, 2024, and 2023, respectively.
(d)Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments.
v3.24.3
Other Income, Net of Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Other Nonoperating Income (Expense) [Abstract]  
Schedule of Other Income, by Component
Details of other income, net of losses, were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Late charges and other administrative fees$49 $50 $150 $145 
Remarketing fees28 27 88 91 
Income from equity-method investments (a)10 8 14 5 
Loss on nonmarketable equity investments, net (a)— — (9)(11)
Other, net89 67 248 201 
Total other income, net of losses$176 $152 $491 $431 
(a)Refer to Note 11 for further information on our equity-method investments and nonmarketable equity investments.
v3.24.3
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables)
 9 Months Ended
Sep. 30, 2024
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
($ in millions)20242023
Total gross reserves for insurance losses and loss adjustment expenses at January 1,$140 $119 
Less: Reinsurance recoverable66 72 
Net reserves for insurance losses and loss adjustment expenses at January 1,74 47 
Net insurance losses and loss adjustment expenses incurred related to:
Current year411 326 
Prior years (a)17 3 
Total net insurance losses and loss adjustment expenses incurred428 329 
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year(319)(270)
Prior years(64)(38)
Total net insurance losses and loss adjustment expenses paid or payable(383)(308)
Net reserves for insurance losses and loss adjustment expenses at September 30,119 68 
Plus: Reinsurance recoverable (b)78 77 
Total gross reserves for insurance losses and loss adjustment expenses at September 30, (c)$197 $145 
(a)There have been no material adverse changes to the reserve for prior years.
(b)Included in premiums receivable and other insurance assets on our Condensed Consolidated Balance Sheet.
(c)Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
v3.24.3
Other Operating Expenses (Tables)
 9 Months Ended
Sep. 30, 2024
Operating Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
Details of other operating expenses were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Insurance commissions$164 $160 $486 $475 
Technology and communications110 109 319 328 
Advertising and marketing69 74 221 231 
Property and equipment depreciation55 51 169 146 
Regulatory and licensing fees45 45 137 119 
Lease and loan administration45 57 136 158 
Professional services36 35 106 103 
Vehicle remarketing and repossession31 30 96 85 
Amortization of intangible assets (a)4 6 15 19 
Other96 95 310 306 
Total other operating expenses$655 $662 $1,995 $1,970 
(a)Refer to Note 11 for further information on our intangible assets.
v3.24.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Portfolio The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
September 30, 2024December 31, 2023
Amortized costGross unrealized
Fair value
Amortized costGross unrealized
Fair value
($ in millions)gainslossesgainslosses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$2,270 $— $(155)$2,115 $2,284 $— $(209)$2,075 
U.S. States and political subdivisions718 1 (72)647 727 1 (70)658 
Foreign government203 2 (5)200 190 1 (8)183 
Agency mortgage-backed residential (a)17,094 1 (2,398)14,697 18,122 1 (2,739)15,384 
Mortgage-backed residential254 — (35)219 268 — (43)225 
Agency mortgage-backed commercial (a)4,675 7 (666)4,016 4,539 2 (783)3,758 
Asset-backed204 — (2)202 344 — (12)332 
Corporate debt1,894 12 (97)1,809 1,942 4 (146)1,800 
Total available-for-sale securities (b) (c) (d) (e) (f)$27,312 $23 $(3,430)$23,905 $28,416 $9 $(4,010)$24,415 
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential$950 $— $(155)$795 $999 $— $(173)$826 
Mortgage-backed residential3,392 283 — 3,675 3,603 221 — 3,824 
Asset-backed retained notes99 1 — 100 78 1 — 79 
Total held-to-maturity securities (d) (f) (g)$4,441 $284 $(155)$4,570 $4,680 $222 $(173)$4,729 
(a)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $100 million asset and a $46 million asset for agency mortgage-backed residential securities at September 30, 2024, and December 31, 2023, respectively, and a $57 million asset and a $29 million asset for agency mortgage-backed commercial securities at September 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 19 for additional information.
(c)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million and $12 million at September 30, 2024, and December 31, 2023, respectively.
(d)Investment securities with a fair value of $4.0 billion and $4.7 billion were pledged as collateral at September 30, 2024, and December 31, 2023, respectively. This primarily included $3.1 billion and $3.3 billion pledged to secure advances from the FHLB at September 30, 2024, and December 31, 2023, respectively. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $901 million and $1.4 billion of the underlying available-for-sale securities at September 30, 2024, and December 31, 2023, respectively.
(e)Totals do not include accrued interest receivable, which was $72 million and $76 million at September 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
(f)There was no allowance for credit losses recorded at both September 30, 2024, or December 31, 2023, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.
(g)Totals do not include accrued interest receivable, which was $12 million and $13 million at September 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
Schedule of Investments Classified by Contractual Maturity Date
The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
TotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
($ in millions)AmountYieldAmountYieldAmountYieldAmountYieldAmountYield
September 30, 2024
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,115 1.6 %$253 0.8 %$1,100 1.5 %$762 1.9 %$— — %
U.S. States and political subdivisions647 3.4 32 6.7 69 3.0 94 4.0 452 3.2 
Foreign government200 2.6 39 1.9 50 2.3 107 2.9 4 3.3 
Agency mortgage-backed residential (b)14,697 2.6 — — 8 2.0 26 2.5 14,663 2.6 
Mortgage-backed residential219 2.7 — — — — — — 219 2.7 
Agency mortgage-backed commercial (b)4,016 2.4 23 3.1 273 3.7 1,694 2.4 2,026 2.2 
Asset-backed202 1.6 — — 197 1.6 4 3.9 1 2.7 
Corporate debt1,809 3.0 214 3.0 789 2.6 729 3.2 77 5.2 
Total available-for-sale securities$23,905 2.5 $561 1.8 $2,486 2.2 $3,416 2.5 $17,442 2.5 
Amortized cost of available-for-sale securities
$27,312 $565 $2,596 $3,767 $20,384 
Amortized cost of held-to-maturity securities (c)
Agency mortgage-backed residential$950 2.7 %$— — %$— — %$— — %$950 2.7 %
Mortgage-backed residential3,392 2.8 — — — — 9 3.0 3,383 2.8 
Asset-backed retained notes
99 5.4 — — 67 5.4 32 5.5 — — 
Total held-to-maturity securities
$4,441 2.9 $— — $67 5.4 $41 5.0 $4,333 2.8 
December 31, 2023
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,075 1.6 %$215 0.9 %$1,120 1.5 %$740 1.9 %$— — %
U.S. States and political subdivisions658 3.2 4 3.4 55 2.7 110 3.6 489 3.1 
Foreign government183 2.3 20 1.3 82 2.4 81 2.5 — — 
Agency mortgage-backed residential (b)15,384 2.6 — — 10 1.9 32 2.5 15,342 2.6 
Mortgage-backed residential225 2.7 — — — — — — 225 2.7 
Agency mortgage-backed commercial (b)3,758 2.3 — — 163 3.8 1,641 2.4 1,954 2.1 
Asset-backed332 1.7 — — 327 1.7 4 3.9 1 2.7 
Corporate debt1,800 2.7 210 2.4 915 2.6 671 2.9 4 6.2 
Total available-for-sale securities$24,415 2.5 $449 1.7 $2,672 2.1 $3,279 2.4 $18,015 2.5 
Amortized cost of available-for-sale securities
$28,416 $461 $2,844 $3,746 $21,365 
Amortized cost of held-to-maturity securities (c)
Agency mortgage-backed residential
$999 2.8 %$— — %$— — %$— — %$999 2.8 %
Mortgage-backed residential3,603 2.8 — — — — 12 3.0 3,591 2.8 
Asset-backed retained notes
78 5.6 1 5.6 41 5.6 2 6.0 34 5.6 
Total held-to-maturity securities
$4,680 2.8 $1 5.6 $41 5.6 $14 3.4 $4,624 2.8 
(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost inclusive of hedge basis adjustments for dedesignated hedges, and excludes expected capital gains and losses. Yield does not consider hedging effects for securities in active hedges.
(b)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $100 million asset and a $46 million asset for agency mortgage-backed residential securities at September 30, 2024, and December 31, 2023, respectively, and a $57 million asset and a $29 million asset for agency mortgage-backed commercial securities at September 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
(c)Yield is calculated using the effective yield of each security at the end of the period, weighted based on amortized cost by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost and excludes capital gains, capital losses, and the premium or discount on securities transferred from available-for-sale to held-to-maturity.
Schedule of Investment Income
The following table presents interest and dividends on investment securities.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Taxable interest$243 $246 $732 $692 
Taxable dividends5 5 15 12 
Interest and dividends exempt from U.S. federal income tax5 5 16 16 
Interest and dividends on investment securities$253 $256 $763 $720 
Schedule of Realized Gain (Loss)
The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Available-for-sale securities
Gross realized gains$1 $— $2 $5 
Net realized gain on available-for-sale securities1 — 2 5 
Net realized gain on equity securities15 15 53 21 
Net unrealized gain (loss) on equity securities58 (56)41 33 
Other gain (loss) on investments, net$74 $(41)$96 $59 
Schedule of Held to Maturity Debt Securities by Credit Quality
The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of September 30, 2024, and December 31, 2023. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both September 30, 2024, and December 31, 2023. We have not recorded any interest income reversals on our held-to-maturity securities during the nine months ended September 30, 2024, or 2023.
($ in millions)AAAAAABBBTotal (a)
September 30, 2024
Debt securities
Agency mortgage-backed residential$— $950 $— $— $950 
Mortgage-backed residential3,299 81 12 — 3,392 
Asset-backed retained notes91 4 2 2 99 
Total held-to-maturity securities$3,390 $1,035 $14 $2 $4,441 
December 31, 2023
Debt securities
Agency mortgage-backed residential$— $999 $— $— $999 
Mortgage-backed residential3,497 93 13 — 3,603 
Asset-backed retained notes73 2 2 1 78 
Total held-to-maturity securities$3,570 $1,094 $15 $1 $4,680 
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.
Schedule of Available-for-Sale Securities in Unrealized Loss Position
The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. As of September 30, 2024, and December 31, 2023, we did not have the intent to sell the available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the nine months ended September 30, 2024, or 2023.
September 30, 2024December 31, 2023
Less than 12 months12 months or longerLess than 12 months12 months or longer
($ 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$— $— $2,115 $(155)$— $— $2,075 $(209)
U.S. States and political subdivisions47 (1)497 (71)70 — 501 (70)
Foreign government9 — 122 (5)16 — 134 (8)
Agency mortgage-backed residential (a)18 — 14,548 (2,398)300 (5)15,015 (2,734)
Mortgage-backed residential— — 219 (35)— — 225 (43)
Agency mortgage-backed commercial (a)79 (1)3,608 (665)153 (4)3,472 (779)
Asset-backed— — 178 (2)18 — 302 (12)
Corporate debt57 (1)1,423 (96)33 (1)1,607 (145)
Total available-for-sale securities
$210 $(3)$22,710 $(3,427)$590 $(10)$23,331 $(4,000)
(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at September 30, 2024, and December 31, 2023. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
v3.24.3
Finance Receivables and Loans, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions)September 30, 2024December 31, 2023
Consumer automotive (a)$83,424 $84,320 
Consumer mortgage
Mortgage Finance (b)17,309 18,442 
Mortgage — Legacy (c)192 225 
Total consumer mortgage17,501 18,667 
Consumer other
Credit Card2,170 1,990 
Total consumer other2,170 1,990 
Total consumer103,095 104,977 
Commercial
Commercial and industrial
Automotive19,259 18,700 
Other8,824 9,712 
Commercial real estate6,323 6,050 
Total commercial34,406 34,462 
Total finance receivables and loans (d) (e)$137,501 $139,439 
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information.
(b)Includes loans originated as interest-only mortgage loans of $1 million and $2 million at September 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $12 million and $13 million at September 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period.
(d)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both September 30, 2024, and December 31, 2023.
(e)Totals do not include accrued interest receivable, which was $851 million and $853 million at September 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.
Schedule of Allowance for Credit Losses on Financing Receivables
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2024, and 2023, respectively.
Three months ended September 30, 2024 ($ in millions)
Consumer automotiveConsumer mortgageConsumer otherCommercialTotal
Allowance at July 1, 2024$3,055 $19 $302 $196 $3,572 
Charge-offs (a)(683)— (61)— (744)
Recoveries216 1 9 1 227 
Net charge-offs(467)1 (52)1 (517)
Provision for credit losses578 (3)58 12 645 
Other— 2 (1)(1)— 
Allowance at September 30, 2024
$3,166 $19 $307 $208 $3,700 
(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2024 ($ in millions)
Consumer automotiveConsumer mortgageConsumer otherCommercialTotal
Allowance at January 1, 2024$3,083 $21 $293 $190 $3,587 
Charge-offs (a)(1,976)(1)(199)(2)(2,178)
Recoveries654 3 23 7 687 
Net charge-offs(1,322)2 (176)5 (1,491)
Write-downs from transfers to held-for-sale (b)(5)— — — (5)
Provision for credit losses1,410 (6)191 14 1,609 
Other— 2 (1)(1)— 
Allowance at September 30, 2024
$3,166 $19 $307 $208 $3,700 
(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
(b)Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.
Three months ended September 30, 2023 ($ in millions)
Consumer automotiveConsumer mortgageConsumer otherCommercialTotal
Allowance at July 1, 2023$3,064 $23 $476 $218 $3,781 
Charge-offs (a)(602)— (74)(1)(677)
Recoveries209 2 6 4 221 
Net charge-offs(393)2 (68)3 (456)
Provision for credit losses (b)433 (4)68 15 512 
Other— 1 (2)1 — 
Allowance at September 30, 2023
$3,104 $22 $474 $237 $3,837 
(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
(b)Excludes $4 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Nine months ended September 30, 2023 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2023$3,020 $27 $426 $238 $3,711 
Charge-offs (b)(1,634)(3)(208)(62)(1,907)
Recoveries613 7 18 5 643 
Net charge-offs(1,021)4 (190)(57)(1,264)
Provision for credit losses (c)1,106 (9)239 54 1,390 
Other(1)— (1)2 — 
Allowance at September 30, 2023
$3,104 $22 $474 $237 $3,837 
(a)Excludes $3 million of finance receivables and loans at January 1, 2023, 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 2023 Annual Report on Form 10-K for information regarding our charge-off policies.
(c)Excludes $9 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Schedule of Sales of Financing Receivables and Loans
The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Consumer automotive$— $— $1,108 $— 
Consumer mortgage208 — 325 1 
Commercial131 11 296 11 
Total sales and transfers$339 $11 $1,729 $12 
Schedule of Purchases of Financing Receivables and Loans
The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Consumer automotive$802 $1,064 $2,377 $2,902 
Consumer mortgage7 7 15 14 
Commercial— 3 — 10 
Total purchases of finance receivables and loans$809 $1,074 $2,392 $2,926 
Schedule of Financing Receivables, Nonaccrual Status
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of September 30, 2024, and December 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.
September 30, 2024
($ in millions)Nonaccrual status at Jan. 1, 2024Nonaccrual status at
Jul. 1, 2024		Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,129 $978 $1,204 $525 
Consumer mortgage
Mortgage Finance41 32 37 25 
Mortgage — Legacy13 9 9 9 
Total consumer mortgage54 41 46 34 
Consumer other
Credit Card92 80 84 — 
Total consumer other92 80 84 — 
Total consumer1,275 1,099 1,334 559 
Commercial
Commercial and industrial
Automotive18 18 51 33 
Other98 96 95 4 
Commercial real estate3 2 10 10 
Total commercial119 116 156 47 
Total finance receivables and loans (b)$1,394 $1,215 $1,490 $606 
(a)Represents a component of nonaccrual status at end of period.
(b)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $14 million for the three months and nine months ended September 30, 2024, respectively.
December 31, 2023
($ in millions)Nonaccrual status at Jan. 1, 2023Nonaccrual status at
Jul. 1, 2023		Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,187 $1,098 $1,129 $531 
Consumer mortgage
Mortgage Finance34 38 41 21 
Mortgage — Legacy15 14 13 12 
Total consumer mortgage49 52 54 33 
Consumer other
Personal Lending (b)13 11 — — 
Credit Card43 55 92 — 
Total consumer other56 66 92 — 
Total consumer1,292 1,216 1,275 564 
Commercial
Commercial and industrial
Automotive5 24 18 13 
Other157 161 98 5 
Commercial real estate— 3 3 3 
Total commercial162 188 119 21 
Total finance receivables and loans (c)$1,454 $1,404 $1,394 $585 
(a)Represents a component of nonaccrual status at end of period.
(b)Personal Lending finance receivables and loans were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
(c)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $11 million for the three months and nine months ended September 30, 2023, respectively.
Schedule of Financing Receivable Credit Quality Indicators
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
Origination yearRevolving loans converted to term
September 30, 2024 ($ in millions)
202420232022202120202019 and priorRevolving loansTotal
Consumer automotive
Current$23,561 $22,621 $17,069 $9,646 $3,714 $2,436 $— $— $79,047 
30–59 days past due270 699 840 569 187 165 — — 2,730 
60–89 days past due77 288 380 245 79 66 — — 1,135 
90 or more days past due23 116 157 102 35 38 — — 471 
Total consumer automotive (a)23,931 23,724 18,446 10,562 4,015 2,705 — — 83,383 
Consumer mortgage
Mortgage Finance
Current6 31 1,925 9,958 1,754 3,556 — — 17,230 
30–59 days past due— — 8 14 3 18 — — 43 
60–89 days past due— — — 2 — 5 — — 7 
90 or more days past due— — 1 6 1 21 — — 29 
Total Mortgage Finance6 31 1,934 9,980 1,758 3,600 — — 17,309 
Mortgage — Legacy
Current— — — — — 47 119 16 182 
30–59 days past due— — — — — 2 1 — 3 
90 or more days past due— — — — — 5 1 1 7 
Total Mortgage — Legacy— — — — — 54 121 17 192 
Total consumer mortgage6 31 1,934 9,980 1,758 3,654 121 17 17,501 
Consumer other
Credit Card
Current— — — — — — 2,020 — 2,020 
30–59 days past due— — — — — — 38 — 38 
60–89 days past due— — — — — — 32 — 32 
90 or more days past due— — — — — — 80 — 80 
Total Credit Card— — — — — — 2,170 — 2,170 
Total consumer other— — — — — — 2,170 — 2,170 
Total consumer$23,937 $23,755 $20,380 $20,542 $5,773 $6,359 $2,291 $17 $103,054 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes an asset of $41 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at September 30, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
Origination yearRevolving loans converted to term
December 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive
Current$30,677 $23,699 $14,209 $6,132 $3,306 $1,876 $— $— $79,899 
30–59 days past due539 1,041 739 270 181 122 — — 2,892 
60–89 days past due170 443 303 109 68 45 — — 1,138 
90 or more days past due64 167 122 44 32 28 — — 457 
Total consumer automotive (a)31,450 25,350 15,373 6,555 3,587 2,071 — — 84,386 
Consumer mortgage
Mortgage Finance
Current152 2,170 10,374 1,836 747 3,073 — — 18,352 
30–59 days past due1 8 14 3 3 20 — — 49 
60–89 days past due— 2 4 3 — 5 — — 14 
90 or more days past due— 1 4 1 2 19 — — 27 
Total Mortgage Finance153 2,181 10,396 1,843 752 3,117 — — 18,442 
Mortgage — Legacy
Current— — — — — 51 142 17 210 
30–59 days past due— — — — — 3 — 1 4 
60–89 days past due— — — — — 1 1 — 2 
90 or more days past due— — — — — 6 2 1 9 
Total Mortgage — Legacy— — — — — 61 145 19 225 
Total consumer mortgage153 2,181 10,396 1,843 752 3,178 145 19 18,667 
Consumer other
Credit Card
Current— — — — — — 1,828 — 1,828 
30–59 days past due— — — — — — 39 — 39 
60–89 days past due— — — — — — 34 — 34 
90 or more days past due— — — — — — 89 — 89 
Total Credit Card— — — — — — 1,990 — 1,990 
Total consumer other (b)— — — — — — 1,990 — 1,990 
Total consumer$31,603 $27,531 $25,769 $8,398 $4,339 $5,249 $2,135 $19 $105,043 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $66 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
(b)Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
Origination yearRevolving loans converted to term
September 30, 2024 ($ in millions)
202420232022202120202019 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$395 $325 $386 $133 $74 $57 $16,633 $— $18,003 
Special mention5 20 14 25 2 8 1,061 — 1,135 
Substandard— 1 — — — — 110 — 111 
Doubtful— — — — — — 10 — 10 
Total automotive400 346 400 158 76 65 17,814 — 19,259 
Other
Pass526 298 313 264 172 235 5,614 91 7,513 
Special mention— — 367 238 172 77 235 23 1,112 
Substandard— 27 — 23 46 54 10 3 163 
Doubtful— — — — — 26 10 — 36 
Total other526 325 680 525 390 392 5,869 117 8,824 
Commercial real estate
Pass740 1,008 1,296 1,058 825 1,216 — 35 6,178 
Special mention6 18 69 42 — — — — 135 
Substandard— — 5 — 3 — — — 8 
Doubtful— — 1 — — 1 — — 2 
Total commercial real estate746 1,026 1,371 1,100 828 1,217 — 35 6,323 
Total commercial$1,672 $1,697 $2,451 $1,783 $1,294 $1,674 $23,683 $152 $34,406 
Origination yearRevolving loans converted to term
December 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$509 $512 $165 $97 $58 $22 $16,446 $— $17,809 
Special mention6 7 30 1 1 14 723 — 782 
Substandard— 1 — — — — 44 — 45 
Doubtful— — — — — 1 63 — 64 
Total automotive515 520 195 98 59 37 17,276 — 18,700 
Other
Pass331 646 343 405 266 180 6,202 173 8,546 
Special mention— 208 188 206 51 85 198 25 961 
Substandard— — 46 3 — 83 25 11 168 
Doubtful— — — — — 26 10 — 36 
Loss— — — — 1 — — — 1 
Total other331 854 577 614 318 374 6,435 209 9,712 
Commercial real estate
Pass971 1,452 1,129 884 607 811 100 26 5,980 
Special mention3 16 28 1 18 — — — 66 
Substandard— 3 — — — 1 — — 4 
Total commercial real estate974 1,471 1,157 885 625 812 100 26 6,050 
Total commercial$1,820 $2,845 $1,929 $1,597 $1,002 $1,223 $23,811 $235 $34,462 
The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the nine months ended September 30, 2024, and during the year ended December 31, 2023, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our charge-off policy.
Origination yearRevolving loans converted to term
September 30, 2024 ($ in millions)
202420232022202120202019 and priorRevolving loansTotal
Consumer automotive (a)$65 $567 $719 $396 $108 $121 $— $— $1,976 
Consumer mortgage
Mortgage Finance— — — 1 — — — — 1 
Total consumer mortgage— — — 1 — — — — 1 
Consumer other
Credit Card— — — — — — 187 12 199 
Total consumer other— — — — — — 187 12 199 
Total consumer65 567 719 397 108 121 187 12 2,176 
Commercial
Commercial and industrial
Automotive— — — — — 1 1 — 2 
Total commercial— — — — — 1 1 — 2 
Total finance receivables and loans$65 $567 $719 $397 $108 $122 $188 $12 $2,178 
(a)Excludes $5 million of write-downs from transfers to held-for-sale from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.
Origination yearRevolving loans converted to term
December 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive (a)$225 $952 $651 $194 $142 $120 $— $— $2,284 
Consumer mortgage
Mortgage Finance— — — — — 1 — — 1 
Mortgage — Legacy— — — — — 2 — — 2 
Total consumer mortgage— — — — — 3 — — 3 
Consumer other
Personal Lending (b)14 82 29 3 — — — — 128 
Credit Card— — — — — — 165 10 175 
Total consumer other14 82 29 3 — — 165 10 303 
Total consumer239 1,034 680 197 142 123 165 10 2,590 
Commercial
Commercial and industrial
Automotive— — — — — 5 19 — 24 
Other— — — — 79 23 4 — 106 
Total commercial— — — — 79 28 23 — 130 
Total finance receivables and loans$239 $1,034 $680 $197 $221 $151 $188 $10 $2,720 
(a)Excludes $41 million of write-downs from transfers to held-for-sale from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Refer to Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information.
(b)Excludes $174 million of write-downs from the transfer to held-for-sale related to Personal Lending. Refer to Note 2 for additional information.
Schedule of Past Due Financing Receivables
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
($ in millions)30–59 days past due60–89 days past due90 days or more past dueTotal past dueCurrentTotal finance receivables and loans
September 30, 2024
Commercial
Commercial and industrial
Automotive$— $— $— $— $19,259 $19,259 
Other— — — — 8,824 8,824 
Commercial real estate— — 1 1 6,322 6,323 
Total commercial$— $— $1 $1 $34,405 $34,406 
December 31, 2023
Commercial
Commercial and industrial
Automotive$— $— $— $— $18,700 $18,700 
Other2 — 3 5 9,707 9,712 
Commercial real estate— — — — 6,050 6,050 
Total commercial$2 $— $3 $5 $34,457 $34,462 
Schedule of Loan Modifications
The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months and nine months ended September 30, 2024, and 2023, respectively, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. The below tables exclude consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of September 30, 2024, and December 31, 2023, there were $3 million and $5 million of consumer mortgage finance receivables and loans in a trial modification program, respectively.
Payment extensions
Three months ended September 30, 2024
($ in millions)
Payment deferralsContractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal
Consumer automotive$— $130 $2 $— $— $132 
Consumer mortgage
Mortgage Finance— 1 — — — 1 
Total consumer mortgage— 1 — — — 1 
Consumer other
Credit Card— — 1 6 — 7 
Total consumer other— — 1 6 — 7 
Total consumer— 131 3 6 — 140 
Commercial
Commercial and industrial
Automotive— — — 37 — 37 
Other— 25 — — 14 39 
Commercial real estate— — — — 1 1 
Total commercial— 25 — 37 15 77 
Total finance receivables and loans$— $156 $3 $43 $15 $217 
Payment extensions
Nine months ended September 30, 2024
($ in millions)
Payment deferralsContractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal (a)
Consumer automotive$— $305 $4 $— $— $309 
Consumer mortgage
Mortgage Finance— 2 — — — 2 
Total consumer mortgage— 2 — — — 2 
Consumer other
Credit Card— — 1 13 — 14 
Total consumer other— — 1 13 — 14 
Total consumer— 307 5 13 — 325 
Commercial
Commercial and industrial
Automotive5 — — 37 — 42 
Other— 174 — — 14 188 
Commercial real estate— — — — 1 1 
Total commercial5 174 — 37 15 231 
Total finance receivables and loans$5 $481 $5 $50 $15 $556 
(a)Represents 0.4% of total finance receivables and loans outstanding as of September 30, 2024.
Payment extensions
Three months ended September 30, 2023
($ in millions)
Payment deferrals (a)Contractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal
Consumer automotive$— $62 $1 $— $— $63 
Consumer mortgage
Mortgage Finance— 1 — — — 1 
Mortgage — Legacy— — — — 1 1 
Total consumer mortgage— 1 — — 1 2 
Consumer other
Credit Card— — — 4 — 4 
Total consumer other— — — 4 — 4 
Total consumer— 63 1 4 1 69 
Commercial
Commercial and industrial
Other37 — — — — 37 
Total commercial37 — — — — 37 
Total finance receivables and loans$37 $63 $1 $4 $1 $106 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.
Payment extensions
Nine months ended September 30, 2023
($ in millions)
Payment deferrals (a)Contractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal (b)
Consumer automotive$— $99 $13 $— $30 $142 
Consumer mortgage
Mortgage Finance— 2 — — 2 4 
Mortgage — Legacy— 1 — — 1 2 
Total consumer mortgage— 3 — — 3 6 
Consumer other
Credit Card— — — 9 — 9 
Total consumer other— — — 9 — 9 
Total consumer— 102 13 9 33 157 
Commercial
Commercial and industrial
Other65 47 — — — 112 
Total commercial65 47 — — — 112 
Total finance receivables and loans$65 $149 $13 $9 $33 $269 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.
(b)Represents 0.2% of total finance receivables and loans outstanding as of September 30, 2023.
The following tables present the financial effect of loan modifications that occurred during the three months and nine months ended September 30, 2024, and 2023, respectively.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
Three months ended
September 30, 2024
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive30$1 — %— %— — — %— %
Consumer mortgage
Mortgage Finance126— — — — — — — 
Total consumer mortgage126— — — — — — — 
Consumer other
Credit Card— 1 30.4 10.4 — — — — 
Total consumer other— $1 30.4 10.4 — — — — 
Commercial
Commercial and industrial
Automotive— $— 11.0 %7.9 %— — — %— %
Other15— — — 4605.5 4.3 
Commercial real estate— — — — 849011.0 6.0 
Total commercial15$— 11.0 7.9 7615.7 4.3 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
Nine months ended
September 30, 2024
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive29$1 — %— %——— %— %
Consumer mortgage
Mortgage Finance176— — — — — — — 
Total consumer mortgage176— — — — — — — 
Consumer other
Credit Card— 1 30.4 7.9 ——— — 
Total consumer other— $1 30.4 7.9 ——— — 
Commercial
Commercial and industrial
Automotive10$— 11.0 %7.9 %——— %— %
Other37— — — 4605.5 4.3 
Commercial real estate— — — — 849011.0 6.0 
Total commercial36$— 11.0 7.9 7615.7 4.3 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
Three months ended
September 30, 2023
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive28$— — %— %— — — %— %
Consumer mortgage
Mortgage Finance210— — — — — — — 
Mortgage — Legacy— — — — 1802802.5 2.0 
Total consumer mortgage210— — — 1802802.5 2.0 
Consumer other
Credit Card— — 30.0 11.0 ——— — 
Total consumer other— $— 30.0 11.0 ——— — 
Commercial
Commercial and industrial
Other (c)3$— — %— %——— %— %
Total commercial3$— — — ——— — 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
(c)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b) (c)
Nine months ended
September 30, 2023
($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive27$2 — %— %758510.4 %9.7 %
Consumer mortgage
Mortgage Finance186— — — 3094704.6 3.4 
Mortgage — Legacy76— — — 1742832.7 2.0 
Total consumer mortgage149— — — 2844354.3 3.1 
Consumer other
Credit Card—— 30.0 8.0 ——— — 
Total consumer other—$— 30.0 8.0 ——— — 
Commercial
Commercial and industrial
Other (d)13$— — %— %——— %— %
Total commercial13$— — — ——— — 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
(c)Some Mortgage Finance combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 210 months.
(d)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.
The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to September 30, 2024.
September 30, 2024 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$316 $67 $25 $8 $416 
Principal forgiveness— — — 4 4 
Combination1 — — — 1 
Total consumer automotive317 67 25 12 421 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions2 1 — — 3 
Total Mortgage Finance2 1 — — 3 
Mortgage — Legacy
Combination1 — — — 1 
Total Mortgage — Legacy1 — — — 1 
Total consumer mortgage3 1 — — 4 
Consumer other
Credit Card
Interest rate concessions10 2 1 3 16 
Total consumer other10 2 1 3 16 
Total consumer$330 $70 $26 $15 $441 
September 30, 2024 ($ in millions)
PassSpecial mentionSubstandardDoubtfulTotal
Commercial and industrial
Automotive
Payment deferrals$— $— $5 $— $5 
Interest rate concessions— — 37 — 37 
Other
Contractual maturity extensions118 — 56 — 174 
Combination— — 14 — 14 
Commercial real estate
Combination— — — 1 1 
Total commercial$118 $— $112 $1 $231 
As of September 30, 2024, 1,205 consumer automotive loans with a total amortized cost of $29 million redefaulted within 12 months of modification.
The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified during the three months and nine months ended September 30, 2023.
Three months ended September 30, 2023 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$60 $2 $— $— $62 
Principal forgiveness— — — 1 1 
Total consumer automotive60 2 — 1 63 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions1 — — — 1 
Total Mortgage Finance1 — — — 1 
Mortgage — Legacy
Combination1 — — — 1 
Total Mortgage — Legacy1 — — — 1 
Total consumer mortgage2 — — — 2 
Consumer other
Credit Card
Interest rate concessions2 1 — 1 4 
Total consumer other2 1 — 1 4 
Total consumer$64 $3 $— $2 $69 
Three months ended September 30, 2023 ($ in millions)
PassSpecial mentionSubstandardDoubtfulTotal
Commercial and industrial
Other
Payment deferrals (a)$— $— $— $37 $37 
Total commercial$— $— $— $37 $37 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.
Nine months ended September 30, 2023 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$89 $7 $2 $1 $99 
Principal forgiveness8 1 — 4 13 
Combination28 1 1 — 30 
Total consumer automotive125 9 3 5 142 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions2 — — — 2 
Combination— — — 2 2 
Total Mortgage Finance2 — — 2 4 
Mortgage — Legacy
Contractual maturity extensions1 — — — 1 
Combination1 — — — 1 
Total Mortgage — Legacy2 — — — 2 
Total consumer mortgage4 — — 2 6 
Consumer other
Credit Card
Interest rate concessions5 1 1 2 9 
Total consumer other5 1 1 2 9 
Total consumer$134 $10 $4 $9 $157 
Nine months ended September 30, 2023 ($ in millions)
PassSpecial mentionSubstandardDoubtfulTotal
Commercial and industrial
Other
Payment deferrals (a)$— $— $— $65 $65 
Contractual maturity extensions34 7 6 — 47 
Total commercial$34 $7 $6 $65 $112 
(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.
v3.24.3
Leasing (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Lessee, Operating Lease, Liability, Maturity
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2024, and that have noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$9 
202534 
202627 
202722 
202816 
2029 and thereafter3 
Total undiscounted cash flows111 
Difference between undiscounted cash flows and discounted cash flows(6)
Total lease liability$105 
Schedule of Lease, Cost
The following table details the components of total net operating lease expense.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Operating lease expense$7 $7 $22 $21 
Variable lease expense1 1 3 3 
Total lease expense, net (a)$8 $8 $25 $24 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Schedule of Property Subject to or Available for Operating Lease
The following table details our investment in operating leases.
($ in millions)September 30, 2024December 31, 2023
Vehicles$9,865 $11,101 
Accumulated depreciation(1,547)(1,930)
Investment in operating leases, net$8,318 $9,171 
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$362 
20251,165 
2026752 
2027254 
202825 
2029 and thereafter2 
Total lease payments from operating leases$2,560 
Schedule of Depreciation Expense on Operating Lease Assets The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$225 $269 $711 $812 
Remarketing gains, net(24)(57)(129)(174)
Net depreciation expense on operating lease assets$201 $212 $582 $638 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $16 million for the three months and nine months ended September 30, 2024, respectively, and $3 million and $7 million for the three months and nine months ended September 30, 2023.
Schedule of Finance Lease, Liability, Maturity
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2024.
($ in millions)
2024$53 
2025187 
2026162 
2027118 
202857 
2029 and thereafter33 
Total undiscounted cash flows610 
Difference between undiscounted cash flows and discounted cash flows(84)
Present value of lease payments recorded as lease receivable$526 
v3.24.3
Securitizations and Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2024
Securitizations And Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities
The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to the Condensed Consolidated Balance Sheet.
($ 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, 2024
On‑balance sheet variable interest entities
Consumer automotive$13,966 (b)$1,829 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive (d)103 (e)— 3,056 3,159 (f)
Consumer other (g)— — 93 93 
Commercial other2,681 (h)982 (i)— 3,345 (j)
Total$16,750 $2,811 $3,149 $6,597 
December 31, 2023
On-balance sheet variable interest entities
Consumer automotive$16,415 (b)$1,614 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive (d)81 (e)— 2,514 2,595 (f)
Consumer other (g)— — 125 125 
Commercial other2,516 (h)974 (i)— 2,738 (j)
Total$19,012 $2,588 $2,639 $5,458 
(a)Asset values represent the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs.
(b)Includes $8.5 billion and $9.3 billion of assets that were not encumbered by VIE beneficial interests held by third parties at September 30, 2024, and December 31, 2023, respectively. Ally or consolidated affiliates hold the interests in these assets.
(c)Includes $109 million and $100 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2024, and December 31, 2023, respectively.
(d)Includes activity where we sell loans through a pass-through program to a third party.
(e)Represents retained notes and certificated residual interests, of which $99 million and $78 million were classified as held-to-maturity securities at September 30, 2024, and December 31, 2023, respectively, and $4 million and $3 million were classified as other assets at September 30, 2024, and December 31, 2023, respectively. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations.
(f)Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss.
(g)Represents balances from Ally Credit Card.
(h)Amounts are classified as other assets except for $48 million and $44 million classified as equity securities at September 30, 2024, and December 31, 2023, respectively.
(i)Amounts are classified as accrued expenses and other liabilities.
(j)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities
The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the nine months ended September 30, 2024, and 2023. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
Nine months ended September 30,
($ in millions)20242023
Consumer automotive
Cash proceeds from transfers completed during the period$1,468 $707 
Servicing fees44 11 
Cash flows received on retained interests in securitization entities41 — 
Cash disbursements for repurchases during the period1 — 
Other cash flows2 1 
Consumer other (a)
Cash proceeds from transfers completed during the period35 100 
Servicing fees5 7 
Total$1,596 $826 
(a)Represents activity from Ally Credit Card.
Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together
The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement.
Total amountAmount 60 days or more past due
($ in millions)September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Off-balance-sheet securitization entities
Consumer automotive$1,948 $1,558 $19 $11 
Whole-loan sales (a)
Consumer automotive1,108 956 79 44 
Consumer other93 125 11 17 
Total$3,149 $2,639 $109 $72 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
Net credit losses
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Off-balance-sheet securitization entities
Consumer automotive$6 $— $14 $— 
Whole-loan sales (a)
Consumer automotive22 10 54 14 
Consumer other7 8 29 21 
Total$35 $18 $97 $35 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
v3.24.3
Other Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Other Assets [Abstract]  
Schedule of Other Assets
The components of other assets were as follows.
($ in millions)September 30, 2024December 31, 2023
Property and equipment at cost$2,190 $2,153 
Accumulated depreciation(923)(871)
Net property and equipment1,267 1,282 
Proportional amortization investments (a) (b)2,034 1,866 
Net deferred tax assets1,468 1,224 
Accrued interest, fees, and rent receivables (c)945 935 
Nonmarketable equity investments789 886 
Goodwill669 669 
Equity-method investments (a) (d)658 651 
Restricted cash and cash equivalents (e)399 87 
Restricted cash held for securitization trusts (f)289 407 
Other accounts receivable203 189 
Operating lease right-of-use assets85 90 
Net intangible assets58 73 
Other assets1,043 1,036 
Total other assets (g)$9,907 $9,395 
(a)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments as of September 30, 2024. Prior to the adoption of ASU 2023-02 on January 1, 2024, NMTC and HTC investments were included in equity-method investments. Refer to Note 1 for additional information.
(b)Presented gross of the associated unfunded commitment. Refer to Note 14 for further information.
(c)Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans.
(d)Primarily relates to investments made in connection with our CRA program.
(e)Primarily represents restricted cash equivalents funded through the issuance of credit-linked notes. Additionally, includes a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. Refer to Note 18 for further information about the issuance of credit-linked notes.
(f)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(g)Excludes Ally Lending other assets which were transferred to assets of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
Schedule of Activity in Proportional Amortization Investment
The following table summarizes information about our proportional amortization investments.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Tax credits and other tax benefits from proportional amortization investments (a) (b)$116 $68 $225 $190 
Investment amortization expense recognized as a component of income tax expense (a)94 50 182 149 
Net benefit from proportional amortization investments (a)$22 $18 $43 $41 
(a)Amounts are included within income tax (benefit) expense from continuing operations on our Condensed Consolidated Statement of Comprehensive Income (Loss) and as a component of operating activities within deferred income taxes, other assets, and other liabilities on our Condensed Consolidated Statement of Cash Flows.
(b)There were no impairment losses recognized during both the three months and nine months ended September 30, 2024, and September 30, 2023, resulting from the forfeiture or ineligibility of tax credits or other circumstances.
Schedule of Equity Securities without Readily Determinable Fair Value
The total carrying value of the nonmarketable equity investments held at September 30, 2024, and December 31, 2023, including cumulative unrealized gains and losses, was as follows.
($ in millions)September 30, 2024December 31, 2023
FRB stock$425 $392 
FHLB stock272 392 
Equity investments without a readily determinable fair value
Cost basis at acquisition78 74 
Adjustments
Upward adjustments53 51 
Downward adjustments (including impairment)(39)(23)
Carrying amount, equity investments without a readily determinable fair value92 102 
Nonmarketable equity investments$789 $886 
During the three months and nine months ended September 30, 2024, and September 30, 2023, respectively, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of September 30, 2024, and September 30, 2023, were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Upward adjustments$1 $— $2 $7 
Downward adjustments (including impairment) (a)$(5)$— $(19)$(17)
(a)No impairment on FHLB and FRB stock was recognized during both the three months and nine months ended September 30, 2024, and 2023.
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, 2022
$20 $27 $775 $822 
Goodwill impairment— — (149)(149)
Transfer to assets of operations held-for-sale— — (4)(4)
Goodwill at December 31, 2023
$20 $27 $622 $669 
Goodwill acquired— — — — 
Goodwill at September 30, 2024
$20 $27 $622 $669 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both September 30, 2024, and December 31, 2023, and $143 million of goodwill associated with Ally Invest at both September 30, 2024, and December 31, 2023.
Schedule of Finite-Lived Intangible Assets
The net carrying value of intangible assets by class was as follows.
September 30, 2024December 31, 2023
($ in millions)Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$117 $(74)$43 $117 $(64)$53 
Customer lists41 (41)— 41 (39)2 
Purchased credit card relationships25 (10)15 25 (7)18 
Trademarks2 (2)— 2 (2)— 
Total intangible assets (a)$185 $(127)$58 $185 $(112)$73 
(a)Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. The sale was closed on March 1, 2024. Refer to Note 2 for additional information.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future amortization expense of intangible assets are as follows.
($ in millions)
2024$4 
202514 
202614 
202713 
202813 
Total estimated future amortization expense$58 
v3.24.3
Deposit Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Deposits [Abstract]  
Schedule of Deposit Liabilities
Deposit liabilities consisted of the following.
($ in millions)September 30, 2024December 31, 2023
Noninterest-bearing deposits$174 $139 
Interest-bearing deposits
Savings, money market, and spending accounts101,872 99,340 
Certificates of deposit49,904 55,187 
Total deposit liabilities$151,950 $154,666 
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The following table presents the composition of our short-term borrowings portfolio.
September 30, 2024December 31, 2023
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $1,400 $1,400 $— $2,550 $2,550 
Securities sold under agreements to repurchase
— 371 371 — 747 747 
Total short-term borrowings$— $1,771 $1,771 $— $3,297 $3,297 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
Schedule of Long-term Debt
The following table presents the composition of our long-term debt portfolio.
September 30, 2024December 31, 2023
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,289 $2,451 $3,740 $1,409 $2,931 $4,340 
Due after one year
8,731 4,336 13,067 9,015 4,215 13,230 
Total long-term debt (b)$10,020 $6,787 $16,807 $10,424 $7,146 $17,570 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 19 for additional information.
(b)Includes advances from the FHLB of Pittsburgh of $4.8 billion and $5.6 billion at September 30, 2024, and December 31, 2023, respectively.
Schedule of Maturities of Long-term Debt
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202420252026202720282029 and thereafter
Total
Unsecured
Long-term debt
$9 $2,483 $151 $1,601 $866 $5,690 $10,800 
Original issue discount
(17)(74)(83)(94)(107)(405)(780)
Total unsecured
(8)2,409 68 1,507 759 5,285 10,020 
Secured
Long-term debt
761 2,267 2,055 1,331 348 25 6,787 
Total long-term debt
$753 $4,676 $2,123 $2,838 $1,107 $5,310 $16,807 
Schedule of Pledged Assets for the Payment of the Related Secured Borrowings and Repurchase Agreements
The following table summarizes assets restricted as collateral for the payment of the related debt obligation.
($ in millions)September 30, 2024December 31, 2023
Consumer automotive finance receivables$39,199 $40,805 
Consumer mortgage finance receivables17,536 18,703 
Commercial finance receivables6,351 5,968 
Investment securities (amortized cost of $3,273 and $4,030) (a)
3,491 4,036 
Other assets (b)
288 — 
Total assets restricted as collateral (c) (d)$66,865 $69,512 
Secured debt (e)$8,558 $10,443 
(a)A portion of the restricted investment securities at both September 30, 2024, and December 31, 2023, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)Includes the collateral account restricted for the payment of credit-linked notes recorded within restricted cash and cash equivalents. Excludes restricted cash and cash reserves for securitization trusts. Refer to Note 11 and Note 18 for additional information.
(c)All restricted assets are those of Ally Bank.
(d)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 $27.0 billion and $27.9 billion at September 30, 2024, and December 31, 2023, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $33.9 billion and $34.0 billion at September 30, 2024, and December 31, 2023, respectively. 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.
(e)Includes $1.8 billion and $3.3 billion of short-term borrowings at September 30, 2024, and December 31, 2023, respectively.
v3.24.3
Accrued Expenses and Other Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Accounts Payable and Accrued Liabilities [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
The components of accrued expenses and other liabilities were as follows.
($ in millions)
September 30, 2024December 31, 2023
Unfunded commitments for proportional amortization investments (a)$980 $973 
Accounts payable545 509 
Employee compensation and benefits359 409 
Reserves for insurance losses and loss adjustment expenses (b)197 140 
Deferred revenue113 103 
Operating lease liabilities105 113 
Other liabilities470 479 
Total accrued expenses and other liabilities (c)$2,769 $2,726 
(a)Primarily relates to unfunded commitments for investments in qualified affordable housing projects.
(b)Refer to Note 5 for further information.
(c)Excludes Ally Lending accrued expenses and other liabilities, which were transferred to liabilities of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
v3.24.3
Preferred Stock (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Preferred Stock
The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.
September 30, 2024December 31, 2023
Series B preferred stock (a)
Issuance dateApril 22, 2021April 22, 2021
Carrying value ($ in millions)
$1,335$1,335
Par value (per share)
$0.01$0.01
Liquidation preference (per share)
$1,000$1,000
Number of shares authorized1,350,0001,350,000
Number of shares issued and outstanding1,350,0001,350,000
Dividend/coupon
Prior to May 15, 20264.700%4.700%
On and after May 15, 2026
Five Year Treasury + 3.868%
Five Year Treasury + 3.868%
Series C preferred stock (a)
Issuance dateJune 2, 2021June 2, 2021
Carrying value ($ in millions)
$989$989
Par value (per share)
$0.01$0.01
Liquidation preference (per share)
$1,000$1,000
Number of shares authorized1,000,0001,000,000
Number of shares issued and outstanding1,000,0001,000,000
Dividend/coupon
Prior to May 15, 20284.700%4.700%
On and after May 15, 2028
Seven Year Treasury + 3.481%
Seven Year Treasury + 3.481%
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
v3.24.3
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The following tables present changes, net of tax, in each component of accumulated other comprehensive loss.
Three months ended September 30,
Investment securities (a)
($ in millions)
Available-
for-sale securities (b)		Held-to-maturity securitiesTranslation adjustments and net investment hedges (c)Cash flow hedges (c)Accumulated other comprehensive loss
Balance at July 1, 2023$(3,881)$— $21 $(3)$(3,863)
Net change(886)— (1)(15)(902)
Balance at September 30, 2023$(4,767)$— $20 $(18)$(4,765)
Balance at July 1, 2024$(3,353)$(650)$20 $(26)$(4,009)
Net change588 18 1 9 616 
Balance at September 30, 2024$(2,765)$(632)$21 $(17)$(3,393)
(a)For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7.
(b)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information.
(c)For additional information on derivative instruments and hedging activities, refer to Note 19.
Nine months ended September 30,
Investment securities (a)
($ in millions)
Available-
for-sale securities (b)		Held-to-maturity securitiesTranslation adjustments and net investment hedges (c)Cash flow hedges (c)Accumulated other comprehensive loss
Balance at January 1, 2023$(4,095)$— $18 $18 $(4,059)
Net change(672)— 2 (36)(706)
Balance at September 30, 2023$(4,767)$— $20 $(18)$(4,765)
Balance at January 1, 2024$(3,146)$(682)$21 $(9)$(3,816)
Net change381 50 — (8)423 
Balance at September 30, 2024$(2,765)$(632)$21 $(17)$(3,393)
(a)For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7.
(b)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information.
(c)For additional information on derivative instruments and hedging activities, refer to Note 19.
Schedule of Reclassification Out of Accumulated Other Comprehensive Loss
The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss.
Three months ended September 30, 2024 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized gains arising during the period$772 $(183)$589 
Less: Net realized gains reclassified to income from continuing operations1 (a)— (b)1 
Net change771 (183)588 
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c)(23)(d)5 (b)(18)
Translation adjustments
Net unrealized gains arising during the period2 — 2 
Net investment hedges (e)
Net unrealized losses arising during the period(1)— (1)
Cash flow hedges (e)
Net unrealized gains arising during the period8 (2)6 
Less: Net realized losses reclassified to income from continuing operations(4)(f)1 (b)(3)
Net change12 (3)9 
Other comprehensive income$807 $(191)$616 
(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.
(d)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(e)For additional information on derivative instruments and hedging activities, refer to Note 19.
(f)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Three months ended September 30, 2023 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized losses arising during the period$(1,163)$277 $(886)
Translation adjustments
Net unrealized losses arising during the period(5)1 (4)
Net investment hedges (a)
Net unrealized gains arising during the period4 (1)3 
Cash flow hedges (a)
Net unrealized losses arising during the period(15)4 (11)
Less: Net realized gains reclassified to income from continuing operations5 (b)(1)(c)4 
Net change(20)5 (15)
Other comprehensive loss$(1,184)$282 $(902)
(a)For additional information on derivative instruments and hedging activities, refer to Note 19.
(b)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Nine months ended September 30, 2024 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized gains arising during the period$502 $(119)$383 
Less: Net realized gains reclassified to income from continuing operations2 (a)— (b)2 
Net change500 (119)381 
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c)(65)(d)15 (b)(50)
Translation adjustments
Net unrealized losses arising during the period(5)1 (4)
Net investment hedges (e)
Net unrealized gains arising during the period5 (1)4 
Cash flow hedges (e)
Net unrealized losses arising during the period(17)4 (13)
Less: Net realized losses reclassified to income from continuing operations(7)(f)2 (b)(5)
Net change(10)2 (8)
Other comprehensive income$555 $(132)$423 
(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.
(d)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(e)For additional information on derivative instruments and hedging activities, refer to Note 19.
(f)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Nine months ended September 30, 2023 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Available-for-sale securities
Net unrealized losses arising during the period$(877)$209 $(668)
Less: Net realized gains reclassified to income from continuing operations5(a)(1)(b)4
Net change(882)210 (672)
Translation adjustments
Net unrealized gains arising during the period1 — 1 
Net investment hedges (c)
Net unrealized gains arising during the period1 — 1 
Cash flow hedges (c)
Net unrealized losses arising during the period(33)9 (24)
Less: Net realized gains reclassified to income from continuing operations15 (d)(3)(b)12 
Net change(48)12 (36)
Other comprehensive loss$(928)$222 $(706)
(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).
(c)For additional information on derivative instruments and hedging activities, refer to Note 19.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).
v3.24.3
Earnings per Common Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of basic and diluted earnings per common share.
Three months ended September 30,Nine months ended September 30,
($ in millions, except per share data; shares in thousands) (a)
2024202320242023
Net income from continuing operations$357 $296 $808 $945 
Preferred stock dividends — Series B(16)(16)(48)(48)
Preferred stock dividends — Series C(11)(11)(35)(35)
Net income from continuing operations attributable to common stockholders$330 $269 $725 $862 
Loss from discontinued operations, net of tax— — — (1)
Net income attributable to common stockholders$330 $269 $725 $861 
Basic weighted-average common shares outstanding (b)307,312 304,134 306,699 303,497 
Diluted weighted-average common shares outstanding (b)311,044 305,693 309,786 304,601 
Basic earnings per common share
Net income from continuing operations$1.07 $0.88 $2.37 $2.84 
Loss from discontinued operations, net of tax— — — (0.01)
Net income$1.07 $0.88 $2.37 $2.84 
Diluted earnings per common share
Net income from continuing operations$1.06 $0.88 $2.34 $2.83 
Loss from discontinued operations, net of tax— — — (0.01)
Net income$1.06 $0.88 $2.34 $2.83 
(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
(b)Includes shares related to share-based compensation that vested but were not yet issued.
v3.24.3
Regulatory Capital and Other Regulatory Matters (Tables)
 9 Months Ended
Sep. 30, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations
The following table summarizes our capital ratios under U.S. Basel III.
September 30, 2024December 31, 2023Required minimum (a)Well-capitalized minimum
($ in millions)AmountRatioAmountRatio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.$15,298 9.79 %$15,129 9.36 %4.50 %(b)
Ally Bank17,579 11.92 17,217 11.24 4.50 6.50 %
Tier 1 (to risk-weighted assets)
Ally Financial Inc.$17,564 11.24 %$17,392 10.76 %6.00 %6.00 %
Ally Bank17,579 11.92 17,217 11.24 6.00 8.00 
Total (to risk-weighted assets)
Ally Financial Inc.$20,173 12.90 %$20,055 12.41 %8.00 %10.00 %
Ally Bank19,441 13.18 19,144 12.50 8.00 10.00 
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.$17,564 8.99 %$17,392 8.67 %4.00 %(b)
Ally Bank17,579 9.52 17,217 9.07 4.00 5.00 %
(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both September 30, 2024, and December 31, 2023. In October 2024, Ally’s capital conservation buffer requirement increased to 2.6%, reflecting its updated stress capital buffer requirement.
(b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.”
(c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
Schedule of Common Share Distribution Activity
The following table presents information related to our common stock and distributions to our common stockholders.
Common stock repurchased during period (a) (b)Number of common shares outstandingCash dividends declared per common share (c)
($ in millions, except per share data; shares in thousands)Approximate dollar valueNumber of sharesBeginning of periodEnd of period
2023
First quarter$27 836 299,324 300,821 $0.30 
Second quarter2 58 300,821 301,619 0.30 
Third quarter— 5 301,619 301,630 0.30 
Fourth quarter4 145 301,630 302,459 0.30 
2024
First quarter$29 781 302,459 303,978 $0.30 
Second quarter1 13 303,978 304,656 0.30 
Third quarter1 27 304,656 304,715 0.30 
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.
(b)Since the commencement of our initial stock-repurchase program in the third quarter of 2016, we have reduced the number of outstanding shares of our common stock by 37%, from 484 million as of June 30, 2016, to 305 million as of September 30, 2024. Except for repurchases made of shares withheld to cover income taxes owed by participants in our share-based incentive plans, we did not make any common-stock repurchases in 2023 or the first nine months of 2024, and at this time, the Board has not authorized a stock-repurchase program for 2024.
(c)On October 7, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on November 15, 2024, to stockholders of record at the close of business on November 1, 2024.
v3.24.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position
The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.
Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
September 30, 2024December 31, 2023
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $34,200 $— $— $35,835 
Purchased options
13 — 6,250 31 — 6,250 
Foreign exchange contracts
Forwards
— 2 169 — 6 166 
Total derivatives designated as accounting hedges
13 2 40,619 31 6 42,251 
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps
— — — — — 2,000 
Forwards— — 150 — — 70 
Written options
2 — 102 2 — 88 
Total interest rate risk
2 — 252 2 — 2,158 
Foreign exchange contracts
Forwards— — 51 — 1 59 
Total foreign exchange risk— — 51 — 1 59 
Credit contracts
Credit-linked note derivative— — 288 — — — 
Other credit derivatives (a)— 5 n/a— 10 n/a
Total credit risk— 5 288 — 10 — 
Total derivatives not designated as accounting hedges
2 5 591 2 11 2,217 
Total derivatives
$15 $7 $41,210 $33 $17 $44,468 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $13 million and $29 million as of September 30, 2024, and December 31, 2023, 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.

Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
TotalDiscontinued (a)
($ in millions)
September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Assets
Available-for-sale securities (b)$15,815 $16,302 $32 $(79)$(138)$(156)
Finance receivables and loans, net (c)39,312 54,189 28 (93)(13)(27)
Liabilities
Long-term debt$6,346 $7,750 $91 $100 $91 $100 
(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)These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.3 billion and $14.8 billion, respectively, of which $14.1 billion and $14.6 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At September 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $50 million asset and a $45 million liability, respectively, of which the portion related to discontinued hedging relationships was a $107 million liability and a $120 million liability, respectively. At September 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $12.0 billion and $11.3 billion, respectively, with cumulative basis adjustments of a $157 million asset and a $75 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities.
(c)These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2024, and December 31, 2023, the carrying value of the closed portfolios used in these hedging relationships was $39.3 billion and $54.2 billion, respectively, of which $38.0 billion and $50.0 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At September 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $28 million asset and a $93 million liability, respectively, of which the portion related to discontinued hedging relationships was a $13 million liability and a $27 million liability, respectively. At September 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $20.8 billion and $23.2 billion, respectively, with cumulative basis adjustments of a $41 million asset and a $66 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship.
Schedule of Derivative Instruments Not Designated as Accounting Hedge
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Gain (loss) recognized in earnings
Interest rate contracts
Gain on mortgage and automotive loans, net$6 $4 $16 $13 
Other income, net of losses
— (1)— (1)
Total interest rate contracts6 3 16 12 
Foreign exchange contracts
Other operating expenses(1)1 1 1 
Total foreign exchange contracts
(1)1 1 1 
Credit contracts
Other income, net of losses1 — 1 (5)
Total credit contracts1 — 1 (5)
Equity contracts
Other income, net of losses
1 (4)3 (11)
Total equity contracts1 (4)3 (11)
Total gain (loss) recognized in earnings$7 $— $21 $(3)
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments
The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended September 30, ($ in millions)
202420232024202320242023
Gain (loss) on fair value hedging relationships
Interest rate contracts 
Hedged available-for-sale securities— — 327 (164)— — 
Derivatives designated as hedging instruments on available-for-sale securities— — (327)164 — — 
Hedged fixed-rate consumer automotive loans190 66 — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(190)(66)— — — — 
Total gain on fair value hedging relationships— — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income(4)4 — — — — 
Total (loss) gain on cash flow hedging relationships$(4)$4 $— $— $— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income (Loss)$2,889 $2,837 $262 $267 $256 $274 
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Nine months ended September 30, ($ in millions)
202420232024202320242023
Gain (loss) on fair value hedging relationships
Interest rate contracts 
Hedged fixed-rate unsecured debt$— $— $— $— $— $1 
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — — (1)
Hedged available-for-sale securities— — 94 (272)— — 
Derivatives designated as hedging instruments on available-for-sale securities— — (94)272 — — 
Hedged fixed-rate consumer automotive loans107 232 — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(107)(232)— — — — 
Total gain on fair value hedging relationships— — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income(7)14 — — — — 
Total (loss) gain on cash flow hedging relationships$(7)$14 $— $— $— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income (Loss)$8,561 $8,133 $793 $752 $748 $753 
Schedule of Location and Amounts of Gains and Losses Related to Interest and Amortization on Derivative Instruments
The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended September 30, ($ in millions)
202420232024202320242023
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $2 $3 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — 1 1 
Amortization of deferred basis adjustments of available-for-sale securities— — 6 6 — — 
Interest for qualifying accounting hedges of available-for-sale securities— — 50 46 — — 
Amortization of deferred loan basis adjustments3 8 — — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment59 154 — — — — 
Total gain on fair value hedging relationships$62 $162 $56 $52 $3 $4 
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Nine months ended September 30, ($ in millions)
202420232024202320242023
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $7 $7 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — 2 2 
Amortization of deferred basis adjustments of available-for-sale securities— — 17 17 — — 
Interest for qualifying accounting hedges of available-for-sale securities— — 147 86 — — 
Amortization of deferred loan basis adjustments12 26 — — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment206 505 — — — — 
Total gain on fair value hedging relationships$218 $531 $164 $103 $9 $9 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Interest rate contracts
Gain (loss) recognized in other comprehensive income (loss)$12 $(20)$(10)$(48)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Foreign exchange contracts (a) (b)
(Loss) gain recognized in other comprehensive income (loss)$(1)$4 $5 $1 
(a)There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2024, or 2023.
(b)Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss). There were no amounts reclassified for the three months and nine months ended September 30, 2024, or 2023.
v3.24.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis
The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities.
Recurring fair value measurements
September 30, 2024 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$828 $— $— $828 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,115 — — 2,115 
U.S. States and political subdivisions
— 609 38 647 
Foreign government39 161 — 200 
Agency mortgage-backed residential
— 14,697 — 14,697 
Mortgage-backed residential
— 219 — 219 
Agency mortgage-backed commercial— 4,016 — 4,016 
Asset-backed— 202 — 202 
Corporate debt
— 1,809 — 1,809 
Total available-for-sale securities2,154 21,713 38 23,905 
Mortgage loans held-for-sale (c)— 23 7 30 
Other assets
Derivative contracts in a receivable position
Interest rate— 13 2 15 
Total derivative contracts in a receivable position— 13 2 15 
Total assets$2,982 $21,749 $47 $24,778 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $2 $— $2 
Credit — — 5 5 
Total derivative contracts in a payable position
— 2 5 7 
Total liabilities$— $2 $5 $7 
(a)Our direct investment in any one industry did not exceed 13%. The concentration calculation excludes our investment in mutual funds and ETFs.
(b)Excludes $49 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
Recurring fair value measurements
December 31, 2023 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$765 $— $1 $766 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,075 — — 2,075 
U.S. States and political subdivisions
— 649 9 658 
Foreign government51 132 — 183 
Agency mortgage-backed residential
— 15,384 — 15,384 
Mortgage-backed residential
— 225 — 225 
Agency mortgage-backed commercial— 3,758 — 3,758 
Asset-backed— 332 — 332 
Corporate debt
— 1,800 — 1,800 
Total available-for-sale securities2,126 22,280 9 24,415 
Mortgage loans held-for-sale (c)— 25 — 25 
Other assets
Derivative contracts in a receivable position
Interest rate— 31 2 33 
Total derivative contracts in a receivable position— 31 2 33 
Total assets$2,891 $22,336 $12 $25,239 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $7 $— $7 
Credit— — 10 10 
Total derivative contracts in a payable position
— 7 10 17 
Total liabilities$— $7 $10 $17 
(a)Our direct investment in any one industry did not exceed 11%. The concentration calculation excludes our investment in mutual funds and ETFs.
(b)Excludes $44 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
Schedule of Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.
Equity securitiesAvailable-for-sale securitiesMortgage loans held-for-sale (a)Finance receivables and loans, net (a)
($ in millions)20242023202420232024202320242023
Assets
Fair value at July 1,$— $1 $11 $5 $2 $— $— $— 
Net realized/unrealized gains
Included in earnings— — — — — — — — 
Included in OCI— — — — — — — — 
Purchases and originations (b)— — 27 — 16 — — — 
Sales— — — — (11)— — — 
Issuances— — — — — — — — 
Settlements— — — (1)— — — — 
Transfers into Level 3— — — — — — — — 
Transfers out of Level 3— — — — — — — — 
Fair value at September 30,$— $1 $38 $4 $7 $— $— $— 
Net unrealized gains still held at September 30,
Included in earnings$— $— $— $— $— $— $— $— 
Included in OCI— — — — — — — — 
(a)Carried at fair value due to fair value option elections.
(b)Includes a $27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the three months ended September 30, 2024.
Derivative liabilities, net of derivative assets (a)
($ in millions)20242023
Liabilities
Fair value at July 1,$3 $18 
Net realized/unrealized gains
Included in earnings(5)(3)
Included in OCI— — 
Purchases and originations— — 
Sales— — 
Issuances— — 
Settlements— (5)
Transfers into Level 3— — 
Transfers out of Level 3 (b)5 3 
Fair value at September 30,$3 $13 
Net unrealized gains still held at September 30,
Included in earnings$(2)$— 
Included in OCI— — 
(a)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the three months ended September 30, 2024, and September 30, 2023. These transfers are deemed to have occurred at the end of the reporting period.
Equity securitiesAvailable-for-sale securitiesMortgage loans held-for-sale (a)Finance receivables and loans, net (a)
($ in millions)20242023202420232024202320242023
Assets
Fair value at January 1,$1 $1 $9 $4 $— $— $— $3 
Net realized/unrealized gains
Included in earnings— — — — — — — — 
Included in OCI— — — — — — — — 
Purchases and originations (b)— — 29 1 18 — — — 
Sales— — — — (11)— — — 
Issuances— — — — — — — — 
Settlements— — — (1)— — — (3)
Transfers into Level 3— — — — — — — — 
Transfers out of Level 3(1)— — — — — — — 
Fair value at September 30,$— $1 $38 $4 $7 $— $— $— 
Net unrealized gains still held at September 30,
Included in earnings$— $— $— $— $— $— $— $— 
Included in OCI— — — — — — — — 
(a)Carried at fair value due to fair value option elections.
(b)Includes a $27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the nine months ended September 30, 2024.
Derivative liabilities, net of derivative assets (a)
($ in millions)20242023
Liabilities
Fair value at January 1,$8 $39 
Net realized/unrealized gains
Included in earnings(14)(6)
Included in OCI— — 
Purchases and originations— — 
Sales— — 
Issuances— — 
Settlements(5)(30)
Transfers into Level 3— — 
Transfers out of Level 3 (b)14 10 
Fair value at September 30,$3 $13 
Net unrealized gains still held at September 30,
Included in earnings$(7)$(3)
Included in OCI— — 
(a)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss).
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the nine months ended September 30, 2024, and September 30, 2023. These transfers are deemed to have occurred at the end of the reporting period.
Schedule of Fair Value Measurements - Nonrecurring Basis
The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at December 31, 2023. The disposal group was sold on March 1, 2024. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
December 31, 2023 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $1,940 $— $1,940 $— n/m(a)
Other assets (b)— 35 — 35 (149)n/m(a)
Total assets
$— $1,975 $— $1,975 $(149)n/m
Liabilities
Accrued expenses and other liabilities$— $17 $— $17 $— n/m(a)
Total liabilities$— $17 $— $17 $— n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments 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.
(b)Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy.
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at September 30, 2024, and December 31, 2023, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude assets of operations held-for-sale, refer to Note 2 for additional information.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
September 30, 2024 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $68 $68 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive
— — 18 18 (2)n/m(a)
Other
— — 38 38 (53)n/m(a)
Total commercial finance receivables and loans, net
— — 56 56 (55)n/m(a)
Other assets
Nonmarketable equity investments— 1 — 1 (1)n/m(a)
Repossessed and foreclosed assets (c)— — 6 6 (1)n/m(a)
Total assets
$— $1 $130 $131 $(57)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2023 ($ in millions)
Level 1Level 2Level 3Total
Assets
Loans held-for-sale, net$— $— $375 $375 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive— — 6 6 — n/m(a)
Other— — 49 49 (43)n/m(a)
Total commercial finance receivables and loans, net— — 55 55 (43)n/m(a)
Other assets
Nonmarketable equity investments— — 1 1 1 n/m(a)
Repossessed and foreclosed assets (c)— — 10 10 (1)n/m(a)
Total assets$— $— $441 $441 $(43)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Schedule of Fair Value, by Balance Sheet Grouping
The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. This table excludes assets of operations held-for-sale, refer to Note 2 for additional information. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2024, and December 31, 2023.
Estimated fair value
($ in millions)
Carrying value
Level 1
Level 2
Level 3
Total
September 30, 2024
Financial assets
Held-to-maturity securities
$4,441 $— $4,570 $— $4,570 
Loans held-for-sale, net
276 — — 277 277 
Finance receivables and loans, net
133,801 — — 136,300 136,300 
FHLB/FRB stock (a)
697 — 697 — 697 
Financial liabilities
Deposit liabilities
$49,904 $— $— $50,236 $50,236 
Short-term borrowings
1,771 — — 1,771 1,771 
Long-term debt
16,807 — 12,837 5,228 18,065 
December 31, 2023
Financial assets
Held-to-maturity securities$4,680 $— $4,729 $— $4,729 
Loans held-for-sale, net375 — — 375 375 
Finance receivables and loans, net135,852 — — 137,244 137,244 
FHLB/FRB stock (a)784 — 784 — 784 
Financial liabilities
Deposit liabilities$55,187 $— $— $55,311 $55,311 
Short-term borrowings3,297 — — 3,335 3,335 
Long-term debt17,570 — 12,789 5,749 18,538 
(a)Included in other assets on our Condensed Consolidated Balance Sheet.
v3.24.3
Offsetting Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Offsetting [Abstract]  
Schedule of Offsetting Assets
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
September 30, 2024
Assets
Derivative assets (d)$15 $— $15 $— $(13)$2 
Total assets
$15 $— $15 $— $(13)$2 
Liabilities
Derivative liabilities (e)$7 $— $7 $— $(2)$5 
Securities sold under agreements to repurchase (f)371 — 371 — (370)1 
Total liabilities$378 $— $378 $— $(372)$6 
December 31, 2023
Assets
Derivative assets (d)$33 $— $33 $— $(31)$2 
Total assets
$33 $— $33 $— $(31)$2 
Liabilities
Derivative liabilities (e)$17 $— $17 $— $(6)$11 
Securities sold under agreements to repurchase (f)747 — 747 — (747)— 
Total liabilities$764 $— $764 $— $(753)$11 
(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 noncash 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.
(d)Includes derivative assets with no offsetting arrangements of $2 million at both September 30, 2024, and December 31, 2023.
(e)Includes derivative liabilities with no offsetting arrangements of $5 million and $10 million as of September 30, 2024, and December 31, 2023, respectively.
(f)For additional information on securities sold under agreements to repurchase, refer to Note 13.
Schedule of Offsetting Liabilities
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
September 30, 2024
Assets
Derivative assets (d)$15 $— $15 $— $(13)$2 
Total assets
$15 $— $15 $— $(13)$2 
Liabilities
Derivative liabilities (e)$7 $— $7 $— $(2)$5 
Securities sold under agreements to repurchase (f)371 — 371 — (370)1 
Total liabilities$378 $— $378 $— $(372)$6 
December 31, 2023
Assets
Derivative assets (d)$33 $— $33 $— $(31)$2 
Total assets
$33 $— $33 $— $(31)$2 
Liabilities
Derivative liabilities (e)$17 $— $17 $— $(6)$11 
Securities sold under agreements to repurchase (f)747 — 747 — (747)— 
Total liabilities$764 $— $764 $— $(753)$11 
(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 noncash 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.
(d)Includes derivative assets with no offsetting arrangements of $2 million at both September 30, 2024, and December 31, 2023.
(e)Includes derivative liabilities with no offsetting arrangements of $5 million and $10 million as of September 30, 2024, and December 31, 2023, respectively.
(f)For additional information on securities sold under agreements to repurchase, refer to Note 13.
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Financial information for our reportable operating segments is summarized as follows.
Three months ended September 30,
($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2024
Net financing revenue and other interest income$1,285 $31 $52 $101 $19 $1,488 
Other revenue85 437 6 37 50 615 
Total net revenue1,370 468 58 138 69 2,103 
Provision for credit losses579 — — 11 55 645 
Total noninterest expense616 366 31 32 180 1,225 
Income (loss) from continuing operations before income tax (benefit) expense$175 $102 $27 $95 $(166)$233 
Total assets$113,934 $9,455 $17,594 $10,398 $41,600 $192,981 
2023
Net financing revenue and other interest income$1,360 $29 $53 $97 $(6)$1,533 
Other revenue79 293 4 24 35 435 
Total net revenue1,439 322 57 121 29 1,968 
Provision for credit losses444 — (2)5 61 508 
Total noninterest expense618 338 33 32 211 1,232 
Income (loss) from continuing operations before income tax (benefit) expense$377 $(16)$26 $84 $(243)$228 
Total assets$114,742 $8,736 $18,745 $10,749 $42,732 $195,704 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $843 million and $1.0 billion for the three months ended September 30, 2024, and 2023, respectively.
Nine months ended September 30,
($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2024
Net financing revenue and other interest income$3,913 $90 $157 $316 $(37)$4,439 
Other revenue275 1,159 17 90 109 1,650 
Total net revenue4,188 1,249 174 406 72 6,089 
Provision for credit losses1,410 — (1)13 187 1,609 
Total noninterest expense1,874 1,119 96 110 620 3,819 
Income (loss) from continuing operations before income tax (benefit) expense$904 $130 $79 $283 $(735)$661 
Total assets$113,934 $9,455 $17,594 $10,398 $41,600 $192,981 
2023
Net financing revenue and other interest income$4,031 $84 $160 $292 $141 $4,708 
Other revenue239 1,011 13 81 95 1,439 
Total net revenue4,270 1,095 173 373 236 6,147 
Provision for credit losses1,126 — (3)35 223 1,381 
Total noninterest expense1,824 1,011 108 110 694 3,747 
Income (loss) from continuing operations before income tax (benefit) expense$1,320 $84 $68 $228 $(681)$1,019 
Total assets$114,742 $8,736 $18,745 $10,749 $42,732 $195,704 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $2.8 billion and $3.3 billion for the nine months ended September 30, 2024, and 2023, respectively.
v3.24.3
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Jun. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
segment
Jan. 01, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Number of loan portfolio segments | segment     4          
Financing receivable, allowance for credit loss, excluding accrued interest, forecast period 12 months 24 months            
Financing receivable, allowance for credit loss, excluding accrued interest, reversion period 24 months 12 months            
Opening retained earnings   $ 13,851 $ 14,725   $ 13,766 $ 12,825 $ 13,532 $ 12,859
Retained earnings (accumulated deficit)                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Opening retained earnings   $ 360 $ 595   $ 154 $ 197 $ 23 $ (384)
Retained earnings (accumulated deficit) | Accounting Standards Update 2023-02 | Adoption of Accounting Standards Update 2023-02                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Opening retained earnings       $ (2)        
v3.24.3
Held-for-sale Operations - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Provision for credit losses $ 645 $ 512 $ 1,609 $ 1,390  
Goodwill impairment         $ 149
Corporate and Other          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Goodwill impairment         149
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Provision for credit losses         16
Net pretax loss         133
Additional pretax loss     $ 8    
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | Corporate and Other          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Goodwill impairment         $ 149
v3.24.3
Held-for-sale Operations - Schedule of Assets and Liabilities of Operations Held-for-Sale (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets    
Total assets $ 0 $ 1,975
Liabilities    
Total liabilities $ 0 17
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending    
Assets    
Loans held-for-sale, net   1,940
Other assets   35
Total assets   1,975
Liabilities    
Accrued expenses and other liabilities   17
Total liabilities   17
Accrued interest and fees   25
Goodwill   4
Property, plant and equipment   4
Unfunded lending commitments   $ 5
v3.24.3
Held-for-sale Operations - Schedule of Fair Value Measurements - Nonrecurring Basis (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Sep. 30, 2024
Assets    
Total assets $ 1,975 $ 0
Liabilities    
Total liabilities 17 0
Goodwill impairment 149  
Corporate and Other    
Liabilities    
Goodwill impairment 149  
Nonrecurring fair value measurements    
Liabilities    
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments 0 $ 0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending    
Assets    
Loans held-for-sale, net 1,940  
Other assets 35  
Total assets 1,975  
Liabilities    
Accrued expenses and other liabilities 17  
Total liabilities 17  
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | Corporate and Other    
Liabilities    
Goodwill impairment 149  
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Nonrecurring fair value measurements | Ally Lending    
Assets    
Loans held-for-sale, net 1,940  
Other assets 35  
Total assets 1,975  
Liabilities    
Accrued expenses and other liabilities 17  
Total liabilities 17  
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (149)  
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Level 1 | Nonrecurring fair value measurements | Ally Lending    
Assets    
Loans held-for-sale, net 0  
Other assets 0  
Total assets 0  
Liabilities    
Accrued expenses and other liabilities 0  
Total liabilities 0  
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Level 2 | Nonrecurring fair value measurements | Ally Lending    
Assets    
Loans held-for-sale, net 1,940  
Other assets 35  
Total assets 1,975  
Liabilities    
Accrued expenses and other liabilities 17  
Total liabilities 17  
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Level 3 | Nonrecurring fair value measurements | Ally Lending    
Assets    
Loans held-for-sale, net 0  
Other assets 0  
Total assets 0  
Liabilities    
Accrued expenses and other liabilities 0  
Total liabilities $ 0  
v3.24.3
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers $ 319 $ 242 $ 887 $ 730        
All other revenue 296 193 763 709        
Total other revenue 615 435 1,650 1,439        
Remarketing gains, net 24 57 129 174        
Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 34 33 102 100        
All other revenue 16 2 7 (5)        
Total other revenue 50 35 109 95        
Automotive Finance operations                
Disaggregation of Revenue [Line Items]                
Remarketing gains, net 24 57 129 174        
Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 33 32 102 106        
All other revenue 52 47 173 133        
Total other revenue 85 79 275 239        
Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 252 177 683 524        
All other revenue 185 116 476 487        
Total other revenue 437 293 1,159 1,011        
Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
All other revenue 6 4 17 13        
Total other revenue 6 4 17 13        
Corporate Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
All other revenue 37 24 90 81        
Total other revenue 37 24 90 81        
Noninsurance contracts                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 246 173 666 513        
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                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount 3,000 3,000 3,000 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000
Unearned revenue, revenue recognized 243 249 732 733        
Capitalized contract cost, net 1,800 1,800 1,800 1,800 $ 1,800 $ 1,800 $ 1,800 $ 1,800
Capitalized contract cost, amortization 141 148 432 436        
Noninsurance contracts | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 246 173 666 513        
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 232   $ 232          
Remaining performance obligation, expected timing of satisfaction, period 3 months   3 months          
Noninsurance contracts | Insurance operations | 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 $ 818   $ 818          
Remaining performance obligation, expected timing of satisfaction, period 1 year   1 year          
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 674   $ 674          
Remaining performance obligation, expected timing of satisfaction, period 1 year   1 year          
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 514   $ 514          
Remaining performance obligation, expected timing of satisfaction, period 1 year   1 year          
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01                
Disaggregation of Revenue [Line Items]                
Unearned revenue, remaining performance obligation, amount $ 726   $ 726          
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 28 27 88 91        
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 28 27 88 91        
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 22 23 67 69        
Brokerage commissions and other revenue | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 22 23 67 69        
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        
Banking fees and interchange income                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 12 10 35 31        
Customer rewards expense 7 5 20 14        
Banking fees and interchange income | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 12 10 35 31        
Banking fees and interchange income | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Banking fees and interchange income | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Banking fees and interchange income | Mortgage Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Banking fees and interchange income | 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 5 3 15 10        
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 5 3 15 10        
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 6 16 16        
Other | Corporate and Other                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 0 0 0 0        
Other | Automotive Finance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 5 5 14 15        
Other | Insurance operations | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue from contracts with customers 1 1 2 1        
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        
v3.24.3
Other Income, Net of Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other Nonoperating Income (Expense) [Abstract]        
Late charges and other administrative fees $ 49 $ 50 $ 150 $ 145
Remarketing fees 28 27 88 91
Income from equity-method investments 10 8 14 5
Loss on nonmarketable equity investments, net 0 0 (9) (11)
Other, net 89 67 248 201
Total other income, net of losses $ 176 $ 152 $ 491 $ 431
v3.24.3
Reserves for Insurance Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]            
Total gross reserves for insurance losses and loss adjustment expenses, beginning balance     $ 140 $ 119    
Less: Reinsurance recoverable     66 72    
Net reserves for insurance losses and loss adjustment expenses $ 119 $ 68 119 68 $ 74 $ 47
Current year     411 326    
Prior years     17 3    
Total net insurance losses and loss adjustment expenses incurred 135 107 428 329    
Current year     (319) (270)    
Prior years     (64) (38)    
Total net insurance losses and loss adjustment expenses paid or payable     (383) (308)    
Plus: Reinsurance recoverable 78 77 78 77    
Total gross reserves for insurance losses and loss adjustment expenses, ending balance $ 197 $ 145 $ 197 $ 145    
v3.24.3
Other Operating Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Expenses [Abstract]        
Insurance commissions $ 164 $ 160 $ 486 $ 475
Technology and communications 110 109 319 328
Advertising and marketing 69 74 221 231
Property and equipment depreciation 55 51 169 146
Regulatory and licensing fees 45 45 137 119
Lease and loan administration 45 57 136 158
Professional services 36 35 106 103
Vehicle remarketing and repossession 31 30 96 85
Amortization of intangible assets 4 6 15 19
Other 96 95 310 306
Total other operating expenses $ 655 $ 662 $ 1,995 $ 1,970
v3.24.3
Investment Securities - Schedule of Investment Portfolio (Details) - USD ($)
 3 Months Ended
Dec. 31, 2023
Sep. 30, 2024
Available-for-sale securities    
Amortized cost $ 28,416,000,000 $ 27,312,000,000
Gross unrealized gains 9,000,000 23,000,000
Gross unrealized losses (4,010,000,000) (3,430,000,000)
Fair value 24,415,000,000 23,905,000,000
Held-to-maturity securities    
Amortized cost 4,680,000,000 4,441,000,000
Gross unrealized gains 222,000,000 284,000,000
Gross unrealized losses (173,000,000) (155,000,000)
Fair value 4,729,000,000 4,570,000,000
Debt securities, available-for-sale, accrued interest receivable $ 76,000,000 $ 72,000,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest $ 0 $ 0
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest 0 0
Debt securities, held-to-maturity, accrued interest receivable 13,000,000 12,000,000
Debt securities, transferred from available-for-sale To held-to-maturity, fair value 3,600,000,000  
Debt securities, transferred from available-for-sale to held-to-maturity, accumulated gross unrealized loss, before tax 911,000,000  
Operating Segments | Insurance operations    
Held-to-maturity securities    
Deposit securities 12,000,000 13,000,000
Asset Pledged as Collateral with Right    
Available-for-sale securities    
Fair value 4,700,000,000 4,000,000,000.0
Held-to-maturity securities    
Securities with the right to sell or pledge 1,400,000,000 901,000,000
Asset Pledged as Collateral with Right | Federal Home Loan Bank advances    
Held-to-maturity securities    
Securities with the right to sell or pledge 3,300,000,000 3,100,000,000
U.S. Treasury and federal agencies    
Available-for-sale securities    
Amortized cost 2,284,000,000 2,270,000,000
Gross unrealized gains 0 0
Gross unrealized losses (209,000,000) (155,000,000)
Fair value 2,075,000,000 2,115,000,000
U.S. States and political subdivisions    
Available-for-sale securities    
Amortized cost 727,000,000 718,000,000
Gross unrealized gains 1,000,000 1,000,000
Gross unrealized losses (70,000,000) (72,000,000)
Fair value 658,000,000 647,000,000
Foreign government    
Available-for-sale securities    
Amortized cost 190,000,000 203,000,000
Gross unrealized gains 1,000,000 2,000,000
Gross unrealized losses (8,000,000) (5,000,000)
Fair value 183,000,000 200,000,000
Agency mortgage-backed residential    
Available-for-sale securities    
Amortized cost 18,122,000,000 17,094,000,000
Gross unrealized gains 1,000,000 1,000,000
Gross unrealized losses (2,739,000,000) (2,398,000,000)
Fair value 15,384,000,000 14,697,000,000
Held-to-maturity securities    
Amortized cost 999,000,000 950,000,000
Gross unrealized gains 0 0
Gross unrealized losses (173,000,000) (155,000,000)
Fair value 826,000,000 795,000,000
Hedged asset, fair value hedge, cumulative increase (decrease) 46,000,000 100,000,000
Mortgage-backed residential    
Available-for-sale securities    
Amortized cost 268,000,000 254,000,000
Gross unrealized gains 0 0
Gross unrealized losses (43,000,000) (35,000,000)
Fair value 225,000,000 219,000,000
Held-to-maturity securities    
Amortized cost 3,603,000,000 3,392,000,000
Gross unrealized gains 221,000,000 283,000,000
Gross unrealized losses 0 0
Fair value 3,824,000,000 3,675,000,000
Agency mortgage-backed commercial    
Available-for-sale securities    
Amortized cost 4,539,000,000 4,675,000,000
Gross unrealized gains 2,000,000 7,000,000
Gross unrealized losses (783,000,000) (666,000,000)
Fair value 3,758,000,000 4,016,000,000
Held-to-maturity securities    
Hedged asset, fair value hedge, cumulative increase (decrease) 29,000,000 57,000,000
Asset-backed    
Available-for-sale securities    
Amortized cost 344,000,000 204,000,000
Gross unrealized gains 0 0
Gross unrealized losses (12,000,000) (2,000,000)
Fair value 332,000,000 202,000,000
Held-to-maturity securities    
Amortized cost 78,000,000 99,000,000
Gross unrealized gains 1,000,000 1,000,000
Gross unrealized losses 0 0
Fair value 79,000,000 100,000,000
Corporate debt    
Available-for-sale securities    
Amortized cost 1,942,000,000 1,894,000,000
Gross unrealized gains 4,000,000 12,000,000
Gross unrealized losses (146,000,000) (97,000,000)
Fair value $ 1,800,000,000 $ 1,809,000,000
v3.24.3
Investment Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Amount    
Total available-for-sale securities $ 23,905 $ 24,415
Due in one year or less 561 449
Due after one year through five years 2,486 2,672
Due after five years through ten years 3,416 3,279
Due after ten years $ 17,442 $ 18,015
Yield    
Total 2.50% 2.50%
Due in one year or less 1.80% 1.70%
Due after one year through five years 2.20% 2.10%
Due after five years through ten years 2.50% 2.40%
Due after ten years 2.50% 2.50%
Amortized cost of available-for-sale securities    
Total $ 27,312 $ 28,416
Due in one year or less 565 461
Due after one year through five years 2,596 2,844
Due after five years through ten years 3,767 3,746
Due after ten years 20,384 21,365
Amount    
Total 4,441 4,680
Due in one year or less 0 1
Due after one year through five years 67 41
Due after five years through ten years 41 14
Due after ten years $ 4,333 $ 4,624
Yield    
Total 2.90% 2.80%
Due in one year or less 0.00% 5.60%
Due after one year through five years 5.40% 5.60%
Due after five years through ten years 5.00% 3.40%
Due after ten years 2.80% 2.80%
Cash equivalents $ 426 $ 36
U.S. Treasury and federal agencies    
Amount    
Total available-for-sale securities 2,115 2,075
Due in one year or less 253 215
Due after one year through five years 1,100 1,120
Due after five years through ten years 762 740
Due after ten years $ 0 $ 0
Yield    
Total 1.60% 1.60%
Due in one year or less 0.80% 0.90%
Due after one year through five years 1.50% 1.50%
Due after five years through ten years 1.90% 1.90%
Due after ten years 0.00% 0.00%
Amortized cost of available-for-sale securities    
Total $ 2,270 $ 2,284
U.S. States and political subdivisions    
Amount    
Total available-for-sale securities 647 658
Due in one year or less 32 4
Due after one year through five years 69 55
Due after five years through ten years 94 110
Due after ten years $ 452 $ 489
Yield    
Total 3.40% 3.20%
Due in one year or less 6.70% 3.40%
Due after one year through five years 3.00% 2.70%
Due after five years through ten years 4.00% 3.60%
Due after ten years 3.20% 3.10%
Amortized cost of available-for-sale securities    
Total $ 718 $ 727
Foreign government    
Amount    
Total available-for-sale securities 200 183
Due in one year or less 39 20
Due after one year through five years 50 82
Due after five years through ten years 107 81
Due after ten years $ 4 $ 0
Yield    
Total 2.60% 2.30%
Due in one year or less 1.90% 1.30%
Due after one year through five years 2.30% 2.40%
Due after five years through ten years 2.90% 2.50%
Due after ten years 3.30% 0.00%
Amortized cost of available-for-sale securities    
Total $ 203 $ 190
Agency mortgage-backed residential    
Amount    
Total available-for-sale securities 14,697 15,384
Due in one year or less 0 0
Due after one year through five years 8 10
Due after five years through ten years 26 32
Due after ten years $ 14,663 $ 15,342
Yield    
Total 2.60% 2.60%
Due in one year or less 0.00% 0.00%
Due after one year through five years 2.00% 1.90%
Due after five years through ten years 2.50% 2.50%
Due after ten years 2.60% 2.60%
Amortized cost of available-for-sale securities    
Total $ 17,094 $ 18,122
Amount    
Total 950 999
Due in one year or less 0 0
Due after one year through five years 0 0
Due after five years through ten years 0 0
Due after ten years $ 950 $ 999
Yield    
Total 2.70% 2.80%
Due in one year or less 0.00% 0.00%
Due after one year through five years 0.00% 0.00%
Due after five years through ten years 0.00% 0.00%
Due after ten years 2.70% 2.80%
Hedged asset, fair value hedge, cumulative increase (decrease) $ 100 $ 46
Mortgage-backed residential    
Amount    
Total available-for-sale securities 219 225
Due in one year or less 0 0
Due after one year through five years 0 0
Due after five years through ten years 0 0
Due after ten years $ 219 $ 225
Yield    
Total 2.70% 2.70%
Due in one year or less 0.00% 0.00%
Due after one year through five years 0.00% 0.00%
Due after five years through ten years 0.00% 0.00%
Due after ten years 2.70% 2.70%
Amortized cost of available-for-sale securities    
Total $ 254 $ 268
Amount    
Total 3,392 3,603
Due in one year or less 0 0
Due after one year through five years 0 0
Due after five years through ten years 9 12
Due after ten years $ 3,383 $ 3,591
Yield    
Total 2.80% 2.80%
Due in one year or less 0.00% 0.00%
Due after one year through five years 0.00% 0.00%
Due after five years through ten years 3.00% 3.00%
Due after ten years 2.80% 2.80%
Agency mortgage-backed commercial    
Amount    
Total available-for-sale securities $ 4,016 $ 3,758
Due in one year or less 23 0
Due after one year through five years 273 163
Due after five years through ten years 1,694 1,641
Due after ten years $ 2,026 $ 1,954
Yield    
Total 2.40% 2.30%
Due in one year or less 3.10% 0.00%
Due after one year through five years 3.70% 3.80%
Due after five years through ten years 2.40% 2.40%
Due after ten years 2.20% 2.10%
Amortized cost of available-for-sale securities    
Total $ 4,675 $ 4,539
Yield    
Hedged asset, fair value hedge, cumulative increase (decrease) 57 29
Asset-backed    
Amount    
Total available-for-sale securities 202 332
Due in one year or less 0 0
Due after one year through five years 197 327
Due after five years through ten years 4 4
Due after ten years $ 1 $ 1
Yield    
Total 1.60% 1.70%
Due in one year or less 0.00% 0.00%
Due after one year through five years 1.60% 1.70%
Due after five years through ten years 3.90% 3.90%
Due after ten years 2.70% 2.70%
Amortized cost of available-for-sale securities    
Total $ 204 $ 344
Amount    
Total 99 78
Due in one year or less 0 1
Due after one year through five years 67 41
Due after five years through ten years 32 2
Due after ten years $ 0 $ 34
Yield    
Total 5.40% 5.60%
Due in one year or less 0.00% 5.60%
Due after one year through five years 5.40% 5.60%
Due after five years through ten years 5.50% 6.00%
Due after ten years 0.00% 5.60%
Corporate debt    
Amount    
Total available-for-sale securities $ 1,809 $ 1,800
Due in one year or less 214 210
Due after one year through five years 789 915
Due after five years through ten years 729 671
Due after ten years $ 77 $ 4
Yield    
Total 3.00% 2.70%
Due in one year or less 3.00% 2.40%
Due after one year through five years 2.60% 2.60%
Due after five years through ten years 3.20% 2.90%
Due after ten years 5.20% 6.20%
Amortized cost of available-for-sale securities    
Total $ 1,894 $ 1,942
v3.24.3
Investment Securities - Schedule of Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Taxable interest $ 243 $ 246 $ 732 $ 692
Taxable dividends 5 5 15 12
Interest and dividends exempt from U.S. federal income tax 5 5 16 16
Interest and dividends on investment securities $ 253 $ 256 $ 763 $ 720
v3.24.3
Investment Securities - Schedule Of Realized Gain (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Gross realized gains $ 1 $ 0 $ 2 $ 5
Net realized gain on available-for-sale securities 1 0 2 5
Net realized gain on equity securities 15 15 53 21
Net unrealized gain (loss) on equity securities 58 (56) 41 33
Other gain (loss) on investments, net $ 74 $ (41) $ 96 $ 59
v3.24.3
Investment securities - Schedule of Investments Classified by Credit Rating (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities $ 4,441 $ 4,680
Agency mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 950 999
Mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 3,392 3,603
Asset-backed    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 99 78
AAA    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 3,390 3,570
AAA | Agency mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 0 0
AAA | Mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 3,299 3,497
AAA | Asset-backed    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 91 73
AA    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 1,035 1,094
AA | Agency mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 950 999
AA | Mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 81 93
AA | Asset-backed    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 4 2
A    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 14 15
A | Agency mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 0 0
A | Mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 12 13
A | Asset-backed    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 2 2
BBB    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 2 1
BBB | Agency mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 0 0
BBB | Mortgage-backed residential    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 0 0
BBB | Asset-backed    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities $ 2 $ 1
v3.24.3
Investment Securities - Schedule of Unrealized Loss on Investments (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Less than 12 months    
Fair value $ 210,000,000 $ 590,000,000
Unrealized loss (3,000,000) (10,000,000)
12 months or longer    
Fair value 22,710,000,000 23,331,000,000
Unrealized loss (3,427,000,000) (4,000,000,000)
Credit reserves, available-for-sale 0 0
Credit reserves, held-to-maturity 0 0
U.S. Treasury and federal agencies    
Less than 12 months    
Fair value 0 0
Unrealized loss 0 0
12 months or longer    
Fair value 2,115,000,000 2,075,000,000
Unrealized loss (155,000,000) (209,000,000)
U.S. States and political subdivisions    
Less than 12 months    
Fair value 47,000,000 70,000,000
Unrealized loss (1,000,000) 0
12 months or longer    
Fair value 497,000,000 501,000,000
Unrealized loss (71,000,000) (70,000,000)
Foreign government    
Less than 12 months    
Fair value 9,000,000 16,000,000
Unrealized loss 0 0
12 months or longer    
Fair value 122,000,000 134,000,000
Unrealized loss (5,000,000) (8,000,000)
Agency mortgage-backed residential    
Less than 12 months    
Fair value 18,000,000 300,000,000
Unrealized loss 0 (5,000,000)
12 months or longer    
Fair value 14,548,000,000 15,015,000,000
Unrealized loss (2,398,000,000) (2,734,000,000)
Mortgage-backed residential    
Less than 12 months    
Fair value 0 0
Unrealized loss 0 0
12 months or longer    
Fair value 219,000,000 225,000,000
Unrealized loss (35,000,000) (43,000,000)
Agency mortgage-backed commercial    
Less than 12 months    
Fair value 79,000,000 153,000,000
Unrealized loss (1,000,000) (4,000,000)
12 months or longer    
Fair value 3,608,000,000 3,472,000,000
Unrealized loss (665,000,000) (779,000,000)
Asset-backed    
Less than 12 months    
Fair value 0 18,000,000
Unrealized loss 0 0
12 months or longer    
Fair value 178,000,000 302,000,000
Unrealized loss (2,000,000) (12,000,000)
Corporate debt    
Less than 12 months    
Fair value 57,000,000 33,000,000
Unrealized loss (1,000,000) (1,000,000)
12 months or longer    
Fair value 1,423,000,000 1,607,000,000
Unrealized loss $ (96,000,000) $ (145,000,000)
v3.24.3
Finance Receivables and Loans, Net - Schedule of Accounts, Notes, Loans and Financing Receivables (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans $ 137,501 $ 139,439
Unamortized premiums and discounts and deferred fees and costs 2,300 2,300
Accrued interest receivable 851 853
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 103,095 104,977
Consumer | Automotive    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 83,424 84,320
Consumer | Consumer mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 17,501 18,667
Consumer | Mortgage Finance    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 17,309 18,442
Interest-only mortgage loans 1 2
Consumer | Mortgage — Legacy    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 192 225
Interest-only mortgage loans 12 13
Consumer | Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 2,170 1,990
Consumer | Credit Card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 2,170 1,990
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 34,406 34,462
Commercial | Automotive    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 19,259 18,700
Commercial | Consumer mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans 6,323 6,050
Commercial | Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total finance receivables and loans $ 8,824 $ 9,712
v3.24.3
Finance Receivables and Loans, Net - Schedule of Allowance for Credit Losses on Financing Receivables (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Allowance, beginning balance $ 3,572 $ 3,781 $ 3,587 $ 3,711 $ 3,711  
Charge-offs (744) (677) (2,178) (1,907) (2,720)  
Recoveries 227 221 687 643    
Net charge-offs (517) (456) (1,491) (1,264)    
Write-downs from transfers to held-for-sale     (5)      
Provision for credit losses 645 512 1,609 1,390    
Other 0 0 0 0    
Allowance, ending balance 3,700 3,837 3,700 3,837 3,587  
Unfunded Loan Commitment            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Provision for credit losses   (4)   (9)    
Consumer            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Charge-offs     (2,176)   (2,590)  
Consumer | Automotive            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Allowance, beginning balance 3,055 3,064 3,083 3,020 3,020  
Charge-offs (683) (602) (1,976) (1,634) (2,284)  
Recoveries 216 209 654 613    
Net charge-offs (467) (393) (1,322) (1,021)    
Write-downs from transfers to held-for-sale     (5)   (41)  
Provision for credit losses 578 433 1,410 1,106    
Other 0 0 0 (1)    
Allowance, ending balance 3,166 3,104 3,166 3,104 3,083  
Consumer | Consumer mortgage            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Allowance, beginning balance 19 23 21 27 27  
Charge-offs 0 0 (1) (3) (3)  
Recoveries 1 2 3 7    
Net charge-offs 1 2 2 4    
Write-downs from transfers to held-for-sale     0      
Provision for credit losses (3) (4) (6) (9)    
Other 2 1 2 0    
Allowance, ending balance 19 22 19 22 21  
Consumer | Consumer other            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Allowance, beginning balance 302 476 293 426 426  
Charge-offs (61) (74) (199) (208) (303)  
Recoveries 9 6 23 18    
Net charge-offs (52) (68) (176) (190)    
Write-downs from transfers to held-for-sale     0   (174)  
Provision for credit losses 58 68 191 239    
Other (1) (2) (1) (1)    
Allowance, ending balance 307 474 307 474 293  
Fair value, option, carrying amount, financing receivable, no allowance           $ 3
Commercial            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Allowance, beginning balance 196 218 190 238 238  
Charge-offs 0 (1) (2) (62) (130)  
Recoveries 1 4 7 5    
Net charge-offs 1 3 5 (57)    
Write-downs from transfers to held-for-sale     0      
Provision for credit losses 12 15 14 54    
Other (1) 1 (1) 2    
Allowance, ending balance $ 208 $ 237 208 $ 237 190  
Commercial | Automotive            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Charge-offs     $ (2)   (24)  
Commercial | Consumer other            
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]            
Charge-offs         $ (106)  
v3.24.3
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, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total sales and transfers $ 339 $ 11 $ 1,729 $ 12
Consumer | Automotive        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total sales and transfers 0 0 1,108 0
Consumer | Consumer mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total sales and transfers 208 0 325 1
Commercial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total sales and transfers $ 131 $ 11 $ 296 $ 11
v3.24.3
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, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total purchases of finance receivables and loans $ 809 $ 1,074 $ 2,392 $ 2,926
Consumer | Automotive        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total purchases of finance receivables and loans 802 1,064 2,377 2,902
Consumer | Consumer mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total purchases of finance receivables and loans 7 7 15 14
Commercial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total purchases of finance receivables and loans $ 0 $ 3 $ 0 $ 10
v3.24.3
Finance Receivables and Loans, Net - Schedule of Financing Receivables, Nonaccrual Status (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status $ 1,490   $ 1,490   $ 1,215 $ 1,394 $ 1,404 $ 1,454
Financing receivable, nonaccrual, with no allowance 606   606     585    
Financing receivable, nonaccrual, interest income 4 $ 4 14 $ 11        
Consumer                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 1,334   1,334   1,099 1,275 1,216 1,292
Financing receivable, nonaccrual, with no allowance 559   559     564    
Consumer | Automotive                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 1,204   1,204   978 1,129 1,098 1,187
Financing receivable, nonaccrual, with no allowance 525   525     531    
Consumer | Consumer mortgage                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 46   46   41 54 52 49
Financing receivable, nonaccrual, with no allowance 34   34     33    
Consumer | Mortgage Finance                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 37   37   32 41 38 34
Financing receivable, nonaccrual, with no allowance 25   25     21    
Consumer | Mortgage — Legacy                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 9   9   9 13 14 15
Financing receivable, nonaccrual, with no allowance 9   9     12    
Consumer | Other                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 84   84   80 92 66 56
Financing receivable, nonaccrual, with no allowance 0   0     0    
Consumer | Personal Lending                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status           0 11 13
Financing receivable, nonaccrual, with no allowance           0    
Consumer | Credit Card                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 84   84   80 92 55 43
Financing receivable, nonaccrual, with no allowance 0   0     0    
Commercial                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 156   156   116 119 188 162
Financing receivable, nonaccrual, with no allowance 47   47     21    
Commercial | Automotive                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 51   51   18 18 24 5
Financing receivable, nonaccrual, with no allowance 33   33     13    
Commercial | Consumer mortgage                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 10   10   2 3 3 0
Financing receivable, nonaccrual, with no allowance 10   10     3    
Commercial | Other                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Financing receivable, recorded investment, nonaccrual status 95   95   $ 96 98 $ 161 $ 157
Financing receivable, nonaccrual, with no allowance $ 4   $ 4     $ 5    
v3.24.3
Finance Receivables and Loans, Net - Schedule of Financing Receivable Credit Quality Indicators Consumer (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Total finance receivables and loans $ 137,501 $ 139,439
Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total finance receivables and loans 103,095 104,977
Consumer | Consumer automotive, excludes basis adjustment    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 23,931 31,450
Year two, originated, fiscal year before current fiscal year 23,724 25,350
Year three, originated, two years before current fiscal year 18,446 15,373
Year four, originated, three years before current fiscal year 10,562 6,555
Year five, originated, four years before current fiscal year 4,015 3,587
Originated, more than five years before current fiscal year 2,705 2,071
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 83,383 84,386
Consumer | Consumer mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 6 153
Year two, originated, fiscal year before current fiscal year 31 2,181
Year three, originated, two years before current fiscal year 1,934 10,396
Year four, originated, three years before current fiscal year 9,980 1,843
Year five, originated, four years before current fiscal year 1,758 752
Originated, more than five years before current fiscal year 3,654 3,178
Revolving loans 121 145
Revolving loans converted to term 17 19
Total finance receivables and loans 17,501 18,667
Consumer | Mortgage Finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 6 153
Year two, originated, fiscal year before current fiscal year 31 2,181
Year three, originated, two years before current fiscal year 1,934 10,396
Year four, originated, three years before current fiscal year 9,980 1,843
Year five, originated, four years before current fiscal year 1,758 752
Originated, more than five years before current fiscal year 3,600 3,117
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 17,309 18,442
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 54 61
Revolving loans 121 145
Revolving loans converted to term 17 19
Total finance receivables and loans 192 225
Consumer | Other    
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 0 0
Revolving loans 2,170 1,990
Revolving loans converted to term 0 0
Total finance receivables and loans 2,170 1,990
Consumer | Credit card receivables    
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 0 0
Revolving loans 2,170 1,990
Revolving loans converted to term 0 0
Total finance receivables and loans 2,170 1,990
Consumer | Automotive    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total finance receivables and loans 83,424 84,320
Asset (liability) excluded from amortized cost of hedged asset, portfolio layer method 41 66
Consumer Portfolio Segment, Excludes Basis Adjustment for Automotive Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 23,937 31,603
Year two, originated, fiscal year before current fiscal year 23,755 27,531
Year three, originated, two years before current fiscal year 20,380 25,769
Year four, originated, three years before current fiscal year 20,542 8,398
Year five, originated, four years before current fiscal year 5,773 4,339
Originated, more than five years before current fiscal year 6,359 5,249
Revolving loans 2,291 2,135
Revolving loans converted to term 17 19
Total finance receivables and loans 103,054 105,043
Current | Consumer | Consumer automotive, excludes basis adjustment    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 23,561 30,677
Year two, originated, fiscal year before current fiscal year 22,621 23,699
Year three, originated, two years before current fiscal year 17,069 14,209
Year four, originated, three years before current fiscal year 9,646 6,132
Year five, originated, four years before current fiscal year 3,714 3,306
Originated, more than five years before current fiscal year 2,436 1,876
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 79,047 79,899
Current | Consumer | Mortgage Finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 6 152
Year two, originated, fiscal year before current fiscal year 31 2,170
Year three, originated, two years before current fiscal year 1,925 10,374
Year four, originated, three years before current fiscal year 9,958 1,836
Year five, originated, four years before current fiscal year 1,754 747
Originated, more than five years before current fiscal year 3,556 3,073
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 17,230 18,352
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 47 51
Revolving loans 119 142
Revolving loans converted to term 16 17
Total finance receivables and loans 182 210
Current | Consumer | Credit card receivables    
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 0 0
Revolving loans 2,020 1,828
Revolving loans converted to term 0 0
Total finance receivables and loans 2,020 1,828
30–59 days past due | Consumer | Consumer automotive, excludes basis adjustment    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 270 539
Year two, originated, fiscal year before current fiscal year 699 1,041
Year three, originated, two years before current fiscal year 840 739
Year four, originated, three years before current fiscal year 569 270
Year five, originated, four years before current fiscal year 187 181
Originated, more than five years before current fiscal year 165 122
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 2,730 2,892
30–59 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 8
Year three, originated, two years before current fiscal year 8 14
Year four, originated, three years before current fiscal year 14 3
Year five, originated, four years before current fiscal year 3 3
Originated, more than five years before current fiscal year 18 20
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 43 49
30–59 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 2 3
Revolving loans 1 0
Revolving loans converted to term 0 1
Total finance receivables and loans 3 4
30–59 days past due | Consumer | Credit card receivables    
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 0 0
Revolving loans 38 39
Revolving loans converted to term 0 0
Total finance receivables and loans 38 39
60–89 days past due | Consumer | Consumer automotive, excludes basis adjustment    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 77 170
Year two, originated, fiscal year before current fiscal year 288 443
Year three, originated, two years before current fiscal year 380 303
Year four, originated, three years before current fiscal year 245 109
Year five, originated, four years before current fiscal year 79 68
Originated, more than five years before current fiscal year 66 45
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 1,135 1,138
60–89 days past due | Consumer | Mortgage Finance    
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 2
Year three, originated, two years before current fiscal year 0 4
Year four, originated, three years before current fiscal year 2 3
Year five, originated, four years before current fiscal year 0 0
Originated, more than five years before current fiscal year 5 5
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 7 14
60–89 days past due | Consumer | Mortgage — Legacy    
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   1
Revolving loans   1
Revolving loans converted to term   0
Total finance receivables and loans   2
60–89 days past due | Consumer | Credit card receivables    
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 0 0
Revolving loans 32 34
Revolving loans converted to term 0 0
Total finance receivables and loans 32 34
90 or more days past due | Consumer | Consumer automotive, excludes basis adjustment    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 23 64
Year two, originated, fiscal year before current fiscal year 116 167
Year three, originated, two years before current fiscal year 157 122
Year four, originated, three years before current fiscal year 102 44
Year five, originated, four years before current fiscal year 35 32
Originated, more than five years before current fiscal year 38 28
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 471 457
90 or more days past due | Consumer | Mortgage Finance    
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 1
Year three, originated, two years before current fiscal year 1 4
Year four, originated, three years before current fiscal year 6 1
Year five, originated, four years before current fiscal year 1 2
Originated, more than five years before current fiscal year 21 19
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 29 27
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 5 6
Revolving loans 1 2
Revolving loans converted to term 1 1
Total finance receivables and loans 7 9
90 or more days past due | Consumer | Credit card receivables    
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 0 0
Revolving loans 80 89
Revolving loans converted to term 0 0
Total finance receivables and loans $ 80 $ 89
v3.24.3
Finance Receivables and Loans, Net - Schedule of Financing Receivable Credit Quality Indicators Commercial (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Total finance receivables and loans $ 137,501 $ 139,439
Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 1,672 1,820
Year two, originated, fiscal year before current fiscal year 1,697 2,845
Year three, originated, two years before current fiscal year 2,451 1,929
Year four, originated, three years before current fiscal year 1,783 1,597
Year five, originated, four years before current fiscal year 1,294 1,002
Originated, more than five years before current fiscal year 1,674 1,223
Revolving loans 23,683 23,811
Revolving loans converted to term 152 235
Total finance receivables and loans 34,406 34,462
Automotive | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 400 515
Year two, originated, fiscal year before current fiscal year 346 520
Year three, originated, two years before current fiscal year 400 195
Year four, originated, three years before current fiscal year 158 98
Year five, originated, four years before current fiscal year 76 59
Originated, more than five years before current fiscal year 65 37
Revolving loans 17,814 17,276
Revolving loans converted to term 0 0
Total finance receivables and loans 19,259 18,700
Automotive | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 395 509
Year two, originated, fiscal year before current fiscal year 325 512
Year three, originated, two years before current fiscal year 386 165
Year four, originated, three years before current fiscal year 133 97
Year five, originated, four years before current fiscal year 74 58
Originated, more than five years before current fiscal year 57 22
Revolving loans 16,633 16,446
Revolving loans converted to term 0 0
Total finance receivables and loans 18,003 17,809
Automotive | Special mention | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 5 6
Year two, originated, fiscal year before current fiscal year 20 7
Year three, originated, two years before current fiscal year 14 30
Year four, originated, three years before current fiscal year 25 1
Year five, originated, four years before current fiscal year 2 1
Originated, more than five years before current fiscal year 8 14
Revolving loans 1,061 723
Revolving loans converted to term 0 0
Total finance receivables and loans 1,135 782
Automotive | 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 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 110 44
Revolving loans converted to term 0 0
Total finance receivables and loans 111 45
Automotive | 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 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 0 1
Revolving loans 10 63
Revolving loans converted to term 0 0
Total finance receivables and loans 10 64
Other | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 526 331
Year two, originated, fiscal year before current fiscal year 325 854
Year three, originated, two years before current fiscal year 680 577
Year four, originated, three years before current fiscal year 525 614
Year five, originated, four years before current fiscal year 390 318
Originated, more than five years before current fiscal year 392 374
Revolving loans 5,869 6,435
Revolving loans converted to term 117 209
Total finance receivables and loans 8,824 9,712
Other | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 526 331
Year two, originated, fiscal year before current fiscal year 298 646
Year three, originated, two years before current fiscal year 313 343
Year four, originated, three years before current fiscal year 264 405
Year five, originated, four years before current fiscal year 172 266
Originated, more than five years before current fiscal year 235 180
Revolving loans 5,614 6,202
Revolving loans converted to term 91 173
Total finance receivables and loans 7,513 8,546
Other | Special mention | 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 0 208
Year three, originated, two years before current fiscal year 367 188
Year four, originated, three years before current fiscal year 238 206
Year five, originated, four years before current fiscal year 172 51
Originated, more than five years before current fiscal year 77 85
Revolving loans 235 198
Revolving loans converted to term 23 25
Total finance receivables and loans 1,112 961
Other | 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 27 0
Year three, originated, two years before current fiscal year 0 46
Year four, originated, three years before current fiscal year 23 3
Year five, originated, four years before current fiscal year 46 0
Originated, more than five years before current fiscal year 54 83
Revolving loans 10 25
Revolving loans converted to term 3 11
Total finance receivables and loans 163 168
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 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 26 26
Revolving loans 10 10
Revolving loans converted to term 0 0
Total finance receivables and loans 36 36
Other | Loss | 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   1
Originated, more than five years before current fiscal year   0
Revolving loans   0
Revolving loans converted to term   0
Total finance receivables and loans   1
Commercial real estate | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 746 974
Year two, originated, fiscal year before current fiscal year 1,026 1,471
Year three, originated, two years before current fiscal year 1,371 1,157
Year four, originated, three years before current fiscal year 1,100 885
Year five, originated, four years before current fiscal year 828 625
Originated, more than five years before current fiscal year 1,217 812
Revolving loans 0 100
Revolving loans converted to term 35 26
Total finance receivables and loans 6,323 6,050
Commercial real estate | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 740 971
Year two, originated, fiscal year before current fiscal year 1,008 1,452
Year three, originated, two years before current fiscal year 1,296 1,129
Year four, originated, three years before current fiscal year 1,058 884
Year five, originated, four years before current fiscal year 825 607
Originated, more than five years before current fiscal year 1,216 811
Revolving loans 0 100
Revolving loans converted to term 35 26
Total finance receivables and loans 6,178 5,980
Commercial real estate | Special mention | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 6 3
Year two, originated, fiscal year before current fiscal year 18 16
Year three, originated, two years before current fiscal year 69 28
Year four, originated, three years before current fiscal year 42 1
Year five, originated, four years before current fiscal year 0 18
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 135 66
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 3
Year three, originated, two years before current fiscal year 5 0
Year four, originated, three years before current fiscal year 0 0
Year five, originated, four years before current fiscal year 3 0
Originated, more than five years before current fiscal year 0 1
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans 8 $ 4
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 1  
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 1  
Revolving loans 0  
Revolving loans converted to term 0  
Total finance receivables and loans $ 2  
v3.24.3
Finance Receivables and Loans, Net - Schedule of Past Due Financing Receivables and Loans Commercial (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net $ 137,501 $ 139,439
Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 34,406 34,462
Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 19,259 18,700
Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 8,824 9,712
Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 6,323 6,050
Total past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 1 5
Total past due | Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
Total past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 5
Total past due | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 1 0
30–59 days past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 2
30–59 days past due | Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
30–59 days past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 2
30–59 days past due | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
60–89 days past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
60–89 days past due | Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
60–89 days past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
60–89 days past due | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
90 or more days past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 1 3
90 or more days past due | Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
90 or more days past due | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 3
90 or more days past due | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 1 0
Current | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 34,405 34,457
Current | Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 19,259 18,700
Current | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 8,824 9,707
Current | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net $ 6,322 $ 6,050
v3.24.3
Finance Receivables and Loans, Net - Schedule of Financing Receivable Gross Charge-Offs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     $ 65   $ 239
Year two, originated, current fiscal year, writeoff     567   1,034
Year three, originated, current fiscal year, writeoff     719   680
Year four, originated, current fiscal year, writeoff     397   197
Year five, originated, current fiscal year, writeoff     108   221
More than five years before current fiscal year, writeoff     122   151
Revolving loans     188   188
Revolving loans converted to term     12   10
Total $ 744 $ 677 2,178 $ 1,907 2,720
Write-downs from transfers to held-for-sale     5    
Consumer          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     65   239
Year two, originated, current fiscal year, writeoff     567   1,034
Year three, originated, current fiscal year, writeoff     719   680
Year four, originated, current fiscal year, writeoff     397   197
Year five, originated, current fiscal year, writeoff     108   142
More than five years before current fiscal year, writeoff     121   123
Revolving loans     187   165
Revolving loans converted to term     12   10
Total     2,176   2,590
Consumer | Automotive          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     65   225
Year two, originated, current fiscal year, writeoff     567   952
Year three, originated, current fiscal year, writeoff     719   651
Year four, originated, current fiscal year, writeoff     396   194
Year five, originated, current fiscal year, writeoff     108   142
More than five years before current fiscal year, writeoff     121   120
Revolving loans     0   0
Revolving loans converted to term     0   0
Total 683 602 1,976 1,634 2,284
Write-downs from transfers to held-for-sale     5   41
Consumer | Consumer mortgage          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     0   0
Year two, originated, current fiscal year, writeoff     0   0
Year three, originated, current fiscal year, writeoff     0   0
Year four, originated, current fiscal year, writeoff     1   0
Year five, originated, current fiscal year, writeoff     0   0
More than five years before current fiscal year, writeoff     0   3
Revolving loans     0   0
Revolving loans converted to term     0   0
Total 0 0 1 3 3
Write-downs from transfers to held-for-sale     0    
Consumer | Mortgage Finance          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     0   0
Year two, originated, current fiscal year, writeoff     0   0
Year three, originated, current fiscal year, writeoff     0   0
Year four, originated, current fiscal year, writeoff     1   0
Year five, originated, current fiscal year, writeoff     0   0
More than five years before current fiscal year, writeoff     0   1
Revolving loans     0   0
Revolving loans converted to term     0   0
Total     1   1
Consumer | Mortgage — Legacy          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff         0
Year two, originated, current fiscal year, writeoff         0
Year three, originated, current fiscal year, writeoff         0
Year four, originated, current fiscal year, writeoff         0
Year five, originated, current fiscal year, writeoff         0
More than five years before current fiscal year, writeoff         2
Revolving loans         0
Revolving loans converted to term         0
Total         2
Consumer | Other          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     0   14
Year two, originated, current fiscal year, writeoff     0   82
Year three, originated, current fiscal year, writeoff     0   29
Year four, originated, current fiscal year, writeoff     0   3
Year five, originated, current fiscal year, writeoff     0   0
More than five years before current fiscal year, writeoff     0   0
Revolving loans     187   165
Revolving loans converted to term     12   10
Total 61 74 199 208 303
Write-downs from transfers to held-for-sale     0   174
Consumer | Personal Lending          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff         14
Year two, originated, current fiscal year, writeoff         82
Year three, originated, current fiscal year, writeoff         29
Year four, originated, current fiscal year, writeoff         3
Year five, originated, current fiscal year, writeoff         0
More than five years before current fiscal year, writeoff         0
Revolving loans         0
Revolving loans converted to term         0
Total         128
Consumer | Credit Card          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     0   0
Year two, originated, current fiscal year, writeoff     0   0
Year three, originated, current fiscal year, writeoff     0   0
Year four, originated, current fiscal year, writeoff     0   0
Year five, originated, current fiscal year, writeoff     0   0
More than five years before current fiscal year, writeoff     0   0
Revolving loans     187   165
Revolving loans converted to term     12   10
Total     199   175
Commercial          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     0   0
Year two, originated, current fiscal year, writeoff     0   0
Year three, originated, current fiscal year, writeoff     0   0
Year four, originated, current fiscal year, writeoff     0   0
Year five, originated, current fiscal year, writeoff     0   79
More than five years before current fiscal year, writeoff     1   28
Revolving loans     1   23
Revolving loans converted to term     0   0
Total $ 0 $ 1 2 $ 62 130
Write-downs from transfers to held-for-sale     0    
Commercial | Automotive          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff     0   0
Year two, originated, current fiscal year, writeoff     0   0
Year three, originated, current fiscal year, writeoff     0   0
Year four, originated, current fiscal year, writeoff     0   0
Year five, originated, current fiscal year, writeoff     0   0
More than five years before current fiscal year, writeoff     1   5
Revolving loans     1   19
Revolving loans converted to term     0   0
Total     $ 2   24
Commercial | Other          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year one, originated, current fiscal year, writeoff         0
Year two, originated, current fiscal year, writeoff         0
Year three, originated, current fiscal year, writeoff         0
Year four, originated, current fiscal year, writeoff         0
Year five, originated, current fiscal year, writeoff         79
More than five years before current fiscal year, writeoff         23
Revolving loans         4
Revolving loans converted to term         0
Total         $ 106
v3.24.3
Finance Receivables and Loans, Net - Schedule of Loan Modifications (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
loan
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
loan
Sep. 30, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Financing Receivable, Troubled Debt Restructuring            
Trial modifications, term     3 months      
Trial modifications, amount $ 3   $ 3   $ 3 $ 5
Total 217 $ 106 $ 556 $ 269    
Percentage of total     0.40% 0.20%    
Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total 0 37 $ 5 $ 65    
Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total 156 63 481 149    
Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 3 1 5 13    
Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total 43 4 50 9    
Combination            
Financing Receivable, Troubled Debt Restructuring            
Total 15 1 15 33    
Consumer            
Financing Receivable, Troubled Debt Restructuring            
Total 140 69 325 157 441  
Consumer | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   64   134 330  
Consumer | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   3   10 70  
Consumer | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   4 26  
Consumer | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   2   9 15  
Consumer | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Consumer | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total 131 63 307 102    
Consumer | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 3 1 5 13    
Consumer | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total 6 4 13 9    
Consumer | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total 0 1 0 33    
Consumer | Automotive            
Financing Receivable, Troubled Debt Restructuring            
Total 132 $ 63 309 $ 142 $ 421  
Number of loans redefaulted | loan   67   108 1,205  
Amortized cost of loans redefaulted   $ 1   $ 3 $ 29  
Consumer | Automotive | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   60   125 317  
Consumer | Automotive | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   2   9 67  
Consumer | Automotive | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   3 25  
Consumer | Automotive | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   1   5 12  
Consumer | Automotive | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Number of months extended/deferred 30 months 28 months 29 months 27 months    
Consumer | Automotive | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 130 $ 62 $ 305 $ 99 416  
Consumer | Automotive | Contractual maturity extensions | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   60   89 316  
Consumer | Automotive | Contractual maturity extensions | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   2   7 67  
Consumer | Automotive | Contractual maturity extensions | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   2 25  
Consumer | Automotive | Contractual maturity extensions | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   1 8  
Consumer | Automotive | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 2 1 4 13 4  
Principal forgiveness, amount forgiven 1 0 1 2    
Consumer | Automotive | Principal forgiveness | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   0   8 0  
Consumer | Automotive | Principal forgiveness | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   1 0  
Consumer | Automotive | Principal forgiveness | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Automotive | Principal forgiveness | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   1   4 4  
Consumer | Automotive | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 0.00%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 0.00%    
Consumer | Automotive | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 30 1  
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 10.40%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 9.70%    
Payment extensions, initial term       75 months    
Payment extensions, revised term       85 months    
Consumer | Automotive | Combination | Current            
Financing Receivable, Troubled Debt Restructuring            
Total       $ 28 1  
Consumer | Automotive | Combination | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       1 0  
Consumer | Automotive | Combination | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       1 0  
Consumer | Automotive | Combination | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       0 0  
Consumer | Consumer mortgage            
Financing Receivable, Troubled Debt Restructuring            
Total $ 1 $ 2 $ 2 $ 6 4  
Number of loans redefaulted | loan       1    
Amortized cost of loans redefaulted       $ 2    
Consumer | Consumer mortgage | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   2   4 3  
Consumer | Consumer mortgage | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 1  
Consumer | Consumer mortgage | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Consumer mortgage | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   2 0  
Consumer | Consumer mortgage | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Number of months extended/deferred 126 months 210 months 176 months 149 months    
Consumer | Consumer mortgage | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 1 $ 1 $ 2 $ 3    
Consumer | Consumer mortgage | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Principal forgiveness, amount forgiven 0 0 0 0    
Consumer | Consumer mortgage | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 0.00%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 0.00%    
Consumer | Consumer mortgage | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 1 $ 0 $ 3    
Interest rate concessions, initial rate 0.00% 2.50% 0.00% 4.30%    
Interest rate concessions, revised rate 0.00% 2.00% 0.00% 3.10%    
Payment extensions, initial term   180 months   284 months    
Payment extensions, revised term   280 months   435 months    
Consumer | Mortgage Finance            
Financing Receivable, Troubled Debt Restructuring            
Total $ 1 $ 1 $ 2 $ 4 3  
Consumer | Mortgage Finance | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   1   2 2  
Consumer | Mortgage Finance | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 1  
Consumer | Mortgage Finance | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage Finance | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   2 0  
Consumer | Mortgage Finance | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Number of months extended/deferred 126 months 210 months 176 months 186 months    
Consumer | Mortgage Finance | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 1 $ 1 $ 2 $ 2 3  
Consumer | Mortgage Finance | Contractual maturity extensions | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   1   2 2  
Consumer | Mortgage Finance | Contractual maturity extensions | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 1  
Consumer | Mortgage Finance | Contractual maturity extensions | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage Finance | Contractual maturity extensions | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage Finance | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Principal forgiveness, amount forgiven 0 0 0 0    
Consumer | Mortgage Finance | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 0.00%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 0.00%    
Consumer | Mortgage Finance | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 2    
Number of months extended/deferred       210 months    
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 4.60%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 3.40%    
Payment extensions, initial term       309 months    
Payment extensions, revised term       470 months    
Consumer | Mortgage Finance | Combination | Current            
Financing Receivable, Troubled Debt Restructuring            
Total       $ 0    
Consumer | Mortgage Finance | Combination | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       0    
Consumer | Mortgage Finance | Combination | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       0    
Consumer | Mortgage Finance | Combination | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       2    
Consumer | Mortgage — Legacy            
Financing Receivable, Troubled Debt Restructuring            
Total   $ 1   2 1  
Consumer | Mortgage — Legacy | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   1   2 1  
Consumer | Mortgage — Legacy | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage — Legacy | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage — Legacy | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage — Legacy | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total   0   $ 0    
Number of months extended/deferred       76 months    
Consumer | Mortgage — Legacy | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total   0   $ 1    
Consumer | Mortgage — Legacy | Contractual maturity extensions | Current            
Financing Receivable, Troubled Debt Restructuring            
Total       1    
Consumer | Mortgage — Legacy | Contractual maturity extensions | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       0    
Consumer | Mortgage — Legacy | Contractual maturity extensions | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       0    
Consumer | Mortgage — Legacy | Contractual maturity extensions | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total       0    
Consumer | Mortgage — Legacy | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0    
Principal forgiveness, amount forgiven   0   0    
Consumer | Mortgage — Legacy | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total   $ 0   $ 0    
Interest rate concessions, initial rate   0.00%   0.00%    
Interest rate concessions, revised rate   0.00%   0.00%    
Consumer | Mortgage — Legacy | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total   $ 1   $ 1 1  
Interest rate concessions, initial rate   2.50%   2.70%    
Interest rate concessions, revised rate   2.00%   2.00%    
Payment extensions, initial term   180 months   174 months    
Payment extensions, revised term   280 months   283 months    
Consumer | Mortgage — Legacy | Combination | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   $ 1   $ 1 1  
Consumer | Mortgage — Legacy | Combination | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage — Legacy | Combination | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Mortgage — Legacy | Combination | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0 0  
Consumer | Other            
Financing Receivable, Troubled Debt Restructuring            
Total $ 7 4 $ 14 9 16  
Consumer | Other | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   2   5 10  
Consumer | Other | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   1   1 2  
Consumer | Other | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   1 1  
Consumer | Other | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   1   2 3  
Consumer | Other | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Consumer | Other | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Consumer | Other | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 1 0 1 0    
Principal forgiveness, amount forgiven 1 0 1 0    
Consumer | Other | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 6 $ 4 $ 13 $ 9    
Interest rate concessions, initial rate 30.40% 30.00% 30.40% 30.00%    
Interest rate concessions, revised rate 10.40% 11.00% 7.90% 8.00%    
Consumer | Other | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 0.00%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 0.00%    
Consumer | Credit Card            
Financing Receivable, Troubled Debt Restructuring            
Total $ 7 $ 4 $ 14 $ 9    
Consumer | Credit Card | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Consumer | Credit Card | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Consumer | Credit Card | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 1 0 1 0    
Principal forgiveness, amount forgiven 1 0 1 0    
Consumer | Credit Card | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 6 $ 4 $ 13 $ 9 16  
Interest rate concessions, initial rate 30.40% 30.00% 30.40% 30.00%    
Interest rate concessions, revised rate 10.40% 11.00% 7.90% 8.00%    
Consumer | Credit Card | Interest rate concessions | Current            
Financing Receivable, Troubled Debt Restructuring            
Total   $ 2   $ 5 10  
Consumer | Credit Card | Interest rate concessions | 30–59 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   1   1 2  
Consumer | Credit Card | Interest rate concessions | 60–89 days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   0   1 1  
Consumer | Credit Card | Interest rate concessions | 90 or more days past due            
Financing Receivable, Troubled Debt Restructuring            
Total   1   2 3  
Consumer | Credit Card | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 0.00%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 0.00%    
Commercial            
Financing Receivable, Troubled Debt Restructuring            
Total $ 77 $ 37 $ 231 $ 112 231  
Commercial | Pass            
Financing Receivable, Troubled Debt Restructuring            
Total   0   34 118  
Commercial | Special mention            
Financing Receivable, Troubled Debt Restructuring            
Total   0   7 0  
Commercial | Substandard            
Financing Receivable, Troubled Debt Restructuring            
Total   0   6 112  
Commercial | Doubtful            
Financing Receivable, Troubled Debt Restructuring            
Total   37   65 1  
Commercial | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 37 $ 5 $ 65    
Number of months extended/deferred 15 months 3 months 36 months 13 months    
Commercial | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 25 $ 0 $ 174 $ 47    
Commercial | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 0 0 0 0    
Principal forgiveness, amount forgiven 0 0 0 0    
Commercial | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 37 $ 0 $ 37 $ 0    
Interest rate concessions, initial rate 11.00% 0.00% 11.00% 0.00%    
Interest rate concessions, revised rate 7.90% 0.00% 7.90% 0.00%    
Commercial | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 15 $ 0 $ 15 $ 0    
Interest rate concessions, initial rate 5.70% 0.00% 5.70% 0.00%    
Interest rate concessions, revised rate 4.30% 0.00% 4.30% 0.00%    
Payment extensions, initial term 7 months   7 months      
Payment extensions, revised term 61 months   61 months      
Commercial | Automotive            
Financing Receivable, Troubled Debt Restructuring            
Total $ 37   $ 42      
Commercial | Automotive | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total 0   $ 5   5  
Number of months extended/deferred     10 months      
Commercial | Automotive | Payment deferrals | Pass            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Automotive | Payment deferrals | Special mention            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Automotive | Payment deferrals | Substandard            
Financing Receivable, Troubled Debt Restructuring            
Total         5  
Commercial | Automotive | Payment deferrals | Doubtful            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Automotive | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total 0   $ 0      
Commercial | Automotive | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 0   0      
Principal forgiveness, amount forgiven 0   0      
Commercial | Automotive | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 37   $ 37   37  
Interest rate concessions, initial rate 11.00%   11.00%      
Interest rate concessions, revised rate 7.90%   7.90%      
Commercial | Automotive | Interest rate concessions | Pass            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Automotive | Interest rate concessions | Special mention            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Automotive | Interest rate concessions | Substandard            
Financing Receivable, Troubled Debt Restructuring            
Total         37  
Commercial | Automotive | Interest rate concessions | Doubtful            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Automotive | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0   $ 0      
Interest rate concessions, initial rate 0.00%   0.00%      
Interest rate concessions, revised rate 0.00%   0.00%      
Commercial | Other            
Financing Receivable, Troubled Debt Restructuring            
Total $ 39 $ 37 $ 188 $ 112    
Commercial | Other | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 37 $ 0 $ 65    
Number of months extended/deferred 15 months 3 months 37 months 13 months    
Commercial | Other | Payment deferrals | Pass            
Financing Receivable, Troubled Debt Restructuring            
Total   $ 0   $ 0    
Commercial | Other | Payment deferrals | Special mention            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0    
Commercial | Other | Payment deferrals | Substandard            
Financing Receivable, Troubled Debt Restructuring            
Total   0   0    
Commercial | Other | Payment deferrals | Doubtful            
Financing Receivable, Troubled Debt Restructuring            
Total   37   65    
Commercial | Other | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 25 $ 0 $ 174 $ 47 174  
Commercial | Other | Contractual maturity extensions | Corporate Finance operations            
Financing Receivable, Troubled Debt Restructuring            
Number of months extended/deferred   3 months   3 months    
Commercial | Other | Contractual maturity extensions | Pass            
Financing Receivable, Troubled Debt Restructuring            
Total       $ 34 118  
Commercial | Other | Contractual maturity extensions | Special mention            
Financing Receivable, Troubled Debt Restructuring            
Total       7 0  
Commercial | Other | Contractual maturity extensions | Substandard            
Financing Receivable, Troubled Debt Restructuring            
Total       6 56  
Commercial | Other | Contractual maturity extensions | Doubtful            
Financing Receivable, Troubled Debt Restructuring            
Total       0 0  
Commercial | Other | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 0 $ 0 0 0    
Principal forgiveness, amount forgiven 0 0 0 0    
Commercial | Other | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0 $ 0 $ 0 $ 0    
Interest rate concessions, initial rate 0.00% 0.00% 0.00% 0.00%    
Interest rate concessions, revised rate 0.00% 0.00% 0.00% 0.00%    
Commercial | Other | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 14 $ 0 $ 14 $ 0 14  
Interest rate concessions, initial rate 5.50% 0.00% 5.50% 0.00%    
Interest rate concessions, revised rate 4.30% 0.00% 4.30% 0.00%    
Payment extensions, initial term 4 months   4 months      
Payment extensions, revised term 60 months   60 months      
Commercial | Other | Combination | Pass            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Other | Combination | Special mention            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Other | Combination | Substandard            
Financing Receivable, Troubled Debt Restructuring            
Total         14  
Commercial | Other | Combination | Doubtful            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Commercial real estate            
Financing Receivable, Troubled Debt Restructuring            
Total $ 1   $ 1      
Commercial | Commercial real estate | Payment deferrals            
Financing Receivable, Troubled Debt Restructuring            
Total 0   0      
Commercial | Commercial real estate | Contractual maturity extensions            
Financing Receivable, Troubled Debt Restructuring            
Total 0   0      
Commercial | Commercial real estate | Principal forgiveness            
Financing Receivable, Troubled Debt Restructuring            
Total 0   0      
Principal forgiveness, amount forgiven 0   0      
Commercial | Commercial real estate | Interest rate concessions            
Financing Receivable, Troubled Debt Restructuring            
Total $ 0   $ 0      
Interest rate concessions, initial rate 0.00%   0.00%      
Interest rate concessions, revised rate 0.00%   0.00%      
Commercial | Commercial real estate | Combination            
Financing Receivable, Troubled Debt Restructuring            
Total $ 1   $ 1   1  
Interest rate concessions, initial rate 11.00%   11.00%      
Interest rate concessions, revised rate 6.00%   6.00%      
Payment extensions, initial term 84 months   84 months      
Payment extensions, revised term 90 months   90 months      
Commercial | Commercial real estate | Combination | Pass            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Commercial real estate | Combination | Special mention            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Commercial real estate | Combination | Substandard            
Financing Receivable, Troubled Debt Restructuring            
Total         0  
Commercial | Commercial real estate | Combination | Doubtful            
Financing Receivable, Troubled Debt Restructuring            
Total         $ 1  
v3.24.3
Leasing - Ally as the Lessee (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
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 $ 9 $ 7 $ 26 $ 23  
Right-of-use asset obtained in exchange for operating lease liability     $ 19 $ 10  
Operating lease, weighted-average remaining lease term 4 years   4 years   4 years
Operating lease, weighted average discount rate 3.16%   3.16%   2.85%
Minimum          
Lessee, Lease, Description [Line Items]          
Operating lease remaining lease term 3 months   3 months    
Maximum          
Lessee, Lease, Description [Line Items]          
Operating lease remaining lease term 6 years   6 years    
v3.24.3
Leasing - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
2024 $ 9  
2025 34  
2026 27  
2027 22  
2028 16  
2029 and thereafter 3  
Total undiscounted cash flows 111  
Difference between undiscounted cash flows and discounted cash flows (6)  
Total lease liability $ 105 $ 113
v3.24.3
Leasing - Schedule of Lease, Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]        
Operating lease expense $ 7 $ 7 $ 22 $ 21
Variable lease expense 1 1 3 3
Total lease expense, net $ 8 $ 8 $ 25 $ 24
v3.24.3
Leasing - Schedule of Ally as the Lessor (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Vehicles $ 9,865 $ 11,101
Accumulated depreciation (1,547) (1,930)
Investment in operating leases, net $ 8,318 9,171
Minimum    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Lessor, term of contract 24 months  
Maximum    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Lessor, term of contract 60 months  
Vehicles    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Residual value of leased asset $ 1,300 12
Vehicles | 15% Of Manufacturer Suggested Retail Price    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Residual value of leased asset $ 2 $ 12
Residual value guarantee, percentage 15.00% 15.00%
Vehicles | 50% Of Contract Residual Value    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Residual value of leased asset $ 1,300  
Residual value guarantee, percentage 50.00%  
v3.24.3
Leasing - Schedule of Lessor, Operating Lease, Payments to be Received, Maturity (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Leases [Abstract]  
2024 $ 362
2025 1,165
2026 752
2027 254
2028 25
2029 and thereafter 2
Total lease payments from operating leases $ 2,560
v3.24.3
Leasing - Schedule of Depreciation Expense on Operating Lease Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]        
Operating lease revenue $ 316 $ 385 $ 1,005 $ 1,179
Depreciation expense on operating lease assets (excluding remarketing gains) 225 269 711 812
Remarketing gains, net (24) (57) (129) (174)
Net depreciation expense on operating lease assets 201 212 582 638
Variable lease payments, excessive wear and tear $ 6 $ 3 $ 16 $ 7
v3.24.3
Leasing - Schedule of Sales-type and Direct Financing Leases, Lease Receivable, Maturity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Leases [Abstract]          
Direct financing lease, net investment in lease $ 530   $ 530   $ 537
Direct financing lease, present value of lease payments recorded as lease receivable 526   526   531
Direct financing lease, unguaranteed residual asset 4   4   $ 6
Direct financing lease, interest income 11 $ 10 34 $ 28  
2024 53   53    
2025 187   187    
2026 162   162    
2027 118   118    
2028 57   57    
2029 and thereafter 33   33    
Total undiscounted cash flows 610   610    
Difference between undiscounted cash flows and discounted cash flows (84)   (84)    
Present value of lease payments recorded as lease receivable $ 526   $ 526    
v3.24.3
Securitizations and Variable Interest Entities - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Securitizations And Variable Interest Entities [Abstract]        
Gain (loss) on sales of financial assets $ 1,000,000 $ 0 $ 2,000,000 $ 1,000,000
v3.24.3
Securitizations and Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Variable Interest Entity [Line Items]      
Carrying value of total assets $ 192,981 $ 196,392 $ 195,704
Carrying value of total liabilities 178,256 182,626  
Assets sold to nonconsolidated VIEs 3,149 2,639  
Maximum exposure to loss in nonconsolidated VIEs 6,597 5,458  
Non-recourse debt 16,807 17,570  
Held-to-maturity securities 4,441 4,680  
Other assets 9,907 9,395  
Equity securities 877 810  
On‑balance sheet variable interest entities      
Variable Interest Entity [Line Items]      
Carrying value of total assets 5,458 7,075  
Carrying value of total liabilities 1,720 1,513  
Non-recourse debt 1,717 1,509  
Other assets 326 461  
On‑balance sheet variable interest entities | Consumer | Automotive      
Variable Interest Entity [Line Items]      
Carrying value of total assets 13,966 16,415  
Carrying value of total liabilities 1,829 1,614  
Assets sold to nonconsolidated VIEs 0 0  
Maximum exposure to loss in nonconsolidated VIEs 0 0  
Assets held-in-trust 8,500 9,300  
On‑balance sheet variable interest entities | Consumer | Automotive | Nonrecourse      
Variable Interest Entity [Line Items]      
Non-recourse debt 109 100  
Off-balance sheet variable interest entities      
Variable Interest Entity [Line Items]      
Carrying value of total assets 16,750 19,012  
Carrying value of total liabilities 2,811 2,588  
Off-balance sheet variable interest entities | Consumer | Automotive      
Variable Interest Entity [Line Items]      
Carrying value of total assets 103 81  
Carrying value of total liabilities 0 0  
Assets sold to nonconsolidated VIEs 3,056 2,514  
Maximum exposure to loss in nonconsolidated VIEs 3,159 2,595  
Held-to-maturity securities 99 78  
Other assets 4 3  
Off-balance sheet variable interest entities | Consumer | Other      
Variable Interest Entity [Line Items]      
Carrying value of total assets 0 0  
Carrying value of total liabilities 0 0  
Assets sold to nonconsolidated VIEs 93 125  
Maximum exposure to loss in nonconsolidated VIEs 93 125  
Off-balance sheet variable interest entities | Commercial | Other      
Variable Interest Entity [Line Items]      
Carrying value of total assets 2,681 2,516  
Carrying value of total liabilities 982 974  
Assets sold to nonconsolidated VIEs 0 0  
Maximum exposure to loss in nonconsolidated VIEs 3,345 2,738  
Equity securities $ 48 $ 44  
v3.24.3
Securitizations and Variable Interest Entities - Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities (Details) - Off-balance sheet variable interest entities - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items]    
Total $ 1,596 $ 826
Automotive | Consumer    
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items]    
Cash proceeds from transfers completed during the period 1,468 707
Servicing fees 44 11
Cash flows received on retained interests in securitization entities 41 0
Cash disbursements for repurchases during the period 1 0
Other cash flows 2 1
Consumer other | Consumer    
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items]    
Cash proceeds from transfers completed during the period 35 100
Servicing fees $ 5 $ 7
v3.24.3
Securitizations and Variable Interest Entities - Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together (Details) - Off-balance sheet variable interest entities - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]          
Total amount $ 3,149   $ 3,149   $ 2,639
Amount 60 days or more past due 109   109   72
Net credit losses 35 $ 18 97 $ 35  
Off-balance-sheet securitization entities | Automotive | Consumer          
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]          
Total amount 1,948   1,948   1,558
Amount 60 days or more past due 19   19   11
Net credit losses 6 0 14 0  
Whole-loan sales | Automotive | Consumer          
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]          
Total amount 1,108   1,108   956
Amount 60 days or more past due 79   79   44
Net credit losses 22 10 54 14  
Whole-loan sales | Consumer other | Consumer          
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]          
Total amount 93   93   125
Amount 60 days or more past due 11   11   $ 17
Net credit losses $ 7 $ 8 $ 29 $ 21  
v3.24.3
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Assets [Abstract]      
Property and equipment at cost $ 2,190 $ 2,153  
Accumulated depreciation (923) (871)  
Net property and equipment 1,267 1,282  
Proportional amortization investments 2,034 1,866  
Net deferred tax assets 1,468 1,224  
Accrued interest, fees, and rent receivables 945 935  
Nonmarketable equity investments 789 886  
Goodwill 669 669 $ 822
Equity-method investments 658 651  
Restricted cash and cash equivalents 399 87  
Restricted cash held for securitization trusts 289 407  
Other accounts receivable 203 189  
Operating lease right-of-use assets 85 90  
Net intangible assets 58 73  
Other assets 1,043 1,036  
Total other assets $ 9,907 $ 9,395  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total other assets Total other assets  
v3.24.3
Other Assets - Schedule of Proportional Amortization Investment (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other Assets [Abstract]        
Tax credits and other tax benefits from proportional amortization investments $ 116,000,000 $ 68,000,000 $ 225,000,000 $ 190,000,000
Investment amortization expense recognized as a component of income tax expense 94,000,000 50,000,000 182,000,000 149,000,000
Net benefit from proportional amortization investments 22,000,000 18,000,000 43,000,000 41,000,000
Investment program, proportional amortization method, elected, impairment loss $ 0 $ 0 $ 0 $ 0
v3.24.3
Other Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Goodwill [Line Items]          
Proportional amortization investments $ 2,034   $ 2,034   $ 1,866
Unfunded commitments for proportional amortization investments 980   $ 980   973
Unfunded commitments, period to be paid     5 years    
Loss on nonmarketable equity investments, net $ 0 $ 0 $ 9 $ 11  
Goodwill impairment         149
Goodwill, transfers         4
Corporate and Other          
Goodwill [Line Items]          
Goodwill impairment         149
Goodwill, transfers         4
Corporate and Other | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending          
Goodwill [Line Items]          
Goodwill impairment         $ 149
v3.24.3
Other Assets - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Other Assets [Abstract]          
FRB stock $ 425,000,000   $ 425,000,000   $ 392,000,000
FHLB stock 272,000,000   272,000,000   392,000,000
Equity investments without a readily determinable fair value          
Cost basis at acquisition 78,000,000   78,000,000   74,000,000
Upward adjustments 53,000,000   53,000,000   51,000,000
Downward adjustments (including impairment) (39,000,000)   (39,000,000)   (23,000,000)
Carrying amount, equity investments without a readily determinable fair value 92,000,000   92,000,000   102,000,000
Nonmarketable equity investments 789,000,000   789,000,000   $ 886,000,000
Upward adjustments 1,000,000 $ 0 2,000,000 $ 7,000,000  
Downward adjustments (including impairment) (5,000,000) 0 (19,000,000) (17,000,000)  
Impairment of FHLB and FRB stock $ 0 $ 0 $ 0 $ 0  
v3.24.3
Other Assets - Schedule of Schedule of Goodwill (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Goodwill beginning balance $ 669 $ 822
Goodwill impairment   (149)
Transfer to assets of operations held-for-sale   (4)
Goodwill acquired 0  
Goodwill ending balance 669 669
Operating Segments | Automotive Finance operations    
Goodwill [Roll Forward]    
Goodwill beginning balance 20 20
Goodwill impairment   0
Transfer to assets of operations held-for-sale   0
Goodwill acquired 0  
Goodwill ending balance 20 20
Operating Segments | Insurance operations    
Goodwill [Roll Forward]    
Goodwill beginning balance 27 27
Goodwill impairment   0
Transfer to assets of operations held-for-sale   0
Goodwill acquired 0  
Goodwill ending balance 27 27
Corporate and Other    
Goodwill [Roll Forward]    
Goodwill beginning balance 622 775
Goodwill impairment   (149)
Transfer to assets of operations held-for-sale   (4)
Goodwill acquired 0  
Goodwill ending balance 622 622
Ally Credit Card | Corporate and Other    
Goodwill [Roll Forward]    
Goodwill beginning balance 479  
Goodwill ending balance 479 479
Ally Invest | Corporate and Other    
Goodwill [Roll Forward]    
Goodwill beginning balance 143  
Goodwill ending balance $ 143 $ 143
v3.24.3
Other Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization $ (127) $ (112)
Net carrying value 58  
Total intangible assets, gross 185 185
Net intangible assets 58 73
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets   22
Accumulated amortization   22
Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 117 117
Accumulated amortization (74) (64)
Net carrying value 43 53
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 41 41
Accumulated amortization (41) (39)
Net carrying value 0 2
Purchased credit card relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 25 25
Accumulated amortization (10) (7)
Net carrying value 15 18
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 2 2
Accumulated amortization (2) (2)
Net carrying value $ 0 $ 0
v3.24.3
Other Assets - Schedule of Future Amortization Expense of Intangible Assets (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
2024 $ 4
2025 14
2026 14
2027 13
2028 13
Net carrying value $ 58
v3.24.3
Deposit Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Deposits [Abstract]    
Noninterest-bearing deposits $ 174 $ 139
Interest-bearing deposits    
Savings, money market, and spending accounts 101,872 99,340
Certificates of deposit 49,904 55,187
Total deposit liabilities 151,950 154,666
Certificates of deposit, in excess of $250,000 federal insurance limits $ 6,700 $ 7,700
v3.24.3
Debt - Schedule of Short-term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Short-term Debt [Line Items]    
Federal Home Loan Bank $ 1,400 $ 2,550
Securities sold under agreements to repurchase 371 747
Total short-term borrowings 1,771 3,297
Cash collateral received   6
Non-cash collateral received   1
Unsecured debt    
Short-term Debt [Line Items]    
Federal Home Loan Bank 0 0
Securities sold under agreements to repurchase 0 0
Total short-term borrowings 0 0
Secured debt    
Short-term Debt [Line Items]    
Federal Home Loan Bank 1,400 2,550
Securities sold under agreements to repurchase 371 747
Total short-term borrowings 1,771 $ 3,297
Secured debt | US Treasury And Federal Agency Securities    
Short-term Debt [Line Items]    
Securities sold under agreements to repurchase $ 371  
v3.24.3
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt, due within one year $ 3,740 $ 4,340
Long-term debt, due after one year 13,067 13,230
Long-term debt 16,807 17,570
Secured debt 8,558 10,443
Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, due within one year 1,289 1,409
Long-term debt, due after one year 8,731 9,015
Long-term debt 10,020 10,424
Secured debt    
Debt Instrument [Line Items]    
Long-term debt, due within one year 2,451 2,931
Long-term debt, due after one year 4,336 4,215
Long-term debt 6,787 7,146
Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Secured debt $ 4,800 $ 5,600
v3.24.3
Debt - Scheduled Remaining Maturity of Long-term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of remainder of fiscal year $ 753  
Long-term debt, maturities, repayments of principal in year one 4,676  
Long-term debt, maturities, repayments of principal in year two 2,123  
Long-term debt, maturities, repayments of principal in year three 2,838  
Long-term debt, maturities, repayments of principal in year four 1,107  
Long-term debt, maturities, repayments of principal after year four 5,310  
Total long-term debt 16,807 $ 17,570
Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, net of original discount, repayments of remainder of fiscal year (8)  
Long-term debt, maturities, repayments of principal in year one 2,409  
Long-term debt, maturities, repayments of principal in year two 68  
Long-term debt, maturities, repayments of principal in year three 1,507  
Long-term debt, maturities, repayments of principal in year four 759  
Long-term debt, maturities, repayments of principal after year four 5,285  
Total long-term debt 10,020 10,424
Secured debt    
Debt Instrument [Line Items]    
Total long-term debt 6,787 $ 7,146
Long-term debt | Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of remainder of fiscal year 9  
Long-term debt, maturities, repayments of principal in year one 2,483  
Long-term debt, maturities, repayments of principal in year two 151  
Long-term debt, maturities, repayments of principal in year three 1,601  
Long-term debt, maturities, repayments of principal in year four 866  
Long-term debt, maturities, repayments of principal after year four 5,690  
Total long-term debt 10,800  
Long-term debt | Secured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of remainder of fiscal year 761  
Long-term debt, maturities, repayments of principal in year one 2,267  
Long-term debt, maturities, repayments of principal in year two 2,055  
Long-term debt, maturities, repayments of principal in year three 1,331  
Long-term debt, maturities, repayments of principal in year four 348  
Long-term debt, maturities, repayments of principal after year four 25  
Total long-term debt 6,787  
Original issue discount | Unsecured debt    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount (780)  
Original issue discount | Unsecured debt | 2024    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, current (17)  
Original issue discount | Unsecured debt | 2025    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (74)  
Original issue discount | Unsecured debt | 2026    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (83)  
Original issue discount | Unsecured debt | 2027    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (94)  
Original issue discount | Unsecured debt | 2028    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (107)  
Original issue discount | Unsecured debt | 2029 and thereafter    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent $ (405)  
v3.24.3
Debt - Schedule of Pledged Assets Related to Secured Borrowings and Repurchase Agreement (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral $ 66,865 $ 69,512
Secured debt 8,558 10,443
Amortized cost 27,312 28,416
Short-term borrowings 1,771 3,297
Asset Pledged as Collateral    
Pledged Assets related to secured borrowings [Line Items]    
Amortized cost 3,273 4,030
Credit-Linked Notes    
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral 288 0
Pledged assets for Federal Home Loan Bank    
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral 27,000 27,900
Pledged assets for Federal Reserve Bank    
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral 33,900 34,000
Investment securities    
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral 3,491 4,036
Consumer | Automotive    
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral 39,199 40,805
Consumer | Consumer mortgage    
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral 17,536 18,703
Commercial    
Pledged Assets related to secured borrowings [Line Items]    
Total assets restricted as collateral $ 6,351 $ 5,968
v3.24.3
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]        
Unfunded commitments for proportional amortization investments $ 980 $ 973    
Accounts payable 545 509    
Employee compensation and benefits 359 409    
Reserves for insurance losses and loss adjustment expenses 197 140 $ 145 $ 119
Deferred revenue 113 103    
Operating lease liabilities 105 113    
Other liabilities 470 479    
Total accrued expenses and other liabilities $ 2,769 $ 2,726    
Operating lease, liability, statement of financial position [Extensible Enumeration] Total accrued expenses and other liabilities Total accrued expenses and other liabilities    
v3.24.3
Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Carrying value $ 2,324 $ 2,324
Preferred stock dividends — Series B    
Class of Stock [Line Items]    
Carrying value $ 1,335 $ 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 (in shares) 1,350,000 1,350,000
Number of shares issued (in shares) 1,350,000 1,350,000
Number of shares outstanding (in shares) 1,350,000 1,350,000
Series B Preferred Stock, Prior To May 15, 2026    
Class of Stock [Line Items]    
Dividend/coupon rate 4.70% 4.70%
Series B Preferred Stock, On And After May 15, 2026    
Class of Stock [Line Items]    
Dividend/coupon rate 3.868% 3.868%
Preferred stock dividends — Series C    
Class of Stock [Line Items]    
Carrying value $ 989 $ 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 (in shares) 1,000,000 1,000,000
Number of shares issued (in shares) 1,000,000 1,000,000
Number of shares outstanding (in shares) 1,000,000 1,000,000
Series C Preferred Stock, Prior To May 15, 2028    
Class of Stock [Line Items]    
Dividend/coupon rate 4.70% 4.70%
Series C Preferred Stock, On And After May 15, 2028    
Class of Stock [Line Items]    
Dividend/coupon rate 3.481% 3.481%
v3.24.3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 13,851 $ 13,532 $ 13,766 $ 12,859
Net change 616 (902) 423 (706)
Ending balance 14,725 12,825 14,725 12,825
Accumulated other comprehensive loss        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (4,009) (3,863) (3,816) (4,059)
Net change 616 (902) 423 (706)
Ending balance (3,393) (4,765) (3,393) (4,765)
Available-for-sale securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (3,353) (3,881) (3,146) (4,095)
Net change 588 (886) 381 (672)
Ending balance (2,765) (4,767) (2,765) (4,767)
Held-to-maturity securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (650) 0 (682) 0
Net change 18 0 50 0
Ending balance (632) 0 (632) 0
Translation adjustments and net investment hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 20 21 21 18
Net change 1 (1) 0 2
Ending balance 21 20 21 20
Cash flow hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (26) (3) (9) 18
Net change 9 (15) (8) (36)
Ending balance $ (17) $ (18) $ (17) $ (18)
v3.24.3
Accumulated Other Comprehensive Loss - Schedule of Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), before tax $ 807 $ (1,184) $ 555 $ (928)
Other comprehensive income (loss), tax effect (191) 282 (132) 222
Other comprehensive income (loss), net of tax 616 (902) 423 (706)
Available-for-sale securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net unrealized gains (losses) arising during the period, before tax 772   502 (877)
Net unrealized gains (losses) arising during the period, tax (183)   (119) 209
Net unrealized gains (losses) arising during the period, net of tax 589   383 (668)
Reclassification from AOCI, before tax 1   2 5
Reclassification from AOCI, tax 0   0 (1)
Reclassification from AOCI, net of tax 1   2 4
Other comprehensive income (loss), before tax 771 (1,163) 500 (882)
Other comprehensive income (loss), tax effect (183) 277 (119) 210
Other comprehensive income (loss), net of tax 588 (886) 381 (672)
Held-to-maturity securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Reclassification from AOCI, before tax (23)   (65)  
Reclassification from AOCI, tax 5   15  
Reclassification from AOCI, net of tax (18)   (50)  
Translation adjustments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), before tax 2 (5) (5) 1
Other comprehensive income (loss), tax effect 0 1 1 0
Other comprehensive income (loss), net of tax 2 (4) (4) 1
Net investment hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), before tax (1) 4 5 1
Other comprehensive income (loss), tax effect 0 (1) (1) 0
Other comprehensive income (loss), net of tax (1) 3 4 1
Cash flow hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net unrealized gains (losses) arising during the period, before tax 8 (15) (17) (33)
Net unrealized gains (losses) arising during the period, tax (2) 4 4 9
Net unrealized gains (losses) arising during the period, net of tax 6 (11) (13) (24)
Reclassification from AOCI, before tax (4) 5 (7) 15
Reclassification from AOCI, tax 1 (1) 2 (3)
Reclassification from AOCI, net of tax (3) 4 (5) 12
Other comprehensive income (loss), before tax 12 (20) (10) (48)
Other comprehensive income (loss), tax effect (3) 5 2 12
Other comprehensive income (loss), net of tax $ 9 $ (15) $ (8) $ (36)
v3.24.3
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Class of Stock [Line Items]        
Net income from continuing operations $ 357 $ 296 $ 808 $ 945
Net income from continuing operations attributable to common stockholders [1] 330 269 725 862
Loss from discontinued operations, net of tax [1] 0 0 0 (1)
Net income attributable to common stockholders [1] $ 330 $ 269 $ 725 $ 861
Basic weighted-average common shares outstanding (in shares) [1],[2] 307,312 304,134 306,699 303,497
Diluted weighted-average common shares outstanding (in shares) [1],[2] 311,044 305,693 309,786 304,601
Basic earnings per common share        
Net income from continuing operations (in dollars per share) [1] $ 1.07 $ 0.88 $ 2.37 $ 2.84
Loss from discontinued operations, net of tax (in dollars per share) [1] 0 0 0 (0.01)
Net income (in dollars per share) [1] 1.07 0.88 2.37 2.84
Diluted earnings per common share        
Net income from continuing operations (in dollars per share) [1] 1.06 0.88 2.34 2.83
Loss from discontinued operations, net of tax (in dollars per share) [1] 0 0 0 (0.01)
Net income (in dollars per share) [1] $ 1.06 $ 0.88 $ 2.34 $ 2.83
Preferred stock dividends — Series B        
Class of Stock [Line Items]        
Preferred stock dividends $ (16) $ (16) [1] $ (48) [1] $ (48)
Preferred stock dividends — Series C        
Class of Stock [Line Items]        
Preferred stock dividends $ (11) $ (11) [1] $ (35) [1] $ (35)
[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.
v3.24.3
Regulatory Capital and Other Regulatory Matters - Schedule of Regulatory Capital Amount and Ratios (Details)
$ in Millions
Oct. 31, 2024
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 31, 2023
Oct. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]          
Common equity tier one capital ratio, minimum   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 capital conservation buffer   0.025      
Accumulated other comprehensive losses excluded from Common Equity Tier 1 Capital   $ 3,400 $ 3,800    
Brokered deposits   $ 9,100      
Percentage of interest-bearing domestic deposits to deposits, brokered   6.00%      
Common equity tier one capital   $ 15,298 $ 15,129    
Common equity tier one capital ratio   0.0979 0.0936    
Tier one capital to risk-weighted assets, amount   $ 17,564 $ 17,392    
Tier one capital to risk-weighted assets, ratio   0.1124 0.1076    
Tier one capital to risk-weighted assets, well-capitalized minimum   0.0600      
Capital to risk-weighted assets, amount   $ 20,173 $ 20,055    
Capital to risk-weighted assets, ratio   0.1290 0.1241    
Capital to risk weighted assets, well-capitalized minimum   0.1000      
Tier one leverage to adjusted quarterly average assets, amount   $ 17,564 $ 17,392    
Tier one leverage to adjusted quarterly average assets, ratio   0.0899 0.0867    
Accounting Standards Update 2016-13          
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]          
Deferred reduction to Common Equity Tier 1 Capital from CECL   $ 296      
Ally Financial Inc          
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]          
Minimum capital conservation buffer   0.025 0.025 0.025 0.025
Ally Financial Inc | Subsequent event          
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]          
Minimum capital conservation buffer 0.026        
Ally Bank          
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]          
Common equity tier one capital ratio, minimum   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      
Common equity tier one capital   $ 17,579 $ 17,217    
Common equity tier one capital ratio   0.1192 0.1124    
Common equity tier one capital, well capitalized minimum   0.0650      
Tier one capital to risk-weighted assets, amount   $ 17,579 $ 17,217    
Tier one capital to risk-weighted assets, ratio   0.1192 0.1124    
Tier one capital to risk-weighted assets, well-capitalized minimum   0.0800      
Capital to risk-weighted assets, amount   $ 19,441 $ 19,144    
Capital to risk-weighted assets, ratio   0.1318 0.1250    
Capital to risk weighted assets, well-capitalized minimum   0.1000      
Tier one leverage to adjusted quarterly average assets, amount   $ 17,579 $ 17,217    
Tier one leverage to adjusted quarterly average assets, ratio   0.0952 0.0907    
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum   0.0500      
v3.24.3
Regulatory Capital and Other Regulatory Matters - Schedule of Common Share Repurchases (Details)
 3 Months Ended 9 Months Ended 99 Months Ended
Oct. 07, 2024
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Sep. 30, 2023
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Mar. 31, 2023
USD ($)
$ / shares
shares
Sep. 30, 2024
$ / shares
shares
Sep. 30, 2023
$ / shares
shares
Sep. 30, 2024
$ / shares
shares
Oct. 31, 2024
Oct. 31, 2023
Feb. 28, 2023
USD ($)
Dec. 31, 2022
shares
Oct. 31, 2022
Jun. 30, 2016
shares
Accelerated Share Repurchases [Line Items]                                  
Minimum capital conservation buffer   0.025             0.025   0.025            
Stock repurchased during period, value   $ 1,000,000 $ 1,000,000 $ 29,000,000 $ 4,000,000 $ 0 $ 2,000,000 $ 27,000,000                  
Stock repurchased during period, number of shares (in share) | shares   27,000 13,000 781,000 145,000 5,000 58,000 836,000                  
Common stock, shares outstanding (in shares) | shares   304,714,784 304,656,000 303,978,000 302,459,258 301,630,000 301,619,000 300,821,000 304,714,784 301,630,000 304,714,784       299,324,000   484,000,000
Dividends declared (in dollars per share) | $ / shares   $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30            
Common stock, share reduction                     37.00%            
Cash dividends declared per common share (in dollars per share) | $ / shares [1]   $ 0.30       $ 0.30     $ 0.90 $ 0.90              
Subsequent event                                  
Accelerated Share Repurchases [Line Items]                                  
Cash dividends declared per common share (in dollars per share) | $ / shares $ 0.30                                
Credit-Linked Notes                                  
Accelerated Share Repurchases [Line Items]                                  
Proceeds from issuance of subordinated long-term debt     $ 330,000,000                            
Automotive | Credit-Linked Notes | Consumer                                  
Accelerated Share Repurchases [Line Items]                                  
Debt instrument, reference portfolio amount     $ 3,000,000,000                            
Ally Financial Inc                                  
Accelerated Share Repurchases [Line Items]                                  
Minimum capital conservation buffer   0.025     0.025       0.025   0.025   0.025     0.025  
Ally Financial Inc | Subsequent event                                  
Accelerated Share Repurchases [Line Items]                                  
Minimum capital conservation buffer                       0.026          
Unsecured debt                                  
Accelerated Share Repurchases [Line Items]                                  
Proceeds from issuance of subordinated long-term debt                           $ 500,000,000      
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
v3.24.3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Cash collateral placed with counterparties $ 2 $ 6
Noncash collateral placed with counterparties 519 642
Cash collateral received from counterparties $ 16 $ 31
v3.24.3
Derivative Instruments and Hedging Activities - Schedule of Fair Value Amounts of Derivative Instruments Reported on our Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
receivable position $ 15 $ 33
payable position 7 17
Notional amount 41,210 44,468
Credit derivative, maximum exposure, undiscounted 13 29
Total derivatives designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 13 31
payable position 2 6
Notional amount 40,619 42,251
Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 2 2
payable position 5 11
Notional amount 591 2,217
Interest rate contracts | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 2 2
payable position 0 0
Notional amount 252 2,158
Swaps | Total derivatives designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 0 0
Notional amount 34,200 35,835
Swaps | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 0 0
Notional amount 0 2,000
Purchased options | Total derivatives designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 13 31
payable position 0 0
Notional amount 6,250 6,250
Forwards | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 0 0
Notional amount 150 70
Written options | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 2 2
payable position 0 0
Notional amount 102 88
Foreign exchange contracts | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 0 1
Notional amount 51 59
Forwards | Total derivatives designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 2 6
Notional amount 169 166
Forwards | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 0 1
Notional amount 51 59
Total credit risk | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 5 10
Notional amount 288 0
Credit-linked note derivative | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position 0 0
Notional amount 288 0
Other credit derivatives | Total derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
receivable position 0 0
payable position $ 5 $ 10
v3.24.3
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, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, fair value hedge $ 6,346 $ 7,750
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Available-for-sale securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, fair value hedge $ 15,815 $ 16,302
Hedged asset, fair value hedge, cumulative increase (decrease) $ 32 $ (79)
Hedged Asset, Statement of Financial Position [Extensible Enumeration] Available-for-sale securities (amortized cost of $27,312 and $28,416) Available-for-sale securities (amortized cost of $27,312 and $28,416)
Closed portfolio and beneficial interest, last-of-layer, amortized cost $ 14,300 $ 14,800
Amortized cost 14,100 14,600
Basis adjustment for active hedge 50 (45)
Hedged asset, last-of-layer, amount 12,000 11,300
Available-for-sale securities | Total derivatives designated as accounting hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Basis adjustment for active hedge 157 75
Finance receivables and loans, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, fair value hedge 39,312 54,189
Hedged asset, fair value hedge, cumulative increase (decrease) $ 28 $ (93)
Hedged Asset, Statement of Financial Position [Extensible Enumeration] Finance receivables and loans, net Finance receivables and loans, net
Basis adjustment for active hedge $ 28 $ (93)
Hedged asset, last-of-layer, amount 20,800 23,200
Closed portfolio, carrying value 38,000 50,000
Finance receivables and loans, net | Total derivatives designated as accounting hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Basis adjustment for active hedge 41 (66)
Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, fair value hedge, cumulative increase (decrease) 91 100
Discontinued hedge | Available-for-sale securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) (138) (156)
Basis adjustment for active hedge (107) (120)
Discontinued hedge | Finance receivables and loans, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) (13) (27)
Basis adjustment for active hedge (13) (27)
Discontinued hedge | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) $ 91 $ 100
v3.24.3
Derivative Instruments and Hedging Activities - Schedule of Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income (Details) - Total derivatives not designated as accounting hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings $ 7 $ 0 $ 21 $ (3)
Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings 6 3 16 12
Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings (1) 1 1 1
Other credit derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings 1 0 1 (5)
Equity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings 1 (4) 3 (11)
Gain on mortgage and automotive loans, net | Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings 6 4 16 13
Other operating expenses | Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings (1) 1 1 1
Other income, net of losses | Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings 0 (1) 0 (1)
Other income, net of losses | Other credit derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings 1 0 1 (5)
Other income, net of losses | Equity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) recognized in earnings $ 1 $ (4) $ 3 $ (11)
v3.24.3
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments Designated as Fair Value Hedges, Gain (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Interest and fees on finance receivables and loans $ 2,889 $ 2,837 $ 8,561 $ 8,133
Interest and dividends on investment securities and other earning assets 262 267 793 752
Interest on long-term debt 256 274 748 753
Loss on cash flow hedges to be recognized within twelve months     29  
Total derivatives designated as accounting hedges | 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 (loss) gain on cash flow hedging relationships (4) 4 (7) 14
Total derivatives designated as accounting hedges | 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 (loss) gain on cash flow hedging relationships 0 0 0 0
Total derivatives designated as accounting hedges | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships 0 0 0 0
Total (loss) gain on cash flow hedging relationships 0 0 0 0
Total derivatives designated as accounting hedges | 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
Change in unrealized gain (loss) on fair value hedging instruments     0 0
Total derivatives designated as accounting hedges | 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
Change in unrealized gain (loss) on fair value hedging instruments     0 0
Total derivatives designated as accounting hedges | 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     0 1
Change in unrealized gain (loss) on fair value hedging instruments     0 (1)
Total derivatives designated as accounting hedges | Hedged 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
Total derivatives designated as accounting hedges | Hedged 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 327 (164) 94 (272)
Change in unrealized gain (loss) on fair value hedging instruments (327) 164 (94) 272
Total derivatives designated as accounting hedges | Hedged 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
Total derivatives designated as accounting hedges | 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 190 66 107 232
Change in unrealized gain (loss) on fair value hedging instruments (190) (66) (107) (232)
Total derivatives designated as accounting hedges | 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
Total derivatives designated as accounting hedges | 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
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge loss reclassified to earnings (4) 4 (7) 14
Total derivatives designated as accounting hedges | Hedged 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 loss reclassified to earnings 0 0 0 0
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate cash flow hedge loss reclassified to earnings $ 0 $ 0 $ 0 $ 0
v3.24.3
Derivative Instruments and Hedging Activities - Schedule of Interest and Amortization on Derivative Instruments (Details) - Total derivatives designated as accounting hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships $ 62 $ 162 $ 218 $ 531
Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships 56 52 164 103
Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain on fair value hedging relationships 3 4 9 9
Unsecured debt | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain on amortization of deferred basis adjustments 0 0 0 0
Unsecured debt | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain on amortization of deferred basis adjustments 0 0 0 0
Unsecured debt | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain on amortization of deferred basis adjustments 2 3 7 7
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain 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 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 on amortization of deferred basis adjustments 1 1 2 2
Hedged available-for-sale securities | Interest and fees on finance receivables and loans        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain on amortization of deferred basis adjustments 0 0 0 0
Gain on interest for qualifying hedge 0 0 0 0
Hedged available-for-sale securities | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain on amortization of deferred basis adjustments 6 6 17 17
Gain on interest for qualifying hedge 50 46 147 86
Hedged available-for-sale securities | Interest on long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain on amortization of deferred basis adjustments 0 0 0 0
Gain 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 on amortization of deferred basis adjustments 3 8 12 26
Gain on interest for qualifying hedge 59 154 206 505
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain on amortization of deferred basis adjustments 0 0 0 0
Gain 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 on amortization of deferred basis adjustments 0 0 0 0
Gain on interest for qualifying hedge $ 0 $ 0 $ 0 $ 0
v3.24.3
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments Used in Net Investment Hedge Accounting Relationships (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest rate contracts | Cash flow hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized in other comprehensive income (loss) $ 12,000,000 $ (20,000,000) $ (10,000,000) $ (48,000,000)
Foreign exchange contracts | Net investment hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
(Loss) gain recognized in other comprehensive income (loss) (1,000,000) 4,000,000 5,000,000 1,000,000
Amounts excluded from effectiveness testing 0 0 0 0
Amounts reclassified from accumulated other comprehensive income $ 0 $ 0 $ 0 $ 0
v3.24.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense from continuing operations $ (124) $ (68) $ (147) $ 74
v3.24.3
Fair Value - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities $ 877 $ 810
Total available-for-sale securities $ 23,905 $ 24,415
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Finance receivables and loans, net Finance receivables and loans, net
Derivative contracts in a receivable position $ 15 $ 33
Investment in any one industry did not exceed percentage 13.00% 11.00%
Carrying amount, equity investments without a readily determinable fair value $ 92 $ 102
Fair value, measurements, recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 23,905 24,415
Mortgage loans held-for-sale 30 25
Derivative contracts in a receivable position 15 33
Total assets 24,778 25,239
Total derivative contracts in a payable position 7 17
Total liabilities 7 17
Fair value, measurements, recurring | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 2 7
Fair value, measurements, recurring | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 5 10
Fair value, measurements, recurring | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 828 766
Carrying amount, equity investments without a readily determinable fair value 49 44
Fair value, measurements, recurring | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 2,115 2,075
Fair value, measurements, recurring | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 647 658
Fair value, measurements, recurring | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 200 183
Fair value, measurements, recurring | Agency mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 14,697 15,384
Fair value, measurements, recurring | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 219 225
Fair value, measurements, recurring | Agency mortgage-backed commercial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 4,016 3,758
Fair value, measurements, recurring | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 202 332
Fair value, measurements, recurring | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 1,809 1,800
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 15 33
Fair value, measurements, recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 2,154 2,126
Mortgage loans held-for-sale 0 0
Derivative contracts in a receivable position 0 0
Total assets 2,982 2,891
Total derivative contracts in a payable position 0 0
Total liabilities 0 0
Fair value, measurements, recurring | Level 1 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 1 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 1 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 828 765
Fair value, measurements, recurring | Level 1 | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 2,115 2,075
Fair value, measurements, recurring | Level 1 | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 1 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 39 51
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 1 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed commercial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 1 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 1 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | 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 | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 21,713 22,280
Mortgage loans held-for-sale 23 25
Derivative contracts in a receivable position 13 31
Total assets 21,749 22,336
Total derivative contracts in a payable position 2 7
Total liabilities 2 7
Fair value, measurements, recurring | Level 2 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 2 7
Fair value, measurements, recurring | Level 2 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 0 0
Fair value, measurements, recurring | 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 | Level 2 | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 2 | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 609 649
Fair value, measurements, recurring | Level 2 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 161 132
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 14,697 15,384
Fair value, measurements, recurring | Level 2 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 219 225
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed commercial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 4,016 3,758
Fair value, measurements, recurring | Level 2 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 202 332
Fair value, measurements, recurring | Level 2 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 1,809 1,800
Fair value, measurements, recurring | Level 2 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 13 31
Fair value, measurements, recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 38 9
Mortgage loans held-for-sale 7 0
Derivative contracts in a receivable position 2 2
Total assets 47 12
Total derivative contracts in a payable position 5 10
Total liabilities 5 10
Fair value, measurements, recurring | Level 3 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 3 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative contracts in a payable position 5 10
Fair value, measurements, recurring | Level 3 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 0 1
Fair value, measurements, recurring | Level 3 | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 3 | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 38 9
Fair value, measurements, recurring | Level 3 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 3 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed commercial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 3 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 3 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total available-for-sale securities 0 0
Fair value, measurements, recurring | Level 3 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position $ 2 $ 2
v3.24.3
Fair Value - Schedule of 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, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative liabilities, net of derivative assets        
Liabilities        
Fair value at beginning of the period $ 3 $ 18 $ 8 $ 39
Net realized/unrealized gains        
Included in earnings (5) (3) (14) (6)
Included in OCI 0 0 0 0
Purchases and originations 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (5) (5) (30)
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 5 3 14 10
Fair value at ending of the period 3 13 3 13
Net unrealized gains still held at September 30,        
Included in earnings (2) 0 (7) (3)
Included in OCI 0 0 0 0
Equity securities        
Assets        
Fair value at beginning of the period 0 1 1 1
Net realized/unrealized gains        
Included in earnings 0 0 0 0
Included in OCI 0 0 0 0
Purchases and originations 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 (1) 0
Fair value at ending of the period 0 1 0 1
Net unrealized gains still held at September 30,        
Included in earnings 0 0 0 0
Included in OCI 0 0 0 0
Available-for-sale securities        
Assets        
Fair value at beginning of the period 11 5 9 4
Net realized/unrealized gains        
Included in earnings 0 0 0 0
Included in OCI 0 0 0 0
Purchases and originations 27 0 29 1
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (1) 0 (1)
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair value at ending of the period 38 4 38 4
Net unrealized gains still held at September 30,        
Included in earnings 0 0 0 0
Included in OCI 0 0 0 0
Available-for-sale debt security 27   27  
Mortgage loans held-for-sale        
Assets        
Fair value at beginning of the period 2 0 0 0
Net realized/unrealized gains        
Included in earnings 0 0 0 0
Included in OCI 0 0 0 0
Purchases and originations 16 0 18 0
Sales (11) 0 (11) 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair value at ending of the period 7 0 7 0
Net unrealized gains still held at September 30,        
Included in earnings 0 0 0 0
Included in OCI 0 0 0 0
Finance receivables and loans, net | Consumer Loan        
Assets        
Fair value at beginning of the period 0 0 0 3
Net realized/unrealized gains        
Included in earnings 0 0 0 0
Included in OCI 0 0 0 0
Purchases and originations 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 (3)
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair value at ending of the period 0 0 0 0
Net unrealized gains still held at September 30,        
Included in earnings 0 0 0 0
Included in OCI $ 0 $ 0 $ 0 $ 0
v3.24.3
Fair Value - Schedule of Fair Value Measurements - Nonrecurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net $ 306 $ 400
Finance receivables and loans, net 133,801 135,852
Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 68 375
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments 0 0
Assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 131 441
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (57) (43)
Nonmarketable equity investments | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 1 1
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (1) 1
Repossessed and foreclosed assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 6 10
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (1) (1)
Level 1 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 0 0
Level 1 | Assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 0 0
Level 1 | Nonmarketable equity investments | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 0 0
Level 1 | Repossessed and foreclosed assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 0 0
Level 2 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 0 0
Level 2 | Assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1 0
Level 2 | Nonmarketable equity investments | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 1 0
Level 2 | Repossessed and foreclosed assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 0 0
Level 3 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 68 375
Level 3 | Assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 130 441
Level 3 | Nonmarketable equity investments | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 0 1
Level 3 | Repossessed and foreclosed assets | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 6 10
Commercial | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 56 55
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (55) (43)
Commercial | Level 1 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Commercial | Level 2 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Commercial | Level 3 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 56 55
Automotive | Commercial | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 18 6
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (2) 0
Automotive | Commercial | Level 1 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Automotive | Commercial | Level 2 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Automotive | Commercial | Level 3 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 18 6
Other | Commercial | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 38 49
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (53) (43)
Other | Commercial | Level 1 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Other | Commercial | Level 2 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Other | Commercial | Level 3 | Nonrecurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net $ 38 $ 49
v3.24.3
Fair Value - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities $ 4,441 $ 4,680
Loans held-for-sale, net 306 400
Finance receivables and loans, net 133,801 135,852
Deposit liabilities 151,950 154,666
Short-term borrowings 1,771 3,297
Long-term debt 16,807 17,570
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 4,441 4,680
Loans held-for-sale, net 276 375
Finance receivables and loans, net 133,801 135,852
FHLB/FRB stock 697 784
Deposit liabilities 49,904 55,187
Short-term borrowings 1,771 3,297
Long-term debt 16,807 17,570
Estimated fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 4,570 4,729
Loans held-for-sale, net 277 375
Finance receivables and loans, net 136,300 137,244
FHLB/FRB stock 697 784
Deposit liabilities 50,236 55,311
Short-term borrowings 1,771 3,335
Long-term debt 18,065 18,538
Estimated fair value | 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 0
Long-term debt 0 0
Estimated fair value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 4,570 4,729
Loans held-for-sale, net 0 0
Finance receivables and loans, net 0 0
FHLB/FRB stock 697 784
Deposit liabilities 0 0
Short-term borrowings 0 0
Long-term debt 12,837 12,789
Estimated fair value | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 0 0
Loans held-for-sale, net 277 375
Finance receivables and loans, net 136,300 137,244
FHLB/FRB stock 0 0
Deposit liabilities 50,236 55,311
Short-term borrowings 1,771 3,335
Long-term debt $ 5,228 $ 5,749
v3.24.3
Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Offsetting [Abstract]    
Derivative assets, gross amounts of recognized assets/liabilities $ 15 $ 33
Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Total assets, net amount 15 33
Financial instruments 0 0
Gross amounts not offset on the Condensed Consolidated Balance Sheet (13) (31)
Total assets 2 2
Derivative liabilities, gross amounts of recognized assets/liabilities 7 17
Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet 7 17
Derivative liabilities, gross amounts not offset on the condensed consolidated balance sheet, financial instruments 0 0
Derivative liabilities in net liability positions (2) (6)
Net amount 5 11
Securities sold under agreements to repurchase 371 747
Securities sold under agreements to repurchase - gross amounts offset on the consolidated balance sheet 0 0
Securities sold under agreements to repurchase 371 747
Security sold under agreement to repurchase, gross amounts not offset on the condensed consolidated balance sheet, financial instruments 0 0
Security sold under agreement to repurchase, subject to master netting arrangement, collateral, right to reclaim cash not offset (370) (747)
Securities sold under agreements to repurchase, offset against collateral, net of not subject to master netting arrangement, policy election 1 0
Gross amounts of recognized assets/liabilities 378 764
Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Fair value of derivative contracts in payable position 378 764
Financial instruments 0 0
Securities sold under agreements to repurchase, securities loaned, collateral, right to reclaim cash (372) (753)
Security sold under agreement to repurchase, and security loaned, including not subject to master netting arrangement, after offset and deduction 6 11
Derivative assets with no offsetting arrangements 2 2
Derivative liabilities with no offsetting arrangements $ 5 $ 10
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
v3.24.3
Segment Information (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
segment
subsegment
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]          
Number of operating segments | segment     4    
Number of operating subsegments | subsegment     2    
Net financing revenue and other interest income $ 1,488 $ 1,533 $ 4,439 $ 4,708  
Other revenue 615 435 1,650 1,439  
Total net revenue 2,103 1,968 6,089 6,147  
Provision for credit losses 645 508 1,609 1,381  
Total noninterest expense 1,225 1,232 3,819 3,747  
Income (loss) from continuing operations before income tax (benefit) expense 233 228 661 1,019  
Total assets 192,981 195,704 192,981 195,704 $ 196,392
Net financing revenue and other interest income after the provision for credit losses 843 1,000 2,800 3,300  
Operating Segments | Automotive Finance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 1,285 1,360 3,913 4,031  
Other revenue 85 79 275 239  
Total net revenue 1,370 1,439 4,188 4,270  
Provision for credit losses 579 444 1,410 1,126  
Total noninterest expense 616 618 1,874 1,824  
Income (loss) from continuing operations before income tax (benefit) expense 175 377 904 1,320  
Total assets 113,934 114,742 113,934 114,742  
Operating Segments | Insurance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 31 29 90 84  
Other revenue 437 293 1,159 1,011  
Total net revenue 468 322 1,249 1,095  
Provision for credit losses 0 0 0 0  
Total noninterest expense 366 338 1,119 1,011  
Income (loss) from continuing operations before income tax (benefit) expense 102 (16) 130 84  
Total assets 9,455 8,736 9,455 8,736  
Operating Segments | Mortgage Finance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 52 53 157 160  
Other revenue 6 4 17 13  
Total net revenue 58 57 174 173  
Provision for credit losses 0 (2) (1) (3)  
Total noninterest expense 31 33 96 108  
Income (loss) from continuing operations before income tax (benefit) expense 27 26 79 68  
Total assets 17,594 18,745 17,594 18,745  
Operating Segments | Corporate Finance operations          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 101 97 316 292  
Other revenue 37 24 90 81  
Total net revenue 138 121 406 373  
Provision for credit losses 11 5 13 35  
Total noninterest expense 32 32 110 110  
Income (loss) from continuing operations before income tax (benefit) expense 95 84 283 228  
Total assets 10,398 10,749 10,398 10,749  
Corporate and Other          
Segment Reporting Information [Line Items]          
Net financing revenue and other interest income 19 (6) (37) 141  
Other revenue 50 35 109 95  
Total net revenue 69 29 72 236  
Provision for credit losses 55 61 187 223  
Total noninterest expense 180 211 620 694  
Income (loss) from continuing operations before income tax (benefit) expense (166) (243) (735) (681)  
Total assets $ 41,600 $ 42,732 $ 41,600 $ 42,732  
v3.24.3
Subsequent Events (Details) - $ / shares
 3 Months Ended 9 Months Ended
Oct. 07, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Subsequent Event [Line Items]          
Cash dividends declared per common share (in dollars per share) [1]   $ 0.30 $ 0.30 $ 0.90 $ 0.90
Subsequent event          
Subsequent Event [Line Items]          
Cash dividends declared per common share (in dollars per share) $ 0.30        
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.