ALLY FINANCIAL INC., 10-Q filed on 5/2/2023
Quarterly Report
v3.23.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2023
Apr. 28, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
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 $0.01 per share  
Trading Symbol ALLY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   300,820,617
Entity Central Index Key 0000040729  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.23.1
Condensed Consolidated Statement of Comprehensive Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Financing revenue and other interest income    
Interest and fees on finance receivables and loans $ 2,575 $ 1,714
Interest on loans held-for-sale 15 4
Interest and dividends on investment securities and other earning assets 238 188
Interest on cash and cash equivalents 56 2
Operating leases 402 403
Total financing revenue and other interest income 3,286 2,311
Interest expense    
Interest on deposits 1,217 211
Interest on short-term borrowings 12 5
Interest on long-term debt 227 185
Interest on other 2 0
Total interest expense 1,458 401
Net depreciation expense on operating lease assets 226 217
Net financing revenue and other interest income 1,602 1,693
Other revenue    
Insurance premiums and service revenue earned 306 280
Gain on mortgage and automotive loans, net 4 14
Other gain on investments, net 74 5
Other income, net of losses 114 143
Total other revenue 498 442
Total net revenue 2,100 2,135
Provision for credit losses 446 167
Noninterest expense    
Compensation and benefits expense 537 493
Insurance losses and loss adjustment expenses 88 58
Other operating expenses 641 571
Total noninterest expense 1,266 1,122
Income from continuing operations before income tax expense 388 846
Income tax expense from continuing operations 68 191
Net income from continuing operations [1] 320 655
Loss from discontinued operations, net of tax (1) 0
Net income 319 655
Other comprehensive income (loss), net of tax 283 (1,633)
Comprehensive (loss) income 602 (978)
Net income from continuing operations attributable to common stockholders [1] 292 627
Loss from discontinued operations, net of tax [1] (1) 0
Net income attributable to common stockholders [1] $ 291 $ 627
Basic weighted-average common shares outstanding (in shares) [1],[2] 302,657 335,678
Diluted weighted-average common shares outstanding (in shares) [1],[2] 303,448 337,812
Basic earnings per common share    
Net income from continuing operations (in dollars per share) [1] $ 0.97 $ 1.87
Net income (in dollars per share) [1] 0.96 1.87
Diluted earnings per common share    
Net income from continuing operations (in dollars per share) [1] 0.96 1.86
Net income (in dollars per share) [1] 0.96 1.86
Cash dividends declared per common share (in dollars per share) [1] $ 0.30 $ 0.30
[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.
v3.23.1
Condensed Consolidated Balance Sheet - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Cash and cash equivalents    
Noninterest-bearing $ 554 $ 542
Interest-bearing 9,226 5,029
Total cash and cash equivalents 9,780 5,571
Equity securities 718 681
Available-for-sale securities (amortized cost of $34,272 and $34,863) 29,450 29,541
Held-to-maturity securities (fair value of $891 and $884) 1,047 1,062
Loans held-for-sale, net 524 654
Finance receivables and loans, net    
Finance receivables and loans, net of unearned income 136,304 135,748
Allowance for loan losses (3,751) (3,711)
Total finance receivables and loans, net 132,553 132,037
Investment in operating leases, net 10,236 10,444
Premiums receivable and other insurance assets 2,713 2,698
Other assets 9,144 9,138
Total assets 196,165 191,826
Deposit liabilities    
Noninterest-bearing 174 185
Interest-bearing 153,839 152,112
Total deposit liabilities 154,013 152,297
Short-term borrowings 1,455 2,399
Long-term debt 20,480 17,762
Interest payable 759 408
Unearned insurance premiums and service revenue 3,455 3,453
Accrued expenses and other liabilities 2,625 2,648
Total liabilities 182,787 178,967
Contingencies (refer to Note 23)
Equity    
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 510,014,869 and 507,682,838; and outstanding 300,820,617 and 299,324,357) 21,880 21,816
Preferred stock 2,324 2,324
Accumulated deficit (185) (384)
Accumulated other comprehensive loss (3,776) (4,059)
Treasury stock, at cost (209,194,252 and 208,358,481 shares) (6,865) (6,838)
Total equity 13,378 12,859
Total liabilities and equity $ 196,165 $ 191,826
v3.23.1
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Available-for-sale securities, amortized cost $ 34,272 $ 34,863
Held-to-maturity securities, fair value $ 891 $ 884
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) 510,014,869 507,682,838
Common stock, shares outstanding (in shares) 300,820,617 299,324,357
Treasury stock, common, shares (in shares) 209,194,252 208,358,481
v3.23.1
Condensed Consolidated Balance Sheet (VIEs) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Finance receivables and loans, net $ 136,304 $ 135,748
Allowance for loan losses (3,751) (3,711)
Total finance receivables and loans, net 132,553 132,037
Other assets 9,144 9,138
Total assets 196,165 191,826
Long-term debt 20,480 17,762
Accrued expenses and other liabilities 2,625 2,648
Total liabilities 182,787 178,967
Consumer    
Finance receivables and loans, net 106,815 106,610
Consumer | Automotive    
Finance receivables and loans, net 83,640 83,286
Allowance for loan losses (3,022) (3,020)
On-balance sheet variable interest entities    
Allowance for loan losses (412) (336)
Total finance receivables and loans, net 10,942 9,211
Other assets 810 645
Total assets 11,752 9,856
Long-term debt 3,043 2,436
Accrued expenses and other liabilities 8 5
Total liabilities 3,051 2,441
On-balance sheet variable interest entities | Consumer | Automotive    
Finance receivables and loans, net 11,354 9,547
Total assets 22,126 20,415
Total liabilities $ 3,162 $ 2,553
v3.23.1
Condensed Consolidated Statement of Changes in Equity - USD ($)
$ in Millions
Total
Series B Preferred Stock
Series C Preferred Stock
Common stock and paid-in capital
Preferred stock
Accumulated deficit
Accumulated deficit
Series B Preferred Stock
Accumulated deficit
Series C Preferred Stock
Accumulated other comprehensive loss
Treasury stock
Beginning balance at Dec. 31, 2021 $ 17,050     $ 21,671 $ 2,324 $ (1,599)     $ (158) $ (5,188)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 655         655        
Preferred stock dividends   $ (16) $ (12)       $ (16) $ (12)    
Share-based compensation 57     57            
Other comprehensive income (loss) (1,633)               (1,633)  
Common stock repurchases (584)                 (584)
Common stock dividends (104)         (104)        
Ending balance at Mar. 31, 2022 15,413     21,728 2,324 (1,076)     (1,791) (5,772)
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 319         319        
Preferred stock dividends   $ (16) $ (12)       $ (16) $ (12)    
Share-based compensation 64     64            
Other comprehensive income (loss) 283               283  
Common stock repurchases (27)                 (27)
Common stock dividends (92)         (92)        
Ending balance at Mar. 31, 2023 $ 13,378     $ 21,880 $ 2,324 $ (185)     $ (3,776) $ (6,865)
v3.23.1
Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared per common share (in dollars per share) [1] $ 0.30 $ 0.30
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
v3.23.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 319 $ 655
Reconciliation of net income to net cash provided by operating activities    
Depreciation and amortization 317 339
Provision for credit losses 446 167
Gain on mortgage and automotive loans, net (4) (14)
Other gain on investments, net (74) (5)
Originations and purchases of loans held-for-sale (844) (1,355)
Proceeds from sales and repayments of loans held-for-sale 1,068 1,465
Net change in    
Deferred income taxes 24 183
Interest payable 351 92
Other assets (43) 214
Other liabilities (208) (122)
Other, net 80 22
Net cash provided by operating activities 1,432 1,641
Investing activities    
Purchases of equity securities (45) (349)
Proceeds from sales of equity securities 87 548
Purchases of available-for-sale securities (152) (3,962)
Proceeds from sales of available-for-sale securities 307 474
Proceeds from repayments of available-for-sale securities 477 1,508
Proceeds from repayments of held-to-maturity securities 15 59
Purchases of finance receivables and loans held-for-investment (818) (1,364)
Proceeds from sales of finance receivables and loans initially held-for-investment 4 1
Originations and repayments of finance receivables and loans held-for-investment and other, net (103) (2,240)
Purchases of operating lease assets (741) (946)
Disposals of operating lease assets 706 865
Net change in nonmarketable equity investments (2) (116)
Other, net (117) (163)
Net cash used in investing activities (382) (5,685)
Financing activities    
Net change in short-term borrowings (944) 3,950
Net increase in deposits 1,715 916
Proceeds from issuance of long-term debt 3,129 1,059
Repayments of long-term debt (426) (2,222)
Repurchases of common stock (27) (584)
Common stock dividends paid (96) (104)
Preferred stock dividends paid (28) (28)
Net cash provided by financing activities 3,323 2,987
Effect of exchange-rate changes on cash and cash equivalents and restricted cash 0 2
Net increase (decrease) in cash and cash equivalents and restricted cash 4,373 (1,055)
Cash and cash equivalents and restricted cash at beginning of year 6,222 5,670
Cash and cash equivalents and restricted cash at March 31, 10,595 4,615
Cash paid (received) for    
Interest 1,085 292
Income taxes (150) 21
Noncash items    
Loans held-for-sale transferred to finance receivables and loans held-for-investment 75 25
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents on the Condensed Consolidated Balance Sheet 9,780 3,932
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet [1] 815 683
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows $ 10,595 $ 4,615
[1] Restricted cash balances relate primarily to our securitization arrangements. Refer to Note 10 for additional details describing the nature of restricted cash balances.
v3.23.1
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies
 3 Months Ended
Mar. 31, 2023
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 lending, point-of-sale personal lending 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 March 31, 2023, and for the three months ended March 31, 2023, and 2022, 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, 2022, as filed on February 24, 2023, with the SEC.
Significant Accounting Policies
Finance Receivables and Loans
On January 1, 2023, we implemented ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the concept of TDRs and adds new disclosure requirements related to loan modifications to borrowers experiencing financial difficulty and gross charge-offs. We implemented the ASU on a prospective basis, which results in certain aspects of our accounting policies changing for the current year. For significant accounting policy information related to the accounting and reporting of TDRs, for which comparative period information is presented, refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K.
Modifications of Loans with Borrowers Experiencing Financial Difficulty
We may provide a modification to a borrower who is experiencing financial difficulty if we believe they have the ability and are willing to repay their loan. The type of modification granted will vary depending on our credit risk management practices, as well as the borrower’s financial condition and the characteristics of the loan, including the unpaid balance, the underlying collateral, and the number or types of previous modifications granted. Modifications that we make subject to these requirements include payment extensions, principal forgiveness, and/or interest rate concessions. These modifications generally reduce the borrower’s periodic payment amount. The following is a description of each of these types of modifications.
•Payment extensions — Payment extensions include both payment deferrals and contractual maturity extensions. Deferral arrangements allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual terms of the loan and the contractual maturity date of the loan remains unchanged. Deferrals also include certain forbearance agreements. Within the commercial loan portfolio, deferrals primarily reflect a deferral of interest payments. Under a contractual maturity extension agreement, the last payment date is extended to a future date, contractually lengthening the remaining term of the original loan.
•Principal forgiveness — Under principal forgiveness, the outstanding principal balance of a loan is reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding. Under these involuntary instances, the bankruptcy court in a Chapter 11 or 13 proceeding may order us to reduce the outstanding principal balance of the loan to a specified amount.
•Interest rate concessions — Interest rate concessions adjust the contractual interest rate of the loan to a rate that is not consistent with a market rate for a customer with similar credit risk.
•Combination — Combination includes loans that have undergone multiple of the above loan modification types. This primarily includes rewritten loans where we grant an interest rate concession and a contractual maturity extension.
Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. In all cases, the cumulative impacts of all modifications made within the 12-month period before the current modification are considered at the time of the most recent modification.
For consumer loans of all classes, various qualitative factors are used for assessing the financial difficulty of the borrower. These factors include, but are not limited to, the borrower’s default status on any of its debts, bankruptcy, and recent changes in financial circumstances (for instance, loss of employment). For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the previously noted factors, consideration is also given to the borrower’s forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions, and other potential business disruptions (for example, the loss of a significant customer or other revenue stream).
In our consumer automotive portfolio class of loans, we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. If these limits are breached, the modification may require disclosure as noted in the following paragraph. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate.
We do not disclose modifications that result in only an insignificant payment delay. In order to assess whether a payment delay is insignificant, we consider the amount of the modified payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan’s original expected duration. In the cases where payment extensions cumulatively extend beyond 90 days and are more than 10% of the original contractual term, or where the cumulative payment extension within the 12-month period immediately preceding the current modification is beyond 180 days, we deem the delay in payment to be more than insignificant.
The financial impacts of modifications that meet the definition of a modification to borrowers experiencing financial difficulty are reported in the period in which they are identified. Additionally, if such a loan defaults within 12 months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy, except for commercial loans where redefault is defined as 90 days past due.
Nonaccrual Loans
Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for at least 90 days, or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual status. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, a loan can be returned to accrual status when the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan.
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 2022 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 2022 Annual Report on Form 10-K regarding additional significant accounting policies.
Recently Adopted Accounting Standards
Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02)
In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of this guidance is twofold. First, the guidance eliminates TDR recognition and measurement guidance that has been deemed no longer necessary under CECL. The guidance also adds a requirement to incorporate current year gross charge-offs by origination year into the vintage tables. With respect to the TDR impacts, under CECL, credit losses for financial assets measured at amortized cost are determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. Therefore, credit losses on financial assets that have been modified as TDRs would have largely been incorporated in the allowance upon initial recognition. Under ASU 2022-02, we will evaluate whether loan modifications previously characterized as TDRs represent a new loan or a continuation of an existing loan in accordance with ASC Topic 310, Receivables. The guidance also added new disclosures that require an entity to provide information related to loan modifications that are made to borrowers that are deemed to be in financial difficulty. We adopted the ASU on January 1, 2023, on a prospective basis. The impact of these amendments was not material.
Recently Issued 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. The amendments are effective on January 1, 2024, with early adoption permitted. The amendments must be applied using a prospective approach with any adjustments from the adoption of the amendments recognized in earnings and disclosed upon adoption. Management does not expect the impact of these amendments to be 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 will be 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. The amendments are effective on January 1, 2024, with early adoption permitted. The amendments must be applied using either a modified retrospective or retrospective approach with any adjustments from the adoption of the amendments recognized in retained earnings and disclosed upon adoption. In the event that we elect to apply the proportional amortization method to any qualifying programs upon adoption, management is still assessing the total impacts of these amendments, but does not expect the impact of these amendments to be material.
v3.23.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with CustomersOur 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 table presents 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 2022 Annual Report on Form 10-K.
Three months ended March 31, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $169 $— $— $— $169 
Remarketing fee income33 — — — — 33 
Brokerage commissions and other revenue— — — — 23 23 
Banking fees and interchange income (d)— — — — 10 10 
Brokered/agent commissions— 3 — — — 3 
Other5 — — — — 5 
Total revenue from contracts with customers
38 172 — — 33 243 
All other revenue
39 209 4 29 (26)255 
Total other revenue (e)$77 $381 $4 $29 $7 $498 
2022
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $162 $— $— $— $162 
Remarketing fee income27 — — — — 27 
Brokerage commissions and other revenue— — — — 11 11 
Banking fees and interchange income (d)— — — — 11 11 
Brokered/agent commissions— 4 — — — 4 
Other5 — — — 1 6 
Total revenue from contracts with customers
32 166 — — 23 221 
All other revenue36 104 14 24 43 221 
Total other revenue (e)$68 $270 $14 $24 $66 $442 
(a)We had opening balances of $3.0 billion and $3.1 billion in unearned revenue associated with outstanding contracts at January 1, 2023, and 2022, respectively, and $241 million and $231 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2023, and 2022, respectively.
(b)At March 31, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $680 million during the remainder of 2023, $779 million in 2024, $604 million in 2025, $423 million in 2026, and $481 million thereafter. At March 31, 2022, we had unearned revenue of $3.0 billion associated with outstanding contracts.
(c)We had deferred insurance assets of $1.8 billion at both March 31, 2023, and December 31, 2022, and recognized $144 million of expense during the three months ended March 31, 2023. We had deferred insurance assets of $1.8 billion and $1.9 billion at March 31, 2022, and December 31, 2021, respectively, and recognized $137 million of expense during the three months ended March 31, 2022.
(d)Interchange income is reported net of customer rewards. Customer rewards expense was $4 million and $3 million for the three months ended March 31, 2023, and 2022, respectively.
(e)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $47 million and $50 million for the three months ended March 31, 2023, and 2022, respectively, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income.
v3.23.1
Other Income, Net of Losses
 3 Months Ended
Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]  
Other Income, Net of Losses Other Income, Net of Losses
Details of other income, net of losses, were as follows.
Three months ended March 31,
($ in millions)20232022
Late charges and other administrative fees$47 $37 
Remarketing fees33 27 
Loss on nonmarketable equity investments, net (a)(11)(1)
(Loss) income from equity-method investments (a)(18)20 
Other, net63 60 
Total other income, net of losses$114 $143 
(a)Refer to Note 10 for further information on our nonmarketable equity investments and equity-method investments.
v3.23.1
Reserves for Insurance Losses and Loss Adjustment Expenses
 3 Months Ended
Mar. 31, 2023
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]  
Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses
The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
($ in millions)20232022
Total gross reserves for insurance losses and loss adjustment expenses at January 1,$119 $122 
Less: Reinsurance recoverable72 81 
Net reserves for insurance losses and loss adjustment expenses at January 1,47 41 
Net insurance losses and loss adjustment expenses incurred related to:
Current year87 61 
Prior years (a)1 (3)
Total net insurance losses and loss adjustment expenses incurred88 58 
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year(49)(36)
Prior years(28)(20)
Total net insurance losses and loss adjustment expenses paid or payable(77)(56)
Net reserves for insurance losses and loss adjustment expenses at March 31,58 43 
Plus: Reinsurance recoverable75 80 
Total gross reserves for insurance losses and loss adjustment expenses at March 31,$133 $123 
(a)There have been no material adverse changes to the reserve for prior years.
v3.23.1
Other Operating Expenses
 3 Months Ended
Mar. 31, 2023
Operating Expenses [Abstract]  
Other Operating Expenses Other Operating Expenses
Details of other operating expenses were as follows.
Three months ended March 31,
($ in millions)20232022
Insurance commissions$157 $149 
Technology and communications108 97 
Advertising and marketing78 72 
Lease and loan administration48 51 
Property and equipment depreciation47 39 
Regulatory and licensing fees35 26 
Professional services32 43 
Vehicle remarketing and repossession27 20 
Amortization of intangible assets (a)7 8 
Other102 66 
Total other operating expenses$641 $571 
(a)Refer to Note 10 for further information on our intangible assets.
v3.23.1
Investment Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
March 31, 2023December 31, 2022
Amortized costGross unrealized
Fair value
Amortized costGross unrealized
Fair value
($ in millions)gainslossesgainslosses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$2,274 $— $(210)$2,064 $2,272 $— $(256)$2,016 
U.S. States and political subdivisions783 2 (72)713 841 1 (82)760 
Foreign government173 — (9)164 158 — (12)146 
Agency mortgage-backed residential (a)19,161 — (2,741)16,420 19,668 3 (3,038)16,633 
Mortgage-backed residential5,069 1 (788)4,282 5,154 — (855)4,299 
Agency mortgage-backed commercial (a)4,451 — (799)3,652 4,380 — (845)3,535 
Asset-backed440 — (21)419 459 — (26)433 
Corporate debt1,921 1 (186)1,736 1,931 1 (213)1,719 
Total available-for-sale securities (b) (c) (d) (e) (f)$34,272 $4 $(4,826)$29,450 $34,863 $5 $(5,327)$29,541 
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential$1,047 $— $(156)$891 $1,062 $— $(178)$884 
Total held-to-maturity securities (f) (g)$1,047 $— $(156)$891 $1,062 $— $(178)$884 
(a)Fair value includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities and a $70 million and $15 million asset for agency mortgage-backed commercial securities related to basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method at March 31, 2023, and December 31, 2022, respectively. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information.
(c)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both March 31, 2023, and December 31, 2022.
(d)Available-for-sale securities with a fair value of $4.9 billion and $3.9 billion were pledged as collateral at March 31, 2023, and December 31, 2022, respectively. This primarily included $3.4 billion and $3.0 billion pledged to secure advances from the FHLB at March 31, 2023, and December 31, 2022, 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 $1.5 billion and $899 million of the underlying available-for-sale securities at March 31, 2023, and December 31, 2022, respectively.
(e)Totals do not include accrued interest receivable, which was $87 million and $91 million at March 31, 2023, and December 31, 2022, 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 March 31, 2023, or December 31, 2022, 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 $2 million at both March 31, 2023, and December 31, 2022. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
TotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
($ in millions)AmountYieldAmountYieldAmountYieldAmountYieldAmountYield
March 31, 2023
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,064 1.6 %$— — %$946 1.3 %$1,118 1.8 %$— — %
U.S. States and political subdivisions713 3.1 17 2.8 55 2.6 104 3.3 537 3.2 
Foreign government164 1.9 14 0.9 79 2.0 71 2.1 — — 
Agency mortgage-backed residential (b)16,420 2.6 — — — — 51 2.3 16,369 2.6 
Mortgage-backed residential4,282 2.8 — — — — 14 2.9 4,268 2.8 
Agency mortgage-backed commercial (b)3,652 2.2 — — 96 3.1 1,355 2.2 2,201 2.2 
Asset-backed419 1.8 — — 405 1.7 12 5.0 2 2.8 
Corporate debt1,736 2.5 96 2.2 969 2.4 656 2.6 15 5.6 
Total available-for-sale securities$29,450 2.5 $127 2.1 $2,550 1.9 $3,381 2.2 $23,392 2.6 
Amortized cost of available-for-sale securities
$34,272 $130 $2,729 $3,874 $27,539 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential$1,047 2.8 %$— — %$— — %$— — %$1,047 2.8 %
Total held-to-maturity securities
$1,047 2.8 $— — $— — $— — $1,047 2.8 
December 31, 2022
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,016 1.6 %$— — %$716 1.3 %$1,300 1.7 %$— — %
U.S. States and political subdivisions760 3.2 26 2.7 60 2.7 112 3.3 562 3.2 
Foreign government146 1.8 13 0.8 74 1.8 59 1.9 — — 
Agency mortgage-backed residential (b)16,633 2.6 — — — — 27 2.0 16,606 2.6 
Mortgage-backed residential4,299 2.8 — — — — 14 2.9 4,285 2.8 
Agency mortgage-backed commercial (b)3,535 2.2 — — 66 3.1 1,234 2.1 2,235 2.1 
Asset-backed433 1.7 — — 401 1.7 25 1.8 7 3.5 
Corporate debt1,719 2.4 86 2.4 912 2.3 705 2.6 16 4.9 
Total available-for-sale securities$29,541 2.5 $125 2.3 $2,229 1.9 $3,476 2.1 $23,711 2.6 
Amortized cost of available-for-sale securities
$34,863 $126 $2,403 $4,048 $28,286 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential
$1,062 2.8 %$— — %$— — %$— — %$1,062 2.8 %
Total held-to-maturity securities
$1,062 2.8 $— — $— — $— — $1,062 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. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses.
(b)Fair value includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities and a $70 million and $15 million asset for agency mortgage-backed commercial securities related to basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method at March 31, 2023, and December 31, 2022, respectively. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
The balances of cash equivalents were $17 million and $18 million at March 31, 2023, and December 31, 2022, respectively, and were composed primarily of money-market funds and short-term securities, including U.S. Treasury bills.
The following table presents interest and dividends on investment securities.
Three months ended March 31,
($ in millions)20232022
Taxable interest$217 $174 
Taxable dividends3 4 
Interest and dividends exempt from U.S. federal income tax6 5 
Interest and dividends on investment securities$226 $183 
The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.
Three months ended March 31,
($ in millions)20232022
Available-for-sale securities
Gross realized gains$5 $18 
Net realized gain on available-for-sale securities5 18 
Net realized gain on equity securities5 52 
Net unrealized gain (loss) on equity securities64 (65)
Other gain on investments, net$74 $5 
The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2023, and December 31, 2022. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both March 31, 2023, and December 31, 2022. We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2023, or 2022.
March 31, 2023December 31, 2022
($ in millions)AATotal (a)AATotal (a)
Debt securities
Agency mortgage-backed residential$1,047 $1,047 $1,062 $1,062 
Total held-to-maturity securities$1,047 $1,047 $1,062 $1,062 
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.
The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K. As of March 31, 2023, and December 31, 2022, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the three months ended March 31, 2023, or 2022.
March 31, 2023December 31, 2022
Less than 12 months12 months or longerLess than 12 months12 months or longer
($ 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$10 $— $2,054 $(210)$529 $(68)$1,487 $(188)
U.S. States and political subdivisions164 (2)439 (70)547 (55)135 (27)
Foreign government16 — 137 (9)75 (4)71 (8)
Agency mortgage-backed residential (a)1,998 (95)14,364 (2,646)7,472 (892)8,978 (2,146)
Mortgage-backed residential512 (29)3,726 (759)1,985 (289)2,287 (566)
Agency mortgage-backed commercial (a)507 (24)3,089 (775)996 (124)2,535 (721)
Asset-backed50 (1)362 (20)162 (4)272 (22)
Corporate debt262 (9)1,406 (177)782 (67)895 (146)
Total available-for-sale securities
$3,519 $(160)$25,577 $(4,666)$12,548 $(1,503)$16,660 $(3,824)
(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at March 31, 2023, and December 31, 2022. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
During the three months ended March 31, 2023, and 2022, management determined that there were no expected credit losses for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. As a result of this evaluation, management determined that no credit reserves were required at March 31, 2023, or December 31, 2022.
v3.23.1
Finance Receivables and Loans, Net
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Finance Receivables and Loans, Net Finance Receivables and Loans, Net
The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions)March 31, 2023December 31, 2022
Consumer automotive (a)$83,640 $83,286 
Consumer mortgage
Mortgage Finance (b)19,189 19,445 
Mortgage — Legacy (c)272 290 
Total consumer mortgage19,461 19,735 
Consumer other
Personal Lending (d)2,074 1,990 
Credit Card1,640 1,599 
Total consumer other3,714 3,589 
Total consumer106,815 106,610 
Commercial
Commercial and industrial
Automotive14,905 14,595 
Other9,075 9,154 
Commercial real estate5,509 5,389 
Total commercial29,489 29,138 
Total finance receivables and loans (e) (f)$136,304 $135,748 
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information.
(b)Includes loans originated as interest-only mortgage loans of $2 million and $3 million at March 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $16 million and $17 million at March 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period.
(d)Includes $2 million and $3 million of finance receivables at March 31, 2023, and December 31, 2022, respectively, for which we have elected the fair value option.
(e)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both March 31, 2023, and December 31, 2022.
(f)Totals do not include accrued interest receivable, which was $726 million and $707 million at March 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2023, and 2022, respectively.
Three months ended March 31, 2023 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2023$3,020 $27 $426 $238 $3,711 
Charge-offs (b)(536)(1)(64)— (601)
Recoveries185 2 5 — 192 
Net charge-offs(351)1 (59)— (409)
Provision for credit losses (c)353 (4)88 12 449 
Other— (1)— 1 — 
Allowance at March 31, 2023$3,022 $23 $455 $251 $3,751 
(a)Excludes $3 million and $2 million of finance receivables and loans at January 1, 2023, and March 31, 2023, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for information regarding our charge-off policies.
(c)Excludes $3 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Three months ended March 31, 2022 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2022$2,769 $27 $221 $250 $3,267 
Charge-offs (b)(276)(1)(24)— (301)
Recoveries163 3 1 1 168 
Net charge-offs(113)2 (23)1 (133)
Provision for credit losses107 (3)59 4 167 
Other— — 1 (1)— 
Allowance at March 31, 2022$2,763 $26 $258 $254 $3,301 
(a)Excludes $7 million of finance receivables and loans at both January 1, 2022, and March 31, 2022, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for information regarding our charge-off policies.
The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
Three months ended March 31,
($ in millions)20232022
Consumer mortgage$1 $— 
Total sales and transfers$1 $— 
The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended March 31,
($ in millions)20232022
Consumer automotive$758 $493 
Consumer mortgage2 825 
Commercial7 — 
Total purchases of finance receivables and loans (a)$767 $1,318 
(a)Excludes $4 million of finance receivables and loans purchased during the three months ended March 31, 2022, for which we have elected the fair value option.
Nonaccrual Loans
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of March 31, 2023, and December 31, 2022. Refer to Note 1 for additional information on our accounting policy for finance receivables and loans on nonaccrual status.
March 31, 2023December 31, 2022
($ in millions)Nonaccrual status at Jan. 1, 2023Nonaccrual statusNonaccrual with no allowance (a)Nonaccrual status at Jan. 1, 2022Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,187 $1,110 $473 $1,078 $1,187 $445 
Consumer mortgage
Mortgage Finance34 34 21 59 34 25 
Mortgage — Legacy15 15 13 26 15 14 
Total consumer mortgage49 49 34 85 49 39 
Consumer other
Personal Lending13 12 — 5 13 — 
Credit Card43 54 — 11 43 — 
Total consumer other56 66 — 16 56 — 
Total consumer1,292 1,225 507 1,179 1,292 484 
Commercial
Commercial and industrial
Automotive5 — — 33 5 2 
Other157 159 4 221 157 33 
Commercial real estate— — — 3 — — 
Total commercial162 159 4 257 162 35 
Total finance receivables and loans (b)$1,454 $1,384 $511 $1,436 $1,454 $519 
(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 $3 million for both the three months ended March 31, 2023, and 2022.
Credit Quality Indicators
We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan.
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
Origination yearRevolving loans converted to term
March 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive
Current$7,801 $33,822 $20,093 $9,232 $5,604 $4,098 $— $— $80,650 
30–59 days past due23 769 756 308 226 210 — — 2,292 
60–89 days past due1 244 273 108 74 65 — — 765 
90 or more days past due— 88 96 38 31 35 — — 288 
Total consumer automotive (a)7,825 34,923 21,218 9,686 5,935 4,408 — — 83,995 
Consumer mortgage
Mortgage Finance
Current21 2,271 10,797 1,917 794 3,316 — — 19,116 
30–59 days past due— 5 9 4 4 16 — — 38 
60–89 days past due— 1 2 1 — 8 — — 12 
90 or more days past due— 2 4 — 1 16 — — 23 
Total Mortgage Finance21 2,279 10,812 1,922 799 3,356 — — 19,189 
Mortgage — Legacy
Current— — — — — 59 177 18 254 
30–59 days past due— — — — — 2 1 — 3 
60–89 days past due— — — — — 2 1 — 3 
90 or more days past due— — — — — 8 2 2 12 
Total Mortgage — Legacy— — — — — 71 181 20 272 
Total consumer mortgage21 2,279 10,812 1,922 799 3,427 181 20 19,461 
Consumer other
Personal Lending
Current384 1,272 327 39 4 1 — — 2,027 
30–59 days past due1 12 5 — — — — — 18 
60–89 days past due— 11 4 — — — — — 15 
90 or more days past due— 8 4 — — — — — 12 
Total Personal Lending (b)385 1,303 340 39 4 1 — — 2,072 
Credit Card
Current— — — — — — 1,548 — 1,548 
30–59 days past due— — — — — — 22 — 22 
60–89 days past due— — — — — — 19 — 19 
90 or more days past due— — — — — — 51 — 51 
Total Credit Card— — — — — — 1,640 — 1,640 
Total consumer other385 1,303 340 39 4 1 1,640 — 3,712 
Total consumer$8,231 $38,505 $32,370 $11,647 $6,738 $7,836 $1,821 $20 $107,168 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $355 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at March 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 18 for additional information.
(b)Excludes $2 million of finance receivables at March 31, 2023, for which we have elected the fair value option.
Origination yearRevolving loans converted to term
December 31, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Consumer automotive
Current$36,127 $22,102 $10,341 $6,451 $3,237 $1,890 $— $— $80,148 
30–59 days past due707 878 370 284 165 120 — — 2,524 
60–89 days past due207 324 135 99 55 38 — — 858 
90 or more days past due73 111 47 38 23 24 — — 316 
Total consumer automotive (a)37,114 23,415 10,893 6,872 3,480 2,072 — — 83,846 
Consumer mortgage
Mortgage Finance
Current2,292 10,893 1,946 815 577 2,805 — — 19,328 
30–59 days past due15 29 4 3 4 26 — — 81 
60–89 days past due2 4 — 1 1 3 — — 11 
90 or more days past due— 1 — 2 8 14 — — 25 
Total Mortgage Finance2,309 10,927 1,950 821 590 2,848 — — 19,445 
Mortgage — Legacy
Current— — — — — 62 191 18 271 
30–59 days past due— — — — — 4 1 — 5 
60–89 days past due— — — — — — — 1 1 
90 or more days past due— — — — — 8 3 2 13 
Total Mortgage — Legacy— — — — — 74 195 21 290 
Total consumer mortgage2,309 10,927 1,950 821 590 2,922 195 21 19,735 
Consumer other
Personal Lending
Current1,492 392 48 5 1 — — — 1,938 
30–59 days past due14 6 1 — — — — — 21 
60–89 days past due9 5 1 — — — — — 15 
90 or more days past due8 5 — — — — — — 13 
Total Personal Lending (b)1,523 408 50 5 1 — — — 1,987 
Credit Card
Current— — — — — — 1,518 — 1,518 
30–59 days past due— — — — — — 22 — 22 
60–89 days past due— — — — — — 18 — 18 
90 or more days past due— — — — — — 41 — 41 
Total Credit Card— — — — — — 1,599 — 1,599 
Total consumer other1,523 408 50 5 1 — 1,599 — 3,586 
Total consumer$40,946 $34,750 $12,893 $7,698 $4,071 $4,994 $1,794 $21 $107,167 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $560 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
(b)Excludes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option.
The following table presents gross charge-offs of our finance receivables and loans for each portfolio class by origination year that occurred during the three months ended March 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for additional information on our charge-off policy.
Origination yearRevolving loans converted to term
Three months ended March 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive$2 $220 $178 $56 $42 $38 $— $— $536 
Consumer mortgage
Mortgage — Legacy— — — — — 1 — — 1 
Total consumer mortgage— — — — — 1 — — 1 
Consumer other
Personal Lending— 21 9 1 — — — — 31 
Credit Card— — — — — — 32 1 33 
Total consumer other— 21 9 1 — — 32 1 64 
Total consumer2 241 187 57 42 39 32 1 601 
Total finance receivables and loans$2 $241 $187 $57 $42 $39 $32 $1 $601 
We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk rankings below Pass.
•Special mention — Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date.
•Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
•Doubtful — Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
•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
March 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$129 $598 $198 $122 $72 $50 $12,654 $— $13,823 
Special mention1 22 46 — — 27 926 — 1,022 
Substandard— — — — — — 60 — 60 
Total automotive130 620 244 122 72 77 13,640 — 14,905 
Other
Pass82 640 436 329 319 170 5,513 93 7,582 
Special mention— 177 187 196 95 209 260 38 1,162 
Substandard— — — 4 50 118 55 13 240 
Doubtful— — — — 63 26 2 — 91 
Total other82 817 623 529 527 523 5,830 144 9,075 
Commercial real estate
Pass263 1,519 1,090 941 672 937 9 22 5,453 
Special mention— 2 32 2 19 1 — — 56 
Total commercial real estate263 1,521 1,122 943 691 938 9 22 5,509 
Total commercial$475 $2,958 $1,989 $1,594 $1,290 $1,538 $19,479 $166 $29,489 
Origination yearRevolving loans converted to term
December 31, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$640 $211 $132 $78 $28 $34 $12,327 $— $13,450 
Special mention23 47 — — 10 21 1,016 — 1,117 
Substandard— — — 1 — — 27 — 28 
Total automotive663 258 132 79 38 55 13,370 — 14,595 
Other
Pass594 469 607 419 54 133 5,344 89 7,709 
Special mention177 158 175 95 47 128 278 35 1,093 
Substandard— — 4 51 — 139 55 13 262 
Doubtful— — — 64 — 25 — — 89 
Loss— — — — — — 1 — 1 
Total other771 627 786 629 101 425 5,678 137 9,154 
Commercial real estate
Pass1,481 1,118 951 679 369 716 9 13 5,336 
Special mention— 32 2 19 — — — — 53 
Total commercial real estate1,481 1,150 953 698 369 716 9 13 5,389 
Total commercial$2,915 $2,035 $1,871 $1,406 $508 $1,196 $19,057 $150 $29,138 
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
($ in millions)30–59 days past due60–89 days past due90 days or more past dueTotal past dueCurrentTotal finance receivables and loans
March 31, 2023
Commercial
Commercial and industrial
Automotive$— $— $— $— $14,905 $14,905 
Other1 — 3 4 9,071 9,075 
Commercial real estate— — — — 5,509 5,509 
Total commercial$1 $— $3 $4 $29,485 $29,489 
December 31, 2022
Commercial
Commercial and industrial
Automotive$— $— $— $— $14,595 $14,595 
Other— 1 2 3 9,151 9,154 
Commercial real estate— — — — 5,389 5,389 
Total commercial$— $1 $2 $3 $29,135 $29,138 
Loan Modifications
The following table presents the amortized cost basis of loans that were modified subsequent to origination during the three months ended March 31, 2023, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1.
Payment extensions
March 31, 2023 ($ in millions)
Payment deferralsContractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal (a)
Consumer automotive$— $14 $2 $— $39 $55 
Consumer mortgage
Mortgage Finance— 2 — — 2 4 
Total consumer mortgage— 2 — — 2 4 
Consumer other
Credit Card— — — 3 — 3 
Total consumer other— — — 3 — 3 
Total consumer— 16 2 3 41 62 
Commercial
Commercial and industrial
Other62 7 — — — 69 
Total commercial62 7 — — — 69 
Total finance receivables and loans$62 $23 $2 $3 $41 $131 
(a)Represents 0.1% of total finance receivables and loans outstanding as of March 31, 2023.
The following table presents the financial effect of loan modifications that occurred during the three months ended March 31, 2023.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
March 31, 2023 ($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive26$1 — %— %748510.4 %9.7 %
Consumer mortgage
Mortgage Finance159— — — 3144674.9 3.9 
Total consumer mortgage159— — — 3144674.9 3.9 
Consumer other
Credit Card— — 29.6 10.6 — — — — 
Total consumer other— — 29.6 10.6 — — — — 
Commercial
Commercial and industrial
Other12— — — — — — — 
Total commercial12$— — — — — — — 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that have been modified during the three months ended March 31, 2023.
Three months ended March 31, 2023 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$13 $1 $— $— $14 
Principal forgiveness— — — 2 2 
Combination37 2 — — 39 
Total consumer automotive (a)50 3 — 2 55 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions2 — — — 2 
Combination— — 2 — 2 
Total Mortgage Finance2 — 2 — 4 
Total consumer mortgage2 — 2 — 4 
Consumer other
Credit Card
Interest rate concessions1 1 — 1 3 
Total consumer other1 1 — 1 3 
Total consumer$53 $4 $2 $3 $62 
(a)During the three months ended March 31, 2023, 12 consumer loans with a total amortized cost of $1 million have redefaulted.
Three months ended March 31, 2023 ($ in millions)
Special mentionSubstandardDoubtfulTotal
Commercial and industrial
Other
Payment deferrals$— $34 $28 $62 
Contractual maturity extensions7 — — 7 
Total commercial$7 $34 $28 $69 
Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02
The adoption of ASU 2022-02 eliminated TDR recognition and measurement guidance, as well as all TDR-related disclosures. Refer to Note 1 for additional information. TDRs were loan modifications where concessions were granted to borrowers experiencing financial difficulties. Total TDRs recorded at amortized cost were $2.4 billion at December 31, 2022.
The following table presents information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
2022
Three months ended March 31, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive13,451 $231 $227 
Consumer mortgage
Mortgage Finance6 5 5 
Mortgage — Legacy4 1 1 
Total consumer mortgage10 6 6 
Consumer other
Credit Card351 1 1 
Total consumer other351 1 1 
Total consumer13,812 238 234 
Commercial
Commercial and industrial
Other1 34 34 
Total commercial1 34 34 
Total finance receivables and loans13,813 $272 $268 
The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
2022
Three months ended March 31, ($ in millions)
Number of loansAmortized costCharge-off amount
Consumer automotive2,111 $31 $13 
Consumer mortgage
Mortgage Finance2 2 — 
Total consumer mortgage2 2 — 
Total consumer finance receivables and loans
2,113 33 13 
Total finance receivables and loans2,113 $33 $13 
v3.23.1
Leasing
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 5 months to 8 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 ended March 31, 2023, and March 31, 2022, we paid $8 million and $10 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, we obtained $12 million of ROU assets in exchange for new lease liabilities. As of March 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.59%, compared to 5 years and 2.57% as of December 31, 2022.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2023, and that have noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$26 
202432 
202526 
202620 
202716 
2028 and thereafter18 
Total undiscounted cash flows138 
Difference between undiscounted cash flows and discounted cash flows(8)
Total lease liability$130 
In June 2022, we purchased an operations center in Lewisville, Texas, which consisted of a previously leased facility. Upon closing the transaction, the lease ROU asset and liability were derecognized and new fixed assets totaling approximately $44 million were recognized as property and equipment at cost within other assets of the Condensed Consolidated Balance Sheet.
The following table details the components of total net operating lease expense.
Three months ended March 31,
($ in millions)20232022
Operating lease expense$7 $8 
Variable lease expense1 1 
Total lease expense, net (a)$8 $9 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which 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 as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $43 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)March 31, 2023December 31, 2022
Vehicles$12,148 $12,304 
Accumulated depreciation(1,912)(1,860)
Investment in operating leases, net$10,236 $10,444 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$1,179 
20241,058 
2025533 
2026152 
202713 
Total lease payments from operating leases$2,935 
We recognized operating lease revenue of $402 million for the three months ended, March 31, 2023, and $403 million for the three months ended March 31, 2022. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended March 31,
($ in millions)20232022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$273 $267 
Remarketing gains, net(47)(50)
Net depreciation expense on operating lease assets$226 $217 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during both the three months ended March 31, 2023, and 2022.
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 $499 million and $481 million as of March 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $487 million and $468 million at March 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $12 million at March 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $9 million for the three months ended March 31, 2023, and $7 million for the three months ended March 31, 2022, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$130 
2024148 
2025129 
202680 
202740 
2028 and thereafter15 
Total undiscounted cash flows542 
Difference between undiscounted cash flows and discounted cash flows(56)
Present value of lease payments recorded as lease receivable$486 
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 5 months to 8 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 ended March 31, 2023, and March 31, 2022, we paid $8 million and $10 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, we obtained $12 million of ROU assets in exchange for new lease liabilities. As of March 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.59%, compared to 5 years and 2.57% as of December 31, 2022.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2023, and that have noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$26 
202432 
202526 
202620 
202716 
2028 and thereafter18 
Total undiscounted cash flows138 
Difference between undiscounted cash flows and discounted cash flows(8)
Total lease liability$130 
In June 2022, we purchased an operations center in Lewisville, Texas, which consisted of a previously leased facility. Upon closing the transaction, the lease ROU asset and liability were derecognized and new fixed assets totaling approximately $44 million were recognized as property and equipment at cost within other assets of the Condensed Consolidated Balance Sheet.
The following table details the components of total net operating lease expense.
Three months ended March 31,
($ in millions)20232022
Operating lease expense$7 $8 
Variable lease expense1 1 
Total lease expense, net (a)$8 $9 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which 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 as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $43 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)March 31, 2023December 31, 2022
Vehicles$12,148 $12,304 
Accumulated depreciation(1,912)(1,860)
Investment in operating leases, net$10,236 $10,444 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$1,179 
20241,058 
2025533 
2026152 
202713 
Total lease payments from operating leases$2,935 
We recognized operating lease revenue of $402 million for the three months ended, March 31, 2023, and $403 million for the three months ended March 31, 2022. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended March 31,
($ in millions)20232022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$273 $267 
Remarketing gains, net(47)(50)
Net depreciation expense on operating lease assets$226 $217 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during both the three months ended March 31, 2023, and 2022.
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 $499 million and $481 million as of March 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $487 million and $468 million at March 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $12 million at March 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $9 million for the three months ended March 31, 2023, and $7 million for the three months ended March 31, 2022, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$130 
2024148 
2025129 
202680 
202740 
2028 and thereafter15 
Total undiscounted cash flows542 
Difference between undiscounted cash flows and discounted cash flows(56)
Present value of lease payments recorded as lease receivable$486 
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 5 months to 8 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 ended March 31, 2023, and March 31, 2022, we paid $8 million and $10 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, we obtained $12 million of ROU assets in exchange for new lease liabilities. As of March 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.59%, compared to 5 years and 2.57% as of December 31, 2022.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2023, and that have noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$26 
202432 
202526 
202620 
202716 
2028 and thereafter18 
Total undiscounted cash flows138 
Difference between undiscounted cash flows and discounted cash flows(8)
Total lease liability$130 
In June 2022, we purchased an operations center in Lewisville, Texas, which consisted of a previously leased facility. Upon closing the transaction, the lease ROU asset and liability were derecognized and new fixed assets totaling approximately $44 million were recognized as property and equipment at cost within other assets of the Condensed Consolidated Balance Sheet.
The following table details the components of total net operating lease expense.
Three months ended March 31,
($ in millions)20232022
Operating lease expense$7 $8 
Variable lease expense1 1 
Total lease expense, net (a)$8 $9 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which 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 as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $43 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)March 31, 2023December 31, 2022
Vehicles$12,148 $12,304 
Accumulated depreciation(1,912)(1,860)
Investment in operating leases, net$10,236 $10,444 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$1,179 
20241,058 
2025533 
2026152 
202713 
Total lease payments from operating leases$2,935 
We recognized operating lease revenue of $402 million for the three months ended, March 31, 2023, and $403 million for the three months ended March 31, 2022. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended March 31,
($ in millions)20232022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$273 $267 
Remarketing gains, net(47)(50)
Net depreciation expense on operating lease assets$226 $217 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during both the three months ended March 31, 2023, and 2022.
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 $499 million and $481 million as of March 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $487 million and $468 million at March 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $12 million at March 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $9 million for the three months ended March 31, 2023, and $7 million for the three months ended March 31, 2022, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$130 
2024148 
2025129 
202680 
202740 
2028 and thereafter15 
Total undiscounted cash flows542 
Difference between undiscounted cash flows and discounted cash flows(56)
Present value of lease payments recorded as lease receivable$486 
Leasing Leasing
Ally as the Lessee
We have operating leases for certain of our corporate facilities, which have remaining lease terms of 5 months to 8 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 ended March 31, 2023, and March 31, 2022, we paid $8 million and $10 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, we obtained $12 million of ROU assets in exchange for new lease liabilities. As of March 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.59%, compared to 5 years and 2.57% as of December 31, 2022.
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2023, and that have noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$26 
202432 
202526 
202620 
202716 
2028 and thereafter18 
Total undiscounted cash flows138 
Difference between undiscounted cash flows and discounted cash flows(8)
Total lease liability$130 
In June 2022, we purchased an operations center in Lewisville, Texas, which consisted of a previously leased facility. Upon closing the transaction, the lease ROU asset and liability were derecognized and new fixed assets totaling approximately $44 million were recognized as property and equipment at cost within other assets of the Condensed Consolidated Balance Sheet.
The following table details the components of total net operating lease expense.
Three months ended March 31,
($ in millions)20232022
Operating lease expense$7 $8 
Variable lease expense1 1 
Total lease expense, net (a)$8 $9 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Ally as the Lessor
Investment in Operating Leases
We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which 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 as incurred.
When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $43 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price.
The following table details our investment in operating leases.
($ in millions)March 31, 2023December 31, 2022
Vehicles$12,148 $12,304 
Accumulated depreciation(1,912)(1,860)
Investment in operating leases, net$10,236 $10,444 
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$1,179 
20241,058 
2025533 
2026152 
202713 
Total lease payments from operating leases$2,935 
We recognized operating lease revenue of $402 million for the three months ended, March 31, 2023, and $403 million for the three months ended March 31, 2022. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended March 31,
($ in millions)20232022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$273 $267 
Remarketing gains, net(47)(50)
Net depreciation expense on operating lease assets$226 $217 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during both the three months ended March 31, 2023, and 2022.
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 $499 million and $481 million as of March 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $487 million and $468 million at March 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $12 million at March 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $9 million for the three months ended March 31, 2023, and $7 million for the three months ended March 31, 2022, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$130 
2024148 
2025129 
202680 
202740 
2028 and thereafter15 
Total undiscounted cash flows542 
Difference between undiscounted cash flows and discounted cash flows(56)
Present value of lease payments recorded as lease receivable$486 
v3.23.1
Securitizations and Variable Interest Entities
 3 Months Ended
Mar. 31, 2023
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.
The pretax gain on sales of financial assets into nonconsolidated VIEs was $1 million for the three months ended March 31, 2023. We had no pretax gains or losses on sales of financial assets into nonconsolidated VIEs during the three months ended March 31, 2022.
We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit.
We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low-income housing tax credits that are subject to recapture.
Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs.
The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet.
($ in millions)Carrying value of total assetsCarrying value of total liabilitiesAssets sold to nonconsolidated VIEs (a)Maximum exposure to loss in nonconsolidated VIEs
March 31, 2023
On-balance sheet variable interest entities
Consumer automotive$22,126 (b)$3,162 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive— — 461 461 (d)
Consumer other (e)— — 118 118 
Commercial other2,203 (f)864 (g)— 2,767 (h)
Total$24,329 $4,026 $579 $3,346 
December 31, 2022
On-balance sheet variable interest entities
Consumer automotive$20,415 (b)$2,553 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive— — $227 $227 (d)
Consumer other (e)— — 103 103 
Commercial other2,199 (f)873 (g)— 2,767 (h)
Total$22,614 $3,426 $330 $3,097 
(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 $10.4 billion and $10.6 billion of assets that were not encumbered by VIE beneficial interests held by third parties at March 31, 2023, and December 31, 2022, respectively. Ally or consolidated affiliates hold the interests in these assets.
(c)Includes $111 million and $113 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2023, and December 31, 2022, respectively.
(d)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.
(e)Represents balances from Ally Credit Card.
(f)Amounts are classified as other assets except for $41 million and $38 million classified as equity securities at March 31, 2023, and December 31, 2022, respectively.
(g)Amounts are classified as accrued expenses and other liabilities.
(h)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
Cash Flows with Nonconsolidated Special-Purpose Entities
The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the three months ended March 31, 2023, and 2022. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
Three months ended March 31,
($ in millions)20232022
Consumer automotive
Cash proceeds from transfers completed during the period$252 $— 
Servicing fees2 — 
Consumer other (a)
Cash proceeds from transfers completed during the period39 12 
Servicing fees3 1 
Total$296 $13 
(a)Represents activity from Ally Credit Card.
Delinquencies and Net Credit Losses
The following tables present quantitative information about off-balance sheet whole-loan sales where we have continuing involvement.
Total amountAmount 60 days or more past due
($ in millions)March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Whole-loan sales (a)
Consumer automotive$461 $227 $5 $2 
Consumer other118 103 11 8 
Total$579 $330 $16 $10 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
Net credit losses
Three months ended March 31,
($ in millions)20232022
Whole-loan sales (a)
Consumer automotive$1 $— 
Consumer other5 — 
Total$6 $— 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
v3.23.1
Other Assets
 3 Months Ended
Mar. 31, 2023
Other Assets [Abstract]  
Other Assets Other Assets
The components of other assets were as follows.
($ in millions)March 31, 2023December 31, 2022
Property and equipment at cost$2,390 $2,352 
Accumulated depreciation(1,116)(1,076)
Net property and equipment1,274 1,276 
Investment in qualified affordable housing projects1,616 1,596 
Net deferred tax assets1,030 1,087 
Nonmarketable equity investments833 842 
Goodwill822 822 
Accrued interest, fees, and rent receivables807 786 
Restricted cash held for securitization trusts (a)740 585 
Equity-method investments (b)595 608 
Other accounts receivable153 164 
Operating lease right-of-use assets105 111 
Net intangible assets91 98 
Restricted cash and cash equivalents (c)75 66 
Other assets1,003 1,097 
Total other assets$9,144 $9,138 
(a)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(b)Primarily relates to investments made in connection with our CRA program.
(c)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
The total carrying value of the nonmarketable equity investments held at March 31, 2023, and December 31, 2022, including cumulative unrealized gains and losses, was as follows.
($ in millions)March 31, 2023December 31, 2022
FRB stock$396 $401 
FHLB stock324 318 
Equity investments without a readily determinable fair value
Cost basis at acquisition90 89 
Adjustments
Upward adjustments183 177 
Downward adjustments (including impairment)(160)(143)
Carrying amount, equity investments without a readily determinable fair value113 123 
Nonmarketable equity investments$833 $842 
During the three months ended March 31, 2023, and 2022, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of March 31, 2023, and 2022, were as follows.
Three months ended March 31,
($ in millions)20232022
Upward adjustments$5 $1 
Downward adjustments (including impairment) (a)(17)(2)
(a)No impairment on FHLB and FRB stock was recognized during the three months ended March 31, 2023, and 2022.
Total loss on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses, were losses of $11 million and $1 million for the three months ended March 31, 2023, and March 31, 2022, respectively.
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 2021$20 $27 $775 $822 
Goodwill acquired— — — — 
Goodwill at December 31, 2022$20 $27 $775 $822 
Goodwill acquired— — — — 
Goodwill at March 31, 2023$20 $27 $775 $822 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both March 31, 2023, and December 31, 2022, $153 million of goodwill associated with Ally Lending at both March 31, 2023, and December 31, 2022, and $143 million of goodwill associated with Ally Invest at both March 31, 2023, and December 31, 2022.
The net carrying value of intangible assets by class was as follows.
March 31, 2023 (a)December 31, 2022
($ in millions)Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$122 $(57)$65 $122 $(53)$69 
Customer lists58 (53)5 58 (51)7 
Purchased credit card relationships25 (5)20 25 (4)21 
Trademarks2 (1)1 2 (1)1 
Total intangible assets$207 $(116)$91 $207 $(109)$98 
(a)We expect to recognize amortization expense of $20 million during the remainder of 2023, $19 million in 2024, and $14 million in each of 2025, 2026, and 2027.
v3.23.1
Deposit Liabilities
 3 Months Ended
Mar. 31, 2023
Deposits [Abstract]  
Deposit Liabilities Deposit Liabilities
Deposit liabilities consisted of the following.
($ in millions)March 31, 2023December 31, 2022
Noninterest-bearing deposits$174 $185 
Interest-bearing deposits
Savings, money market, and checking accounts101,528 110,776 
Certificates of deposit52,311 41,336 
Total deposit liabilities$154,013 $152,297 
At March 31, 2023, and December 31, 2022, certificates of deposit included $6.7 billion and $5.6 billion, respectively, of those in denominations in excess of $250 thousand.
v3.23.1
Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
March 31, 2023December 31, 2022
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $700 $700 $— $1,900 $1,900 
Securities sold under agreements to repurchase
— 755 755 — 499 499 
Total short-term borrowings$— $1,455 $1,455 $— $2,399 $2,399 
(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 March 31, 2023, the securities sold under agreements to repurchase consisted of $755 million of agency mortgage-backed residential debt securities, of which $493 million are set to mature within 30 days, and $262 million are set to mature within 31 to 60 days. Refer to Note 6 and Note 21 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 March 31, 2023, we placed cash collateral of $4 million subsequent to the execution of the repurchase agreements, and we did not receive any collateral. At December 31, 2022, we placed cash collateral of $1 million subsequent to the execution of the repurchase agreements, and we did not receive any collateral.
Long-Term Debt
The following tables present the composition of our long-term debt portfolio.
March 31, 2023December 31, 2022
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$2,015 $2,902 $4,917 $2,023 $2,395 $4,418 
Due after one year
8,634 6,929 15,563 8,014 5,330 13,344 
Total long-term debt (b)$10,649 $9,831 $20,480 $10,037 $7,725 $17,762 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information.
(b)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $6.8 billion and $5.3 billion at March 31, 2023, and December 31, 2022, respectively.
The following table presents the scheduled remaining maturity of long-term debt at March 31, 2023, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202320242025202620272028 and thereafter
Total
Unsecured
Long-term debt
$2,077 $1,480 $2,470 $107 $1,538 $3,855 $11,527 
Original issue discount
(46)(68)(74)(82)(95)(513)(878)
Total unsecured
2,031 1,412 2,396 25 1,443 3,342 10,649 
Secured
Long-term debt
2,134 3,124 2,060 1,806 473 234 9,831 
Total long-term debt
$4,165 $4,536 $4,456 $1,831 $1,916 $3,576 $20,480 
The following summarizes assets restricted as collateral for the payment of the related debt obligation.
($ in millions)March 31, 2023December 31, 2022
Consumer mortgage finance receivables$19,499 $19,771 
Consumer automotive finance receivables
13,505 11,759 
Commercial finance receivables5,413 4,210 
Investment securities (amortized cost of $5,008 and $4,288) (a)
4,241 3,525 
Total assets restricted as collateral (b) (c) (d)$42,658 $39,265 
Secured debt (e)$11,286 $10,124 
(a)A portion of the restricted investment securities at March 31, 2023, and December 31, 2022, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)All restricted assets are those of Ally Bank.
(c)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 $28.4 billion and $27.0 billion at March 31, 2023, and December 31, 2022, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans, as well as real-estate-backed loans within our Automotive Finance and Corporate Finance businesses, and non-agency mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $2.3 billion and $2.4 billion at March 31, 2023, and December 31, 2022, 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.
(d)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information.
(e)Includes $1.5 billion and $2.4 billion of short-term borrowings at March 31, 2023, and December 31, 2022, respectively.
v3.23.1
Accrued Expenses and Other Liabilities
 3 Months Ended
Mar. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
The components of accrued expenses and other liabilities were as follows.
($ in millions)March 31, 2023December 31, 2022
Unfunded commitments for investment in qualified affordable housing projects$861 $869 
Accounts payable541 435 
Employee compensation and benefits225 424 
Deferred revenue168 169 
Reserves for insurance losses and loss adjustment expenses133 119 
Operating lease liabilities130 137 
Other liabilities567 495 
Total accrued expenses and other liabilities$2,625 $2,648 
v3.23.1
Preferred Stock
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Preferred Stock Preferred Stock
The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K.
March 31, 2023December 31, 2022
Series B preferred stock (a)
Issuance dateApril 22, 2021April 22, 2021
Carrying value ($ 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$1,000
Number of shares authorized1,000,0001,000,000
Number of shares issued and outstanding1,000,0001,000,000
Dividend/coupon
Prior to May 15, 20284.700%4.700%
On and after May 15, 2028
Seven Year Treasury + 3.481%
Seven Year Treasury + 3.481%
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
v3.23.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
The following table presents changes, net of tax, in each component of accumulated other comprehensive loss.
($ in millions)
Unrealized losses on investment securities (a)Translation adjustments and net investment hedges (b)Cash flow hedges (b)Defined benefit pension plans (c)Accumulated other comprehensive loss
Balance at January 1, 2022$(95)$19 $35 $(117)$(158)
Net change(1,631)1 (5)2 (1,633)
Balance at March 31, 2022$(1,726)$20 $30 $(115)$(1,791)
Balance at January 1, 2023$(4,095)$18 $18 $— $(4,059)
Net change284 — (1)— 283 
Balance at March 31, 2023$(3,811)$18 $17 $— $(3,776)
(a)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 6 for additional information.
(b)For additional information on derivative instruments and hedging activities, refer to Note 18.
(c)During 2022, we settled our qualified defined benefit pension plan. Refer to Note 18 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for additional information.
The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss.
Three months ended March 31, 2023 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized gains arising during the period$377 $(89)$288 
Less: Net realized gains reclassified to income from continuing operations5 (a)(1)(b)4 
Net change372 (88)284 
Cash flow hedges (c)
Net unrealized gains arising during the period4 (1)3 
Less: Net realized gains reclassified to income from continuing operations5 (d)(1)(b)4 
Net change(1)— (1)
Other comprehensive income$371 $(88)$283 
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended March 31, 2022 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(2,120)$503 $(1,617)
Less: Net realized gains reclassified to income from continuing operations18(a)(4)(b)14
Net change(2,138)507 (1,631)
Translation adjustments
Net unrealized gains arising during the period3 — 3 
Net investment hedges (c)
Net unrealized losses arising during the period(3)1 (2)
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations6 (d)(1)(b)5 
Defined benefit pension plans
Net unrealized gains arising during the period2— 2
Other comprehensive loss$(2,142)$509 $(1,633)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
v3.23.1
Earnings per Common Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the calculation of basic and diluted earnings per common share.
Three months ended March 31,
($ in millions, except per share data; shares in thousands) (a)
20232022
Net income from continuing operations$320 $655 
Preferred stock dividends — Series B(16)(16)
Preferred stock dividends — Series C(12)(12)
Net income from continuing operations attributable to common stockholders$292 $627 
Loss from discontinued operations, net of tax(1)— 
Net income attributable to common stockholders$291 $627 
Basic weighted-average common shares outstanding (b)302,657 335,678 
Diluted weighted-average common shares outstanding (b)303,448 337,812 
Basic earnings per common share
Net income from continuing operations$0.97 $1.87 
Net income$0.96 $1.87 
Diluted earnings per common share
Net income from continuing operations$0.96 $1.86 
Net income$0.96 $1.86 
(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.
v3.23.1
Regulatory Capital and Other Regulatory Matters
 3 Months Ended
Mar. 31, 2023
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. 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 March 31, 2023, the stress capital buffer requirement for Ally was 2.5%.
Ally and Ally Bank are subject to the U.S. Basel III standardized approach for counterparty credit risk but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. Since Ally and Ally Bank are 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 from regulatory capital. As of March 31, 2023, and December 31, 2022, Ally had $3.8 billion and $4.1 billion of accumulated other comprehensive losses, net of applicable income taxes, that were excluded from Common Equity Tier 1 capital. Refer to Note 15 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 March 31, 2023, and December 31, 2022, 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. Brokered deposits totaled $13.8 billion at March 31, 2023, which represented 9.0% of Ally Bank’s total deposits.
The following table summarizes our capital ratios under U.S. Basel III.
March 31, 2023December 31, 2022Required minimum (a)Well-capitalized minimum
($ in millions)AmountRatioAmountRatio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.$14,540 9.23 %$14,592 9.27 %4.50 %(b)
Ally Bank17,121 11.43 17,011 11.38 4.50 6.50 %
Tier 1 (to risk-weighted assets)
Ally Financial Inc.$16,803 10.66 %$16,867 10.72 %6.00 %6.00 %
Ally Bank17,121 11.43 17,011 11.38 6.00 8.00 
Total (to risk-weighted assets)
Ally Financial Inc.$19,626 12.46 %$19,209 12.21 %8.00 %10.00 %
Ally Bank19,007 12.69 18,888 12.64 8.00 10.00 
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.$16,803 8.54 %$16,867 8.65 %4.00 %(b)
Ally Bank17,121 9.18 17,011 9.23 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 March 31, 2023, and December 31, 2022.
(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 2022 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 March 31, 2023, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $591 million.
In December 2017, the Basel Committee approved revisions to the global Basel III capital framework (commonly known as the Basel III endgame or as Basel IV), many of which—if adopted in the United States—could heighten regulatory capital standards. While these revisions were planned for implementation by member countries by January 1, 2023, the U.S. banking agencies have yet to propose rules to do so. At this time, how the revisions will be harmonized and finalized in the United States remains unclear, although officials of the U.S. banking agencies have indicated that regulatory capital standards are expected to become more exacting. In addition, in the wake of the failures of SVB and Signature, President Biden on March 30, 2023, urged the U.S. banking agencies to roll back many of the Tailoring Rules for Category IV firms like Ally, including by (1) imposing regulatory capital standards currently applicable to the largest banking organizations, such as the minimum total-loss absorbing capacity (TLAC) requirement and the inclusion of accumulated other comprehensive income and loss in regulatory capital, (2) reinstating the LCR and requiring more rigorous liquidity stress testing, (3) returning to supervisory stress testing on an annual cycle, and (4) resuming resolution planning for Ally and its significant legal entities under the U.S. Bankruptcy Code and other applicable insolvency laws. On April 28, 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.
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 was subject to the 2022 supervisory stress test and did not elect to participate in the 2023 supervisory stress test.
On January 10, 2022, our Board authorized a stock-repurchase program, permitting us to repurchase up to $2.0 billion of our common stock from time to time from the first quarter of 2022 through the fourth quarter of 2022 subject to restrictions imposed by the FRB, and an increase in our cash dividend on common stock from $0.25 per share for the fourth quarter of 2021 to $0.30 per share for the first quarter of 2022. During the year ended December 31, 2022, we repurchased $1.65 billion of common stock under our stock-repurchase program. 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 38%, from 484 million as of June 30, 2016, to 301 million as of March 31, 2023. At this time, the Board has not authorized a stock-repurchase program for 2023.
We submitted our 2022 capital plan to the FRB on April 5, 2022. Ally received an updated preliminary stress capital buffer requirement 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 on October 1, 2022. In February 2023, we accessed the unsecured debt capital markets and issued $500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. We submitted our 2023 capital plan to the FRB on April 5, 2023.
Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB), the taxation of share repurchases, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time.
The following table presents information related to our common stock and distributions to our common stockholders.
Common stock repurchased during period (a)Number of common shares outstandingCash dividends declared per common share (b)
($ in millions, except per share data; shares in thousands)Approximate dollar valueNumber of sharesBeginning of periodEnd of period
2022
First quarter$584 12,548 337,941 327,306 $0.30 
Second quarter600 15,031 327,306 312,781 0.30 
Third quarter415 12,468 312,781 300,335 0.30 
Fourth quarter51 1,731 300,335 299,324 0.30 
2023
First quarter$27 836 299,324 300,821 $0.30 
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.
(b)On April 14, 2023, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on May 15, 2023, to stockholders of record at the close of business on May 1, 2023. Refer to Note 24 for further information regarding this common-stock dividend.
v3.23.1
Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2023
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 our desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges 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. 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 withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative.
Counterparty Credit Risk
Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, assuming no recoveries of underlying collateral as measured by the market value of the derivative financial instrument.
We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements.
We execute certain OTC derivatives, such as interest rate caps and floors, using bilateral agreements with financial counterparties. Bilateral agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. 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 three months ended March 31, 2023, or 2022.
We placed cash and noncash collateral totaling $5 million and $674 million, respectively, supporting our derivative positions at March 31, 2023, compared to $2 million and $384 million of cash and noncash collateral at December 31, 2022, in accounts maintained by counterparties. 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 $51 million and $23 million in accounts maintained by counterparties at March 31, 2023, and December 31, 2022, respectively. These amounts exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities.
Balance Sheet Presentation
The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.
Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
March 31, 2023December 31, 2022
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $39,549 $— $— $30,619 
Purchased options
47 — 5,000 22 — 2,800 
Foreign exchange contracts
Forwards
— 2 154 — 1 151 
Total derivatives designated as accounting hedges
47 2 44,703 22 1 33,570 
Derivatives not designated as accounting hedges
Interest rate contracts
Futures and forwards
— — 77 — — 37 
Written options
2 — 123 — 79 
Total interest rate risk
2 — 200 — — 116 
Foreign exchange contracts
Futures and forwards— — 52 — 1 147 
Total foreign exchange risk— — 52 — 1 147 
Credit contracts (a)
Other credit derivatives— 44 n/a— 39 n/a
Total credit risk— 44 n/a— 39 n/a
Equity contracts
Written options
— 3 1 — 1 — 
Purchased options
1 — 1 1 — — 
Total equity risk
1 3 2 1 1 — 
Total derivatives not designated as accounting hedges
3 47 254 1 41 263 
Total derivatives
$50 $49 $44,957 $23 $42 $33,833 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $76 million and $82 million as of March 31, 2023, and December 31, 2022, 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)March 31, 2023December 31, 2022March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Assets
Available-for-sale securities (b)$11,493 $11,265 $(45)$(180)$(174)$(181)
Finance receivables and loans, net (c)52,785 46,390 (402)(617)(47)(57)
Liabilities
Long-term debt$7,708 $7,697 $108 $112 $108 $120 
(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 both March 31, 2023, and December 31, 2022, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $10.0 billion, of which $9.7 billion represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At March 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $16 million liability and a $135 million liability, respectively, of which the portion related to discontinued hedging relationships was a $132 million liability and a $138 million liability, respectively. At March 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $7.7 billion and $4.0 billion, respectively, with cumulative basis adjustments of a $116 million asset and a $3 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 6 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 March 31, 2023, and December 31, 2022, the carrying value of the closed portfolios used in these hedging relationships was $52.8 billion and $46.4 billion, respectively, of which $51.9 billion and $46.1 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At March 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $402 million liability and a $617 million liability, respectively, of which the portion related to discontinued hedging relationships was a $47 million liability and a $57 million liability, respectively. At March 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $30.5 billion and $22.8 billion, respectively, with cumulative basis adjustments of a $355 million liability and a $560 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship.
Statement of Income Presentation
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended March 31,
($ in millions)20232022
Gain (loss) recognized in earnings
Interest rate contracts
Gain (loss) on mortgage and automotive loans, net$5 $(2)
Other income, net of losses
— 3 
Total interest rate contracts5 1 
Foreign exchange contracts
Other operating expenses1 (3)
Total foreign exchange contracts
1 (3)
Credit contracts
Other income, net of losses(5)(1)
Total credit contracts(5)(1)
Equity contracts
Other income, net of losses
(4)— 
Total equity contracts(4)— 
Total loss recognized in earnings$(3)$(3)
The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended March 31, ($ in millions)
202320222023202220232022
Gain (loss) on fair value hedging relationships
Interest rate contracts
Hedged fixed-rate unsecured debt$— $— $— $— $1 $(2)
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — (1)2 
Hedged available-for-sale securities— — 130 (42)— — 
Derivatives designated as hedging instruments on available-for-sale securities— — (130)42 — — 
Hedged fixed-rate consumer automotive loans205 (304)— — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(205)304 — — — — 
Total gain on fair value hedging relationships— — — — — — 
Gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income5 6 — — — — 
Total gain on cash flow hedging relationships$5 $6 $— $— $— $— 
Total amounts presented in the Condensed Consolidated Statement of Income$2,575 $1,714 $238 $188 $227 $185 
During the next 12 months, we estimate $8 million of gains will be reclassified into pretax earnings from derivatives designated as cash flow hedges.
The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended March 31, ($ in millions)
202320222023202220232022
Gain (loss) on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $2 $1 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — 1 (1)
Amortization of deferred basis adjustments of available-for-sale securities— — 5 1 — — 
Interest for qualifying accounting hedges of available-for-sale securities— — 13 (1)— — 
Amortization of deferred loan basis adjustments10 (9)— — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment162 (18)— — — — 
Total gain (loss) on fair value hedging relationships$172 $(27)$18 $— $3 $— 
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.
Three months ended March 31,
($ in millions)20232022
Interest rate contracts
Loss recognized in other comprehensive income (loss)$(1)$(6)
The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.
Three months ended March 31,
($ in millions)20232022
Foreign exchange contracts (a) (b)
Loss recognized in other comprehensive income (loss)$— $(3)
(a)There were no amounts excluded from effectiveness testing for the three months ended March 31, 2023, or 2022.
(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. There were no amounts reclassified for the three months ended March 31, 2023, or 2022.
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We recognized total income tax expense from continuing operations of $68 million for the three months ended March 31, 2023, compared to income tax expense of $191 million for the same period in 2022. The decrease in income tax expense for the three months ended March 31, 2023, compared to the same period in 2022, was primarily due to the tax effects of a decrease in pretax earnings.
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.
v3.23.1
Fair Value
 3 Months Ended
Mar. 31, 2023
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 using internal pricing models with unobservable inputs, so they are classified as Level 3.
We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3.
We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of 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
March 31, 2023 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$676 $— $1 $677 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,064 — — 2,064 
U.S. States and political subdivisions
— 709 4 713 
Foreign government47 117 — 164 
Agency mortgage-backed residential
— 16,420 — 16,420 
Mortgage-backed residential
— 4,282 — 4,282 
Agency mortgage-backed commercial— 3,652 — 3,652 
Asset-backed— 419 — 419 
Corporate debt
— 1,736 — 1,736 
Total available-for-sale securities2,111 27,335 4 29,450 
Mortgage loans held-for-sale (c)— 24 — 24 
Finance receivables and loans, net
Consumer other (c)— — 2 2 
Other assets
Derivative contracts in a receivable position
Interest rate— 47 2 49 
Equity1 — — 1 
Total derivative contracts in a receivable position1 47 2 50 
Total assets$2,788 $27,406 $9 $30,203 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $2 $— $2 
Credit— — 44 44 
Equity3 — — 3 
Total derivative contracts in a payable position
3 2 44 49 
Total liabilities$3 $2 $44 $49 
(a)Our direct investment in any one industry did not exceed 16%.
(b)Excludes $41 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
Recurring fair value measurements
December 31, 2022 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$642 $— $1 $643 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,016 — — 2,016 
U.S. States and political subdivisions
— 756 4 760 
Foreign government39 107 — 146 
Agency mortgage-backed residential
— 16,633 — 16,633 
Mortgage-backed residential
— 4,299 — 4,299 
Agency mortgage-backed commercial— 3,535 — 3,535 
Asset-backed— 433 — 433 
Corporate debt
— 1,719 — 1,719 
Total available-for-sale securities2,055 27,482 4 29,541 
Mortgage loans held-for-sale (c)— 13 — 13 
Finance receivables and loans, net
Consumer other (c)— — 3 3 
Other assets
Derivative contracts in a receivable position
Interest rate— 22 — 22 
Equity1 — — 1 
Total derivative contracts in a receivable position1 22 — 23 
Total assets$2,698 $27,517 $8 $30,223 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $2 $— $2 
Credit— — 39 39 
Equity1 — — 1 
Total derivative contracts in a payable position
1 2 39 42 
Total liabilities$1 $2 $39 $42 
(a)Our direct investment in any one industry did not exceed 15%.
(b)Excludes $38 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.
Equity securities (a)Available-for-sale securitiesFinance receivables and loans, net (b) (c)
($ in millions)202320222023202220232022
Assets
Fair value at January 1,$1 $9 $4 $9 $3 $7 
Net realized/unrealized gains (losses)
Included in earnings— 1 — — — (1)
Included in OCI— — — — — — 
Purchases— — — 2 — 4 
Sales— (9)— — — — 
Issuances— — — — — — 
Settlements— — — — (1)(3)
Transfers into Level 3— — — — — — 
Transfers out of Level 3— — — — — — 
Fair value at March 31,$1 $1 $4 $11 $2 $7 
Net unrealized losses still held at March 31,
Included in earnings$— $— $— $— $— $(1)
Included in OCI— — — — — — 
(a)Net realized/unrealized gains are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Carried at fair value due to fair value option elections.
(c)Net realized/unrealized losses are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
Derivative liabilities, net of derivative assets (a)
($ in millions)20232022
Liabilities
Fair value at January 1,$39 $53 
Net realized/unrealized losses
Included in earnings— 8 
Included in OCI— — 
Purchases— — 
Sales— — 
Issuances— — 
Settlements— — 
Transfers into Level 3— — 
Transfers out of Level 3 (b)3 — 
Fair value at March 31,$42 $61 
Net unrealized losses still held at March 31,
Included in earnings$3 $5 
Included in OCI— — 
(a)Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during the three months ended March 31, 2023. This transfer is deemed to have occurred at the end of the reporting period.
Nonrecurring Fair Value
We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures.
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2023, and December 31, 2022, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
March 31, 2023 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $500 $500 $— n/m(a)
Commercial finance receivables and loans, net (b)
Other
— — 60 60 (100)n/m(a)
Total commercial finance receivables and loans, net
— — 60 60 (100)n/m(a)
Other assets
Nonmarketable equity investments— 2 28 30 21 n/m(a)
Repossessed and foreclosed assets (c)— — 6 6 (1)n/m(a)
Total assets
$— $2 $594 $596 $(80)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2022 ($ in millions)
Level 1Level 2Level 3Total
Assets
Loans held-for-sale, net$— $— $641 $641 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive— — 3 3 — n/m(a)
Other— — 39 39 (89)n/m(a)
Total commercial finance receivables and loans, net— — 42 42 (89)n/m(a)
Other assets
Nonmarketable equity investments— — 12 12 3 n/m(a)
Repossessed and foreclosed assets (c)— — 5 5 — n/m(a)
Total assets$— $— $700 $700 $(86)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 and certain personal lending finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain 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. 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 March 31, 2023, and December 31, 2022.
Estimated fair value
($ in millions)
Carrying value
Level 1
Level 2
Level 3
Total
March 31, 2023
Financial assets
Held-to-maturity securities
$1,047 $— $891 $— $891 
Loans held-for-sale, net
500 — — 500 500 
Finance receivables and loans, net
132,551 — — 134,325 134,325 
FHLB/FRB stock (a)
720 — 720 — 720 
Financial liabilities
Deposit liabilities
$52,311 $— $— $52,251 $52,251 
Short-term borrowings
1,455 — — 1,487 1,487 
Long-term debt
20,480 — 14,044 6,890 20,934 
December 31, 2022
Financial assets
Held-to-maturity securities$1,062 $— $884 $— $884 
Loans held-for-sale, net641 — — 641 641 
Finance receivables and loans, net132,034 — — 133,856 133,856 
FHLB/FRB stock (a)719 — 719 — 719 
Financial liabilities
Deposit liabilities$42,336 $— $— $41,909 $41,909 
Short-term borrowings2,399 — — 2,417 2,417 
Long-term debt17,762 — 12,989 5,263 18,252 
(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.
v3.23.1
Offsetting Assets and Liabilities
 3 Months Ended
Mar. 31, 2023
Offsetting [Abstract]  
Offsetting Assets and Liabilities Offsetting Assets and LiabilitiesOur derivative contracts and repurchase/reverse repurchase transactions are supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (i) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (ii) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty.
To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default.
In certain instances, as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At March 31, 2023, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 18.
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
March 31, 2023
Assets
Derivative assets in net asset positions$47 $— $47 $— $(47)$— 
Derivative assets in net liability positions1 — 1 (1)— — 
Derivative assets with no offsetting arrangements
2 — 2 — — 2 
Total assets
$50 $— $50 $(1)$(47)$2 
Liabilities
Derivative liabilities in net liability positions
$5 $— $5 $(1)$(4)$— 
Derivative liabilities with no offsetting arrangements44 — 44 — — 44 
Securities sold under agreements to repurchase (d)755 — 755 — (755)— 
Total liabilities$804 $— $804 $(1)$(759)$44 
December 31, 2022
Assets
Derivative assets in net asset positions$23 $— $23 $(1)$(22)$— 
Total assets
$23 $— $23 $(1)$(22)$— 
Liabilities
Derivative liabilities in net liability positions
$2 $— $2 $— $(1)$1 
Derivative liabilities in net asset positions
1 — 1 (1)— — 
Derivative liabilities with no offsetting arrangements39 — 39 — — 39 
Securities sold under agreements to repurchase (d)499 — 499 — (499)— 
Total liabilities$541 $— $541 $(1)$(500)$40 
(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)For additional information on securities sold under agreements to repurchase, refer to Note 12.
v3.23.1
Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our chief operating decision maker in deciding how to allocate resources and in assessing performance.
We report our results of operations on a business-line basis through four operating segments: Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by management. The following is a description of each of our reportable operating segments.
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 leveraged asset-based and 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 to serve companies, primarily in the healthcare industry.
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 wealth management offering, Ally Lending, our point-of-sale financing business, Ally Credit Card, and CRA loans and related investments are also included within Corporate and Other.
We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities on a match funded basis, aligned with the expected duration and the benchmark rate curve plus an assumed credit spread. Match funding allocates interest income and interest expense to these reportable segments so their respective results are insulated from interest rate risk. This methodology is consistent with our ALM practices, which includes managing interest rate risk centrally at a corporate level. The net residual impact of the FTP methodology is included within the results of Corporate and Other.
The information presented in our reportable operating segments is based in part on internal allocations 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 March 31, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2023
Net financing revenue and other interest income$1,322 $26 $54 $103 $97 $1,602 
Other revenue77 381 4 29 7 498 
Total net revenue1,399 407 58 132 104 2,100 
Provision for credit losses351 — (1)15 81 446 
Total noninterest expense606 315 38 45 262 1,266 
Income (loss) from continuing operations before income tax expense$442 $92 $21 $72 $(239)$388 
Total assets$111,960 $8,867 $19,290 $10,226 $45,822 $196,165 
2022
Net financing revenue and other interest income$1,295 $17 $53 $83 $245 $1,693 
Other revenue68 270 14 24 66 442 
Total net revenue1,363 287 67 107 311 2,135 
Provision for credit losses104 — — 6 57 167 
Total noninterest expense534 274 56 37 221 1,122 
Income from continuing operations before income tax expense$725 $13 $11 $64 $33 $846 
Total assets$105,754 $9,220 $18,596 $8,086 $42,641 $184,297 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $1.2 billion and $1.5 billion for the three months ended March 31, 2023, and 2022, respectively.
v3.23.1
Contingencies and Other Risks
 3 Months Ended
Mar. 31, 2023
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 2022 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.
v3.23.1
Subsequent Events
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Declaration of Common Dividend
On April 14, 2023, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on May 15, 2023, to stockholders of record at the close of business on May 1, 2023.
v3.23.1
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
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.
Finance Receivables and Loans
Finance Receivables and Loans
On January 1, 2023, we implemented ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the concept of TDRs and adds new disclosure requirements related to loan modifications to borrowers experiencing financial difficulty and gross charge-offs. We implemented the ASU on a prospective basis, which results in certain aspects of our accounting policies changing for the current year. For significant accounting policy information related to the accounting and reporting of TDRs, for which comparative period information is presented, refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K.
Modifications of Loans with Borrowers Experiencing Financial Difficulty
We may provide a modification to a borrower who is experiencing financial difficulty if we believe they have the ability and are willing to repay their loan. The type of modification granted will vary depending on our credit risk management practices, as well as the borrower’s financial condition and the characteristics of the loan, including the unpaid balance, the underlying collateral, and the number or types of previous modifications granted. Modifications that we make subject to these requirements include payment extensions, principal forgiveness, and/or interest rate concessions. These modifications generally reduce the borrower’s periodic payment amount. The following is a description of each of these types of modifications.
•Payment extensions — Payment extensions include both payment deferrals and contractual maturity extensions. Deferral arrangements allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual terms of the loan and the contractual maturity date of the loan remains unchanged. Deferrals also include certain forbearance agreements. Within the commercial loan portfolio, deferrals primarily reflect a deferral of interest payments. Under a contractual maturity extension agreement, the last payment date is extended to a future date, contractually lengthening the remaining term of the original loan.
•Principal forgiveness — Under principal forgiveness, the outstanding principal balance of a loan is reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding. Under these involuntary instances, the bankruptcy court in a Chapter 11 or 13 proceeding may order us to reduce the outstanding principal balance of the loan to a specified amount.
•Interest rate concessions — Interest rate concessions adjust the contractual interest rate of the loan to a rate that is not consistent with a market rate for a customer with similar credit risk.
•Combination — Combination includes loans that have undergone multiple of the above loan modification types. This primarily includes rewritten loans where we grant an interest rate concession and a contractual maturity extension.
Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. In all cases, the cumulative impacts of all modifications made within the 12-month period before the current modification are considered at the time of the most recent modification.
For consumer loans of all classes, various qualitative factors are used for assessing the financial difficulty of the borrower. These factors include, but are not limited to, the borrower’s default status on any of its debts, bankruptcy, and recent changes in financial circumstances (for instance, loss of employment). For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the previously noted factors, consideration is also given to the borrower’s forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions, and other potential business disruptions (for example, the loss of a significant customer or other revenue stream).
In our consumer automotive portfolio class of loans, we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. If these limits are breached, the modification may require disclosure as noted in the following paragraph. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate.
We do not disclose modifications that result in only an insignificant payment delay. In order to assess whether a payment delay is insignificant, we consider the amount of the modified payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan’s original expected duration. In the cases where payment extensions cumulatively extend beyond 90 days and are more than 10% of the original contractual term, or where the cumulative payment extension within the 12-month period immediately preceding the current modification is beyond 180 days, we deem the delay in payment to be more than insignificant.
The financial impacts of modifications that meet the definition of a modification to borrowers experiencing financial difficulty are reported in the period in which they are identified. Additionally, if such a loan defaults within 12 months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy, except for commercial loans where redefault is defined as 90 days past due.
Nonaccrual Loans
Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for at least 90 days, or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual status. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, a loan can be returned to accrual status when the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan.
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 2022 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology.
Recently Adopted and Issued Accounting Standards
Recently Adopted Accounting Standards
Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02)
In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of this guidance is twofold. First, the guidance eliminates TDR recognition and measurement guidance that has been deemed no longer necessary under CECL. The guidance also adds a requirement to incorporate current year gross charge-offs by origination year into the vintage tables. With respect to the TDR impacts, under CECL, credit losses for financial assets measured at amortized cost are determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. Therefore, credit losses on financial assets that have been modified as TDRs would have largely been incorporated in the allowance upon initial recognition. Under ASU 2022-02, we will evaluate whether loan modifications previously characterized as TDRs represent a new loan or a continuation of an existing loan in accordance with ASC Topic 310, Receivables. The guidance also added new disclosures that require an entity to provide information related to loan modifications that are made to borrowers that are deemed to be in financial difficulty. We adopted the ASU on January 1, 2023, on a prospective basis. The impact of these amendments was not material.
Recently Issued 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. The amendments are effective on January 1, 2024, with early adoption permitted. The amendments must be applied using a prospective approach with any adjustments from the adoption of the amendments recognized in earnings and disclosed upon adoption. Management does not expect the impact of these amendments to be 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 will be 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. The amendments are effective on January 1, 2024, with early adoption permitted. The amendments must be applied using either a modified retrospective or retrospective approach with any adjustments from the adoption of the amendments recognized in retained earnings and disclosed upon adoption. In the event that we elect to apply the proportional amortization method to any qualifying programs upon adoption, management is still assessing the total impacts of these amendments, but does not expect the impact of these amendments to be material.
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 using internal pricing models with unobservable inputs, so they are classified as Level 3.
We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3.
We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of 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.
v3.23.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents 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 2022 Annual Report on Form 10-K.
Three months ended March 31, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $169 $— $— $— $169 
Remarketing fee income33 — — — — 33 
Brokerage commissions and other revenue— — — — 23 23 
Banking fees and interchange income (d)— — — — 10 10 
Brokered/agent commissions— 3 — — — 3 
Other5 — — — — 5 
Total revenue from contracts with customers
38 172 — — 33 243 
All other revenue
39 209 4 29 (26)255 
Total other revenue (e)$77 $381 $4 $29 $7 $498 
2022
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $162 $— $— $— $162 
Remarketing fee income27 — — — — 27 
Brokerage commissions and other revenue— — — — 11 11 
Banking fees and interchange income (d)— — — — 11 11 
Brokered/agent commissions— 4 — — — 4 
Other5 — — — 1 6 
Total revenue from contracts with customers
32 166 — — 23 221 
All other revenue36 104 14 24 43 221 
Total other revenue (e)$68 $270 $14 $24 $66 $442 
(a)We had opening balances of $3.0 billion and $3.1 billion in unearned revenue associated with outstanding contracts at January 1, 2023, and 2022, respectively, and $241 million and $231 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2023, and 2022, respectively.
(b)At March 31, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $680 million during the remainder of 2023, $779 million in 2024, $604 million in 2025, $423 million in 2026, and $481 million thereafter. At March 31, 2022, we had unearned revenue of $3.0 billion associated with outstanding contracts.
(c)We had deferred insurance assets of $1.8 billion at both March 31, 2023, and December 31, 2022, and recognized $144 million of expense during the three months ended March 31, 2023. We had deferred insurance assets of $1.8 billion and $1.9 billion at March 31, 2022, and December 31, 2021, respectively, and recognized $137 million of expense during the three months ended March 31, 2022.
(d)Interchange income is reported net of customer rewards. Customer rewards expense was $4 million and $3 million for the three months ended March 31, 2023, and 2022, respectively.
(e)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
v3.23.1
Other Income, Net of Losses (Tables)
 3 Months Ended
Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]  
Schedule of Other Income, by Component
Details of other income, net of losses, were as follows.
Three months ended March 31,
($ in millions)20232022
Late charges and other administrative fees$47 $37 
Remarketing fees33 27 
Loss on nonmarketable equity investments, net (a)(11)(1)
(Loss) income from equity-method investments (a)(18)20 
Other, net63 60 
Total other income, net of losses$114 $143 
(a)Refer to Note 10 for further information on our nonmarketable equity investments and equity-method investments.
v3.23.1
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables)
 3 Months Ended
Mar. 31, 2023
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
($ in millions)20232022
Total gross reserves for insurance losses and loss adjustment expenses at January 1,$119 $122 
Less: Reinsurance recoverable72 81 
Net reserves for insurance losses and loss adjustment expenses at January 1,47 41 
Net insurance losses and loss adjustment expenses incurred related to:
Current year87 61 
Prior years (a)1 (3)
Total net insurance losses and loss adjustment expenses incurred88 58 
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year(49)(36)
Prior years(28)(20)
Total net insurance losses and loss adjustment expenses paid or payable(77)(56)
Net reserves for insurance losses and loss adjustment expenses at March 31,58 43 
Plus: Reinsurance recoverable75 80 
Total gross reserves for insurance losses and loss adjustment expenses at March 31,$133 $123 
(a)There have been no material adverse changes to the reserve for prior years.
v3.23.1
Other Operating Expenses (Tables)
 3 Months Ended
Mar. 31, 2023
Operating Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
Details of other operating expenses were as follows.
Three months ended March 31,
($ in millions)20232022
Insurance commissions$157 $149 
Technology and communications108 97 
Advertising and marketing78 72 
Lease and loan administration48 51 
Property and equipment depreciation47 39 
Regulatory and licensing fees35 26 
Professional services32 43 
Vehicle remarketing and repossession27 20 
Amortization of intangible assets (a)7 8 
Other102 66 
Total other operating expenses$641 $571 
(a)Refer to Note 10 for further information on our intangible assets.
v3.23.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Portfolio The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
March 31, 2023December 31, 2022
Amortized costGross unrealized
Fair value
Amortized costGross unrealized
Fair value
($ in millions)gainslossesgainslosses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies$2,274 $— $(210)$2,064 $2,272 $— $(256)$2,016 
U.S. States and political subdivisions783 2 (72)713 841 1 (82)760 
Foreign government173 — (9)164 158 — (12)146 
Agency mortgage-backed residential (a)19,161 — (2,741)16,420 19,668 3 (3,038)16,633 
Mortgage-backed residential5,069 1 (788)4,282 5,154 — (855)4,299 
Agency mortgage-backed commercial (a)4,451 — (799)3,652 4,380 — (845)3,535 
Asset-backed440 — (21)419 459 — (26)433 
Corporate debt1,921 1 (186)1,736 1,931 1 (213)1,719 
Total available-for-sale securities (b) (c) (d) (e) (f)$34,272 $4 $(4,826)$29,450 $34,863 $5 $(5,327)$29,541 
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential$1,047 $— $(156)$891 $1,062 $— $(178)$884 
Total held-to-maturity securities (f) (g)$1,047 $— $(156)$891 $1,062 $— $(178)$884 
(a)Fair value includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities and a $70 million and $15 million asset for agency mortgage-backed commercial securities related to basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method at March 31, 2023, and December 31, 2022, respectively. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information.
(c)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both March 31, 2023, and December 31, 2022.
(d)Available-for-sale securities with a fair value of $4.9 billion and $3.9 billion were pledged as collateral at March 31, 2023, and December 31, 2022, respectively. This primarily included $3.4 billion and $3.0 billion pledged to secure advances from the FHLB at March 31, 2023, and December 31, 2022, 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 $1.5 billion and $899 million of the underlying available-for-sale securities at March 31, 2023, and December 31, 2022, respectively.
(e)Totals do not include accrued interest receivable, which was $87 million and $91 million at March 31, 2023, and December 31, 2022, 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 March 31, 2023, or December 31, 2022, 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 $2 million at both March 31, 2023, and December 31, 2022. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
Investments Classified by Contractual Maturity Date
The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
TotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
($ in millions)AmountYieldAmountYieldAmountYieldAmountYieldAmountYield
March 31, 2023
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,064 1.6 %$— — %$946 1.3 %$1,118 1.8 %$— — %
U.S. States and political subdivisions713 3.1 17 2.8 55 2.6 104 3.3 537 3.2 
Foreign government164 1.9 14 0.9 79 2.0 71 2.1 — — 
Agency mortgage-backed residential (b)16,420 2.6 — — — — 51 2.3 16,369 2.6 
Mortgage-backed residential4,282 2.8 — — — — 14 2.9 4,268 2.8 
Agency mortgage-backed commercial (b)3,652 2.2 — — 96 3.1 1,355 2.2 2,201 2.2 
Asset-backed419 1.8 — — 405 1.7 12 5.0 2 2.8 
Corporate debt1,736 2.5 96 2.2 969 2.4 656 2.6 15 5.6 
Total available-for-sale securities$29,450 2.5 $127 2.1 $2,550 1.9 $3,381 2.2 $23,392 2.6 
Amortized cost of available-for-sale securities
$34,272 $130 $2,729 $3,874 $27,539 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential$1,047 2.8 %$— — %$— — %$— — %$1,047 2.8 %
Total held-to-maturity securities
$1,047 2.8 $— — $— — $— — $1,047 2.8 
December 31, 2022
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies$2,016 1.6 %$— — %$716 1.3 %$1,300 1.7 %$— — %
U.S. States and political subdivisions760 3.2 26 2.7 60 2.7 112 3.3 562 3.2 
Foreign government146 1.8 13 0.8 74 1.8 59 1.9 — — 
Agency mortgage-backed residential (b)16,633 2.6 — — — — 27 2.0 16,606 2.6 
Mortgage-backed residential4,299 2.8 — — — — 14 2.9 4,285 2.8 
Agency mortgage-backed commercial (b)3,535 2.2 — — 66 3.1 1,234 2.1 2,235 2.1 
Asset-backed433 1.7 — — 401 1.7 25 1.8 7 3.5 
Corporate debt1,719 2.4 86 2.4 912 2.3 705 2.6 16 4.9 
Total available-for-sale securities$29,541 2.5 $125 2.3 $2,229 1.9 $3,476 2.1 $23,711 2.6 
Amortized cost of available-for-sale securities
$34,863 $126 $2,403 $4,048 $28,286 
Amortized cost of held-to-maturity securities
Agency mortgage-backed residential
$1,062 2.8 %$— — %$— — %$— — %$1,062 2.8 %
Total held-to-maturity securities
$1,062 2.8 $— — $— — $— — $1,062 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. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses.
(b)Fair value includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities and a $70 million and $15 million asset for agency mortgage-backed commercial securities related to basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method at March 31, 2023, and December 31, 2022, respectively. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
Investment Income
The following table presents interest and dividends on investment securities.
Three months ended March 31,
($ in millions)20232022
Taxable interest$217 $174 
Taxable dividends3 4 
Interest and dividends exempt from U.S. federal income tax6 5 
Interest and dividends on investment securities$226 $183 
Schedule of Realized Gain (Loss)
The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.
Three months ended March 31,
($ in millions)20232022
Available-for-sale securities
Gross realized gains$5 $18 
Net realized gain on available-for-sale securities5 18 
Net realized gain on equity securities5 52 
Net unrealized gain (loss) on equity securities64 (65)
Other gain on investments, net$74 $5 
Held to Maturity Debt Securities by Credit Quality
The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2023, and December 31, 2022. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both March 31, 2023, and December 31, 2022. We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2023, or 2022.
March 31, 2023December 31, 2022
($ in millions)AATotal (a)AATotal (a)
Debt securities
Agency mortgage-backed residential$1,047 $1,047 $1,062 $1,062 
Total held-to-maturity securities$1,047 $1,047 $1,062 $1,062 
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.
Schedule of Available-for-Sale Securities in Unrealized Loss Position
The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K. As of March 31, 2023, and December 31, 2022, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the three months ended March 31, 2023, or 2022.
March 31, 2023December 31, 2022
Less than 12 months12 months or longerLess than 12 months12 months or longer
($ 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$10 $— $2,054 $(210)$529 $(68)$1,487 $(188)
U.S. States and political subdivisions164 (2)439 (70)547 (55)135 (27)
Foreign government16 — 137 (9)75 (4)71 (8)
Agency mortgage-backed residential (a)1,998 (95)14,364 (2,646)7,472 (892)8,978 (2,146)
Mortgage-backed residential512 (29)3,726 (759)1,985 (289)2,287 (566)
Agency mortgage-backed commercial (a)507 (24)3,089 (775)996 (124)2,535 (721)
Asset-backed50 (1)362 (20)162 (4)272 (22)
Corporate debt262 (9)1,406 (177)782 (67)895 (146)
Total available-for-sale securities
$3,519 $(160)$25,577 $(4,666)$12,548 $(1,503)$16,660 $(3,824)
(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at March 31, 2023, and December 31, 2022. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
v3.23.1
Finance Receivables and Loans, Net (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions)March 31, 2023December 31, 2022
Consumer automotive (a)$83,640 $83,286 
Consumer mortgage
Mortgage Finance (b)19,189 19,445 
Mortgage — Legacy (c)272 290 
Total consumer mortgage19,461 19,735 
Consumer other
Personal Lending (d)2,074 1,990 
Credit Card1,640 1,599 
Total consumer other3,714 3,589 
Total consumer106,815 106,610 
Commercial
Commercial and industrial
Automotive14,905 14,595 
Other9,075 9,154 
Commercial real estate5,509 5,389 
Total commercial29,489 29,138 
Total finance receivables and loans (e) (f)$136,304 $135,748 
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information.
(b)Includes loans originated as interest-only mortgage loans of $2 million and $3 million at March 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $16 million and $17 million at March 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period.
(d)Includes $2 million and $3 million of finance receivables at March 31, 2023, and December 31, 2022, respectively, for which we have elected the fair value option.
(e)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both March 31, 2023, and December 31, 2022.
(f)Totals do not include accrued interest receivable, which was $726 million and $707 million at March 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.
Allowance for Credit Losses on Financing Receivables
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2023, and 2022, respectively.
Three months ended March 31, 2023 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2023$3,020 $27 $426 $238 $3,711 
Charge-offs (b)(536)(1)(64)— (601)
Recoveries185 2 5 — 192 
Net charge-offs(351)1 (59)— (409)
Provision for credit losses (c)353 (4)88 12 449 
Other— (1)— 1 — 
Allowance at March 31, 2023$3,022 $23 $455 $251 $3,751 
(a)Excludes $3 million and $2 million of finance receivables and loans at January 1, 2023, and March 31, 2023, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for information regarding our charge-off policies.
(c)Excludes $3 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Three months ended March 31, 2022 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2022$2,769 $27 $221 $250 $3,267 
Charge-offs (b)(276)(1)(24)— (301)
Recoveries163 3 1 1 168 
Net charge-offs(113)2 (23)1 (133)
Provision for credit losses107 (3)59 4 167 
Other— — 1 (1)— 
Allowance at March 31, 2022$2,763 $26 $258 $254 $3,301 
(a)Excludes $7 million of finance receivables and loans at both January 1, 2022, and March 31, 2022, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for information regarding our charge-off policies.
Schedule of Sales of Financing Receivables and Loans
The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
Three months ended March 31,
($ in millions)20232022
Consumer mortgage$1 $— 
Total sales and transfers$1 $— 
Schedule of Purchases of Financing Receivables and Loans
The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended March 31,
($ in millions)20232022
Consumer automotive$758 $493 
Consumer mortgage2 825 
Commercial7 — 
Total purchases of finance receivables and loans (a)$767 $1,318 
(a)Excludes $4 million of finance receivables and loans purchased during the three months ended March 31, 2022, for which we have elected the fair value option.
Schedule of Financing Receivables, Nonaccrual Status
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of March 31, 2023, and December 31, 2022. Refer to Note 1 for additional information on our accounting policy for finance receivables and loans on nonaccrual status.
March 31, 2023December 31, 2022
($ in millions)Nonaccrual status at Jan. 1, 2023Nonaccrual statusNonaccrual with no allowance (a)Nonaccrual status at Jan. 1, 2022Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,187 $1,110 $473 $1,078 $1,187 $445 
Consumer mortgage
Mortgage Finance34 34 21 59 34 25 
Mortgage — Legacy15 15 13 26 15 14 
Total consumer mortgage49 49 34 85 49 39 
Consumer other
Personal Lending13 12 — 5 13 — 
Credit Card43 54 — 11 43 — 
Total consumer other56 66 — 16 56 — 
Total consumer1,292 1,225 507 1,179 1,292 484 
Commercial
Commercial and industrial
Automotive5 — — 33 5 2 
Other157 159 4 221 157 33 
Commercial real estate— — — 3 — — 
Total commercial162 159 4 257 162 35 
Total finance receivables and loans (b)$1,454 $1,384 $511 $1,436 $1,454 $519 
(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 $3 million for both the three months ended March 31, 2023, and 2022.
Financing Receivable Credit Quality Indicators
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
Origination yearRevolving loans converted to term
March 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive
Current$7,801 $33,822 $20,093 $9,232 $5,604 $4,098 $— $— $80,650 
30–59 days past due23 769 756 308 226 210 — — 2,292 
60–89 days past due1 244 273 108 74 65 — — 765 
90 or more days past due— 88 96 38 31 35 — — 288 
Total consumer automotive (a)7,825 34,923 21,218 9,686 5,935 4,408 — — 83,995 
Consumer mortgage
Mortgage Finance
Current21 2,271 10,797 1,917 794 3,316 — — 19,116 
30–59 days past due— 5 9 4 4 16 — — 38 
60–89 days past due— 1 2 1 — 8 — — 12 
90 or more days past due— 2 4 — 1 16 — — 23 
Total Mortgage Finance21 2,279 10,812 1,922 799 3,356 — — 19,189 
Mortgage — Legacy
Current— — — — — 59 177 18 254 
30–59 days past due— — — — — 2 1 — 3 
60–89 days past due— — — — — 2 1 — 3 
90 or more days past due— — — — — 8 2 2 12 
Total Mortgage — Legacy— — — — — 71 181 20 272 
Total consumer mortgage21 2,279 10,812 1,922 799 3,427 181 20 19,461 
Consumer other
Personal Lending
Current384 1,272 327 39 4 1 — — 2,027 
30–59 days past due1 12 5 — — — — — 18 
60–89 days past due— 11 4 — — — — — 15 
90 or more days past due— 8 4 — — — — — 12 
Total Personal Lending (b)385 1,303 340 39 4 1 — — 2,072 
Credit Card
Current— — — — — — 1,548 — 1,548 
30–59 days past due— — — — — — 22 — 22 
60–89 days past due— — — — — — 19 — 19 
90 or more days past due— — — — — — 51 — 51 
Total Credit Card— — — — — — 1,640 — 1,640 
Total consumer other385 1,303 340 39 4 1 1,640 — 3,712 
Total consumer$8,231 $38,505 $32,370 $11,647 $6,738 $7,836 $1,821 $20 $107,168 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $355 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at March 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 18 for additional information.
(b)Excludes $2 million of finance receivables at March 31, 2023, for which we have elected the fair value option.
Origination yearRevolving loans converted to term
December 31, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Consumer automotive
Current$36,127 $22,102 $10,341 $6,451 $3,237 $1,890 $— $— $80,148 
30–59 days past due707 878 370 284 165 120 — — 2,524 
60–89 days past due207 324 135 99 55 38 — — 858 
90 or more days past due73 111 47 38 23 24 — — 316 
Total consumer automotive (a)37,114 23,415 10,893 6,872 3,480 2,072 — — 83,846 
Consumer mortgage
Mortgage Finance
Current2,292 10,893 1,946 815 577 2,805 — — 19,328 
30–59 days past due15 29 4 3 4 26 — — 81 
60–89 days past due2 4 — 1 1 3 — — 11 
90 or more days past due— 1 — 2 8 14 — — 25 
Total Mortgage Finance2,309 10,927 1,950 821 590 2,848 — — 19,445 
Mortgage — Legacy
Current— — — — — 62 191 18 271 
30–59 days past due— — — — — 4 1 — 5 
60–89 days past due— — — — — — — 1 1 
90 or more days past due— — — — — 8 3 2 13 
Total Mortgage — Legacy— — — — — 74 195 21 290 
Total consumer mortgage2,309 10,927 1,950 821 590 2,922 195 21 19,735 
Consumer other
Personal Lending
Current1,492 392 48 5 1 — — — 1,938 
30–59 days past due14 6 1 — — — — — 21 
60–89 days past due9 5 1 — — — — — 15 
90 or more days past due8 5 — — — — — — 13 
Total Personal Lending (b)1,523 408 50 5 1 — — — 1,987 
Credit Card
Current— — — — — — 1,518 — 1,518 
30–59 days past due— — — — — — 22 — 22 
60–89 days past due— — — — — — 18 — 18 
90 or more days past due— — — — — — 41 — 41 
Total Credit Card— — — — — — 1,599 — 1,599 
Total consumer other1,523 408 50 5 1 — 1,599 — 3,586 
Total consumer$40,946 $34,750 $12,893 $7,698 $4,071 $4,994 $1,794 $21 $107,167 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $560 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.
(b)Excludes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option.
The following table presents gross charge-offs of our finance receivables and loans for each portfolio class by origination year that occurred during the three months ended March 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for additional information on our charge-off policy.
Origination yearRevolving loans converted to term
Three months ended March 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Consumer automotive$2 $220 $178 $56 $42 $38 $— $— $536 
Consumer mortgage
Mortgage — Legacy— — — — — 1 — — 1 
Total consumer mortgage— — — — — 1 — — 1 
Consumer other
Personal Lending— 21 9 1 — — — — 31 
Credit Card— — — — — — 32 1 33 
Total consumer other— 21 9 1 — — 32 1 64 
Total consumer2 241 187 57 42 39 32 1 601 
Total finance receivables and loans$2 $241 $187 $57 $42 $39 $32 $1 $601 
The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
Origination yearRevolving loans converted to term
March 31, 2023 ($ in millions)
202320222021202020192018 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$129 $598 $198 $122 $72 $50 $12,654 $— $13,823 
Special mention1 22 46 — — 27 926 — 1,022 
Substandard— — — — — — 60 — 60 
Total automotive130 620 244 122 72 77 13,640 — 14,905 
Other
Pass82 640 436 329 319 170 5,513 93 7,582 
Special mention— 177 187 196 95 209 260 38 1,162 
Substandard— — — 4 50 118 55 13 240 
Doubtful— — — — 63 26 2 — 91 
Total other82 817 623 529 527 523 5,830 144 9,075 
Commercial real estate
Pass263 1,519 1,090 941 672 937 9 22 5,453 
Special mention— 2 32 2 19 1 — — 56 
Total commercial real estate263 1,521 1,122 943 691 938 9 22 5,509 
Total commercial$475 $2,958 $1,989 $1,594 $1,290 $1,538 $19,479 $166 $29,489 
Origination yearRevolving loans converted to term
December 31, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$640 $211 $132 $78 $28 $34 $12,327 $— $13,450 
Special mention23 47 — — 10 21 1,016 — 1,117 
Substandard— — — 1 — — 27 — 28 
Total automotive663 258 132 79 38 55 13,370 — 14,595 
Other
Pass594 469 607 419 54 133 5,344 89 7,709 
Special mention177 158 175 95 47 128 278 35 1,093 
Substandard— — 4 51 — 139 55 13 262 
Doubtful— — — 64 — 25 — — 89 
Loss— — — — — — 1 — 1 
Total other771 627 786 629 101 425 5,678 137 9,154 
Commercial real estate
Pass1,481 1,118 951 679 369 716 9 13 5,336 
Special mention— 32 2 19 — — — — 53 
Total commercial real estate1,481 1,150 953 698 369 716 9 13 5,389 
Total commercial$2,915 $2,035 $1,871 $1,406 $508 $1,196 $19,057 $150 $29,138 
Past Due Financing Receivables
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
($ in millions)30–59 days past due60–89 days past due90 days or more past dueTotal past dueCurrentTotal finance receivables and loans
March 31, 2023
Commercial
Commercial and industrial
Automotive$— $— $— $— $14,905 $14,905 
Other1 — 3 4 9,071 9,075 
Commercial real estate— — — — 5,509 5,509 
Total commercial$1 $— $3 $4 $29,485 $29,489 
December 31, 2022
Commercial
Commercial and industrial
Automotive$— $— $— $— $14,595 $14,595 
Other— 1 2 3 9,151 9,154 
Commercial real estate— — — — 5,389 5,389 
Total commercial$— $1 $2 $3 $29,135 $29,138 
Loan Modifications and Troubled Debt Restructuring
The following table presents the amortized cost basis of loans that were modified subsequent to origination during the three months ended March 31, 2023, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1.
Payment extensions
March 31, 2023 ($ in millions)
Payment deferralsContractual maturity extensionsPrincipal forgivenessInterest rate concessionsCombinationTotal (a)
Consumer automotive$— $14 $2 $— $39 $55 
Consumer mortgage
Mortgage Finance— 2 — — 2 4 
Total consumer mortgage— 2 — — 2 4 
Consumer other
Credit Card— — — 3 — 3 
Total consumer other— — — 3 — 3 
Total consumer— 16 2 3 41 62 
Commercial
Commercial and industrial
Other62 7 — — — 69 
Total commercial62 7 — — — 69 
Total finance receivables and loans$62 $23 $2 $3 $41 $131 
(a)Represents 0.1% of total finance receivables and loans outstanding as of March 31, 2023.
The following table presents the financial effect of loan modifications that occurred during the three months ended March 31, 2023.
Payment extensions (a)Principal forgivenessInterest rate concessions (a)Combination (a) (b)
March 31, 2023 ($ in millions)
Number of months extended/deferredAmount forgivenInitial rateRevised rateRemaining termRevised remaining termInitial rateRevised rate
Consumer automotive26$1 — %— %748510.4 %9.7 %
Consumer mortgage
Mortgage Finance159— — — 3144674.9 3.9 
Total consumer mortgage159— — — 3144674.9 3.9 
Consumer other
Credit Card— — 29.6 10.6 — — — — 
Total consumer other— — 29.6 10.6 — — — — 
Commercial
Commercial and industrial
Other12— — — — — — — 
Total commercial12$— — — — — — — 
(a)Calculated using a weighted-average balance for each portfolio class.
(b)Term is presented in number of months.
The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that have been modified during the three months ended March 31, 2023.
Three months ended March 31, 2023 ($ in millions)
Current30–59 days past due60–89 days past due90 or more days past dueTotal
Consumer automotive
Contractual maturity extensions$13 $1 $— $— $14 
Principal forgiveness— — — 2 2 
Combination37 2 — — 39 
Total consumer automotive (a)50 3 — 2 55 
Consumer mortgage
Mortgage Finance
Contractual maturity extensions2 — — — 2 
Combination— — 2 — 2 
Total Mortgage Finance2 — 2 — 4 
Total consumer mortgage2 — 2 — 4 
Consumer other
Credit Card
Interest rate concessions1 1 — 1 3 
Total consumer other1 1 — 1 3 
Total consumer$53 $4 $2 $3 $62 
(a)During the three months ended March 31, 2023, 12 consumer loans with a total amortized cost of $1 million have redefaulted.
Three months ended March 31, 2023 ($ in millions)
Special mentionSubstandardDoubtfulTotal
Commercial and industrial
Other
Payment deferrals$— $34 $28 $62 
Contractual maturity extensions7 — — 7 
Total commercial$7 $34 $28 $69 
The following table presents information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
2022
Three months ended March 31, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive13,451 $231 $227 
Consumer mortgage
Mortgage Finance6 5 5 
Mortgage — Legacy4 1 1 
Total consumer mortgage10 6 6 
Consumer other
Credit Card351 1 1 
Total consumer other351 1 1 
Total consumer13,812 238 234 
Commercial
Commercial and industrial
Other1 34 34 
Total commercial1 34 34 
Total finance receivables and loans13,813 $272 $268 
Finance Receivables and Loans Redefaulted During the Period
The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
2022
Three months ended March 31, ($ in millions)
Number of loansAmortized costCharge-off amount
Consumer automotive2,111 $31 $13 
Consumer mortgage
Mortgage Finance2 2 — 
Total consumer mortgage2 2 — 
Total consumer finance receivables and loans
2,113 33 13 
Total finance receivables and loans2,113 $33 $13 
v3.23.1
Leasing (Tables)
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2023, and that have noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$26 
202432 
202526 
202620 
202716 
2028 and thereafter18 
Total undiscounted cash flows138 
Difference between undiscounted cash flows and discounted cash flows(8)
Total lease liability$130 
Lease, Cost
The following table details the components of total net operating lease expense.
Three months ended March 31,
($ in millions)20232022
Operating lease expense$7 $8 
Variable lease expense1 1 
Total lease expense, net (a)$8 $9 
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Schedule of Property Subject to or Available for Operating Lease
The following table details our investment in operating leases.
($ in millions)March 31, 2023December 31, 2022
Vehicles$12,148 $12,304 
Accumulated depreciation(1,912)(1,860)
Investment in operating leases, net$10,236 $10,444 
Lessor, Operating Lease, Payments to be Received, Maturity
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$1,179 
20241,058 
2025533 
2026152 
202713 
Total lease payments from operating leases$2,935 
Depreciation Expense on Operating Lease Assets The following table summarizes the components of depreciation expense on operating lease assets.
Three months ended March 31,
($ in millions)20232022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)$273 $267 
Remarketing gains, net(47)(50)
Net depreciation expense on operating lease assets$226 $217 
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during both the three months ended March 31, 2023, and 2022.
Finance Lease, Liability, Maturity
The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2023.
($ in millions)
2023$130 
2024148 
2025129 
202680 
202740 
2028 and thereafter15 
Total undiscounted cash flows542 
Difference between undiscounted cash flows and discounted cash flows(56)
Present value of lease payments recorded as lease receivable$486 
v3.23.1
Securitizations and Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2023
Securitizations And Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities
The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet.
($ in millions)Carrying value of total assetsCarrying value of total liabilitiesAssets sold to nonconsolidated VIEs (a)Maximum exposure to loss in nonconsolidated VIEs
March 31, 2023
On-balance sheet variable interest entities
Consumer automotive$22,126 (b)$3,162 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive— — 461 461 (d)
Consumer other (e)— — 118 118 
Commercial other2,203 (f)864 (g)— 2,767 (h)
Total$24,329 $4,026 $579 $3,346 
December 31, 2022
On-balance sheet variable interest entities
Consumer automotive$20,415 (b)$2,553 (c)$— $— 
Off-balance sheet variable interest entities
Consumer automotive— — $227 $227 (d)
Consumer other (e)— — 103 103 
Commercial other2,199 (f)873 (g)— 2,767 (h)
Total$22,614 $3,426 $330 $3,097 
(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 $10.4 billion and $10.6 billion of assets that were not encumbered by VIE beneficial interests held by third parties at March 31, 2023, and December 31, 2022, respectively. Ally or consolidated affiliates hold the interests in these assets.
(c)Includes $111 million and $113 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2023, and December 31, 2022, respectively.
(d)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.
(e)Represents balances from Ally Credit Card.
(f)Amounts are classified as other assets except for $41 million and $38 million classified as equity securities at March 31, 2023, and December 31, 2022, respectively.
(g)Amounts are classified as accrued expenses and other liabilities.
(h)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities
The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the three months ended March 31, 2023, and 2022. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
Three months ended March 31,
($ in millions)20232022
Consumer automotive
Cash proceeds from transfers completed during the period$252 $— 
Servicing fees2 — 
Consumer other (a)
Cash proceeds from transfers completed during the period39 12 
Servicing fees3 1 
Total$296 $13 
(a)Represents activity from Ally Credit Card.
Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together
The following tables present quantitative information about off-balance sheet whole-loan sales where we have continuing involvement.
Total amountAmount 60 days or more past due
($ in millions)March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Whole-loan sales (a)
Consumer automotive$461 $227 $5 $2 
Consumer other118 103 11 8 
Total$579 $330 $16 $10 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
Net credit losses
Three months ended March 31,
($ in millions)20232022
Whole-loan sales (a)
Consumer automotive$1 $— 
Consumer other5 — 
Total$6 $— 
(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.
v3.23.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2023
Other Assets [Abstract]  
Schedule of Other Assets
The components of other assets were as follows.
($ in millions)March 31, 2023December 31, 2022
Property and equipment at cost$2,390 $2,352 
Accumulated depreciation(1,116)(1,076)
Net property and equipment1,274 1,276 
Investment in qualified affordable housing projects1,616 1,596 
Net deferred tax assets1,030 1,087 
Nonmarketable equity investments833 842 
Goodwill822 822 
Accrued interest, fees, and rent receivables807 786 
Restricted cash held for securitization trusts (a)740 585 
Equity-method investments (b)595 608 
Other accounts receivable153 164 
Operating lease right-of-use assets105 111 
Net intangible assets91 98 
Restricted cash and cash equivalents (c)75 66 
Other assets1,003 1,097 
Total other assets$9,144 $9,138 
(a)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(b)Primarily relates to investments made in connection with our CRA program.
(c)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
Summary of Equity Securities without Readily Determinable Fair Value
The total carrying value of the nonmarketable equity investments held at March 31, 2023, and December 31, 2022, including cumulative unrealized gains and losses, was as follows.
($ in millions)March 31, 2023December 31, 2022
FRB stock$396 $401 
FHLB stock324 318 
Equity investments without a readily determinable fair value
Cost basis at acquisition90 89 
Adjustments
Upward adjustments183 177 
Downward adjustments (including impairment)(160)(143)
Carrying amount, equity investments without a readily determinable fair value113 123 
Nonmarketable equity investments$833 $842 
During the three months ended March 31, 2023, and 2022, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of March 31, 2023, and 2022, were as follows.
Three months ended March 31,
($ in millions)20232022
Upward adjustments$5 $1 
Downward adjustments (including impairment) (a)(17)(2)
(a)No impairment on FHLB and FRB stock was recognized during the three months ended March 31, 2023, and 2022.
Schedule of Goodwill
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 2021$20 $27 $775 $822 
Goodwill acquired— — — — 
Goodwill at December 31, 2022$20 $27 $775 $822 
Goodwill acquired— — — — 
Goodwill at March 31, 2023$20 $27 $775 $822 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both March 31, 2023, and December 31, 2022, $153 million of goodwill associated with Ally Lending at both March 31, 2023, and December 31, 2022, and $143 million of goodwill associated with Ally Invest at both March 31, 2023, and December 31, 2022.
Schedule of Finite-Lived Intangible Assets
The net carrying value of intangible assets by class was as follows.
March 31, 2023 (a)December 31, 2022
($ in millions)Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$122 $(57)$65 $122 $(53)$69 
Customer lists58 (53)5 58 (51)7 
Purchased credit card relationships25 (5)20 25 (4)21 
Trademarks2 (1)1 2 (1)1 
Total intangible assets$207 $(116)$91 $207 $(109)$98 
(a)We expect to recognize amortization expense of $20 million during the remainder of 2023, $19 million in 2024, and $14 million in each of 2025, 2026, and 2027.
v3.23.1
Deposit Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
Deposits [Abstract]  
Schedule of Deposit Liabilities
Deposit liabilities consisted of the following.
($ in millions)March 31, 2023December 31, 2022
Noninterest-bearing deposits$174 $185 
Interest-bearing deposits
Savings, money market, and checking accounts101,528 110,776 
Certificates of deposit52,311 41,336 
Total deposit liabilities$154,013 $152,297 
v3.23.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The following table presents the composition of our short-term borrowings portfolio.
March 31, 2023December 31, 2022
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $700 $700 $— $1,900 $1,900 
Securities sold under agreements to repurchase
— 755 755 — 499 499 
Total short-term borrowings$— $1,455 $1,455 $— $2,399 $2,399 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
Long-term Debt
The following tables present the composition of our long-term debt portfolio.
March 31, 2023December 31, 2022
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$2,015 $2,902 $4,917 $2,023 $2,395 $4,418 
Due after one year
8,634 6,929 15,563 8,014 5,330 13,344 
Total long-term debt (b)$10,649 $9,831 $20,480 $10,037 $7,725 $17,762 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information.
(b)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $6.8 billion and $5.3 billion at March 31, 2023, and December 31, 2022, respectively.
Schedule of Maturities of Long-term Debt
The following table presents the scheduled remaining maturity of long-term debt at March 31, 2023, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202320242025202620272028 and thereafter
Total
Unsecured
Long-term debt
$2,077 $1,480 $2,470 $107 $1,538 $3,855 $11,527 
Original issue discount
(46)(68)(74)(82)(95)(513)(878)
Total unsecured
2,031 1,412 2,396 25 1,443 3,342 10,649 
Secured
Long-term debt
2,134 3,124 2,060 1,806 473 234 9,831 
Total long-term debt
$4,165 $4,536 $4,456 $1,831 $1,916 $3,576 $20,480 
Pledged Assets for the Payment of the Related Secured Borrowings and Repurchase Agreements
The following summarizes assets restricted as collateral for the payment of the related debt obligation.
($ in millions)March 31, 2023December 31, 2022
Consumer mortgage finance receivables$19,499 $19,771 
Consumer automotive finance receivables
13,505 11,759 
Commercial finance receivables5,413 4,210 
Investment securities (amortized cost of $5,008 and $4,288) (a)
4,241 3,525 
Total assets restricted as collateral (b) (c) (d)$42,658 $39,265 
Secured debt (e)$11,286 $10,124 
(a)A portion of the restricted investment securities at March 31, 2023, and December 31, 2022, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)All restricted assets are those of Ally Bank.
(c)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 $28.4 billion and $27.0 billion at March 31, 2023, and December 31, 2022, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans, as well as real-estate-backed loans within our Automotive Finance and Corporate Finance businesses, and non-agency mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $2.3 billion and $2.4 billion at March 31, 2023, and December 31, 2022, 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.
(d)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information.
(e)Includes $1.5 billion and $2.4 billion of short-term borrowings at March 31, 2023, and December 31, 2022, respectively.
v3.23.1
Accrued Expenses and Other Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
The components of accrued expenses and other liabilities were as follows.
($ in millions)March 31, 2023December 31, 2022
Unfunded commitments for investment in qualified affordable housing projects$861 $869 
Accounts payable541 435 
Employee compensation and benefits225 424 
Deferred revenue168 169 
Reserves for insurance losses and loss adjustment expenses133 119 
Operating lease liabilities130 137 
Other liabilities567 495 
Total accrued expenses and other liabilities$2,625 $2,648 
v3.23.1
Preferred Stock (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of Preferred Stock
The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K.
March 31, 2023December 31, 2022
Series B preferred stock (a)
Issuance dateApril 22, 2021April 22, 2021
Carrying value ($ 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$1,000
Number of shares authorized1,000,0001,000,000
Number of shares issued and outstanding1,000,0001,000,000
Dividend/coupon
Prior to May 15, 20284.700%4.700%
On and after May 15, 2028
Seven Year Treasury + 3.481%
Seven Year Treasury + 3.481%
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
v3.23.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following table presents changes, net of tax, in each component of accumulated other comprehensive loss.
($ in millions)
Unrealized losses on investment securities (a)Translation adjustments and net investment hedges (b)Cash flow hedges (b)Defined benefit pension plans (c)Accumulated other comprehensive loss
Balance at January 1, 2022$(95)$19 $35 $(117)$(158)
Net change(1,631)1 (5)2 (1,633)
Balance at March 31, 2022$(1,726)$20 $30 $(115)$(1,791)
Balance at January 1, 2023$(4,095)$18 $18 $— $(4,059)
Net change284 — (1)— 283 
Balance at March 31, 2023$(3,811)$18 $17 $— $(3,776)
(a)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 6 for additional information.
(b)For additional information on derivative instruments and hedging activities, refer to Note 18.
(c)During 2022, we settled our qualified defined benefit pension plan. Refer to Note 18 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for additional information.
Reclassification Out of Accumulated Other Comprehensive Income
The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss.
Three months ended March 31, 2023 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized gains arising during the period$377 $(89)$288 
Less: Net realized gains reclassified to income from continuing operations5 (a)(1)(b)4 
Net change372 (88)284 
Cash flow hedges (c)
Net unrealized gains arising during the period4 (1)3 
Less: Net realized gains reclassified to income from continuing operations5 (d)(1)(b)4 
Net change(1)— (1)
Other comprehensive income$371 $(88)$283 
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended March 31, 2022 ($ in millions)
Before taxTax effectAfter tax
Investment securities
Net unrealized losses arising during the period$(2,120)$503 $(1,617)
Less: Net realized gains reclassified to income from continuing operations18(a)(4)(b)14
Net change(2,138)507 (1,631)
Translation adjustments
Net unrealized gains arising during the period3 — 3 
Net investment hedges (c)
Net unrealized losses arising during the period(3)1 (2)
Cash flow hedges (c)
Less: Net realized gains reclassified to income from continuing operations6 (d)(1)(b)5 
Defined benefit pension plans
Net unrealized gains arising during the period2— 2
Other comprehensive loss$(2,142)$509 $(1,633)
(a)Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income.
(b)Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.
(c)For additional information on derivative instruments and hedging activities, refer to Note 18.
(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
v3.23.1
Earnings per Common Share (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of basic and diluted earnings per common share.
Three months ended March 31,
($ in millions, except per share data; shares in thousands) (a)
20232022
Net income from continuing operations$320 $655 
Preferred stock dividends — Series B(16)(16)
Preferred stock dividends — Series C(12)(12)
Net income from continuing operations attributable to common stockholders$292 $627 
Loss from discontinued operations, net of tax(1)— 
Net income attributable to common stockholders$291 $627 
Basic weighted-average common shares outstanding (b)302,657 335,678 
Diluted weighted-average common shares outstanding (b)303,448 337,812 
Basic earnings per common share
Net income from continuing operations$0.97 $1.87 
Net income$0.96 $1.87 
Diluted earnings per common share
Net income from continuing operations$0.96 $1.86 
Net income$0.96 $1.86 
(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
(b)Includes shares related to share-based compensation that vested but were not yet issued.
v3.23.1
Regulatory Capital and Other Regulatory Matters (Tables)
 3 Months Ended
Mar. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations
The following table summarizes our capital ratios under U.S. Basel III.
March 31, 2023December 31, 2022Required minimum (a)Well-capitalized minimum
($ in millions)AmountRatioAmountRatio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.$14,540 9.23 %$14,592 9.27 %4.50 %(b)
Ally Bank17,121 11.43 17,011 11.38 4.50 6.50 %
Tier 1 (to risk-weighted assets)
Ally Financial Inc.$16,803 10.66 %$16,867 10.72 %6.00 %6.00 %
Ally Bank17,121 11.43 17,011 11.38 6.00 8.00 
Total (to risk-weighted assets)
Ally Financial Inc.$19,626 12.46 %$19,209 12.21 %8.00 %10.00 %
Ally Bank19,007 12.69 18,888 12.64 8.00 10.00 
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.$16,803 8.54 %$16,867 8.65 %4.00 %(b)
Ally Bank17,121 9.18 17,011 9.23 4.00 5.00 %
(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both March 31, 2023, and December 31, 2022.
(b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.”
(c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
Schedule of Common Share Distribution Activity
The following table presents information related to our common stock and distributions to our common stockholders.
Common stock repurchased during period (a)Number of common shares outstandingCash dividends declared per common share (b)
($ in millions, except per share data; shares in thousands)Approximate dollar valueNumber of sharesBeginning of periodEnd of period
2022
First quarter$584 12,548 337,941 327,306 $0.30 
Second quarter600 15,031 327,306 312,781 0.30 
Third quarter415 12,468 312,781 300,335 0.30 
Fourth quarter51 1,731 300,335 299,324 0.30 
2023
First quarter$27 836 299,324 300,821 $0.30 
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.
(b)On April 14, 2023, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on May 15, 2023, to stockholders of record at the close of business on May 1, 2023. Refer to Note 24 for further information regarding this common-stock dividend.
v3.23.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position
The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.
Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
March 31, 2023December 31, 2022
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $39,549 $— $— $30,619 
Purchased options
47 — 5,000 22 — 2,800 
Foreign exchange contracts
Forwards
— 2 154 — 1 151 
Total derivatives designated as accounting hedges
47 2 44,703 22 1 33,570 
Derivatives not designated as accounting hedges
Interest rate contracts
Futures and forwards
— — 77 — — 37 
Written options
2 — 123 — 79 
Total interest rate risk
2 — 200 — — 116 
Foreign exchange contracts
Futures and forwards— — 52 — 1 147 
Total foreign exchange risk— — 52 — 1 147 
Credit contracts (a)
Other credit derivatives— 44 n/a— 39 n/a
Total credit risk— 44 n/a— 39 n/a
Equity contracts
Written options
— 3 1 — 1 — 
Purchased options
1 — 1 1 — — 
Total equity risk
1 3 2 1 1 — 
Total derivatives not designated as accounting hedges
3 47 254 1 41 263 
Total derivatives
$50 $49 $44,957 $23 $42 $33,833 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $76 million and $82 million as of March 31, 2023, and December 31, 2022, 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)March 31, 2023December 31, 2022March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Assets
Available-for-sale securities (b)$11,493 $11,265 $(45)$(180)$(174)$(181)
Finance receivables and loans, net (c)52,785 46,390 (402)(617)(47)(57)
Liabilities
Long-term debt$7,708 $7,697 $108 $112 $108 $120 
(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 both March 31, 2023, and December 31, 2022, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $10.0 billion, of which $9.7 billion represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At March 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $16 million liability and a $135 million liability, respectively, of which the portion related to discontinued hedging relationships was a $132 million liability and a $138 million liability, respectively. At March 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $7.7 billion and $4.0 billion, respectively, with cumulative basis adjustments of a $116 million asset and a $3 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 6 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 March 31, 2023, and December 31, 2022, the carrying value of the closed portfolios used in these hedging relationships was $52.8 billion and $46.4 billion, respectively, of which $51.9 billion and $46.1 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At March 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $402 million liability and a $617 million liability, respectively, of which the portion related to discontinued hedging relationships was a $47 million liability and a $57 million liability, respectively. At March 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $30.5 billion and $22.8 billion, respectively, with cumulative basis adjustments of a $355 million liability and a $560 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship.
Schedule of Derivative Instruments Not Designated as Accounting Hedge
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Three months ended March 31,
($ in millions)20232022
Gain (loss) recognized in earnings
Interest rate contracts
Gain (loss) on mortgage and automotive loans, net$5 $(2)
Other income, net of losses
— 3 
Total interest rate contracts5 1 
Foreign exchange contracts
Other operating expenses1 (3)
Total foreign exchange contracts
1 (3)
Credit contracts
Other income, net of losses(5)(1)
Total credit contracts(5)(1)
Equity contracts
Other income, net of losses
(4)— 
Total equity contracts(4)— 
Total loss recognized in earnings$(3)$(3)
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments
The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended March 31, ($ in millions)
202320222023202220232022
Gain (loss) on fair value hedging relationships
Interest rate contracts
Hedged fixed-rate unsecured debt$— $— $— $— $1 $(2)
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — (1)2 
Hedged available-for-sale securities— — 130 (42)— — 
Derivatives designated as hedging instruments on available-for-sale securities— — (130)42 — — 
Hedged fixed-rate consumer automotive loans205 (304)— — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(205)304 — — — — 
Total gain on fair value hedging relationships— — — — — — 
Gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income5 6 — — — — 
Total gain on cash flow hedging relationships$5 $6 $— $— $— $— 
Total amounts presented in the Condensed Consolidated Statement of Income$2,575 $1,714 $238 $188 $227 $185 
Schedule of Derivative Instruments
The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended March 31, ($ in millions)
202320222023202220232022
Gain (loss) on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $2 $1 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — 1 (1)
Amortization of deferred basis adjustments of available-for-sale securities— — 5 1 — — 
Interest for qualifying accounting hedges of available-for-sale securities— — 13 (1)— — 
Amortization of deferred loan basis adjustments10 (9)— — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment162 (18)— — — — 
Total gain (loss) on fair value hedging relationships$172 $(27)$18 $— $3 $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.
Three months ended March 31,
($ in millions)20232022
Interest rate contracts
Loss recognized in other comprehensive income (loss)$(1)$(6)
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 March 31,
($ in millions)20232022
Foreign exchange contracts (a) (b)
Loss recognized in other comprehensive income (loss)$— $(3)
(a)There were no amounts excluded from effectiveness testing for the three months ended March 31, 2023, or 2022.
(b)Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months ended March 31, 2023, or 2022.
v3.23.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis
The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities.
Recurring fair value measurements
March 31, 2023 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$676 $— $1 $677 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,064 — — 2,064 
U.S. States and political subdivisions
— 709 4 713 
Foreign government47 117 — 164 
Agency mortgage-backed residential
— 16,420 — 16,420 
Mortgage-backed residential
— 4,282 — 4,282 
Agency mortgage-backed commercial— 3,652 — 3,652 
Asset-backed— 419 — 419 
Corporate debt
— 1,736 — 1,736 
Total available-for-sale securities2,111 27,335 4 29,450 
Mortgage loans held-for-sale (c)— 24 — 24 
Finance receivables and loans, net
Consumer other (c)— — 2 2 
Other assets
Derivative contracts in a receivable position
Interest rate— 47 2 49 
Equity1 — — 1 
Total derivative contracts in a receivable position1 47 2 50 
Total assets$2,788 $27,406 $9 $30,203 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $2 $— $2 
Credit— — 44 44 
Equity3 — — 3 
Total derivative contracts in a payable position
3 2 44 49 
Total liabilities$3 $2 $44 $49 
(a)Our direct investment in any one industry did not exceed 16%.
(b)Excludes $41 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
Recurring fair value measurements
December 31, 2022 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$642 $— $1 $643 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,016 — — 2,016 
U.S. States and political subdivisions
— 756 4 760 
Foreign government39 107 — 146 
Agency mortgage-backed residential
— 16,633 — 16,633 
Mortgage-backed residential
— 4,299 — 4,299 
Agency mortgage-backed commercial— 3,535 — 3,535 
Asset-backed— 433 — 433 
Corporate debt
— 1,719 — 1,719 
Total available-for-sale securities2,055 27,482 4 29,541 
Mortgage loans held-for-sale (c)— 13 — 13 
Finance receivables and loans, net
Consumer other (c)— — 3 3 
Other assets
Derivative contracts in a receivable position
Interest rate— 22 — 22 
Equity1 — — 1 
Total derivative contracts in a receivable position1 22 — 23 
Total assets$2,698 $27,517 $8 $30,223 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $2 $— $2 
Credit— — 39 39 
Equity1 — — 1 
Total derivative contracts in a payable position
1 2 39 42 
Total liabilities$1 $2 $39 $42 
(a)Our direct investment in any one industry did not exceed 15%.
(b)Excludes $38 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Carried at fair value due to fair value option elections.
Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.
Equity securities (a)Available-for-sale securitiesFinance receivables and loans, net (b) (c)
($ in millions)202320222023202220232022
Assets
Fair value at January 1,$1 $9 $4 $9 $3 $7 
Net realized/unrealized gains (losses)
Included in earnings— 1 — — — (1)
Included in OCI— — — — — — 
Purchases— — — 2 — 4 
Sales— (9)— — — — 
Issuances— — — — — — 
Settlements— — — — (1)(3)
Transfers into Level 3— — — — — — 
Transfers out of Level 3— — — — — — 
Fair value at March 31,$1 $1 $4 $11 $2 $7 
Net unrealized losses still held at March 31,
Included in earnings$— $— $— $— $— $(1)
Included in OCI— — — — — — 
(a)Net realized/unrealized gains are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Carried at fair value due to fair value option elections.
(c)Net realized/unrealized losses are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
Derivative liabilities, net of derivative assets (a)
($ in millions)20232022
Liabilities
Fair value at January 1,$39 $53 
Net realized/unrealized losses
Included in earnings— 8 
Included in OCI— — 
Purchases— — 
Sales— — 
Issuances— — 
Settlements— — 
Transfers into Level 3— — 
Transfers out of Level 3 (b)3 — 
Fair value at March 31,$42 $61 
Net unrealized losses still held at March 31,
Included in earnings$3 $5 
Included in OCI— — 
(a)Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during the three months ended March 31, 2023. This transfer is deemed to have occurred at the end of the reporting period.
Fair Value Measurements - Nonrecurring Basis
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2023, and December 31, 2022, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
March 31, 2023 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $500 $500 $— n/m(a)
Commercial finance receivables and loans, net (b)
Other
— — 60 60 (100)n/m(a)
Total commercial finance receivables and loans, net
— — 60 60 (100)n/m(a)
Other assets
Nonmarketable equity investments— 2 28 30 21 n/m(a)
Repossessed and foreclosed assets (c)— — 6 6 (1)n/m(a)
Total assets
$— $2 $594 $596 $(80)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2022 ($ in millions)
Level 1Level 2Level 3Total
Assets
Loans held-for-sale, net$— $— $641 $641 $— n/m(a)
Commercial finance receivables and loans, net (b)
Automotive— — 3 3 — n/m(a)
Other— — 39 39 (89)n/m(a)
Total commercial finance receivables and loans, net— — 42 42 (89)n/m(a)
Other assets
Nonmarketable equity investments— — 12 12 3 n/m(a)
Repossessed and foreclosed assets (c)— — 5 5 — n/m(a)
Total assets$— $— $700 $700 $(86)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Fair Value, by Balance Sheet Grouping
The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at March 31, 2023, and December 31, 2022.
Estimated fair value
($ in millions)
Carrying value
Level 1
Level 2
Level 3
Total
March 31, 2023
Financial assets
Held-to-maturity securities
$1,047 $— $891 $— $891 
Loans held-for-sale, net
500 — — 500 500 
Finance receivables and loans, net
132,551 — — 134,325 134,325 
FHLB/FRB stock (a)
720 — 720 — 720 
Financial liabilities
Deposit liabilities
$52,311 $— $— $52,251 $52,251 
Short-term borrowings
1,455 — — 1,487 1,487 
Long-term debt
20,480 — 14,044 6,890 20,934 
December 31, 2022
Financial assets
Held-to-maturity securities$1,062 $— $884 $— $884 
Loans held-for-sale, net641 — — 641 641 
Finance receivables and loans, net132,034 — — 133,856 133,856 
FHLB/FRB stock (a)719 — 719 — 719 
Financial liabilities
Deposit liabilities$42,336 $— $— $41,909 $41,909 
Short-term borrowings2,399 — — 2,417 2,417 
Long-term debt17,762 — 12,989 5,263 18,252 
(a)Included in other assets on our Condensed Consolidated Balance Sheet.
v3.23.1
Offsetting Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
Offsetting [Abstract]  
Offsetting Assets
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
March 31, 2023
Assets
Derivative assets in net asset positions$47 $— $47 $— $(47)$— 
Derivative assets in net liability positions1 — 1 (1)— — 
Derivative assets with no offsetting arrangements
2 — 2 — — 2 
Total assets
$50 $— $50 $(1)$(47)$2 
Liabilities
Derivative liabilities in net liability positions
$5 $— $5 $(1)$(4)$— 
Derivative liabilities with no offsetting arrangements44 — 44 — — 44 
Securities sold under agreements to repurchase (d)755 — 755 — (755)— 
Total liabilities$804 $— $804 $(1)$(759)$44 
December 31, 2022
Assets
Derivative assets in net asset positions$23 $— $23 $(1)$(22)$— 
Total assets
$23 $— $23 $(1)$(22)$— 
Liabilities
Derivative liabilities in net liability positions
$2 $— $2 $— $(1)$1 
Derivative liabilities in net asset positions
1 — 1 (1)— — 
Derivative liabilities with no offsetting arrangements39 — 39 — — 39 
Securities sold under agreements to repurchase (d)499 — 499 — (499)— 
Total liabilities$541 $— $541 $(1)$(500)$40 
(a)Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
(b)Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met.
(c)Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements.
(d)For additional information on securities sold under agreements to repurchase, refer to Note 12.
Offsetting Liabilities
The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
Gross amounts of recognized assets/liabilitiesGross amounts offset on the Condensed Consolidated Balance SheetNet amounts of assets/liabilities presented on the Condensed Consolidated Balance SheetGross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)
Financial instruments
Collateral (a) (b) (c)
Net amount
March 31, 2023
Assets
Derivative assets in net asset positions$47 $— $47 $— $(47)$— 
Derivative assets in net liability positions1 — 1 (1)— — 
Derivative assets with no offsetting arrangements
2 — 2 — — 2 
Total assets
$50 $— $50 $(1)$(47)$2 
Liabilities
Derivative liabilities in net liability positions
$5 $— $5 $(1)$(4)$— 
Derivative liabilities with no offsetting arrangements44 — 44 — — 44 
Securities sold under agreements to repurchase (d)755 — 755 — (755)— 
Total liabilities$804 $— $804 $(1)$(759)$44 
December 31, 2022
Assets
Derivative assets in net asset positions$23 $— $23 $(1)$(22)$— 
Total assets
$23 $— $23 $(1)$(22)$— 
Liabilities
Derivative liabilities in net liability positions
$2 $— $2 $— $(1)$1 
Derivative liabilities in net asset positions
1 — 1 (1)— — 
Derivative liabilities with no offsetting arrangements39 — 39 — — 39 
Securities sold under agreements to repurchase (d)499 — 499 — (499)— 
Total liabilities$541 $— $541 $(1)$(500)$40 
(a)Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
(b)Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met.
(c)Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements.
(d)For additional information on securities sold under agreements to repurchase, refer to Note 12.
v3.23.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Financial information for our reportable operating segments is summarized as follows.
Three months ended March 31, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated (a)
2023
Net financing revenue and other interest income$1,322 $26 $54 $103 $97 $1,602 
Other revenue77 381 4 29 7 498 
Total net revenue1,399 407 58 132 104 2,100 
Provision for credit losses351 — (1)15 81 446 
Total noninterest expense606 315 38 45 262 1,266 
Income (loss) from continuing operations before income tax expense$442 $92 $21 $72 $(239)$388 
Total assets$111,960 $8,867 $19,290 $10,226 $45,822 $196,165 
2022
Net financing revenue and other interest income$1,295 $17 $53 $83 $245 $1,693 
Other revenue68 270 14 24 66 442 
Total net revenue1,363 287 67 107 311 2,135 
Provision for credit losses104 — — 6 57 167 
Total noninterest expense534 274 56 37 221 1,122 
Income from continuing operations before income tax expense$725 $13 $11 $64 $33 $846 
Total assets$105,754 $9,220 $18,596 $8,086 $42,641 $184,297 
(a)Net financing revenue and other interest income after the provision for credit losses totaled $1.2 billion and $1.5 billion for the three months ended March 31, 2023, and 2022, respectively.
v3.23.1
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Jan. 01, 2023
Dec. 31, 2022
Jan. 01, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers $ 243 $ 221        
All other revenue 255 221        
Total other revenue 498 442        
Remarketing gains (losses), net 47 50        
Automotive Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 38 32        
All other revenue 39 36        
Total other revenue 77 68        
Remarketing gains (losses), net 47 50        
Insurance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 172 166        
All other revenue 209 104        
Total other revenue 381 270        
Mortgage Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
All other revenue 4 14        
Total other revenue 4 14        
Corporate Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
All other revenue 29 24        
Total other revenue 29 24        
Corporate and Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 33 23        
All other revenue (26) 43        
Total other revenue 7 66        
Noninsurance contracts            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 169 162        
Noninsurance contracts | Automotive Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Noninsurance contracts | Insurance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 169 162        
Unearned revenue, remaining performance obligation, amount 3,000 3,000 $ 3,000   $ 3,100  
Unearned revenue, revenue recognized 241 231        
Capitalized contract cost, net 1,800 1,800   $ 1,800   $ 1,900
Capitalized contract cost, amortization 144 137        
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01            
Disaggregation of Revenue [Line Items]            
Unearned revenue, remaining performance obligation, amount $ 680          
Remaining performance obligation, expected timing of satisfaction, period 9 months          
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01            
Disaggregation of Revenue [Line Items]            
Unearned revenue, remaining performance obligation, amount $ 779          
Remaining performance obligation, expected timing of satisfaction, period 1 year          
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 $ 604          
Remaining performance obligation, expected timing of satisfaction, period 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 $ 423          
Remaining performance obligation, expected timing of satisfaction, period 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 $ 481          
Remaining performance obligation, expected timing of satisfaction, period          
Noninsurance contracts | Mortgage Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers $ 0 0        
Noninsurance contracts | Corporate Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Noninsurance contracts | Corporate and Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Remarketing fee income            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 33 27        
Remarketing fee income | Automotive Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 33 27        
Remarketing fee income | Insurance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Remarketing fee income | Mortgage Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Remarketing fee income | Corporate Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Remarketing fee income | Corporate and Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokerage commissions and other revenue            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 23 11        
Brokerage commissions and other revenue | Automotive Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokerage commissions and other revenue | Insurance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokerage commissions and other revenue | Mortgage Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokerage commissions and other revenue | Corporate Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokerage commissions and other revenue | Corporate and Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 23 11        
Banking fees and interchange income            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 10 11        
Customer rewards expense 4 3        
Banking fees and interchange income | Automotive Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Banking fees and interchange income | Insurance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Banking fees and interchange income | Mortgage Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Banking fees and interchange income | Corporate Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Banking fees and interchange income | Corporate and Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 10 11        
Brokered/agent commissions            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 3 4        
Brokered/agent commissions | Automotive Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokered/agent commissions | Insurance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 3 4        
Brokered/agent commissions | Mortgage Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokered/agent commissions | Corporate Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Brokered/agent commissions | Corporate and Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Product and Service, Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 5 6        
Product and Service, Other | Automotive Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 5 5        
Product and Service, Other | Insurance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Product and Service, Other | Mortgage Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Product and Service, Other | Corporate Finance operations            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers 0 0        
Product and Service, Other | Corporate and Other            
Disaggregation of Revenue [Line Items]            
Revenue from contracts with customers $ 0 $ 1        
v3.23.1
Other Income, Net of Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Other Nonoperating Income (Expense) [Abstract]    
Late charges and other administrative fees $ 47 $ 37
Remarketing fees 33 27
Loss on nonmarketable equity investments, net (11) (1)
(Loss) income from equity-method investments (18) 20
Other, net 63 60
Total other income, net of losses $ 114 $ 143
v3.23.1
Reserves for Insurance Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Gross reserves for insurance losses and loss adjustment expenses, beginning balance $ 119 $ 122    
Less: Reinsurance recoverable 72 81    
Net reserves for insurance losses and loss adjustment expenses 58 43 $ 47 $ 41
Current year 87 61    
Prior years 1 (3)    
Total net insurance losses and loss adjustment expenses incurred 88 58    
Current year (49) (36)    
Prior years (28) (20)    
Total net insurance losses and loss adjustment expenses paid or payable (77) (56)    
Plus: Reinsurance recoverable 75 80    
Gross reserves for insurance losses and loss adjustment expenses, ending balance $ 133 $ 123    
v3.23.1
Other Operating Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Expenses [Abstract]    
Insurance commissions $ 157 $ 149
Technology and communications 108 97
Advertising and marketing 78 72
Lease and loan administration 48 51
Property and equipment depreciation 47 39
Regulatory and licensing fees 35 26
Professional services 32 43
Vehicle remarketing and repossession 27 20
Amortization of intangible assets 7 8
Other 102 66
Total other operating expenses $ 641 $ 571
v3.23.1
Investment Securities (Investment Portfolio) (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Available-for-sale securities    
Total $ 34,272,000,000 $ 34,863,000,000
Gross unrealized gains 4,000,000 5,000,000
Gross unrealized losses (4,826,000,000) (5,327,000,000)
Fair value 29,450,000,000 29,541,000,000
Held-to-maturity securities    
Amortized cost 1,047,000,000 1,062,000,000
Gross unrealized gains 0 0
Gross unrealized losses (156,000,000) (178,000,000)
Fair value 891,000,000 884,000,000
Debt securities, available-for-sale, accrued interest receivable $ 87,000,000 $ 91,000,000
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 2,000,000 2,000,000
Operating Segments | Insurance operations    
Held-to-maturity securities    
Deposit securities 12,000,000 12,000,000
Asset Pledged as Collateral with Right    
Available-for-sale securities    
Fair value 4,900,000,000 3,900,000,000
Held-to-maturity securities    
Securities with the right to sell or pledge 1,500,000,000 899,000,000
Asset Pledged as Collateral with Right | Federal Home Loan Bank advances    
Held-to-maturity securities    
Securities with the right to sell or pledge 3,400,000,000 3,000,000,000
U.S. Treasury and federal agencies    
Available-for-sale securities    
Total 2,274,000,000 2,272,000,000
Gross unrealized gains 0 0
Gross unrealized losses (210,000,000) (256,000,000)
Fair value 2,064,000,000 2,016,000,000
U.S. States and political subdivisions    
Available-for-sale securities    
Total 783,000,000 841,000,000
Gross unrealized gains 2,000,000 1,000,000
Gross unrealized losses (72,000,000) (82,000,000)
Fair value 713,000,000 760,000,000
Foreign government    
Available-for-sale securities    
Total 173,000,000 158,000,000
Gross unrealized gains 0 0
Gross unrealized losses (9,000,000) (12,000,000)
Fair value 164,000,000 146,000,000
Agency mortgage-backed security    
Available-for-sale securities    
Total 19,161,000,000 19,668,000,000
Gross unrealized gains 0 3,000,000
Gross unrealized losses (2,741,000,000) (3,038,000,000)
Fair value 16,420,000,000 16,633,000,000
Held-to-maturity securities    
Amortized cost 1,047,000,000 1,062,000,000
Gross unrealized gains 0 0
Gross unrealized losses (156,000,000) (178,000,000)
Fair value 891,000,000 884,000,000
Hedged asset, fair value hedge, cumulative increase (decrease) 46,000,000  
Hedged liability, fair value hedge, cumulative increase (decrease)   12,000,000
Mortgage-backed residential    
Available-for-sale securities    
Total 5,069,000,000 5,154,000,000
Gross unrealized gains 1,000,000 0
Gross unrealized losses (788,000,000) (855,000,000)
Fair value 4,282,000,000 4,299,000,000
Agency mortgage-backed commercial    
Available-for-sale securities    
Total 4,451,000,000 4,380,000,000
Gross unrealized gains 0 0
Gross unrealized losses (799,000,000) (845,000,000)
Fair value 3,652,000,000 3,535,000,000
Held-to-maturity securities    
Hedged asset, fair value hedge, cumulative increase (decrease) 70,000,000 15,000,000
Asset-backed    
Available-for-sale securities    
Total 440,000,000 459,000,000
Gross unrealized gains 0 0
Gross unrealized losses (21,000,000) (26,000,000)
Fair value 419,000,000 433,000,000
Corporate debt    
Available-for-sale securities    
Total 1,921,000,000 1,931,000,000
Gross unrealized gains 1,000,000 1,000,000
Gross unrealized losses (186,000,000) (213,000,000)
Fair value $ 1,736,000,000 $ 1,719,000,000
v3.23.1
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Amount    
Total available-for-sale securities $ 29,450 $ 29,541
Due in one year or less 127 125
Due after one year through five years 2,550 2,229
Due after five years through ten years 3,381 3,476
Due after ten years $ 23,392 $ 23,711
Yield    
Total 2.50% 2.50%
Due in one year or less 2.10% 2.30%
Due after one year through five years 1.90% 1.90%
Due after five years through ten years 2.20% 2.10%
Due after ten years 2.60% 2.60%
Amortized cost of available-for-sale securities    
Total $ 34,272 $ 34,863
Due in one year or less 130 126
Due after one year through five years 2,729 2,403
Due after five years through ten years 3,874 4,048
Due after ten years 27,539 28,286
Amount    
Total 1,047 1,062
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 $ 1,047 $ 1,062
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 0.00% 0.00%
Due after ten years 2.80% 2.80%
Cash equivalents $ 17 $ 18
U.S. Treasury and federal agencies    
Amount    
Total available-for-sale securities 2,064 2,016
Due in one year or less 0 0
Due after one year through five years 946 716
Due after five years through ten years 1,118 1,300
Due after ten years $ 0 $ 0
Yield    
Total 1.60% 1.60%
Due in one year or less 0.00% 0.00%
Due after one year through five years 1.30% 1.30%
Due after five years through ten years 1.80% 1.70%
Due after ten years 0.00% 0.00%
Amortized cost of available-for-sale securities    
Total $ 2,274 $ 2,272
U.S. States and political subdivisions    
Amount    
Total available-for-sale securities 713 760
Due in one year or less 17 26
Due after one year through five years 55 60
Due after five years through ten years 104 112
Due after ten years $ 537 $ 562
Yield    
Total 3.10% 3.20%
Due in one year or less 2.80% 2.70%
Due after one year through five years 2.60% 2.70%
Due after five years through ten years 3.30% 3.30%
Due after ten years 3.20% 3.20%
Amortized cost of available-for-sale securities    
Total $ 783 $ 841
Foreign government    
Amount    
Total available-for-sale securities 164 146
Due in one year or less 14 13
Due after one year through five years 79 74
Due after five years through ten years 71 59
Due after ten years $ 0 $ 0
Yield    
Total 1.90% 1.80%
Due in one year or less 0.90% 0.80%
Due after one year through five years 2.00% 1.80%
Due after five years through ten years 2.10% 1.90%
Due after ten years 0.00% 0.00%
Amortized cost of available-for-sale securities    
Total $ 173 $ 158
Agency mortgage-backed security    
Amount    
Total available-for-sale securities 16,420 16,633
Due in one year or less 0 0
Due after one year through five years 0 0
Due after five years through ten years 51 27
Due after ten years $ 16,369 $ 16,606
Yield    
Total 2.60% 2.60%
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 2.30% 2.00%
Due after ten years 2.60% 2.60%
Amortized cost of available-for-sale securities    
Total $ 19,161 $ 19,668
Amount    
Total 1,047 1,062
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 $ 1,047 $ 1,062
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 0.00% 0.00%
Due after ten years 2.80% 2.80%
Hedged asset, fair value hedge, cumulative increase (decrease) $ 46  
Hedged liability, fair value hedge, cumulative increase (decrease)   $ 12
Mortgage-backed residential    
Amount    
Total available-for-sale securities 4,282 4,299
Due in one year or less 0 0
Due after one year through five years 0 0
Due after five years through ten years 14 14
Due after ten years $ 4,268 $ 4,285
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 2.90% 2.90%
Due after ten years 2.80% 2.80%
Amortized cost of available-for-sale securities    
Total $ 5,069 $ 5,154
Agency mortgage-backed commercial    
Amount    
Total available-for-sale securities 3,652 3,535
Due in one year or less 0 0
Due after one year through five years 96 66
Due after five years through ten years 1,355 1,234
Due after ten years $ 2,201 $ 2,235
Yield    
Total 2.20% 2.20%
Due in one year or less 0.00% 0.00%
Due after one year through five years 3.10% 3.10%
Due after five years through ten years 2.20% 2.10%
Due after ten years 2.20% 2.10%
Amortized cost of available-for-sale securities    
Total $ 4,451 $ 4,380
Yield    
Hedged asset, fair value hedge, cumulative increase (decrease) 70 15
Asset-backed    
Amount    
Total available-for-sale securities 419 433
Due in one year or less 0 0
Due after one year through five years 405 401
Due after five years through ten years 12 25
Due after ten years $ 2 $ 7
Yield    
Total 1.80% 1.70%
Due in one year or less 0.00% 0.00%
Due after one year through five years 1.70% 1.70%
Due after five years through ten years 5.00% 1.80%
Due after ten years 2.80% 3.50%
Amortized cost of available-for-sale securities    
Total $ 440 $ 459
Corporate debt    
Amount    
Total available-for-sale securities 1,736 1,719
Due in one year or less 96 86
Due after one year through five years 969 912
Due after five years through ten years 656 705
Due after ten years $ 15 $ 16
Yield    
Total 2.50% 2.40%
Due in one year or less 2.20% 2.40%
Due after one year through five years 2.40% 2.30%
Due after five years through ten years 2.60% 2.60%
Due after ten years 5.60% 4.90%
Amortized cost of available-for-sale securities    
Total $ 1,921 $ 1,931
v3.23.1
Investment Securities (Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividends on investment securities $ 238 $ 188
Excludes other earning assets    
Taxable interest 217 174
Taxable dividends 3 4
Interest and dividends exempt from U.S. federal income tax 6 5
Interest and dividends on investment securities $ 226 $ 183
v3.23.1
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Gross realized gains $ 5 $ 18
Net realized gain on available-for-sale securities 5 18
Net realized gain on equity securities 5 52
Net unrealized gain (loss) on equity securities 64 (65)
Other gain on investments, net $ 74 $ 5
v3.23.1
Investment securities (Investments Classified by Credit Rating) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities $ 1,047 $ 1,062
Agency mortgage-backed security    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 1,047 1,062
AA    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities 1,047 1,062
AA | Agency mortgage-backed security    
Schedule of Held-to-maturity Securities [Line Items]    
Held-to-maturity securities $ 1,047 $ 1,062
v3.23.1
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Less than 12 months    
Fair value $ 3,519,000,000 $ 12,548,000,000
Unrealized loss (160,000,000) (1,503,000,000)
12 months or longer    
Fair value 25,577,000,000 16,660,000,000
Unrealized loss (4,666,000,000) (3,824,000,000)
Credit reserves 0 0
U.S. Treasury and federal agencies    
Less than 12 months    
Fair value 10,000,000 529,000,000
Unrealized loss 0 (68,000,000)
12 months or longer    
Fair value 2,054,000,000 1,487,000,000
Unrealized loss (210,000,000) (188,000,000)
U.S. States and political subdivisions    
Less than 12 months    
Fair value 164,000,000 547,000,000
Unrealized loss (2,000,000) (55,000,000)
12 months or longer    
Fair value 439,000,000 135,000,000
Unrealized loss (70,000,000) (27,000,000)
Foreign government    
Less than 12 months    
Fair value 16,000,000 75,000,000
Unrealized loss 0 (4,000,000)
12 months or longer    
Fair value 137,000,000 71,000,000
Unrealized loss (9,000,000) (8,000,000)
Agency mortgage-backed security    
Less than 12 months    
Fair value 1,998,000,000 7,472,000,000
Unrealized loss (95,000,000) (892,000,000)
12 months or longer    
Fair value 14,364,000,000 8,978,000,000
Unrealized loss (2,646,000,000) (2,146,000,000)
Mortgage-backed residential    
Less than 12 months    
Fair value 512,000,000 1,985,000,000
Unrealized loss (29,000,000) (289,000,000)
12 months or longer    
Fair value 3,726,000,000 2,287,000,000
Unrealized loss (759,000,000) (566,000,000)
Agency mortgage-backed commercial    
Less than 12 months    
Fair value 507,000,000 996,000,000
Unrealized loss (24,000,000) (124,000,000)
12 months or longer    
Fair value 3,089,000,000 2,535,000,000
Unrealized loss (775,000,000) (721,000,000)
Asset-backed    
Less than 12 months    
Fair value 50,000,000 162,000,000
Unrealized loss (1,000,000) (4,000,000)
12 months or longer    
Fair value 362,000,000 272,000,000
Unrealized loss (20,000,000) (22,000,000)
Corporate debt    
Less than 12 months    
Fair value 262,000,000 782,000,000
Unrealized loss (9,000,000) (67,000,000)
12 months or longer    
Fair value 1,406,000,000 895,000,000
Unrealized loss $ (177,000,000) $ (146,000,000)
v3.23.1
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans $ 136,304 $ 135,748    
Unamortized premiums and discounts and deferred fees and costs 2,300 2,300    
Accrued interest receivable 726 707    
Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 106,815 106,610    
Consumer | Automotive        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 83,640 83,286    
Consumer | Consumer mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 19,461 19,735    
Consumer | Mortgage Finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 19,189 19,445    
Interest-only mortgage loans 2 3    
Consumer | Mortgage - Legacy        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 272 290    
Interest-only mortgage loans 16 17    
Consumer | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 3,714 3,589    
Fair value, option, carrying amount, financing receivable, no allowance 2 3 $ 7 $ 7
Consumer | Personal Lending        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 2,074 1,990    
Consumer | Credit Card        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 1,640 1,599    
Commercial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 29,489 29,138    
Commercial | Automotive        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 14,905 14,595    
Commercial | Consumer mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans 5,509 5,389    
Commercial | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total finance receivables and loans $ 9,075 $ 9,154    
v3.23.1
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning balance $ 3,711 $ 3,267    
Charge-offs (601) (301)    
Recoveries 192 168    
Net charge-offs (409) (133)    
Provision for credit losses 449 167    
Other 0 0    
Allowance, ending balance 3,751 3,301    
Unfunded Loan Commitment        
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Provision for credit losses (3)      
Consumer        
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Charge-offs (601)      
Consumer | Automotive        
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning balance 3,020 2,769    
Charge-offs (536) (276)    
Recoveries 185 163    
Net charge-offs (351) (113)    
Provision for credit losses 353 107    
Other 0 0    
Allowance, ending balance 3,022 2,763    
Consumer | Consumer mortgage        
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning balance 27 27    
Charge-offs (1) (1)    
Recoveries 2 3    
Net charge-offs 1 2    
Provision for credit losses (4) (3)    
Other (1) 0    
Allowance, ending balance 23 26    
Consumer | Consumer other        
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning balance 426 221    
Charge-offs (64) (24)    
Recoveries 5 1    
Net charge-offs (59) (23)    
Provision for credit losses 88 59    
Other 0 1    
Allowance, ending balance 455 258    
Fair value, option, carrying amount, financing receivable, no allowance 2 7 $ 3 $ 7
Commercial        
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning balance 238 250    
Charge-offs 0 0    
Recoveries 0 1    
Net charge-offs 0 1    
Provision for credit losses 12 4    
Other 1 (1)    
Allowance, ending balance $ 251 $ 254    
v3.23.1
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total sales and transfers $ 1 $ 0
Consumer | Consumer mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total sales and transfers $ 1 $ 0
v3.23.1
Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivables and loans, significant purchases $ 767 $ 1,318
Fair value, measurements, recurring | Finance receivables and loans, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Purchases 0 4
Consumer | Automotive    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivables and loans, significant purchases 758 493
Consumer | Consumer mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivables and loans, significant purchases 2 825
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivables and loans, significant purchases $ 7 $ 0
v3.23.1
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Nonaccrual Status) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status $ 1,384   $ 1,454 $ 1,436
Financing receivable, nonaccrual, with no allowance 511   519  
Financing receivable, nonaccrual, interest income 3 $ 3    
Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 1,225   1,292 1,179
Financing receivable, nonaccrual, with no allowance 507   484  
Consumer | Automotive        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 1,110   1,187 1,078
Financing receivable, nonaccrual, with no allowance 473   445  
Consumer | Consumer mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 49   49 85
Financing receivable, nonaccrual, with no allowance 34   39  
Consumer | Mortgage Finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 34   34 59
Financing receivable, nonaccrual, with no allowance 21   25  
Consumer | Mortgage - Legacy        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 15   15 26
Financing receivable, nonaccrual, with no allowance 13   14  
Consumer | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 66   56 16
Financing receivable, nonaccrual, with no allowance 0   0  
Consumer | Personal Lending        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 12   13 5
Financing receivable, nonaccrual, with no allowance 0   0  
Consumer | Credit Card        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 54   43 11
Financing receivable, nonaccrual, with no allowance 0   0  
Commercial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 159   162 257
Financing receivable, nonaccrual, with no allowance 4   35  
Commercial | Automotive        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 0   5 33
Financing receivable, nonaccrual, with no allowance 0   2  
Commercial | Consumer mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 0   0 3
Financing receivable, nonaccrual, with no allowance 0   0  
Commercial | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, recorded investment, nonaccrual status 159   157 $ 221
Financing receivable, nonaccrual, with no allowance $ 4   $ 33  
v3.23.1
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Consumer) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]        
Total finance receivables and loans $ 136,304 $ 135,748    
Consumer        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total finance receivables and loans 106,815 106,610    
Consumer | Excludes fair value option elected other loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 8,231 40,946    
Year two, originated, fiscal year before current fiscal year 38,505 34,750    
Year three, originated, two years before current fiscal year 32,370 12,893    
Year four, originated, three years before current fiscal year 11,647 7,698    
Year five, originated, four years before current fiscal year 6,738 4,071    
Originated, more than five years before current fiscal year 7,836 4,994    
Revolving loans 1,821 1,794    
Revolving loans converted to term 20 21    
Total finance receivables and loans 107,168 107,167    
Consumer | Consumer automotive, excludes basis adjustment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 7,825 37,114    
Year two, originated, fiscal year before current fiscal year 34,923 23,415    
Year three, originated, two years before current fiscal year 21,218 10,893    
Year four, originated, three years before current fiscal year 9,686 6,872    
Year five, originated, four years before current fiscal year 5,935 3,480    
Originated, more than five years before current fiscal year 4,408 2,072    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 83,995 83,846    
Basis adjustment for active hedge 355 560    
Consumer | Consumer mortgage        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 21 2,309    
Year two, originated, fiscal year before current fiscal year 2,279 10,927    
Year three, originated, two years before current fiscal year 10,812 1,950    
Year four, originated, three years before current fiscal year 1,922 821    
Year five, originated, four years before current fiscal year 799 590    
Originated, more than five years before current fiscal year 3,427 2,922    
Revolving loans 181 195    
Revolving loans converted to term 20 21    
Total finance receivables and loans 19,461 19,735    
Consumer | Mortgage Finance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 21 2,309    
Year two, originated, fiscal year before current fiscal year 2,279 10,927    
Year three, originated, two years before current fiscal year 10,812 1,950    
Year four, originated, three years before current fiscal year 1,922 821    
Year five, originated, four years before current fiscal year 799 590    
Originated, more than five years before current fiscal year 3,356 2,848    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 19,189 19,445    
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 71 74    
Revolving loans 181 195    
Revolving loans converted to term 20 21    
Total finance receivables and loans 272 290    
Consumer | Other        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total finance receivables and loans 3,714 3,589    
Fair value, option, carrying amount, financing receivable, no allowance 2 3 $ 7 $ 7
Consumer | Other | Excludes fair value option elected other loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 385 1,523    
Year two, originated, fiscal year before current fiscal year 1,303 408    
Year three, originated, two years before current fiscal year 340 50    
Year four, originated, three years before current fiscal year 39 5    
Year five, originated, four years before current fiscal year 4 1    
Originated, more than five years before current fiscal year 1 0    
Revolving loans 1,640 1,599    
Revolving loans converted to term 0 0    
Total finance receivables and loans 3,712 3,586    
Consumer | Personal Lending        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total finance receivables and loans 2,074 1,990    
Consumer | Personal Lending | Excludes fair value option elected other loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 385 1,523    
Year two, originated, fiscal year before current fiscal year 1,303 408    
Year three, originated, two years before current fiscal year 340 50    
Year four, originated, three years before current fiscal year 39 5    
Year five, originated, four years before current fiscal year 4 1    
Originated, more than five years before current fiscal year 1 0    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 2,072 1,987    
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 1,640 1,599    
Revolving loans converted to term 0 0    
Total finance receivables and loans 1,640 1,599    
Current | Consumer | Consumer automotive, excludes basis adjustment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 7,801 36,127    
Year two, originated, fiscal year before current fiscal year 33,822 22,102    
Year three, originated, two years before current fiscal year 20,093 10,341    
Year four, originated, three years before current fiscal year 9,232 6,451    
Year five, originated, four years before current fiscal year 5,604 3,237    
Originated, more than five years before current fiscal year 4,098 1,890    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 80,650 80,148    
Current | Consumer | Mortgage Finance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 21 2,292    
Year two, originated, fiscal year before current fiscal year 2,271 10,893    
Year three, originated, two years before current fiscal year 10,797 1,946    
Year four, originated, three years before current fiscal year 1,917 815    
Year five, originated, four years before current fiscal year 794 577    
Originated, more than five years before current fiscal year 3,316 2,805    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 19,116 19,328    
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 59 62    
Revolving loans 177 191    
Revolving loans converted to term 18 18    
Total finance receivables and loans 254 271    
Current | Consumer | Personal Lending | Excludes fair value option elected other loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 384 1,492    
Year two, originated, fiscal year before current fiscal year 1,272 392    
Year three, originated, two years before current fiscal year 327 48    
Year four, originated, three years before current fiscal year 39 5    
Year five, originated, four years before current fiscal year 4 1    
Originated, more than five years before current fiscal year 1 0    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 2,027 1,938    
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 1,548 1,518    
Revolving loans converted to term 0 0    
Total finance receivables and loans 1,548 1,518    
30–59 days past due | Consumer | Consumer automotive, excludes basis adjustment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 23 707    
Year two, originated, fiscal year before current fiscal year 769 878    
Year three, originated, two years before current fiscal year 756 370    
Year four, originated, three years before current fiscal year 308 284    
Year five, originated, four years before current fiscal year 226 165    
Originated, more than five years before current fiscal year 210 120    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 2,292 2,524    
30–59 days past due | Consumer | Mortgage Finance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 0 15    
Year two, originated, fiscal year before current fiscal year 5 29    
Year three, originated, two years before current fiscal year 9 4    
Year four, originated, three years before current fiscal year 4 3    
Year five, originated, four years before current fiscal year 4 4    
Originated, more than five years before current fiscal year 16 26    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 38 81    
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 4    
Revolving loans 1 1    
Revolving loans converted to term 0 0    
Total finance receivables and loans 3 5    
30–59 days past due | Consumer | Personal Lending | Excludes fair value option elected other loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 1 14    
Year two, originated, fiscal year before current fiscal year 12 6    
Year three, originated, two years before current fiscal year 5 1    
Year four, originated, three years before current fiscal year 0 0    
Year five, originated, four years before current fiscal year 0 0    
Originated, more than five years before current fiscal year 0 0    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 18 21    
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 22 22    
Revolving loans converted to term 0 0    
Total finance receivables and loans 22 22    
60–89 days past due | Consumer | Consumer automotive, excludes basis adjustment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 1 207    
Year two, originated, fiscal year before current fiscal year 244 324    
Year three, originated, two years before current fiscal year 273 135    
Year four, originated, three years before current fiscal year 108 99    
Year five, originated, four years before current fiscal year 74 55    
Originated, more than five years before current fiscal year 65 38    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 765 858    
60–89 days past due | Consumer | Mortgage Finance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 0 2    
Year two, originated, fiscal year before current fiscal year 1 4    
Year three, originated, two years before current fiscal year 2 0    
Year four, originated, three years before current fiscal year 1 1    
Year five, originated, four years before current fiscal year 0 1    
Originated, more than five years before current fiscal year 8 3    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 12 11    
60–89 days past due | Consumer | Mortgage - Legacy        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 0 0    
Year two, originated, fiscal year before current fiscal year 0 0    
Year three, originated, two years before current fiscal year 0 0    
Year four, originated, three years before current fiscal year 0 0    
Year five, originated, four years before current fiscal year 0 0    
Originated, more than five years before current fiscal year 2 0    
Revolving loans 1 0    
Revolving loans converted to term 0 1    
Total finance receivables and loans 3 1    
60–89 days past due | Consumer | Personal Lending | Excludes fair value option elected other loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 0 9    
Year two, originated, fiscal year before current fiscal year 11 5    
Year three, originated, two years before current fiscal year 4 1    
Year four, originated, three years before current fiscal year 0 0    
Year five, originated, four years before current fiscal year 0 0    
Originated, more than five years before current fiscal year 0 0    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 15 15    
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 19 18    
Revolving loans converted to term 0 0    
Total finance receivables and loans 19 18    
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 0 73    
Year two, originated, fiscal year before current fiscal year 88 111    
Year three, originated, two years before current fiscal year 96 47    
Year four, originated, three years before current fiscal year 38 38    
Year five, originated, four years before current fiscal year 31 23    
Originated, more than five years before current fiscal year 35 24    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 288 316    
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 2 1    
Year three, originated, two years before current fiscal year 4 0    
Year four, originated, three years before current fiscal year 0 2    
Year five, originated, four years before current fiscal year 1 8    
Originated, more than five years before current fiscal year 16 14    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 23 25    
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 8 8    
Revolving loans 2 3    
Revolving loans converted to term 2 2    
Total finance receivables and loans 12 13    
90 or more days past due | Consumer | Personal Lending | Excludes fair value option elected other loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year one, originated, current fiscal year 0 8    
Year two, originated, fiscal year before current fiscal year 8 5    
Year three, originated, two years before current fiscal year 4 0    
Year four, originated, three years before current fiscal year 0 0    
Year five, originated, four years before current fiscal year 0 0    
Originated, more than five years before current fiscal year 0 0    
Revolving loans 0 0    
Revolving loans converted to term 0 0    
Total finance receivables and loans 12 13    
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 51 41    
Revolving loans converted to term 0 0    
Total finance receivables and loans $ 51 $ 41    
v3.23.1
Finance Receivables and Loans, Net (Financing Receivable Gross Charge-Offs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 $ 2  
2022 241  
2021 187  
2020 57  
2019 42  
2018 and prior 39  
Revolving loans 32  
Revolving loans converted to term 1  
Total 601 $ 301
Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 2  
2022 241  
2021 187  
2020 57  
2019 42  
2018 and prior 39  
Revolving loans 32  
Revolving loans converted to term 1  
Total 601  
Consumer | Automotive    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 2  
2022 220  
2021 178  
2020 56  
2019 42  
2018 and prior 38  
Revolving loans 0  
Revolving loans converted to term 0  
Total 536 276
Consumer | Consumer mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
2018 and prior 1  
Revolving loans 0  
Revolving loans converted to term 0  
Total 1 1
Consumer | Mortgage - Legacy    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
2018 and prior 1  
Revolving loans 0  
Revolving loans converted to term 0  
Total 1  
Consumer | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 21  
2021 9  
2020 1  
2019 0  
2018 and prior 0  
Revolving loans 32  
Revolving loans converted to term 1  
Total 64 $ 24
Consumer | Personal Lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 21  
2021 9  
2020 1  
2019 0  
2018 and prior 0  
Revolving loans 0  
Revolving loans converted to term 0  
Total 31  
Consumer | Credit card receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
2018 and prior 0  
Revolving loans 32  
Revolving loans converted to term 1  
Total $ 33  
v3.23.1
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Commercial) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
Total finance receivables and loans $ 136,304 $ 135,748
Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 475 2,915
Year two, originated, fiscal year before current fiscal year 2,958 2,035
Year three, originated, two years before current fiscal year 1,989 1,871
Year four, originated, three years before current fiscal year 1,594 1,406
Year five, originated, four years before current fiscal year 1,290 508
Originated, more than five years before current fiscal year 1,538 1,196
Revolving loans 19,479 19,057
Revolving loans converted to term 166 150
Total finance receivables and loans 29,489 29,138
Automotive | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 130 663
Year two, originated, fiscal year before current fiscal year 620 258
Year three, originated, two years before current fiscal year 244 132
Year four, originated, three years before current fiscal year 122 79
Year five, originated, four years before current fiscal year 72 38
Originated, more than five years before current fiscal year 77 55
Revolving loans 13,640 13,370
Revolving loans converted to term 0 0
Total finance receivables and loans 14,905 14,595
Automotive | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 129 640
Year two, originated, fiscal year before current fiscal year 598 211
Year three, originated, two years before current fiscal year 198 132
Year four, originated, three years before current fiscal year 122 78
Year five, originated, four years before current fiscal year 72 28
Originated, more than five years before current fiscal year 50 34
Revolving loans 12,654 12,327
Revolving loans converted to term 0 0
Total finance receivables and loans 13,823 13,450
Automotive | Special mention | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 1 23
Year two, originated, fiscal year before current fiscal year 22 47
Year three, originated, two years before current fiscal year 46 0
Year four, originated, three years before current fiscal year 0 0
Year five, originated, four years before current fiscal year 0 10
Originated, more than five years before current fiscal year 27 21
Revolving loans 926 1,016
Revolving loans converted to term 0 0
Total finance receivables and loans 1,022 1,117
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 0 0
Year three, originated, two years before current fiscal year 0 0
Year four, originated, three years before current fiscal year 0 1
Year five, originated, four years before current fiscal year 0 0
Originated, more than five years before current fiscal year 0 0
Revolving loans 60 27
Revolving loans converted to term 0 0
Total finance receivables and loans 60 28
Other | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 82 771
Year two, originated, fiscal year before current fiscal year 817 627
Year three, originated, two years before current fiscal year 623 786
Year four, originated, three years before current fiscal year 529 629
Year five, originated, four years before current fiscal year 527 101
Originated, more than five years before current fiscal year 523 425
Revolving loans 5,830 5,678
Revolving loans converted to term 144 137
Total finance receivables and loans 9,075 9,154
Other | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 82 594
Year two, originated, fiscal year before current fiscal year 640 469
Year three, originated, two years before current fiscal year 436 607
Year four, originated, three years before current fiscal year 329 419
Year five, originated, four years before current fiscal year 319 54
Originated, more than five years before current fiscal year 170 133
Revolving loans 5,513 5,344
Revolving loans converted to term 93 89
Total finance receivables and loans 7,582 7,709
Other | Special mention | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 0 177
Year two, originated, fiscal year before current fiscal year 177 158
Year three, originated, two years before current fiscal year 187 175
Year four, originated, three years before current fiscal year 196 95
Year five, originated, four years before current fiscal year 95 47
Originated, more than five years before current fiscal year 209 128
Revolving loans 260 278
Revolving loans converted to term 38 35
Total finance receivables and loans 1,162 1,093
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 0 0
Year three, originated, two years before current fiscal year 0 4
Year four, originated, three years before current fiscal year 4 51
Year five, originated, four years before current fiscal year 50 0
Originated, more than five years before current fiscal year 118 139
Revolving loans 55 55
Revolving loans converted to term 13 13
Total finance receivables and loans 240 262
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 64
Year five, originated, four years before current fiscal year 63 0
Originated, more than five years before current fiscal year 26 25
Revolving loans 2 0
Revolving loans converted to term 0 0
Total finance receivables and loans 91 89
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   0
Originated, more than five years before current fiscal year   0
Revolving loans   1
Revolving loans converted to term   0
Total finance receivables and loans   1
Commercial real estate | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 263 1,481
Year two, originated, fiscal year before current fiscal year 1,521 1,150
Year three, originated, two years before current fiscal year 1,122 953
Year four, originated, three years before current fiscal year 943 698
Year five, originated, four years before current fiscal year 691 369
Originated, more than five years before current fiscal year 938 716
Revolving loans 9 9
Revolving loans converted to term 22 13
Total finance receivables and loans 5,509 5,389
Commercial real estate | Pass | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one, originated, current fiscal year 263 1,481
Year two, originated, fiscal year before current fiscal year 1,519 1,118
Year three, originated, two years before current fiscal year 1,090 951
Year four, originated, three years before current fiscal year 941 679
Year five, originated, four years before current fiscal year 672 369
Originated, more than five years before current fiscal year 937 716
Revolving loans 9 9
Revolving loans converted to term 22 13
Total finance receivables and loans 5,453 5,336
Commercial real estate | 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 2 32
Year three, originated, two years before current fiscal year 32 2
Year four, originated, three years before current fiscal year 2 19
Year five, originated, four years before current fiscal year 19 0
Originated, more than five years before current fiscal year 1 0
Revolving loans 0 0
Revolving loans converted to term 0 0
Total finance receivables and loans $ 56 $ 53
v3.23.1
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Commercial) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net $ 136,304 $ 135,748
Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 29,489 29,138
Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 14,905 14,595
Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 9,075 9,154
Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 5,509 5,389
Total past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 4 3
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 4 3
Total past due | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
30–59 days past due | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 1 0
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 1 0
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 1
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 1
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 3 2
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 3 2
90 or more days past due | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 0 0
Current | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 29,485 29,135
Current | Automotive | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 14,905 14,595
Current | Other | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net 9,071 9,151
Current | Commercial real estate | Commercial    
Financing Receivable, Past Due [Line Items]    
Finance receivables and loans, net $ 5,509 $ 5,389
v3.23.1
Finance Receivables and Loans, Net (Loan Modifications) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
loan
Financing Receivable, Troubled Debt Restructuring  
Total $ 131
Percentage of total 0.10%
Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total $ 62
Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total 23
Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total 3
Combination  
Financing Receivable, Troubled Debt Restructuring  
Total 41
Consumer  
Financing Receivable, Troubled Debt Restructuring  
Total 62
Consumer | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 53
Consumer | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 4
Consumer | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 3
Consumer | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total 16
Consumer | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total 3
Consumer | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total 41
Consumer | Automotive  
Financing Receivable, Troubled Debt Restructuring  
Total $ 55
Number of loans redefualted | loan 12
Amortized cost of loans redefaulted $ 1
Consumer | Automotive | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 50
Consumer | Automotive | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 3
Consumer | Automotive | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Automotive | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Automotive | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Number of months extended/deferred 26 months
Consumer | Automotive | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 14
Consumer | Automotive | Contractual maturity extensions | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 13
Consumer | Automotive | Contractual maturity extensions | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 1
Consumer | Automotive | Contractual maturity extensions | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Automotive | Contractual maturity extensions | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Automotive | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Principal forgiveness, amount forgiven 1
Consumer | Automotive | Principal forgiveness | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Automotive | Principal forgiveness | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Automotive | Principal forgiveness | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Automotive | Principal forgiveness | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Automotive | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Consumer | Automotive | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total $ 39
Interest rate concessions, initial rate 10.40%
Interest rate concessions, revised rate 9.70%
Payment extensions, initial term 74 months
Payment extensions, revised term 85 months
Consumer | Automotive | Combination | Current  
Financing Receivable, Troubled Debt Restructuring  
Total $ 37
Consumer | Automotive | Combination | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Automotive | Combination | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Automotive | Combination | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Consumer mortgage  
Financing Receivable, Troubled Debt Restructuring  
Total 4
Consumer | Consumer mortgage | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Consumer mortgage | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Consumer mortgage | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Consumer mortgage | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Consumer mortgage | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Number of months extended/deferred 159 months
Consumer | Consumer mortgage | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 2
Consumer | Consumer mortgage | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Principal forgiveness, amount forgiven 0
Consumer | Consumer mortgage | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Consumer | Consumer mortgage | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total $ 2
Interest rate concessions, initial rate 4.90%
Interest rate concessions, revised rate 3.90%
Payment extensions, initial term 314 months
Payment extensions, revised term 467 months
Consumer | Mortgage Finance  
Financing Receivable, Troubled Debt Restructuring  
Total $ 4
Consumer | Mortgage Finance | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Mortgage Finance | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Mortgage Finance | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Mortgage Finance | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Mortgage Finance | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Number of months extended/deferred 159 months
Consumer | Mortgage Finance | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 2
Consumer | Mortgage Finance | Contractual maturity extensions | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 2
Consumer | Mortgage Finance | Contractual maturity extensions | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Mortgage Finance | Contractual maturity extensions | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Mortgage Finance | Contractual maturity extensions | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Mortgage Finance | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Principal forgiveness, amount forgiven 0
Consumer | Mortgage Finance | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Consumer | Mortgage Finance | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total $ 2
Interest rate concessions, initial rate 4.90%
Interest rate concessions, revised rate 3.90%
Payment extensions, initial term 314 months
Payment extensions, revised term 467 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 2
Consumer | Mortgage Finance | Combination | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Other  
Financing Receivable, Troubled Debt Restructuring  
Total 3
Consumer | Other | Current  
Financing Receivable, Troubled Debt Restructuring  
Total 1
Consumer | Other | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 1
Consumer | Other | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Other | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 1
Consumer | Other | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Other | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Other | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Principal forgiveness, amount forgiven 0
Consumer | Other | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 3
Interest rate concessions, initial rate 29.60%
Interest rate concessions, revised rate 10.60%
Consumer | Other | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Consumer | Credit Card  
Financing Receivable, Troubled Debt Restructuring  
Total $ 3
Consumer | Credit Card | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Credit Card | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Credit Card | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Principal forgiveness, amount forgiven 0
Consumer | Credit Card | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 3
Interest rate concessions, initial rate 29.60%
Interest rate concessions, revised rate 10.60%
Consumer | Credit Card | Interest rate concessions | Current  
Financing Receivable, Troubled Debt Restructuring  
Total $ 1
Consumer | Credit Card | Interest rate concessions | 30–59 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 1
Consumer | Credit Card | Interest rate concessions | 60–89 days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Consumer | Credit Card | Interest rate concessions | 90 or more days past due  
Financing Receivable, Troubled Debt Restructuring  
Total 1
Consumer | Credit Card | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Commercial  
Financing Receivable, Troubled Debt Restructuring  
Total $ 69
Commercial | Special mention  
Financing Receivable, Troubled Debt Restructuring  
Total 7
Commercial | Substandard  
Financing Receivable, Troubled Debt Restructuring  
Total 34
Commercial | Doubtful  
Financing Receivable, Troubled Debt Restructuring  
Total 28
Commercial | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total $ 62
Number of months extended/deferred 12 months
Commercial | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 7
Commercial | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Principal forgiveness, amount forgiven 0
Commercial | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Commercial | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Commercial | Other  
Financing Receivable, Troubled Debt Restructuring  
Total $ 69
Commercial | Other | Payment deferrals  
Financing Receivable, Troubled Debt Restructuring  
Total $ 62
Number of months extended/deferred 12 months
Commercial | Other | Payment deferrals | Special mention  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Commercial | Other | Payment deferrals | Substandard  
Financing Receivable, Troubled Debt Restructuring  
Total 34
Commercial | Other | Payment deferrals | Doubtful  
Financing Receivable, Troubled Debt Restructuring  
Total 28
Commercial | Other | Contractual maturity extensions  
Financing Receivable, Troubled Debt Restructuring  
Total 7
Commercial | Other | Contractual maturity extensions | Special mention  
Financing Receivable, Troubled Debt Restructuring  
Total 7
Commercial | Other | Contractual maturity extensions | Substandard  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Commercial | Other | Contractual maturity extensions | Doubtful  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Commercial | Other | Principal forgiveness  
Financing Receivable, Troubled Debt Restructuring  
Total 0
Principal forgiveness, amount forgiven 0
Commercial | Other | Interest rate concessions  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
Commercial | Other | Combination  
Financing Receivable, Troubled Debt Restructuring  
Total $ 0
Interest rate concessions, initial rate 0.00%
Interest rate concessions, revised rate 0.00%
v3.23.1
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
loan
Dec. 31, 2022
USD ($)
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, gross carrying value   $ 2,400
Financing receivable, modifications, number of loans | loan 13,813  
Financing receivable, modifications, pre-modification amortized cost basis $ 272  
Financing receivable, modifications, post-modification amortized cost basis $ 268  
Consumer    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 13,812  
Financing receivable, modifications, pre-modification amortized cost basis $ 238  
Financing receivable, modifications, post-modification amortized cost basis $ 234  
Consumer | Automotive    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 13,451  
Financing receivable, modifications, pre-modification amortized cost basis $ 231  
Financing receivable, modifications, post-modification amortized cost basis $ 227  
Consumer | Consumer mortgage    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 10  
Financing receivable, modifications, pre-modification amortized cost basis $ 6  
Financing receivable, modifications, post-modification amortized cost basis $ 6  
Consumer | Mortgage Finance    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 6  
Financing receivable, modifications, pre-modification amortized cost basis $ 5  
Financing receivable, modifications, post-modification amortized cost basis $ 5  
Consumer | Mortgage - Legacy    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 4  
Financing receivable, modifications, pre-modification amortized cost basis $ 1  
Financing receivable, modifications, post-modification amortized cost basis $ 1  
Consumer | Other    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 351  
Financing receivable, modifications, pre-modification amortized cost basis $ 1  
Financing receivable, modifications, post-modification amortized cost basis $ 1  
Consumer | Credit card receivables    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 351  
Financing receivable, modifications, pre-modification amortized cost basis $ 1  
Financing receivable, modifications, post-modification amortized cost basis $ 1  
Commercial    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 1  
Financing receivable, modifications, pre-modification amortized cost basis $ 34  
Financing receivable, modifications, post-modification amortized cost basis $ 34  
Commercial | Other    
Financing Receivable, Troubled Debt Restructuring    
Financing receivable, modifications, number of loans | loan 1  
Financing receivable, modifications, pre-modification amortized cost basis $ 34  
Financing receivable, modifications, post-modification amortized cost basis $ 34  
v3.23.1
Finance Receivables and Loans, Net (Finance Receivables and Loans Redefaulted During the Period) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable  
Number of loans | loan 2,113
Amortized cost $ 33
Charge-off amount $ 13
Consumer  
Accounts, Notes, Loans and Financing Receivable  
Number of loans | loan 2,113
Amortized cost $ 33
Charge-off amount $ 13
Consumer | Automotive  
Accounts, Notes, Loans and Financing Receivable  
Number of loans | loan 2,111
Amortized cost $ 31
Charge-off amount $ 13
Consumer | Consumer mortgage  
Accounts, Notes, Loans and Financing Receivable  
Number of loans | loan 2
Amortized cost $ 2
Charge-off amount $ 0
Consumer | Mortgage Finance  
Accounts, Notes, Loans and Financing Receivable  
Number of loans | loan 2
Amortized cost $ 2
Charge-off amount $ 0
v3.23.1
Leasing (Ally as the Lessee) (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jun. 30, 2022
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
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   $ 8 $ 10  
Right-of-use asset obtained in exchange for operating lease liability     $ 12  
Operating lease, weighted-average remaining lease term   5 years   5 years
Operating lease, weighted average discount rate   2.59%   2.57%
Minimum        
Lessee, Lease, Description [Line Items]        
Operating lease remaining lease term   5 months    
Maximum        
Lessee, Lease, Description [Line Items]        
Operating lease remaining lease term   8 years    
Operations Center        
Lessee, Lease, Description [Line Items]        
Net property and equipment $ 44      
v3.23.1
Leasing (Lessee, Operating Lease, Liability, Maturity) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2023 $ 26  
2024 32  
2025 26  
2026 20  
2027 16  
2028 and thereafter 18  
Total undiscounted cash flows 138  
Difference between undiscounted cash flows and discounted cash flows (8)  
Total lease liability $ 130 $ 137
v3.23.1
Leasing (Lease, Cost) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Leases [Abstract]    
Operating lease expense $ 7 $ 8
Variable lease expense 1 1
Total lease expense, net $ 8 $ 9
v3.23.1
Leasing (Ally as the Lessor) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Residual value guarantee, percentage 15.00% 15.00%
Vehicles $ 12,148 $ 12,304
Accumulated depreciation (1,912) (1,860)
Investment in operating leases, net $ 10,236 10,444
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 $ 43 $ 56
v3.23.1
Leasing (Lessor, Operating Lease, Payments to be Received, Maturity) (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Leases [Abstract]  
2023 $ 1,179
2024 1,058
2025 533
2026 152
2027 13
Total lease payments from operating leases $ 2,935
v3.23.1
Leasing (Depreciation Expense on Operating Lease Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Leases [Abstract]    
Operating lease revenue $ 402 $ 403
Depreciation expense on operating lease assets (excluding remarketing gains) 273 267
Remarketing gains, net (47) (50)
Net depreciation expense on operating lease assets 226 217
Variable lease payments, excessive wear and tear $ 2 $ 2
v3.23.1
Leasing (Sales-type and Direct Financing Leases, Lease Receivable, Maturity) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Leases [Abstract]      
Direct financing lease, net investment in lease $ 499   $ 481
Direct financing lease, present value of lease payments recorded as lease receivable 487   468
Direct financing lease, unguaranteed residual asset 12   $ 13
Direct financing lease, interest income 9 $ 7  
2023 130    
2024 148    
2025 129    
2026 80    
2027 40    
2028 and thereafter 15    
Total undiscounted cash flows 542    
Difference between undiscounted cash flows and discounted cash flows (56)    
Present value of lease payments recorded as lease receivable $ 486    
v3.23.1
Securitizations and Variable Interest Entities (Narrative) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Securitizations And Variable Interest Entities [Abstract]    
Sales of financial assets $ 1,000,000 $ 0
v3.23.1
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Variable Interest Entity [Line Items]      
Carrying value of total assets $ 196,165 $ 191,826 $ 184,297
Carrying value of total liabilities 182,787 178,967  
Assets sold to nonconsolidated VIEs 579 330  
Maximum exposure to loss in nonconsolidated VIEs 3,346 3,097  
Non-recourse debt 20,480 17,762  
Equity securities 718 681  
On-balance sheet variable interest entities      
Variable Interest Entity [Line Items]      
Carrying value of total assets 11,752 9,856  
Carrying value of total liabilities 3,051 2,441  
Non-recourse debt 3,043 2,436  
On-balance sheet variable interest entities | Consumer | Automotive      
Variable Interest Entity [Line Items]      
Carrying value of total assets 22,126 20,415  
Carrying value of total liabilities 3,162 2,553  
Assets sold to nonconsolidated VIEs 0 0  
Maximum exposure to loss in nonconsolidated VIEs 0 0  
Assets held-in-trust 10,400 10,600  
On-balance sheet variable interest entities | Consumer | Automotive | Nonrecourse      
Variable Interest Entity [Line Items]      
Non-recourse debt 111 113  
Off-balance sheet variable interest entities      
Variable Interest Entity [Line Items]      
Carrying value of total assets 24,329 22,614  
Carrying value of total liabilities 4,026 3,426  
Off-balance sheet variable interest entities | Consumer | Automotive      
Variable Interest Entity [Line Items]      
Carrying value of total assets 0 0  
Carrying value of total liabilities 0 0  
Assets sold to nonconsolidated VIEs 461 227  
Maximum exposure to loss in nonconsolidated VIEs 461 227  
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 118 103  
Maximum exposure to loss in nonconsolidated VIEs 118 103  
Off-balance sheet variable interest entities | Commercial | Other      
Variable Interest Entity [Line Items]      
Carrying value of total assets 2,203 2,199  
Carrying value of total liabilities 864 873  
Assets sold to nonconsolidated VIEs 0 0  
Maximum exposure to loss in nonconsolidated VIEs 2,767 2,767  
Equity securities $ 41 $ 38  
v3.23.1
Securitizations and Variable Interest Entities (Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities) (Details) - Off-balance sheet variable interest entities - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items]    
Total $ 296 $ 13
Automotive | Consumer    
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items]    
Cash proceeds from transfers completed during the period 252 0
Servicing fees 2 0
Consumer other | Consumer    
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items]    
Cash proceeds from transfers completed during the period 39 12
Servicing fees $ 3 $ 1
v3.23.1
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
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]      
Total amount $ 579   $ 330
Amount 60 days or more past due 16   10
Net credit losses 6 $ 0  
Automotive | Consumer      
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]      
Total amount 461   227
Amount 60 days or more past due 5   2
Net credit losses 1 0  
Consumer other | Consumer      
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]      
Total amount 118   103
Amount 60 days or more past due 11   $ 8
Net credit losses $ 5 $ 0  
v3.23.1
Other Assets (Schedule of Other Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Assets [Abstract]      
Property and equipment at cost $ 2,390 $ 2,352  
Accumulated depreciation (1,116) (1,076)  
Net property and equipment 1,274 1,276  
Investment in qualified affordable housing projects 1,616 1,596  
Net deferred tax assets 1,030 1,087  
Nonmarketable equity investments 833 842  
Goodwill 822 822 $ 822
Accrued interest, fees, and rent receivables 807 786  
Restricted cash held for securitization trusts 740 585  
Equity-method investments 595 608  
Other accounts receivable 153 164  
Operating lease right-of-use assets 105 111  
Net intangible assets 91 98  
Restricted cash and cash equivalents 75 66  
Other assets 1,003 1,097  
Total other assets $ 9,144 $ 9,138  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total other assets Total other assets  
v3.23.1
Other Assets (Summary of Equity Securities without Readily Determinable Fair Value) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Other Assets [Abstract]      
FRB stock $ 396,000,000   $ 401,000,000
FHLB stock 324,000,000   318,000,000
Equity investments without a readily determinable fair value      
Cost basis at acquisition 90,000,000   89,000,000
Upward adjustments 183,000,000   177,000,000
Downward adjustments (including impairment) (160,000,000)   (143,000,000)
Carrying amount, equity investments without a readily determinable fair value 113,000,000   123,000,000
Nonmarketable equity investments 833,000,000   $ 842,000,000
Upward adjustments 5,000,000 $ 1,000,000  
Downward adjustments (including impairment) (17,000,000) (2,000,000)  
Impairment of FHLB and FRB stock 0 0  
Loss on nonmarketable equity investments, net $ (11,000,000) $ (1,000,000)  
v3.23.1
Other Assets (Schedule of Goodwill) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Goodwill beginning balance $ 822 $ 822
Goodwill acquired 0 0
Goodwill ending balance 822 822
Operating Segments | Automotive Finance operations    
Goodwill [Roll Forward]    
Goodwill beginning balance 20 20
Goodwill acquired 0 0
Goodwill ending balance 20 20
Operating Segments | Insurance operations    
Goodwill [Roll Forward]    
Goodwill beginning balance 27 27
Goodwill acquired 0 0
Goodwill ending balance 27 27
Corporate and Other    
Goodwill [Roll Forward]    
Goodwill beginning balance 775 775
Goodwill acquired 0 0
Goodwill ending balance 775 775
Ally Credit Card | Corporate and Other    
Goodwill [Roll Forward]    
Goodwill beginning balance 479  
Goodwill ending balance 479 479
Ally Lending | Corporate and Other    
Goodwill [Roll Forward]    
Goodwill beginning balance 153  
Goodwill ending balance 153 153
Ally Invest | Corporate and Other    
Goodwill [Roll Forward]    
Goodwill beginning balance 143  
Goodwill ending balance $ 143 $ 143
v3.23.1
Other Assets (Intangible Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization $ (116) $ (109)
Total intangible assets, gross 207 207
Net intangible assets 91 98
Remainder of 2023 20  
2024 19  
2025 14  
2026 14  
2027 14  
Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 122 122
Accumulated amortization (57) (53)
Net carrying value 65 69
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 58 58
Accumulated amortization (53) (51)
Net carrying value 5 7
Purchased credit card relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 25 25
Accumulated amortization (5) (4)
Net carrying value 20 21
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets 2 2
Accumulated amortization (1) (1)
Net carrying value $ 1 $ 1
v3.23.1
Deposit Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Deposits [Abstract]    
Noninterest-bearing deposits $ 174 $ 185
Interest-bearing deposits    
Savings, money market, and checking accounts 101,528 110,776
Certificates of deposit 52,311 41,336
Total deposit liabilities 154,013 152,297
Certificates of deposit, in excess of $250,000 federal insurance limits $ 6,700 $ 5,600
v3.23.1
Debt (Schedule of Short-term Debt) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Short-term Debt [Line Items]    
Federal Home Loan Bank $ 700 $ 1,900
Other 755 499
Total short-term borrowings 1,455 2,399
Cash collateral $ 4 1
Agency Mortgage-Backed Residential Debt Securities Maturing Within 30 Days    
Short-term Debt [Line Items]    
Repurchase agreements mature 30 days  
Minimum | Agency Mortgage-Backed Residential Debt Securities Maturing Within 31 To 60 Days    
Short-term Debt [Line Items]    
Repurchase agreements mature 31 days  
Maximum | Agency Mortgage-Backed Residential Debt Securities Maturing Within 31 To 60 Days    
Short-term Debt [Line Items]    
Repurchase agreements mature 60 days  
Unsecured debt    
Short-term Debt [Line Items]    
Federal Home Loan Bank $ 0 0
Other 0 0
Total short-term borrowings 0 0
Secured debt    
Short-term Debt [Line Items]    
Federal Home Loan Bank 700 1,900
Other 755 499
Total short-term borrowings 1,455 $ 2,399
Secured debt | Agency Mortgage-Backed Residential Debt Securities Maturing Within 30 Days    
Short-term Debt [Line Items]    
Other 493  
Secured debt | Agency Mortgage-Backed Residential Debt Securities Maturing Within 31 To 60 Days    
Short-term Debt [Line Items]    
Other $ 262  
v3.23.1
Debt (Long-term Debt) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt, due within one year $ 4,917 $ 4,418
Long-term debt, due after one year 15,563 13,344
Long-term debt 20,480 17,762
Secured debt 11,286 10,124
Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, due within one year 2,015 2,023
Long-term debt, due after one year 8,634 8,014
Long-term debt 10,649 10,037
Secured debt    
Debt Instrument [Line Items]    
Long-term debt, due within one year 2,902 2,395
Long-term debt, due after one year 6,929 5,330
Long-term debt 9,831 7,725
Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Secured debt $ 6,800 $ 5,300
v3.23.1
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months $ 4,165  
Long-term debt, maturities, repayments of principal in year two 4,536  
Long-term debt, maturities, repayments of principal in year three 4,456  
Long-term debt, maturities, repayments of principal in year four 1,831  
Long-term debt, maturities, repayments of principal in year five 1,916  
Long-term debt, maturities, repayments of principal after year five 3,576  
Total long-term debt 20,480 $ 17,762
Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months 2,031  
Long-term debt, maturities, repayments of principal in year two 1,412  
Long-term debt, maturities, repayments of principal in year three 2,396  
Long-term debt, maturities, repayments of principal in year four 25  
Long-term debt, maturities, repayments of principal in year five 1,443  
Long-term debt, maturities, repayments of principal after year five 3,342  
Total long-term debt 10,649 10,037
Secured debt    
Debt Instrument [Line Items]    
Total long-term debt 9,831 $ 7,725
Long-term debt | Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months 2,077  
Long-term debt, maturities, repayments of principal in year two 1,480  
Long-term debt, maturities, repayments of principal in year three 2,470  
Long-term debt, maturities, repayments of principal in year four 107  
Long-term debt, maturities, repayments of principal in year five 1,538  
Long-term debt, maturities, repayments of principal after year five 3,855  
Total long-term debt 11,527  
Long-term debt | Secured debt    
Debt Instrument [Line Items]    
Long-term debt, maturities, repayments of principal in next 12 months 2,134  
Long-term debt, maturities, repayments of principal in year two 3,124  
Long-term debt, maturities, repayments of principal in year three 2,060  
Long-term debt, maturities, repayments of principal in year four 1,806  
Long-term debt, maturities, repayments of principal in year five 473  
Long-term debt, maturities, repayments of principal after year five 234  
Total long-term debt 9,831  
Original issue discount | Unsecured debt    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount (878)  
Original issue discount | Unsecured debt | 2023    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, current (46)  
Original issue discount | Unsecured debt | 2024    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (68)  
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 (82)  
Original issue discount | Unsecured debt | 2027    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent (95)  
Original issue discount | Unsecured debt | 2028 and thereafter    
Debt Instrument [Line Items]    
Debt instrument, unamortized discount, noncurrent $ (513)  
v3.23.1
Debt (Pledged Assets Related to Secured Borrowings and Repurchase Agreement) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral $ 42,658 $ 39,265
Secured debt 11,286 10,124
Amortized cost 34,272 34,863
Short-term borrowings 1,455 2,399
Asset Pledged as Collateral    
Pledged Assets related to secured borrowings [Line Items]    
Amortized cost 5,008 4,288
Pledged assets for Federal Home Loan Bank    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral 28,400 27,000
Pledged assets for Federal Reserve Bank    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral 2,300 2,400
Investment securities    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral 4,241 3,525
Consumer | Consumer mortgage    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral 19,499 19,771
Consumer | Automotive    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral 13,505 11,759
Commercial    
Pledged Assets related to secured borrowings [Line Items]    
Pledged assets, restricted as collateral $ 5,413 $ 4,210
v3.23.1
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]        
Unfunded commitments for investment in qualified affordable housing projects $ 861 $ 869    
Accounts payable 541 435    
Employee compensation and benefits 225 424    
Deferred revenue 168 169    
Reserves for insurance losses and loss adjustment expenses 133 119 $ 123 $ 122
Operating lease liabilities 130 137    
Other liabilities 567 495    
Total accrued expenses and other liabilities $ 2,625 $ 2,648    
Operating lease, liability, statement of financial position [Extensible Enumeration] Total accrued expenses and other liabilities Total accrued expenses and other liabilities    
v3.23.1
Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Carrying value $ 2,324 $ 2,324
Series B Preferred Stock    
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 | US Treasury (UST) Interest Rate    
Class of Stock [Line Items]    
Dividend/coupon rate 3.868% 3.868%
Series C Preferred Stock    
Class of Stock [Line Items]    
Carrying value $ 989 $ 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 | US Treasury (UST) Interest Rate    
Class of Stock [Line Items]    
Dividend/coupon rate 3.481% 3.481%
v3.23.1
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 12,859 $ 17,050
Net change 283 (1,633)
Ending balance 13,378 15,413
Accumulated other comprehensive loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (4,059) (158)
Ending balance (3,776) (1,791)
Unrealized gains (losses) on investment securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (4,095) (95)
Net change 284 (1,631)
Ending balance (3,811) (1,726)
Translation adjustments and net investment hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 18 19
Net change 0 1
Ending balance 18 20
Cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 18 35
Net change (1) (5)
Ending balance 17 30
Defined benefit pension plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 0 (117)
Net change 0 2
Ending balance $ 0 $ (115)
v3.23.1
Accumulated Other Comprehensive Loss (Reclassification Out of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other comprehensive income (loss), before tax $ 371 $ (2,142)
Other comprehensive income (loss), tax effect (88) 509
Other comprehensive (loss) income, net of tax 283 (1,633)
Investment securities    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net unrealized gains (losses) arising during the period, before tax 377 (2,120)
Net unrealized gains (losses) arising during the period, tax (89) 503
Net unrealized gains (losses) arising during the period, net of tax 288 (1,617)
Net realized gains reclassified to income from continuing operations, before tax 5 18
Net realized gains reclassified to income from continuing operations, tax (1) (4)
Net realized gains reclassified to income from continuing operations, net of tax 4 14
Other comprehensive income (loss), before tax 372 (2,138)
Other comprehensive income (loss), tax effect (88) 507
Other comprehensive (loss) income, net of tax 284 (1,631)
Translation adjustments and net investment hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other comprehensive income (loss), before tax   3
Other comprehensive income (loss), tax effect   0
Other comprehensive (loss) income, net of tax   3
Net investment hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other comprehensive income (loss), before tax   (3)
Other comprehensive income (loss), tax effect   1
Other comprehensive (loss) income, net of tax   (2)
Cash flow hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net unrealized gains (losses) arising during the period, before tax 4  
Net unrealized gains (losses) arising during the period, tax (1)  
Net unrealized gains (losses) arising during the period, net of tax 3  
Net realized gains reclassified to income from continuing operations, before tax 5 6
Net realized gains reclassified to income from continuing operations, tax (1) (1)
Net realized gains reclassified to income from continuing operations, net of tax 4 5
Other comprehensive income (loss), before tax (1)  
Other comprehensive income (loss), tax effect 0  
Other comprehensive (loss) income, net of tax $ (1)  
Defined benefit pension plans    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net unrealized gains (losses) arising during the period, before tax   2
Net unrealized gains (losses) arising during the period, tax   0
Net unrealized gains (losses) arising during the period, net of tax   $ 2
v3.23.1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Class of Stock [Line Items]    
Net income from continuing operations [1] $ 320 $ 655
Net income from continuing operations attributable to common stockholders [1] 292 627
Loss from discontinued operations, net of tax [1] (1) 0
Net income attributable to common stockholders [1] $ 291 $ 627
Basic weighted-average common shares outstanding (in shares) [1],[2] 302,657 335,678
Diluted weighted-average common shares outstanding (in shares) [1],[2] 303,448 337,812
Basic earnings per common share    
Net income from continuing operations (in dollars per share) [1] $ 0.97 $ 1.87
Net income (in dollars per share) [1] 0.96 1.87
Diluted earnings per common share    
Net income from continuing operations (in dollars per share) [1] 0.96 1.86
Net income (in dollars per share) [1] $ 0.96 $ 1.86
Series B Preferred Stock    
Class of Stock [Line Items]    
Preferred stock dividends [1] $ (16) $ (16)
Series C Preferred Stock    
Class of Stock [Line Items]    
Preferred stock dividends [1] $ (12) $ (12)
[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.
v3.23.1
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Aug. 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    
Minimum capital conservation buffer 0.025    
Accumulated other comprehensive losses excluded from Common Equity Tier 1 Capital $ 3,800 $ 4,100  
Brokered deposits $ 13,800    
Percentage of interest-bearing domestic deposits to deposits, brokered 9.00%    
Common equity tier one capital $ 14,540 $ 14,592  
Common equity tier one capital ratio 0.0923 0.0927  
Tier one capital to risk-weighted assets, amount $ 16,803 $ 16,867  
Tier one capital to risk-weighted assets, ratio 0.1066 0.1072  
Tier one capital to risk-weighted assets, well-capitalized minimum 0.0600    
Capital to risk-weighted assets, amount $ 19,626 $ 19,209  
Capital to risk-weighted assets, ratio 0.1246 0.1221  
Capital to risk weighted assets, well-capitalized minimum 0.1000    
Tier one leverage to adjusted quarterly average assets, amount $ 16,803 $ 16,867  
Tier one leverage to adjusted quarterly average assets, ratio 0.0854 0.0865  
Tier one leverage ratio, minimum 0.04    
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 $ 591    
Ally Financial Inc      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Minimum capital conservation buffer 0.025 0.025 0.025
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    
Common equity tier one capital $ 17,121 $ 17,011  
Common equity tier one capital ratio 0.1143 0.1138  
Common equity tier one capital, well capitalized minimum 0.0650    
Tier one capital to risk-weighted assets, amount $ 17,121 $ 17,011  
Tier one capital to risk-weighted assets, ratio 0.1143 0.1138  
Tier one capital to risk-weighted assets, well-capitalized minimum 0.0800    
Capital to risk-weighted assets, amount $ 19,007 $ 18,888  
Capital to risk-weighted assets, ratio 0.1269 0.1264  
Capital to risk weighted assets, well-capitalized minimum 0.1000    
Tier one leverage to adjusted quarterly average assets, amount $ 17,121 $ 17,011  
Tier one leverage to adjusted quarterly average assets, ratio 0.0918 0.0923  
Tier one leverage ratio, minimum 0.0400    
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum 0.0500    
v3.23.1
Regulatory Capital and Other Regulatory Matters (Common Share Repurchases) (Details)
 3 Months Ended 12 Months Ended 81 Months Ended
Apr. 14, 2023
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Sep. 30, 2022
USD ($)
$ / shares
shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Mar. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Mar. 31, 2023
$ / shares
shares
Feb. 28, 2023
USD ($)
Jan. 10, 2022
USD ($)
Dec. 31, 2021
$ / shares
shares
Jun. 30, 2016
shares
Accelerated Share Repurchases [Line Items]                        
Dividends declared (in dollars per share) | $ / shares   $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30     $ 0.25  
Stock repurchased during period, value   $ 27,000,000 $ 51,000,000 $ 415,000,000 $ 600,000,000 $ 584,000,000            
Common stock, share reduction               38.00%        
Common stock, shares outstanding (in shares) | shares   300,820,617 299,324,357 300,335,000 312,781,000 327,306,000 299,324,357 300,820,617     337,941,000 484,000,000
Minimum capital conservation buffer   0.025           0.025        
Stock repurchased during period, number of shares (in share) | shares   836,000 1,731,000 12,468,000 15,031,000 12,548,000            
Cash dividends declared per common share (in dollars per share) | $ / shares [1]   $ 0.30       $ 0.30            
Unsecured debt                        
Accelerated Share Repurchases [Line Items]                        
Proceeds from issuance of subordinated long-term debt                 $ 500,000,000      
Subsequent event                        
Accelerated Share Repurchases [Line Items]                        
Cash dividends declared per common share (in dollars per share) | $ / shares $ 0.30                      
Common stock                        
Accelerated Share Repurchases [Line Items]                        
Stock repurchase program, authorized amount                   $ 2,000,000,000    
Stock repurchased during period, value             $ 1,650,000,000          
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
v3.23.1
Derivative Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Cash collateral placed with counterparties $ 5 $ 2
Noncash collateral placed with counterparties 674 384
Cash collateral received from counterparties $ 51 $ 23
v3.23.1
Derivative Instruments and Hedging Activities (Fair Value Amounts of Derivative Instruments Reported on our Condensed Consolidated Balance Sheet) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position $ 50 $ 23
Fair value of derivative contracts in payable position 49 42
Derivative, notional amount 44,957 33,833
Credit derivative, maximum exposure, undiscounted 76 82
Designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 47 22
Fair value of derivative contracts in payable position 2 1
Derivative, notional amount 44,703 33,570
Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 3 1
Fair value of derivative contracts in payable position 47 41
Derivative, notional amount 254 263
Interest rate contracts | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 2 0
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 200 116
Interest rate swaps | Designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 39,549 30,619
Interest rate purchased options | Designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 47 22
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 5,000 2,800
Interest rate futures and forwards | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount 77 37
Interest rate written option | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 2 0
Fair value of derivative contracts in payable position 0
Derivative, notional amount 123 79
Foreign exchange contracts | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 0 1
Derivative, notional amount 52 147
Foreign exchange forwards | Designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 2 1
Derivative, notional amount 154 151
Foreign exchange futures and forwards | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 0 1
Derivative, notional amount 52 147
Other credit derivatives | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 44 39
Equity contracts | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 1 1
Fair value of derivative contracts in payable position 3 1
Derivative, notional amount 2 0
Equity contract written options | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 0 0
Fair value of derivative contracts in payable position 3 1
Derivative, notional amount 1 0
Equity contract purchased options | Not designated as hedging instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative contracts in receivable position 1 1
Fair value of derivative contracts in payable position 0 0
Derivative, notional amount $ 1 $ 0
v3.23.1
Derivative Instruments and Hedging Activities (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, fair value hedge $ 7,708 $ 7,697
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 $ 11,493 $ 11,265
Hedged asset, fair value hedge, cumulative increase (decrease) (45) (180)
Closed portfolio and beneficial interest, last-of-layer, amortized cost 10,000 10,000
Amortized cost 9,700 9,700
Basis adjustment for active hedge (16) (135)
Hedged asset, last-of-layer, amount 7,700 4,000
Available-for-sale securities | Designated as hedging instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Basis adjustment for active hedge 116 3
Finance receivables and loans, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, fair value hedge 52,785 46,390
Hedged asset, fair value hedge, cumulative increase (decrease) (402) (617)
Basis adjustment for active hedge (402) (617)
Hedged asset, last-of-layer, amount 30,500 22,800
Closed portfolio, carrying value 51,900 46,100
Finance receivables and loans, net | Designated as hedging instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Basis adjustment for active hedge (355) (560)
Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, fair value hedge, cumulative increase (decrease) 108 112
Discontinued hedge | Available-for-sale securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) (174) (181)
Basis adjustment for active hedge (132) (138)
Discontinued hedge | Finance receivables and loans, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) (47) (57)
Basis adjustment for active hedge (47) (57)
Discontinued hedge | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) $ 108 $ 120
v3.23.1
Derivative Instruments and Hedging Activities (Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income) (Details) - Not designated as hedging instrument - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings $ (3) $ (3)
Interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings 5 1
Foreign exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings 1 (3)
Other credit derivatives    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings (5) (1)
Equity contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings (4) 0
Gain (loss) on mortgage and automotive loans, net | Interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings 5 (2)
Other income, net of losses | Interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings 0 3
Other income, net of losses | Other credit derivatives    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings (5) (1)
Other income, net of losses | Equity contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings (4) 0
Other operating expenses | Foreign exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative instruments recognized in earnings $ 1 $ (3)
v3.23.1
Derivative Instruments and Hedging Activities (Derivative Instruments Designated as Fair Value Hedges, Gain (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Interest and fees on finance receivables and loans $ 2,575 $ 1,714
Interest and dividends on investment securities and other earning assets 238 188
Interest on long-term debt 227 185
Earnings on cash flow hedges to be recognized within twelve months 8  
Designated as hedging instrument | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gain on fair value hedging relationships 0 0
Total gain on cash flow hedging relationships 5 6
Designated as hedging instrument | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gain on fair value hedging relationships 0 0
Total gain on cash flow hedging relationships 0 0
Designated as hedging instrument | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gain on fair value hedging relationships 0 0
Total gain on cash flow hedging relationships 0 0
Designated as hedging instrument | Unsecured debt | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0
Designated as hedging instrument | Unsecured debt | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0
Designated as hedging instrument | Unsecured debt | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 1 (2)
Change in unrealized gain (loss) on fair value hedging instruments (1) 2
Designated as hedging instrument | Available-for-sale securities | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0
Designated as hedging instrument | Available-for-sale securities | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 130 (42)
Change in unrealized gain (loss) on fair value hedging instruments (130) 42
Designated as hedging instrument | Available-for-sale securities | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0
Designated as hedging instrument | Fixed-rate automotive loans | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 205 (304)
Change in unrealized gain (loss) on fair value hedging instruments (205) 304
Designated as hedging instrument | Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0
Designated as hedging instrument | Fixed-rate automotive loans | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in unrealized gain (loss) on hedged item in fair value hedge 0 0
Change in unrealized gain (loss) on fair value hedging instruments 0 0
Designated as hedging instrument | Variable-rate commercial loans | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Interest rate cash flow hedge gain (loss) reclassified to earnings 5 6
Designated as hedging instrument | Variable-rate commercial loans | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Interest rate cash flow hedge gain (loss) reclassified to earnings 0 0
Designated as hedging instrument | Variable-rate commercial loans | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Interest rate cash flow hedge gain (loss) reclassified to earnings $ 0 $ 0
v3.23.1
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - Designated as hedging instrument - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gain (loss) on fair value hedging relationships $ 172 $ (27)
Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gain (loss) on fair value hedging relationships 18 0
Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gain (loss) on fair value hedging relationships 3 0
Unsecured debt | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Unsecured debt | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Unsecured debt | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 2 1
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Federal Home Loan Bank certificates and obligations | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Federal Home Loan Bank certificates and obligations | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 1 (1)
Available-for-sale securities | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Gain (loss) on interest for qualifying hedge 0 0
Available-for-sale securities | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 5 1
Gain (loss) on interest for qualifying hedge 13 (1)
Available-for-sale securities | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Gain (loss) on interest for qualifying hedge 0 0
Fixed-rate automotive loans | Interest and fees on finance receivables and loans    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 10 (9)
Gain (loss) on interest for qualifying hedge 162 (18)
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Gain (loss) on interest for qualifying hedge 0 0
Fixed-rate automotive loans | Interest on long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on amortization of deferred basis adjustments 0 0
Gain (loss) on interest for qualifying hedge $ 0 $ 0
v3.23.1
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest rate contracts | Cash flow hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Loss recognized in other comprehensive income (loss) $ (1,000,000) $ (6,000,000)
Foreign exchange contracts | Net investment hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Loss recognized in other comprehensive income (loss) 0 (3,000,000)
Amounts excluded from effectiveness testing 0 0
Amounts reclassified from accumulated other comprehensive income $ 0 $ 0
v3.23.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]    
Income tax expense from continuing operations $ 68 $ 191
v3.23.1
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities $ 718 $ 681
Pledged assets, mortgage finance receivables $ 29,450 29,541
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Finance receivables and loans, net  
Derivative contracts in a receivable position $ 50 $ 23
Investment in any one industry did not exceed percentage 16.00% 15.00%
Carrying amount, equity investments without a readily determinable fair value $ 113 $ 123
Fair value, measurements, recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 29,450 29,541
Derivative contracts in a receivable position 50 23
Total assets 30,203 30,223
Derivative contracts in a payable position 49 42
Total liabilities 49 42
Fair value, measurements, recurring | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 2 2
Fair value, measurements, recurring | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 44 39
Fair value, measurements, recurring | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 3 1
Fair value, measurements, recurring | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 677 643
Carrying amount, equity investments without a readily determinable fair value 41 38
Fair value, measurements, recurring | U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 2,064 2,016
Fair value, measurements, recurring | U.S. States and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 713 760
Fair value, measurements, recurring | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 164 146
Fair value, measurements, recurring | Agency mortgage-backed security | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 16,420 16,633
Fair value, measurements, recurring | Agency mortgage-backed security | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 3,652 3,535
Fair value, measurements, recurring | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 4,282 4,299
Fair value, measurements, recurring | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 419 433
Fair value, measurements, recurring | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 1,736 1,719
Fair value, measurements, recurring | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 24 13
Fair value, measurements, recurring | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 2 3
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 49 22
Fair value, measurements, recurring | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 1 1
Fair value, measurements, recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 2,111 2,055
Derivative contracts in a receivable position 1 1
Total assets 2,788 2,698
Derivative contracts in a payable position 3 1
Total liabilities 3 1
Fair value, measurements, recurring | Level 1 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 1 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 1 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 3 1
Fair value, measurements, recurring | Level 1 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 676 642
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]    
Pledged assets, mortgage finance receivables 2,064 2,016
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]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 1 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 47 39
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed security | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed security | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 1 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 1 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 1 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 1 | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 0 0
Fair value, measurements, recurring | Level 1 | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Fair value, measurements, recurring | 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 1 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 1 1
Fair value, measurements, recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 27,335 27,482
Derivative contracts in a receivable position 47 22
Total assets 27,406 27,517
Derivative contracts in a payable position 2 2
Total liabilities 2 2
Fair value, measurements, recurring | Level 2 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 2 2
Fair value, measurements, recurring | Level 2 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 2 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | 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]    
Pledged assets, mortgage finance receivables 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]    
Pledged assets, mortgage finance receivables 709 756
Fair value, measurements, recurring | Level 2 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 117 107
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed security | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 16,420 16,633
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed security | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 3,652 3,535
Fair value, measurements, recurring | Level 2 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 4,282 4,299
Fair value, measurements, recurring | Level 2 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 419 433
Fair value, measurements, recurring | Level 2 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 1,736 1,719
Fair value, measurements, recurring | Level 2 | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 24 13
Fair value, measurements, recurring | Level 2 | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Fair value, measurements, recurring | Level 2 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position 47 22
Fair value, measurements, recurring | Level 2 | Equity 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 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 4 4
Derivative contracts in a receivable position 2 0
Total assets 9 8
Derivative contracts in a payable position 44 39
Total liabilities 44 39
Fair value, measurements, recurring | Level 3 | Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 3 | Credit contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 44 39
Fair value, measurements, recurring | Level 3 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a payable position 0 0
Fair value, measurements, recurring | Level 3 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 1 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]    
Pledged assets, mortgage finance receivables 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]    
Pledged assets, mortgage finance receivables 4 4
Fair value, measurements, recurring | Level 3 | Foreign government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed security | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed security | Commercial Loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 3 | Mortgage-backed residential    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 3 | Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 3 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Pledged assets, mortgage finance receivables 0 0
Fair value, measurements, recurring | Level 3 | Mortgage loans held-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held-for-sale, fair value 0 0
Fair value, measurements, recurring | Level 3 | Consumer other | Consumer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 2 3
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 0
Fair value, measurements, recurring | Level 3 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative contracts in a receivable position $ 0 $ 0
v3.23.1
Fair Value (Fair Value Measurements - Reconciliation of Level 3 Assets And Liabilities) (Details) - Fair value, measurements, recurring - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Derivative liabilities, net of derivative assets    
Net realized/unrealized gains (losses)    
Transfers into Level 3 $ 0 $ 0
Transfers out of Level 3 (3) 0
Net unrealized losses still held at March 31,    
Included in OCI 0 0
Liabilities    
Fair value at beginning of the period 39 53
Net realized/unrealized losses    
Included in earnings 0 8
Included in OCI 0 0
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 3 0
Fair value at ending of the period 42 61
Net unrealized losses still held at March 31,    
Included in earnings 3 5
Included in OCI 0 0
Equity securities    
Assets    
Fair value at beginning of the period 1 9
Net realized/unrealized gains (losses)    
Included in earnings 0 1
Included in OCI 0 0
Purchases 0 0
Sales 0 (9)
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value at ending of the period 1 1
Net unrealized losses still held at March 31,    
Included in earnings 0 0
Included in OCI 0 0
Net realized/unrealized losses    
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Net unrealized losses still held at March 31,    
Included in OCI 0 0
Available-for-sale securities    
Assets    
Fair value at beginning of the period 4 9
Net realized/unrealized gains (losses)    
Included in earnings 0 0
Included in OCI 0 0
Purchases 0 2
Sales 0 0
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value at ending of the period 4 11
Net unrealized losses still held at March 31,    
Included in earnings 0 0
Included in OCI 0 0
Net realized/unrealized losses    
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Net unrealized losses still held at March 31,    
Included in OCI 0 0
Finance receivables and loans, net    
Net realized/unrealized gains (losses)    
Purchases 0 4
Finance receivables and loans, net | Consumer Loan    
Assets    
Fair value at beginning of the period 3 7
Net realized/unrealized gains (losses)    
Included in earnings 0 (1)
Included in OCI 0 0
Sales 0 0
Issuances 0 0
Settlements (1) (3)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value at ending of the period 2 7
Net unrealized losses still held at March 31,    
Included in earnings 0 (1)
Included in OCI 0 0
Net realized/unrealized losses    
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Net unrealized losses still held at March 31,    
Included in OCI $ 0 $ 0
v3.23.1
Fair Value (Fair Value Measurements - Nonrecurring Basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net $ 524 $ 654
Finance receivables and loans, net 132,553 132,037
Assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 596 700
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (80) (86)
Loans held-for-sale, net | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 500 641
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments 0 0
Nonmarketable equity investments | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 30 12
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments 21 3
Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 6 5
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (1) 0
Level 1 | Assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 0 0
Level 1 | Loans held-for-sale, net | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 0 0
Level 1 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 0 0
Level 1 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 0 0
Level 2 | Assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2 0
Level 2 | Loans held-for-sale, net | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 0 0
Level 2 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 2 0
Level 2 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 0 0
Level 3 | Assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 594 700
Level 3 | Loans held-for-sale, net | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, net 500 641
Level 3 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 28 12
Level 3 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets 6 5
Commercial | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 60 42
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (100) (89)
Commercial | Level 1 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Commercial | Level 2 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Commercial | Level 3 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 60 42
Automotive | Commercial | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net   3
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments   0
Automotive | Commercial | Level 1 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net   0
Automotive | Commercial | Level 2 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net   0
Automotive | Commercial | Level 3 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net   3
Other | Commercial | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 60 39
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments (100) (89)
Other | Commercial | Level 1 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Other | Commercial | Level 2 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net 0 0
Other | Commercial | Level 3 | Fair Value, measurements, nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Finance receivables and loans, net $ 60 $ 39
v3.23.1
Fair Value (Fair Value, by Balance Sheet Grouping) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities $ 1,047 $ 1,062
Loans held-for-sale, net 524 654
Finance receivables and loans, net 132,553 132,037
Deposit liabilities 154,013 152,297
Short-term borrowings 1,455 2,399
Long-term debt 20,480 17,762
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 1,047 1,062
Loans held-for-sale, net 500 641
Finance receivables and loans, net 132,551 132,034
FHLB/FRB stock 720 719
Deposit liabilities 52,311 42,336
Short-term borrowings 1,455 2,399
Long-term debt 20,480 17,762
Estimated fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities 891 884
Loans held-for-sale, net 500 641
Finance receivables and loans, net 134,325 133,856
FHLB/FRB stock 720 719
Deposit liabilities 52,251 41,909
Short-term borrowings 1,487 2,417
Long-term debt 20,934 18,252
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 891 884
Loans held-for-sale, net 0 0
Finance receivables and loans, net 0 0
FHLB/FRB stock 720 719
Deposit liabilities 0 0
Short-term borrowings 0 0
Long-term debt 14,044 12,989
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 500 641
Finance receivables and loans, net 134,325 133,856
FHLB/FRB stock 0 0
Deposit liabilities 52,251 41,909
Short-term borrowings 1,487 2,417
Long-term debt $ 6,890 $ 5,263
v3.23.1
Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Offsetting Assets [Line Items]    
Gross amounts offset on the Condensed Consolidated Balance Sheet $ 0 $ 0
Financial instruments (1) (1)
Gross amounts not offset on the Condensed Consolidated Balance Sheet (47) (22)
Total assets, gross amounts of recognized assets/liabilities 50 23
Total assets, net amount 50 23
Total assets 2 0
Derivative liabilities with no offsetting arrangements 44 39
Securities sold under agreements to repurchase 755 499
Derivative liabilities - gross amounts offset on the consolidated balance sheet 0 0
Securities sold under agreements to repurchase 755 499
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 (755) (499)
Securities sold under agreements to repurchase, offset against collateral, net of not subject to master netting arrangement, policy election 0 0
Total liabilities, gross amounts of recognized assets/liabilities 804 541
Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Fair value of derivative contracts in payable position 804 541
Financial instruments (1) (1)
Securities sold under agreements to repurchase, securities loaned, collateral, right to reclaim cash (759) (500)
Security sold under agreement to repurchase, and security loaned, including not subject to master netting arrangement, after offset and deduction 44 40
Derivative assets with no offsetting arrangements $ 2  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities  
Derivative Assets Net Asset Position    
Offsetting Assets [Line Items]    
Derivative assets, gross amounts of recognized assets/liabilities $ 47 23
Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet 47 23
Financial instruments 0 (1)
Gross amounts not offset on the Condensed Consolidated Balance Sheet (47) (22)
Net amount 0 0
Derivative Assets Net Liability Position    
Offsetting Assets [Line Items]    
Derivative assets, gross amounts of recognized assets/liabilities 1  
Gross amounts offset on the Condensed Consolidated Balance Sheet 0  
Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet 1  
Financial instruments (1)  
Gross amounts not offset on the Condensed Consolidated Balance Sheet 0  
Net amount 0  
Derivative Liabilities Net Liability Position    
Offsetting Assets [Line Items]    
Derivative liabilities, gross amounts of recognized assets/liabilities 5 2
Gross amounts offset on the Condensed Consolidated Balance Sheet 0 0
Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet 5 2
Derivative liabilities, gross amounts not offset on the condensed consolidated balance sheet, financial instruments (1) 0
Derivative liabilities in net liability positions (4) (1)
Net amount $ 0 1
Derivative Liabilities Net Asset Position    
Offsetting Assets [Line Items]    
Derivative liabilities, gross amounts of recognized assets/liabilities   1
Gross amounts offset on the Condensed Consolidated Balance Sheet   0
Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet   1
Derivative liabilities, gross amounts not offset on the condensed consolidated balance sheet, financial instruments   (1)
Derivative liabilities in net liability positions   0
Net amount   $ 0
v3.23.1
Segment Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
segment
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | segment 4    
Net financing revenue and other interest income (loss) $ 1,602 $ 1,693  
Other revenue 498 442  
Total net revenue 2,100 2,135  
Provision for credit losses 446 167  
Total noninterest expense 1,266 1,122  
Income from continuing operations before income tax expense 388 846  
Total assets 196,165 184,297 $ 191,826
Net financing revenue and other interest income after the provision for credit losses 1,200 1,500  
Automotive Finance operations      
Segment Reporting Information [Line Items]      
Other revenue 77 68  
Insurance operations      
Segment Reporting Information [Line Items]      
Other revenue 381 270  
Mortgage Finance operations      
Segment Reporting Information [Line Items]      
Other revenue 4 14  
Corporate Finance operations      
Segment Reporting Information [Line Items]      
Other revenue 29 24  
Operating Segments | Automotive Finance operations      
Segment Reporting Information [Line Items]      
Net financing revenue and other interest income (loss) 1,322 1,295  
Other revenue 77 68  
Total net revenue 1,399 1,363  
Provision for credit losses 351 104  
Total noninterest expense 606 534  
Income from continuing operations before income tax expense 442 725  
Total assets 111,960 105,754  
Operating Segments | Insurance operations      
Segment Reporting Information [Line Items]      
Net financing revenue and other interest income (loss) 26 17  
Other revenue 381 270  
Total net revenue 407 287  
Provision for credit losses 0 0  
Total noninterest expense 315 274  
Income from continuing operations before income tax expense 92 13  
Total assets 8,867 9,220  
Operating Segments | Mortgage Finance operations      
Segment Reporting Information [Line Items]      
Net financing revenue and other interest income (loss) 54 53  
Other revenue 4 14  
Total net revenue 58 67  
Provision for credit losses (1) 0  
Total noninterest expense 38 56  
Income from continuing operations before income tax expense 21 11  
Total assets 19,290 18,596  
Operating Segments | Corporate Finance operations      
Segment Reporting Information [Line Items]      
Net financing revenue and other interest income (loss) 103 83  
Other revenue 29 24  
Total net revenue 132 107  
Provision for credit losses 15 6  
Total noninterest expense 45 37  
Income from continuing operations before income tax expense 72 64  
Total assets 10,226 8,086  
Corporate and Other      
Segment Reporting Information [Line Items]      
Net financing revenue and other interest income (loss) 97 245  
Other revenue 7 66  
Total net revenue 104 311  
Provision for credit losses 81 57  
Total noninterest expense 262 221  
Income from continuing operations before income tax expense (239) 33  
Total assets $ 45,822 $ 42,641  
v3.23.1
Subsequent Events (Details) - $ / shares
 3 Months Ended
Apr. 14, 2023
Mar. 31, 2023
Mar. 31, 2022
Subsequent Event [Line Items]      
Cash dividends declared per common share (in dollars per share) [1]   $ 0.30 $ 0.30
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.