FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Total Finance Receivables, Net

Total finance receivables, net were as follows (in millions):

	December 31, 2024		September 30, 2025
Consumer
Retail installment contracts, gross	$	79,573	$	79,004
Finance leases, gross	8,357		9,287
Retail financing, gross	87,930		88,291
Unearned interest supplements from Ford and affiliated companies	(4,598)		(4,333)
Consumer finance receivables	83,332		83,958
Non-Consumer
Dealer financing	37,384		35,525
Other financing	2,098		2,127
Non-Consumer finance receivables	39,482		37,652
Total recorded investment	$	122,814	$	121,610
Recorded investment in finance receivables	$	122,814	$	121,610
Allowance for credit losses	(864)		(897)
Total finance receivables, net	$	121,950	$	120,713
Net finance receivables subject to fair value (a)	$	114,069	$	111,962
Fair value (b)	113,545		112,853

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(a)Net finance receivables subject to fair value exclude finance leases. 

(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.

Schedule of Credit Quality

The credit quality analysis of consumer receivables at December 31, 2024 and gross charge-offs during the year ended December 31, 2024 were as follows (in millions):

	Amortized Cost Basis by Origination Year
	Prior to 2020		2020		2021		2022		2023		2024		Total		Percent
Consumer
31-60 days past due	$	43	$	93	$	104	$	187	$	242	$	203	$	872	1.0	%
Greater than 60 days past due	15		27		35		57		82		59		275		0.4
Total past due	58		120		139		244		324		262		1,147		1.4
Current	788		3,162		5,465		12,298		24,189		36,283		82,185		98.6
Total	$	846	$	3,282	$	5,604	$	12,542	$	24,513	$	36,545	$	83,332	100.0	%
Gross charge-offs	$	46	$	58	$	71	$	152	$	191	$	50	$	568

The credit quality analysis of consumer receivables at September 30, 2025 and gross charge-offs during the first nine months of 2025 were as follows (in millions):

	Amortized Cost Basis by Origination Year
	Prior to 2021		2021		2022		2023		2024		2025		Total		Percent
Consumer
31-60 days past due	$	67	$	67	$	136	$	201	$	237	$	95	$	803	1.0	%
Greater than 60 days past due	23		25		48		67		77		41		281		0.3
Total past due	90		92		184		268		314		136		1,084		1.3
Current	1,629		2,881		7,644		17,439		29,412		23,869		82,874		98.7
Total	$	1,719	$	2,973	$	7,828	$	17,707	$	29,726	$	24,005	$	83,958	100.0	%
Gross charge-offs	$	44	$	43	$	96	$	142	$	148	$	17	$	490

Schedule of Credit Quality Analysis of Dealer Financing Receivables

The credit quality analysis of dealer financing receivables at December 31, 2024 and gross charge-offs during the year ended December 31, 2024 were as follows (in millions):

	Amortized Cost Basis by Origination Year
	Dealer Loans
	Prior to 2020		2020		2021		2022		2023		2024		Total		Wholesale Loans		Total		Percent
Group I	$	270	$	63	$	97	$	47	$	231	$	245	$	953	$	33,345	$	34,298	91.7	%
Group II	13		—		3		1		28		31		76		2,494		2,570		6.9
Group III	—		—		2		—		1		4		7		462		469		1.3
Group IV	—		—		—		—		—		1		1		46		47		0.1
Total (a)	$	283	$	63	$	102	$	48	$	260	$	281	$	1,037	$	36,347	$	37,384	100.0	%
Gross charge-offs	$	1	$	—	$	—	$	—	$	—	$	—	$	1	$	6	$	7

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(a)Total past due dealer financing receivables at December 31, 2024 were $8 million. 

The credit quality analysis of dealer financing receivables at September 30, 2025 and gross charge-offs during the first nine months of 2025 were as follows (in millions):

	Amortized Cost Basis by Origination Year
	Dealer Loans
	Prior to 2021		2021		2022		2023		2024		2025		Total		Wholesale Loans		Total		Percent
Group I	$	295	$	70	$	33	$	171	$	82	$	169	$	820	$	30,457	$	31,277	88.1	%
Group II	26		8		3		34		47		34		152		3,519		3,671		10.3
Group III	—		—		—		1		1		5		7		526		533		1.5
Group IV	—		—		—		—		1		5		6		38		44		0.1
Total (a)	$	321	$	78	$	36	$	206	$	131	$	213	$	985	$	34,540	$	35,525	100.0	%
Gross charge-offs	$	—	$	—	$	—	$	3	$	—	$	—	$	3	$	10	$	13

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(a)Total past due dealer financing receivables at September 30, 2025 were $6 million.

Schedule of Allowance for Credit Losses

An analysis of the allowance for credit losses related to finance receivables for the periods ended September 30 was as follows (in millions):

	Third Quarter 2024						Third Quarter 2025
	Consumer		Non-Consumer		Total		Consumer		Non-Consumer		Total
Allowance for credit losses
Beginning balance	$	876	$	4	$	880	$	885	$	5	$	890
Charge-offs	(155)		—		(155)		(177)		1		(176)
Recoveries	41		—		41		48		—		48
Provision for credit losses	99		—		99		134		1		135
Other (a)	(3)		—		(3)		—		—		—
Ending balance	$	858	$	4	$	862	$	890	$	7	$	897
	First Nine Months 2024						First Nine Months 2025
	Consumer		Non-Consumer		Total		Consumer		Non-Consumer		Total
Allowance for credit losses
Beginning balance	$	879	$	3	$	882	$	860	$	4	$	864
Charge-offs	(408)		(7)		(415)		(490)		(13)		(503)
Recoveries	122		3		125		133		—		133
Provision for credit losses	277		5		282		374		15		389
Other (a)	(12)		—		(12)		13		1		14
Ending balance	$	858	$	4	$	862	$	890	$	7	$	897

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(a)Primarily represents amounts related to foreign currency translation adjustments.