Discontinued and Held-for-sale Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued and Held-for-sale Operations

Discontinued Operations

We classify operations as discontinued when operations and cash flows will be eliminated from our ongoing operations and we do not expect to retain any significant continuing involvement in their operations after the respective sale transactions. For all periods presented, all of the operating results for these discontinued operations have been removed from continuing operations and presented separately as discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income. The Notes to the Condensed Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted.

Select Mortgage Operations

During the first quarter of 2013, the operations of ResCap were classified as discontinued. During the second quarter of 2012, we sold the Canadian mortgage operations of ResMor Trust.

Select Insurance Operations

During the second quarter of 2013, we sold our Mexican insurance business, ABA Seguros, to the ACE Group. During the first quarter of 2013, we sold our U.K.-based operations to a wholly owned subsidiary of AMTrust Financial Services, Inc.

Select Automotive Finance Operations

During the fourth quarter of 2012, we committed to sell our automotive finance operations in Europe and Latin America to General Motors Financial Company, Inc. (GM Financial). On the same date, we entered into an agreement with GM Financial to acquire our 40% interest in a motor vehicle finance joint venture in China. During the second quarter of 2013, we completed the sale of our operations in Europe and the majority of Latin America to GM Financial. The transaction included European operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, France and the Netherlands, and Latin American operations in Mexico, Chile, and Colombia. We expect to complete the sale of our remaining Latin American operations in Brazil and the joint venture in China during 2013 or possibly 2014.

During the first quarter of 2013, we sold our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust, to Royal Bank of Canada. During the first quarter of 2012, we completed the sale of our Venezuela operations.

Select Corporate and Other Operations

During the fourth quarter of 2012, we ceased operations at our Commercial Finance Group's European division and classified it as discontinued.

Select Financial Information

Select financial information of discontinued operations is summarized below. The pretax income or loss, including direct costs to transact a sale, includes any impairment recognized to present the operations at the lower-of-cost or fair value. Fair value was based on the estimated sales price, which could differ from the ultimate sales price due to price volatility, changing interest rates, changing foreign-currency rates, and future economic conditions.

	Three months ended June 30,							Six months ended June 30,
($ in millions)	2013				2012			2013				2012
Select Mortgage operations
Total net revenue	$	—			$	37		$	—			$	440
Pretax loss including direct costs to transact a sale (a) (b)	(1,584		)		(1,298		)	(1,604		)		(1,165		)
Tax (benefit) expense (c)	(549		)		8			(533		)		24
Select Insurance operations
Total net revenue	$	42			$	149		$	190			$	305
Pretax income (loss) including direct costs to transact a sale (a)	286			(d)	(3		)	314			(d)	35
Tax (benefit) expense (c)	(16		)		9			(15		)		18
Select Automotive Finance operations
Total net revenue	$	83			$	385		$	369			$	772
Pretax (loss) income including direct costs to transact a sale (a)	(348		)	(e)	230			694			(e) (f)	426
Tax (benefit) expense (c)	(52		)		19			(53		)		58
Select Corporate and Other operations
Total net revenue	$	—			$	7		$	—			$	9
Pretax income	2				26			1				32
Tax expense	—				—			—				1

(a) Includes certain treasury and other corporate activity recognized by Corporate and Other.

(b) Includes the results of ResCap. Refer to Note 1 for more information regarding the Debtors' bankruptcy.

(c) Includes certain income tax activity recognized by Corporate and Other.

(d) Includes recognized pretax gain of $274 million in connection with the sale of our Mexican insurance business, ABA Seguros.

(e) Includes recognized pretax loss of $371 million in connection with the sale of our European and the majority of our Latin American automotive finance operations.

(f) Includes recognized pretax gain of $888 million in connection with the sale of our Canadian automotive finance operations, Ally Credit Canada Limited, and ResMor Trust.

Held-for-sale Operations

The assets and liabilities of operations held-for-sale are summarized below.

June 30, 2013 ($ in millions)	Select Automotive Finance operations (a)
Assets
Cash and cash equivalents
Noninterest-bearing	$	30
Interest-bearing	174
Total cash and cash equivalents	204
Finance receivables and loans, net
Finance receivables and loans, net	3,953
Allowance for loan losses	(90		)
Total finance receivables and loans, net	3,863
Other assets	1,462
Total assets	$	5,529
Liabilities
Short-term borrowings	$	379
Long-term debt	3,299
Interest payable	106
Accrued expenses and other liabilities	479
Total liabilities	$	4,263

(a) Includes Brazil and our joint venture in China that are being sold to GM Financial.

December 31, 2012 ($ in millions)	Select Insurance operations (a)			Select Automotive Finance operations (b)			Total held-for-sale operations
Assets
Cash and cash equivalents
Noninterest-bearing	$	8		$	100		$	108
Interest-bearing	119			1,918			2,037
Total cash and cash equivalents	127			2,018			2,145
Investment securities	576			424			1,000
Finance receivables and loans, net
Finance receivables and loans, net	—			25,835			25,835
Allowance for loan losses	—			(208		)	(208		)
Total finance receivables and loans, net	—			25,627			25,627
Investment in operating leases, net	—			144			144
Premiums receivable and other insurance assets	277			—			277
Other assets	94			2,942			3,036
Impairment on assets of held-for-sale operations	(53		)	—			(53		)
Total assets	$	1,021		$	31,155		$	32,176
Liabilities
Interest-bearing deposit liabilities	$	—		$	3,907		$	3,907
Short-term borrowings	—			2,800			2,800
Long-term debt	—			13,514			13,514
Interest payable	—			177			177
Unearned insurance premiums and service revenue	506			—			506
Accrued expenses and other liabilities	297			1,498			1,795
Total liabilities	$	803		$	21,896		$	22,699

(a) Includes our U.K.-based operations and ABA Seguros.

(b) Includes our Canadian operations sold to Royal Bank of Canada and international entities being sold to GM Financial.

Recurring Fair Value

There were no assets or liabilities for our held-for-sale operations measured at fair value on a recurring basis as of June 30, 2013. The December 31, 2012 balances can be found on the Consolidated Financial Statements in our 2012 Annual Report. Refer to Note 22 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used.