Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements - Recurring Basis [Table Text Block]

The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk management activities.

	Recurring fair value measurements
September 30, 2013($ in millions)	Level 1			Level 2			Level 3		Total
Assets
Investment securities
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	$	893		$	1,129		$	—	$	2,022
U.S. State and political subdivisions	—			179			—		179
Foreign government	5			295			—		300
Mortgage-backed residential	—			11,206			—		11,206
Mortgage-backed commercial	—			20			—		20
Asset-backed	—			2,265			—		2,265
Corporate debt securities	—			1,058			—		1,058
Total debt securities	898			16,152			—		17,050
Equity securities (a)	917			—			—		917
Total available-for-sale securities	1,815			16,152			—		17,967
Mortgage loans held-for-sale, net (b)	—			63			—		63
Mortgage servicing rights	—			—			—		—
Other assets
Interests retained in financial asset sales	—			—			121		121
Derivative contracts in a receivable position
Interest rate	61			182			—		243
Foreign currency	—			—			57		57
Total derivative contracts in a receivable position	61			182			57		300
Collateral placed with counterparties	—			74			—		74
Total assets	$	1,876		$	16,471		$	178	$	18,525
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Interest rate	$	(21	)	$	(159	)	$	—	$	(180	)
Foreign currency	—			(48		)	—		(48		)
Total derivative contracts in a payable position	(21		)	(207		)	—		(228		)
Total liabilities	$	(21	)	$	(207	)	$	—	$	(228	)

(a) Our investment in any one industry did not exceed 20%.

(b) Carried at fair value due to fair value option elections.

	Recurring fair value measurements
December 31, 2012 ($ in millions)	Level 1			Level 2			Level 3			Total
Assets
Investment securities
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	$	697		$	1,517		$	—		$	2,214
Foreign government	3			300			—			303
Mortgage-backed residential	—			6,906			—			6,906
Asset-backed	—			2,340			—			2,340
Corporate debt securities	—			1,263			—			1,263
Total debt securities	700			12,326			—			13,026
Equity securities (a)	1,152			—			—			1,152
Total available-for-sale securities	1,852			12,326			—			14,178
Mortgage loans held-for-sale, net (b)	—			2,490			—			2,490
Mortgage servicing rights	—			—			952			952
Other assets
Interests retained in financial asset sales	—			—			154			154
Derivative contracts in a receivable position (c)
Interest rate	40			2,170			48			2,258
Foreign currency	—			40			—			40
Total derivative contracts in a receivable position	40			2,210			48			2,298
Collateral placed with counterparties (d)	103			99			—			202
Total assets	$	1,995		$	17,125		$	1,154		$	20,274
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position (c)
Interest rate	$	(13	)	$	(2,374	)	$	(1	)	$	(2,388	)
Foreign currency	—			(78		)	(2		)	(80		)
Total derivative contracts in a payable position	(13		)	(2,452		)	(3		)	(2,468		)
Total liabilities	$	(13	)	$	(2,452	)	$	(3	)	$	(2,468	)

(a) Our investment in any one industry did not exceed 21%.

(b) Carried at fair value due to fair value option elections.

(c) Includes derivatives classified as trading.

(d) Represents collateral in the form of investment securities. Cash collateral was excluded.

Fair Value Measurements - Recurring Fair Value Inputs [Table Text Block]

The following table presents quantitative information regarding the significant unobservable inputs used in significant Level 3 assets and liabilities measured at fair value on a recurring basis.

September 30, 2013($ in millions)	Level 3 recurring measurements		Valuation technique	Unobservable input	Range
Assets
Other assets
Interests retained in financial asset sales	$	121	Discounted cash flow	Discount rate	5.3-5.4%
				Commercial paper rate	0-0.1%

Fair Value Measurements - Reconciliation of Level 3 Assets and Liabilities [Table Text Block]

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.

	Level 3 recurring fair value measurements
				Net realized/unrealized gains														Fair value at September 30, 2013		Net unrealized gains included in earnings still held at September 30, 2013
($ in millions)	Fair value at July 1, 2013			included in  earnings			included in OCI		Purchases		Sales		Issuances		Settlements
Assets
Other assets
Interests retained in financial asset sales	$	124		$	8	(a)	$	—	$	—	$	—	$	—	$	(11	)	$	121	$	—
Derivative contracts, net
Foreign currency	(9		)	47		(b)	—		—		—		—		19			57		47		(b)
Total derivative contracts in a receivable position, net	(9		)	47			—		—		—		—		19			57		47
Total assets	$	115		$	55		$	—	$	—	$	—	$	—	$	8		$	178	$	47

(a) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(b) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.

	Level 3 recurring fair value measurements
	Fair value at July 1, 2012		Net realized/unrealized gains (losses)						Purchases		Sales			Issuances		Settlements			Fair value at September 30, 2012			Net  unrealized (losses) gains included in earnings still held at September 30, 2012
($ in millions)			included in earnings				included in OCI
Assets
Investment securities
Available-for-sale debt securities
Asset-backed	$	63	$	4		(a)	$	1	$	—	$	(11	)	$	—	$	—		$	57		$	—
Mortgage servicing rights	1,105		(253		)	(b)	—		—		—			50		—			902			(253		)	(b)
Other assets
Interests retained in financial asset sales	193		11			(c)	—		—		—			—		(39		)	165			—
Derivative contracts, net (g)
Interest rate	93		53			(d)	—		—		—			—		(2		)	144			16			(d)
Foreign currency	7		(27		)	(d)	—		—		—			—		—			(20		)	(27		)	(d)
Total derivative contracts in a receivable position, net	100		26				—		—		—			—		(2		)	124			(11		)
Total assets	$	1,461	$	(212	)		$	1	$	—	$	(11	)	$	50	$	(41	)	$	1,248		$	(264	)

(a) The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest and dividends on available-for-sale investment securities in the Condensed Consolidated Statement of Comprehensive Income.

(b) Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.

(c) Reported as other income, net of losses, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.

(d) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.

	Level 3 recurring fair value measurements
				Net realized/unrealized (losses) gains																Fair value at September 30, 2013		Net unrealized (losses) gains included in earnings still held at September 30, 2013
($ in millions)	Fair value at Jan. 1, 2013			included in  earnings				included in OCI		Purchases		Sales			Issuances		Settlements
Assets
Mortgage servicing rights	$	952		$	(101	)	(a)	$	—	$	—	$	(911	)	$	60	$	—		$	—	$	—
Other assets
Interests retained in financial asset sales	154			19			(b)	—		—		—			—		(52		)	121		—
Derivative contracts, net
Interest rate	47			(51		)	(c)	—		—		—			—		4			—		—		(c)
Foreign currency	(2		)	40			(c)	—		—		—			—		19			57		38		(c)
Total derivative contracts in a receivable position, net	45			(11		)		—		—		—			—		23			57		38
Total assets	$	1,151		$	(93	)		$	—	$	—	$	(911	)	$	60	$	(29	)	$	178	$	38

(a) Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the Condensed Consolidated Statement of Comprehensive Income.

(b) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(c) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.

	Level 3 recurring fair value measurements
	Fair value at Jan. 1, 2012			Net realized/unrealized gains (losses)						Purchases			Sales				Issuances		Settlements			Transfers out due to deconsolidation (a)			Fair value at September 30, 2012			Net  unrealized gains (losses) included  in earnings still held at September 30, 2012
($ in millions)				included in earnings				included in OCI
Assets
Trading assets (excluding derivatives)
Mortgage-backed residential securities	$	33		$	2		(b)	$	—	$	—		$	—			$	—	$	(4	)	$	(31	)	$	—		$	4		(b)
Investment securities
Available-for-sale debt securities
Asset-backed	62			4				2		—			(11		)		—		—			—			57			—
Mortgage loans held-for-sale, net (c)	30			—				—		12			—				—		(11		)	(31		)	—			—
Consumer mortgage finance receivables and loans, net (c)	835			121			(c)	—		—			(245		)	(d)	—		(124		)	(587		)	—			51			(c)
Mortgage servicing rights	2,519			(654		)	(e)	—		—			—				167		—			(1,130		)	902			(654		)	(e)
Other assets
Interests retained in financial asset sales	231			38			(f)	—		—			—				—		(104		)	—			165			—
Derivative contracts, net (g)
Interest rate	71			326			(h)	—		—			—				—		(252		)	(1		)	144			10			(h)
Foreign currency	16			(36		)	(h)	—		—			—				—		—			—			(20		)	(49		)	(h)
Total derivative contracts in a receivable position, net	87			290				—		—			—				—		(252		)	(1		)	124			(39		)
Total assets	$	3,797		$	(199	)		$	2	$	12		$	(256	)		$	167	$	(495	)	$	(1,780	)	$	1,248		$	(638	)
Liabilities
Long-term debt
On-balance sheet securitization debt (c)	$	(830	)	$	(115	)	(c)	$	—	$	—		$	—			$	—	$	389		$	556		$	—		$	(62	)	(c)
Accrued expenses and other liabilities
Loan repurchase liabilities (c)	(29		)	—				—		(11		)	—				—		10			30			—			—
Total liabilities	$	(859	)	$	(115	)		$	—	$	(11	)	$	—			$	—	$	399		$	586		$	—		$	(62	)

(a) Represents the amounts transferred out of Level 3 due to the deconsolidation of ResCap during the three months ended June 30, 2012. Refer to Note 1 for additional information related to ResCap.

(b) The fair value adjustment and the related interest were reported as income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.

(c) Carried at fair value due to fair value option elections. Refer to the next section of this note titled Fair Value Option for Financial Assets and Liabilities for the location of the gains and losses in the Condensed Consolidated Statement of Comprehensive Income.

(d) Represents the sale of consumer mortgage finance receivable and loans sold as part of the sale of a business line during 2012.

(e) Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.

(f) Reported as other income, net of losses, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.

(g) Includes derivatives classified as trading.

(h) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.

Fair Value Measurements - Nonrecurring Basis [Table Text Block]

The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.

	Nonrecurring fair value measurements								Lower-of-cost or fair value or valuation reserve allowance			Total loss included in earnings for the three months ended	Total loss included in earnings for the nine months ended
September 30, 2013($ in millions)	Level 1		Level 2		Level 3		Total
Assets
Loans held-for-sale	$	—	$	—	$	19	$	19	$	—		n/m (a)	n/m (a)	(a)
Commercial finance receivables and loans, net (b)
Automotive	—		—		95		95		(17		)	n/m (a)	n/m	(a)
Other	—		—		63		63		(11		)	n/m (a)	n/m	(a)
Total commercial finance receivables and loans, net	—		—		158		158		(28		)	n/m (a)	n/m	(a)
Other assets
Repossessed and foreclosed assets (c)	—		—		7		7		(2		)	n/m (a)	n/m	(a)
Other	—		—		2		2		—			n/m (a)	n/m	(a)
Total assets	$	—	$	—	$	186	$	186	$	(30	)	n/m (a)	n/m

n/m = not meaningful

(a) We consider the applicable valuation or loan loss allowance 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 or loan loss allowance.

(b) Represents the portion of the portfolio specifically impaired during 2013. The related valuation allowance represents the cumulative adjustment to fair value of 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 measurements								Lower-of-cost or fair value or valuation reserve allowance			Total loss included in earnings for the three months ended	Total loss included in earnings for the nine months ended
September 30, 2012 ($ in millions)	Level 1		Level 2		Level 3		Total
Assets
Commercial finance receivables and loans, net (a)
Automotive	$	—	$	—	$	172	$	172	$	(31	)	n/m (b)	n/m	(b)
Other	—		—		26		26		(7		)	n/m (b)	n/m	(b)
Total commercial finance receivables and loans, net	—		—		198		198		(38		)	n/m (b)	n/m	(b)
Other assets
Repossessed and foreclosed assets (c)	—		—		7		7		(1		)	n/m (b)	n/m	(b)
Total assets	$	—	$	—	$	205	$	205	$	(39	)	n/m (b)	n/m

n/m = not meaningful

(a) Represents the portion of the portfolio specifically impaired during 2012. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.

(b) We consider the applicable valuation or loan loss allowance 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 or loan loss allowance.

(c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

Fair Value Measurements - Nonrecurring Fair Value Inputs [Table Text Block]

The following table presents quantitative information regarding the significant unobservable inputs used in significant Level 3 assets measured at fair value on a nonrecurring basis.

September 30, 2013($ in millions)	Level 3 nonrecurring measurements		Valuation technique	Unobservable input	Range
Assets
Commercial finance receivables and loans, net
Automotive	$	95	Fair value of collateral	Adjusted appraisal value	65.0-95.0%

Fair Value Option - Summary of Changes Included in the Condensed Consolidated Statement of Income [Table Text Block]

The following tables summarize the fair value option elections and information regarding the amounts recorded as earnings for each fair value option-elected item.

	Changes included in the
	Condensed Consolidated Statement of Comprehensive Income
Three months ended September 30, ($ in millions)		Interest on loans held-for-sale (a)		Gain on mortgage loans, net		Total included in earnings
2013
Assets
Mortgage loans held-for-sale, net		$	—	$	14	$	14
2012
Assets
Mortgage loans held-for-sale, net		$	18	$	33	$	51

(a) Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.

	Changes included in the
	Condensed Consolidated Statement of Comprehensive Income
Nine months ended September 30, ($ in millions)		Interest on loans held-for-sale (a)		Loss on mortgage loans, net			Total included in earnings
2013
Assets
Mortgage loans held-for-sale, net		$	19	$	(35	)	$	(16	)
2012
Assets
Mortgage loans held-for-sale, net		$	58	$	(14	)	$	44

(a) Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.

Fair Value Option Election [Table Text Block]

The following table provides the aggregate fair value and the aggregate unpaid principal balance for the fair value option-elected loans.

	September 30, 2013				December 31, 2012
($ in millions)	Unpaid principal balance		Fair value (a)		Unpaid principal balance		Fair value (a)
Assets
Mortgage loans held-for-sale, net
Total loans	$	110	$	63	$	2,416	$	2,490
Nonaccrual loans	48		24		47		25
Loans 90+ days past due (b)	40		20		36		19

(a) Excludes accrued interest receivable.

(b) Loans 90+ days past due are also presented within the nonaccrual loan balance and the total loan balance; however, excludes government-insured loans that are still accruing interest.

Fair Value of Financial Intruments [Table Text Block]

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 market data to develop estimates of fair value, so the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions or estimation methodologies could be material to the estimated fair values. Fair value information presented herein was based on information available at September 30, 2013 and December 31, 2012.

			Estimated fair value
($ in millions)	Carrying value		Level 1		Level 2		Level 3		Total
September 30, 2013
Financial assets
Loans held-for-sale, net (a)	$	82	$	—	$	63	$	19	$	82
Finance receivables and loans, net (a)	94,083		—		—		95,037		95,037
Nonmarketable equity investments	184		—		155		34		189
Financial liabilities
Deposit liabilities	$	52,031	$	—	$	—	$	52,750	$	52,750
Short-term borrowings	6,015		—		—		6,015		6,015
Long-term debt (a)(b)	61,050		—		31,055		32,859		63,914
December 31, 2012
Financial assets
Loans held-for-sale, net (a)	$	2,576	$	—	$	2,490	$	86	$	2,576
Finance receivables and loans, net (a)	97,885		—		—		98,907		98,907
Nonmarketable equity investments	303		—		272		34		306
Financial liabilities
Deposit liabilities	$	47,915	$	—	$	—	$	48,752	$	48,752
Short-term borrowings	7,461		6		—		7,454		7,460
Long-term debt (a)(b)	74,882		—		36,018		42,533		78,551

(a) Includes financial instruments carried at fair value due to fair value option elections. Refer to the previous section of this note titled Fair Value Option for Financial Assets and Liabilities for further information about the fair value elections.

(b) The carrying value includes deferred interest for zero-coupon bonds of $349 million and $321 million at September 30, 2013, and December 31, 2012, respectively.