Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

Declaration of Quarterly Dividend Payments

On October 16, 2014, the Ally Board of Directors declared quarterly dividend payments on certain outstanding preferred stock. This included a cash dividend of $17.89 per share, or a total of $46 million, on Fixed Rate Cumulative Perpetual Preferred Stock, Series G; and a cash dividend of $0.53 per share, or a total of $22 million, on Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A. The dividends are payable to shareholders of record as of November 1, 2014 and are payable on November 17, 2014.

Tender Offer

On October 22, 2014, we completed a tender offer to repurchase $750 million of our 8.000% Senior Notes due 2031, 8.000% Senior Guaranteed Notes due 2020, and 7.500% Senior Guaranteed Notes due 2020. We expect to record a loss on extinguishment of debt of approximately $160 million in the fourth quarter related to this transaction.