Discontinued and Held-for-sale Operations

9 Months Ended

Sep. 30, 2014

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 disposal transactions. For all periods presented, 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.

Select Insurance Operations

During the first quarter of 2013, we completed the sale of our U.K.-based operations. During the second quarter of 2013, we sold our Mexican insurance business, ABA Seguros.

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. 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. On October 1, 2013, we completed the sale of the remaining Latin American operations in Brazil. The agreement for the sale of our interest in a motor vehicle finance joint venture in China is subject to certain regulatory and other approvals. We currently expect the sale to be completed in late 2014, or as soon as practicable thereafter.

During the first quarter of 2013, we sold our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust.

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 September 30,						Nine months ended September 30,
($ in millions)	2014			2013			2014			2013
Select Mortgage operations
Total net revenue	$	—		$	—		$	—		$	—
Pretax loss including direct costs to transact a sale (a) (b)	(1		)	(158		)	(4		)	(1,762		)
Tax benefit (c)	(86		)	(40		)	(87		)	(573		)
Select Insurance operations
Total net revenue	$	—		$	—		$	—		$	190
Pretax income including direct costs to transact a sale (a)	6			5			6			319
Tax expense (benefit) (c)	7			3			7			(12		)
Select Automotive Finance operations
Total net revenue	$	29		$	119		$	95		$	544
Pretax income including direct costs to transact a sale (a)	46			58			101			752
Tax expense (benefit) (c)	—			28			4			(25		)
Select Corporate and Other operations
Total net revenue	$	—		$	—		$	—		$	—
Pretax income	—			—			23			1
Tax expense	—			—			3			—

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

(b) 2013 periods include amounts related to our former Residential Capital, LLC (ResCap) subsidiary.

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

Held-for-sale Operations

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

($ in millions)	Select Automotive Finance operations (a)
September 30, 2014
Assets
Other assets	$	603
Total assets	$	603
December 31, 2013
Assets
Other assets	$	516
Total assets	$	516

(a) Represents our joint venture in China that is being sold to GM Financial.