Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

Characterization of Variation Margin Payments

On January 4, 2017, the International Swaps and Derivatives Association (ISDA) issued a confirmation letter related to its May 27, 2016, accounting committee whitepaper, “Accounting Impact of CCP’s Rulebook Changes to Financial Institutions and Corporates May 2016,” and the corresponding discussions held with the staff of the SEC’s Office of the Chief Accountant. We are still in the process of evaluating the legal and accounting impact of this confirmation letter and it may have an impact on how we record our variation margin payments on certain derivative positions.

Declaration of Quarterly Dividend Payment

On January 11, 2017, the Ally Board of Directors declared a quarterly cash dividend payment of $0.08 per share on all common stock. The dividend was paid on February 15, 2017, to shareholders of record at the close of business on February 1, 2017.

Unsecured Credit Facility Draw

On January 27, 2017, we borrowed $1.25 billion pursuant to the terms of our private unsecured committed credit facility. This debt is scheduled to mature in December 2017. Amounts drawn under this facility are used for working capital and other general corporate purposes.