Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Short-term Debt

The following table presents the composition of our short-term borrowings portfolio.

	2020							2019
December 31, ($ in millions)	Unsecured		Secured (a)		Total			Unsecured		Secured (a)		Total
Demand notes (b)	$	2,136	$	—	$	2,136		$	2,581	$	—	$	2,581
Federal Home Loan Bank	—		—		—			—		2,950		2,950
Total short-term borrowings	$	2,136	$	—	$	2,136		$	2,581	$	2,950	$	5,531
Weighted average interest rate (c)					0.3		%					1.8		%

(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.

(b)In December 2020, we announced that we are terminating the offering of our demand notes program, and redeeming in full all outstanding demand notes as of March 1, 2021. Holders may continue to demand repayment of demand notes at any time in advance of the redemption date.

(c)Based on the debt outstanding and the interest rate at December 31 of each year.

Long-term Debt

The following tables present the composition of our long-term debt portfolio.

December 31, ($ in millions)	Amount		Interest rate	Weighted average stated interest rate (a)		Due date range
2020
Unsecured debt
Fixed rate (b)	$	9,251
Trust preferred securities (c)	2,578
Hedge basis adjustments (d)	185
Total unsecured debt	12,014		0.70–8.00%	5.23	%	2021–2040
Secured debt
Fixed rate	9,909
Variable rate (e)	99
Hedge basis adjustment (d)	(16)
Total secured debt (f) (g) (h)	9,992		1.45–3.70%	2.51	%	2021–2024
Total long-term debt	$	22,006
2019
Unsecured debt
Fixed rate (b)	$	8,566
Variable rate	1
Trust preferred securities (c)	2,575
Hedge basis adjustments (d)	62
Total unsecured debt	11,204		1.71–8.00%	6.34	%	2020–2049
Secured debt
Fixed rate	21,477
Variable rate (e)	1,384
Hedge basis adjustment (d)	(38)
Total secured debt (f) (h) (i)	22,823		1.35–4.03%	2.44	%	2020–2027
Total long-term debt	$	34,027

(a)Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges.

(b)Includes subordinated debt of $1.0 billion at both December 31, 2020, and 2019.

(c)Refer to the section below titled Trust Preferred Securities for further information.

(d)Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information.

(e)Includes $99 million and $92 million at December 31, 2020, and 2019, respectively, of long-term debt that does not have a stated interest rate.

(f)Includes $4.2 billion and $9.1 billion of VIE secured debt at December 31, 2020, and 2019, respectively.

(g)Includes advances from the FHLB of Pittsburgh of $5.8 billion and $13.3 billion at December 31, 2020, and 2019, respectively.

(h)During the year ended December 31, 2020, we recognized a loss of $99 million on the extinguishment of debt as we elected to prepay and early terminate certain FHLB advances to more cost-effectively manage liquidity at Ally Bank.

(i)Includes $450 million of debt outstanding from our committed secured credit facilities at December 31, 2019.

	2020						2019
December 31, ($ in millions)	Unsecured		Secured		Total		Unsecured		Secured		Total
Long-term debt (a)
Due within one year	$	647	$	4,438	$	5,085	$	2,214	$	7,005	$	9,219
Due after one year	11,367		5,554		16,921		8,990		15,818		24,808
Total long-term debt	$	12,014	$	9,992	$	22,006	$	11,204	$	22,823	$	34,027

(a)Includes basis adjustments related to the application of hedge accounting.

Schedule of Maturities of Long-term Debt

The following table presents the scheduled remaining maturity of long-term debt at December 31, 2020, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.

($ in millions)	2021		2022		2023		2024		2025		2026 and thereafter		Total
Unsecured
Long-term debt	$	699	$	1,121	$	2,123	$	1,474	$	2,368	$	5,293	$	13,078
Original issue discount	(52)		(56)		(62)		(69)		(74)		(751)		(1,064)
Total unsecured	647		1,065		2,061		1,405		2,294		4,542		12,014
Secured
Long-term debt	4,438		4,918		615		21		—		—		9,992
Total long-term debt	$	5,085	$	5,983	$	2,676	$	1,426	$	2,294	$	4,542	$	22,006

Pledged assets for the payment of the related secured borrowings and repurchase agreements

The following summarizes assets restricted as collateral for the payment of the related debt obligation, primarily arising from securitization transactions accounted for as secured borrowings and repurchase agreements.

	2020				2019
December 31, ($ in millions)	Total (a)		Ally Bank		Total (a)			Ally Bank
Investment securities	$	—	$	—	$	2,698		$	2,698
Mortgage assets held-for-investment and lending receivables	14,979		14,979		17,135			17,135
Consumer automotive finance receivables	9,953		9,510		13,481			11,534
Commercial finance receivables	10,866		10,866		12,890			12,890
Total assets restricted as collateral (b) (c)	$	35,798	$	35,355	$	46,204		$	44,257
Secured debt	$	9,992	$	9,634	$	25,773	(d)	$	24,069

(a)Ally Bank is a component of the total column.

(b)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $20.0 billion and $24.8 billion at December 31, 2020, and December 31, 2019, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans and investment securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both December 31, 2020, and December 31, 2019. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its subsidiaries.

(c)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information.

(d)Includes $3.0 billion of short-term borrowings at December 31, 2019.

Schedule Of Committed Funding Facilities

Committed Secured Credit Facilities

	Outstanding				Unused capacity (a)				Total capacity
December 31, ($ in millions)	2020		2019		2020		2019		2020		2019
Parent funding
Secured	$	—	$	450	$	560	$	2,050	$	560	$	2,500
Total committed secured credit facilities	$	—	$	450	$	560	$	2,050	$	560	$	2,500

(a)Funding from committed secured credit facilities is available on request in the event excess collateral resides in certain facilities or the extent incremental collateral is available and contributed to the facilities.