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Finance Receivables and Loans, Net (Tables)
 3 Months Ended
Mar. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions)March 31, 2022December 31, 2021
Consumer
Consumer automotive (a)$78,911 $78,252 
Consumer mortgage
Mortgage Finance (b)18,372 17,644 
Mortgage — Legacy (c)341 368 
Total consumer mortgage18,713 18,012 
Consumer other
Personal Lending (d)1,209 1,009 
Credit Card (e)1,036 953 
Total consumer other2,245 1,962 
Total consumer99,869 98,226 
Commercial
Commercial and industrial
Automotive13,497 12,229 
Other6,997 6,874 
Commercial real estate5,002 4,939 
Total commercial25,496 24,042 
Total finance receivables and loans (f) (g)$125,365 $122,268 
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information.
(b)Includes loans originated as interest-only mortgage loans of $5 million at both March 31, 2022, and December 31, 2021. All of these loans have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $20 million and $21 million at March 31, 2022, and December 31, 2021, respectively, of which all have exited the interest-only period.
(d)Includes $7 million of finance receivables at both March 31, 2022, and December 31, 2021, for which we have elected the fair value option.
(e)Refer to Note 2 for information regarding our acquisition of Fair Square.
(f)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both March 31, 2022, and December 31, 2021.
(g)Totals do not include accrued interest receivable, which was $527 million and $514 million at March 31, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.
Allowance for Credit Losses on Financing Receivables
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2022, and March 31, 2021.
Three months ended March 31, 2022 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2022$2,769 $27 $221 $250 $3,267 
Charge-offs (b)(276)(1)(24)— (301)
Recoveries163 3 1 1 168 
Net charge-offs(113)2 (23)1 (133)
Provision for credit losses107 (3)59 4 167 
Other— — 1 (1)— 
Allowance at March 31, 2022$2,763 $26 $258 $254 $3,301 
(a)Excludes $7 million of finance receivables and loans at both March 31, 2022, and December 31, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies.
Three months ended March 31, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2021$2,902 $33 $73 $275 $3,283 
Charge-offs (b)(284)(2)(8)(14)(308)
Recoveries187 3 — — 190 
Net charge-offs(97)1 (8)(14)(118)
Provision for credit losses4 (7)3 (13)(13)
Other— (1)1 — — 
Allowance at March 31, 2021$2,809 $26 $69 $248 $3,152 
(a)Excludes $8 million of finance receivables and loans at both March 31, 2021, and December 31, 2020, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies.
Schedule of Sales of Financing Receivables and Loans
The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
Three months ended March 31,
($ in millions)20222021
Consumer mortgage$— $329 
Total sales and transfers$— $329 
Schedule of Purchases of Financing Receivables and Loans
The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended March 31,
($ in millions)20222021
Consumer automotive$493 $577 
Consumer mortgage825 188 
Total purchases of finance receivables and loans$1,318 $765 
Schedule of Financing Receivables, Nonaccrual Status
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of March 31, 2022, and December 31, 2021.
March 31, 2022
($ in millions)Nonaccrual status at Jan. 1, 2022Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,078 $1,072 $422 
Consumer mortgage
Mortgage Finance59 51 41 
Mortgage — Legacy26 24 23 
Total consumer mortgage85 75 64 
Consumer other
Personal Lending5 6 — 
Credit Card11 14 — 
Total consumer other16 20 — 
Total consumer1,179 1,167 486 
Commercial
Commercial and industrial
Automotive33 3 2 
Other221 217 47 
Commercial real estate3 1 1 
Total commercial257 221 50 
Total finance receivables and loans$1,436 $1,388 $536 
(a)Represents a component of nonaccrual status at end of period.
December 31, 2021
($ in millions)Nonaccrual status at Jan. 1, 2021Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,256 $1,078 $423 
Consumer mortgage
Mortgage Finance67 59 39 
Mortgage — Legacy35 26 23 
Total consumer mortgage102 85 62 
Consumer other
Personal Lending3 5 — 
Credit Card— 11 — 
Total consumer other3 16 — 
Total consumer1,361 1,179 485 
Commercial
Commercial and industrial
Automotive40 33 32 
Other116 221 48 
Commercial real estate5 3 3 
Total commercial161 257 83 
Total finance receivables and loans$1,522 $1,436 $568 
(a)Represents a component of nonaccrual status at end of period.
Troubled Debt Restructurings on Financing Receivables
The following table presents information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
20222021
Three months ended March 31, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive13,451 $231 $227 25,590 $472 $466 
Consumer mortgage
Mortgage Finance6 5 5 5 4 4 
Mortgage — Legacy4 1 1 1 — — 
Total consumer mortgage10 6 6 6 4 4 
Consumer other
Credit Card351 1 1 — — — 
Total consumer other351 1 1 — — — 
Total consumer13,812 238 234 25,596 476 470 
Commercial
Commercial and industrial
Other1 34 34 1 33 33 
Total commercial1 34 34 1 33 33 
Total finance receivables and loans13,813 $272 $268 25,597 $509 $503 
Finance Receivables and Loans Redefaulted During the Period
The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
20222021
Three months ended March 31, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive2,111 $31 $13 2,814 $33 $20 
Consumer mortgage
Mortgage Finance22—— — — 
Mortgage — Legacy———2——
Total consumer mortgage2 2 — 2— — 
Total consumer finance receivables and loans2,113 $33 $13 2,816 $33 $20 
Consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
Origination yearRevolving loans converted to term
March 31, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Consumer automotive
Current$10,120 $31,561 $15,171 $10,051 $5,678 $4,186 $— $— $76,767 
30–59 days past due17 512 314 272 184 179 — — 1,478 
60–89 days past due1 153 105 86 55 52 — — 452 
90 or more days past due— 59 42 42 31 40 — — 214 
Total consumer automotive10,138 32,285 15,632 10,451 5,948 4,457 — — 78,911 
Consumer mortgage
Mortgage Finance
Current895 10,614 2,079 895 655 3,132 — — 18,270 
30–59 days past due3 23 3 4 6 15 — — 54 
60–89 days past due— 1 1 1 2 2 — — 7 
90 or more days past due— 3 — 5 11 22 — — 41 
Total Mortgage Finance898 10,641 2,083 905 674 3,171 — — 18,372 
Mortgage — Legacy
Current— — — — — 75 221 20 316 
30–59 days past due— — — — — 2 1 1 4 
60–89 days past due— — — — — 1 — — 1 
90 or more days past due— — — — — 12 6 2 20 
Total Mortgage — Legacy— — — — — 90 228 23 341 
Total consumer mortgage898 10,641 2,083 905 674 3,261 228 23 18,713 
Consumer other
Personal Lending
Current375 681 104 15 3 1 — — 1,179 
30–59 days past due2 7 1 — — — — — 10 
60–89 days past due— 6 1 — — — — — 7 
90 or more days past due— 5 1 — — — — — 6 
Total Personal Lending (a)377 699 107 15 3 1 — — 1,202 
Credit Card
Current— — — — — — 1,008 — 1,008 
30–59 days past due— — — — — — 8 — 8 
60–89 days past due— — — — — — 6 — 6 
90 or more days past due— — — — — — 14 — 14 
Total Credit Card— — — — — — 1,036 — 1,036 
Total consumer other377 699 107 15 3 1 1,036 — 2,238 
Total consumer$11,413 $43,625 $17,822 $11,371 $6,625 $7,719 $1,264 $23 $99,862 
(a)Excludes $7 million of finance receivables at March 31, 2022, for which we have elected the fair value option.
Origination yearRevolving loans converted to term
December 31, 2021 ($ in millions)
202120202019201820172016 and priorRevolving loansTotal
Consumer automotive
Current$35,222 $17,218 $11,512 $6,692 $3,403 $1,911 $— $— $75,958 
30–59 days past due424 353 334 226 139 101 — — 1,577 
60–89 days past due115 114 108 70 41 28 — — 476 
90 or more days past due41 51 56 40 27 26 — — 241 
Total consumer automotive35,802 17,736 12,010 7,028 3,610 2,066 — — 78,252 
Consumer mortgage
Mortgage Finance
Current10,169 2,212 977 744 1,041 2,363 — — 17,506 
30–59 days past due50 3 3 7 2 12 — — 77 
60–89 days past due8 — 1 — — 5 — — 14 
90 or more days past due— — 5 16 7 19 — — 47 
Total Mortgage Finance10,227 2,215 986 767 1,050 2,399 — — 17,644 
Mortgage — Legacy
Current— — — — — 79 238 23 340 
30–59 days past due— — — — — 2 1 — 3 
60–89 days past due— — — — — 1 — 1 2 
90 or more days past due— — — — — 15 5 3 23 
Total Mortgage — Legacy— — — — — 97 244 27 368 
Total consumer mortgage10,227 2,215 986 767 1,050 2,496 244 27 18,012 
Consumer other
Personal Lending
Current821 133 18 5 1 — — — 978 
30–59 days past due9 2 — — — — — — 11 
60–89 days past due6 1 1 — — — — — 8 
90 or more days past due4 1 — — — — — — 5 
Total Personal Lending (a)840 137 19 5 1 — — — 1,002 
Credit Card
Current— — — — — — 932 — 932 
30–59 days past due— — — — — — 6 — 6 
60–89 days past due— — — — — — 5 — 5 
90 or more days past due— — — — — — 10 — 10 
Total Credit Card— — — — — — 953 — 953 
Total consumer other840 137 19 5 1 — 953 — 1,955 
Total consumer$46,869 $20,088 $13,015 $7,800 $4,661 $4,562 $1,197 $27 $98,219 
(a)Excludes $7 million of finance receivables at December 31, 2021, for which we have elected the fair value option.
Commercial  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
Origination yearRevolving loans converted to term
March 31, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Commercial and industrial
Automotive
Pass$70 $350 $163 $95 $45 $61 $12,121 $— $12,905 
Special mention— 2 1 5 12 42 469 — 531 
Substandard— — 1 1 1 — 58 — 61 
Total automotive70 352 165 101 58 103 12,648 — 13,497 
Other
Pass232 661 447 288 62 137 4,033 99 5,959 
Special mention— 15 169 96 44 133 111 20 588 
Substandard— — 22 94 — 166 55 21 358 
Doubtful— — — — — 82 7 3 92 
Total other232 676 638 478 106 518 4,206 143 6,997 
Commercial real estate
Pass302 1,285 1,027 781 523 919 8 9 4,854 
Special mention— 7 5 98 4 30 — — 144 
Substandard— — — — — 4 — — 4 
Total commercial real estate302 1,292 1,032 879 527 953 8 9 5,002 
Total commercial$604 $2,320 $1,835 $1,458 $691 $1,574 $16,862 $152 $25,496 
Origination yearRevolving loans converted to term
December 31, 2021 ($ in millions)
202120202019201820172016 and priorRevolving loansTotal
Commercial and industrial
Automotive
Pass$347 $190 $112 $49 $23 $56 $10,741 $— $11,518 
Special mention7 1 7 15 31 18 589 — 668 
Substandard— 1 — 1 — — 41 — 43 
Total automotive354 192 119 65 54 74 11,371 — 12,229 
Other
Pass739 448 374 86 99 68 4,032 83 5,929 
Special mention15 169 96 21 10 122 93 17 543 
Substandard— 22 95 — 140 83 13 23 376 
Doubtful— — — — — 26 — — 26 
Total other754 639 565 107 249 299 4,138 123 6,874 
Commercial real estate
Pass1,298 1,060 873 604 342 653 3 8 4,841 
Special mention13 5 29 7 18 19 — — 91 
Substandard— — — — — 7 — — 7 
Total commercial real estate1,311 1,065 902 611 360 679 3 8 4,939 
Total commercial$2,419 $1,896 $1,586 $783 $663 $1,052 $15,512 $131 $24,042 
Past Due Financing Receivables
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
($ in millions)30–59 days past due60–89 days past due90 days or more past dueTotal past dueCurrentTotal finance receivables and loans
March 31, 2022
Commercial
Commercial and industrial
Automotive$— $— $— $— $13,497 $13,497 
Other— — 1 1 6,996 6,997 
Commercial real estate— — — — 5,002 5,002 
Total commercial$— $— $1 $1 $25,495 $25,496 
December 31, 2021
Commercial
Commercial and industrial
Automotive$— $— $— $— $12,229 $12,229 
Other— — 1 1 6,873 6,874 
Commercial real estate— — — — 4,939 4,939 
Total commercial$— $— $1 $1 $24,041 $24,042