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Finance Receivables and Loans, Net (Tables)
 6 Months Ended
Jun. 30, 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)June 30, 2022December 31, 2021
Consumer automotive (a)$81,691 $78,252 
Consumer mortgage
Mortgage Finance (b)18,923 17,644 
Mortgage — Legacy (c)322 368 
Total consumer mortgage19,245 18,012 
Consumer other
Personal Lending (d)1,523 1,009 
Credit Card (e)1,224 953 
Total consumer other2,747 1,962 
Total consumer103,683 98,226 
Commercial
Commercial and industrial
Automotive12,174 12,229 
Other7,486 6,874 
Commercial real estate5,114 4,939 
Total commercial24,774 24,042 
Total finance receivables and loans (f) (g)$128,457 $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 $4 million and $5 million at June 30, 2022, and December 31, 2021, respectively, of which all have exited the interest-only period.
(c)Includes loans originated as interest-only mortgage loans of $18 million and $21 million at June 30, 2022, and December 31, 2021, respectively, of which all have exited the interest-only period.
(d)Includes $7 million of finance receivables at both June 30, 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 Ally Credit Card.
(f)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.4 billion and $2.3 billion at June 30, 2022, and December 31, 2021, respectively.
(g)Totals do not include accrued interest receivable, which was $564 million and $514 million at June 30, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.
Allowance for Credit Losses on Financing Receivables
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and six months ended June 30, 2022, and 2021, respectively.
Three months ended June 30, 2022 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at April 1, 2022$2,763 $26 $258 $254 $3,301 
Charge-offs (b)(277)(1)(27)(26)(331)
Recoveries169 5 3 1 178 
Net charge-offs(108)4 (24)(25)(153)
Provision for credit losses (c)230 (3)70 5 302 
Other— (1)(1)2 — 
Allowance at June 30, 2022$2,885 $26 $303 $236 $3,450 
(a)Excludes $7 million of finance receivables and loans at both April 1, 2022, and June 30, 2022, 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.
(c)Excludes $2 million of provision for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Six months ended June 30, 2022 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2022$2,769 $27 $221 $250 $3,267 
Charge-offs (b)(553)(2)(51)(26)(632)
Recoveries332 8 4 2 346 
Net charge-offs(221)6 (47)(24)(286)
Provision for credit losses (c)337 (6)129 9 469 
Other— (1)— 1 — 
Allowance at June 30, 2022$2,885 $26 $303 $236 $3,450 
(a)Excludes $7 million of finance receivables and loans at both January 1, 2022, and June 30, 2022, 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.
(c)Excludes $2 million of provision for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Three months ended June 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at April 1, 2021$2,809 $26 $69 $248 $3,152 
Charge-offs (b)(183)(2)(5)(7)(197)
Recoveries188 3 1 11 203 
Net charge-offs5 1 (4)4 6 
Provision for credit losses(12)(4)8 (24)(32)
Other— 1 (1)— — 
Allowance at June 30, 2021$2,802 $24 $72 $228 $3,126 
(a)Excludes $8 million of finance receivables and loans at both April 1, 2021, and June 30, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies.
Six months ended June 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2021$2,902 $33 $73 $275 $3,283 
Charge-offs (b)(467)(4)(13)(21)(505)
Recoveries375 6 1 11 393 
Net charge-offs(92)2 (12)(10)(112)
Provision for credit losses(8)(11)11 (37)(45)
Allowance at June 30, 2021$2,802 $24 $72 $228 $3,126 
(a)Excludes $8 million of finance receivables and loans at both January 1, 2021, and June 30, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies.
Schedule of Sales of Financing Receivables and Loans
The following table presents information about sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
Three months ended June 30,Six months ended June 30,
($ in millions)2022202120222021
Consumer mortgage$2 $84 $2 $413 
Total sales and transfers$2 $84 $2 $413 
Schedule of Purchases of Financing Receivables and Loans
The following table presents information about purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended June 30,Six months ended June 30,
($ in millions)2022202120222021
Consumer automotive$1,558 $727 $2,051 $1,304 
Consumer mortgage808 1,744 1,633 1,932 
Commercial1 — 1 — 
Total purchases of finance receivables and loans$2,367 $2,471 $3,685 $3,236 
Schedule of Financing Receivables, Nonaccrual Status
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of June 30, 2022, and December 31, 2021.
June 30, 2022
($ in millions)Nonaccrual status at Jan. 1, 2022Nonaccrual status at Apr. 1, 2022Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,078 $1,072 $1,073 $421 
Consumer mortgage
Mortgage Finance59 51 42 33 
Mortgage — Legacy26 24 22 21 
Total consumer mortgage85 75 64 54 
Consumer other
Personal Lending5 6 5 — 
Credit Card11 14 18 — 
Total consumer other16 20 23 — 
Total consumer1,179 1,167 1,160 475 
Commercial
Commercial and industrial
Automotive33 3 4 4 
Other221 217 214 79 
Commercial real estate3 1 1 1 
Total commercial257 221 219 84 
Total finance receivables and loans$1,436 $1,388 $1,379 $559 
(a)Represents a component of nonaccrual status at end of period.
December 31, 2021
($ in millions)Nonaccrual status at Jan. 1, 2021Nonaccrual status at Apr. 1, 2021Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,256 $1,173 $1,078 $423 
Consumer mortgage
Mortgage Finance67 63 59 39 
Mortgage — Legacy35 32 26 23 
Total consumer mortgage102 95 85 62 
Consumer other
Personal Lending3 2 5 — 
Credit Card— — 11 — 
Total consumer other3 2 16 — 
Total consumer1,361 1,270 1,179 485 
Commercial
Commercial and industrial
Automotive40 17 33 32 
Other116 150 221 48 
Commercial real estate5 2 3 3 
Total commercial161 169 257 83 
Total finance receivables and loans$1,522 $1,439 $1,436 $568 
(a)Represents a component of nonaccrual status at end of period.
Troubled Debt Restructurings on Financing Receivables
The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
20222021
Three months ended June 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive12,928 $213 $206 14,670 $271 $267 
Consumer mortgage
Mortgage Finance3 2 2 10 4 5 
Mortgage — Legacy3 — — 3 1 1 
Total consumer mortgage6 2 2 13 5 6 
Consumer other
Credit Card743 1 1 — — — 
Total consumer other743 1 1 — — — 
Total consumer13,677 216 209 14,683 276 273 
Commercial
Commercial and industrial
Automotive— — — 1 1 1 
Other3 377 377 — — — 
Commercial real estate— — — 1 3 3 
Total commercial3 377 377 2 4 4 
Total finance receivables and loans13,680 $593 $586 14,685 $280 $277 
20222021
Six months ended June 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive26,379 $444 $433 40,260 $743 $733 
Consumer mortgage
Mortgage Finance9 7 7 15 8 9 
Mortgage — Legacy7 1 1 4 1 1 
Total consumer mortgage16 8 8 19 9 10 
Consumer other
Credit Card1,094 2 2 — — — 
Total consumer other1,094 2 2 — — — 
Total consumer27,489 454 443 40,279 752 743 
Commercial
Commercial and industrial
Automotive— — — 1 1 1 
Other4 411 411 1 33 33 
Commercial real estate— — — 1 3 3 
Total commercial4 411 411 3 37 37 
Total finance receivables and loans27,493 $865 $854 40,282 $789 $780 
Finance Receivables and Loans Redefaulted During the Period
The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
20222021
Three months ended June 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive2,138 $35 $14 1,751 $22 $11 
Consumer mortgage
Mortgage Finance1 — — 1 — — 
Mortgage — Legacy— — — 2 — — 
Total consumer mortgage1 — — 3 — — 
Consumer other
Credit Card79 — — — — — 
Total consumer other79 — — — — — 
Total consumer finance receivables and loans2,218 $35 $14 1,754 $22 $11 
20222021
Six months ended June 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive4,249 $66 $27 4,565 $55 $31 
Consumer mortgage
Mortgage Finance3 2 — 1 — — 
Mortgage — Legacy— — — 4 — — 
Total consumer mortgage3 2 — 5 — — 
Consumer other
Credit Card79 — — — — — 
Total consumer other79 — — — — — 
Total consumer finance receivables and loans4,331 $68 $27 4,570 $55 $31 
Consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
Origination yearRevolving loans converted to term
June 30, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Consumer automotive
Current$21,265 $27,856 $13,276 $8,651 $4,735 $3,225 $— $— $79,008 
30–59 days past due168 701 355 297 188 166 — — 1,875 
60–89 days past due36 215 123 95 59 49 — — 577 
90 or more days past due10 76 43 40 28 34 — — 231 
Total consumer automotive21,479 28,848 13,797 9,083 5,010 3,474 — — 81,691 
Consumer mortgage
Mortgage Finance
Current1,565 10,777 2,017 854 617 2,965 — — 18,795 
30–59 days past due10 49 4 5 3 20 — — 91 
60–89 days past due— 1 — — 2 3 — — 6 
90 or more days past due1 2 — 5 8 15 — — 31 
Total Mortgage Finance1,576 10,829 2,021 864 630 3,003 — — 18,923 
Mortgage — Legacy
Current— — — — — 68 212 19 299 
30–59 days past due— — — — — 3 1 — 4 
60–89 days past due— — — — — 1 — — 1 
90 or more days past due— — — — — 12 4 2 18 
Total Mortgage — Legacy— — — — — 84 217 21 322 
Total consumer mortgage1,576 10,829 2,021 864 630 3,087 217 21 19,245 
Consumer other
Personal Lending
Current830 568 79 9 2 1 — — 1,489 
30–59 days past due5 7 1 — — — — — 13 
60–89 days past due3 5 1 — — — — — 9 
90 or more days past due2 3 — — — — — — 5 
Total Personal Lending (a)840 583 81 9 2 1 — — 1,516 
Credit Card
Current— — — — — — 1,189 — 1,189 
30–59 days past due— — — — — — 11 — 11 
60–89 days past due— — — — — — 8 — 8 
90 or more days past due— — — — — — 16 — 16 
Total Credit Card— — — — — — 1,224 — 1,224 
Total consumer other840 583 81 9 2 1 1,224 — 2,740 
Total consumer$23,895 $40,260 $15,899 $9,956 $5,642 $6,562 $1,441 $21 $103,676 
(a)Excludes $7 million of finance receivables at June 30, 2022, for which we have elected the fair value option.
Origination yearRevolving loans converted to term
December 31, 2021 ($ 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 $7 million of finance receivables at December 31, 2021, for which we have elected the fair value option.
Commercial  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
Origination yearRevolving loans converted to term
June 30, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$191 $291 $151 $88 $42 $60 $10,771 $— $11,594 
Special mention— — — 4 12 25 464 — 505 
Substandard— — 1 1 — — 73 — 75 
Total automotive191 291 152 93 54 85 11,308 — 12,174 
Other
Pass410 603 430 268 65 185 4,338 85 6,384 
Special mention— 37 178 66 44 80 243 28 676 
Substandard— — 18 116 — 156 55 15 360 
Doubtful— — — — — 56 8 2 66 
Total other410 640 626 450 109 477 4,644 130 7,486 
Commercial real estate
Pass606 1,299 1,005 720 510 826 9 9 4,984 
Special mention— 76 2 26 — 23 — — 127 
Substandard— — — — — 3 — — 3 
Total commercial real estate606 1,375 1,007 746 510 852 9 9 5,114 
Total commercial$1,207 $2,306 $1,785 $1,289 $673 $1,414 $15,961 $139 $24,774 
Origination yearRevolving loans converted to term
December 31, 2021 ($ in millions)
202120202019201820172016 and priorRevolving loansTotal
Commercial
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
June 30, 2022
Commercial
Commercial and industrial
Automotive$— $— $— $— $12,174 $12,174 
Other— — 2 2 7,484 7,486 
Commercial real estate— — — — 5,114 5,114 
Total commercial$— $— $2 $2 $24,772 $24,774 
December 31, 2021
Commercial
Commercial and industrial
Automotive$— $— $— $— $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