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Finance Receivables and Loans, Net (Tables)
 9 Months Ended
Sep. 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)September 30, 2022December 31, 2021
Consumer automotive (a)$83,459 $78,252 
Consumer mortgage
Mortgage Finance (b)19,715 17,644 
Mortgage — Legacy (c)306 368 
Total consumer mortgage20,021 18,012 
Consumer other
Personal Lending (d)1,813 1,009 
Credit Card (e)1,427 953 
Total consumer other3,240 1,962 
Total consumer106,720 98,226 
Commercial
Commercial and industrial
Automotive12,158 12,229 
Other8,425 6,874 
Commercial real estate5,153 4,939 
Total commercial25,736 24,042 
Total finance receivables and loans (f) (g)$132,456 $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 September 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 $17 million and $21 million at September 30, 2022, and December 31, 2021, respectively, of which all have exited the interest-only period.
(d)Includes $6 million and $7 million of finance receivables at September 30, 2022, and December 31, 2021, respectively, 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 $2.3 billion at both September 30, 2022, and December 31, 2021.
(g)Totals do not include accrued interest receivable, which was $620 million and $514 million at September 30, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.
Allowance for Credit Losses on Financing Receivables
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2022, and 2021, respectively.
Three months ended September 30, 2022 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at July 1, 2022$2,885 $26 $303 $236 $3,450 
Charge-offs (b)(381)(1)(33)(32)(447)
Recoveries164 2 4 1 171 
Net charge-offs(217)1 (29)(31)(276)
Provision for credit losses326 (1)99 14 438 
Other(1)1 (1)— (1)
Allowance at September 30, 2022$2,993 $27 $372 $219 $3,611 
(a)Excludes $7 million and $6 million of finance receivables and loans at July 1, 2022, and September 30, 2022, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2022 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2022$2,769 $27 $221 $250 $3,267 
Charge-offs (b)(934)(3)(84)(58)(1,079)
Recoveries496 10 8 3 517 
Net charge-offs(438)7 (76)(55)(562)
Provision for credit losses (c)663 (7)228 23 907 
Other(1)— (1)1 (1)
Allowance at September 30, 2022$2,993 $27 $372 $219 $3,611 
(a)Excludes $7 million and $6 million of finance receivables and loans at January 1, 2022, and September 30, 2022, respectively, 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 $2 million of provision for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Three months ended September 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at July 1, 2021$2,802 $24 $72 $228 $3,126 
Charge-offs (b)(211)(2)(5)— (218)
Recoveries160 4 — — 164 
Net charge-offs(51)2 (5)— (54)
Provision for credit losses59 (1)19 (1)76 
Allowance at September 30, 2021$2,810 $25 $86 $227 $3,148 
(a)Excludes $8 million of finance receivables and loans at both July 1, 2021, and September 30, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies.
Nine months ended September 30, 2021 ($ in millions)
Consumer automotiveConsumer mortgageConsumer other (a)CommercialTotal
Allowance at January 1, 2021$2,902 $33 $73 $275 $3,283 
Charge-offs (b)(678)(6)(18)(21)(723)
Recoveries535 10 1 11 557 
Net charge-offs(143)4 (17)(10)(166)
Provision for credit losses51 (12)30 (38)31 
Allowance at September 30, 2021$2,810 $25 $86 $227 $3,148 
(a)Excludes $8 million of finance receivables and loans at both January 1, 2021, and September 30, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses.
(b)Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies.
Schedule of Sales of Financing Receivables and Loans
The following table presents information about sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
Three months ended September 30,Nine months ended September 30,
($ in millions)2022202120222021
Consumer automotive$4 $— $4 $— 
Consumer mortgage1 — 3 413 
Total sales and transfers$5 $— $7 $413 
Schedule of Purchases of Financing Receivables and Loans
The following table presents information about purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Three months ended September 30,Nine months ended September 30,
($ in millions)2022202120222021
Consumer automotive$1,346 $709 $3,397 $2,013 
Consumer mortgage1,127 1,191 2,760 3,123 
Commercial2 3 3 3 
Total purchases of finance receivables and loans$2,475 $1,903 $6,160 $5,139 
Schedule of Financing Receivables, Nonaccrual Status
The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of September 30, 2022, and December 31, 2021.
September 30, 2022
($ in millions)Nonaccrual status at Jan. 1, 2022Nonaccrual status at Jul. 1, 2022Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,078 $1,073 $1,129 $439 
Consumer mortgage
Mortgage Finance59 42 36 27 
Mortgage — Legacy26 22 18 17 
Total consumer mortgage85 64 54 44 
Consumer other
Personal Lending5 5 9 — 
Credit Card11 18 28 — 
Total consumer other16 23 37 — 
Total consumer1,179 1,160 1,220 483 
Commercial
Commercial and industrial
Automotive33 4 4 4 
Other221 214 159 33 
Commercial real estate3 1 — — 
Total commercial257 219 163 37 
Total finance receivables and loans$1,436 $1,379 $1,383 $520 
(a)Represents a component of nonaccrual status at end of period.
December 31, 2021
($ in millions)Nonaccrual status at Jan. 1, 2021Nonaccrual status at Jul. 1, 2021Nonaccrual statusNonaccrual with no allowance (a)
Consumer automotive$1,256 $1,033 $1,078 $423 
Consumer mortgage
Mortgage Finance67 49 59 39 
Mortgage — Legacy35 27 26 23 
Total consumer mortgage102 76 85 62 
Consumer other
Personal Lending3 2 5 — 
Credit Card— — 11 — 
Total consumer other3 2 16 — 
Total consumer1,361 1,111 1,179 485 
Commercial
Commercial and industrial
Automotive40 33 33 32 
Other116 133 221 48 
Commercial real estate5 6 3 3 
Total commercial161 172 257 83 
Total finance receivables and loans$1,522 $1,283 $1,436 $568 
(a)Represents a component of nonaccrual status at end of period.
Troubled Debt Restructurings on Financing Receivables
The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
20222021
Three months ended September 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive11,733 $193 $187 19,907 $347 $338 
Consumer mortgage
Mortgage Finance4 3 3 18 11 10 
Mortgage — Legacy2 — — 8 1 1 
Total consumer mortgage6 3 3 26 12 11 
Consumer other
Credit Card749 1 1 — — — 
Total consumer other749 1 1 — — — 
Total consumer12,488 197 191 19,933 359 349 
Commercial
Commercial and industrial
Other1 51 55 — — — 
Total commercial1 51 55 — — — 
Total finance receivables and loans12,489 $248 $246 19,933 $359 $349 
20222021
Nine months ended September 30, ($ in millions)
Number of loansPre-modification amortized cost basisPost-modification amortized cost basisNumber of loansPre-modification amortized cost basisPost-modification amortized cost basis
Consumer automotive38,112 $637 $620 60,167 $1,090 $1,071 
Consumer mortgage
Mortgage Finance13 10 10 33 19 19 
Mortgage — Legacy9 1 1 12 2 2 
Total consumer mortgage22 11 11 45 21 21 
Consumer other
Credit Card1,843 3 3 — — — 
Total consumer other1,843 3 3 — — — 
Total consumer39,977 651 634 60,212 1,111 1,092 
Commercial
Commercial and industrial
Automotive— — — 1 1 1 
Other5 462 466 1 33 33 
Commercial real estate— — — 1 3 3 
Total commercial5 462 466 3 37 37 
Total finance receivables and loans39,982 $1,113 $1,100 60,215 $1,148 $1,129 
Finance Receivables and Loans Redefaulted During the Period
The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
20222021
Three months ended September 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive2,473 $37 $16 2,374 $31 $15 
Consumer mortgage
Mortgage Finance1 1 — — — — 
Total consumer mortgage1 1 — — — — 
Consumer other
Credit Card146 — — — — — 
Total consumer other146 — — — — — 
Total consumer2,620 $38 $16 2,374 $31 $15 
Commercial
Commercial and industrial
Other1 1 31 — — — 
Total commercial1 1 31 — $— $— 
Total finance receivables and loans2,621 $39 $47 2,374 $31 $15 
20222021
Nine months ended September 30, ($ in millions)
Number of loansAmortized costCharge-off amountNumber of loansAmortized costCharge-off amount
Consumer automotive6,722 $103 $43 6,939 $86 $46 
Consumer mortgage
Mortgage Finance4 3 — 1 — — 
Mortgage — Legacy— — — 4 — — 
Total consumer mortgage4 3 — 5 — — 
Consumer other
Credit Card225 — — — — — 
Total consumer other225 — — — — — 
Total consumer6,951 $106 $43 6,944 $86 $46 
Commercial
Commercial and industrial
Other1 1 31 — — — 
Total commercial1 1 31 — $— $— 
Total finance receivables and loans6,952 $107 $74 6,944 $86 $46 
Consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators
The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
Origination yearRevolving loans converted to term
September 30, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Consumer automotive
Current$30,702 $24,690 $11,675 $7,466 $3,929 $2,473 $— $— $80,935 
30–59 days past due413 782 361 288 175 140 — — 2,159 
60–89 days past due102 267 127 93 54 41 — — 684 
90 or more days past due35 96 46 40 26 30 — — 273 
Total consumer automotive (a)31,252 25,835 12,209 7,887 4,184 2,684 — — 84,051 
Consumer mortgage
Mortgage Finance
Current2,277 11,003 1,980 833 596 2,897 — — 19,586 
30–59 days past due35 27 3 4 5 18 — — 92 
60–89 days past due2 2 — 1 — 4 — — 9 
90 or more days past due2 2 — 2 8 14 — — 28 
Total Mortgage Finance2,316 11,034 1,983 840 609 2,933 — — 19,715 
Mortgage — Legacy
Current— — — — — 66 203 20 289 
30–59 days past due— — — — — 1 1 — 2 
90 or more days past due— — — — — 10 3 2 15 
Total Mortgage — Legacy— — — — — 77 207 22 306 
Total consumer mortgage2,316 11,034 1,983 840 609 3,010 207 22 20,021 
Consumer other
Personal Lending
Current1,226 472 61 7 2 — — — 1,768 
30–59 days past due10 7 1 — — — — — 18 
60–89 days past due6 5 1 — — — — — 12 
90 or more days past due5 4 — — — — — — 9 
Total Personal Lending (b)1,247 488 63 7 2 — — — 1,807 
Credit Card
Current— — — — — — 1,369 — 1,369 
30–59 days past due— — — — — — 18 — 18 
60–89 days past due— — — — — — 14 — 14 
90 or more days past due— — — — — — 26 — 26 
Total Credit Card— — — — — — 1,427 — 1,427 
Total consumer other1,247 488 63 7 2 — 1,427 — 3,234 
Total consumer$34,815 $37,357 $14,255 $8,734 $4,795 $5,694 $1,634 $22 $107,306 
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $592 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at September 30, 2022. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.
(b)Excludes $6 million of finance receivables at September 30, 2022, for which we have elected the fair value option.
Origination yearRevolving loans converted to term
December 31, 2021 ($ 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 $7 million of finance receivables at December 31, 2021, for which we have elected the fair value option.
Commercial  
Financing Receivable, Credit Quality Indicator [Line Items]  
Financing Receivable Credit Quality Indicators The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
Origination yearRevolving loans converted to term
September 30, 2022 ($ in millions)
202220212020201920182017 and priorRevolving loansTotal
Commercial
Commercial and industrial
Automotive
Pass$405 $277 $142 $85 $32 $40 $10,568 $— $11,549 
Special mention— — — 3 11 23 536 — 573 
Substandard— — — 1 — — 35 — 36 
Total automotive405 277 142 89 43 63 11,139 — 12,158 
Other
Pass632 586 428 191 55 182 5,152 92 7,318 
Special mention— 52 176 109 44 80 261 29 751 
Substandard— — 4 115 — 140 57 13 329 
Doubtful— — — — — 26 — — 26 
Loss— — — — — — 1 — 1 
Total other632 638 608 415 99 428 5,471 134 8,425 
Commercial real estate
Pass949 1,196 982 705 432 769 9 11 5,053 
Special mention— 77 2 19 — 1 — — 99 
Substandard— — — — — 1 — — 1 
Total commercial real estate949 1,273 984 724 432 771 9 11 5,153 
Total commercial$1,986 $2,188 $1,734 $1,228 $574 $1,262 $16,619 $145 $25,736 
Origination yearRevolving loans converted to term
December 31, 2021 ($ 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
September 30, 2022
Commercial
Commercial and industrial
Automotive$— $— $— $— $12,158 $12,158 
Other1 — 1 2 8,423 8,425 
Commercial real estate8 — — 8 5,145 5,153 
Total commercial$9 $— $1 $10 $25,726 $25,736 
December 31, 2021
Commercial
Commercial and industrial
Automotive$— $— $— $— $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