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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
20242023
December 31, ($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $1,625 $1,625 $— $2,550 $2,550 
Securities sold under agreements to repurchase
— — — — 747 747 
Total short-term borrowings$— $1,625 $1,625 $— $3,297 $3,297 
Weighted average interest rate (b)4.7 %5.6 %
(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)Based on the debt outstanding and the interest rate at December 31, of each year.
We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. We had no securities sold under agreements to repurchase as of December 31, 2024.
The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. At December 31, 2023, we received cash collateral of $6 million and non-cash collateral of $1 million related to repurchase agreements.
Long-Term Debt
The following table presents the composition of our long-term debt portfolio.
December 31, ($ in millions)
AmountInterest rateWeighted average stated interest rate (a)Due date range
2024
Unsecured debt
Fixed rate (b)$10,974 
Hedge basis adjustments (c)88 
Total unsecured debt11,062 
1.15–8.00%
6.25 %2025–2040
Secured debt
Fixed rate6,358 
Variable rate (d)75 
Total secured debt (e) (f)6,433 
1.96–12.75%
4.32 %2025–2032
Total long-term debt$17,495 
2023
Unsecured debt
Fixed rate (b)$10,327 
Hedge basis adjustments (c)97 
Total unsecured debt10,424 
0.60–8.00%
6.03 %2024–2033
Secured debt
Fixed rate7,031 
Variable rate (d)113 
Hedge basis adjustment (c)2 
Total secured debt (e) (f)7,146 
0.89–5.29%
3.31 %2024–2031
Total long-term debt$17,570 
(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 $2.0 billion and $1.5 billion at December 31, 2024, and 2023, respectively.
(c)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.
(d)Represents long-term debt that does not have a stated interest rate.
(e)Includes $1.6 billion and $1.5 billion of VIE secured debt at December 31, 2024, and 2023, respectively.
(f)Includes advances from the FHLB of Pittsburgh of $4.2 billion and $5.6 billion at December 31, 2024, and 2023, respectively.
20242023
December 31, ($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$2,408 $2,411 $4,819 $1,409 $2,931 $4,340 
Due after one year
8,654 4,022 12,676 9,015 4,215 13,230 
Total long-term debt$11,062 $6,433 $17,495 $10,424 $7,146 $17,570 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information.
The following table presents the scheduled remaining maturity of long-term debt at December 31, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202520262027202820292030 and thereafter
Total
Unsecured
Long-term debt
$2,482 $151 $1,622 $865 $1,029 $5,676 $11,825 
Original issue discount
(74)(82)(94)(107)(123)(283)(763)
Total unsecured
2,408 69 1,528 758 906 5,393 11,062 
Secured
Long-term debt
2,410 2,159 1,407 399 39 19 6,433 
Total long-term debt
$4,818 $2,228 $2,935 $1,157 $945 $5,412 $17,495 
The following table summarizes assets restricted as collateral for the payment of the related debt obligation.
December 31, ($ in millions)
20242023
Consumer automotive finance receivables$38,316 $40,805 
Consumer mortgage finance receivables17,269 18,703 
Commercial finance receivables6,297 5,968 
Investment securities (amortized cost of $2,822 and $4,030) (a)
2,946 4,036 
Other assets (b)
669 — 
Total assets restricted as collateral (c) (d)$65,497 $69,512 
Secured debt (e)$8,058 $10,443 
(a)A portion of the restricted investment securities at December 31, 2023, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)Includes the collateral accounts restricted for the payment of credit-linked notes recorded within restricted cash and cash equivalents. Excludes restricted cash and cash reserves for securitization trusts. Refer to Note 13 and Note 20 for additional information.
(c)All restricted assets are those of Ally Bank.
(d)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 $26.5 billion and $27.9 billion at December 31, 2024, and December 31, 2023, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $33.8 billion and $34.0 billion at December 31, 2024, and December 31, 2023, respectively. 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 other subsidiaries.
(e)Includes $1.6 billion and $3.3 billion of short-term borrowings at December 31, 2024, and December 31, 2023, respectively.