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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis

The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities.


	Recurring fair value measurements
March 31, 2025 ($ in millions)	Level 1		Level 2		Level 3		Total
Assets
Investment securities
Equity securities (a) (b)	$	892	$	—	$	—	$	892
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	2,086		—		—		2,086
U.S. States and political subdivisions	—		575		35		610
Foreign government	34		165		—		199
Agency mortgage-backed residential	—		12,687		—		12,687
Mortgage-backed residential	—		205		—		205
Agency mortgage-backed commercial	—		4,671		—		4,671

Asset-backed	—		74		—		74
Corporate debt	—		1,814		—		1,814
Total available-for-sale securities	2,120		20,191		35		22,346
Loans held-for-sale (c)	—		3		3		6




Other assets
Derivative contracts in a receivable position
Interest rate	—		2		—		2



Total derivative contracts in a receivable position	—		2		—		2

Total assets	$	3,012	$	20,196	$	38	$	23,246
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position


Credit	$	—	$	—	$	4	$	4

Total derivative contracts in a payable position	—		—		4		4

Total liabilities	$	—	$	—	$	4	$	4

(a)Our direct investment in any one industry did not exceed 11%. The concentration calculation excludes our investment in mutual funds and ETFs.

(b)Excludes $50 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

(c)Consumer mortgage loans carried at fair value due to fair value option elections.


	Recurring fair value measurements
December 31, 2024 ($ in millions)	Level 1		Level 2		Level 3		Total
Assets
Investment securities
Equity securities (a) (b)	$	820	$	—	$	—	$	820
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	1,873		—		—		1,873
U.S. States and political subdivisions	—		582		35		617
Foreign government	36		158		—		194
Agency mortgage-backed residential	—		13,653		—		13,653
Mortgage-backed residential	—		206		—		206
Agency mortgage-backed commercial	—		3,984		—		3,984

Asset-backed	—		129		—		129
Corporate debt	—		1,754		—		1,754
Total available-for-sale securities	1,909		20,466		35		22,410
Loans held-for-sale (c)	—		11		5		16




Other assets
Derivative contracts in a receivable position
Interest rate	—		2		1		3
Foreign currency	—		9		—		9

Total derivative contracts in a receivable position	—		11		1		12

Total assets	$	2,729	$	20,488	$	41	$	23,258
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position


Credit	$	—	$	—	$	4	$	4

Total derivative contracts in a payable position	—		—		4		4

Total liabilities	$	—	$	—	$	4	$	4

(a)Our direct investment in any one industry did not exceed 14%. The concentration calculation excludes our investment in mutual funds and ETFs.

(b)Excludes $51 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

(c)Consumer mortgage loans carried at fair value due to fair value option elections.

Schedule of Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation

The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.


	Equity securities				Available-for-sale securities				Loans held-for-sale (a)
($ in millions)	2025		2024		2025		2024		2025		2024
Assets
Fair value at January 1,	$	—	$	1	$	35	$	9	$	5	$	—
Net realized/unrealized gains
Included in earnings	—		—		—		—		—		—
Included in OCI	—		—		—		—		—		—
Purchases and originations	—		—		—		2		8		—
Sales	—		—		—		—		(10)		—
Issuances	—		—		—		—		—		—
Settlements	—		—		—		—		—		—
Transfers into Level 3	—		—		—		—		—		—
Transfers out of Level 3	—		(1)		—		—		—		—
Fair value at March 31,	$	—	$	—	$	35	$	11	$	3	$	—
Net unrealized gains still held at March 31,
Included in earnings	$	—	$	—	$	—	$	—	$	—	$	—
Included in OCI	—		—		—		—		—		—

(a)Consumer mortgage loans carried at fair value due to fair value option elections.


	Derivative liabilities, net of derivative assets (a)
($ in millions)	2025		2024
Liabilities
Fair value at January 1,	$	3	$	8
Net realized/unrealized gains
Included in earnings	(1)		(4)
Included in OCI	—		—
Purchases and originations	—		—
Sales	—		—
Issuances	—		—
Settlements	—		—
Transfers into Level 3	—		—
Transfers out of Level 3 (b)	2		4
Fair value at March 31,	$	4	$	8
Net unrealized gains still held at March 31,
Included in earnings	$	—	$	(2)
Included in OCI	—		—

(a)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss).

(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the three months ended March 31, 2025, and March 31, 2024. These transfers are deemed to have occurred at the end of the reporting period.

Schedule of Fair Value Measurements - Nonrecurring Basis

The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at March 31, 2025. The disposal group was sold on April 1, 2025. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used.


	Nonrecurring fair value measurements								Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments		Total gain (loss) included in earnings
March 31, 2025 ($ in millions)	Level 1		Level 2		Level 3		Total
Assets
Loans held-for-sale, net	$	—	$	2,248	$	—	$	2,248	$	—	n/m		(a)
Other assets (b) (c)	—		199		—		199		(307)		(7)		(d)
Total assets	$	—	$	2,447	$	—	$	2,447	$	(307)	$	(7)
Liabilities
Accrued expenses and other liabilities	$	—	$	35	$	—	$	35	$	—	n/m		(a)
Total liabilities	$	—	$	35	$	—	$	35	$	—	n/m

n/m = not meaningful

(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items.

(b)Includes a $305 million impairment of goodwill at Ally Credit Card. At the time of impairment, the fair value of goodwill was classified as Level 2 under the fair value hierarchy.

(c)Includes a $2 million impairment of other assets related to Ally Credit Card branded plastics acquired by the purchaser. At the time of impairment, the fair value of other assets was classified as Level 2 under the fair value hierarchy.

(d)Represents estimated costs to sell related to the transaction.

The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2025, and December 31, 2024, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude operations held-for-sale, refer to Note 2 for additional information.


	Nonrecurring fair value measurements								Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments		Total gain (loss) included in earnings
March 31, 2025 ($ in millions)	Level 1		Level 2		Level 3		Total
Assets




Loans held-for-sale, net	$	—	$	—	$	203	$	203	$	—	n/m	(a)






Commercial finance receivables and loans, net (b)
Automotive	—		—		77		77		(16)		n/m	(a)
Other	—		—		21		21		(67)		n/m	(a)
Total commercial finance receivables and loans, net	—		—		98		98		(83)		n/m	(a)
Other assets



Repossessed and foreclosed assets (c)	—		—		10		10		(2)		n/m	(a)

Total assets	$	—	$	—	$	311	$	311	$	(85)	n/m

n/m = not meaningful

(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.

(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.


	Nonrecurring fair value measurements								Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments		Total gain (loss) included in earnings
December 31, 2024 ($ in millions)	Level 1		Level 2		Level 3		Total
Assets




Loans held-for-sale, net	$	—	$	—	$	143	$	143	$	—	n/m	(a)






Commercial finance receivables and loans, net (b)
Automotive	—		—		13		13		(2)		n/m	(a)
Other	—		—		26		26		(63)		n/m	(a)
Total commercial finance receivables and loans, net	—		—		39		39		(65)		n/m	(a)
Other assets

Goodwill (c)	—		—		362		362		(118)		n/m	(a)

Repossessed and foreclosed assets (d)	—		—		8		8		(1)		n/m	(a)

Total assets	$	—	$	—	$	552	$	552	$	(184)	n/m

n/m = not meaningful

(c)As of December 31, 2024, we recognized a $118 million impairment of goodwill at Ally Credit Card. Refer to Note 11 for further discussion.

(d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. This table excludes operations held-for-sale, refer to Note 2 for additional information. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at March 31, 2025, and December 31, 2024.


			Estimated fair value
($ in millions)	Carrying value		Level 1		Level 2		Level 3		Total
March 31, 2025
Financial assets
Held-to-maturity securities	$	4,668	$	—	$	4,670	$	—	$	4,670
Loans held-for-sale, net	203		—		—		203		203
Finance receivables and loans, net	130,087		—		—		132,614		132,614
FHLB/FRB stock (a)	693		—		693		—		693
Financial liabilities
Deposit liabilities	$	42,459	$	—	$	—	$	42,591	$	42,591
Short-term borrowings	3,339		—		—		3,345		3,345
Long-term debt	16,465		—		12,880		4,651		17,531
December 31, 2024
Financial assets
Held-to-maturity securities	$	4,346	$	—	$	4,293	$	—	$	4,293
Loans held-for-sale, net	144		—		—		144		144
Finance receivables and loans, net	132,316		—		—		134,603		134,603
FHLB/FRB stock (a)	698		—		698		—		698
Financial liabilities
Deposit liabilities	$	47,242	$	—	$	—	$	47,403	$	47,403
Short-term borrowings	1,625		—		—		1,625		1,625
Long-term debt	17,495		—		13,535		4,982		18,517

(a)Included in other assets on our Condensed Consolidated Balance Sheet.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details