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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
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
June 30, 2025 ($ in millions)
Level 1Level 2Level 3Total
Assets
Investment securities
Equity securities (a) (b)$885 $— $— $885 
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies
2,171 — — 2,171 
U.S. States and political subdivisions
— 541 35 576 
Foreign government36 158 — 194 
Agency mortgage-backed residential
— 12,655 — 12,655 
Mortgage-backed residential
— 201 — 201 
Agency mortgage-backed commercial— 4,697 — 4,697 
Asset-backed— 45 — 45 
Corporate debt
— 1,858 — 1,858 
Total available-for-sale securities2,207 20,155 35 22,397 
Other assets
Derivative contracts in a receivable position
Interest rate— 1 — 1 
Total derivative contracts in a receivable position— 1 — 1 
Total assets$3,092 $20,156 $35 $23,283 
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency$— $3 $— $3 
Credit — — 4 4 
Total derivative contracts in a payable position
— 3 4 7 
Total liabilities$— $3 $4 $7 
(a)Our direct investment in any one industry did not exceed 12%. The concentration calculation excludes our investment in mutual funds and ETFs.
(b)Excludes $53 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
Recurring fair value measurements
December 31, 2024 ($ in millions)
Level 1Level 2Level 3Total
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 government36 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 securities1,909 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 $51 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.
(c)Consumer mortgage loans carried at fair value due to fair value option elections.
Schedule of Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.
Equity securitiesAvailable-for-sale securitiesLoans
held-for-sale (a)
($ in millions)202520242025202420252024
Assets
Fair value at April 1,$— $— $35 $11 $3 $— 
Net realized/unrealized gains
Included in earnings— — — — — — 
Included in OCI— — — — — — 
Purchases and originations— — — — 1 2 
Sales— — — — (4)— 
Issuances— — — — — — 
Settlements— — — — — — 
Transfers into Level 3— — — — — — 
Transfers out of Level 3— — — — — — 
Fair value at June 30,$— $— $35 $11 $— $2 
Net unrealized gains still held at June 30,
Included in earnings$— $— $— $— $— $— 
Included in OCI— — — — — — 
(a)Consumer mortgage loans carried at fair value due to fair value option elections.
Derivative liabilities, net of derivative assets (a)
($ in millions)20252024
Liabilities
Fair value at April 1,$4 $8 
Net realized/unrealized gains
Included in earnings— (5)
Included in OCI— — 
Purchases and originations— — 
Sales— — 
Issuances— — 
Settlements— (5)
Transfers into Level 3— — 
Transfers out of Level 3 (b)— 5 
Fair value at June 30,$4 $3 
Net unrealized gains still held at June 30,
Included in earnings$— $(2)
Included in OCI— — 
(a)Net realized/unrealized gains are reported as (loss) gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during the three months ended June 30, 2024. These transfers are deemed to have occurred at the end of the reporting period.
Equity securitiesAvailable-for-sale securitiesLoans
held-for-sale (a)
($ in millions)202520242025202420252024
Assets
Fair value at January 1,$— $1 $35 $9 $5 $— 
Net realized/unrealized gains
Included in earnings— — — — — — 
Included in OCI— — — — — — 
Purchases and originations— — — 2 9 2 
Sales— — — — (14)— 
Issuances— — — — — — 
Settlements— — — — — — 
Transfers into Level 3— — — — — — 
Transfers out of Level 3— (1)— — — — 
Fair value at June 30,$— $— $35 $11 $— $2 
Net unrealized gains still held at June 30,
Included in earnings$— $— $— $— $— $— 
Included in OCI— — — — — — 
(a)Consumer mortgage loans carried at fair value due to fair value option elections.
Derivative liabilities, net of derivative assets (a)
($ in millions)20252024
Liabilities
Fair value at January 1,$3 $8 
Net realized/unrealized gains
Included in earnings(1)(9)
Included in OCI— — 
Purchases and originations— — 
Sales— — 
Issuances— — 
Settlements— (5)
Transfers into Level 3— — 
Transfers out of Level 3 (b)2 9 
Fair value at June 30,$4 $3 
Net unrealized gains still held at June 30,
Included in earnings$— $(7)
Included in OCI— — 
(a)Net realized/unrealized gains are reported as (loss) gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the six months ended June 30, 2025, and June 30, 2024. These transfers are deemed to have occurred at the end of the reporting period.
Schedule of Fair Value Measurements - Nonrecurring Basis
The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at June 30, 2025, and December 31, 2024, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.
Nonrecurring fair value measurements
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments
Total gain (loss) included in earnings
June 30, 2025 ($ in millions)
Level 1
Level 2
Level 3
Total
Assets
Loans held-for-sale, net$— $— $185 $185 $(2)n/m(a)
Commercial finance receivables and loans, net (b)
Automotive
— — 23 23 (10)n/m(a)
Other
— — 27 27 (67)n/m(a)
Total commercial finance receivables and loans, net
— — 50 50 (77)n/m(a)
Other assets
Nonmarketable equity investments— — — — (5)n/m(a)
Repossessed and foreclosed assets (c)— — 8 8 (2)n/m(a)
Total assets
$— $— $243 $243 $(86)n/m
n/m = not meaningful
(a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.
(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Nonrecurring fair value measurementsLower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustmentsTotal gain (loss) included in earnings
December 31, 2024 ($ in millions)
Level 1Level 2Level 3Total
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
(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. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.
(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)As of December 31, 2024, we recognized a $118 million impairment of goodwill at Ally Credit Card. Refer to Note 11 for further discussion.
(d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Schedule of Fair Value, by Balance Sheet Grouping
The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at June 30, 2025, and December 31, 2024.
Estimated fair value
($ in millions)
Carrying value
Level 1
Level 2
Level 3
Total
June 30, 2025
Financial assets
Held-to-maturity securities
$4,561 $— $4,559 $— $4,559 
Loans held-for-sale, net
185 — — 185 185 
Finance receivables and loans, net
129,813 — — 132,586 132,586 
FHLB/FRB stock (a)
722 — 722 — 722 
Financial liabilities
Deposit liabilities
$40,117 $— $— $40,233 $40,233 
Short-term borrowings
3,856 — — 3,865 3,865 
Long-term debt
15,876 — 12,741 4,359 17,100 
December 31, 2024
Financial assets
Held-to-maturity securities$4,346 $— $4,293 $— $4,293 
Loans held-for-sale, net144 — — 144 144 
Finance receivables and loans, net132,316 — — 134,603 134,603 
FHLB/FRB stock (a)698 — 698 — 698 
Financial liabilities
Deposit liabilities$47,242 $— $— $47,403 $47,403 
Short-term borrowings1,625 — — 1,625 1,625 
Long-term debt17,495 — 13,535 4,982 18,517 
(a)Included in other assets on our Condensed Consolidated Balance Sheet.