8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

October 16, 2019 (Date of report; date of earliest event reported)

Commission file number: 1-3754

ALLY FINANCIAL INC.

(Exact name of registrant as specified in its charter)

Delaware	38-0572512
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Ally Detroit Center

500 Woodward Ave.

Floor 10, Detroit, Michigan

48226

(Address of principal executive offices)

(Zip Code)

(866) 710-4623

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act (all listed on the New York Stock Exchange):

Title of each class	Trading symbols
Common Stock, par value $0.01 per share	ALLY
8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I	ALLY PRA

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operation and Financial Condition.

On October 16, 2019, Ally Financial Inc. issued a press release announcing preliminary operating results for the third quarter ended September 30, 2019. The press release is attached hereto and incorporated by reference as Exhibit 99.1. Charts furnished to securities analysts are attached hereto and incorporated by reference as Exhibit 99.2. In addition, supplemental financial data furnished to securities analysts is attached hereto and incorporated by reference as Exhibit 99.3.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
	99.1	Press Release, Dated October 16, 2019
	99.2	Charts Furnished to Securities Analysts
	99.3	Supplemental Financial Data Furnished to Securities Analysts
	104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALLY FINANCIAL INC.
	(Registrant)
Dated: October 16, 2019	/s/ David J. DeBrunner
	David J. DeBrunner
	Vice President, Chief Accounting Officer
	and Controller

EX-99.1

Exhibit 99.1

News release: IMMEDIATE RELEASE

Ally Financial Reports Third Quarter 2019 Financial Results

Net Income of $381 million, $0.97 EPS, $1.01 Adjusted EPS¹

Third Quarter Results

PRE-TAX INCOME	RETURN ON EQUITY	COMMON SHAREHOLDER EQUITY
$500 million	10.6%	$37.68/share
CORE PRE-TAX INCOME1 $519 million	CORE ROTCE1 12.3%	ADJUSTED TANGIBLE BOOK VALUE1 $34.74/share

QUARTERLY HIGHLIGHTS •  EPS of $0.97, up 10% YoY; Adjusted EPS¹ of $1.01, up 11% YoY – highest since IPO   •  Total Net Revenue of $1.60 billion, up 6% YoY; Adjusted Total Net Revenue¹ of $1.62 billion, up 7% YoY   •  Common Shareholder Equity per Share up 20% YoY; Adjusted Tangible Book Value per Share¹ up 21% YoY   •  ROE of 10.6%, down 81 basis points (“bps”) YoY; Core ROTCE¹ of 12.3%, down 148 bps YoY   •  Consumer auto originations of $9.3 billion, up 14% YoY, sourced from a third quarter record 3.2 million applications, up 11% YoY   •  Retail auto portfolio yield of 6.66%, up 46 bps YoY   •  Retail auto net charge-off rate of 1.38%, up 6 bps YoY   •  Insurance written premiums of $357 million, up 11% YoY – highest since IPO   •  Total deposits of $119.2 billion, up $17.9 billion YoY   •  Retail deposits of $101.3 billion, up $2.7 billion QoQ and up 20% YoY   •  Total retail deposit customers of 1.94 million, up 72 thousand QoQ and up 23% YoY – highest third quarter growth for Ally Bank   •  Corporate Finance held-for-investment loan portfolio of $5.0 billion, up 16% YoY   •  Self-directed net funded accounts at Ally Invest up 21% YoY – Introduced commission-free trading effective October 9^th   •  Direct-to-consumer mortgage originations at Ally Home^® of $0.8 billion, highest quarterly direct-to-consumer originations   •  Initiated 2019 Capital Plan, repurchasing $300 million of Ally common stock   •  Upgraded to BBB- from BB+ by Fitch Ratings, Ally’s first investment grade rating since 2005

Ally Chief Executive Officer Jeffrey Brown commented on the financial results:

“In the third quarter, strong financial results reflected the consistent execution of our strategic priorities. Our differentiated customer value proposition within our deposits and auto businesses helped drive 7% year-over-year growth in Adjusted Total Net Revenue ¹ . Positive operating leverage from top line growth, coupled with share buybacks resulted in Adjusted EPS ¹ increasing 11% to $1.01, the highest level since becoming a public company.”

“Only a few months after celebrating the 10-year anniversary of Ally Bank, we surpassed $100 billion of total retail deposits, an incredible achievement for our company. Our unwavering focus on our customers, combined with our innovative and disruptive brand, our unique culture, and constant quest to Be Better has helped us to attract and retain nearly two million Ally customers, including 365 thousand new customers over the last twelve months.”

“We continued to expand our dealer relationships, leading to increased application flow that allowed us to generate healthy volumes and solid risk-adjusted returns, ultimately resulting in auto pre-tax income increasing 12% year-over-year. Our comprehensive full credit spectrum product suite, deep relationships, and industry expertise optimally position us to find attractive opportunities within the auto finance space, regardless of product, geography, or OEM.”

“We remain pleased with the strong performance across all of our businesses and will continue to exceed the needs of our customers to generate results and grow shareholder value moving forward.”

¹  The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Adjusted Total Net Revenue, Core Pre-Tax Income, Core Net Income Attributable to Common Shareholders, Core OID, Core Return on Tangible Common Equity (Core ROTCE), Adjusted Efficiency Ratio, Tangible Common Equity, Net Financing Revenue (excluding Core OID) and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document.

Discussion of Third Quarter Results

Net income attributable to common shareholders was $381 million in the quarter, compared to net income attributable to common shareholders of $374 million in the third quarter of 2018, driven by higher net financing revenue and higher other revenue, partially offset by higher provision for loan losses and higher noninterest expense. Net financing revenue improved to $1.2 billion, up $81 million from a year ago, driven by balance sheet growth and higher retail auto portfolio yield, partially offset by higher funding costs. Net financing revenue was $31 million higher quarter-over-quarter largely due to higher retail auto portfolio yield and balances, higher day count and higher lease gains. Other revenue increased $15 million year-over-year, primarily due to higher insurance premiums and higher investment gains. Net interest margin (“NIM”) of 2.70%, including Core OIDA of 2 bps, increased 3 bps year-over-year. Excluding Core OID A, NIM was 2.72%, flat versus the prior-year period, and up 5 bps versus the prior quarter. Provision for loan losses increased $30 million year-over-year to $263 million primarily due to asset growth and higher net charge-offs. Noninterest expense increased $31 million year-over-year, driven primarily by costs associated with the continued growth of our consumer product suite, including marketing and digital and technological capabilities.

^A  Represents a non-GAAP financial measure. Refer to definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.

Third Quarter Financial Results

							Increase/(Decrease) vs.
($ millions except per share data)	3Q 19		2Q 19		3Q 18		2Q 19		3Q 18
Net Financing Revenue (excluding Core OID)1	$	1,195	$	1,164	$	1,129	$	31	$	67
Core OID		(7)		(7)		(22)		(0)		14
(a) Net Financing Revenue (as reported)		1,188		1,157		1,107		31		81
Other Revenue (excluding Change in Fair Value of Equity Securities)2		424		393		392		31		32
Change in Fair Value of Equity Securities2		(11)		2		6		(13)		(17)
(b) Other Revenue (as reported)		413		395		398		18		15
(c) Provision for Loan Losses		263		177		233		86		30
(d) Noninterest Expense		838		881		807		(43)		31
Pre-Tax Income from Continuing Operations (a+b-c-d)	$	500	$	494	$	465	$	6	$	35
Income Tax Expense (Benefit)		119		(90)		91		209		28
(Loss) / Income from Discontinued Operations, Net of Tax		-		(2)		-		2		-
Net Income	$	381	$	582	$	374	$	(201)	$	7
	3Q 19		2Q 19		3Q 18		2Q 19		3Q 18
GAAP EPS (diluted)	$	0.97	$	1.46	$	0.88	$	(0.48)	$	0.09
Discontinued Operations, Net of Tax		-		0.01		-		(0.01)		-
Core OID, Net of Tax		0.02		0.01		0.04		0.00		(0.03)
Change in Fair Value of Equity Securities, Net of Tax		0.02		(0.00)		(0.01)		0.03		0.03
Significant Discrete Tax Items4		-		(0.50)		-		0.50		-
Adjusted EPS3	$	1.01	$	0.97	$	0.91	$	0.04	$	0.10
Core ROTCE3		12.3%		12.4%		13.7%
Adjusted Efficiency Ratio3		45.3%		46.1%		46.0%
Effective Tax Rate4		23.9%		-18.2%		19.6%

(1) Represents a non-GAAP financial measure. Adjusted for Core OID. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.

(2) Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Represents a non-GAAP financial measure. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

(4) Significant discrete tax items do not relate to the operating performance of the core businesses. 2Q 19 effective tax rate was primarily impacted by the release of valuation allowance on foreign tax credit carryforwards.

2

Pre-Tax Income by Segment

							Increase/(Decrease) vs.
($ millions)	3Q 19		2Q 19		3Q 18		2Q 19		3Q 18
Automotive Finance	$	429	$	459	$	383	$	(30)	$	46
Insurance		56		-		55		56		1
Dealer Financial Services	$	485	$	459	$	438	$	26	$	47
Corporate Finance		44		46		36		(2)		8
Mortgage Finance		11		14		8		(3)		3
Corporate and Other		(40)		(25)		(17)		(15)		(23)
Pre-Tax Income from Continuing Operations	$	500	$	494	$	465	$	6	$	35
Core OID1		7		7		22		0		(14)
Change in Fair Value of Equity Securities2		11		(2)		(6)		13		17
Core Pre-Tax Income3	$	519	$	499	$	481	$	20	$	38

(1) Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.

(2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations for Core OID and equity fair value adjustments related to ASU 2016-01. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.

Discussion of Segment Results

Auto Finance

Pre-tax income of $429 million was $46 million higher year-over-year, reflecting higher net financing revenue partially offset by higher provision for loan losses, higher noninterest expense and lower other revenue primarily associated with loan sale activity in the prior year period.

Net financing revenue of $1.08 billion was $122 million higher year-over-year due to higher retail auto yields and higher retail auto balances. Retail auto portfolio yield increased 46 bps year-over-year to 6.66% while commercial auto portfolio yield increased 19 bps year-over-year to 4.59%.

Provision for loan losses increased $36 million year-over-year largely driven by higher retail auto earning assets as well as higher retail auto net charge-offs.

Consumer auto originations increased to $9.3 billion from $8.1 billion in the prior year period, which included $4.6 billion of used retail volume, or 50% of total originations, $3.4 billion of new retail volume, and $1.3 billion of leases.

End of period auto earning assets increased $0.4 billion year-over-year from $114.5 billion to $114.9 billion. End of period consumer auto earning assets were up $2.9 billion year-over-year driven by growth in the retail auto portfolio. End of period commercial earning assets of $33.3 billion were $2.5 billion lower year-over-year while commercial average balance declined from $34.5 billion to $33.3 billion year-over-year.

Insurance

Pre-tax income increased $1 million year-over-year to $56 million while Core pre-tax income ^B increased $17 million year-over-year to $66 million due to higher earned premiums and lower weather losses.

Written premiums were up $34 million year-over-year at $357 million, the highest level since becoming a public company, driven by vehicle inventory insurance portfolio growth and rate increases as well as higher vehicle service contract volume.

Total investment income was flat year-over-year at $30 million, excluding a $10 million decrease in the fair value of equity securities during the quarter^C.

AM Best upgraded the Financial Strength Rating for Ally Insurance Group to A- from B++; Ally’s first upgrade in 10 years.

^BRepresents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Refer to the definitions of Non-GAAP Financial Measures and Other Key Terms later in this press release.

^CASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

3

Corporate Finance

Pre-tax income was $44 million in the quarter, compared to $36 million in the prior year period, as higher net financing revenue and lower provision for loan losses more than offset lower other revenue and higher noninterest expense.

Net financing revenue increased $10 million year-over-year to $60 million, driven by strong loan growth. The held-for-investment loan portfolio increased 16% year-over-year from $4.4 billion to $5.0 billion.

Provision for loan losses was down $5 million year-over-year primarily due to lower reserves on specific exposures relative to the prior year period.

Mortgage Finance

Pre-tax income was $11 million in the quarter, compared to $8 million in the prior year period, as higher other revenue more than offset lower net financing revenue.

Net financing revenue was down $5 million year-over-year to $39 million primarily due to faster prepayments and higher premium amortization. Other revenue increased $8 million year-over-year to $10 million primarily driven by gain on bulk asset sale in the current quarter. The held-for-investment portfolio increased $0.9 billion in the past year driven primarily by bulk mortgage purchases.

Noninterest expense increased $2 million year-over-year primarily due to asset growth.

Direct-to-consumer originations totaled $0.8 billion in the quarter, the highest direct-to-consumer originations since product launch in 2016.

Capital, Liquidity & Deposits

Capital

Ally paid a $0.17 per share quarterly common dividend and completed $300 million of share repurchases in the third quarter, including shares withheld to cover income taxes owed by participants related to share-based incentive plans. Ally’s Board of Directors approved a $0.17 per share common dividend for the fourth quarter of 2019.

Preliminary fully phased-in Basel III Common Equity Tier 1 (CET1) capital ratio ^D increased from 9.5% to 9.6% quarter-over-quarter, primarily due to strong earnings generation and deferred tax asset utilization.

Liquidity & Funding

Consolidated cash and cash equivalents totaled $3.6 billion at quarter-end, unchanged relative to the end of the second quarter.

U.S. auto term securitizations totaled $0.8 billion during the quarter.

At quarter-end, 92% of Ally’s total assets were funded at Ally Bank, up from 87% a year ago.

Deposits represented 74% of Ally’s funding portfolio at quarter-end, excluding Core OID balance, increasing from 65% a year ago.

Deposits

Retail deposits increased to $101.3 billion at quarter-end, up $16.7 billion year-over-year and up $2.7 billion for the quarter. Total deposits increased to $119.2 billion at quarter-end, up $17.9 billion year-over-year.

The average retail portfolio deposit rate was 2.14% for the quarter, up 36 bps year-over-year and down 8 bps quarter-over-quarter, the first quarter-over-quarter decline in retail portfolio deposit rate since the first quarter of 2017.

Ally’s retail deposit customer base grew 23% year-over-year, totaling 1.94 million customers at quarter-end, while adding 72 thousand customers during the quarter. Average customer balance ended the quarter at $52.2 thousand. Millennials continue to comprise the largest generation segment of new customers, accounting for 60% of new customers in the third quarter.

^D Fully phased-in Basel III CET1 is a non-GAAP financial measure which Ally believes is important to the reader of the Consolidated Financial Statements, but which is supplemental to and not a substitute for GAAP measures. This measure is used by management and we believe is useful to investors in assessing the company’s capital. Ally’s preliminary Basel III Common Equity Tier 1 capital ratio, reflective of transition provisions, is 9.6%. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this press release for details and calculation methodology.

4

Definitions of Non-GAAP  Financial Measures and Other Key Terms 

Ally believes the non-GAAP financial measures defined here are important to the reader of the Consolidated Financial Statements, but these are supplemental to and not a substitute for GAAP measures.

Adjusted Earnings per Share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity, and (4) excludes significant discrete tax items that do not relate to the operating performance of the core businesses.

Adjusted Efficiency Ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted Efficiency Ratio, total noninterest expense is adjusted for Insurance segment expense and rep and warrant expense. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See Reconciliation to GAAP on page 8 for calculation methodology and details.

Adjusted Tangible Book Value per Share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of deferred tax liabilities (DTLs) and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered. In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in the future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate. See Reconciliation to GAAP on page 7 for calculation methodology and details.

Common Equity Tier 1 (CET1) Capital Fully Phased-In: Under the Basel III regulatory framework as adopted in the United States, banking organizations like the company are required to comply with a minimum ratio of common equity tier 1 capital to risk-weighted assets (CET1 Capital Ratio). Common equity tier 1 capital generally consists of common stock (plus any related surplus and net of any treasury stock), retained earnings, accumulated other comprehensive income, and minority interests in the common equity of consolidated subsidiaries, subject to specified conditions and adjustments. The obligation to comply with the minimum CET1 Capital Ratio is subject to ongoing transition periods and other provisions under Basel III. Management believes that both the transitional CET1 Capital Ratio and the fully phased-in CET1 Capital Ratio are helpful to readers in evaluating the company’s capital utilization and adequacy in absolute terms and relative to its peers. The fully phased-in CET1 Capital Ratio is a non-GAAP financial measure that is reconciled to the transitional CET1 Capital Ratio on page 7.

Core Net Income Attributable to Common Shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items, and tax-effected changes in equity investments measured at fair value. See Reconciliation to GAAP on page 6 for calculation methodology and details.

Core Original Issue Discount (Core OID) Amortization Expense is a non-GAAP financial measure for OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 7 for calculation methodology and details.

Core Outstanding Original Issue Discount Balance (Core OID balance) is a non-GAAP financial measure for outstanding OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 7 for calculation methodology and details.

Core Pre-tax Income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See the Pre-Tax Income by Segment Table on page 3 for calculation methodology and details.

Core Return on Tangible Common Equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

(1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity, and significant discrete tax items.

(2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with new debt issuances and bond exchanges, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, the management of our legacy mortgage portfolio, and reclassifications and eliminations between the reportable operating segments. The revenue and expense activity associated with Ally Invest is included within the Corporate and Other segment.

5

Net Financing Revenue (excluding OID) excludes Core OID.

Net Charge-Off Ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale.

Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for Core OID balance and net deferred tax asset. See page 6 for calculation methodology & details.

U.S. Consumer Auto Originations

New Retail – standard and subvented rate new vehicle loans	Used Retail – used vehicle loans
Growth – total originations from non-GM/Chrysler dealers and direct-to-consumer loans	Lease – new vehicle lease originations

Reconciliation to GAAP

Adjusted Earnings per Share
Numerator ($ millions)		3Q 19			2Q 19			3Q 18
GAAP Net Income Attributable to Common Shareholders		$	381		$	582		$	374
Discontinued Operations, Net of Tax			-			2			-
Core OID			7			7			22
Change in Fair Value of Equity Securities			11			(2	)		(6	)
Tax on: Core OID & Change in Fair Value of Equity Securities (21% starting 1Q18)			(4	)		(1	)		(3	)
Significant Discrete Tax Items			-			(201	)		-
Core Net Income Attributable to Common Shareholders	[a]	$	396		$	387		$	386
Denominator
Weighted-Average Common Shares Outstanding - (Diluted, thousands)	[b]		392,604			399,916			424,784
Adjusted EPS	[a] ÷ [b]	$	1.01		$	0.97		$	0.91
Core Return on Tangible Common Equity (ROTCE)
Numerator ($ millions)		3Q 19			2Q 19			3Q 18
GAAP Net Income Attributable to Common Shareholders		$	381		$	582		$	374
Discontinued Operations, Net of Tax			-			2			-
Core OID			7			7			22
Change in Fair Value of Equity Securities			(11	)		(2	)		(6	)
Tax on: Core OID & Change in Fair Value of Equity Securities (21% starting 1Q18)			(4	)		(1	)		(3	)
Significant Discrete Tax Items			-			(201	)		-
Core Net Income Attributable to Common Shareholders	[a]	$	396		$	387		$	386
Denominator (2-period average, $ billions)
GAAP Shareholder’s Equity		$	14.4		$	14.0		$	13.1
Goodwill & Identifiable Intangibles, Net of Deferred Tax Liabilities (DTLs)			(0.3	)		(0.3	)		(0.3	)
Tangible Common Equity		$	14.1		$	13.7		$	12.8
Core OID Balance			(1.1	)		(1.1	)		(1.1	)
Net Deferred Tax Asset (DTA)			(0.1	)		(0.1	)		(0.4	)
Normalized Common Equity	[b]	$	12.9		$	12.5		$	11.2
Core Return on Tangible Common Equity	[a] ÷ [b]		12.3	%		12.4	%		13.7	%

6

Adjusted Tangible Book Value per Share
Numerator ($ billions)		3Q 19			2Q 19			3Q 18
GAAP Common Shareholder’s Equity		$	14.5		$	14.3		$	13.1
Goodwill and Identifiable Intangible Assets, Net of DTLs			(0.3	)		(0.3	)		(0.3	)
Tangible Common Equity			14.2			14.0			12.8
Tax-effected Core OID Balance (21% starting in 4Q17)			(0.8	)		(0.9	)		(0.9	)
Adjusted Tangible Book Value	[a]	$	13.3		$	13.2		$	11.9
Denominator
Issued Shares Outstanding (period-end, thousands)	[b]	383,523			392,775			416,591
Metric
GAAP Common Shareholder’s Equity per Share		$	37.7		$	36.4		$	31.4
Goodwill and Identifiable Intangible Assets, Net of DTLs per Share			(0.7	)		(0.7	)		(0.7	)
Tangible Common Equity per Share		$	37.0		$	35.7		$	30.7
Tax-effected Core OID Balance (21% starting in 4Q17) per Share			(2.2	)		(2.2	)		(2.1	)
Adjusted Tangible Book Value per Share	[a] ÷ [b]	$	34.7		$	33.6		$	28.6
Regulatory Capital – Basel III transition to fully phased-in ($ billions)
Numerator		3Q 19			2Q 19			3Q 18
Common Equity Tier 1 Capital	[a]	$	14.0		$	13.9		$	13.4
Denominator
Risk-weighted Assets (Transition)		$	145.8		$	145.9		$	142.2
DTAs Arising from Temporary Differences that Could Not Be Realized Through NOL, Net of VA and Net of DTLs Phased-in During Transition			0.1			0.2			0.3
Risk-weighted Assets (Fully Phased-in)	[b]	$	145.9		$	146.0		$	142.5
Metric
Common Equity Tier 1 (Transition)			9.6	%		9.5	%		9.4	%
Common Equity Tier 1 (Fully Phased-in)	[a] ÷ [b]		9.6	%		9.5	%		9.4	%
Original Issue Discount Amortization Expense ($ millions)		3Q 19			2Q 19			3Q 18
Core Original Issue Discount (Core OID) Amortization Expense (excl. accelerated OID)		$	7		$	7		$	22
Other OID			3			3			4
GAAP Original Issue Discount Amortization Expense		$	11		$	10		$	25
Outstanding Original Issue Discount Balance ($ millions)		3Q 19			2Q 19			3Q 18
Core Outstanding Original Issue Discount Balance (Core OID Balance)		$	(1,071	)	$	(1,078	)	$	(1,115	)
Other Outstanding OID Balance			(40	)		(44	)		(46	)
GAAP Outstanding Original Issue Discount Balance		$	(1,111	)	$	(1,122	)	$	(1,161	)

7

Adjusted Efficiency Ratio
Numerator ($ millions)		3Q 19			2Q 19			3Q 18
GAAP Noninterest Expense		$	838		$	881		$	807
Rep and Warrant Expense			(0	)		(0	)		(0	)
Insurance Expense			(247	)		(301	)		(241	)
Adjusted Noninterest Expense for Adjusted Efficiency Ratio	[a]	$	591		$	580		$	566
Denominator ($ millions)
Total Net Revenue		$	1,601		$	1,552		$	1,505
Core OID			7			7			22
Insurance Revenue			(303)			(301)			(296)
Adjusted Net Revenue for Adjusted Efficiency Ratio	[b]	$	1,305		$	1,258		$	1,231
Adjusted Efficiency Ratio	[a] ÷ [b]		45.3%			46.1%			46.0%
Net Financing Revenue (ex. Core OID)
($ millions)		3Q 19			2Q 19			3Q 18
GAAP Net Financing Revenue		$	1,188		$	1,157		$	1,107
Core OID			7			7			22
Net Financing Revenue (ex. Core OID)	[a]	$	1,195		$	1,164		$	1,129
Adjusted Other Revenue
($ millions)		3Q 19			2Q 19			3Q 18
GAAP Other Revenue		$	413		$	395		$	398
Change in Fair Value of Equity Securities			11			(2)			(6)
Adjusted Other Revenue	[b]	$	424		$	393		$	392
Adjusted Total Net Revenue
($ millions)		3Q 19			2Q 19			3Q 18
Adjusted Total Net Revenue	[a] + [b]	$	1,620		$	1,557		$	1,521

8

Insurance Non-GAAP Walk to Core Pre-Tax Income
	3Q 2019										3Q 2018
($ millions)     Insurance		GAAP		Core OID		Change in the fair value of equity securities		Non-GAAP1		GAAP		Core OID		Change in the fair value of equity securities			Non-GAAP1
Premiums, Service Revenue Earned and Other	$	283	$	-	$	-	$	283	$	260	$	-	$	-		$	260
Losses and Loss Adjustment Expenses		74		-		-		74		77		-		-			77
Acquisition and Underwriting Expenses		173		-		-		173		164		-		-			164
Investment Income and Other		20		-		10		30		36		-		(7	)		29
Pre-Tax Income from Continuing Operations	$	56	$	-	$	10	$	66	$	55	$	-	$	(7	)	$	48

¹Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income.

Additional Financial Information

For additional financial information, the third quarter 2019 earnings presentation and financial supplement are available in the Events & Presentations section of Ally’s Investor Relations Website at http://www.ally.com/about/investor/events-presentations/.

About Ally Financial Inc.

Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $181.5 billion in assets as of September 30, 2019. As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on “Doing it Right” and being a trusted financial-services provider to our consumer, commercial, and corporate customers. We are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. Our award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including savings, money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

Forward-Looking Statements

This earnings release and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the release or related communication.

This earnings release and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for various financial and operating metrics and statements about future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2018, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This earnings release and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the release.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

Contacts:
Daniel Eller	Andrea Puchalsky
Ally Investor Relations	Ally Communications (Media)
704-444-5216	313-656-3798
daniel.eller@ally.com	andrea.puchalsky@ally.com

9

EX-99.2

Ally Financial Inc. 3Q 2019 Earnings Review October 16, 2019 Contact Ally Investor Relations at (866) 710-4623 or investor.relations@ally.com Exhibit 99.2

Forward-Looking Statements and Additional Information This presentation and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication. This presentation and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for various financial and operating metrics and statements about future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2018, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings. This presentation and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation. Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

GAAP and Core Results The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Core Pre-Tax Income, Core Net Income Attributable to Common Shareholders, Core Return on Tangible Common Equity (Core ROTCE), Adjusted Efficiency Ratio, fully phased-in Common Equity Tier 1 (CET1) capital, Adjusted Total Net Revenue, Net Financing Revenue (excluding Core OID), Adjusted Other Revenue, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See pages 24 and 25 for calculation methodology and details. Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 25 for calculation methodology and details. Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and the net deferred tax asset. See page 27 for calculation methodology and details. Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if tax-effected Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. See page 26 for calculation methodology and details. Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. Adjusted efficiency ratio generally adjusts for Insurance segment revenue and expense, rep and warrant expense and Core OID. See page 28 for calculation methodology and details. Adjusted total net revenue is a non-GAAP financial measure that adjusts GAAP total net revenue for Core OID and for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 31 for calculation methodology and details.

Third Quarter 2019 Highlights Adjusted EPS(1) of 1.01 cents – up 11% YoY – highest since IPO | Core ROTCE(1) of 12.3% Adjusted total net revenue(1) of $1.62 billion – up 7% YoY Sustained optimization of auto business – originations supporting portfolio yield expansion Consumer auto originations of $9.3 billion, up 14% YoY – sourced from a third quarter record 3.2 million applications Steady retail auto portfolio yield expansion, up 46 bps YoY Estimated retail auto originated yield(2) of 7.51% – down 2 bps YoY Retail auto net-charge off rate of 1.38% – up 6 bps YoY Solid YoY deposit growth of $17.9 billion – deposit balances of $119.2 billion 3Q 19 retail deposit growth of $2.7 billion, resulting in $101.3 billion in ending balances Total retail deposit customers of 1.94 million, up 72k in 3Q 19 – highest third quarter growth for Ally Bank Steady Execution, Delivering on Long-term Strategic Objectives Ongoing momentum in growth businesses and digital product offerings Corporate Finance held-for-investment balances up 16% YoY Ally Home® – $0.8 billion direct-to-consumer originations in 3Q – highest quarterly direct-to-consumer originations Ally Invest – self-directed net funded accounts up 21% YoY | Introduced commission-free trading effective October 9th Completed acquisition of digital point-of-sale payment solution, Health Credit Services, on October 1st Represents a non-GAAP financial measure. See pages 25 and 27 for calculation methodology and details. Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 24 for details. Fitch Ratings upgraded Ally Financial’s senior unsecured credit rating to BBB- from BB+ Insurance written premiums of $357 million, up 11% YoY

Adjusted Earnings Per Share(1) Adjusted Total Net Revenue(2) Total Deposits Adjusted Tangible Book Value per Share(3) Core Metric Trends (2) Represents a non-GAAP financial measure. See page 31 for details. (1) Represents a non-GAAP financial measure. See page 25 for details. (3) Represents a non-GAAP financial measure. See page 26 for details. Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.

Third Quarter 2019 Financial Results Represents a non-GAAP financial measure. Adjusted for Core OID. See pages 24 and 31 for calculation methodology and details. Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. For Non-GAAP calculation methodology and details see page 30. For Non-GAAP calculation methodology and details see pages 25, 26 and 27. Significant discrete tax items do not relate to the operating performance of the core businesses. 2Q 19 effective tax rate was primarily impacted by the release of valuation allowance on foreign tax credit carryforwards. See page 23 for calculation methodology.

Balance Sheet and Net Interest Margin Represents a non-GAAP financial measure. Excludes Core OID. See page 31 for calculation methodology and details. Includes brokered (inclusive of sweep deposits) and other deposits (inclusive of mortgage escrow and other deposits). Includes Demand Notes, FHLB borrowings and Repurchase Agreements. Includes trust preferred securities.

Retail Deposit Balance Growth Deposit Mix and Retail Rate Trend Retail Deposit Customer Growth Deposits Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits. See page 24 for Customer Retention Rate definition. Total deposits of $119.2 billion, up $17.9 billion or 18% YoY 39 consecutive quarters of YoY double-digit percentage growth in balances Customer retention of 96% - stable and strong Deposits represent 74% of total funding(1) Ending retail deposits at $101.3 billion, up $16.7 billion YoY and up $2.7 billion QoQ Average retail deposits up $16.8 billion YoY and up $3.0 billion QoQ 1.94 million retail deposit customers, up 23% YoY YTD customer growth of 292k – exceeding full year 2018 growth by 27% Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits. (1) Excludes Core OID balance.

Stable Deposit Vintages All retail deposit vintages stable or growing since launch of Ally Bank Source: Ally Deposit Analytics – listing service data aggregation as of 9/30/2019 (1) Liquid balances include Money Market Savings (MMA), Online Savings and Checking balances. Online Savings: Consistent balance growth along with consistent, competitive rate paid Liquid(1) balances represents 57% of total retail balances at 3Q compared to 33% at YE 2011

Capital Ratios(1) and Risk-Weighted Assets Shareholder Distributions – Share Repurchases and Common Stock Dividends Capital (1) All capital ratios represent fully phased-in Basel III, which are non-GAAP financial measures; See page 29 for details. Preliminary fully phased-in Basel III CET1 ratio of 9.6% Prudent capital-efficient asset growth Repurchased 9.3M shares in 3Q 19, over an aggregate 20% of shares repurchased since program inception Estimated day 1 increase to reserves of 105 – 115% from implementation adjustment for Current Expected Credit Losses (“CECL”) accounting standard Increase primarily driven by retail auto coverage from 12 months to life-of-loan Note: 'Since Inception' is activity in 3Q 16 - 3Q 19. Shares Repurchased include shares withheld to cover income taxes owed by participants related to share-based incentive plans. Excludes commissions.

Consolidated Net Charge-Offs Provision Expense Retail Auto Net Charge-Offs Retail Auto Delinquencies (60+ DPD) Asset Quality Note: Above loans are classified as held-for-investment and recorded at gross carrying value. Note: Includes accruing contracts only. Days-past-due (“DPD”). Note: Retail auto loans exclude fair value adjustments for loans in hedge accounting relationship. Note: See page 24 for definition.

Auto Finance – Results (1) Noninterest expense includes corporate allocations of $184 million in 3Q 2019, $180 million in 2Q 2019, and $172 million in 3Q 2018 Pre-tax income of $429 million, up $46 million YoY and down $30 million QoQ Net financing revenue increased QoQ and YoY due to higher retail yields and retail portfolio growth Other revenue down YoY due to loan sale activity in the prior year Provision up YoY driven by higher net charge-offs and portfolio growth QoQ increase due to seasonal net charge-off activity $114.9 billion of earning assets, up $0.4 billion YoY – retail asset growth offset by lower commercial balances Steady optimization across our market-leading, adaptable auto finance franchise Strong dealer relationships(2) at 18.2k in 3Q – 22nd consecutive quarter of growth Application flow of 3.2 million in 3Q, up 11% YoY (2) Dealer relationships include Ally active dealers, excluding RV Commercial and Consumer lines of business exited in 2Q 18. (3) Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 24 for definitions.

Consumer Originations Origination Mix Consumer Assets Commercial Assets Auto Finance – Key Metrics Note: Held-for-investment (“HFI”) asset balances reflect the average daily balance for the quarter. Note: See page 24 for definition Note: See page 24 for definition

Insurance Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 30 for details. Noninterest expense includes corporate allocations of $14 million in 3Q 2019, $13 million in 2Q 2019, and $12 million in 3Q 2018 Pre-tax income of $56 million, up $1 million YoY and up $56 million QoQ Core pre-tax income(1) of $66 million, up $17 million YoY and up $70 million QoQ Earned premiums up YoY driven by vehicle inventory insurance portfolio growth and rate increases QoQ increase due to seasonally lower reinsurance cost Loss expense down QoQ driven by seasonally lower weather losses Written premiums of $357 million, up $34 million YoY – highest level since becoming public company Vehicle inventory insurance portfolio growth and rate increases, and higher vehicle service contract volume AM Best upgraded the Financial Strength Rating for Ally Insurance Group to A- from B++ Note: See page 24 for definitions

Corporate Finance Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 30 for details. Noninterest expense includes corporate allocations of $7 million in 3Q 2019, $7 million in 2Q 2019, and $6 million in 3Q 2018. Pre-tax income of $44 million Core pre-tax income(1) of $45 million, up $9 million YoY and down $2 million QoQ Net financing revenue increase YoY driven by strong loan growth Provision expense down YoY due to lower reserves on specific exposures Held-for-investment loan portfolio of $5.0 billion, up 16% YoY ~60% of 3Q originations were asset-based Highly diversified portfolio with continued expansion into new verticals, led by experienced cycle-tested teams

Mortgage Finance Noninterest expense includes corporate allocations of $20 million in 3Q 2019, $19 million in 2Q 2019, and $18 million in 3Q 2018. 1st lien only. Updated home values derived using a combination of appraisals, Broker price opinion (BPOs), Automated Valuation Models (AVMs) and Metropolitan Statistical Area (MSA) level house price indices. Pre-tax income of $11 million Net financing revenue down YoY and QoQ driven by faster prepayments, higher premium amortization Other revenue up QoQ and YoY primarily driven by gain on bulk asset sale in the current quarter Direct-to-consumer originations of $0.8 billion – highest quarter since product launch in 2016 55% of originations in 3Q were Ally Bank retail deposit customers Better.com implementation progressing well Rolled out to 38 states – expect remainder by early 2020 Competitive loan pricing coupled with best-in-class customer experience

Conclusion Ongoing optimization of auto & insurance Steady Execution Along Our Strategic Path Focused on Driving Long-term Shareholder Value Sustained deposit growth & customer acquisition Scale in expanded product offerings Efficient capital management & disciplined risk management Ongoing execution along earnings growth path Culture of relentless focus on customers, communities, associates and shareholders Leading Digital Bank Leading Auto Finance & Insurance Partner Relentless Customer Focus ‘Do It Right’ Culture & Values Dominant Franchises Core Competencies

Supplemental

Results by Segment Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 30 for details. Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations for Core OID and equity fair value adjustments related to ASU 2016-01. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See pages 24 and 30 for calculation methodology and details. Supplemental

Growth in Bank Funded Assets Funding Mix Unsecured Long-Term Debt Maturities(1) Funding and Liquidity Note: excludes Core OID balance. See page 31 for details. Ally Bank funded assets at 92% up 5 pts YoY Deposits at 74% of total funding (excluding Core OID balance)(a) up 9 pts YoY Wholesale funding in 3Q: $0.8 billion of new retail secured funding Total liquidity levels at $28.6 billion as of 9/30/19 Supplemental Excludes retail notes, demand notes and trust preferred securities. Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs. Weighted average coupon based on notional value and corresponding coupon for all unsecured bonds as of January 1st of the respective year. Does not reflect weighted average interest expense for the respective year. 2021+ excludes ~$2.7 billion Trust Preferred securities (excluding OID/issuance costs). Note: Total Liquidity includes cash & cash equivalents, highly liquid securities and current committed unused capacity. See page 18 of the Financial Supplement for more details. (a) Excludes Core OID balance. See page 31 for details.

Corporate and Other Represents a non-GAAP financial measure. See page 31 for details. Represents a non-GAAP financial measure. See page 30 for calculation methodology and details. Primarily HFI legacy mortgage portfolio. Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio and Ally Invest activity Pre-tax loss of $40 million, down $23 million YoY and down $15 million QoQ Net financing revenue down primarily driven by higher deposit funding costs Other revenue up QoQ and YoY primarily driven by investment gains Total assets up $4.8 billion YoY Higher investment securities balance partially offset by legacy mortgage portfolio run-off Supplemental

Interest Rate Sensitivity Supplemental Net financing revenue impacts reflect a rolling 12-month view. See page 24 for additional details. Gradual changes in interest rates are recognized over 12 months.

GAAP does not prescribe a method for calculating individual elements of deferred taxes for interim periods; therefore, these balances are estimates. Primarily book / tax timing differences. Deferred Tax Asset Supplemental Note: reflects Basel III fully phased-in disallowed DTA. See page 29 for more details. Note: Significant discrete tax items do not relate to the operating performance of the core businesses. 2Q 19 effective tax rate was primarily impacted by the release of valuation allowance on foreign tax credit carryforwards.

Notes on Non-GAAP and Other Financial Measures Supplemental Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items and tax-effected changes in equity investments measured at fair value. See page 25 for calculation methodology and details. Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 31 for calculation methodology and details. Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID, primarily related to bond exchange OID which excludes international operations and future issuances. See page 31 for calculation methodology and details. Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 30 for calculation methodology and details. Interest rate risk modeling – We prepare our forward-looking baseline forecasts of net financing revenue taking into consideration anticipated future business growth, asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly dependent upon a variety of assumptions including the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We continually monitor industry and competitive repricing activity along with other market factors when contemplating deposit pricing actions. Please see the 10-Q for more details. Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale. Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for Core OID balance and net deferred tax asset. See page 26 for more details. U.S. consumer auto originations New Retail – standard and subvented rate new vehicle loans Lease – new vehicle lease originations Used – used vehicle loans Growth – total originations from non-GM/Chrysler dealers and direct-to-consumer loans Nonprime - originations with a FICO® Score of less than 620 Customer retention rate is the annualized 3-month rolling average of 1 minus the monthly attrition rate. Growth channel for Insurance includes all non-GM volume. Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. At this time there currently is no comparable GAAP financial measure for Estimated Retail Auto Originated Yield and therefore this forecasted estimate of yield at the time of origination cannot be quantitively reconciled to comparable GAAP information. The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to, and not a substitute for, GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Core Pre-Tax Income, Core Net Income Attributable to Common Shareholders, Core Return on Tangible Common Equity (Core ROTCE), Adjusted Efficiency Ratio, fully phased-in Common Equity Tier 1 (CET1) capital, Adjusted Total Net Revenue, Adjusted Other Revenue, Core original issue discount (Core OID) amortization expense and Core outstanding original issue discount balance (Core OID balance), Net Financing Revenue, excluding Core OID and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document.

GAAP to Core Results – Adjusted Earnings per Share Supplemental Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (4) excludes significant discrete tax items that do not relate to the operating performance of the core businesses.

GAAP to Core Results – Adjusted TBVPS Supplemental Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate.

GAAP to Core Results – Core ROTCE Supplemental Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share. In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and significant discrete tax items. In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

GAAP to Core Results – Adjusted Efficiency Ratio Supplemental Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense and Rep and warrant expense. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 14 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance segment.

Notes on Non-GAAP and Other Financial Measures Supplemental Common Equity Tier 1 (“CET1”) capital fully phased-in: Under the Basel III regulatory framework as adopted in the United States, banking organizations like the company are required to comply with a minimum ratio of common equity tier 1 capital to risk-weighted assets (CET1 Capital Ratio). Common equity tier 1 capital generally consists of common stock (plus any related surplus and net of any treasury stock), retained earnings, accumulated other comprehensive income, and minority interests in the common equity of consolidated subsidiaries, subject to specified conditions and adjustments. The obligation to comply with the minimum CET1 Capital Ratio is subject to ongoing transition periods and other provisions under Basel III. Management believes that both the transitional CET1 Capital Ratio and the fully phased-in CET1 Capital Ratio are helpful to readers in evaluating the company’s capital utilization and adequacy in absolute terms and relative to its peers. The fully phased-in CET1 Capital Ratio is a non-GAAP financial measure that is reconciled to the transitional CET1 Capital Ratio above.

Notes on Non-GAAP and Other Financial Measures Supplemental Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income. See page 24 for definitions.

Notes on Non-GAAP and Other Financial Measures Supplemental Note: Equity fair value adjustments related to ASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 24 for definitions.

EX-99.3

Exhibit 99.3

THIRD QUARTER 2019

FINANCIAL SUPPLEMENT

ALLY FINANCIAL INC. FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION

This document and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication.

This document and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for various financial and operating metrics and statements about future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2018, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This document and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

3Q 2019 Preliminary Results 2

ALLY FINANCIAL INC. TABLE OF CONTENTS

	Page(s)
Consolidated Results
Consolidated Financial Highlights		4
Consolidated Income Statement		5
Consolidated Period-End Balance Sheet		6
Consolidated Average Balance Sheet		7
Segment Detail
Segment Highlights		8
Automotive Finance		9-10
Insurance		11
Mortgage Finance		12
Corporate Finance		13
Corporate and Other		14
Credit Related Information		15-16
Supplemental Detail
Capital		17
Liquidity		18
Net Interest Margin and Deposits		19
Ally Bank Consumer Mortgage HFI Portfolios		20
Earnings Per Share Related Information		21
Adjusted Tangible Book Per Share Related Information		22
Core ROTCE Related Information		23
Adjusted Efficiency Ratio Related Information		24

3Q 2019 Preliminary Results 3

ALLY FINANCIAL INC. CONSOLIDATED FINANCIAL HIGHLIGHTS

($ in millions, shares in thousands)

				QUARTERLY TRENDS												CHANGE VS.
Selected Income Statement Data	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Net financing revenue (ex. Core OID) (1)	$	1,195		$	1,164		$	1,139		$	1,163		$	1,129		$	31		$	67
Core OID		(7	)		(7	)		(7	)		(23	)		(22	)		(0	)		14
Net financing revenue (as reported)		1,188			1,157			1,132			1,140			1,107			31			81
Other revenue (ex. change in the fair value of equity securities) (2)		424			393			396			393			392			31			32
Change in the fair value of equity securities (3)		(11	)		2			70			(95	)		6			(13	)		(17	)
Other revenue (as reported)		413			395			466			298			398			18			15
Provision for loan losses		263			177			282			266			233			86			30
Total noninterest expense (4)		838			881			830			804			807			(43	)		31
Pre-tax income from continuing operations		500			494			486			368			465			6			35
Income tax (benefit) / expense		119			(90	)		111			79			91			209			28
(Loss) / income from discontinued operations, net of tax		-			(2	)		(1	)		1			-			2			-
Net income attributable to common shareholders	$	381		$	582		$	374		$	290		$	374		$	(201	)	$	7
Selected Balance Sheet Data (Period-End)
Total assets	$	181,485		$	180,448		$	180,117		$	178,869		$	173,101		$	1,037		$	8,384
Consumer loans		90,081			90,698			89,211			87,240			86,501			(617	)		3,580
Commercial loans		38,528			38,512			40,844			42,686			40,104			16			(1,576	)
Allowance for loan losses		(1,277	)		(1,282	)		(1,288	)		(1,242	)		(1,248	)		5			(29	)
Deposits		119,230			116,325			113,299			106,178			101,379			2,905			17,851
Total equity		14,450			14,316			13,699			13,268			13,085			134			1,365
Common Share Count
Weighted average basic (5)		390,205			398,100			404,129			411,931			422,187			(7,895	)		(31,982	)
Weighted average diluted (5)		392,604			399,916			405,959			414,750			424,784			(7,312	)		(32,180	)
Issued shares outstanding (period-end)		383,523			392,775			399,761			404,900			416,591			(9,252	)		(33,067	)
Per Common Share Data
Earnings per share (basic) (5)	$	0.98		$	1.46		$	0.93		$	0.70		$	0.89		$	(0.49	)	$	0.09
Earnings per share (diluted) (5)		0.97			1.46			0.92			0.70			0.88			(0.48	)		0.09
Adjusted earnings per share (6)		1.01			0.97			0.80			0.92			0.91			0.04			0.10
Book value per share		37.7			36.4			34.3			32.8			31.4			1.2			6.3
Tangible book value per share (7)		37.0			35.7			33.6			32.1			30.7			1.2			6.2
Adjusted tangible book value per share (7)		34.7			33.6			31.4			29.9			28.6			1.2			6.1
Select Financial Ratios
Net interest margin (as reported)		2.70%			2.66%			2.67%			2.66%			2.67%
Net interest margin (ex. Core OID) (8)		2.72%			2.67%			2.69%			2.72%			2.72%
Cost of funds		2.66%			2.74%			2.70%			2.60%			2.45%
Cost of funds (ex. Core OID) (8)		2.62%			2.70%			2.66%			2.52%			2.38%
Efficiency Ratio (9)		52.3%			56.8%			51.9%			55.9%			53.6%
Adjusted efficiency ratio (8)(9)		45.3%			46.1%			48.9%			46.9%			46.0%
Return on average assets (10)		0.8%			1.3%			0.8%			0.7%			0.9%
Return on average total equity (10)		10.6%			16.6%			11.1%			8.8%			11.4%
Return on average tangible common equity (10)		10.8%			17.0%			11.3%			9.0%			11.7%
Core ROTCE (11)		12.3%			12.4%			10.9%			13.4%			13.7%
Capital Ratios (12)
Common Equity Tier 1 (CET1) capital ratio		9.6%			9.5%			9.3%			9.1%			9.4%
Tier 1 capital ratio		11.2%			11.2%			11.0%			10.8%			11.1%
Total capital ratio		12.8%			12.7%			12.5%			12.3%			12.7%
Tier 1 leverage ratio		9.1%			9.0%			9.0%			9.0%			9.2%

(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(2) Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For Non-GAAP calculation methodology and details see page 21.

(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(4) Including but not limited to employee related expenses, commissions and provision for losses and loss adjustment expense related to the insurance business, information technology expenses, servicing expenses, facilities expenses, marketing expenses, and other professional and legal expenses.

(5) Includes shares related to share-based compensation that vested but were not yet issued.

(6) Represents a non-GAAP financial measure. For more details refer to page 21.

(7) Represents a non-GAAP financial measure. For more details refer to page 22.

(8) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(9) Represents a non-GAAP financial measure. For more details refer to page 24.

(10) Return metrics are annualized.

(11) Return metrics are annualized. Represents a non-GAAP financial measure. For more details refer to page 23.

(12) Basel III rules became effective on January 1, 2015, subject to transition provisions primarily related to deductions and adjustments impacting CET1 capital and Tier 1 capital.

3Q 2019 Preliminary Results 4

ALLY FINANCIAL INC. CONSOLIDATED INCOME STATEMENT

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Financing revenue and other interest income
Interest and fees on finance receivables and loans	$	1,859		$	1,860		$	1,807		$	1,790		$	1,708		$	(1	)	$	151
Interest on loans held-for-sale		8			3			2			5			4			5			4
Total interest and dividends on investment securities		221			227			222			211			182			(6	)		39
Interest-bearing cash		19			21			23			22			18			(2	)		1
Other earning assets		16			17			18			15			16			(1	)		-
Operating leases		368			363			361			365			368			5			-
Total financing revenue and other interest income		2,491			2,491			2,433			2,408			2,296			-			195
Interest expense
Interest on deposits		658			651			592			523			462			7			196
Interest on short-term borrowings		33			37			44			48			29			(4	)		4
Interest on long-term debt		378			407			419			457			451			(29	)		(73	)
Total interest expense		1,069			1,095			1,055			1,028			942			(26	)		127
Depreciation expense on operating lease assets		234			239			246			240			247			(5	)		(13	)
Net financing revenue (as reported)	$	1,188		$	1,157		$	1,132		$	1,140		$	1,107		$	31		$	81
Other revenue
Servicing fees		4			5			6			6			6			(1	)		(2	)
Insurance premiums and service revenue earned		280			261			261			269			258			19			22
Gain on mortgage and automotive loans, net		10			2			10			6			17			8			(7	)
Other gain/loss on investments, net		27			39			108			(87	)		22			(12	)		5
Other income, net of losses		92			88			81			104			95			4			(3	)
Total other revenue		413			395			466			298			398			18			15
Total net revenue		1,601			1,552			1,598			1,438			1,505			49			96
Provision for loan losses		263			177			282			266			233			86			30
Noninterest expense
Compensation and benefits expense		296			296			318			283			274			-			22
Insurance losses and loss adjustment expenses		74			127			59			54			77			(53	)		(3	)
Other operating expenses		468			458			453			467			456			10			12
Total noninterest expense		838			881			830			804			807			(43	)		31
Pre-tax income from continuing operations	$	500		$	494		$	486		$	368		$	465		$	6		$	35
Income tax (benefit) / expense from continuing operations		119			(90	)		111			79			91			209			28
Net income from continuing operations		381			584			375			289			374			(203	)		7
Income / (loss) from discontinued operations, net of tax		-			(2	)		(1	)		1			-			2			-
Net income	$	381		$	582		$	374		$	290		$	374		$	(201	)	$	7
Core Pre-Tax Income Walk
Net financing revenue (ex. Core OID) (1)	$	1,195		$	1,164		$	1,139		$	1,163		$	1,129		$	31		$	67
Adjusted other revenue (2)		424			393			396			393			392			31			32
Provision for loan losses		263			177			282			266			233			86			30
Noninterest expense		838			881			830			804			807			(43	)		31
Core pre-tax income (3)	$	519		$	499		$	423		$	486		$	481		$	20		$	38
Core OID		(7	)		(7	)		(7	)		(23	)		(22	)		(0	)		14
Change in the fair value of equity securities (4)		(11	)		2			70			(95	)		6			(13	)		(17	)
Pre-tax income from continuing operations	$	500		$	494		$	486		$	368		$	465		$	6		$	35

(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(2) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For more details refer to page 21.

(3) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID and (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

(4) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

3Q 2019 Preliminary Results 5

ALLY FINANCIAL INC. CONSOLIDATED PERIOD-END BALANCE SHEET

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Assets
Cash and cash equivalents
Noninterest-bearing	$	723		$	659		$	946		$	810		$	802		$	64		$	(79	)
Interest-bearing		2,894			2,904			3,011			3,727			2,970			(10	)		(76	)
Total cash and cash equivalents		3,617			3,563			3,957			4,537			3,772			54			(155	)
Investment securities (1)		32,572			31,740			30,553			28,438			26,882			832			5,690
Loans held-for-sale, net		1,000			275			107			314			425			725			575
Finance receivables and loans		128,609			129,210			130,055			129,926			126,605			(601	)		2,004
Allowance for loan losses		(1,277	)		(1,282	)		(1,288	)		(1,242	)		(1,248	)		5			(29	)
Total finance receivables and loans, net		127,332			127,928			128,767			128,684			125,357			(596	)		1,975
Investment in operating leases, net		8,653			8,407			8,339			8,417			8,578			246			75
Premiums receivables and other insurance assets		2,521			2,460			2,401			2,326			2,291			61			230
Other assets		5,790			6,075			5,993			6,153			5,796			(285	)		(6	)
Total assets	$	181,485		$	180,448		$	180,117		$	178,869		$	173,101		$	1,037		$	8,384
Liabilities
Deposit liabilities
Noninterest-bearing	$	156		$	162		$	141		$	142		$	180		$	(6	)	$	(24	)
Interest-bearing		119,074			116,163			113,158			106,036			101,199			2,911			17,875
Total deposit liabilities		119,230			116,325			113,299			106,178			101,379			2,905			17,851
Short-term borrowings		5,335			6,519			6,115			9,987			7,338			(1,184	)		(2,003	)
Long-term debt		35,730			37,466			41,490			44,193			45,542			(1,736	)		(9,812	)
Interest payable		894			744			696			523			712			150			182
Unearned insurance premiums and service revenue		3,246			3,171			3,096			3,044			3,020			75			226
Accrued expense and other liabilities		2,600			1,907			1,722			1,676			2,025			693			575
Total liabilities	$	167,035		$	166,132		$	166,418		$	165,601		$	160,016		$	903		$	7,019
Equity
Common stock and paid-in capital (2)	$	18,628		$	18,914		$	19,119		$	19,296		$	19,582		$	(286	)	$	(954	)
Accumulated deficit		(4,368	)		(4,682	)		(5,195	)		(5,489	)		(5,716	)		314			1,348
Accumulated other comprehensive (loss) / income		190			84			(225	)		(539	)		(781	)		106			971
Total equity		14,450			14,316			13,699			13,268			13,085			134			1,365
Total liabilities and equity	$	181,485		$	180,448		$	180,117		$	178,869		$	173,101		$	1,037		$	8,384

(1) Includes held-to-maturity securities.

(2) Includes Treasury stock.

3Q 2019 Preliminary Results 6

ALLY FINANCIAL INC. CONSOLIDATED AVERAGE BALANCE SHEET ⁽¹⁾

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Assets
Interest-bearing cash and cash equivalents	$	3,539		$	3,713		$	4,212		$	4,311		$	3,159		$	(174	)	$	380
Investment securities		32,708			32,446			30,555			28,926			27,313			262			5,395
Loans held-for-sale, net		745			191			190			394			318			554			427
Total finance receivables and loans, net (2)		128,799			129,950			128,663			127,681			124,986			(1,151	)		3,813
Investment in operating leases, net		8,525			8,370			8,389			8,516			8,634			155			(109	)
Total interest earning assets		174,316			174,670			172,009			169,828			164,410			(354	)		9,906
Noninterest-bearing cash and cash equivalents		391			544			445			432			502			(153	)		(111	)
Other assets		7,012			6,722			6,558			6,412			7,331			290			(319	)
Allowance for loan losses		(1,287	)		(1,284	)		(1,248	)		(1,247	)		(1,260	)		(3	)		(27	)
Total assets	$	180,432		$	180,652		$	177,764		$	175,425		$	170,983		$	(220	)	$	9,449
Liabilities
Interest-bearing deposit liabilities
Retail deposit liabilities	$	99,874		$	96,855		$	91,881		$	86,897		$	83,034		$	3,020		$	16,840
Other interest-bearing deposit liabilities (3)		17,615			17,402			17,291			16,763			16,781			212			834
Total Interest-bearing deposit liabilities		117,489			114,257			109,172			103,660			99,815			3,232			17,674
Short-term borrowings		5,550			5,887			7,054			8,082			5,531			(337	)		19
Long-term debt (4)		36,395			40,222			42,396			45,257			46,967			(3,827	)		(10,572	)
Total interest-bearing liabilities (4)		159,434			160,366			158,622			156,999			152,313			(932	)		7,121
Noninterest-bearing deposit liabilities		149			135			137			142			149			14			-
Other liabilities		6,468			6,357			5,660			5,330			5,388			111			1,080
Total liabilities	$	166,051		$	166,858		$	164,419		$	162,471		$	157,850		$	(807	)	$	8,201
Equity
Total equity	$	14,381		$	13,794		$	13,345		$	12,954		$	13,133		$	587		$	1,248
Total liabilities and equity	$	180,432		$	180,652		$	177,764		$	175,425		$	170,983		$	(220	)	$	9,449

(1) Average balances are calculated using a combination of monthly and daily average methodologies.

(2) Nonperforming finance receivables and loans are included in the average balances net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(3) Includes brokered (inclusive of sweep deposits) and other deposits (inclusive of mortgage escrow, and other deposits).

(4) Includes average Core OID balance of $1,075 million in 3Q 19, $1,082 million in 2Q 19, $1,089 million in 1Q 19, $1,104 million in 4Q 18, and $1,126 million in 3Q 18.

3Q 2019 Preliminary Results 7

ALLY FINANCIAL INC. SEGMENT HIGHLIGHTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Pre-tax Income / (Loss)
Automotive Finance	$	429		$	459		$	329		$	335		$	383		$	(30	)	$	46
Insurance		56			-			145			(13	)		55			56			1
Dealer Financial Services		485			459			474			322			438			26			47
Corporate Finance		44			46			13			21			36			(2	)		8
Mortgage Finance		11			14			13			15			8			(3	)		3
Corporate and Other (1)		(40	)		(25	)		(14	)		10			(17	)		(15	)		(23	)
Pre-tax income from continuing operations	$	500		$	494		$	486		$	368		$	465		$	6		$	35
Core OID (2)		7			7			7			23			22			0			(14	)
Change in the fair value of equity securities (3)		11			(2	)		(70	)		95			(6	)		13			17
Core pre-tax income (4)	$	519		$	499		$	423		$	486		$	481		$	20		$	38

(1) Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio and Ally Invest activity.

(2) Core OID for all periods shown are applied to the pre-tax income of the Corporate and Other segment.

(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(4) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID and (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

3Q 2019 Preliminary Results 8

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Net financing revenue
Consumer	$	1,227		$	1,184		$	1,130		$	1,120		$	1,097		$	43		$	130
Commercial		385			412			422			422			381			(27	)		4
Loans held for sale		-			-			1			2			1			-			(1	)
Operating leases		368			363			361			365			368			5			-
Other interest income		3			3			1			2			2			-			1
Total financing revenue and other interest income		1,983			1,962			1,915			1,911			1,849			21			134
Interest expense		671			701			689			692			646			(30	)		25
Depreciation expense on operating lease assets:
Depreciation expense on operating lease assets (ex. remarketing)		262			261			262			268			274			2			(12	)
Remarketing gains		28			23			15			28			27			5			1
Total depreciation expense on operating lease assets		234			239			246			240			247			(5	)		(13	)
Net financing revenue		1,078			1,022			980			979			956			56			122
Other revenue
Servicing fees		3			4			5			6			6			(1	)		(3	)
Gain/(loss) on automotive loans, net		-			-			8			4			18			-			(18	)
Other income		57			57			56			50			56			(0	)		1
Total other revenue		59			61			68			60			80			(2	)		(21	)
Total net revenue		1,137			1,083			1,048			1,039			1,036			54			101
Provision for loan losses		265			180			262			262			229			85			36
Noninterest expense
Compensation and benefits		128			127			136			124			120			1			8
Other operating expenses		315			317			321			318			304			(2	)		11
Total noninterest expense		443			444			457			442			424			(1	)		19
Pre-tax Income	$	429		$	459		$	329		$	335		$	383		$	(30	)	$	46
Memo: Net lease revenue
Operating lease revenue	$	368		$	363		$	361		$	365		$	368		$	5		$	-
Depreciation expense on operating lease assets (ex. remarketing)		262			261			262			268			274			2			(12	)
Remarketing gains (losses), net of repo valuation		28			23			15			28			27			5			1
Total depreciation expense on operating lease assets		234			239			246			240			247			(5	)		(13	)
Net lease revenue	$	134		$	124		$	115		$	125		$	121		$	10		$	13
Balance Sheet (Period-End)
Cash, trading and investment securities	$	23		$	23		$	23		$	23		$	23		$	-		$	-
Consumer loans		72,894			72,746			71,490			70,515			70,048			148			2,846
Commercial loans		33,330			33,575			35,726			38,134			35,881			(245	)		(2,551	)
Allowance for loan losses		(1,156	)		(1,146	)		(1,138	)		(1,111	)		(1,107	)		(10	)		(49	)
Total finance receivables and loans, net		105,068			105,175			106,078			107,538			104,822			(107	)		246
Investment in operating leases, net		8,653			8,407			8,339			8,417			8,578			246			75
Other assets		1,352			1,350			1,349			1,326			1,252			2			100
Total assets	$	115,096		$	114,955		$	115,789		$	117,304		$	114,675		$	141		$	421

3Q 2019 Preliminary Results 9

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - KEY STATISTICS

	QUARTERLY TRENDS										CHANGE VS.
	3Q 19		2Q 19		1Q 19		4Q 18		3Q 18		2Q 19			3Q 18
U.S. Consumer Originations (1) ($ in billions)
Retail standard - new vehicle GM	$	1.3	$	1.2	$	1.0	$	1.1	$	0.9	$	0.1		$	0.3
Retail standard - new vehicle Chrysler		0.9		0.9		0.8		0.8		0.8		(0.0	)		0.1
Retail standard - new vehicle Growth		1.2		1.3		1.2		1.1		1.0		(0.2	)		0.1
Used vehicle		4.6		5.3		5.2		4.3		4.3		(0.6	)		0.3
Lease		1.3		1.1		0.9		0.8		1.0		0.2			0.3
Retail subvented		0.1		0.1		0.1		0.1		0.1		(0.0	)		(0.1	)
Total originations	$	9.3	$	9.7	$	9.2	$	8.2	$	8.1	$	(0.5	)	$	1.1
U.S. Consumer Originations - FICO Score
Super Prime	$	2.2	$	2.2	$	2.1	$	2.0	$	2.0	$	(0.0	)	$	0.3
Prime		3.4		3.6		3.3		3.0		3.0		(0.2	)		0.5
Prime/Near		2.0		2.1		2.1		1.8		1.9		(0.1	)		0.1
Non Prime		0.9		1.0		0.9		0.7		0.7		(0.1	)		0.2
Sub Prime		0.1		0.1		0.1		0.1		0.1		(0.1	)		0.0
Commercial Services Group (2)		0.7		0.7		0.7		0.6		0.5		(0.1	)		0.1
Total originations	$	9.3	$	9.7	$	9.2	$	8.2	$	8.1	$	(0.5	)	$	1.1
U.S. Market
Light vehicle sales (SAAR - units in millions)		17.0		17.0		16.9		17.5		16.9		(0.0	)		0.1
Light vehicle sales (quarterly - units in millions)		4.3		4.4		4.0		4.4		4.3		(0.1	)		0.0
GM market share		17.2%		16.9%		16.6%		18.0%		16.2%
Chrysler market share		13.1%		13.5%		12.4%		12.8%		13.2%
Ally U.S. Consumer Penetration
GM		5.7%		5.6%		5.7%		4.6%		5.0%
Chrysler		12.1%		11.1%		12.1%		10.7%		10.3%
Ally U.S. Commercial Outstandings EOP ($ in billions)
Floorplan outstandings	$	27.7	$	27.9	$	30.1	$	32.3	$	29.6	$	(0.2	)	$	(1.9	)
Dealer loans and other		5.6		5.6		5.7		5.8		6.2		(0.0	)		(0.6	)
Total Commercial outstandings	$	33.3	$	33.6	$	35.7	$	38.1	$	35.9	$	(0.2	)	$	(2.5	)
U.S. Off-Lease Remarketing
Off-lease vehicles terminated - on-balance sheet (# in units)		29,985		29,267		26,030		25,706		29,018		718			967
Average gain / (loss) per vehicle	$	944	$	776	$	573	$	1,089	$	944	$	168		$	(1	)
Total gain / (loss) ($ in millions)	$	28	$	23	$	15	$	28	$	27	$	6		$	1

(1) Some standard rate loan originations contain manufacturer sponsored cash back rebate incentives. Some lease originations contain rate subvention. While Ally may jointly develop marketing programs for these originations, Ally does not have exclusive rights to such originations under operating agreements with manufacturers.

(2) Commercial Services Group (CSG) are business customers. Average annualized credit losses of 40-45 bps on CSG loans from 2016 through 3Q19.

3Q 2019 Preliminary Results 10

ALLY FINANCIAL INC. INSURANCE - CONDENSED FINANCIAL STATEMENTS AND KEY STATISTICS

($ in millions)

	QUARTERLY TRENDS													CHANGE VS.
Income Statement (GAAP View)	3Q 19			2Q 19			1Q 19		4Q 18			3Q 18		2Q 19			3Q 18
Net financing revenue
Interest and dividends on investment securities	$	28		$	29		$	27	$	30		$	29	$	(1	)	$	(1	)
Interest bearing cash		6			5			4		3			2		1			4
Total financing revenue and other interest revenue		34			34			31		33			31		-			3
Interest expense		20			19			19		18			17		1			3
Net financing revenue		14			15			12		15			14		(1	)		-
Other revenue
Insurance premiums and service revenue earned		280			261			261		269			258		19			22
Other gain / (loss) on investments, net		6			23			95		(84	)		22		(17	)		(16	)
Other income, net of losses		3			2			4		2			2		1			1
Total other revenue		289			286			360		187			282		3			7
Total net revenue		303			301			372		202			296		2			7
Noninterest expense
Compensation and benefits expense		19			20			21		18			18		(1	)		1
Insurance losses and loss adjustment expenses		74			127			59		54			77		(53	)		(3	)
Other operating expenses		154			154			147		143			146		-			8
Total noninterest expense		247			301			227		215			241		(54	)		6
Pre-tax Income / (Loss)	$	56		$	-		$	145	$	(13	)	$	55	$	56		$	1
Memo: Income Statement (Managerial View)
Insurance premiums and other income
Insurance premiums and service revenue earned	$	280		$	261		$	261	$	269		$	258	$	19		$	22
Investment income (adjusted) (1)		30			34			42		22			29		(4	)		0
Other income		3			2			4		2			2		1			1
Total insurance premiums and other income		313			297			307		293			289		16			23
Expense
Insurance losses and loss adjustment expenses		74			127			59		54			77		(53	)		(3	)
Acquisition and underwriting expenses
Compensation and benefit expense		19			20			21		18			18		(1	)		1
Insurance commission expense		120			117			114		108			113		3			7
Other expense		34			37			33		35			33		(3	)		1
Total acquisition and underwriting expense		173			174			168		161			164		(1	)		9
Total expense		247			301			227		215			241		(54	)		6
Core pre-tax income / (loss) (1)		66			(4	)		80		78			48		70			17
Change in the fair value of equity securities (1)		(10	)		4			65		(91	)		7		(14	)		(16	)
Income / (Loss) before income tax expense	$	56		$	-		$	145	$	(13	)	$	55	$	56		$	1
Balance Sheet (Period-End)
Cash, trading and investment securities	$	5,713		$	5,538		$	5,512	$	5,092		$	5,248	$	175		$	465
Premiums receivable and other insurance assets		2,539			2,478			2,420		2,347			2,308		61			231
Other assets		226			225			247		295			220		1			6
Total assets	$	8,478		$	8,241		$	8,179	$	7,734		$	7,776	$	237		$	702
Key Statistics
Total written premiums and revenue (2)	$	357		$	314		$	305	$	298		$	323	$	43		$	34
Loss ratio (3)		26.1%			48.5%			22.2%		20.1%			29.4%
Underwriting expense ratio (4)		61.4%			65.9%			63.5%		59.4%			63.1%
Combined ratio		87.5%			114.4%			85.7%		79.5%			92.6%

(1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(2) Written premiums are net of ceded premium for reinsurance.

(3) Loss Ratio is calculated as Insurance losses and loss adjustment expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

(4) Underwriting Expense Ratio is calculated as Compensation and benefits expense and Other operating expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

3Q 2019 Preliminary Results 11

ALLY FINANCIAL INC. MORTGAGE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Net financing revenue
Total financing revenue and other interest income	$	144		$	150		$	146		$	138		$	126		$	(6	)	$	18
Interest expense		105			104			96			90			82			1			23
Net financing revenue		39			46			50			48			44			(7	)		(5	)
Gain on mortgage loans, net		10			2			2			1			2			8			8
Other income, net of losses		-			2			-			1			-			(2	)		-
Total other revenue		10			4			2			2			2			6			8
Total net revenue		49			50			52			50			46			(1	)		3
Provision for loan losses		-			-			2			(3	)		2			-			(2	)
Noninterest expense
Compensation and benefits expense		7			9			8			8			8			(2	)		(1	)
Other operating expense		31			27			29			30			28			4			3
Total noninterest expense		38			36			37			38			36			2			2
Pre-tax Income	$	11		$	14		$	13		$	15		$	8		$	(3	)	$	3
Balance Sheet (Period-End)
Finance receivables and loans, net:
Consumer loans	$	15,782		$	16,485		$	16,225		$	15,155		$	14,840		$	(703	)	$	942
Allowance for loan losses		(17	)		(18	)		(18	)		(16	)		(20	)		1			3
Total finance receivables and loans, net		15,765			16,467			16,207			15,139			14,820			(702	)		945
Other assets		818			117			94			72			76			701			742
Total assets	$	16,583		$	16,584		$	16,301		$	15,211		$	14,896		$	(1	)	$	1,687

3Q 2019 Preliminary Results 12

ALLY FINANCIAL INC. CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Net financing revenue
Total financing revenue and other interest income	$	93		$	97		$	90		$	86		$	82		$	(4	)	$	11
Interest expense		33			36			36			35			32			(3	)		1
Net financing revenue		60			61			54			51			50			(1	)		10
Total other revenue (adjusted) (1)		10			12			7			6			14			(1	)		(4	)
Total net revenue		70			73			61			57			64			(2	)		6
Provision for loan losses		3			3			23			10			8			-			(5	)
Noninterest expense
Compensation and benefits expense		13			13			19			13			13			-			-
Other operating expense		9			9			10			9			7			-			2
Total noninterest expense		22			22			29			22			20			-			2
Core pre-tax income (1)		45			48			9			25			36			(2	)		9
Change in the fair value of equity securities (2)		(1	)		(2	)		4			(4	)		(0	)		0			(1	)
Pre-tax Income	$	44		$	46		$	13		$	21		$	36		$	(2	)	$	8
Balance Sheet (Period-End)
Cash, trading and investment securities	$	8		$	9		$	12		$	7		$	11		$	(1	)	$	(3	)
Loans held for sale		240			195			24			47			112			45			128
Commercial loans		5,033			4,795			5,001			4,636			4,356			238			677
Allowance for loan losses		(75	)		(87	)		(96	)		(77	)		(76	)		12			1
Total finance receivables and loans, net		4,958			4,708			4,905			4,559			4,280			250			678
Other assets		69			68			65			57			56			1			13
Total assets	$	5,275		$	4,980		$	5,006		$	4,670		$	4,459		$	295		$	816

(1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 21 for more details.

(2) Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

3Q 2019 Preliminary Results 13

ALLY FINANCIAL INC. CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Net financing revenue
Total financing revenue and other interest income	$	237		$	248		$	251		$	240		$	208		$	(11	)	$	29
Interest expense
Core original issue discount amortization		7			7			7			23			22			0			(14	)
Other interest expense		233			228			208			170			143			5			89
Total interest expense		240			235			215			193			165			5			75
Net financing (loss) / revenue		(3	)		13			36			47			43			(16	)		(46	)
Other revenue
Other gain on investments, net		22			14			9			-			1			8			21
Other income, net of losses (1)		24			20			16			47			19			4			5
Total other revenue		46			34			25			47			20			12			26
Total net revenue		43			47			61			94			63			(4	)		(20	)
Provision for loan losses		(5	)		(6	)		(5	)		(3	)		(6	)		1			1
Noninterest expense
Compensation and benefits expense		129			127			134			120			115			2			14
Other operating expense (2)		(41	)		(49	)		(54	)		(33	)		(29	)		8			(12	)
Total noninterest expense		88			78			80			87			86			10			2
Pre-tax (loss) / income	$	(40	)	$	(25	)	$	(14	)	$	10		$	(17	)	$	(15	)	$	(23	)
Balance Sheet (Period-End)
Cash, trading and investment securities	$	30,445		$	29,733		$	28,963		$	27,853		$	25,372		$	712		$	5,073
Loans held-for-sale		67			58			50			49			45			9			22
Consumer loans		1,405			1,467			1,496			1,570			1,613			(62	)		(208	)
Commercial loans (3)		165			142			135			126			122			23			43
Allowance for loan losses		(29	)		(31	)		(36	)		(38	)		(45	)		2			16
Total finance receivables and loans, net		1,541			1,578			1,595			1,658			1,690			(37	)		(149	)
Other assets		4,000			4,319			4,234			4,390			4,188			(319	)		(188	)
Total assets	$	36,053		$	35,688		$	34,842		$	33,950		$	31,295		$	365		$	4,758
Core OID Amortization Schedule (4)	2019			2020			2021			2022			2023 & After
Remaining Core OID amortization expense	$	8		$	34		$	39		$	45			Avg = $52/yr

(1) Includes gain/(loss) on mortgage and automotive loans as well as Ally Invest fee-based revenue.

(2) Other operating expenses includes corporate overhead allocated to the other business segments. Amounts of corporate overhead allocated were $225 million for 3Q19, $219 million for 2Q19, $229 million for 1Q19, $220 million for 4Q18 and $208 million for 3Q18. The receiving business segment records the allocation of corporate overhead expense within other operating expenses.

(3) Includes intercompany.

(4) Represents a non-GAAP financial measure. For more details refer to page 21.

3Q 2019 Preliminary Results 14

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION

($ in millions)

	QUARTERLY TRENDS										CHANGE VS.
Asset Quality - Consolidated (1)	3Q 19		2Q 19		1Q 19		4Q 18		3Q 18		2Q 19			3Q 18
Ending loan balance	$	128,609	$	129,210	$	130,055	$	129,926	$	126,605	$	(601	)	$	2,004
30+ Accruing DPD	$	2,561	$	2,227	$	1,920	$	2,598	$	2,235	$	334		$	326
30+ Accruing DPD%		1.99%		1.72%		1.48%		2.00%		1.76%
Non-performing loans (NPLs)	$	929	$	903	$	987	$	1,092	$	903	$	26		$	26
Net charge-offs (NCOs)	$	267	$	182	$	237	$	271	$	235	$	85		$	32
Net charge-off rate (2)		0.83%		0.56%		0.73%		0.85%		0.75%
Provision for loan losses	$	263	$	177	$	282	$	266	$	233	$	86		$	30
Allowance for loan losses (ALLL)	$	1,277	$	1,282	$	1,288	$	1,242	$	1,248	$	(5	)	$	29
ALLL as % of Loans (3) (4)		0.99%		0.99%		0.99%		0.96%		0.99%
ALLL as % of NPLs (3)		137%		142%		130%		114%		138%
ALLL as % of NCOs (3)		119%		176%		136%		115%		133%
US Auto Delinquencies - HFI Retail Contract $‘s (5)
Delinquent contract $	$	2,428	$	2,113	$	1,833	$	2,501	$	2,139	$	315		$	289
% of retail contract $outstanding		3.32%		2.90%		2.56%		3.55%		3.06%
U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s
Net charge-offs	$	253	$	172	$	234	$	259	$	233	$	81		$	20
% of avg. HFI assets (2)		1.38%		0.95%		1.32%		1.48%		1.32%
U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s
Net charge-offs	$	1	$	1	$	0	$	0	$	3	$	-		$	(2	)
% of avg. HFI assets (2)		0.02%		0.01%		0.00%		0.00%		0.04%

(1) Loans within this table are classified as held-for-investment recorded at amortized cost as these loans are included in our allowance for loan losses.

(2) Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance recievables and loans excluding loans measured at fair value, conditional repurchase loans and loans held-for-sale during the year for each loan category.

(3) ALLL coverage ratios are based on the allowance for loan losses related to loans held-for-investment excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.

(4) Excludes $176 million of fair value adjustment for loans in hedge accounting relationships in 3Q19, $153 million in 2Q19, $63 million in 1Q19, $24 million in 4Q18, ($52) million in 3Q18 and ($40) million in 2Q18.

(5) Dollar amount of accruing contracts greater than 30 days past due

3Q 2019 Preliminary Results 15

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION, CONTINUED

($ in millions)

CONTINUING OPERATIONS

Automotive Finance (1)	QUARTERLY TRENDS										CHANGE VS.
Consumer	3Q 19		2Q 19		1Q 19		4Q 18		3Q 18		2Q 19			3Q 18
Allowance for loan losses	$	1,090	$	1,078	$	1,070	$	1,048	$	1,043	$	12		$	47
Total consumer loans (2)	$	73,071	$	72,898	$	71,553	$	70,539	$	69,995	$	173		$	3,076
Coverage ratio (3)		1.50%		1.48%		1.50%		1.49%		1.49%
Commercial
Allowance for loan losses	$	66	$	68	$	68	$	63	$	64	$	(2	)	$	2
Total commercial loans	$	33,330	$	33,575	$	35,708	$	37,924	$	35,626	$	(245	)	$	(2,296	)
Coverage ratio		0.20%		0.20%		0.19%		0.17%		0.18%
Mortgage (1)
Consumer
Mortgage Finance
Allowance for loan losses	$	17	$	18	$	18	$	16	$	20	$	(1	)	$	(3	)
Total consumer loans	$	15,782	$	16,485	$	16,225	$	15,155	$	14,840	$	(703	)	$	942
Coverage ratio		0.11%		0.11%		0.11%		0.11%		0.13%
Mortgage - Legacy
Allowance for loan losses	$	27	$	31	$	34	$	37	$	44	$	(4	)	$	(17	)
Total consumer loans	$	1,228	$	1,315	$	1,433	$	1,546	$	1,666	$	(87	)	$	(438	)
Coverage ratio		2.23%		2.35%		2.36%		2.37%		2.64%
Total Mortgage
Allowance for loan losses	$	44	$	49	$	52	$	53	$	64	$	(5	)	$	(20	)
Total consumer loans	$	17,010	$	17,800	$	17,658	$	16,701	$	16,506	$	(790	)	$	504
Coverage ratio		0.26%		0.27%		0.29%		0.32%		0.39%
Corporate Finance (1)
Allowance for loan losses	$	75	$	87	$	96	$	77	$	76	$	(12	)	$	(1	)
Total commercial loans	$	5,033	$	4,795	$	5,001	$	4,636	$	4,356	$	238		$	677
Coverage ratio		1.50%		1.81%		1.91%		1.66%		1.74%
Corporate and Other (1)
Allowance for loan losses	$	2	$	0	$	2	$	1	$	1	$	2		$	1
Total commercial loans	$	165	$	142	$	135	$	126	$	122	$	23		$	43
Coverage ratio		0.93%		0.34%		1.31%		1.15%		1.15%

(1) ALL coverage ratios are based on the domestic allowance as a percentage of finance receivables and loans reported at their gross carrying value, which includes the principal amount outstanding, net of unearned income, unamortized deferred fees reduced by costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. Excludes loans held at fair value.

(2) Includes $176 million of fair value adjustment for loans in hedge accounting relationships in 3Q19, $153 million in 2Q19, $63 million in 1Q19, $24 million in 4Q18, ($52) million in 3Q18 and ($40) million in 2Q18.

(3) Excludes $176 million of fair value adjustment for loans in hedge accounting relationships in 3Q19, $153 million in 2Q19, $63 million in 1Q19, $24 million in 4Q18, ($52) million in 3Q18 and ($40) million in 2Q18.

3Q 2019 Preliminary Results 16

ALLY FINANCIAL INC. CAPITAL

($ in billions)

	QUARTERLY TRENDS															CHANGE VS.
	Basel III Transition
Capital (1)	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Risk-weighted assets	$	145.8		$	145.9		$	145.9		$	146.6		$	142.2		$	(0.1	)	$	3.6
Common Equity Tier 1 (CET1) capital ratio		9.6%			9.5%			9.3%			9.1%			9.4%
Tier 1 capital ratio		11.2%			11.2%			11.0%			10.8%			11.1%
Total capital ratio		12.8%			12.7%			12.5%			12.3%			12.7%
Tangible common equity / Tangible assets (2)(3)		7.8%			7.8%			7.5%			7.3%			7.4%
Tangible common equity / Risk-weighted assets (2)		9.7%			9.6%			9.2%			8.9%			9.0%
Shareholders’ equity	$	14.5		$	14.3		$	13.7		$	13.3		$	13.1		$	0.2		$	1.4
less:   Disallowed DTA		-			(0.1	)		(0.1	)		(0.1	)		(0.2	)		0.1			0.2
Certain AOCI items and other adjustments		(0.5	)		(0.3	)		-			0.3			0.5			(0.2	)		(1.0	)
Common Equity Tier 1 capital (4)	$	14.0		$	13.9		$	13.6		$	13.4		$	13.4		$	0.1		$	0.6
Common Equity Tier 1 capital	$	14.0		$	13.9		$	13.6		$	13.4		$	13.4		$	0.1		$	0.6
add: Trust preferred securities		2.5			2.5			2.5			2.5			2.5			-			-
less:   Other adjustments		(0.1	)		(0.1	)		(0.1	)		(0.1	)		(0.1	)		-			-
Tier 1 capital	$	16.4		$	16.3		$	16.0		$	15.8		$	15.8		$	0.1		$	0.6
Tier 1 capital	$	16.4		$	16.3		$	16.0		$	15.8		$	15.8		$	0.1		$	0.6
add: Qualifying subordinated debt		1.0			1.0			1.0			1.0			1.0			-			-
Allowance for loan and lease losses includible in Tier 2 capital and other adjustments		1.2			1.2			1.2			1.2			1.2			-			-
Total capital	$	18.6		$	18.6		$	18.3		$	18.0		$	18.0		$	-		$	0.6
Total shareholders’ equity	$	14.5		$	14.3		$	13.7		$	13.3		$	13.1		$	0.2		$	1.4
Goodwill and intangible assets, net of deferred tax liabilities		(0.3	)		(0.3	)		(0.3	)		(0.3	)		(0.3	)		-			-
Tangible common equity (2)	$	14.2		$	14.0		$	13.4		$	13.0		$	12.8		$	0.2		$	1.4
Total assets	$	181.5		$	180.4		$	180.1		$	178.9		$	173.1		$	1.1		$	8.4
less:   Goodwill and intangible assets, net of deferred tax liabilities		(0.3	)		(0.3	)		(0.3	)		(0.3	)		(0.3	)		-			-
Tangible assets (3)	$	181.2		$	180.2		$	179.8		$	178.6		$	172.8		$	1.0		$	8.4
Denominator for Common equity tier 1 ratio
Risk-weighted assets (transition)	$	145.8		$	145.9		$	145.9		$	146.6		$	142.2
DTAs arising from temporary differences that could not be realized through NOL , net of VA and net of DTLs phased-in during transition		0.1			0.2			0.1			0.2			0.3
Risk-weighted assets (fully phased-in)	$	145.9		$	146.0		$	146.0		$	146.8		$	142.5
Metric
Common equity tier 1 ratio (transition)		9.6%			9.5%			9.3%			9.1%			9.4%
Common equity tier 1 ratio (fully phased-in) (4)		9.6%			9.5%			9.3%			9.1%			9.4%

Note: Numbers may not foot due to rounding

(1) Basel III rules became effective on January 1, 2015, subject to transition provisions primarily related to deductions and adjustments impacting CET1 capital and Tier 1 capital

(2) Represents a non-GAAP financial measure. Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for tax-effected Core OID balance and net deferred tax asset.

(3) Represents a non-GAAP financial measure. Ally defines tangible assets as total assets less goodwill and intangible assets, net of deferred tax liabilities.

(4) Common Equity Tier 1 (“CET1”) capital fully phased-in: Under the Basel III regulatory framework as adopted in the United States, banking organizations like the company are required to comply with a minimum ratio of common equity tier 1 capital to risk-weighted assets (CET1 Capital Ratio). Common equity tier 1 capital generally consists of common stock (plus any related surplus and net of any treasury stock), retained earnings, accumulated other comprehensive income, and minority interests in the common equity of consolidated subsidiaries, subject to specified conditions and adjustments. The obligation to comply with the minimum CET1 Capital Ratio is subject to ongoing transition periods and other provisions under Basel III. Management believes that both the transitional CET1 Capital Ratio and the fully phased-in CET1 Capital Ratio are helpful to readers in evaluating the company’s capital utilization and adequacy in absolute terms and relative to its peers. The fully phased-in CET1 Capital Ratio is a non-GAAP financial measure that is reconciled to the transitional CET1 Capital Ratio above.

3Q 2019 Preliminary Results 17

ALLY FINANCIAL INC. LIQUIDITY

($ in billions)

	QUARTERLY TRENDS										CHANGE VS.
Consolidated Available Liquidity	3Q 19		2Q 19		1Q 19		4Q 18		3Q 18		2Q 19		3Q 18
Cash and cash equivalents (1)	$	3.2	$	3.2	$	3.5	$	4.2	$	3.3	$	0.0	$	(0.1	)
Highly liquid securities (2)		23.5		21.5		20.3		12.8		15.5		1.9		8.0
Current committed unused capacity		2.0		1.6		1.8		1.9		2.4		0.3		(0.4	)
Subtotal	$	28.6	$	26.3	$	25.6	$	19.0	$	21.1	$	2.3	$	7.5
Ally Bank intercompany loan		-		-		-		-		-		-		-
Total current available liquidity	$	28.6	$	26.3	$	25.6	$	19.0	$	21.1	$	2.3	$	7.5
Unsecured Long-Term Debt Maturity Profile	2019		2020		2021		2022		2023		2024 and After
Consolidated remaining maturities	$	0.8	$	2.3	$	0.7	$	1.1	$	0.0	$	8.2

(1) May include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date

(2) Includes unencumbered UST, Agency debt and Agency MBS

3Q 2019 Preliminary Results 18

ALLY FINANCIAL INC. NET INTEREST MARGIN AND DEPOSITS

($ in millions)

	QUARTERLY TRENDS										CHANGE VS.
Average Balance Details	3Q 19		2Q 19		1Q 19		4Q 18		3Q 18		2Q 19			3Q 18
Retail Auto Loans	$	73,162	$	72,274	$	70,981	$	69,982	$	70,547	$	888		$	2,616
Auto Lease (net of dep)		8,525		8,370		8,389		8,516		8,634		155			(109	)
Commercial Auto		33,273		34,757		35,641		36,815		34,529		(1,484	)		(1,256	)
Corporate Finance		5,166		5,080		4,825		4,402		4,228		86			938
Mortgage		17,723		17,841		17,186		16,602		15,660		(118	)		2,063
Cash, Securities and Other		36,467		36,348		34,987		33,511		30,812		119			5,655
Total Earning Assets	$	174,316	$	174,670	$	172,009	$	169,828	$	164,410	$	(354	)	$	9,907
Interest Revenue		2,257		2,252		2,187		2,168		2,049		5			209
Unsecured Debt (ex. Core OID balance) (1)(4)	$	13,164	$	12,749	$	12,664	$	13,963	$	15,014	$	416		$	(1,850	)
Secured Debt		9,860		13,722		16,163		18,029		18,840		(3,862	)		(8,980	)
Deposits (2)		117,638		114,392		109,309		103,802		99,964		3,246			17,674
Other Borrowings (3)		19,996		20,720		21,712		22,451		19,770		(725	)		226
Total Funding Sources (ex. Core OID balance) (1)	$	160,658	$	161,583	$	159,848	$	158,245	$	153,588	$	(925	)	$	7,070
Interest Expense (ex. Core OID) (1)		1,062		1,088		1,048		1,005		920		(26	)		142
Net Financing Revenue (ex. Core OID) (1)	$	1,195	$	1,164	$	1,139	$	1,163	$	1,129	$	31		$	66
Net Interest Margin (yield details)
Retail Auto Loan		6.66%		6.58%		6.47%		6.39%		6.20%		0.08%			0.46%
Auto Lease (net of dep)		6.24%		5.94%		5.56%		5.82%		5.56%		0.30%			0.68%
Commercial Auto		4.59%		4.75%		4.80%		4.55%		4.40%		-0.16%			0.19%
Corporate Finance		7.14%		7.66%		7.48%		7.48%		7.41%		-0.52%			-0.27%
Mortgage		3.51%		3.71%		3.82%		3.73%		3.65%		-0.20%			-0.14%
Cash, Securities and Other		2.82%		2.96%		3.09%		3.02%		2.83%		-0.14%			-0.01%
Total Earning Assets		5.14%		5.17%		5.16%		5.06%		4.94%		-0.03%			0.20%
Unsecured Debt (ex. Core OID & Core OID balance) (1)(4)		6.15%		6.32%		6.37%		6.14%		5.79%		-0.17%			0.36%
Secured Debt		3.02%		3.16%		3.11%		2.95%		2.79%		-0.14%			0.23%
Deposits (2)		2.22%		2.29%		2.20%		2.00%		1.84%		-0.07%			0.38%
Other Borrowings (3)		2.48%		2.48%		2.48%		2.33%		2.13%		0.00%			0.35%
Total Funding Sources (ex. Core OID & Core OID balance) (1)		2.62%		2.70%		2.66%		2.52%		2.38%		-0.08%			0.24%
NIM (as reported)		2.70%		2.66%		2.67%		2.66%		2.67%		0.04%			0.03%
NIM (ex. Core OID & Core OID balance) (1)		2.72%		2.67%		2.69%		2.72%		2.72%		0.05%			0.00%
Ally Bank Deposits
Key Deposit Statistics
Average retail CD maturity (months)		20.3		20.6		20.9		21.3		22.0		(0.2	)		(1.6	)
Average retail deposit rate		2.14%		2.22%		2.14%		1.93%		1.78%
End of Period Deposit Levels
Retail	$	101,295	$	98,600	$	95,423	$	89,121	$	84,629	$	2,695		$	16,666
Brokered & other(2)		17,935		17,725		17,876		17,057		16,750		210			1,185
Total deposits	$	119,230	$	116,325	$	113,299	$	106,178	$	101,379	$	2,905		$	17,851
Deposit Mix
Retail CD		36%		34%		34%		34%		34%
MMA/OSA/Checking		49%		51%		50%		50%		49%
Brokered(2)		15%		15%		16%		16%		17%

(1) Represents a non-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt.

(2) Includes brokered and other deposits. Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.

(3) Includes Demand Notes, FHLB Borrowings and Repurchase Agreements.

(4) Includes trust preferred securities.

3Q 2019 Preliminary Results 19

ALLY FINANCIAL INC. ALLY BANK CONSUMER MORTGAGE HFI PORTFOLIOS (PERIOD-END)

($ in billions)

	HISTORICAL QUARTERLY TRENDS
Mortgage Finance HFI Portfolio	3Q 19		2Q 19		1Q 19		4Q 18		3Q 18
Loan Value
Gross carry value	$	15.8	$	16.5	$	16.2	$	15.2	$	14.8
Net carry value	$	15.8	$	16.5	$	16.2	$	15.1	$	14.8
Estimated Pool Characteristics
% Second lien		0.0%		0.0%		0.0%		0.0%		0.0%
% Interest only		0.0%		0.1%		0.1%		0.1%		0.1%
% 30+ Day delinquent		0.8%		0.6%		0.4%		0.5%		0.4%
% Low/No documentation		0.1%		0.1%		0.0%		0.0%		0.0%
% Non-primary residence		4.5%		4.7%		4.6%		4.4%		4.2%
Refreshed FICO		774		774		772		774		772
Wtd. Avg. LTV/CLTV (1)		60.7%		60.6%		60.7%		59.6%		60.8%
Corporate Other Legacy Mortgage HFI Portfolio
Loan Value
Gross carry value	$	1.2	$	1.3	$	1.4	$	1.5	$	1.7
Net carry value	$	1.2	$	1.3	$	1.4	$	1.5	$	1.6
Estimated Pool Characteristics
% Second lien		14.0%		15.2%		15.6%		15.4%		15.2%
% Interest only		0.1%		0.2%		0.3%		0.2%		0.2%
% 30+ Day delinquent		5.2%		5.7%		5.4%		5.4%		6.1%
% Low/No documentation		23.2%		23.2%		23.2%		23.3%		23.3%
% Non-primary residence		7.1%		7.4%		7.5%		7.6%		7.5%
Refreshed FICO		731		731		729		730		730
Wtd. Avg. LTV/CLTV (1)		64.5%		65.4%		65.9%		65.8%		67.8%

(1) Updated home values derived using a combination of appraisals, BPOs, AVMs and MSA level house price indices; calculation only includes first liens

3Q 2019 Preliminary Results 20

ALLY FINANCIAL INC. EARNINGS PER SHARE RELATED INFORMATION

($ in millions, shares in thousands)

	QUARTERLY TRENDS															CHANGE VS.
Earnings Per Share Data	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
GAAP net income attributable to common shareholders	$	381		$	582		$	374		$	290		$	374		$	(201	)	$	7
Weighted-average common shares outstanding - basic (1)		390,205			398,100			404,129			411,931			422,187			(7,895	)		(31,982	)
Weighted-average common shares outstanding - diluted (1)		392,604			399,916			405,959			414,750			424,784			(7,312	)		(32,180	)
Issued shares outstanding (period-end)		383,523			392,775			399,761			404,900			416,591			(9,252	)		(33,067	)
Net income (loss) per share - basic (1)	$	0.98		$	1.46		$	0.93		$	0.70		$	0.89		$	(0.49	)	$	0.09
Net income (loss) per share - diluted (1)	$	0.97		$	1.46		$	0.92		$	0.70		$	0.88		$	(0.48	)	$	0.09
Adjusted Earnings per Share (“Adjusted EPS”)
Numerator
GAAP net income attributable to common shareholders	$	381		$	582		$	374		$	290		$	374		$	(201	)	$	7
(Loss) / income from discontinued operations, net of tax		-			2			1			(1	)		-			(2	)		-
Core OID		7			7			7			23			22			0			(14	)
Change in the fair value of equity securities (2)		11			(2	)		(70	)		95			(6	)		13			17
Core OID & change in the fair value of equity securities tax (tax rate 21% starting 1Q18) (2)		(4	)		(1	)		13			(25	)		(3	)		(3	)		(1	)
Significant discrete tax items		-			(201	)		-			-			-			201			-
Core net income attributable to common shareholders (3)	$	396		$	387		$	325		$	382		$	386		$	9		$	9
Denominator
Weighted-average common shares outstanding - diluted (1)		392,604			399,916			405,959			414,750			424,784			(7,312	)		(32,180	)
Adjusted EPS (4)	$	1.01		$	0.97		$	0.80		$	0.92		$	0.91		$	0.04		$	0.10
Memo
Original Issue Discount Amortization Expense
Core original issue discount (Core OID) amortization expense (5)	$	7		$	7		$	7		$	23		$	22		$	0		$	(14	)
Other OID		3			3			3			2			4			0			(0	)
GAAP original issue discount amortization expense	$	11		$	10		$	10		$	26		$	25		$	1		$	(15	)
Outstanding Original Issue Discount Balance
Core outstanding original issue discount balance (Core OID balance) (6)	$	(1,071	)	$	(1,078	)	$	(1,085	)	$	(1,092	)	$	(1,115	)	$	7		$	45
Other outstanding OID balance		(40	)		(44	)		(39	)		(43	)		(46	)		3			5
GAAP outstanding original issue discount balance	$	(1,111	)	$	(1,122	)	$	(1,125	)	$	(1,135	)	$	(1,161	)	$	11		$	50
Adjusted Other Revenue
GAAP Other Revenue	$	413		$	395		$	466		$	298		$	398		$	18		$	15
Change in the fair value of equity securities (2)		11			(2	)		(70	)		95			(6	)		13			17
Adjusted Other Revenue	$	424		$	393		$	396		$	393		$	392		$	31		$	32
Net Financing Revenue (ex. Core OID)
GAAP net financing revenue	$	1,188		$	1,157		$	1,132		$	1,140		$	1,107		$	31		$	81
Core OID		7			7			7			23			22			0			(14	)
Net Financing Revenue (ex. Core OID)	$	1,195		$	1,164		$	1,139		$	1,163		$	1,129		$	31		$	67

(1) Includes shares related to share-based compensation that vested but were not yet issued

(2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items and tax-effected changes in equity investments measured at fair value.

(4) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) excludes equity fair value adjustments (net of tax) related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity that do not reflect the operating performance of the core businesses, and (4) excludes significant discrete tax items that do not relate to the operating performance of the core businesses.

(5) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID, primarily related to bond exchange OID which excludes international operations and future issuances.

(6) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID, primarily related to bond exchange OID which excludes international operations and future issuances.

3Q 2019 Preliminary Results 21

ALLY FINANCIAL INC. ADJUSTED TANGIBLE BOOK PER SHARE RELATED INFORMATION

($ in billions, shares in thousands)

	QUARTERLY TRENDS															CHANGE VS.
Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”) Information	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Numerator
GAAP Common shareholder’s equity	$	14.5		$	14.3		$	13.7		$	13.3		$	13.1		$	0.1		$	1.4
Goodwill and identifiable intangibles, net of DTLs		(0.3	)		(0.3	)		(0.3	)		(0.3	)		(0.3	)		0.0			0.0
Tangible common equity		14.2			14.0			13.4			13.0			12.8			0.1			1.4
Tax-effected Core OID balance (21% tax rate starting 4Q17)		(0.8	)		(0.9	)		(0.9	)		(0.9	)		(0.9	)		0.0			0.0
Adjusted tangible book value (1)	$	13.3		$	13.2		$	12.6		$	12.1		$	11.9		$	0.1		$	1.4
Denominator
Issued shares outstanding (period-end, thousands)		383,523			392,775			399,761			404,900			416,591			(9,252	)		(33,067	)
GAAP Common shareholder’s equity per share	$	37.7		$	36.4		$	34.3		$	32.8		$	31.4		$	1.2		$	6.3
Goodwill and identifiable intangibles, net of DTLs per share		(0.7	)		(0.7	)		(0.7	)		(0.7	)		(0.7	)		(0.0	)		(0.0	)
Tangible common equity per share		37.0			35.7			33.6			32.1			30.7			1.2			6.2
Tax-effected Core OID (21% tax rate starting 4Q17) per share		(2.2	)		(2.2	)		(2.1	)		(2.1	)		(2.1	)		(0.0	)		(0.1	)
Adjusted tangible book value per share (1)	$	34.7		$	33.6		$	31.4		$	29.9		$	28.6		$	1.2		$	6.1

(1) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered.

3Q 2019 Preliminary Results 22

ALLY FINANCIAL INC. CORE ROTCE RELATED INFORMATION

($ in millions) unless noted otherwise

	QUARTERLY TRENDS															CHANGE VS.
Core Return on Tangible Common Equity (“Core ROTCE”)	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Numerator
GAAP net income attributable to common shareholders	$	381		$	582		$	374		$	290		$	374		$	(201	)	$	7
Discontinued operations, net of tax		-			2			1			(1	)		-			(2	)		-
Core OID		7			7			7			23			22			0			(14	)
Change in the fair value of equity securities (1)		11			(2	)		(70	)		95			(6	)		13			17
Core OID & change in the fair value of equity securities tax (tax rate 21% starting 1Q18) (1)		(4	)		(1	)		13			(25	)		(3	)		(3	)		(1	)
Significant discrete tax items		-			(201	)		-			-			-			201			-
Core net income attributable to common shareholders (2)	$	396		$	387		$	325		$	382		$	386		$	9		$	9
Denominator (2-period average, $ billions)
GAAP shareholder’s equity	$	14.4		$	14.0		$	13.5		$	13.2		$	13.1		$	0.4		$	1.3
Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”)		(0.3	)		(0.3	)		(0.3	)		(0.3	)		(0.3	)		0.0			0.0
Tangible common equity	$	14.1		$	13.7		$	13.2		$	12.9		$	12.8		$	0.4		$	1.3
Core OID balance		(1.1	)		(1.1	)		(1.1	)		(1.1	)		(1.1	)		0.0			0.1
Net deferred tax asset (“DTA”)		(0.1	)		(0.1	)		(0.2	)		(0.4	)		(0.4	)		0.0			0.3
Normalized common equity (3)	$	12.9		$	12.5		$	11.9		$	11.4		$	11.2		$	0.4		$	1.7
Core Return on Tangible Common Equity (4)		12.3%			12.4%			10.9%			13.4%			13.7%

(1) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(2) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, significant discrete tax items and tax-effected changes in equity investments measured at fair value.

(3) Normalized common equity is a non—GAAP measure calculated using 2 period average

(4) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

1. In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01, effective 1/1/2018, which requires change in the fair value of equity securities to be recognized in current period net income as compared to prior periods in which such adjustments were recognized through other comprehensive income, a component of equity, and significant discrete tax items that do not relate to the operating performance of the core businesses.

2. In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

3Q 2019 Preliminary Results 23

ALLY FINANCIAL INC. ADJUSTED EFFICIENCY RATIO RELATED INFORMATION

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Adjusted Efficiency Ratio Calculation	3Q 19			2Q 19			1Q 19			4Q 18			3Q 18			2Q 19			3Q 18
Numerator
GAAP noninterest expense	$	838		$	881		$	830		$	804		$	807		$	(43	)	$	31
Rep and warrant expense		(0	)		(0	)		-			1			(0	)		0			0
Insurance expense		(247	)		(301	)		(227	)		(215	)		(241	)		54			(6	)
Adjusted noninterest expense for the Adjusted Efficiency Ratio	$	591		$	580		$	603		$	590		$	566		$	11		$	25
Denominator
Total net revenue	$	1,601		$	1,552		$	1,598		$	1,438		$	1,505		$	49		$	96
Core OID		7			7			7			23			22			0			(14	)
Insurance revenue		(303	)		(301	)		(372	)		(202	)		(296	)		(2	)		(7	)
Adjusted net revenue for the Adjusted Efficiency Ratio	$	1,305		$	1,258		$	1,233		$	1,259		$	1,231		$	47		$	75
Adjusted Efficiency Ratio (1)		45.3%			46.1%			48.9%			46.9%			46.0%

(1) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense and Rep and warrant expense. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 11 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance business.

3Q 2019 Preliminary Results 24

XML

Document and Entity Information	Oct. 16, 2019
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0000040729
Document Type	8-K
Document Period End Date	Oct. 16, 2019
Entity File Number	1-3754
Entity Registrant Name	ALLY FINANCIAL INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-0572512
Entity Address, Address Description	Ally Detroit Center
Entity Address, Address Line One	500 Woodward Ave.
Entity Address, Address Line Two	Floor 10
Entity Address, City or Town	Detroit
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48226
City Area Code	866
Local Phone Number	710-4623
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Document And Entity Information [Line Items]
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALLY
Trust Preferred Securities
Document And Entity Information [Line Items]
Security Exchange Name	NYSE
Title of 12(b) Security	8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I
Trading Symbol	ALLY PRA