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目录表

美国证券交易委员会

华盛顿特区20549

表格：10-Q

☑			依据第13或15(D)条提交的季度报告 1934年《证券交易法》

截至本季度末2024年9月30日，或

☐			根据第13或15(D)条提交的过渡报告 1934年《证券交易法》

的过渡期                         到                         

委托书档号：1-3754

Ally Financial Inc.

(注册人的确切姓名载于其章程)

特拉华州						38-0572512
(述明或其他司法管辖权 公司或组织)						(税务局雇主 识别号码)

联盟底特律中心

伍德沃德大道500号, 10楼

底特律, 密西根 48226

（主要行政办公室地址）

(邮政编码)

(866) 710-4623

(注册人的电话号码，包括区号)

根据该法第12(B)节登记的证券：

每个班级的标题

交易符号

注册的每个交易所的名称

普通股，每股面值0.01美元

盟友

纽交所

通过勾选标记标明注册人是否（1）在过去12个月内（或在注册人被要求提交此类报告的较短期限内）提交了1934年证券交易法第13或15（d）条要求提交的所有报告，以及（2）在过去90天内是否已遵守此类提交要求。 是 ☑ 没有 ☐

通过勾选标记检查注册人是否已在过去12个月内（或在注册人被要求提交此类文件的较短期限内）以电子方式提交了根据S-T法规第405条（本章第232.405条）要求提交的所有交互数据文件。 是 ☑ 没有 ☐

用复选标记表示注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小的报告公司或新兴成长型公司。请参阅《交易法》第12b-2条规则中的“大型加速申报公司”、“加速申报公司”、“较小报告公司”和“新兴成长型公司”的定义。

大型加速文件服务器

☑

加速的文件管理器

☐

非加速文件管理器

☐

规模较小的新闻报道公司

☐

新兴成长型公司

☐

如果是一家新兴的成长型公司，用复选标记表示注册人是否已选择不使用延长的过渡期来遵守根据《交易所法》第13(A)节提供的任何新的或修订的财务会计准则。☐

用复选标记表示注册人是否是空壳公司(如《交易法》第12b-2条所定义)。

是☐ 没有 ☑

截至2024年10月31日，注册人普通股的流通股数为 304,714,784 股

1

---

目录表

索引

盟友金融公司·表格10-Q

									页面
			缩略语和首字母缩略语词汇						3
第一部分-财务信息
第1项。			财务报表						5
			简明综合全面收益表 （损失）(未经审计) 三个月及 九截至的月份九月 30、2024和2023						5
			简明综合资产负债表（未经审计） 九月 2024年30日和2023年12月31日						7
			简明合并权益变动表（未经审计） 三个月及 九截至的月份九月 30、2024和2023						9
			简明合并现金流量表（未经审计） 对于九截至的月份九月 30、2024和2023						11
			简明合并财务报表附注(未经审计)						13
			注1.业务描述、呈列基础和重要会计政策的变更						13
			说明2.待售运营						15
			说明3.客户合约收益						17
			说明4.其他收入，扣除损失						18
			说明5.保险损失准备金和损失调整费用						19
			说明6.其他经营开支						19
			说明7.投资证券						20
			说明8.金融贷款和贷款，净						24
			说明9.租赁						39
			说明10.证券化和可变利益实体						42
			注11。其他资产						45
			说明12.存款负债						47
			注13。债务						47
			注14。应计费用和其他负债						49
			说明15.优先股						49
			说明16.累计其他综合损失						50
			说明17.每股普通股收益						53
			注18。监管资本和其他监管事项						53
			注19。衍生工具和对冲活动						57
			注20。所得税						63
			注21。公平值						63
			注22。抵消资产和负债						71
			注23。分部资料						72
			注24。意外情况和其他风险						74
			注25。后续事件						75
第二项。			管理层对财务状况和经营成果的探讨与分析						76
第三项。			关于市场风险的定量和定性披露						132
第四项。			控制和程序						133
第二部分-其他信息									134
第1项。			法律诉讼						134
项目1A.			风险因素						134
第二项。			未登记的股权证券销售和收益的使用						134
第三项。			高级证券违约						134
第四项。			煤矿安全信息披露						134
第5项。			其他信息						134
第6项。			陈列品						135
签名									136

2

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目录表

已定义术语索引

盟友金融公司·表格10-Q

缩略语和首字母缩略语词汇

以下是本季度报告10-Q表格中使用的缩写和缩写列表。

术语						定义
美国铝业公司						资产负债委员会
ALM						资产负债管理
AOCI						累计其他综合收益
ASC						会计准则编撰
ASU						会计准则更新
巴塞尔委员会						巴塞尔银行监管委员会
六六六						银行控股公司
《六六六法案》						1956年修订的《银行控股公司法》
BMC						Better抵押贷款公司
冲浪板						盟友董事会
BTFP						银行定期融资计划
CD						存单
CECL						会计准则更新2016-13（及相关会计准则更新），或当前预期信用损失
CIDI						受保存款机构
CODM						首席运营决策者
COH						企业管理费用
CRA						1977年《社区再投资法》，经修订
CSG						商业服务集团
CVA						信用估值调整
差异						存款保险基金
《多德-弗兰克法案》						2010年《多德-弗兰克华尔街改革和消费者保护法案》，修订版
DVA						借方估值调整
EGRNCP法案						经修订的《经济增长、监管救济和消费者保护法》
ERMC						企业风险管理委员会
ESG						环境、社会和治理
etf						上市交易基金
夏娃						股权的经济价值
《交易所法案》						经修订的1934年证券交易法
F&I						金融保险
FASB						财务会计准则委员会
《外国直接投资法案》						修订后的《联邦存款保险法》
FDIC						美国联邦存款保险公司
FDICIA						修订后的1991年联邦存款保险公司改进法案
FHC						金融控股公司
FHLB						联邦住房贷款银行
FRB						联邦储备银行或联邦储备系统理事会，根据情况需要
Ftp						资金转移定价
间隙						有担保的资产保护
国内生产总值						美利坚合众国国内生产总值
《格拉斯哥法案》						经修订的1999年《格拉姆-利奇-布利法案》
全球机制						通用汽车公司
HTC						历史悠久的税收抵免
IB财务						Ib金融控股公司
IDI						保险存管机构

3

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目录表

已定义术语索引

盟友金融公司·表格10-Q

术语						定义
爱尔兰共和军						个人退休账户
LCR						流动性覆盖率
LGD						违约造成的损失
LIHTC						低收入者住房税收抵免
LMI						中低收入
LTV						贷款价值比
MD&A						管理层对财务状况和经营成果的探讨与分析
NMT						新市场税收抵免
纽交所						纽约证券交易所
OCI						其他综合收益
代工						汽车原创设备制造商
场外交易						非处方药
P&C						财产和伤亡
主成分分析						迅速采取纠正措施
RC						联盟董事会风险委员会
ROU						使用权
房车						休闲车辆
RWA						风险加权资产
美国证券交易委员会						美国证券交易委员会
签名						Signature Bank
SPE						特殊目的实体
Stellantis						Stellantis N.V.
SVB						硅谷银行
定制规则						实施《EGRNCP法案》第四条的规则
TCFD						与气候有关的财务披露工作队
TLAC						总吸收损耗能力
UPB						未付本金余额
美国巴塞尔协议III						美国实施2010年巴塞尔协议III资本框架的规则以及不时修订的《多德-弗兰克法案》相关条款
美国公认会计原则						美国普遍接受的会计原则
VIE						可变利息实体
VMC						车辆维修合同
VSC						车辆服务合同
WAC						加权平均优惠券
wSTWF						加权短期批发融资

4

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目录表

第一部分-财务信息

项目1.财务报表

简明综合全面收益（亏损）表（未经审计）

盟友金融公司·表格10-Q

						截至9月30日的三个月里，												截至9月30日的九个月里，
（百万美元）						2024						2023						2024						2023
融资收入和其他利息收入
应收融资和贷款的利息和费用						$	2,889					$	2,837					$	8,561					$	8,133
待售贷款利息						5						7						48						29
投资证券和其他盈利资产的利息和股息						262						267						793						752
现金及现金等值物的利息						102						99						287						242
经营租赁						316						385						1,005						1,179
融资收入和其他利息收入总额						3,574						3,595						10,694						10,335
利息开支
存款利息						1,616						1,563						4,861						4,198
短期借款利息						13						13						63						36
长期债务利息						256						274						748						753
对其他的兴趣						—						—						1						2
总利息支出						1,885						1,850						5,673						4,989
经营租赁资产净折旧费用						201						212						582						638
净融资收入和其他利息收入						1,488						1,533						4,439						4,708
其他收入
保险费和服务收入						359						320						1,045						936
抵押贷款和汽车贷款净收益						6						4						18						13
其他投资收益（损失），净额						74						(41)						96						59
其他收入，扣除损失						176						152						491						431
其他收入合计						615						435						1,650						1,439
净收入合计						2,103						1,968						6,089						6,147
信贷损失准备金						645						508						1,609						1,381
非利息支出
薪酬福利费用						435						463						1,396						1,448
保险损失和损失调整费用						135						107						428						329
其他运营费用						655						662						1,995						1,970
总非利息支出						1,225						1,232						3,819						3,747
所得税（福利）费用前持续经营收入						233						228						661						1,019
持续经营的所得税（福利）费用						(124)						(68)						(147)						74
持续经营净收益						357						296						808						945
非持续经营亏损，税后净额						—						—						—						(1)
净收入						357						296						808						944
其他综合收益(亏损)，税后净额						616						(902)						423						(706)
综合收益(亏损)						$	973					$	(606)					$	1,231					$	238

声明在下一页继续。

简明合并财务报表（未经审计）附注是该报表的组成部分。

5

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目录表

简明综合全面收益（亏损）表（未经审计）

盟友金融公司·表格10-Q

						截至9月30日的三个月里，												截至9月30日的九个月里，
（单位：百万美元，每股数据除外;股份单位：千美元） (a)						2024						2023						2024						2023
归属于普通股股东的持续经营净利润						$	330					$	269					$	725					$	862
非持续经营亏损，税后净额						—						—						—						(1)
普通股股东应占净收益						$	330					$	269					$	725					$	861
基本加权平均已发行普通股（b）						307,312						304,134						306,699						303,497
稀释加权平均已发行普通股（b）						311,044						305,693						309,786						304,601
基本每股普通股收益
持续经营净收益						$	1.07					$	0.88					$	2.37					$	2.84
已终止业务亏损，扣除税款						—						—						—						(0.01)
净收入						$	1.07					$	0.88					$	2.37					$	2.84
稀释后每股普通股收益
持续经营净利润						$	1.06					$	0.88					$	2.34					$	2.83
已终止业务亏损，扣除税款						—						—						—						(0.01)
净收入						$	1.06					$	0.88					$	2.34					$	2.83
宣布的每股普通股现金股息						$	0.30					$	0.30					$	0.90					$	0.90

(a)由于四舍五入，表中的数字可能无法准确重新计算。每股收益根据未四舍五入数字计算。

(b)包括已归属但尚未发行的与股份报酬相关的股份。

额外每股收益信息请参阅注17。简明合并财务报表（未经审计）附注是该报表的组成部分。

6

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目录表

简明综合资产负债表（未经审计）

盟友金融公司·表格10-Q

(百万美元，不包括共享数据)						2024年9月30日						2023年12月31日
资产
现金及现金等价物
不计息						$	544					$	638
计息						8,072						6,307
现金和现金等价物合计						8,616						6,945
股权证券						877						810
可供出售证券（摊销成本为美元27,312 和$28,416)						23,905						24,415
持有至到期证券（公允价值为美元4,570 和$4,729)						4,441						4,680
持作出售贷款，净值						306						400
应收账款和贷款，净额
应收融资和贷款，扣除未赚取收入						137,501						139,439
贷款损失准备						(3,700)						(3,587)
应收融资和贷款总额，净额						133,801						135,852
经营租赁投资，净额						8,318						9,171
应收保费和其他保险资产						2,810						2,749
其他资产						9,907						9,395
持作出售的业务资产						—						1,975
总资产						$	192,981					$	196,392
负债
存款负债
不计息						$	174					$	139
计息						151,776						154,527
存款负债总额						151,950						154,666
短期借款						1,771						3,297
长期债务						16,807						17,570
应付利息						1,425						858
未发现的保险费和服务收入						3,534						3,492
应计费用和其他负债						2,769						2,726
持作出售业务的负债						—						17
总负债						178,256						182,626
或有事项（参见注24）
股权
普通股和实缴资本（美元0.01 面值、授权股份 1,100,000,000；已发出514,937,313 和 511,861,447;而且优秀 304,714,784 和 302,459,258)						22,101						21,975
优先股						2,324						2,324
留存收益						595						154
累计其他综合损失						(3,393)						(3,816)
库存股，按成本计算(210,222,529 和 209,402,189 股份）						(6,902)						(6,871)
权益总额						14,725						13,766
负债和权益总额						$	192,981					$	196,392

声明在下一页继续。

简明合并财务报表（未经审计）附注是该报表的组成部分。

7

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目录表

简明综合资产负债表（未经审计）

盟友金融公司·表格10-Q

合并可变利益实体的资产仅可用于偿还合并可变利益实体的义务，以及债权人（或受益利益持有人）对我们的一般信贷没有追索权的这些实体的负债如下。

（百万美元）						2024年9月30日						2023年12月31日
资产
应收账款和贷款，净额
消费汽车						$	5,336					$	6,868
贷款损失准备						(204)						(254)
应收融资和贷款总额，净额						5,132						6,614
其他资产						326						461
总资产						$	5,458					$	7,075
负债
长期债务						$	1,717					$	1,509
应计费用和其他负债						3						4
总负债						$	1,720					$	1,513

简明合并财务报表（未经审计）附注是该报表的组成部分。

8

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目录表

简明合并权益变动表（未经审计）

盟友金融公司·表格10-Q

						截至9月30日的三个月里，
（百万美元）						普通股和实缴资本						优先股						留存收益						累计其他综合损失						库存股						权益总额
2023年7月1日的余额						$	21,915					$	2,324					$	23					$	(3,863)					$	(6,867)					$	13,532
净收入																		296																		296
优先股股息-B系列																		(16)																		(16)
优先股股息-系列C																		(11)																		(11)
股份酬金						21																														21
其他综合损失																								(902)												(902)
普通股股息(美元0.30 每股）																		(95)																		(95)
2023年9月30日的余额						$	21,936					$	2,324					$	197					$	(4,765)					$	(6,867)					$	12,825
2024年7月1日余额						$	22,077					$	2,324					$	360					$	(4,009)					$	(6,901)					$	13,851
净收入																		357																		357
优先股股息-B系列																		(16)																		(16)
优先股股息-系列C																		(11)																		(11)
股份酬金						24																														24
其他全面收益																								616												616
普通股回购																														(1)						(1)
普通股股息(美元0.30 每股）																		(95)																		(95)
2024年9月30日的余额						$	22,101					$	2,324					$	595					$	(3,393)					$	(6,902)					$	14,725

9

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目录表

简明合并权益变动表（未经审计）

盟友金融公司·表格10-Q

						截至9月30日的九个月里，
（百万美元）						普通股和实缴资本						优先股						留存收益(累计亏损)						累计其他综合损失						库存股						权益总额
2023年1月1日的余额						$	21,816					$	2,324					$	(384)					$	(4,059)					$	(6,838)					$	12,859
净收入																		944																		944
优先股股息-B系列																		(48)																		(48)
优先股股息-系列C																		(35)																		(35)
股份酬金						120																														120
其他综合损失																								(706)												(706)
普通股回购																														(29)						(29)
普通股股息(美元0.90 每股）																		(280)																		(280)
2023年9月30日的余额						$	21,936					$	2,324					$	197					$	(4,765)					$	(6,867)					$	12,825
2023年12月31日余额						$	21,975					$	2,324					$	154					$	(3,816)					$	(6,871)					$	13,766
会计原则变更的累积影响，扣除税款（a）
采用会计准则更新2023-02																		(2)																		(2)
2024年1月1日余额						$	21,975					$	2,324					$	152					$	(3,816)					$	(6,871)					$	13,764
净收入																		808																		808
优先股股息-B系列																		(48)																		(48)
优先股股息-系列C																		(35)																		(35)
股份酬金						126																														126
其他全面收益																								423												423
普通股回购																														(31)						(31)
普通股股息(美元0.90 每股）																		(282)																		(282)
2024年9月30日的余额						$	22,101					$	2,324					$	595					$	(3,393)					$	(6,902)					$	14,725

(a)请参阅标题为的部分 最近采用的会计准则 请参阅注释1以获取更多信息。

简明合并财务报表（未经审计）附注是该报表的组成部分。

10

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目录表

简明合并现金流量表（未经审计）

盟友金融公司·表格10-Q

截至9月30日的九个月里，(百万美元)			2024						2023
经营活动
净收入			$	808					$	944
净利润与经营活动提供的净现金对账
折旧及摊销			930						923
信贷损失准备金			1,609						1,381
抵押贷款和汽车贷款净收益			(18)						(13)
其他投资收益，净			(96)						(59)
持有待售贷款的来源和购买			(1,413)						(1,913)
出售和偿还持作出售贷款的收益			1,862						2,283
净变动率
递延所得税			(201)						(62)
应付利息			567						1,029
其他资产			(181)						29
其他负债			(130)						52
其他，净			171						86
经营活动提供的净现金			3,908						4,680
投资活动
购买股权证券			(630)						(257)
出售股权证券所得收益			680						295
购买可供出售的证券			(462)						(388)
出售可供出售证券所得款项			134						337
偿还可供出售证券的收益			1,450						1,631
偿还持有至到期证券的收益			360						49
购买应收融资和持作投资的贷款			(2,612)						(3,201)
出售应收融资和最初持作投资的贷款的收益			1,190						25
应收融资款项和持作投资的贷款和其他贷款的产生和偿还，净额			1,526						(2,452)
购买经营租赁资产			(2,543)						(2,174)
经营租赁资产处置			2,782						2,384
出售业务部门所得收益，净额			1,956						—
不可流通股权投资净变化			84						(45)
其他，净			(461)						(419)
投资活动提供(用于)的现金净额			3,454						(4,215)
声明在下一页继续。
简明合并财务报表（未经审计）附注是该报表的组成部分。

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目录表

简明合并现金流量表（未经审计）

盟友金融公司·表格10-Q

截至9月30日的九个月里，(百万美元)			2024						2023
融资活动
短期借款净变化			(1,526)						11
存款净(减)增			(2,757)						525
发行长期债券所得收益			2,866						4,893
偿还长期债务			(3,683)						(2,609)
普通股回购			(31)						(29)
已支付普通股股息			(280)						(277)
支付的优先股股息			(83)						(83)
融资活动提供的现金净额(用于)			(5,494)						2,431
汇率变化对现金和现金等值物以及受限制现金的影响			(3)						—
现金及现金等价物和限制性现金净增加			1,865						2,896
年初现金及现金等价物和限制性现金			7,439						6,222
截至9月30日，现金及现金等值物以及受限制现金，			$	9,304					$	9,118
补充披露
已支付（收到）的现金
利息			$	5,043					$	3,895
所得税			94						(42)
非现金项目
作为出售贷款的对价而收到的持有至到期证券			56						—
持作出售贷款转作应收账款融资和持作投资贷款			28						208
应收融资和持作投资性贷款转持作出售贷款			1,729						11
非有价股权投资转让为股权证券			—						19

下表提供了现金和现金等值项目以及受限制现金从简明合并资产负债表到简明合并现金流量表的对账。

9月30日， （百万美元）						2024						2023
简明合并资产负债表上的现金及现金等值物						$	8,616					$	8,515
纳入简明合并资产负债表其他资产的证券化信托持有的受限制现金和现金等值物以及受限制现金（a）						688						603
简明合并现金流量表中的现金及现金等值物以及限制现金总额						$	9,304					$	9,118

(a)有关描述受限制现金和现金等值余额性质的更多详细信息，请参阅注11。

简明合并财务报表（未经审计）附注是该报表的组成部分。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

1.    业务描述、呈列基础和重要会计政策的变更

盟友金融公司（连同其合并子公司，除非上下文另有要求，盟友、公司、我们、我们或我们的）是一家金融服务公司，拥有全国最大的全数字银行和行业领先的汽车融资和保险业务，其使命是“做对”，并成为客户和社区的不懈盟友。该公司通过全方位的网上银行服务（包括存款、抵押贷款和信用卡产品）以及证券经纪和投资咨询服务为客户提供服务。该公司还包括企业融资业务，为股权发起人和中间市场公司提供资本。Ally是一家特拉华州公司，根据BHC法案注册为BHC，根据GLb法案注册为FHC。

我们的会计和报告政策符合美国公认会计准则。此外，在适用的情况下，这些政策符合银行监管机构规定的会计和报告准则。前一期间的财务报表和附注可能已进行了某些重新分类，以符合本期的列报方式，这对我们的简明合并财务报表没有重大影响。根据美国公认会计原则编制财务报表时，管理层须作出估计和假设，以影响于财务报表日期呈报的资产和负债额及或有资产和负债的披露，并影响报告期内的收入和开支及相关披露。在制定估计和假设时，管理层使用所有可用的证据；然而，实际结果可能不同，因为与估计数量、时间和可能结果的可能性相关的不确定性。我们最重要的估计涉及贷款损失准备、汽车租赁资产和剩余物的估值、金融工具的公允价值以及所得税拨备的确定。

截至2024年9月30日以及截至2024年9月30日和2023年9月30日的三个月和九个月的简明合并财务报表未经审计，但反映了管理层认为公平列报所列中期业绩所需的所有调整。所有此类调整都是正常的重复性。这些未经审计的简明合并财务报表应与截至2023年12月31日年度10-k表格年度报告中包含的经审计的合并财务报表（和相关注释）一起阅读，该年度报告于2024年2月20日提交给SEC。

重大会计政策

贷款损失准备

贷款损失备抵（备抵）从贷款的摊销成本基础中扣除或添加到贷款的摊销成本基础中，以呈现预计从我们的贷款组合中收取的净金额。我们使用相关可用信息来估计津贴，其中包括与过去事件、当前条件以及合理且有支持性的预测相关的内部和外部来源。拨备的增加和减少通过信用损失拨备计入本期收益，被确定无法收回的金额直接从拨备中扣除，扣除之前核销账户中收回的金额。预期收回额不超过先前已注销金额和预期将注销金额的总和。

预期信用损失是在贷款合同期限内估计的，并在适当时根据预期预付款项进行调整。合同条款不包括预期的延期或续签，除非延期或续签选项包含在报告日期的原始或修改后的合同中，并且我们无法无条件取消该选项。预期的贷款修改也不包括在合同期限中，除非我们在期末合理预期贷款修改将与借款人一起执行。

为了计算投资组合级准备金，我们将贷款分组为 四 投资组合部门：汽车消费品、消费品抵押贷款、其他消费品和商业品。当贷款具有类似的风险特征时，使用统计模型集体衡量备抵。这些统计模型旨在将某些宏观经济变量与预期的未来信用损失关联起来。模型中使用的宏观经济数据基于合理且可支持的预测期内的预测因素。这些预测变量来自内部和外部来源。超过这个预测时期，我们将每个变量以直线方式恢复为历史平均值。历史平均值主要使用从2008年1月开始到最近一段可用数据的历史数据计算。

2024年第二季度，我们更新了合理且可支持的预测期，从 12 个月至 24 几个月，以及我们的回归期 24 个月至 12 个月对我们估计流程的这种改进代表了会计估计的变化，预期应用从变化期开始。这种改进对我们估计过程的影响被我们津贴定性部分的调整所抵消。使用更长期限的合理且可支持的宏观经济预测期来生成我们贷款损失准备金的建模部分，预计将进一步改善模型性能。

股权法投资和比例摊销投资

我们的股权法投资主要包括与RIA相关的股权投资，其公允价值不容易确定。这些投资中的大部分采用权益法会计核算，并计入我们简明合并资产负债表其他资产中的权益法投资。

我们的比例摊销投资包括与RIA相关的税收股权投资，我们的主要回报是我们获得的所得税抵免和其他所得税福利。我们已选择对LIHTC、NMT和HTC计划中的合格税收股权投资应用比例摊销法。根据比例摊销法，符合条件的税收股权投资的成本按照各期所得税抵免和其他所得税利益分配到总额的比例摊销

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

预计将在投资期限内获得的所得税利益，以及投资摊销和所得税抵免以净额为基础列为所得税费用的一部分。我们的比例摊销投资包括在我们的精简合并资产负债表的其他资产中。我们与比例摊销投资的无资金承诺相关的义务包括在我们简明综合资产负债表中的应计费用和其他负债中。收到的所得税抵免和其他所得税利益记录在简明综合全面收益（亏损）表的所得税费用中，并记录在净利润中，并作为简明综合现金流量表的递延所得税、其他资产和其他负债中的经营活动的一部分。

我们会计政策的此次更新源于我们于2024年1月1日采用了ASO 2023-02，详情请在下文标题为“部分”的部分中进一步描述 最近采用的会计准则。

所得税

在根据ASC 740计算临时所得税拨备时， 所得税，我们对年初至今的普通收入应用估计的年度有效税率。在每个中期期末，我们估计整个财年预计适用的有效税率。该方法与我们2023年10-k表格年度报告中合并财务报表注释1中描述的方法不同，该注释描述了我们的年度重大所得税会计政策和相关方法。

有关额外重要会计政策，请参阅我们2023年10-k表格年度报告中合并财务报表的注释1。

最近采用的会计准则

受合同销售限制的股票证券的公允价值计量（ASO 2022-03）

2022年6月，FASB发布了ASU 2022-03，公允价值计量(主题820)：受合同销售限制的股权证券的公允价值计量.本指南的目的是澄清，对出售股权证券能力的合同限制不被视为股权证券核算单位的一部分，因此在衡量股权证券的公允价值时不应考虑。此外，实体不能单独识别和衡量合同销售限制。本指南还增加了与受合同销售限制的股权证券相关的具体披露，包括（1）资产负债表中反映的受合同销售限制的股权证券的公允价值，（2）限制的性质和剩余期限，（3）可能导致限制失效的情况。我们于2024年1月1日使用前瞻性方法通过了修正案。这些修订的影响并不重大。

使用比例摊销法核算税收抵免结构投资（ASO 2023-02）

2023年3月，FASB发布了ASU 2023-02，投资-权益法和合资企业(主题323)：使用比例摊销法核算税收抵免结构中的投资。本指导意见的目的是将比例摊销法的使用扩大到主要为获得所得税抵免和其他所得税优惠而进行的某些税收权益投资。要符合比例摊销法的资格，必须满足以下五个条件：(1)可分配给税权投资者的所得税抵免很可能是可用的，(2)税权投资者没有能力对标的项目的运营和财务政策施加重大影响，(3)基本上所有预计收益都来自所得税抵免和其他所得税优惠，(4)税收股权投资者的预计收益仅基于所得税抵免的现金流，并且其他所得税优惠为正，(五)税务股权出资人是有限责任公司的有限责任投资者，具有法定和税务双重目的，其责任仅限于其资本投入。选择比例摊销法是一种会计政策选择，必须在逐个税收抵免计划的基础上应用，而不是在实体层面或个人投资上应用。此外，为了将比例摊销法应用于符合条件的投资，实体在对投资税收抵免进行会计处理时必须使用流通法。本指南还增加了与税收抵免计划相关的披露要求，其中选择了比例摊销方法。我们于2024年1月1日通过了修正案，采用了修改后的追溯法。修正案的通过导致我们的期初留存收益减少了大约$21000万美元，扣除所得税后的净额。

最近发布的会计准则和披露规则

改进可报告分部披露（ASO 2023-07）

2023年11月，FASB发布了ASU 2023-07，分部报告(主题280)：改进可报告分部披露。本指引的目的是改善可报告的分部披露，主要是通过加强对重大分部费用的披露。本ASU要求一家实体在中期和年度基础上披露定期提供给CODM并包括在报告的分部损益计量中的重大分部费用。本会计准则还要求一家实体在中期和年度基础上按可报告分部披露其他分部项目，包括对这些项目构成的定性描述。这一“其他”类别被定义为分部损益与分部收入之间的差额。各实体还被要求披露被确认为CODM的个人的头衔和职位，或小组或委员会的名称。修正案于2024年1月1日生效，适用于年度报告，适用于2025年1月1日，适用于中期报告，并允许提前采用。修正案必须以追溯的方式适用。管理层预计这些修订的影响不会很大。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

所得税披露的改进（ASO 2023-09）

2023年12月，FASB发布了ASU 2023-09， 所得税(专题740)：所得税披露的改进.本指南的目的是加强利率调节和已缴所得税披露。该ASO要求实体每年披露利率调节中的特定类别，并为符合量化阈值的调节项目提供额外信息。对于税率调节的州和地方所得税类别，实体必须披露占该类别大多数（大于50%）的州和地方司法管辖区的定性描述。对于已缴纳所得税的披露，实体将被要求每年披露按联邦、州和外国税收分类的已缴纳所得税金额（扣除收到的退款）。该修订本于2025年1月1日生效，允许提前采用。修订必须采用前瞻性或追溯性的方法应用。管理层预计该等修订不会产生重大影响。

为投资者加强和标准化气候相关披露（SEC发布号33-11275）

2024年3月，美国证券交易委员会通过了SEC第33-11275号《为投资者加强和标准化气候相关披露》的最终规则。该最终规则要求注册人在2025年1月1日开始的财年的注册报表和年度报告中披露某些与气候相关的信息。2024年4月4日，美国证券交易委员会下令暂缓执行最终规则，等待美国第八巡回上诉法院完成司法审查。管理层仍在评估最终规则并监控法律发展，以确定其对我们的影响。

2.    待售运营

2023年12月31日，我们承诺出售Ally Lending，这是我们企业及其他部门的一部分。我们于2024年3月1日结束了Ally Lending的出售。在所列的所有期间，我们持作出售业务的经营业绩在简明综合全面收益（亏损）表中的持续经营业务中呈列。此外，我们持作出售业务的资产和负债在截至2023年12月31日的简明合并资产负债表中单独呈列。

关于将业务归类为待售业务，处置组按成本较低或公允价值计量。首先，财务应收款和贷款被归类为持有待售，并按成本较低或公允价值计量，因此产生了#美元的收益。16在截至2023年12月31日的一年中，我们为信贷损失拨备了1000万美元。接下来，出售集团的剩余资产和负债按成本较低或公允价值计量。公允价值是根据与第三方购买者签订的销售协议确定的，这是一项第二级公允价值投入。账面价值超过出售集团的资产及负债的公允价值，因而产生商誉减值费用#美元。149在截至2023年12月31日的一年中，总体而言，我们确认的税前净亏损为$133截至2023年12月31日的年度，与将业务分类为持有待售有关。在截至2024年9月30日的9个月内，我们确认了额外的税前亏损$82000万美元，与出售Ally Lending有关，预计不会确认与这笔交易相关的任何重大增量损失。

持作出售业务的资产和负债概述如下。

（百万美元）									2023年12月31日
资产
持作出售贷款，净值									$	1,940
其他资产(A)									35
总资产									$	1,975
负债
应计费用和其他负债（b）									$	17
总负债									$	17

(a)主要包括应计利息和费用美元25 百万美元，善意美元4 百万美元，财产和设备美元4 截至2023年12月31日，百万美元。

(b)包括$5 截至2023年12月31日的无资金贷款承诺准备金为百万美元。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

非经常性公允价值

下表显示了我们于2023年12月31日持有的持作出售业务的资产和负债，按非经常性公平价值计量。该处置组于2024年3月1日出售。有关用于按公允价值计量重大资产的估值方法的描述以及估值模型的详细信息、这些模型的关键输入数据以及使用的重要假设，请参阅附注21。

						非经常性公允价值计量																								成本或公允价值较低准备金、估值准备金或累计调整						收益中包含的总收益（损失）
2023年12月31日（百万美元）						1级						2级						第三级						总
资产
持作出售贷款，净值						$	—					$	1,940					$	—					$	1,940					$	—					n/m			(a)
其他资产（b）						—						35						—						35						(149)						n/m			(a)
总资产						$	—					$	1,975					$	—					$	1,975					$	(149)					n/m
负债
应计费用和其他负债						$	—					$	17					$	—					$	17					$	—					n/m			(a)
总负债						$	—					$	17					$	—					$	17					$	—					n/m

N/M=没有意义

(a)我们认为适用的估值拨备、贷款损失拨备或累积调整是公允价值计量对盈利影响的最相关指标。因此，上表不包括这些项目收益中包含的总损益。

(b)包括$149 Ally Lending百万美元的善意损失。在出现减损时，Ally Lending的声誉的公允价值被分类为公允价值等级下的第2级。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

3.    与客户签订合同的收入

我们的主要收入来源（包括融资收入和其他利息收入）由其他美国GAAP主题解决，不属于ASC主题606的范围， 与客户签订合同的收入。 作为我们保险业务的一部分，我们确认保险合同的收入，这些收入由其他美国GAAP主题解决，不包括在本标准的范围内。我们保险业务中的某些非保险合同，包括VAR、GAP合同和VMC，均包含在本标准的范围内。与非保险合同相关的所有收入均在合同期限内按预期成本的比例确认。此外，为获得这些合同而产生的佣金和销售费用将在相关保单和服务合同的条款内按与保费和服务收入相同的基础摊销，所有广告成本在产生时确认为费用。

下表列出了我们来自客户合同的收入的细分视图。有关我们的收入确认政策的更多信息以及有关我们各自收入来源性质的详细信息，请参阅我们2023年10-k表格年度报告中合并财务报表的注释1和注释3。

截至9月30日的三个月里， （百万美元）						汽车金融运营						保险业务						抵押贷款融资业务						企业财务运营						公司和其他						已整合
2024
与客户签订合同的收入
非保险合同（a）（b）（c）						$	—					$	246					$	—					$	—					$	—					$	246
再营销费收入						28						—						—						—						—						28
经纪佣金和其他收入						—						—						—						—						22						22
银行费用和互换收入（d）						—						—						—						—						12						12
经纪/代理佣金						—						5						—						—						—						5
其他						5						1						—						—						—						6
与客户签订合同的总收入						33						252						—						—						34						319
所有其他收入						52						185						6						37						16						296
其他收入总额（e）						$	85					$	437					$	6					$	37					$	50					$	615
2023
客户合约收益
非保险合同（a）（b）（c）						$	—					$	173					$	—					$	—					$	—					$	173
再营销费收入						27						—						—						—						—						27
经纪佣金和其他收入						—						—						—						—						23						23
银行费用和互换收入（d）						—						—						—						—						10						10
经纪/代理佣金						—						3						—						—						—						3
其他						5						1						—						—						—						6
与客户签订合同的总收入						32						177						—						—						33						242
所有其他收入						47						116						4						24						2						193
其他收入总额（e）						$	79					$	293					$	4					$	24					$	35					$	435

(a)我们的年初余额为美元3.0 2024年7月1日和2023年7月1日与未偿合同相关的未赚收入为10亿美元，以及美元243百万美元和美元249 其中100万美元的余额分别在截至2024年和2023年9月30日的三个月内在我们的简明综合全面收益表（亏损）中确认为保险费和服务收入。

(b)截至2024年9月30日，我们的非收入为美元3.0 与未偿合同相关的10亿美元，对于这一余额，我们预计将确认收入为美元232 2024年剩余时间内百万美元，美元818 2025年百万美元674 2026年百万美元514 万 在……里面 2027年，以及美元726 此后百万。截至2023年9月30日，我们的非收入为美元3.0 与未偿合同相关的数十亿美元。

(c)我们的递延保险资产为美元1.8 2024年7月1日和2024年9月30日均为10亿美元，已确认美元141 截至2024年9月30日的三个月内的费用为百万美元。我们的递延保险资产为美元1.8 2023年7月1日和2023年9月30日均为10亿美元，并已确认美元148 截至2023年9月30日的三个月内的费用为百万美元。

(d)交换收入按扣除客户奖励后报告。客户奖励费用为美元7百万美元和美元5 截至2024年9月30日和2023年9月30日的三个月分别为百万美元。

(e)代表总净收入的一部分。有关我们可报告经营分部的更多信息，请参阅附注23。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

截至9月30日的九个月里， （百万美元）						汽车金融运营						保险业务						抵押贷款融资业务						企业财务运营						公司和其他						已整合
2024
客户合约收益
非保险合同（a）（b）						$	—					$	666					$	—					$	—					$	—					$	666
再营销费收入						88						—						—						—						—						88
经纪佣金和其他收入						—						—						—						—						67						67
银行费用和互换收入（c）						—						—						—						—						35						35
经纪/代理佣金						—						15						—						—						—						15
其他						14						2						—						—						—						16
与客户签订合同的总收入						102						683						—						—						102						887
所有其他收入						173						476						17						90						7						763
其他收入总额（d）						$	275					$	1,159					$	17					$	90					$	109					$	1,650
2023
客户合约收益
非保险合同（a）（b）						$	—					$	513					$	—					$	—					$	—					$	513
再营销费收入						91						—						—						—						—						91
经纪佣金和其他收入						—						—						—						—						69						69
银行费用和互换收入（c）						—						—						—						—						31						31
经纪/代理佣金						—						10						—						—						—						10
其他						15						1						—						—						—						16
与客户签订合同的总收入						106						524						—						—						100						730
所有其他收入						133						487						13						81						(5)						709
其他收入总额（d）						$	239					$	1,011					$	13					$	81					$	95					$	1,439

(a)我们的年初余额为美元3.0 2024年1月1日和2023年1月1日未完成合同相关的未赚取收入10亿美元，以及美元732百万美元和美元733 其中100万美元的余额分别在截至2024年和2023年9月30日的九个月内在我们的简明综合全面收益（损失）表中确认为保险费和服务收入。

(b)我们的递延保险资产为美元1.8 2024年1月1日和2024年9月30日均为10亿美元，并已确认美元432 截至2024年9月30日的九个月内，费用为百万美元。我们的递延保险资产为美元1.8 2023年1月1日和2023年9月30日均为10亿美元，并已确认美元436 截至2023年9月30日的九个月内，费用为百万美元。

(c)交换收入按扣除客户奖励后报告。客户奖励费用为美元20百万美元和美元14 截至2024年9月30日和2023年9月30日的九个月分别为百万美元。

(d)代表总净收入的一部分。有关我们可报告经营分部的更多信息，请参阅附注23。

除了上述其他收入的组成部分外，作为我们汽车金融业务的一部分，我们还确认了净再营销收益为美元24百万美元和美元129 截至2024年9月30日的三个月和九个月内百万, 分别与美元相比57 亿和$174 2023年同期，出租车辆销售额为100万美元。这些收益计入我们的简明综合全面收益表（亏损）中的经营租赁资产折旧费用。有关更多信息，请参阅注释9。

4.    其他收入，扣除损失

扣除亏损后的其他收入详情如下。

						截至9月30日的三个月里，												截至9月30日的九个月里，
（百万美元）						2024						2023						2024						2023
滞纳金和其他行政费用						$	49					$	50					$	150					$	145
再推销费						28						27						88						91
股权法投资收入（a）						10						8						14						5
不可流通股权投资损失，净（a）						—						—						(9)						(11)
其他，净						89						67						248						201
其他收入总额，扣除损失						$	176					$	152					$	491					$	431

(a)有关我们的股权法投资和非有价股权投资的更多信息，请参阅注11。

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简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

5.    保险损失准备金和损失调整费用

下表显示了我们的保险损失准备金和损失调整费用的结转。

（百万美元）						2024						2023
1月1日保险损失和损失调整费用毛准备金总额，						$	140					$	119
减去：可收回的再保险						66						72
1月1日保险损失和损失调整费用净准备金，						74						47
与以下方面相关的净保险损失和损失调整费用：
本年度						411						326
往年（a）						17						3
发生的净保险损失和损失调整费用总额						428						329
已付或应付的净保险损失和损失调整费用与：
本年度						(319)						(270)
前几年						(64)						(38)
已付或应付的净保险损失和损失调整费用总额						(383)						(308)
截至9月30日的保险损失和损失调整费用净准备金，						119						68
加：可收回的再保险（b）						78						77
截至9月30日的保险损失和损失调整费用毛准备金总额，（c）						$	197					$	145

(a)过往年度储备并无重大不利变化。

(b)包括在我们的简明合并资产负债表中的应收保费和其他保险资产中。

(c)包括在我们的简明综合资产负债表中的应计费用和其他负债中。

6.    其他运营费用

其他运营费用详情如下。

			截至9月30日的三个月里，												截至9月30日的九个月里，
（百万美元）			2024						2023						2024						2023
保险佣金			$	164					$	160					$	486					$	475
技术和通信			110						109						319						328
广告和营销			69						74						221						231
财产和设备折旧			55						51						169						146
监管和许可费			45						45						137						119
租赁和贷款管理			45						57						136						158
专业服务			36						35						106						103
车辆再营销和收回			31						30						96						85
无形资产摊销（a）			4						6						15						19
其他			96						95						310						306
其他运营费用合计			$	655					$	662					$	1,995					$	1,970

(a)有关我们无形资产的更多信息，请参阅注11。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

7.    投资证券

我们的投资组合包括各种债务和股权证券。我们的债务证券被归类为可供出售或持有至到期，包括政府证券、公司债券、资产支持证券和抵押贷款支持证券。 可供出售和持有至到期证券的成本、公允价值以及未实现损益总额如下。

						2024年9月30日																								2023年12月31日
						摊余成本						未实现总额												公平值						摊余成本						未实现总额												公平值
（百万美元）												利得						损失																		收益						损失
可供出售证券
债务证券
美国财政部和联邦机构						$	2,270					$	—					$	(155)					$	2,115					$	2,284					$	—					$	(209)					$	2,075
美国各州和政治分区						718						1						(72)						647						727						1						(70)						658
外国政府						203						2						(5)						200						190						1						(8)						183
代理抵押贷款支持住宅（a）						17,094						1						(2,398)						14,697						18,122						1						(2,739)						15,384
抵押贷款支持住宅						254						—						(35)						219						268						—						(43)						225
代理抵押贷款支持商业（a）						4,675						7						(666)						4,016						4,539						2						(783)						3,758
资产担保						204						—						(2)						202						344						—						(12)						332
企业债务						1,894						12						(97)						1,809						1,942						4						(146)						1,800
可供出售总计 证券（b）（c）（d）（e）（f）						$	27,312					$	23					$	(3,430)					$	23,905					$	28,416					$	9					$	(4,010)					$	24,415
持有至到期证券
债务证券
代理抵押贷款支持住宅						$	950					$	—					$	(155)					$	795					$	999					$	—					$	(173)					$	826
抵押贷款支持住宅						3,392						283						—						3,675						3,603						221						—						3,824
资产支持保留票据						99						1						—						100						78						1						—						79
持有至到期证券总额（d）（f）（g）						$	4,441					$	284					$	(155)					$	4,570					$	4,680					$	222					$	(173)					$	4,729

(a)公允价值包括根据投资组合层法对具有主动对冲的封闭投资组合中证券的基差调整。这包括一美元100 百万资产和一美元46 2024年9月30日和2023年12月31日，机构抵押贷款支持住宅证券的资产分别为百万美元，美元57 百万资产和一美元29 2024年9月30日和2023年12月31日，机构抵押贷款支持商业证券资产为百万美元。如果对冲被取消指定，这些基差调整将分配到池内特定证券的摊销成本。有关更多信息，请参阅注释19。

(b)某些可供出售证券包括在公允价值对冲关系中。有关更多信息，请参阅注释19。

(c)与我们的保险业务相关的某些实体需要向州监管机构存放证券。这些存入的证券总计美元13 亿和$12万 分别于2024年9月30日和2023年12月31日。

(d)公允价值为#美元的投资证券4.0 亿和$4.7 分别于2024年9月30日和2023年12月31日质押了10亿美元作为抵押品。这主要包括美元3.13亿美元和3,000美元3.3 分别于2024年9月30日和2023年12月31日承诺斥资10亿美元从FHLb获得预付款。这还包括根据合同义务或法律要求为其他目的质押的证券，根据这些协议，我们授予交易对手出售或质押美元的权利901 亿和$1.4 2024年9月30日和2023年12月31日分别为10亿美元的基础可供出售证券。

(e)总计不包括应计应收利息，为美元72 亿和$76 2024年9月30日和2023年12月31日分别为百万。应收应计利息包括在 其他资产 在我们的浓缩合并资产负债表中。

(f)曾经有过没有 由于管理层确定我们的可供出售和持有至到期证券投资组合中不存在预期信用损失，因此在2024年9月30日或2023年12月31日均记录了信用损失拨备。

(g)总计不包括应计应收利息，为美元12 亿和$13万 分别于2024年9月30日和2023年12月31日。应收应计利息计入我们的简明合并资产负债表的其他资产中。

2023年第四季度，公允价值为美元的非机构抵押贷款支持住宅证券3.6 10亿美元从可供出售转为持有至到期。转让时，$911 百万美元的未实现亏损保留在我们的浓缩合并资产负债表上的累计其他全面亏损中。将这些证券转移至持有至到期证券可以减少我们面临的浓缩综合资产负债表上累积其他全面损失波动的风险，这些损失可能因市场利率变化而导致的可供出售证券的未实现损失。转让时的未实现损失在证券的剩余寿命内摊销，抵消证券溢价或折扣的摊销，对简明综合全面收益表（损失）没有影响。有关更多信息，请参阅注16。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

下表根据合同期限概述了未偿债务证券的期限分布。看涨期权或预付款期权可能会导致实际到期日与合同到期日不同。

						总												在一年或更短的时间内到期												一年至五年后到期												五年至十年后到期												十年后到期
（百万美元）						量						产率						量						产量						量						产量						量						产量						量						产量
2024年9月30日
可供出售证券的公允价值（a）
美国财政部和联邦机构						$	2,115					1.6		%				$	253					0.8		%				$	1,100					1.5		%				$	762					1.9		%				$	—					—		%
美国各州和政治分区						647						3.4						32						6.7						69						3.0						94						4.0						452						3.2
外国政府						200						2.6						39						1.9						50						2.3						107						2.9						4						3.3
机构抵押贷款支持住宅（b）						14,697						2.6						—						—						8						2.0						26						2.5						14,663						2.6
抵押贷款支持住宅						219						2.7						—						—						—						—						—						—						219						2.7
代理抵押贷款支持商业（b）						4,016						2.4						23						3.1						273						3.7						1,694						2.4						2,026						2.2
资产担保						202						1.6						—						—						197						1.6						4						3.9						1						2.7
企业债务						1,809						3.0						214						3.0						789						2.6						729						3.2						77						5.2
可供出售证券总额						$	23,905					2.5						$	561					1.8						$	2,486					2.2						$	3,416					2.5						$	17,442					2.5
可供出售证券的摊销成本						$	27,312											$	565											$	2,596											$	3,767											$	20,384
持有至到期证券的摊销成本（c）
代理抵押贷款支持住宅						$	950					2.7		%				$	—					—		%				$	—					—		%				$	—					—		%				$	950					2.7		%
抵押贷款支持住宅						3,392						2.8						—						—						—						—						9						3.0						3,383						2.8
资产支持保留票据						99						5.4						—						—						67						5.4						32						5.5						—						—
持有至到期证券总额						$	4,441					2.9						$	—					—						$	67					5.4						$	41					5.0						$	4,333					2.8
2023年12月31日
可供出售证券的公允价值（a）
美国财政部和联邦机构						$	2,075					1.6		%				$	215					0.9		%				$	1,120					1.5		%				$	740					1.9		%				$	—					—		%
美国各州和政治分区						658						3.2						4						3.4						55						2.7						110						3.6						489						3.1
外国政府						183						2.3						20						1.3						82						2.4						81						2.5						—						—
机构抵押贷款支持住宅（b）						15,384						2.6						—						—						10						1.9						32						2.5						15,342						2.6
抵押贷款支持住宅						225						2.7						—						—						—						—						—						—						225						2.7
代理抵押贷款支持商业（b）						3,758						2.3						—						—						163						3.8						1,641						2.4						1,954						2.1
资产担保						332						1.7						—						—						327						1.7						4						3.9						1						2.7
企业债务						1,800						2.7						210						2.4						915						2.6						671						2.9						4						6.2
可供出售证券总额						$	24,415					2.5						$	449					1.7						$	2,672					2.1						$	3,279					2.4						$	18,015					2.5
可供出售证券的摊销成本						$	28,416											$	461											$	2,844											$	3,746											$	21,365
持有至到期的摊销成本 证券（c）
代理抵押贷款支持住宅						$	999					2.8		%				$	—					—		%				$	—					—		%				$	—					—		%				$	999					2.8		%
抵押贷款支持住宅						3,603						2.8						—						—						—						—						12						3.0						3,591						2.8
资产支持保留票据						78						5.6						1						5.6						41						5.6						2						6.0						34						5.6
持有至到期证券总额						$	4,680					2.8						$	1					5.6						$	41					5.6						$	14					3.4						$	4,624					2.8

(a)收益率是使用期末每种证券的有效收益率计算的，根据每个到期分布范围内证券的市场价值加权。有效收益率考虑合同票息和摊销成本，包括取消指定对冲的对冲基础调整，不包括预期资本收益和损失。收益率不考虑主动对冲中证券的对冲影响。

(b)公允价值包括根据投资组合层法对具有主动对冲的封闭投资组合中证券的基差调整。这包括一美元100 百万资产和一美元46 2024年9月30日和2023年12月31日，机构抵押贷款支持住宅证券的资产分别为百万美元，美元57 百万资产和一美元29 2024年9月30日和2023年12月31日，机构抵押贷款支持商业证券资产为百万美元。如果对冲被取消指定，这些基差调整将分配到池内特定证券的摊销成本。有关更多信息，请参阅注释19。

(c)收益率是使用期末每种证券的有效收益率计算的，根据每个到期分配范围内证券的摊销成本加权。有效收益率考虑合同息票和摊销成本，不包括资本利得、资本损失以及从可供出售转为持有至到期证券的溢价或折扣。

现金等值物余额为美元426 亿和$36 2024年9月30日和2023年12月31日分别为百万，主要由货币市场基金组成。

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目录表

简明合并财务报表附注(未经审计)

盟友金融公司·表格10-Q

下表列出投资证券的利息和股息。

			截至9月30日的三个月里，												截至9月30日的九个月里，
（百万美元）			2024						2023						2024						2023
应纳税利息			$	243					$	246					$	732					$	692
应纳税股息			5						5						15						12
利息和股息免征美国联邦所得税			5						5						16						16
投资证券的利息和股息			$	253					$	256					$	763					$	720

下表列出了出售可供出售证券时实现的毛损益，以及期内持有的股本证券的净损益。

			截至9月30日的三个月里，												截至9月30日的九个月里，
（百万美元）			2024						2023						2024						2023
可供出售证券
已实现毛利			$	1					$	—					$	2					$	5
可供出售证券的已实现净收益			1						—						2						5
股本证券已实现净收益			15						15						53						21
股权证券未实现净收益（损失）			58						(56)						41						33
其他投资收益（损失），净额			$	74					$	(41)					$	96					$	59

下表根据截至2024年9月30日和2023年12月31日的最新可用信息列出了我们持有至到期证券的信用质量。信用评级来自国家认可的统计评级组织，其中包括标准普尔、穆迪和惠誉。所呈现的评级是来自机构的评级的综合，或者如果评级无法来自机构，则基于特定证券的资产类型。截至2024年9月30日和2023年12月31日，我们所有持有至到期证券的本金和利息均为流动支付。截至2024年9月30日或2023年9月30日的九个月内，我们尚未记录持有至到期证券的任何利息收入逆转.

($ in millions)						AAA						AA						A						BBB						Total (a)
September 30, 2024
Debt securities
Agency mortgage-backed residential						$	—					$	950					$	—					$	—					$	950
Mortgage-backed residential						3,299						81						12						—						3,392
Asset-backed retained notes						91						4						2						2						99
Total held-to-maturity securities						$	3,390					$	1,035					$	14					$	2					$	4,441
December 31, 2023
Debt securities
Agency mortgage-backed residential						$	—					$	999					$	—					$	—					$	999
Mortgage-backed residential						3,497						93						13						—						3,603
Asset-backed retained notes						73						2						2						1						78
Total held-to-maturity securities						$	3,570					$	1,094					$	15					$	1					$	4,680

(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. As of September 30, 2024, and December 31, 2023, we did not have the intent to sell the available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the nine months ended September 30, 2024, or 2023.

						September 30, 2024																								December 31, 2023
						Less than 12 months												12 months or longer												Less than 12 months												12 months or longer
($ in millions)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						$	—					$	—					$	2,115					$	(155)					$	—					$	—					$	2,075					$	(209)
U.S. States and political subdivisions						47						(1)						497						(71)						70						—						501						(70)
Foreign government						9						—						122						(5)						16						—						134						(8)
Agency mortgage-backed residential (a)						18						—						14,548						(2,398)						300						(5)						15,015						(2,734)
Mortgage-backed residential						—						—						219						(35)						—						—						225						(43)
Agency mortgage-backed commercial (a)						79						(1)						3,608						(665)						153						(4)						3,472						(779)
Asset-backed						—						—						178						(2)						18						—						302						(12)
Corporate debt						57						(1)						1,423						(96)						33						(1)						1,607						(145)
Total available-for-sale securities						$	210					$	(3)					$	22,710					$	(3,427)					$	590					$	(10)					$	23,331					$	(4,000)

(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at September 30, 2024, and December 31, 2023. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.

During the nine months ended September 30, 2024, and 2023, management determined that there were no expected credit losses for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. As a result of this evaluation, management determined that no credit reserves were required at September 30, 2024, or December 31, 2023.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

8.    Finance Receivables and Loans, Net

The composition of finance receivables and loans reported at amortized cost basis was as follows.

($ in millions)						September 30, 2024						December 31, 2023
Consumer automotive (a)						$	83,424					$	84,320
Consumer mortgage
Mortgage Finance (b)						17,309						18,442
Mortgage — Legacy (c)						192						225
Total consumer mortgage						17,501						18,667
Consumer other
Credit Card						2,170						1,990
Total consumer other						2,170						1,990
Total consumer						103,095						104,977
Commercial
Commercial and industrial
Automotive						19,259						18,700
Other						8,824						9,712
Commercial real estate						6,323						6,050
Total commercial						34,406						34,462
Total finance receivables and loans (d) (e)						$	137,501					$	139,439

(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information.

(b)Includes loans originated as interest-only mortgage loans of $1 million and $2 million at September 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period.

(c)Includes loans originated as interest-only mortgage loans of $12 million and $13 million at September 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period.

(d)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both September 30, 2024, and December 31, 2023.

(e)Totals do not include accrued interest receivable, which was $851 million and $853 million at September 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net.

The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2024, and 2023, respectively.

Three months ended September 30, 2024 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other						Commercial						Total
Allowance at July 1, 2024						$	3,055					$	19					$	302					$	196					$	3,572
Charge-offs (a)						(683)						—						(61)						—						(744)
Recoveries						216						1						9						1						227
Net charge-offs						(467)						1						(52)						1						(517)
Provision for credit losses						578						(3)						58						12						645
Other						—						2						(1)						(1)						—
Allowance at September 30, 2024						$	3,166					$	19					$	307					$	208					$	3,700

(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Nine months ended September 30, 2024 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other						Commercial						Total
Allowance at January 1, 2024						$	3,083					$	21					$	293					$	190					$	3,587
Charge-offs (a)						(1,976)						(1)						(199)						(2)						(2,178)
Recoveries						654						3						23						7						687
Net charge-offs						(1,322)						2						(176)						5						(1,491)
Write-downs from transfers to held-for-sale (b)						(5)						—						—						—						(5)
Provision for credit losses						1,410						(6)						191						14						1,609
Other						—						2						(1)						(1)						—
Allowance at September 30, 2024						$	3,166					$	19					$	307					$	208					$	3,700

(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

(b)Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.

Three months ended September 30, 2023 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other						Commercial						Total
Allowance at July 1, 2023						$	3,064					$	23					$	476					$	218					$	3,781
Charge-offs (a)						(602)						—						(74)						(1)						(677)
Recoveries						209						2						6						4						221
Net charge-offs						(393)						2						(68)						3						(456)
Provision for credit losses (b)						433						(4)						68						15						512
Other						—						1						(2)						1						—
Allowance at September 30, 2023						$	3,104					$	22					$	474					$	237					$	3,837

(a)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

(b)Excludes $4 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

Nine months ended September 30, 2023 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other (a)						Commercial						Total
Allowance at January 1, 2023						$	3,020					$	27					$	426					$	238					$	3,711
Charge-offs (b)						(1,634)						(3)						(208)						(62)						(1,907)
Recoveries						613						7						18						5						643
Net charge-offs						(1,021)						4						(190)						(57)						(1,264)
Provision for credit losses (c)						1,106						(9)						239						54						1,390
Other						(1)						—						(1)						2						—
Allowance at September 30, 2023						$	3,104					$	22					$	474					$	237					$	3,837

(a)Excludes $3 million of finance receivables and loans at January 1, 2023, for which we have elected the fair value option and incorporate no allowance for loan losses.

(b)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

(c)Excludes $9 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Consumer automotive						$	—					$	—					$	1,108					$	—
Consumer mortgage						208						—						325						1
Commercial						131						11						296						11
Total sales and transfers						$	339					$	11					$	1,729					$	12

The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Consumer automotive						$	802					$	1,064					$	2,377					$	2,902
Consumer mortgage						7						7						15						14
Commercial						—						3						—						10
Total purchases of finance receivables and loans						$	809					$	1,074					$	2,392					$	2,926

Nonaccrual Loans

The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of September 30, 2024, and December 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.

																		September 30, 2024
($ in millions)						Nonaccrual status at Jan. 1, 2024						Nonaccrual status at Jul. 1, 2024						Nonaccrual status						Nonaccrual with no allowance (a)
Consumer automotive						$	1,129					$	978					$	1,204					$	525
Consumer mortgage
Mortgage Finance						41						32						37						25
Mortgage — Legacy						13						9						9						9
Total consumer mortgage						54						41						46						34
Consumer other
Credit Card						92						80						84						—
Total consumer other						92						80						84						—
Total consumer						1,275						1,099						1,334						559
Commercial
Commercial and industrial
Automotive						18						18						51						33
Other						98						96						95						4
Commercial real estate						3						2						10						10
Total commercial						119						116						156						47
Total finance receivables and loans (b)						$	1,394					$	1,215					$	1,490					$	606

(a)Represents a component of nonaccrual status at end of period.

(b)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $14 million for the three months and nine months ended September 30, 2024, respectively.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

																		December 31, 2023
($ in millions)						Nonaccrual status at Jan. 1, 2023						Nonaccrual status at Jul. 1, 2023						Nonaccrual status						Nonaccrual with no allowance (a)
Consumer automotive						$	1,187					$	1,098					$	1,129					$	531
Consumer mortgage
Mortgage Finance						34						38						41						21
Mortgage — Legacy						15						14						13						12
Total consumer mortgage						49						52						54						33
Consumer other
Personal Lending (b)						13						11						—						—
Credit Card						43						55						92						—
Total consumer other						56						66						92						—
Total consumer						1,292						1,216						1,275						564
Commercial
Commercial and industrial
Automotive						5						24						18						13
Other						157						161						98						5
Commercial real estate						—						3						3						3
Total commercial						162						188						119						21
Total finance receivables and loans (c)						$	1,454					$	1,404					$	1,394					$	585

(a)Represents a component of nonaccrual status at end of period.

(b)Personal Lending finance receivables and loans were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.

(c)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $11 million for the three months and nine months ended September 30, 2023, respectively.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Credit Quality Indicators

We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan.

The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.

			Origination year																					Revolving loans converted to term
September 30, 2024 ($ in millions)			2024			2023			2022			2021			2020			2019 and prior			Revolving loans						Total
Consumer automotive
Current			$	23,561		$	22,621		$	17,069		$	9,646		$	3,714		$	2,436		$	—		$	—		$	79,047
30–59 days past due			270			699			840			569			187			165			—			—			2,730
60–89 days past due			77			288			380			245			79			66			—			—			1,135
90 or more days past due			23			116			157			102			35			38			—			—			471
Total consumer automotive (a)			23,931			23,724			18,446			10,562			4,015			2,705			—			—			83,383
Consumer mortgage
Mortgage Finance
Current			6			31			1,925			9,958			1,754			3,556			—			—			17,230
30–59 days past due			—			—			8			14			3			18			—			—			43
60–89 days past due			—			—			—			2			—			5			—			—			7
90 or more days past due			—			—			1			6			1			21			—			—			29
Total Mortgage Finance			6			31			1,934			9,980			1,758			3,600			—			—			17,309
Mortgage — Legacy
Current			—			—			—			—			—			47			119			16			182
30–59 days past due			—			—			—			—			—			2			1			—			3
90 or more days past due			—			—			—			—			—			5			1			1			7
Total Mortgage — Legacy			—			—			—			—			—			54			121			17			192
Total consumer mortgage			6			31			1,934			9,980			1,758			3,654			121			17			17,501
Consumer other
Credit Card
Current			—			—			—			—			—			—			2,020			—			2,020
30–59 days past due			—			—			—			—			—			—			38			—			38
60–89 days past due			—			—			—			—			—			—			32			—			32
90 or more days past due			—			—			—			—			—			—			80			—			80
Total Credit Card			—			—			—			—			—			—			2,170			—			2,170
Total consumer other			—			—			—			—			—			—			2,170			—			2,170
Total consumer			$	23,937		$	23,755		$	20,380		$	20,542		$	5,773		$	6,359		$	2,291		$	17		$	103,054

(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes an asset of $41 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at September 30, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

			Origination year																					Revolving loans converted to term
December 31, 2023 ($ in millions)			2023			2022			2021			2020			2019			2018 and prior			Revolving loans						Total
Consumer automotive
Current			$	30,677		$	23,699		$	14,209		$	6,132		$	3,306		$	1,876		$	—		$	—		$	79,899
30–59 days past due			539			1,041			739			270			181			122			—			—			2,892
60–89 days past due			170			443			303			109			68			45			—			—			1,138
90 or more days past due			64			167			122			44			32			28			—			—			457
Total consumer automotive (a)			31,450			25,350			15,373			6,555			3,587			2,071			—			—			84,386
Consumer mortgage
Mortgage Finance
Current			152			2,170			10,374			1,836			747			3,073			—			—			18,352
30–59 days past due			1			8			14			3			3			20			—			—			49
60–89 days past due			—			2			4			3			—			5			—			—			14
90 or more days past due			—			1			4			1			2			19			—			—			27
Total Mortgage Finance			153			2,181			10,396			1,843			752			3,117			—			—			18,442
Mortgage — Legacy
Current			—			—			—			—			—			51			142			17			210
30–59 days past due			—			—			—			—			—			3			—			1			4
60–89 days past due			—			—			—			—			—			1			1			—			2
90 or more days past due			—			—			—			—			—			6			2			1			9
Total Mortgage — Legacy			—			—			—			—			—			61			145			19			225
Total consumer mortgage			153			2,181			10,396			1,843			752			3,178			145			19			18,667
Consumer other
Credit Card
Current			—			—			—			—			—			—			1,828			—			1,828
30–59 days past due			—			—			—			—			—			—			39			—			39
60–89 days past due			—			—			—			—			—			—			34			—			34
90 or more days past due			—			—			—			—			—			—			89			—			89
Total Credit Card			—			—			—			—			—			—			1,990			—			1,990
Total consumer other (b)			—			—			—			—			—			—			1,990			—			1,990
Total consumer			$	31,603		$	27,531		$	25,769		$	8,398		$	4,339		$	5,249		$	2,135		$	19		$	105,043

(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $66 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.

(b)Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.

We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk ratings below Pass.

•Special mention — Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date.

•Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

•Doubtful — Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

•Loss — Loans that are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.

The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors. A borrower’s internal credit risk rating is updated at least annually, and more frequently when a borrower’s credit profile changes, including when we become aware of potential credit deterioration. The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.

			Origination year																					Revolving loans converted to term
September 30, 2024 ($ in millions)			2024			2023			2022			2021			2020			2019 and prior			Revolving loans						Total
Commercial
Commercial and industrial
Automotive
Pass			$	395		$	325		$	386		$	133		$	74		$	57		$	16,633		$	—		$	18,003
Special mention			5			20			14			25			2			8			1,061			—			1,135
Substandard			—			1			—			—			—			—			110			—			111
Doubtful			—			—			—			—			—			—			10			—			10
Total automotive			400			346			400			158			76			65			17,814			—			19,259
Other
Pass			526			298			313			264			172			235			5,614			91			7,513
Special mention			—			—			367			238			172			77			235			23			1,112
Substandard			—			27			—			23			46			54			10			3			163
Doubtful			—			—			—			—			—			26			10			—			36
Total other			526			325			680			525			390			392			5,869			117			8,824
Commercial real estate
Pass			740			1,008			1,296			1,058			825			1,216			—			35			6,178
Special mention			6			18			69			42			—			—			—			—			135
Substandard			—			—			5			—			3			—			—			—			8
Doubtful			—			—			1			—			—			1			—			—			2
Total commercial real estate			746			1,026			1,371			1,100			828			1,217			—			35			6,323
Total commercial			$	1,672		$	1,697		$	2,451		$	1,783		$	1,294		$	1,674		$	23,683		$	152		$	34,406

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

			Origination year																					Revolving loans converted to term
December 31, 2023 ($ in millions)			2023			2022			2021			2020			2019			2018 and prior			Revolving loans						Total
Commercial
Commercial and industrial
Automotive
Pass			$	509		$	512		$	165		$	97		$	58		$	22		$	16,446		$	—		$	17,809
Special mention			6			7			30			1			1			14			723			—			782
Substandard			—			1			—			—			—			—			44			—			45
Doubtful			—			—			—			—			—			1			63			—			64
Total automotive			515			520			195			98			59			37			17,276			—			18,700
Other
Pass			331			646			343			405			266			180			6,202			173			8,546
Special mention			—			208			188			206			51			85			198			25			961
Substandard			—			—			46			3			—			83			25			11			168
Doubtful			—			—			—			—			—			26			10			—			36
Loss			—			—			—			—			1			—			—			—			1
Total other			331			854			577			614			318			374			6,435			209			9,712
Commercial real estate
Pass			971			1,452			1,129			884			607			811			100			26			5,980
Special mention			3			16			28			1			18			—			—			—			66
Substandard			—			3			—			—			—			1			—			—			4
Total commercial real estate			974			1,471			1,157			885			625			812			100			26			6,050
Total commercial			$	1,820		$	2,845		$	1,929		$	1,597		$	1,002		$	1,223		$	23,811		$	235		$	34,462

The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.

($ in millions)						30–59 days past due						60–89 days past due						90 days or more past due						Total past due						Current						Total finance receivables and loans
September 30, 2024
Commercial
Commercial and industrial
Automotive						$	—					$	—					$	—					$	—					$	19,259					$	19,259
Other						—						—						—						—						8,824						8,824
Commercial real estate						—						—						1						1						6,322						6,323
Total commercial						$	—					$	—					$	1					$	1					$	34,405					$	34,406
December 31, 2023
Commercial
Commercial and industrial
Automotive						$	—					$	—					$	—					$	—					$	18,700					$	18,700
Other						2						—						3						5						9,707						9,712
Commercial real estate						—						—						—						—						6,050						6,050
Total commercial						$	2					$	—					$	3					$	5					$	34,457					$	34,462

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the nine months ended September 30, 2024, and during the year ended December 31, 2023, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our charge-off policy.

			Origination year																					Revolving loans converted to term
September 30, 2024 ($ in millions)			2024			2023			2022			2021			2020			2019 and prior			Revolving loans						Total
Consumer automotive (a)			$	65		$	567		$	719		$	396		$	108		$	121		$	—		$	—		$	1,976
Consumer mortgage
Mortgage Finance			—			—			—			1			—			—			—			—			1
Total consumer mortgage			—			—			—			1			—			—			—			—			1
Consumer other
Credit Card			—			—			—			—			—			—			187			12			199
Total consumer other			—			—			—			—			—			—			187			12			199
Total consumer			65			567			719			397			108			121			187			12			2,176
Commercial
Commercial and industrial
Automotive			—			—			—			—			—			1			1			—			2
Total commercial			—			—			—			—			—			1			1			—			2
Total finance receivables and loans			$	65		$	567		$	719		$	397		$	108		$	122		$	188		$	12		$	2,178

(a)Excludes $5 million of write-downs from transfers to held-for-sale from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.

			Origination year																					Revolving loans converted to term
December 31, 2023 ($ in millions)			2023			2022			2021			2020			2019			2018 and prior			Revolving loans						Total
Consumer automotive (a)			$	225		$	952		$	651		$	194		$	142		$	120		$	—		$	—		$	2,284
Consumer mortgage
Mortgage Finance			—			—			—			—			—			1			—			—			1
Mortgage — Legacy			—			—			—			—			—			2			—			—			2
Total consumer mortgage			—			—			—			—			—			3			—			—			3
Consumer other
Personal Lending (b)			14			82			29			3			—			—			—			—			128
Credit Card			—			—			—			—			—			—			165			10			175
Total consumer other			14			82			29			3			—			—			165			10			303
Total consumer			239			1,034			680			197			142			123			165			10			2,590
Commercial
Commercial and industrial
Automotive			—			—			—			—			—			5			19			—			24
Other			—			—			—			—			79			23			4			—			106
Total commercial			—			—			—			—			79			28			23			—			130
Total finance receivables and loans			$	239		$	1,034		$	680		$	197		$	221		$	151		$	188		$	10		$	2,720

(a)Excludes $41 million of write-downs from transfers to held-for-sale from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Refer to Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information.

(b)Excludes $174 million of write-downs from the transfer to held-for-sale related to Personal Lending. Refer to Note 2 for additional information.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Loan Modifications

The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months and nine months ended September 30, 2024, and 2023, respectively, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. The below tables exclude consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of September 30, 2024, and December 31, 2023, there were $3 million and $5 million of consumer mortgage finance receivables and loans in a trial modification program, respectively.

			Payment extensions
Three months ended September 30, 2024 ($ in millions)			Payment deferrals						Contractual maturity extensions						Principal forgiveness						Interest rate concessions						Combination						Total
Consumer automotive			$	—					$	130					$	2					$	—					$	—					$	132
Consumer mortgage
Mortgage Finance			—						1						—						—						—						1
Total consumer mortgage			—						1						—						—						—						1
Consumer other
Credit Card			—						—						1						6						—						7
Total consumer other			—						—						1						6						—						7
Total consumer			—						131						3						6						—						140
Commercial
Commercial and industrial
Automotive			—						—						—						37						—						37
Other			—						25						—						—						14						39
Commercial real estate			—						—						—						—						1						1
Total commercial			—						25						—						37						15						77
Total finance receivables and loans			$	—					$	156					$	3					$	43					$	15					$	217

			Payment extensions
Nine months ended September 30, 2024 ($ in millions)			Payment deferrals						Contractual maturity extensions						Principal forgiveness						Interest rate concessions						Combination						Total (a)
Consumer automotive			$	—					$	305					$	4					$	—					$	—					$	309
Consumer mortgage
Mortgage Finance			—						2						—						—						—						2
Total consumer mortgage			—						2						—						—						—						2
Consumer other
Credit Card			—						—						1						13						—						14
Total consumer other			—						—						1						13						—						14
Total consumer			—						307						5						13						—						325
Commercial
Commercial and industrial
Automotive			5						—						—						37						—						42
Other			—						174						—						—						14						188
Commercial real estate			—						—						—						—						1						1
Total commercial			5						174						—						37						15						231
Total finance receivables and loans			$	5					$	481					$	5					$	50					$	15					$	556

(a)Represents 0.4% of total finance receivables and loans outstanding as of September 30, 2024.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

			Payment extensions
Three months ended September 30, 2023 ($ in millions)			Payment deferrals (a)						Contractual maturity extensions						Principal forgiveness						Interest rate concessions						Combination						Total
Consumer automotive			$	—					$	62					$	1					$	—					$	—					$	63
Consumer mortgage
Mortgage Finance			—						1						—						—						—						1
Mortgage — Legacy			—						—						—						—						1						1
Total consumer mortgage			—						1						—						—						1						2
Consumer other
Credit Card			—						—						—						4						—						4
Total consumer other			—						—						—						4						—						4
Total consumer			—						63						1						4						1						69
Commercial
Commercial and industrial
Other			37						—						—						—						—						37
Total commercial			37						—						—						—						—						37
Total finance receivables and loans			$	37					$	63					$	1					$	4					$	1					$	106

(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.

			Payment extensions
Nine months ended September 30, 2023 ($ in millions)			Payment deferrals (a)						Contractual maturity extensions						Principal forgiveness						Interest rate concessions						Combination						Total (b)
Consumer automotive			$	—					$	99					$	13					$	—					$	30					$	142
Consumer mortgage
Mortgage Finance			—						2						—						—						2						4
Mortgage — Legacy			—						1						—						—						1						2
Total consumer mortgage			—						3						—						—						3						6
Consumer other
Credit Card			—						—						—						9						—						9
Total consumer other			—						—						—						9						—						9
Total consumer			—						102						13						9						33						157
Commercial
Commercial and industrial
Other			65						47						—						—						—						112
Total commercial			65						47						—						—						—						112
Total finance receivables and loans			$	65					$	149					$	13					$	9					$	33					$	269

(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.

(b)Represents 0.2% of total finance receivables and loans outstanding as of September 30, 2023.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present the financial effect of loan modifications that occurred during the three months and nine months ended September 30, 2024, and 2023, respectively.

			Payment extensions (a)						Principal forgiveness						Interest rate concessions (a)												Combination (a) (b)
Three months ended September 30, 2024 ($ in millions)			Number of months extended/deferred						Amount forgiven						Initial rate						Revised rate						Remaining term						Revised remaining term						Initial rate						Revised rate
Consumer automotive			30						$	1					—		%				—		%				—						—						—		%				—		%
Consumer mortgage
Mortgage Finance			126						—						—						—						—						—						—						—
Total consumer mortgage			126						—						—						—						—						—						—						—
Consumer other
Credit Card			—						1						30.4						10.4						—						—						—						—
Total consumer other			—						$	1					30.4						10.4						—						—						—						—
Commercial
Commercial and industrial
Automotive			—						$	—					11.0		%				7.9		%				—						—						—		%				—		%
Other			15						—						—						—						4						60						5.5						4.3
Commercial real estate			—						—						—						—						84						90						11.0						6.0
Total commercial			15						$	—					11.0						7.9						7						61						5.7						4.3

(a)Calculated using a weighted-average balance for each portfolio class.

(b)Term is presented in number of months.

			Payment extensions (a)						Principal forgiveness						Interest rate concessions (a)												Combination (a) (b)
Nine months ended September 30, 2024 ($ in millions)			Number of months extended/deferred						Amount forgiven						Initial rate						Revised rate						Remaining term						Revised remaining term						Initial rate						Revised rate
Consumer automotive			29						$	1					—		%				—		%				—						—						—		%				—		%
Consumer mortgage
Mortgage Finance			176						—						—						—						—						—						—						—
Total consumer mortgage			176						—						—						—						—						—						—						—
Consumer other
Credit Card			—						1						30.4						7.9						—						—						—						—
Total consumer other			—						$	1					30.4						7.9						—						—						—						—
Commercial
Commercial and industrial
Automotive			10						$	—					11.0		%				7.9		%				—						—						—		%				—		%
Other			37						—						—						—						4						60						5.5						4.3
Commercial real estate			—						—						—						—						84						90						11.0						6.0
Total commercial			36						$	—					11.0						7.9						7						61						5.7						4.3

(a)Calculated using a weighted-average balance for each portfolio class.

(b)Term is presented in number of months.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

			Payment extensions (a)						Principal forgiveness						Interest rate concessions (a)												Combination (a) (b)
Three months ended September 30, 2023 ($ in millions)			Number of months extended/deferred						Amount forgiven						Initial rate						Revised rate						Remaining term						Revised remaining term						Initial rate						Revised rate
Consumer automotive			28						$	—					—		%				—		%				—						—						—		%				—		%
Consumer mortgage
Mortgage Finance			210						—						—						—						—						—						—						—
Mortgage — Legacy			—						—						—						—						180						280						2.5						2.0
Total consumer mortgage			210						—						—						—						180						280						2.5						2.0
Consumer other
Credit Card			—						—						30.0						11.0						—						—						—						—
Total consumer other			—						$	—					30.0						11.0						—						—						—						—
Commercial
Commercial and industrial
Other (c)			3						$	—					—		%				—		%				—						—						—		%				—		%
Total commercial			3						$	—					—						—						—						—						—						—

(a)Calculated using a weighted-average balance for each portfolio class.

(b)Term is presented in number of months.

(c)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.

			Payment extensions (a)						Principal forgiveness						Interest rate concessions (a)												Combination (a) (b) (c)
Nine months ended September 30, 2023 ($ in millions)			Number of months extended/deferred						Amount forgiven						Initial rate						Revised rate						Remaining term						Revised remaining term						Initial rate						Revised rate
Consumer automotive			27						$	2					—		%				—		%				75						85						10.4		%				9.7		%
Consumer mortgage
Mortgage Finance			186						—						—						—						309						470						4.6						3.4
Mortgage — Legacy			76						—						—						—						174						283						2.7						2.0
Total consumer mortgage			149						—						—						—						284						435						4.3						3.1
Consumer other
Credit Card			—						—						30.0						8.0						—						—						—						—
Total consumer other			—						$	—					30.0						8.0						—						—						—						—
Commercial
Commercial and industrial
Other (d)			13						$	—					—		%				—		%				—						—						—		%				—		%
Total commercial			13						$	—					—						—						—						—						—						—

(a)Calculated using a weighted-average balance for each portfolio class.

(b)Term is presented in number of months.

(c)Some Mortgage Finance combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 210 months.

(d)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to September 30, 2024.

September 30, 2024 ($ in millions)						Current						30–59 days past due						60–89 days past due						90 or more days past due						Total
Consumer automotive
Contractual maturity extensions						$	316					$	67					$	25					$	8					$	416
Principal forgiveness						—						—						—						4						4
Combination						1						—						—						—						1
Total consumer automotive						317						67						25						12						421
Consumer mortgage
Mortgage Finance
Contractual maturity extensions						2						1						—						—						3
Total Mortgage Finance						2						1						—						—						3
Mortgage — Legacy
Combination						1						—						—						—						1
Total Mortgage — Legacy						1						—						—						—						1
Total consumer mortgage						3						1						—						—						4
Consumer other
Credit Card
Interest rate concessions						10						2						1						3						16
Total consumer other						10						2						1						3						16
Total consumer						$	330					$	70					$	26					$	15					$	441

September 30, 2024 ($ in millions)						Pass						Special mention						Substandard						Doubtful						Total
Commercial and industrial
Automotive
Payment deferrals						$	—					$	—					$	5					$	—					$	5
Interest rate concessions						—						—						37						—						37
Other
Contractual maturity extensions						118						—						56						—						174
Combination						—						—						14						—						14
Commercial real estate
Combination						—						—						—						1						1
Total commercial						$	118					$	—					$	112					$	1					$	231

As of September 30, 2024, 1,205 consumer automotive loans with a total amortized cost of $29 million redefaulted within 12 months of modification.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified during the three months and nine months ended September 30, 2023.

Three months ended September 30, 2023 ($ in millions)						Current						30–59 days past due						60–89 days past due						90 or more days past due						Total
Consumer automotive
Contractual maturity extensions						$	60					$	2					$	—					$	—					$	62
Principal forgiveness						—						—						—						1						1
Total consumer automotive						60						2						—						1						63
Consumer mortgage
Mortgage Finance
Contractual maturity extensions						1						—						—						—						1
Total Mortgage Finance						1						—						—						—						1
Mortgage — Legacy
Combination						1						—						—						—						1
Total Mortgage — Legacy						1						—						—						—						1
Total consumer mortgage						2						—						—						—						2
Consumer other
Credit Card
Interest rate concessions						2						1						—						1						4
Total consumer other						2						1						—						1						4
Total consumer						$	64					$	3					$	—					$	2					$	69

Three months ended September 30, 2023 ($ in millions)						Pass						Special mention						Substandard						Doubtful						Total
Commercial and industrial
Other
Payment deferrals (a)						$	—					$	—					$	—					$	37					$	37
Total commercial						$	—					$	—					$	—					$	37					$	37

(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the three months ended September 30, 2023.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Nine months ended September 30, 2023 ($ in millions)						Current						30–59 days past due						60–89 days past due						90 or more days past due						Total
Consumer automotive
Contractual maturity extensions						$	89					$	7					$	2					$	1					$	99
Principal forgiveness						8						1						—						4						13
Combination						28						1						1						—						30
Total consumer automotive						125						9						3						5						142
Consumer mortgage
Mortgage Finance
Contractual maturity extensions						2						—						—						—						2
Combination						—						—						—						2						2
Total Mortgage Finance						2						—						—						2						4
Mortgage — Legacy
Contractual maturity extensions						1						—						—						—						1
Combination						1						—						—						—						1
Total Mortgage — Legacy						2						—						—						—						2
Total consumer mortgage						4						—						—						2						6
Consumer other
Credit Card
Interest rate concessions						5						1						1						2						9
Total consumer other						5						1						1						2						9
Total consumer						$	134					$	10					$	4					$	9					$	157

Nine months ended September 30, 2023 ($ in millions)						Pass						Special mention						Substandard						Doubtful						Total
Commercial and industrial
Other
Payment deferrals (a)						$	—					$	—					$	—					$	65					$	65
Contractual maturity extensions						34						7						6						—						47
Total commercial						$	34					$	7					$	6					$	65					$	112

(a)Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the nine months ended September 30, 2023.

During the three months ended September 30, 2023, 67 consumer automotive loans with a total amortized cost of $1 million redefaulted. During the nine months ended September 30, 2023, 108 consumer automotive loans with a total amortized cost of $3 million and 1 consumer mortgage loan with a total amortized cost of $2 million redefaulted.

9.    Leasing

Ally as the Lessee

We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 6 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised.

We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception.

During the three months and nine months ended September 30, 2024, we paid $9 million and $26 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2024, compared to $7 million and $23 million for the three months and nine months ended September 30, 2023, in cash amounts included in the measurement of lease liabilities at September 30, 2023. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the nine months ended September 30, 2024 and September 30, 2023, we obtained $19 million and $10 million, respectively, of ROU assets in exchange for new lease liabilities. As of September 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.16%, compared to 4 years and 2.85% as of December 31, 2023.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2024, and that have noncancelable lease terms expiring after September 30, 2024.

($ in millions)
2024						$	9
2025						34
2026						27
2027						22
2028						16
2029 and thereafter						3
Total undiscounted cash flows						111
Difference between undiscounted cash flows and discounted cash flows						(6)
Total lease liability						$	105

The following table details the components of total net operating lease expense.

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Operating lease expense						$	7					$	7					$	22					$	21
Variable lease expense						1						1						3						3
Total lease expense, net (a)						$	8					$	8					$	25					$	24

(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income (Loss).

Ally as the Lessor

Investment in Operating Leases

We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, tax credits, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income (Loss) as incurred.

When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income (Loss). Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of September 30, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $1.3 billion and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024. As of September 30, 2024, $2 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $1.3 billion is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table details our investment in operating leases.

($ in millions)						September 30, 2024						December 31, 2023
Vehicles						$	9,865					$	11,101
Accumulated depreciation						(1,547)						(1,930)
Investment in operating leases, net						$	8,318					$	9,171

The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2024.

($ in millions)
2024						$	362
2025						1,165
2026						752
2027						254
2028						25
2029 and thereafter						2
Total lease payments from operating leases						$	2,560

We recognized operating lease revenue of $316 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, and $385 million and $1.2 billion for the three months and nine months ended September 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)						$	225					$	269					$	711					$	812
Remarketing gains, net						(24)						(57)						(129)						(174)
Net depreciation expense on operating lease assets						$	201					$	212					$	582					$	638

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $16 million for the three months and nine months ended September 30, 2024, respectively, and $3 million and $7 million for the three months and nine months ended September 30, 2023.

Finance Leases

In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $530 million and $537 million as of September 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $526 million and $531 million at September 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $4 million and $6 million at September 30, 2024, and December 31, 2023, respectively. Interest income on finance lease receivables was $11 million and $34 million for the three months and nine months ended September 30, 2024, respectively, and $10 million and $28 million for the three months and nine months ended September 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2024.

($ in millions)
2024						$	53
2025						187
2026						162
2027						118
2028						57
2029 and thereafter						33
Total undiscounted cash flows						610
Difference between undiscounted cash flows and discounted cash flows						(84)
Present value of lease payments recorded as lease receivable						$	526

10.    Securitizations and Variable Interest Entities

We securitize, transfer, and service consumer automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. An SPE is a legal entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets. SPEs are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet. Additionally, we opportunistically sell consumer automotive and credit card whole-loans to SPEs where we have a continuing involvement.

VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity.

The VIEs included on the Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant.

The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the sale are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these sales, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability.

We had pretax gains on sales of financial assets into nonconsolidated VIEs of $1 million and $2 million during the three months and nine months ended September 30, 2024, respectively. We had no pretax gains or losses on sales of financial assets into nonconsolidated VIEs during the three months ended September 30, 2023, and a pretax gain of $1 million during the nine months ended September 30, 2023.

We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit.

We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low-income housing tax credits that are subject to recapture.

Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to the Condensed Consolidated Balance Sheet.

($ in millions)						Carrying value of total assets						Carrying value of total liabilities						Assets sold to nonconsolidated VIEs (a)						Maximum exposure to loss in nonconsolidated VIEs
September 30, 2024
On‑balance sheet variable interest entities
Consumer automotive						$	13,966		(b)			$	1,829		(c)			$	—					$	—
Off-balance sheet variable interest entities
Consumer automotive (d)						103			(e)			—						3,056						3,159			(f)
Consumer other (g)						—						—						93						93
Commercial other						2,681			(h)			982			(i)			—						3,345			(j)
Total						$	16,750					$	2,811					$	3,149					$	6,597
December 31, 2023
On-balance sheet variable interest entities
Consumer automotive						$	16,415		(b)			$	1,614		(c)			$	—					$	—
Off-balance sheet variable interest entities
Consumer automotive (d)						81			(e)			—						2,514						2,595			(f)
Consumer other (g)						—						—						125						125
Commercial other						2,516			(h)			974			(i)			—						2,738			(j)
Total						$	19,012					$	2,588					$	2,639					$	5,458

(a)Asset values represent the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs.

(b)Includes $8.5 billion and $9.3 billion of assets that were not encumbered by VIE beneficial interests held by third parties at September 30, 2024, and December 31, 2023, respectively. Ally or consolidated affiliates hold the interests in these assets.

(c)Includes $109 million and $100 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2024, and December 31, 2023, respectively.

(d)Includes activity where we sell loans through a pass-through program to a third party.

(e)Represents retained notes and certificated residual interests, of which $99 million and $78 million were classified as held-to-maturity securities at September 30, 2024, and December 31, 2023, respectively, and $4 million and $3 million were classified as other assets at September 30, 2024, and December 31, 2023, respectively. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations.

(f)Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss.

(g)Represents balances from Ally Credit Card.

(h)Amounts are classified as other assets except for $48 million and $44 million classified as equity securities at September 30, 2024, and December 31, 2023, respectively.

(i)Amounts are classified as accrued expenses and other liabilities.

(j)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Cash Flows with Nonconsolidated Special-Purpose Entities

The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the nine months ended September 30, 2024, and 2023. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.

						Nine months ended September 30,
($ in millions)						2024						2023
Consumer automotive
Cash proceeds from transfers completed during the period						$	1,468					$	707
Servicing fees						44						11
Cash flows received on retained interests in securitization entities						41						—
Cash disbursements for repurchases during the period						1						—
Other cash flows						2						1
Consumer other (a)
Cash proceeds from transfers completed during the period						35						100
Servicing fees						5						7
Total						$	1,596					$	826

(a)Represents activity from Ally Credit Card.

Delinquencies and Net Credit Losses

The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement.

						Total amount												Amount 60 days or more past due
($ in millions)						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Off-balance-sheet securitization entities
Consumer automotive						$	1,948					$	1,558					$	19					$	11
Whole-loan sales (a)
Consumer automotive						1,108						956						79						44
Consumer other						93						125						11						17
Total						$	3,149					$	2,639					$	109					$	72

(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.

						Net credit losses
						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Off-balance-sheet securitization entities
Consumer automotive						$	6					$	—					$	14					$	—
Whole-loan sales (a)
Consumer automotive						22						10						54						14
Consumer other						7						8						29						21
Total						$	35					$	18					$	97					$	35

(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

11.    Other Assets

The components of other assets were as follows.

($ in millions)						September 30, 2024						December 31, 2023
Property and equipment at cost						$	2,190					$	2,153
Accumulated depreciation						(923)						(871)
Net property and equipment						1,267						1,282
Proportional amortization investments (a) (b)						2,034						1,866
Net deferred tax assets						1,468						1,224
Accrued interest, fees, and rent receivables (c)						945						935
Nonmarketable equity investments						789						886
Goodwill						669						669
Equity-method investments (a) (d)						658						651
Restricted cash and cash equivalents (e)						399						87
Restricted cash held for securitization trusts (f)						289						407
Other accounts receivable						203						189
Operating lease right-of-use assets						85						90
Net intangible assets						58						73
Other assets						1,043						1,036
Total other assets (g)						$	9,907					$	9,395

(a)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments as of September 30, 2024. Prior to the adoption of ASU 2023-02 on January 1, 2024, NMTC and HTC investments were included in equity-method investments. Refer to Note 1 for additional information.

(b)Presented gross of the associated unfunded commitment. Refer to Note 14 for further information.

(c)Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans.

(d)Primarily relates to investments made in connection with our CRA program.

(e)Primarily represents restricted cash equivalents funded through the issuance of credit-linked notes. Additionally, includes a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. Refer to Note 18 for further information about the issuance of credit-linked notes.

(f)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.

(g)Excludes Ally Lending other assets which were transferred to assets of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.

We elected to apply the proportional amortization method to qualifying tax equity investments within our LIHTC, NMTC, and HTC programs upon adoption of ASU 2023-02 on January 1, 2024. Prior to adoption, the proportional amortization method applied to our qualifying LIHTC investments only. Refer to Note 1 for additional information.

The following table summarizes information about our proportional amortization investments.

			Three months ended September 30,												Nine months ended September 30,
($ in millions)			2024						2023						2024						2023
Tax credits and other tax benefits from proportional amortization investments (a) (b)			$	116					$	68					$	225					$	190
Investment amortization expense recognized as a component of income tax expense (a)			94						50						182						149
Net benefit from proportional amortization investments (a)			$	22					$	18					$	43					$	41

(a)Amounts are included within income tax (benefit) expense from continuing operations on our Condensed Consolidated Statement of Comprehensive Income (Loss) and as a component of operating activities within deferred income taxes, other assets, and other liabilities on our Condensed Consolidated Statement of Cash Flows.

(b)There were no impairment losses recognized during both the three months and nine months ended September 30, 2024, and September 30, 2023, resulting from the forfeiture or ineligibility of tax credits or other circumstances.

Our proportional amortization investments were $2.0 billion and $1.9 billion at September 30, 2024, and December 31, 2023, respectively, and are included within other assets on our Condensed Consolidated Balance Sheet. Additionally, unfunded commitments to provide additional capital to proportional amortization investments were $980 million and $973 million at September 30, 2024, and December 31, 2023, respectively, and are included within accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Substantially all of the unfunded commitments at September 30, 2024, are expected to be paid out within the next five years.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The total carrying value of the nonmarketable equity investments held at September 30, 2024, and December 31, 2023, including cumulative unrealized gains and losses, was as follows.

($ in millions)			September 30, 2024						December 31, 2023
FRB stock			$	425					$	392
FHLB stock			272						392
Equity investments without a readily determinable fair value
Cost basis at acquisition			78						74
Adjustments
Upward adjustments			53						51
Downward adjustments (including impairment)			(39)						(23)
Carrying amount, equity investments without a readily determinable fair value			92						102
Nonmarketable equity investments			$	789					$	886

During the three months and nine months ended September 30, 2024, and September 30, 2023, respectively, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of September 30, 2024, and September 30, 2023, were as follows.

			Three months ended September 30,												Nine months ended September 30,
($ in millions)			2024						2023						2024						2023
Upward adjustments			$	1					$	—					$	2					$	7
Downward adjustments (including impairment) (a)			$	(5)					$	—					$	(19)					$	(17)

(a)No impairment on FHLB and FRB stock was recognized during both the three months and nine months ended September 30, 2024, and 2023.

Total loss on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses, were net losses of $9 million for the nine months ended September 30, 2024, compared to net losses of $11 million for the nine months ended September 30, 2023.

The carrying balance of goodwill by reportable operating segment was as follows.

($ in millions)						Automotive Finance operations						Insurance operations						Corporate and Other (a)						Total
Goodwill at December 31, 2022						$	20					$	27					$	775					$	822
Goodwill impairment						—						—						(149)						(149)
Transfer to assets of operations held-for-sale						—						—						(4)						(4)
Goodwill at December 31, 2023						$	20					$	27					$	622					$	669
Goodwill acquired						—						—						—						—
Goodwill at September 30, 2024						$	20					$	27					$	622					$	669

(a)Includes $479 million of goodwill associated with Ally Credit Card at both September 30, 2024, and December 31, 2023, and $143 million of goodwill associated with Ally Invest at both September 30, 2024, and December 31, 2023.

During the year ended December 31, 2023, we recognized a $149 million impairment of goodwill at Corporate and Other related to the transfer of Ally Lending to held-for-sale. Subsequent to the impairment charge, the goodwill balance of $4 million was transferred to assets of operations held-for-sale on the Condensed Consolidated Balance Sheet. We closed the sale of Ally Lending on March 1, 2024. For additional information, refer to Note 2.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The net carrying value of intangible assets by class was as follows.

			September 30, 2024																		December 31, 2023
($ in millions)			Gross intangible assets						Accumulated amortization						Net carrying value						Gross intangible assets						Accumulated amortization						Net carrying value
Technology			$	117					$	(74)					$	43					$	117					$	(64)					$	53
Customer lists			41						(41)						—						41						(39)						2
Purchased credit card relationships			25						(10)						15						25						(7)						18
Trademarks			2						(2)						—						2						(2)						—
Total intangible assets (a)			$	185					$	(127)					$	58					$	185					$	(112)					$	73

(a)Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. The sale was closed on March 1, 2024. Refer to Note 2 for additional information.

Estimated future amortization expense of intangible assets are as follows.

($ in millions)
2024						$	4
2025						14
2026						14
2027						13
2028						13
Total estimated future amortization expense						$	58

12.    Deposit Liabilities

Deposit liabilities consisted of the following.

($ in millions)						September 30, 2024						December 31, 2023
Noninterest-bearing deposits						$	174					$	139
Interest-bearing deposits
Savings, money market, and spending accounts						101,872						99,340
Certificates of deposit						49,904						55,187
Total deposit liabilities						$	151,950					$	154,666

At September 30, 2024, and December 31, 2023, certificates of deposit included $6.7 billion and $7.7 billion, respectively, of those in denominations in excess of $250 thousand.

13.    Debt

Short-Term Borrowings

The following table presents the composition of our short-term borrowings portfolio.

						September 30, 2024																		December 31, 2023
($ in millions)						Unsecured						Secured (a)						Total						Unsecured						Secured (a)						Total
Federal Home Loan Bank						$	—					$	1,400					$	1,400					$	—					$	2,550					$	2,550
Securities sold under agreements to repurchase						—						371						371						—						747						747
Total short-term borrowings						$	—					$	1,771					$	1,771					$	—					$	3,297					$	3,297

(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.

We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of September 30, 2024, the securities sold under agreements to repurchase consisted of $371 million of U.S. Treasury and federal agency securities. The repurchase agreements were set to mature within 30 days. Refer to Note 7 and Note 22 for further details.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. At December 31, 2023, we received cash collateral of $6 million and non-cash collateral of $1 million related to repurchase agreements.

Long-Term Debt

The following table presents the composition of our long-term debt portfolio.

						September 30, 2024																		December 31, 2023
($ in millions)						Unsecured						Secured						Total						Unsecured						Secured						Total
Long-term debt (a)
Due within one year						$	1,289					$	2,451					$	3,740					$	1,409					$	2,931					$	4,340
Due after one year						8,731						4,336						13,067						9,015						4,215						13,230
Total long-term debt (b)						$	10,020					$	6,787					$	16,807					$	10,424					$	7,146					$	17,570

(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 19 for additional information.

(b)Includes advances from the FHLB of Pittsburgh of $4.8 billion and $5.6 billion at September 30, 2024, and December 31, 2023, respectively.

The following table presents the scheduled remaining maturity of long-term debt at September 30, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.

($ in millions)						2024						2025						2026						2027						2028						2029 and thereafter						Total
Unsecured
Long-term debt						$	9					$	2,483					$	151					$	1,601					$	866					$	5,690					$	10,800
Original issue discount						(17)						(74)						(83)						(94)						(107)						(405)						(780)
Total unsecured						(8)						2,409						68						1,507						759						5,285						10,020
Secured
Long-term debt						761						2,267						2,055						1,331						348						25						6,787
Total long-term debt						$	753					$	4,676					$	2,123					$	2,838					$	1,107					$	5,310					$	16,807

The following table summarizes assets restricted as collateral for the payment of the related debt obligation.

($ in millions)						September 30, 2024						December 31, 2023
Consumer automotive finance receivables						$	39,199											$	40,805
Consumer mortgage finance receivables						17,536												18,703
Commercial finance receivables						6,351												5,968
Investment securities (amortized cost of $3,273 and $4,030) (a)						3,491												4,036
Other assets (b)						288												—
Total assets restricted as collateral (c) (d)						$	66,865											$	69,512
Secured debt (e)						$	8,558											$	10,443

(a)A portion of the restricted investment securities at both September 30, 2024, and December 31, 2023, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.

(b)Includes the collateral account restricted for the payment of credit-linked notes recorded within restricted cash and cash equivalents. Excludes restricted cash and cash reserves for securitization trusts. Refer to Note 11 and Note 18 for additional information.

(c)All restricted assets are those of Ally Bank.

(d)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $27.0 billion and $27.9 billion at September 30, 2024, and December 31, 2023, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $33.9 billion and $34.0 billion at September 30, 2024, and December 31, 2023, respectively. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.

(e)Includes $1.8 billion and $3.3 billion of short-term borrowings at September 30, 2024, and December 31, 2023, respectively.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

14.    Accrued Expenses and Other Liabilities

The components of accrued expenses and other liabilities were as follows.

($ in millions)						September 30, 2024						December 31, 2023
Unfunded commitments for proportional amortization investments (a)						$	980					$	973
Accounts payable						545						509
Employee compensation and benefits						359						409
Reserves for insurance losses and loss adjustment expenses (b)						197						140
Deferred revenue						113						103
Operating lease liabilities						105						113
Other liabilities						470						479
Total accrued expenses and other liabilities (c)						$	2,769					$	2,726

(a)Primarily relates to unfunded commitments for investments in qualified affordable housing projects.

(b)Refer to Note 5 for further information.

(c)Excludes Ally Lending accrued expenses and other liabilities, which were transferred to liabilities of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.

15.    Preferred Stock

The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

			September 30, 2024						December 31, 2023
Series B preferred stock (a)
Issuance date			April 22, 2021						April 22, 2021
Carrying value ($ in millions)			$	1,335					$	1,335
Par value (per share)			$	0.01					$	0.01
Liquidation preference (per share)			$	1,000					$	1,000
Number of shares authorized			1,350,000						1,350,000
Number of shares issued and outstanding			1,350,000						1,350,000
Dividend/coupon
Prior to May 15, 2026			4.700%						4.700%
On and after May 15, 2026			Five Year Treasury + 3.868%						Five Year Treasury + 3.868%
Series C preferred stock (a)
Issuance date			June 2, 2021						June 2, 2021
Carrying value ($ in millions)			$	989					$	989
Par value (per share)			$	0.01					$	0.01
Liquidation preference (per share)			$	1,000					$	1,000
Number of shares authorized			1,000,000						1,000,000
Number of shares issued and outstanding			1,000,000						1,000,000
Dividend/coupon
Prior to May 15, 2028			4.700%						4.700%
On and after May 15, 2028			Seven Year Treasury + 3.481%						Seven Year Treasury + 3.481%

(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

16.    Accumulated Other Comprehensive Loss

The following tables present changes, net of tax, in each component of accumulated other comprehensive loss.

			Three months ended September 30,
			Investment securities (a)
($ in millions)			Available- for-sale securities (b)						Held-to-maturity securities						Translation adjustments and net investment hedges (c)						Cash flow hedges (c)												Accumulated other comprehensive loss
Balance at July 1, 2023			$	(3,881)					$	—					$	21					$	(3)											$	(3,863)
Net change			(886)						—						(1)						(15)												(902)
Balance at September 30, 2023			$	(4,767)					$	—					$	20					$	(18)											$	(4,765)
Balance at July 1, 2024			$	(3,353)					$	(650)					$	20					$	(26)											$	(4,009)
Net change			588						18						1						9												616
Balance at September 30, 2024			$	(2,765)					$	(632)					$	21					$	(17)											$	(3,393)

(a)For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7.

(b)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information.

(c)For additional information on derivative instruments and hedging activities, refer to Note 19.

			Nine months ended September 30,
			Investment securities (a)
($ in millions)			Available- for-sale securities (b)						Held-to-maturity securities						Translation adjustments and net investment hedges (c)						Cash flow hedges (c)												Accumulated other comprehensive loss
Balance at January 1, 2023			$	(4,095)					$	—					$	18					$	18											$	(4,059)
Net change			(672)						—						2						(36)												(706)
Balance at September 30, 2023			$	(4,767)					$	—					$	20					$	(18)											$	(4,765)
Balance at January 1, 2024			$	(3,146)					$	(682)					$	21					$	(9)											$	(3,816)
Net change			381						50						—						(8)												423
Balance at September 30, 2024			$	(2,765)					$	(632)					$	21					$	(17)											$	(3,393)

(a)For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7.

(b)Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information.

(c)For additional information on derivative instruments and hedging activities, refer to Note 19.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss.

Three months ended September 30, 2024 ($ in millions)			Before tax						Tax effect						After tax
Investment securities
Available-for-sale securities
Net unrealized gains arising during the period			$	772					$	(183)					$	589
Less: Net realized gains reclassified to income from continuing operations			1			(a)			—			(b)			1
Net change			771						(183)						588
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c)			(23)			(d)			5			(b)			(18)
Translation adjustments
Net unrealized gains arising during the period			2						—						2
Net investment hedges (e)
Net unrealized losses arising during the period			(1)						—						(1)
Cash flow hedges (e)
Net unrealized gains arising during the period			8						(2)						6
Less: Net realized losses reclassified to income from continuing operations			(4)			(f)			1			(b)			(3)
Net change			12						(3)						9
Other comprehensive income			$	807					$	(191)					$	616

(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(c)For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.

(d)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(e)For additional information on derivative instruments and hedging activities, refer to Note 19.

(f)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).

Three months ended September 30, 2023 ($ in millions)			Before tax						Tax effect						After tax
Investment securities
Available-for-sale securities
Net unrealized losses arising during the period			$	(1,163)					$	277					$	(886)
Translation adjustments
Net unrealized losses arising during the period			(5)						1						(4)
Net investment hedges (a)
Net unrealized gains arising during the period			4						(1)						3
Cash flow hedges (a)
Net unrealized losses arising during the period			(15)						4						(11)
Less: Net realized gains reclassified to income from continuing operations			5			(b)			(1)			(c)			4
Net change			(20)						5						(15)
Other comprehensive loss			$	(1,184)					$	282					$	(902)

(a)For additional information on derivative instruments and hedging activities, refer to Note 19.

(b)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(c)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Nine months ended September 30, 2024 ($ in millions)			Before tax						Tax effect						After tax
Investment securities
Available-for-sale securities
Net unrealized gains arising during the period			$	502					$	(119)					$	383
Less: Net realized gains reclassified to income from continuing operations			2			(a)			—			(b)			2
Net change			500						(119)						381
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c)			(65)			(d)			15			(b)			(50)
Translation adjustments
Net unrealized losses arising during the period			(5)						1						(4)
Net investment hedges (e)
Net unrealized gains arising during the period			5						(1)						4
Cash flow hedges (e)
Net unrealized losses arising during the period			(17)						4						(13)
Less: Net realized losses reclassified to income from continuing operations			(7)			(f)			2			(b)			(5)
Net change			(10)						2						(8)
Other comprehensive income			$	555					$	(132)					$	423

(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(c)For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.

(d)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(e)For additional information on derivative instruments and hedging activities, refer to Note 19.

(f)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).

Nine months ended September 30, 2023 ($ in millions)			Before tax						Tax effect						After tax
Investment securities
Available-for-sale securities
Net unrealized losses arising during the period			$	(877)					$	209					$	(668)
Less: Net realized gains reclassified to income from continuing operations			5			(a)			(1)			(b)			4
Net change			(882)						210						(672)
Translation adjustments
Net unrealized gains arising during the period			1						—						1
Net investment hedges (c)
Net unrealized gains arising during the period			1						—						1
Cash flow hedges (c)
Net unrealized losses arising during the period			(33)						9						(24)
Less: Net realized gains reclassified to income from continuing operations			15			(d)			(3)			(b)			12
Net change			(48)						12						(36)
Other comprehensive loss			$	(928)					$	222					$	(706)

(a)Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(b)Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income (Loss).

(c)For additional information on derivative instruments and hedging activities, refer to Note 19.

(d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income (Loss).

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

17.    Earnings per Common Share

The following table presents the calculation of basic and diluted earnings per common share.

						Three months ended September 30,												Nine months ended September 30,
($ in millions, except per share data; shares in thousands) (a)						2024						2023						2024						2023
Net income from continuing operations						$	357					$	296					$	808					$	945
Preferred stock dividends — Series B						(16)						(16)						(48)						(48)
Preferred stock dividends — Series C						(11)						(11)						(35)						(35)
Net income from continuing operations attributable to common stockholders						$	330					$	269					$	725					$	862
Loss from discontinued operations, net of tax						—						—						—						(1)
Net income attributable to common stockholders						$	330					$	269					$	725					$	861
Basic weighted-average common shares outstanding (b)						307,312						304,134						306,699						303,497
Diluted weighted-average common shares outstanding (b)						311,044						305,693						309,786						304,601
Basic earnings per common share
Net income from continuing operations						$	1.07					$	0.88					$	2.37					$	2.84
Loss from discontinued operations, net of tax						—						—						—						(0.01)
Net income						$	1.07					$	0.88					$	2.37					$	2.84
Diluted earnings per common share
Net income from continuing operations						$	1.06					$	0.88					$	2.34					$	2.83
Loss from discontinued operations, net of tax						—						—						—						(0.01)
Net income						$	1.06					$	0.88					$	2.34					$	2.83

(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.

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

18.    Regulatory Capital and Other Regulatory Matters

Ally is subject to enhanced prudential standards that have been established by the FRB under the Dodd-Frank Act, as amended by the EGRRCP Act and as applied to Category IV firms under the Tailoring Rules. Refer to the discussion below, however, about rules proposed by the U.S. banking agencies in 2023 that would significantly alter the Tailoring Rules. Currently, as a Category IV firm, Ally is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio (provided that our average wSTWF continues to remain under $50 billion), and (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits. Even so, we are subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities or based on risks to the U.S. economy. Further, we are subject to rules requiring the resubmission of our capital plan if we determine that there has been or will be a material change in our risk profile, financial condition, or corporate structure since we last submitted the capital plan or if the FRB determines that (a) our capital plan is incomplete or our capital plan or internal capital adequacy process contains material weaknesses, (b) there has been, or will likely be, a material change in our risk profile (including a material change in our business strategy or any risk exposure), financial condition, or corporate structure, or (c) the BHC stress scenario(s) are not appropriate for our business model and portfolios, or changes in the financial markets or the macroeconomic outlook that could have a material impact on our risk profile and financial condition require the use of updated scenarios. While a resubmission is pending, without prior approval of the FRB, we would generally be prohibited from paying dividends, repurchasing our common stock, or making other capital distributions. In addition, to satisfy the FRB in its review of our capital plan, we may be required to further cease or limit these capital distributions or to issue capital instruments that could be dilutive to stockholders. The FRB also may prevent us from maintaining or expanding lending or other business activities.

Basel Capital Framework

The FRB and other U.S. banking agencies have adopted risk-based and leverage capital rules that establish minimum capital-to-asset ratios for BHCs, like Ally, and depository institutions, like Ally Bank.

The risk-based capital ratios are based on a banking organization’s RWAs, which are generally determined under the standardized approach applicable to Ally and Ally Bank by (1) assigning on-balance-sheet exposures to broad risk-weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk), and (2) multiplying off-balance-sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk-weight categories. The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance-sheet exposures.

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Under U.S. Basel III, Ally and Ally Bank must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum total risk-based capital ratio of 8%. On top of the minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which must be satisfied entirely with capital that qualifies as Common Equity Tier 1 capital. Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4%. While the capital conservation buffer requirement for Ally Bank is fixed at 2.5% of RWAs, the capital conservation buffer requirement for a Category IV firm, like Ally, is equal to its stress capital buffer requirement. The stress capital buffer requirement for Ally, in turn, is the greater of 2.5% and the result of the following calculation: (1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of RWAs. As of September 30, 2024, the stress capital buffer requirement for Ally was 2.5%. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2024, which was determined to be 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024.

Ally and Ally Bank are currently subject to the U.S. Basel III standardized approach for counterparty credit risk but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not currently subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. Since Ally and Ally Bank are currently not subject to the advanced approaches risk-based capital rules, we elected to apply a one-time option to exclude most components of accumulated other comprehensive income and loss from regulatory capital. As of September 30, 2024, and December 31, 2023, Ally had $3.4 billion and $3.8 billion, respectively, of accumulated other comprehensive loss, net of applicable income taxes, that was excluded from Common Equity Tier 1 capital. Refer to the discussion below about rules proposed by the U.S. banking agencies in 2023 that would require us to recognize all components of accumulated other comprehensive income and loss in regulatory capital, except gains and losses on cash-flow hedges where the hedged items are not recognized on our balance sheet at fair value. Refer also to Note 16 for additional details about our accumulated other comprehensive loss.

Failure to satisfy regulatory-capital requirements could result in significant sanctions—such as bars or other limits on capital distributions and discretionary bonuses to executive officers, limitations on acquisitions and new activities, restrictions on our acceptance of brokered deposits, a loss of our status as an FHC, or informal or formal enforcement and other supervisory actions—and could have a significant adverse effect on the Consolidated Financial Statements or the business, results of operations, financial condition, or prospects of Ally and Ally Bank.

The risk-based capital ratios and the Tier 1 leverage ratio play a central role in PCA, which is an enforcement framework used by the U.S. banking agencies to constrain the activities of depository institutions based on their levels of regulatory capital. Five categories have been established using thresholds for the Common Equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, the total risk-based capital ratio, and the Tier 1 leverage ratio: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. FDICIA generally prohibits a depository institution from making any capital distribution, including any payment of a cash dividend or a management fee to its BHC, if the depository institution would become undercapitalized after the distribution. An undercapitalized institution is also subject to growth limitations and must submit and fulfill a capital restoration plan. Although BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. At both September 30, 2024, and December 31, 2023, Ally Bank met the capital ratios required to be well capitalized under the PCA framework.

Under FDICIA and the PCA framework, insured depository institutions such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. Our brokered deposits totaled $9.1 billion at September 30, 2024, which represented 6.0% of total deposit liabilities.

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The following table summarizes our capital ratios under U.S. Basel III.

						September 30, 2024												December 31, 2023												Required minimum (a)						Well-capitalized minimum
($ in millions)						Amount						Ratio						Amount						Ratio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.						$	15,298					9.79		%				$	15,129					9.36		%				4.50		%				(b)
Ally Bank						17,579						11.92						17,217						11.24						4.50						6.50		%
Tier 1 (to risk-weighted assets)
Ally Financial Inc.						$	17,564					11.24		%				$	17,392					10.76		%				6.00		%				6.00		%
Ally Bank						17,579						11.92						17,217						11.24						6.00						8.00
Total (to risk-weighted assets)
Ally Financial Inc.						$	20,173					12.90		%				$	20,055					12.41		%				8.00		%				10.00		%
Ally Bank						19,441						13.18						19,144						12.50						8.00						10.00
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.						$	17,564					8.99		%				$	17,392					8.67		%				4.00		%				(b)
Ally Bank						17,579						9.52						17,217						9.07						4.00						5.00		%

(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both September 30, 2024, and December 31, 2023. In October 2024, Ally’s capital conservation buffer requirement increased to 2.6%, reflecting its updated stress capital buffer requirement.

(b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.”

(c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.

On January 1, 2020, we adopted CECL. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information about our allowance for loan losses accounting policy. Under a rule finalized by the FRB and other U.S. banking agencies in 2020, we delayed recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we were required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. The estimated impact of CECL on regulatory capital that we deferred and began phasing in on January 1, 2022, is generally calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. As of September 30, 2024, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $296 million.

In April 2023, in a statement accompanying the review of the FRB’s supervision and regulation of SVB, FRB Vice Chair for Supervision Barr highlighted a plan to revisit the Tailoring Rules and develop stronger capital, liquidity, stress-testing, and other standards for Category IV firms like Ally. In July 2023, the U.S. banking agencies issued a proposed rule to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017 (commonly known as the Basel III endgame or as Basel IV). For regulatory capital, the proposed rule would eliminate the effect of the Tailoring Rules by requiring the recognition of most elements of accumulated other comprehensive income and loss and the application of deductions, limitations, and criteria for specified capital investments, minority interests, and TLAC holdings. For each of the risk-based capital ratios, a large banking organization, like Ally, would calculate and be bound by the lower of two alternatives: one version of the ratio based on an expanded risk-based approach prescribed in the proposed rule and one version of the ratio based on the standardized approach as modified by the proposed rule. All capital buffer requirements, including the stress capital buffer requirement, would apply regardless of whether the expanded risk-based approach or the standardized approach produces the lower ratio. Under the expanded risk-based approach, total RWAs would equal the sum of the RWAs for credit risk, equity risk, operational risk, market risk, and CVA risk as set forth in the proposed rule minus any amount of the banking organization’s adjusted allowance for credit losses that is not included in Tier 2 capital and any amount of allocated transfer risk reserves. Under the standardized approach, total RWAs would be calculated using the existing rules with a revised methodology for determining RWAs for market risk, and a required application of the standardized approach for counterparty credit risk for derivative exposures. Category IV firms would be further required under the proposed rule to project their risk-based capital ratios under baseline conditions in their capital plans and related reports using the RWA-calculation approach that results in their binding risk-based capital ratios as of the start of the projection horizon. The proposed rule also would roll back additional elements of the Tailoring Rules by applying to Category IV firms the supplementary leverage ratio, the countercyclical capital buffer, and enhanced public disclosure and reporting requirements. Under the proposed rule, a three-year transition period from July 1, 2025, to June 30, 2028, would apply to the recognition of accumulated other comprehensive income and loss in regulatory capital and the use of the expanded risk-based approach. The phase-in of accumulated other comprehensive income and loss is expected to significantly affect our levels of regulatory capital. While we believe that this would be manageable, we also anticipate that our levels of regulatory capital would need to be gradually increased in advance of and during the proposed transition period. As for the proposed changes to RWAs, while we continue to evaluate the effects of individual provisions and the interplay among them as well as potential management actions in response, the impact is not currently expected to be significant in the

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aggregate if the proposed rule were adopted in its existing form. Since the proposed rule was issued, we have been engaged with research and advocacy groups to inform the rulemaking process and better understand the impacts of the proposed rule on banking organizations of various sizes and complexities—as well as the competitive environment more broadly—and likewise encourage the U.S. banking agencies to closely study these impacts and their wider implications.

In August 2023, the U.S. banking agencies issued a proposed rule to improve the resolvability of Category IV firms, like Ally. The proposed rule would require Category II, III, and IV firms, their large consolidated banks, and other institutions to issue and maintain minimum amounts of eligible long-term debt in an amount that is the greater of (i) 6 percent of total RWAs, (ii) 3.5 percent of average total consolidated assets, and (iii) 2.5 percent of total leverage exposure. CIDIs, like Ally Bank, that are consolidated subsidiaries of covered entities, like Ally, would be required to issue eligible long-term debt internally to a company that consolidates the CIDI, which would in turn be required to purchase that long-term debt. Only long-term debt instruments that are most readily able to absorb losses in a resolution proceeding would qualify, and the operations of covered entities would be subject to clean-holding-company requirements such as prohibitions and limitations on their liabilities to unaffiliated entities. Under the proposed rule, a transition period would apply with 25, 50, and 100 percent of the long-term-debt requirements coming into effect by the end of the first, second, and third years, respectively, after finalization of the rule. We are still assessing the impact of this proposed rule but, due to the current structure and amount of debt instruments issued by Ally and Ally Bank, we expect it to significantly affect us.

Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any final rules after public comments are considered, remain unclear. Also, beyond these proposed rules, more stringent and less tailored liquidity, stress-testing, and other standards for Category IV firms, like Ally, may be forthcoming, including those that may reinstate the LCR, require more rigorous liquidity stress testing, and return Ally to supervisory stress testing on an annual cycle.

In June 2024, the FDIC issued a final rule that requires each CIDI with $100 billion or more in total assets, like Ally Bank, to submit a full resolution plan with an identified strategy from the point of their failure to disposition of substantially all of the CIDI’s assets and operations through wind-down, liquidation, divestiture, or other return to the private sector. Under the final rule, the CIDI must utilize as its identified strategy the formation or stabilization of a bridge depository institution that continues operations through the completion of the CIDI’s resolution and exit unless the CIDI demonstrates why another strategy is more appropriate based upon its size, complexity, and risk profile. All CIDIs are required to demonstrate capabilities to carry out the sale of the CIDI and its assets. Such capabilities include the capability to maintain continuity of critical services, the capability to produce valuations needed in assessing the resolution strategy that is least costly to the FDIC’s deposit insurance fund, and the capability to establish a virtual due diligence data room promptly in the run-up to or upon failure of the CIDI to support the ability of the FDIC to market and execute a timely sale or disposition of the CIDI and its assets. Each CIDI’s resolution plan will also be subject to additional requirements, including those related to the underlying failure scenario assumptions, resolution plan content, and FDIC reviews of the resolution plan under the final rule. CIDIs not affiliated with U.S. global systemically important banking organizations are subject to a triennial submission cycle in which a full resolution plan is required to be submitted once every three years, with interim supplements due in non-submission years. The final rule became effective on October 1, 2024. Ally Bank will be required to submit its initial interim supplement on or before July 1, 2025 and a full resolution plan on or before July 1, 2026 under the final rule.

Capital Planning and Stress Tests

Under the Tailoring Rules, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary.

The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework above for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally did not elect to participate in the 2023 supervisory stress test, but was subject to the 2024 supervisory stress test.

We received an updated preliminary stress capital buffer requirement based on our 2022 capital plan submission from the FRB in June 2022, which was determined to be 2.5% and reflected a decline of 100 basis points relative to our prior requirement. The updated 2.5% stress capital buffer requirement was finalized in August 2022 and became effective in October 2022. We submitted our 2023 capital plan to the FRB in April 2023, and received an updated preliminary stress capital buffer requirement in June 2023 that remained unchanged at 2.5%. The 2.5% stress capital buffer requirement was finalized in July 2023 and became effective in October 2023. We submitted our 2024 capital plan to the FRB in April 2024. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2024, which was

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determined to be 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024.

In February 2023, we accessed the unsecured debt capital markets and issued $500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. In June 2024, we accessed the debt capital markets and issued $330 million of credit-linked notes based on a reference portfolio of $3.0 billion of consumer automotive loans. The proceeds from this issuance constitute prefunded credit protection for mezzanine tranches of the reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. This transaction is structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure.

Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), the taxation of share repurchases, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time.

The following table presents information related to our common stock and distributions to our common stockholders.

						Common stock repurchased during period (a) (b)												Number of common shares outstanding												Cash dividends declared per common share (c)
($ in millions, except per share data; shares in thousands)						Approximate dollar value						Number of shares						Beginning of period						End of period
2023
First quarter						$	27					836						299,324						300,821						$	0.30
Second quarter						2						58						300,821						301,619						0.30
Third quarter						—						5						301,619						301,630						0.30
Fourth quarter						4						145						301,630						302,459						0.30
2024
First quarter						$	29					781						302,459						303,978						$	0.30
Second quarter						1						13						303,978						304,656						0.30
Third quarter						1						27						304,656						304,715						0.30

(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.

(b)Since the commencement of our initial stock-repurchase program in the third quarter of 2016, we have reduced the number of outstanding shares of our common stock by 37%, from 484 million as of June 30, 2016, to 305 million as of September 30, 2024. Except for repurchases made of shares withheld to cover income taxes owed by participants in our share-based incentive plans, we did not make any common-stock repurchases in 2023 or the first nine months of 2024, and at this time, the Board has not authorized a stock-repurchase program for 2024.

(c)On October 7, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on November 15, 2024, to stockholders of record at the close of business on November 1, 2024.

19.    Derivative Instruments and Hedging Activities

We enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, and interest rate options, in connection with our risk-management activities. Our primary objective for using derivative financial instruments is to manage interest rate risk associated with our fixed-rate and variable-rate assets and liabilities, foreign exchange risks related to our net investments in foreign subsidiaries, as well as foreign-currency denominated assets and liabilities, and other market risks related to our investment portfolio.

Interest Rate Risk

We monitor our mix of fixed-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve a more desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges that do not qualify for hedge accounting treatment.

Derivatives qualifying for hedge accounting treatment can include receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate FHLB advances, pay-fixed swaps designated as fair value hedges of securities within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of fixed-rate held-for-investment consumer automotive loan assets. Other derivatives qualifying for hedge accounting consist of interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans.

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We have the ability to execute economic hedges, which could consist of interest rate swaps, interest rate caps, forwards, and options to mitigate interest rate risk.

We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business that meet the accounting definition of a derivative.

Foreign Exchange Risk

We enter into derivative financial instrument contracts to mitigate the risk associated with variability in cash flows related to our various foreign-currency exposures.

We enter into foreign-currency forwards with external counterparties as net investment hedges of foreign exchange exposure on our investment in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive income and loss. We also periodically enter into foreign-currency forwards to economically hedge any foreign-denominated debt, centralized lending, and foreign-denominated third-party loans. These foreign-currency forwards used as economic hedges are recorded at fair value with changes recorded as income or expense offsetting the gains and losses on the associated foreign-currency transactions.

Investment Risk

We enter into equity options to mitigate the risk associated with our exposure to the equity markets.

Credit Risk

We enter into various retail automotive-loan purchase agreements with certain counterparties. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative.

We enter into arrangements with certain counterparties through which we issue credit-linked notes covering a specified pool of loans. These notes contain an embedded derivative (referred to as a credit-linked note derivative), which provides us credit protection against the risk of loss when a specified credit event occurs on the reference pool.

Counterparty Credit Risk

Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, with adjustments to reflect the exchange of collateral for margined transactions.

We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements.

We execute certain OTC derivatives, such as interest rate caps and floors, using bilateral agreements with financial counterparties. Bilateral agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. If either party defaults on the obligation, the secured party may seize the collateral. Payments related to the exchange of collateral for OTC derivatives are recognized as collateral.

We also execute certain derivatives, such as interest rate swaps, with clearinghouses, which require us to post and receive collateral. For these clearinghouse derivatives, these payments are recognized as settlements rather than collateral.

Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit-risk-related event. No such specified credit-risk-related events occurred during the nine months ended September 30, 2024, or 2023.

We placed cash and noncash collateral with counterparties totaling $2 million and $519 million, respectively, supporting our derivative positions at September 30, 2024, compared to $6 million and $642 million of cash and noncash collateral, respectively, at December 31, 2023. These amounts include noncash collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The receivables for cash collateral placed are included on our Condensed Consolidated Balance Sheet in other assets. We granted our counterparties the right to sell or pledge the noncash collateral.

We received cash collateral from counterparties totaling $16 million and $31 million at September 30, 2024, and December 31, 2023, respectively. These amounts exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities.

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Balance Sheet Presentation

The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.

Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.

Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.

						September 30, 2024																		December 31, 2023
						Derivative contracts in a												Notional amount						Derivative contracts in a												Notional amount
($ in millions)						receivable position						payable position												receivable position						payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps						$	—					$	—					$	34,200					$	—					$	—					$	35,835
Purchased options						13						—						6,250						31						—						6,250
Foreign exchange contracts
Forwards						—						2						169						—						6						166
Total derivatives designated as accounting hedges						13						2						40,619						31						6						42,251
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps						—						—						—						—						—						2,000
Forwards						—						—						150						—						—						70
Written options						2						—						102						2						—						88
Total interest rate risk						2						—						252						2						—						2,158
Foreign exchange contracts
Forwards						—						—						51						—						1						59
Total foreign exchange risk						—						—						51						—						1						59
Credit contracts
Credit-linked note derivative						—						—						288						—						—						—
Other credit derivatives (a)						—						5						n/a						—						10						n/a
Total credit risk						—						5						288						—						10						—
Total derivatives not designated as accounting hedges						2						5						591						2						11						2,217
Total derivatives						$	15					$	7					$	41,210					$	33					$	17					$	44,468

n/a = not applicable

(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $13 million and $29 million as of September 30, 2024, and December 31, 2023, respectively.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.

						Carrying amount of the hedged items												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
																		Total												Discontinued (a)
($ in millions)						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Assets
Available-for-sale securities (b)						$	15,815					$	16,302					$	32					$	(79)					$	(138)					$	(156)
Finance receivables and loans, net (c)						39,312						54,189						28						(93)						(13)						(27)
Liabilities
Long-term debt						$	6,346					$	7,750					$	91					$	100					$	91					$	100

(a)Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment.

(b)These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.3 billion and $14.8 billion, respectively, of which $14.1 billion and $14.6 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At September 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $50 million asset and a $45 million liability, respectively, of which the portion related to discontinued hedging relationships was a $107 million liability and a $120 million liability, respectively. At September 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $12.0 billion and $11.3 billion, respectively, with cumulative basis adjustments of a $157 million asset and a $75 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities.

(c)These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2024, and December 31, 2023, the carrying value of the closed portfolios used in these hedging relationships was $39.3 billion and $54.2 billion, respectively, of which $38.0 billion and $50.0 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At September 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $28 million asset and a $93 million liability, respectively, of which the portion related to discontinued hedging relationships was a $13 million liability and a $27 million liability, respectively. At September 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $20.8 billion and $23.2 billion, respectively, with cumulative basis adjustments of a $41 million asset and a $66 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship.

Statement of Income Presentation

The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Gain (loss) recognized in earnings
Interest rate contracts
Gain on mortgage and automotive loans, net						$	6					$	4					$	16					$	13
Other income, net of losses						—						(1)						—						(1)
Total interest rate contracts						6						3						16						12
Foreign exchange contracts
Other operating expenses						(1)						1						1						1
Total foreign exchange contracts						(1)						1						1						1
Credit contracts
Other income, net of losses						1						—						1						(5)
Total credit contracts						1						—						1						(5)
Equity contracts
Other income, net of losses						1						(4)						3						(11)
Total equity contracts						1						(4)						3						(11)
Total gain (loss) recognized in earnings						$	7					$	—					$	21					$	(3)

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).

			Interest and fees on finance receivables and loans									Interest and dividends on investment securities and other earning assets															Interest on long-term debt
Three months ended September 30, ($ in millions)			2024			2023									2024			2023																					2024			2023
Gain (loss) on fair value hedging relationships
Interest rate contracts
Hedged available-for-sale securities			—			—									327			(164)																					—			—
Derivatives designated as hedging instruments on available-for-sale securities			—			—									(327)			164																					—			—
Hedged fixed-rate consumer automotive loans			190			66									—			—																					—			—
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans			(190)			(66)									—			—																					—			—
Total gain on fair value hedging relationships			—			—									—			—																					—			—
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income			(4)			4									—			—																					—			—
Total (loss) gain on cash flow hedging relationships			$	(4)		$	4								$	—		$	—																				$	—		$	—
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income (Loss)			$	2,889		$	2,837								$	262		$	267																				$	256		$	274

			Interest and fees on finance receivables and loans									Interest and dividends on investment securities and other earning assets															Interest on long-term debt
Nine months ended September 30, ($ in millions)			2024			2023									2024			2023																					2024			2023
Gain (loss) on fair value hedging relationships
Interest rate contracts
Hedged fixed-rate unsecured debt			$	—		$	—								$	—		$	—																				$	—		$	1
Derivatives designated as hedging instruments on fixed-rate unsecured debt			—			—									—			—																					—			(1)
Hedged available-for-sale securities			—			—									94			(272)																					—			—
Derivatives designated as hedging instruments on available-for-sale securities			—			—									(94)			272																					—			—
Hedged fixed-rate consumer automotive loans			107			232									—			—																					—			—
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans			(107)			(232)									—			—																					—			—
Total gain on fair value hedging relationships			—			—									—			—																					—			—
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income			(7)			14									—			—																					—			—
Total (loss) gain on cash flow hedging relationships			$	(7)		$	14								$	—		$	—																				$	—		$	—
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income (Loss)			$	8,561		$	8,133								$	793		$	752																				$	748		$	753

During the next 12 months, we estimate $29 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).

			Interest and fees on finance receivables and loans									Interest and dividends on investment securities and other earning assets															Interest on long-term debt
Three months ended September 30, ($ in millions)			2024			2023									2024			2023																					2024			2023
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments			$	—		$	—								$	—		$	—																				$	2		$	3
Amortization of deferred secured debt basis adjustments (FHLB advances)			—			—									—			—																					1			1
Amortization of deferred basis adjustments of available-for-sale securities			—			—									6			6																					—			—
Interest for qualifying accounting hedges of available-for-sale securities			—			—									50			46																					—			—
Amortization of deferred loan basis adjustments			3			8									—			—																					—			—
Interest for qualifying accounting hedges of consumer automotive loans held for investment			59			154									—			—																					—			—
Total gain on fair value hedging relationships			$	62		$	162								$	56		$	52																				$	3		$	4

			Interest and fees on finance receivables and loans									Interest and dividends on investment securities and other earning assets															Interest on long-term debt
Nine months ended September 30, ($ in millions)			2024			2023									2024			2023																					2024			2023
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments			$	—		$	—								$	—		$	—																				$	7		$	7
Amortization of deferred secured debt basis adjustments (FHLB advances)			—			—									—			—																					2			2
Amortization of deferred basis adjustments of available-for-sale securities			—			—									17			17																					—			—
Interest for qualifying accounting hedges of available-for-sale securities			—			—									147			86																					—			—
Amortization of deferred loan basis adjustments			12			26									—			—																					—			—
Interest for qualifying accounting hedges of consumer automotive loans held for investment			206			505									—			—																					—			—
Total gain on fair value hedging relationships			$	218		$	531								$	164		$	103																				$	9		$	9

The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.

			Three months ended September 30,												Nine months ended September 30,
($ in millions)			2024						2023						2024						2023
Interest rate contracts
Gain (loss) recognized in other comprehensive income (loss)			$	12					$	(20)					$	(10)					$	(48)

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.

			Three months ended September 30,												Nine months ended September 30,
($ in millions)			2024						2023						2024						2023
Foreign exchange contracts (a) (b)
(Loss) gain recognized in other comprehensive income (loss)			$	(1)					$	4					$	5					$	1

(a)There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2024, or 2023.

(b)Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss). There were no amounts reclassified for the three months and nine months ended September 30, 2024, or 2023.

20.    Income Taxes

We recognized total income tax benefit from continuing operations of $124 million and $147 million for the three months and nine months ended September 30, 2024, respectively, compared to income tax benefit of $68 million and income tax expense of $74 million for the same periods in 2023. The decreases in income tax expense for the three months and nine months ended September 30, 2024, compared to the same periods in 2023, were primarily due to an increase in qualified clean vehicle tax credits partially offset by an adjustment to the valuation allowance related to foreign tax credit carryforwards during the three months ended September 30, 2023. The increase in qualified clean vehicle tax credits was primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024, which increased our purchased battery-electric vehicle lease origination volume. The adjustment to the valuation allowance related to foreign tax credit carryforwards during the three months ended September 30, 2023, was a nonrecurring tax benefit, primarily driven by a tax planning strategy.

The income tax benefit for qualified clean vehicle tax credits, along with other tax credits, resulted in a significant variation in the customary relationship between pretax income and income tax expense for the three months and nine months ended September 30, 2024. We record qualified clean vehicle tax credits as part of our investment tax credit category. All our investment tax credits are accounted for using the flow-through method and are recognized as a reduction to current income tax expense.

As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. We continue to believe it is more likely than not that the benefit for certain foreign tax credit carryforwards and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards and it is reasonably possible that the valuation allowance may change in the next 12 months.

21.    Fair Value

Fair Value Measurements

For purposes of this disclosure, fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market in an orderly transaction between market participants at the measurement date under current market conditions. Fair value is based on the assumptions we believe market participants would use when pricing an asset or liability. Additionally, entities are required to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability.

U.S. GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.

Level 1    Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity.

Level 2    Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.

Level 3    Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation.

Judgment is used in estimating inputs to our internal valuation models used to estimate our Level 3 fair value measurements. Level 3 inputs such as interest rate movements, prepayment speeds, credit losses, and discount rates are inherently difficult to estimate. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized.

•Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1.

•Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities.

•Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies. Certain of these derivatives are exchange traded, such as equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1.

We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these derivative contracts as Level 2 because all significant inputs into these models were market observable.

We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business, certain of which meet the accounting definition of a derivative and therefore are recorded as derivatives on our Condensed Consolidated Balance Sheet. Interest rate lock commitments are valued with unobservable inputs, so they are classified as Level 3. Certain forward commitments are Level 2 and others are Level 3 depending on the valuation model inputs.

We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3.

We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of derivative assets and liabilities. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Recurring Fair Value

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

						Recurring fair value measurements
September 30, 2024 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Investment securities
Equity securities (a) (b)						$	828					$	—					$	—					$	828
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						2,115						—						—						2,115
U.S. States and political subdivisions						—						609						38						647
Foreign government						39						161						—						200
Agency mortgage-backed residential						—						14,697						—						14,697
Mortgage-backed residential						—						219						—						219
Agency mortgage-backed commercial						—						4,016						—						4,016
Asset-backed						—						202						—						202
Corporate debt						—						1,809						—						1,809
Total available-for-sale securities						2,154						21,713						38						23,905
Mortgage loans held-for-sale (c)						—						23						7						30
Other assets
Derivative contracts in a receivable position
Interest rate						—						13						2						15
Total derivative contracts in a receivable position						—						13						2						15
Total assets						$	2,982					$	21,749					$	47					$	24,778
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency						$	—					$	2					$	—					$	2
Credit						—						—						5						5
Total derivative contracts in a payable position						—						2						5						7
Total liabilities						$	—					$	2					$	5					$	7

(a)Our direct investment in any one industry did not exceed 13%. The concentration calculation excludes our investment in mutual funds and ETFs.

(b)Excludes $49 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

(c)Carried at fair value due to fair value option elections.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

						Recurring fair value measurements
December 31, 2023 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Investment securities
Equity securities (a) (b)						$	765					$	—					$	1					$	766
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						2,075						—						—						2,075
U.S. States and political subdivisions						—						649						9						658
Foreign government						51						132						—						183
Agency mortgage-backed residential						—						15,384						—						15,384
Mortgage-backed residential						—						225						—						225
Agency mortgage-backed commercial						—						3,758						—						3,758
Asset-backed						—						332						—						332
Corporate debt						—						1,800						—						1,800
Total available-for-sale securities						2,126						22,280						9						24,415
Mortgage loans held-for-sale (c)						—						25						—						25
Other assets
Derivative contracts in a receivable position
Interest rate						—						31						2						33
Total derivative contracts in a receivable position						—						31						2						33
Total assets						$	2,891					$	22,336					$	12					$	25,239
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign currency						$	—					$	7					$	—					$	7
Credit						—						—						10						10
Total derivative contracts in a payable position						—						7						10						17
Total liabilities						$	—					$	7					$	10					$	17

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

(b)Excludes $44 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

(c)Carried at fair value due to fair value option elections.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

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

			Equity securities									Available-for-sale securities									Mortgage loans held-for-sale (a)									Finance receivables and loans, net (a)
($ in millions)			2024			2023						2024			2023						2024			2023						2024			2023
Assets
Fair value at July 1,			$	—		$	1					$	11		$	5					$	2		$	—					$	—		$	—
Net realized/unrealized gains
Included in earnings			—			—						—			—						—			—						—			—
Included in OCI			—			—						—			—						—			—						—			—
Purchases and originations (b)			—			—						27			—						16			—						—			—
Sales			—			—						—			—						(11)			—						—			—
Issuances			—			—						—			—						—			—						—			—
Settlements			—			—						—			(1)						—			—						—			—
Transfers into Level 3			—			—						—			—						—			—						—			—
Transfers out of Level 3			—			—						—			—						—			—						—			—
Fair value at September 30,			$	—		$	1					$	38		$	4					$	7		$	—					$	—		$	—
Net unrealized gains still held at September 30,
Included in earnings			$	—		$	—					$	—		$	—					$	—		$	—					$	—		$	—
Included in OCI			—			—						—			—						—			—						—			—

(a)Carried at fair value due to fair value option elections.

(b)Includes a $27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the three months ended September 30, 2024.

			Derivative liabilities, net of derivative assets (a)
($ in millions)			2024						2023
Liabilities
Fair value at July 1,			$	3					$	18
Net realized/unrealized gains
Included in earnings			(5)						(3)
Included in OCI			—						—
Purchases and originations			—						—
Sales			—						—
Issuances			—						—
Settlements			—						(5)
Transfers into Level 3			—						—
Transfers out of Level 3 (b)			5						3
Fair value at September 30,			$	3					$	13
Net unrealized gains still held at September 30,
Included in earnings			$	(2)					$	—
Included in OCI			—						—

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

(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the three months ended September 30, 2024, and September 30, 2023. These transfers are deemed to have occurred at the end of the reporting period.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

			Equity securities									Available-for-sale securities									Mortgage loans held-for-sale (a)									Finance receivables and loans, net (a)
($ in millions)			2024			2023						2024			2023						2024			2023						2024			2023
Assets
Fair value at January 1,			$	1		$	1					$	9		$	4					$	—		$	—					$	—		$	3
Net realized/unrealized gains
Included in earnings			—			—						—			—						—			—						—			—
Included in OCI			—			—						—			—						—			—						—			—
Purchases and originations (b)			—			—						29			1						18			—						—			—
Sales			—			—						—			—						(11)			—						—			—
Issuances			—			—						—			—						—			—						—			—
Settlements			—			—						—			(1)						—			—						—			(3)
Transfers into Level 3			—			—						—			—						—			—						—			—
Transfers out of Level 3			(1)			—						—			—						—			—						—			—
Fair value at September 30,			$	—		$	1					$	38		$	4					$	7		$	—					$	—		$	—
Net unrealized gains still held at September 30,
Included in earnings			$	—		$	—					$	—		$	—					$	—		$	—					$	—		$	—
Included in OCI			—			—						—			—						—			—						—			—

(a)Carried at fair value due to fair value option elections.

(b)Includes a $27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the nine months ended September 30, 2024.

			Derivative liabilities, net of derivative assets (a)
($ in millions)			2024						2023
Liabilities
Fair value at January 1,			$	8					$	39
Net realized/unrealized gains
Included in earnings			(14)						(6)
Included in OCI			—						—
Purchases and originations			—						—
Sales			—						—
Issuances			—						—
Settlements			(5)						(30)
Transfers into Level 3			—						—
Transfers out of Level 3 (b)			14						10
Fair value at September 30,			$	3					$	13
Net unrealized gains still held at September 30,
Included in earnings			$	(7)					$	(3)
Included in OCI			—						—

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

(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the nine months ended September 30, 2024, and September 30, 2023. These transfers are deemed to have occurred at the end of the reporting period.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Nonrecurring Fair Value

We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures.

The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at September 30, 2024, and December 31, 2023, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude assets of operations held-for-sale, refer to Note 2 for additional information.

						Nonrecurring fair value measurements																								Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments						Total gain (loss) included in earnings
September 30, 2024 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Loans held-for-sale, net						$	—					$	—					$	68					$	68					$	—					n/m			(a)
Commercial finance receivables and loans, net (b)
Automotive						—						—						18						18						(2)						n/m			(a)
Other						—						—						38						38						(53)						n/m			(a)
Total commercial finance receivables and loans, net						—						—						56						56						(55)						n/m			(a)
Other assets
Nonmarketable equity investments						—						1						—						1						(1)						n/m			(a)
Repossessed and foreclosed assets (c)						—						—						6						6						(1)						n/m			(a)
Total assets						$	—					$	1					$	130					$	131					$	(57)					n/m

n/m = not meaningful

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

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

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

						Nonrecurring fair value measurements																								Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments						Total gain (loss) included in earnings
December 31, 2023 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Loans held-for-sale, net						$	—					$	—					$	375					$	375					$	—					n/m			(a)
Commercial finance receivables and loans, net (b)
Automotive						—						—						6						6						—						n/m			(a)
Other						—						—						49						49						(43)						n/m			(a)
Total commercial finance receivables and loans, net						—						—						55						55						(43)						n/m			(a)
Other assets
Nonmarketable equity investments						—						—						1						1						1						n/m			(a)
Repossessed and foreclosed assets (c)						—						—						10						10						(1)						n/m			(a)
Total assets						$	—					$	—					$	441					$	441					$	(43)					n/m

n/m = not meaningful

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

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

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

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Fair Value Option for Financial Assets

We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale, non-conforming jumbo mortgage loans held-for-sale, and certain personal lending finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale and certain non-conforming jumbo mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain personal lending finance receivables to mitigate the complexities of recording these loans at amortized cost. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or losses and economic exposure for certain assets and liabilities.

Fair Value of Financial Instruments

The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. This table excludes assets of operations held-for-sale, refer to Note 2 for additional information. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2024, and December 31, 2023.

									Estimated fair value
($ in millions)			Carrying value						Level 1						Level 2						Level 3						Total
September 30, 2024
Financial assets
Held-to-maturity securities			$	4,441					$	—					$	4,570					$	—					$	4,570
Loans held-for-sale, net			276						—						—						277						277
Finance receivables and loans, net			133,801						—						—						136,300						136,300
FHLB/FRB stock (a)			697						—						697						—						697
Financial liabilities
Deposit liabilities			$	49,904					$	—					$	—					$	50,236					$	50,236
Short-term borrowings			1,771						—						—						1,771						1,771
Long-term debt			16,807						—						12,837						5,228						18,065
December 31, 2023
Financial assets
Held-to-maturity securities			$	4,680					$	—					$	4,729					$	—					$	4,729
Loans held-for-sale, net			375						—						—						375						375
Finance receivables and loans, net			135,852						—						—						137,244						137,244
FHLB/FRB stock (a)			784						—						784						—						784
Financial liabilities
Deposit liabilities			$	55,187					$	—					$	—					$	55,311					$	55,311
Short-term borrowings			3,297						—						—						3,335						3,335
Long-term debt			17,570						—						12,789						5,749						18,538

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

In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk. These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short-term receivables and payables. Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

22.    Offsetting Assets and Liabilities

Our derivative contracts and repurchase/reverse repurchase transactions are generally supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (i) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (ii) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty.

To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default.

In certain instances, as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At September 30, 2024, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 19.

The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.

						Gross amounts of recognized assets/liabilities						Gross amounts offset on the Condensed Consolidated Balance Sheet						Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet						Gross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)																								Financial instruments						Collateral (a) (b) (c)						Net amount
September 30, 2024
Assets
Derivative assets (d)						$	15					$	—					$	15					$	—					$	(13)					$	2
Total assets						$	15					$	—					$	15					$	—					$	(13)					$	2
Liabilities
Derivative liabilities (e)						$	7					$	—					$	7					$	—					$	(2)					$	5
Securities sold under agreements to repurchase (f)						371						—						371						—						(370)						1
Total liabilities						$	378					$	—					$	378					$	—					$	(372)					$	6
December 31, 2023
Assets
Derivative assets (d)						$	33					$	—					$	33					$	—					$	(31)					$	2
Total assets						$	33					$	—					$	33					$	—					$	(31)					$	2
Liabilities
Derivative liabilities (e)						$	17					$	—					$	17					$	—					$	(6)					$	11
Securities sold under agreements to repurchase (f)						747						—						747						—						(747)						—
Total liabilities						$	764					$	—					$	764					$	—					$	(753)					$	11

(a)Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.

(b)Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met.

(c)Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements.

(d)Includes derivative assets with no offsetting arrangements of $2 million at both September 30, 2024, and December 31, 2023.

(e)Includes derivative liabilities with no offsetting arrangements of $5 million and $10 million as of September 30, 2024, and December 31, 2023, respectively.

(f)For additional information on securities sold under agreements to repurchase, refer to Note 13.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

23.    Segment Information

Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our CODM in deciding how to allocate resources and in assessing performance.

We report our results of operations on a business-line basis through four operating segments: Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by management. The following is a description of each of our reportable operating segments.

Dealer Financial Services

Dealer Financial Services comprises the following two segments.

•Automotive Finance operations — One of the largest full-service automotive finance operations in the United States providing automotive financing services to consumers, automotive dealers and retailers, companies, and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services.

•Insurance operations — A complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide VSCs, VMCs, and GAP products. We also underwrite select commercial insurance coverages, which primarily insure dealers’ vehicle inventory.

Mortgage Finance operations

Our held-for-investment portfolio includes our direct-to-consumer Ally Home mortgage offering and bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Through our direct-to-consumer channel, we offer a variety of competitively priced jumbo and conforming fixed- and adjustable-rate mortgage products through a third party. Through the bulk loan channel, we purchase loans from several qualified sellers, on a servicing-released basis, allowing us to directly oversee servicing activities and manage refinancing through our direct-to-consumer channel.

Corporate Finance operations

Our Corporate Finance operations provide senior secured asset-based and leveraged cash flow loans to mostly U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors. These loans are typically used for leveraged buyouts, refinancing and recapitalizations, mergers and acquisitions, growth, turnarounds, and debtor-in-possession financings. We also provide, through our Lender Finance business, nonbank wholesale-funded managers with partial funding for their direct-lending activities, which is principally leveraged loans. Additionally, we offer a commercial real estate product, currently focused on lending to skilled nursing facilities, senior housing, and medical office buildings.

Corporate and Other

Corporate and Other primarily consists of 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, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock—as well as other equity investments through Ally Ventures, our strategic investment business—and the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. Financial results related to Ally Invest, our digital brokerage and advisory offering, Ally Lending, Ally Credit Card, and CRA loans and investments are also included within Corporate and Other. On December 31, 2023, we committed to sell Ally Lending. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.

We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities on a match funded basis, utilizing a benchmark rate curve plus an assumed credit spread. The assumed credit spread is calculated based on a composite investment grade unsecured yield curve or based on advance rates published by the FHLB for any asset that is eligible to be pledged as collateral to the FHLB. While the baseline FTP components at Ally assume 100% debt funding, the methodology also incorporates a credit on the allocated capital for each business line based on a historical average of benchmark rates. For business lines not subject to an FTP funding allocation, the FTP methodology applies a capital charge to the amount of excess equity that the business line holds, relative to its regulatory capital and other adjustments. The net residual impact of the FTP methodology is included within the results of Corporate and Other.

The information presented in our reportable operating segments is based in part on internal allocations and methodologies, including a COH methodology, which involves management judgment. COH methodology is used for measuring the profit and loss of our reportable operating segments. We have various enterprise functions, such as technology, marketing, finance, compliance, internal audit, and risk.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Operating expenses from the enterprise functions are either directly allocated to the reportable operating segment, indirectly allocated to the reportable operating segment utilizing the COH methodology, or remain in Corporate and Other. COH methodology considers the reportable operating segment expense base and enterprise function expenses. The reportable operating segment expense base is used to determine the allocation mix. This mix is applied to the allocable expenses in Corporate and Other to determine the COH for the respective reportable operating segment. Allocable enterprise function costs are primarily technology and marketing expenses. Generally, costs that remain within Corporate and Other that are not allocated to our reportable operating segments include marketing sponsorships, treasury and other corporate activities, and charitable contributions.

Financial information for our reportable operating segments is summarized as follows.

Three months ended September 30, ($ in millions)						Automotive Finance operations						Insurance operations						Mortgage Finance operations						Corporate Finance operations						Corporate and Other						Consolidated (a)
2024
Net financing revenue and other interest income						$	1,285					$	31					$	52					$	101					$	19					$	1,488
Other revenue						85						437						6						37						50						615
Total net revenue						1,370						468						58						138						69						2,103
Provision for credit losses						579						—						—						11						55						645
Total noninterest expense						616						366						31						32						180						1,225
Income (loss) from continuing operations before income tax (benefit) expense						$	175					$	102					$	27					$	95					$	(166)					$	233
Total assets						$	113,934					$	9,455					$	17,594					$	10,398					$	41,600					$	192,981
2023
Net financing revenue and other interest income						$	1,360					$	29					$	53					$	97					$	(6)					$	1,533
Other revenue						79						293						4						24						35						435
Total net revenue						1,439						322						57						121						29						1,968
Provision for credit losses						444						—						(2)						5						61						508
Total noninterest expense						618						338						33						32						211						1,232
Income (loss) from continuing operations before income tax (benefit) expense						$	377					$	(16)					$	26					$	84					$	(243)					$	228
Total assets						$	114,742					$	8,736					$	18,745					$	10,749					$	42,732					$	195,704

(a)Net financing revenue and other interest income after the provision for credit losses totaled $843 million and $1.0 billion for the three months ended September 30, 2024, and 2023, respectively.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Nine months ended September 30, ($ in millions)						Automotive Finance operations						Insurance operations						Mortgage Finance operations						Corporate Finance operations						Corporate and Other						Consolidated (a)
2024
Net financing revenue and other interest income						$	3,913					$	90					$	157					$	316					$	(37)					$	4,439
Other revenue						275						1,159						17						90						109						1,650
Total net revenue						4,188						1,249						174						406						72						6,089
Provision for credit losses						1,410						—						(1)						13						187						1,609
Total noninterest expense						1,874						1,119						96						110						620						3,819
Income (loss) from continuing operations before income tax (benefit) expense						$	904					$	130					$	79					$	283					$	(735)					$	661
Total assets						$	113,934					$	9,455					$	17,594					$	10,398					$	41,600					$	192,981
2023
Net financing revenue and other interest income						$	4,031					$	84					$	160					$	292					$	141					$	4,708
Other revenue						239						1,011						13						81						95						1,439
Total net revenue						4,270						1,095						173						373						236						6,147
Provision for credit losses						1,126						—						(3)						35						223						1,381
Total noninterest expense						1,824						1,011						108						110						694						3,747
Income (loss) from continuing operations before income tax (benefit) expense						$	1,320					$	84					$	68					$	228					$	(681)					$	1,019
Total assets						$	114,742					$	8,736					$	18,745					$	10,749					$	42,732					$	195,704

(a)Net financing revenue and other interest income after the provision for credit losses totaled $2.8 billion and $3.3 billion for the nine months ended September 30, 2024, and 2023, respectively.

24.    Contingencies and Other Risks

As a financial-services company, we are regularly involved in pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws—and some can present novel legal theories and allege substantial or indeterminate damages.

Ally and its subsidiaries, including Ally Bank, also are or may be subject to potential liability under other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies.

We accrue for a legal matter or other contingent exposure when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel. No assurance exists that our accruals will not need to be adjusted in the future. When a probable or reasonably possible loss on a legal matter or other contingent exposure could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC Topic 450, Contingencies. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information related to our policy for establishing accruals.

The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances.

As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated financial condition after taking into account existing accruals. In light of the uncertainties inherent in these matters and other exposures, however, one or more of them could be material to our results of operations or cash flows during a particular reporting period, depending on factors such as the amount of the loss or liability and the level of our income for that period.

25.    Subsequent Events

Declaration of Common Dividend

On October 7, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on November 15, 2024, to stockholders of record at the close of business on November 1, 2024.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Notice about Forward-Looking Statements and Other Terms

From time to time we have made, and in the future will make, 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. 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.

This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others.

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. While no list of assumptions, risks, or uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include:

•evolving local, regional, national, or international business, economic, or political conditions;

•changes in laws or the regulatory or supervisory environment, including as a result of financial-services legislation, regulation, or policies or changes in government officials or other personnel;

•changes in monetary, fiscal, or trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities;

•changes in accounting standards or policies;

•changes in the automotive industry or the markets for new or used vehicles, including the rise of vehicle sharing and ride hailing, the development of autonomous and alternative-energy vehicles, and the impact of demographic shifts on attitudes and behaviors toward vehicle type, ownership, and use;

•any instability or breakdown in the financial system, including as a result of the failure of a financial institution or other participants in it (such as the banking failures during 2023);

•disruptions or shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;

•changes in business or consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;

•changes in our corporate or business strategies, the composition of our assets, or the way in which we fund those assets;

•our ability to execute our business strategy for Ally Bank, including its digital focus;

•our ability to optimize our automotive finance and insurance businesses and to continue diversifying into and growing other consumer and commercial business lines, including mortgage lending, credit cards, corporate finance, brokerage, and personal advice;

•our ability to develop capital plans acceptable to the FRB and our ability to implement them, including any payment of dividends or share repurchases;

•our ability to conduct appropriate stress tests and effectively plan for and manage capital or liquidity consistent with evolving business or operational needs, risk-management standards, and regulatory or supervisory requirements or expectations;

•our ability to cost-effectively fund our business and operations, including through deposits (which could be subject to sudden withdrawals) and the capital markets;

•changes in any credit rating assigned to Ally, including Ally Bank, or the ratings for our insurance business;

•adverse publicity or other reputational harm to us, our service providers, or our senior officers;

•our ability to develop, maintain, or market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;

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•our ability to innovate, to anticipate the needs of current or future customers, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;

•the continuing profitability and viability of our dealer-centric automotive finance and insurance businesses, especially in the face of competition from captive finance companies and their automotive manufacturing sponsors and challenges to the dealer’s role as intermediary between manufacturers and purchasers;

•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;

•changes in the credit, liquidity, or other financial condition of our customers, counterparties, service providers, or competitors;

•our ability to effectively deal with economic, business, or market slowdowns or disruptions;

•our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;

•judicial, regulatory, or administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, us or the financial services industry;

•the potential outcomes of judicial, regulatory, or administrative inquiries, examinations, investigations, proceedings, or disputes to which we are or may be subject, and our ability to absorb and address any damages or other remedies that are sought or awarded, and any collateral consequences;

•the performance and availability of third-party service providers on whom we rely in delivering products and services to our customers and otherwise conducting our business and operations;

•our ability to manage and mitigate security risks, including our capacity to withstand cyberattacks;

•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure;

•the adequacy of our corporate governance, risk-management framework, compliance programs, or internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting or to effectively mitigate or manage operational risk;

•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;

•our ability to keep pace with changes in technology, such as artificial intelligence, that affect us or our customers, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;

•our ability to successfully make acquisitions or divestitures or to integrate acquired businesses;

•the adequacy of our succession planning for key executives or other personnel and our ability to attract or retain qualified employees;

•natural or man-made disasters, calamities, or conflicts, including terrorist events, cyber-warfare, and pandemics;

•our ability to maintain appropriate ESG practices, oversight, and disclosures;

•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; or

•other assumptions, risks, or uncertainties described in the Risk Factors (Part II, Item 1A herein), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Part I, Item 2 herein), or the Notes to the Condensed Consolidated Financial Statements (Part I, Item 1 herein) in this Quarterly Report on Form 10-Q or described in any of the Company’s annual, quarterly or current reports.

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 Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.

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

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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. The term “partnerships” means business arrangements rather than partnerships as defined by law.

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Overview

Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company with the nation’s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities. The Company serves customers through a full range of online banking services (including deposits, mortgage, and credit card products) and securities brokerage and investment advisory services. The Company also includes a corporate finance business that offers capital for equity sponsors and middle-market companies. Ally is a Delaware corporation and is registered as a BHC under the BHC Act and an FHC under the GLB Act.

Primary Business Lines

Dealer Financial Services, which includes our Automotive Finance and Insurance operations, Mortgage Finance, and Corporate Finance are our primary business lines. The remaining activity is reported in Corporate and Other, which primarily consists of centralized treasury activities as well as Ally Invest, our digital brokerage and personal advice offering, Ally Lending, Ally Credit Card, CRA loans and investments, and certain strategic investments. On March 1, 2024, we sold Ally Lending. For further information, refer to Note 2 to the Condensed Consolidated Financial Statements. The following table summarizes the operating results excluding discontinued operations of each business line. Operating results for each of the business lines are more fully described in the MD&A sections that follow.

			Three months ended September 30,																		Nine months ended September 30,
($ in millions)			2024						2023						Favorable/(unfavorable) % change						2024						2023															Favorable/(unfavorable) % change
Total net revenue
Dealer Financial Services
Automotive Finance			$	1,370					$	1,439					(5)						$	4,188					$	4,270														(2)
Insurance			468						322						45						1,249						1,095															14
Mortgage Finance			58						57						2						174						173															1
Corporate Finance			138						121						14						406						373															9
Corporate and Other			69						29						138						72						236															(69)
Total			$	2,103					$	1,968					7						$	6,089					$	6,147														(1)
Income (loss) from continuing operations before income tax expense
Dealer Financial Services
Automotive Finance			$	175					$	377					(54)						$	904					$	1,320														(32)
Insurance			102						(16)						n/m						130						84															55
Mortgage Finance			27						26						4						79						68															16
Corporate Finance			95						84						13						283						228															24
Corporate and Other			(166)						(243)						32						(735)						(681)															(8)
Total			$	233					$	228					2						$	661					$	1,019														(35)

n/m = not meaningful

•Our Dealer Financial Services business is one of the largest full-service automotive finance operations in the country and offers a wide range of financial services and insurance products to automotive dealerships and their customers. Dealer Financial Services comprises our Automotive Finance and Insurance segments.

Our Automotive Finance operations include purchasing retail installment sales contracts and operating leases from dealers and automotive retailers, extending automotive loans directly to consumers, offering term loans to dealers, financing dealer floorplans and providing other lines of credit to dealers, supplying warehouse lines to automotive retailers, offering automotive-fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and supplying vehicle-remarketing services. Our success as an automotive finance provider is driven by the consistent and broad range of products and services we offer to dealers and automotive retailers. The automotive marketplace is dynamic and evolving, including substantial investments in electrification by automobile manufacturers and suppliers. We continue to identify and cultivate relationships with automotive retailers, including those with leading e-commerce platforms. We also operate an online direct-lending platform for consumers seeking direct financing. We believe these actions will enable us to respond to the growing trends for a more streamlined and digital automotive financing process to serve both dealers and consumers. Additionally, we provide comprehensive automotive remarketing services, including the use of SmartAuction, our online auction platform, which efficiently supports dealer-to-dealer and other commercial wholesale vehicle transactions. SmartAuction provides diversified fee-based revenue and serves as a means of deepening relationships with our dealership customers. Beyond offering a full suite of solutions for our dealership customers, we also offer application pass-through programs for credit applications that do not meet our underwriting criteria, allowing dealers to

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provide expanded access to credit for consumers and improve sales at their dealership. Through our pass-through programs, we are able to monetize our declined applications by generating a combination of acquisition fee and servicing revenue for loans that are originated, sold to, and serviced on behalf of a third-party lender, or one-time acquisition fees for loans funded and serviced by a third party. Furthermore, our strong and expansive dealer relationships, comprehensive suite of products and services, full-spectrum financing, and depth of experience position us to evolve with future shifts in automobile technologies, including electrification. We have provided and continue to provide automobile financing for battery-electric and plug-in hybrid vehicles, including brands such as Jeep, Tesla, Ford, and BMW. This positions us to remain a leader in automotive financing as we believe the majority of these vehicles will be sold through dealerships and automotive retailers with whom we have an established relationship. Additionally, we partner and build relationships with automotive manufacturers who use a direct-to-consumer model. During the nine months ended September 30, 2024, $1.0 billion of our consumer automotive retail loan originations and purchases, and $1.8 billion of our operating lease originations and purchases, were for battery-electric and plug-in hybrid vehicles. As of September 30, 2024, $1.8 billion of our consumer automotive finance receivables and loans had battery-electric or plug-in hybrid vehicles as the underlying collateral, and $2.4 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles.

We have focused on developing dealer relationships beyond those relationships that primarily were developed through our previous role as a captive finance company for GM and Stellantis. We have established relationships with thousands of automotive dealers through our customer-centric approach and specialized incentive programs designed to drive loyalty amongst dealers to our products and services. Outside of GM and Stellantis, our other OEM-franchised dealers include brands such as Ford, Toyota, Hyundai, Kia, Nissan, Honda, and others, including automotive manufacturers who use a direct-to-consumer model. Our non-OEM-franchised dealers and automotive retailers include used-vehicle-only retailers with a national presence, as well as online-only automotive retailers, such as Carvana, CarMax, and EchoPark.

Our Insurance operations offer both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. We serve approximately 2.5 million consumers nationwide across F&I and P&C products. During 2024, we added relationships with Nissan and Toyota to our vehicle inventory insurance program. In addition, we offer F&I products in Canada, where we serve more than 450 thousand consumers and are the preferred VSC and other protection plan provider for GM Canada and VSC provider for Subaru Canada. Our contract to serve as the preferred VSC and protection plan provider for GM Canada extends into the third quarter of 2027.

As part of our focus on offering dealers a broad range of consumer F&I products, we offer VSCs, VMCs, and GAP products. Ally Premier Protection is our flagship VSC offering, which provides coverage for new and used vehicles of virtually all makes and models. We also underwrite ClearGuard on the SmartAuction platform, which is a protection product designed to minimize the risk to dealers from arbitration claims for eligible vehicles sold at auction. Additionally, we underwrite selected commercial insurance coverages, which primarily insure dealers’ wholesale vehicle inventory, and offer additional products to protect a dealer’s business, including property and liability coverage that is underwritten by a third-party carrier with a portion of the insurance risk assumed through a quota share agreement. On a smaller scale, we also periodically assume other insurance risks through quota share arrangements and perform services as an underwriting carrier for an insurance program managed by a third party where we cede the majority of such business to external reinsurance markets.

Our dealer-centric business model, value-added products and services, full-spectrum financing, and business expertise proven over many credit cycles, make us a premier automotive finance and insurance company ready to support and strengthen our approximately 21,700 active dealer relationships as of September 30, 2024. A dealer is considered to have an active relationship with us if we provided automotive financing, remarketing, or insurance services during the three months ended September 30, 2024.

•Our Mortgage Finance operations consist of the management of held-for-investment and held-for-sale consumer mortgage loan portfolios. Our held-for-investment portfolio includes our direct-to-consumer Ally Home mortgage offering, and bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties.

Through our direct-to-consumer channel, we offer a variety of competitively priced jumbo and conforming fixed- and adjustable-rate mortgage products through a third party. Under our current arrangement, our direct-to-consumer conforming mortgages and certain direct-to-consumer non-conforming jumbo mortgages are originated as held-for-sale and sold. The remaining jumbo and LMI mortgages are originated as held-for-investment and subserviced by a third party. During 2024, we shifted to prioritize held-for-sale loan originations. Loans originated in the direct-to-consumer channel are sourced by existing Ally customer marketing, prospect marketing on third-party websites, and email or direct mail campaigns. Additionally, we have a strategic partnership with BMC, which delivers an enhanced end-to-end digital mortgage experience for our customers through our direct-to-consumer channel. Through this partnership, BMC conducts the sales, processing, underwriting, and closing for Ally’s digital mortgage offerings in a highly innovative, scalable, and cost-efficient manner, while Ally retains control of all the marketing and advertising strategies and loan pricing. This partnership with BMC limits operational volatility as the mortgage industry continues to evolve in the current interest rate environment. During the nine months ended September 30, 2024, we originated $751 million of mortgage loans through our direct-to-consumer channel.

Through the bulk loan channel, we purchase loans from several qualified sellers, including direct originators and large aggregators who have the financial capacity to support strong representations and warranties, and the industry knowledge and

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experience to originate high-quality assets. Bulk purchases are made on a servicing-released basis, allowing us to directly oversee servicing activities and manage refinancing through our direct-to-consumer channel. During the nine months ended September 30, 2024, we purchased $15 million of mortgage loans that were originated by third parties. Our mortgage loan purchases are held-for-investment.

The combination of our direct-to-consumer strategy and bulk portfolio purchase program provides the capacity to expand revenue sources and further grow and diversify our finance receivable portfolio with an attractive asset class while also deepening relationships with existing Ally customers.

•Our Corporate Finance operations primarily offer senior-secured loans to private equity sponsor-owned U.S.-based middle-market companies and to well-established asset managers that mostly provide leveraged loans. The portfolio is composed of floating-rate leveraged asset-based and cash flow/enterprise value loans. Our Corporate Finance operations had $10.4 billion of assets at September 30, 2024, and generated $406 million of total net revenue during the nine months ended September 30, 2024, and continues to offer attractive returns and diversification benefits to our broader lending portfolio. Our Sponsor Finance business focuses on companies owned by private-equity sponsors with loans typically used for leveraged buyouts, refinancing and recapitalizations, mergers and acquisitions, growth, turnarounds, and debtor-in-possession financings. Additionally, our Lender Finance business provides asset managers with facilities to partially fund their direct-lending activities. We also provide a commercial real estate product, currently focused on lending to skilled nursing facilities, senior housing, and medical office buildings.

•Corporate and Other primarily consists of 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, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes activity related to certain equity investments, which primarily consist of FHLB and FRB stock, as well as other equity investments through Ally Ventures, our strategic investment business. Additionally, Corporate and Other includes the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments. Costs that are not allocated to our reportable operating segments as part of our COH methodology, which involves management judgment, are also included in Corporate and Other. These costs include marketing sponsorships, treasury and other corporate activities, and charitable contributions.

Corporate and Other includes the results of Ally Invest, our digital brokerage and advisory offering, which enables us to complement our competitive deposit products with low-cost investing. The digital advisory business aligns with our strategy to create a premier digital financial services company and provides additional sources of fee income through asset management and certain other fees, with minimal balance sheet utilization. This business also provides an additional source of low-cost deposits through arrangements with Ally Invest’s clearing broker.

We closed the sale of Ally Lending on March 1, 2024. For further information, refer to Note 2 to the Condensed Consolidated Financial Statements.

Financial information related to our credit card business, Ally Credit Card, is included within Corporate and Other. Ally Credit Card is our scalable, digital-first credit card platform and features leading-edge technology, and a proprietary, analytics-based underwriting model. We believe Ally Credit Card enhances our ability to grow and deepen both new and existing customer relationships. As of September 30, 2024, our credit card business had $2.2 billion of finance receivables and loans and approximately 1.3 million active cardholders.

Corporate and Other includes our CRA loans. On October 24, 2023, the U.S. banking agencies issued a final rule to modernize their regulations related to the CRA. The final rule amends their CRA regulations by introducing new tests to evaluate the CRA performance of banks, which most significantly impacts banks with over $2 billion in assets and imposes additional requirements on banks with over $10 billion in assets. Major changes to the CRA regulations include modifications related to the delineation of assessment areas, the overall evaluation framework including performance standards and metrics, the definition of community development activities, and data collection and reporting. Most provisions of the final rule will become effective on January 1, 2026, and the data reporting requirements will become effective on January 1, 2027. While we are still evaluating the final rule, it could impact Ally including our CRA program, business strategies, allocation of resources, and technology requirements.

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Consolidated Results of Operations

The following table summarizes our consolidated operating results for the periods shown. Refer to the reportable operating segment sections of the MD&A that follow for a more complete discussion of operating results by business line.

						Three months ended September 30,																		Nine months ended September 30,
($ in millions)						2024						2023						Favorable/(unfavorable) % change						2024						2023																		Favorable/(unfavorable) % change
Net financing revenue and other interest income
Total financing revenue and other interest income						$	3,574					$	3,595					(1)						$	10,694					$	10,335																	3
Total interest expense						1,885						1,850						(2)						5,673						4,989																		(14)
Net depreciation expense on operating lease assets						201						212						5						582						638																		9
Net financing revenue and other interest income						1,488						1,533						(3)						4,439						4,708																		(6)
Other revenue
Insurance premiums and service revenue earned						359						320						12						1,045						936																		12
Gain on mortgage and automotive loans, net						6						4						50						18						13																		38
Other gain (loss) on investments, net						74						(41)						n/m						96						59																		63
Other income, net of losses						176						152						16						491						431																		14
Total other revenue						615						435						41						1,650						1,439																		15
Total net revenue						2,103						1,968						7						6,089						6,147																		(1)
Provision for credit losses						645						508						(27)						1,609						1,381																		(17)
Noninterest expense
Compensation and benefits expense						435						463						6						1,396						1,448																		4
Insurance losses and loss adjustment expenses						135						107						(26)						428						329																		(30)
Other operating expenses						655						662						1						1,995						1,970																		(1)
Total noninterest expense						1,225						1,232						1						3,819						3,747																		(2)
Income from continuing operations before income tax (benefit) expense						233						228						2						661						1,019																		(35)
Income tax (benefit) expense from continuing operations						(124)						(68)						82						(147)						74																		n/m
Net income from continuing operations						$	357					$	296					21						$	808					$	945																	(14)
Financial ratios:
Return on average assets (a)						0.74		%				0.60		%				n/m						0.56		%				0.65		%																n/m
Return on average equity (a)						9.70		%				8.35		%				n/m						7.68		%				9.16		%																n/m
Equity to assets (a)						7.62		%				7.20		%				n/m						7.28		%				7.11		%																n/m
Common dividend payout ratio (b)						28.04		%				34.09		%				n/m						37.97		%				31.69		%																n/m

n/m = not meaningful

(a)The ratios were based on average assets and average total equity using an average daily balance methodology.

(b)The common dividend payout ratio was calculated using basic earnings per common share.

We earned net income from continuing operations of $357 million and $808 million for the three months and nine months ended September 30, 2024, respectively, compared to $296 million and $945 million for the three months and nine months ended September 30, 2023. The increase for the three months ended September 30, 2024, was primarily driven by higher gains on investments and a decrease in income tax expense from continuing operations, partially offset by higher interest expense and higher provision for credit losses. The decrease for the nine months ended September 30, 2024, was primarily driven by higher interest expense and higher provision for credit losses, partially offset by higher total financing revenue and a decrease in income tax expense from continuing operations.

Net financing revenue and other interest income decreased $45 million and $269 million for the three months and nine months ended September 30, 2024, respectively, as compared to the three months and nine months ended September 30, 2023. Consumer automotive revenue increased as higher portfolio yields resulting from pricing actions taken in response to rising benchmark interest rates contributed to the increases in revenue. The increases were partially offset by lower average consumer assets resulting from the transfers of financial assets to nonconsolidated SPEs. Commercial automotive revenue increased due to higher average assets resulting from improvements in new vehicle supply. The increases were also impacted by higher yields from higher benchmark interest rates, as our commercial automotive loans are generally variable-rate. Additionally, revenue increased due to the impacts of a higher interest rate environment on the investment securities portfolio and higher interest associated with cash and cash equivalents. These increases were more than offset by higher interest

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expense for the three months and nine months ended September 30, 2024, as compared to the same periods in 2023, in response to higher benchmark interest rates, which increased our cost of funds associated with our deposit liabilities. Additionally, the decrease in net financing revenue and other interest income was driven by the sale of Ally Lending, which closed on March 1, 2024.

Insurance premiums and service revenue earned was $359 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, compared to $320 million and $936 million for the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were primarily driven by growth of our P&C vehicle inventory insurance program due to higher dealer inventory levels and the addition of new relationships with Nissan and Toyota. The increases were also driven by higher other premium and service revenue written from non-automotive assumed reinsurance business.

Other gain on investments, net was $74 million and $96 million for the three months and nine months ended September 30, 2024, respectively, compared to other loss on investments, net of $41 million and other gain on investments, net of $59 million for the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, compared to the same periods in 2023, were primarily attributable to the performance of the equity securities included in the portfolio in line with broader market performance.

Other income, net of losses increased $24 million and $60 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were primarily driven by increased servicing fees resulting from the growth in financial assets transferred to a nonconsolidated SPE for which we retain the ongoing right to service the assets and higher syndication income.

The provision for credit losses increased $137 million and $228 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increases in provision for credit losses for the three months and nine months ended September 30, 2024, were primarily driven by higher net charge-offs in our consumer automotive portfolio and Credit Card, partially offset by the sale of Ally Lending. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

Noninterest expense was $1.2 billion and $3.8 billion for the three months and nine months ended September 30, 2024, respectively, compared to $1.2 billion and $3.7 billion for the three months and nine months ended September 30, 2023. The increase for the nine months ended September 30, 2024, was primarily driven by insurance losses and loss adjustment expenses from our vehicle inventory insurance program attributable to growth in our P&C business, higher GAP losses driven by increased loss frequency and severity as vehicle values have declined from prior year, and growth in non-automotive assumed reinsurance business. The increase was also driven by increased expenses to support the growth of our consumer product suite and expand our digital capabilities and portfolio of products, and higher collection and repossession costs. Additionally, the increase was driven by an increase to our FDIC special assessment.

We recognized total income tax benefit from continuing operations of $124 million and $147 million for the three months and nine months ended September 30, 2024, respectively, compared to income tax benefit of $68 million and income tax expense of $74 million for the same periods in 2023. The decreases in income tax expense for the three months and nine months ended September 30, 2024, compared to the same periods in 2023, were primarily due to an increase in qualified clean vehicle tax credits partially offset by an adjustment to the valuation allowance related to foreign tax credit carryforwards during the three months ended September 30, 2023. The increase in qualified clean vehicle tax credits was primarily driven by a new automotive manufacturer relationship added during the nine months ended September 30, 2024, which increased our purchased battery-electric vehicle lease origination volume. The adjustment to the valuation allowance related to foreign tax credit carryforwards during the three months ended September 30, 2023, was a nonrecurring tax benefit, primarily driven by a tax planning strategy.

The income tax benefit for qualified clean vehicle tax credits, along with other tax credits, resulted in a significant variation in the customary relationship between pretax income and income tax expense for the three months and nine months ended September 30, 2024. We record qualified clean vehicle tax credits as part of our investment tax credit category. All our investment tax credits are accounted for using the flow-through method and are recognized as a reduction to current income tax expense.

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Ally Financial Inc. • Form 10-Q

Dealer Financial Services

Results for Dealer Financial Services are presented by reportable operating segment, which includes our Automotive Finance and Insurance operations.

Automotive Finance

Results of Operations

The following table summarizes the operating results of our Automotive Finance operations. The amounts presented are before the elimination of balances and transactions with our other reportable operating segments.

						Three months ended September 30,																		Nine months ended September 30,
($ in millions)						2024						2023						Favorable/(unfavorable) % change						2024						2023												Favorable/(unfavorable) % change
Net financing revenue and other interest income
Consumer						$	1,889					$	1,748					8						$	5,534					$	4,973											11
Commercial						432						364						19						1,278						998												28
Loans held-for-sale						—						2						(100)						2						6												(67)
Operating leases						316						385						(18)						1,005						1,179												(15)
Total financing revenue and other interest income						2,637						2,499						6						7,819						7,156												9
Interest expense						1,151						927						(24)						3,324						2,487												(34)
Net depreciation expense on operating lease assets (a)						201						212						5						582						638												9
Net financing revenue and other interest income						1,285						1,360						(6)						3,913						4,031												(3)
Other revenue
Gain on automotive loans, net						—						—						—						1						—												n/m
Other income, net of losses						85						79						8						274						239												15
Total other revenue						85						79						8						275						239												15
Total net revenue						1,370						1,439						(5)						4,188						4,270												(2)
Provision for credit losses						579						444						(30)						1,410						1,126												(25)
Noninterest expense
Compensation and benefits expense						165						164						(1)						503						505												—
Other operating expenses						451						454						1						1,371						1,319												(4)
Total noninterest expense						616						618						—						1,874						1,824												(3)
Income from continuing operations before income tax expense						$	175					$	377					(54)						$	904					$	1,320											(32)
Total assets						$	113,934					$	114,742					(1)						$	113,934					$	114,742											(1)

n/m = not meaningful

(a)Includes net remarketing gains of $24 million and $129 million for the three months and nine months ended September 30, 2024, respectively, compared to $57 million and $174 million for the three months and nine months ended September 30, 2023.

Our Automotive Finance operations earned income from continuing operations before income tax expense of $175 million and $904 million for the three months and nine months ended September 30, 2024, respectively, compared to $377 million and $1.3 billion for the three months and nine months ended September 30, 2023. For the three months and nine months ended September 30, 2024, the decreases were primarily due to higher interest expense and higher provision for credit losses, partially offset by higher total financing revenue and other interest income.

Consumer automotive loan financing revenue and other interest income increased $141 million and $561 million for the three months and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. Higher portfolio yields resulting from pricing actions taken in response to rising benchmark interest rates contributed to the increases in revenue. The increases were partially offset by lower average consumer assets resulting from the transfers of financial assets to nonconsolidated SPEs. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information regarding assets sold to nonconsolidated SPEs.

Commercial loan financing revenue and other interest income increased $68 million and $280 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increases

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were primarily due to higher asset balances resulting from improvements in new vehicle supply. The increases were also impacted by higher yields from higher benchmark interest rates, as our commercial automotive loans are generally variable-rate.

Interest expense was $1.2 billion and $3.3 billion for the three months and nine months ended September 30, 2024, respectively, compared to $927 million and $2.5 billion for the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were primarily driven by a higher interest rate environment, resulting in higher funding costs.

Total net operating lease revenue decreased $58 million and $118 million for the three months and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The decreases in net operating lease revenue were driven by lower asset balances, and lower remarketing gains. Additionally, the decreases in the net operating revenue were due to an increase in our battery-electric origination volume during both the three months and nine months ended September 30, 2024, as compared to the same periods in 2023. The qualified clean vehicle tax credits related to these originations are accounted for using the flow-through method and are recognized as a reduction to income tax expense. Additionally, the benefit of these tax credits is passed along to the lessee in the form of lower monthly payments, which reduces the net operating lease revenue for battery-electric operating leases. Refer to the Operating Lease Residual Risk Management section of this MD&A for further discussion.

Total other revenue increased $6 million and $36 million for the three months and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The increases were primarily due to an increase in servicing fees resulting from the growth in financial assets transferred to a nonconsolidated SPE for which we retain the ongoing right to service the assets. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information regarding assets sold to nonconsolidated SPEs.

The provision for credit losses increased $135 million and $284 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increase in provision for credit losses for the three months ended September 30, 2024, was primarily driven by higher net charge-offs in our consumer automotive portfolio compared to the same period in 2023, as well as an increase in reserves, which included additional reserves associated with the estimated impact of Hurricane Helene. The increase in provision for credit losses for the nine months ended September 30, 2024, was primarily driven by higher net charge-offs in our consumer automotive portfolio. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

The following table presents the average balance and yield of the loan and operating lease portfolios of our Automotive Financing operations.

						Three months ended September 30,																		Nine months ended September 30,
						2024									2023									2024									2023
($ in millions)						Average balance (a)			Yield						Average balance (a)			Yield						Average balance (a)			Yield						Average balance (a)			Yield
Finance receivables and loans, net (b)
Consumer automotive (c)						$	83,622		8.99		%				$	85,514		8.12		%				$	83,815		8.82		%				$	84,720		7.86		%
Commercial
Wholesale floorplan (d)						17,535			7.76						14,507			7.76						17,458			7.72						13,727			7.50
Other commercial automotive (e)						6,348			5.65						6,023			5.25						6,369			5.64						5,909			5.15
Investment in operating leases, net (f)						8,335			5.47						9,817			7.00						8,635			6.54						10,119			7.15

(a)Average balances are calculated using an average daily balance methodology.

(b)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

(c)Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other. Including the impact of hedging activities, the yield was 9.29% and 9.18% for the three months and nine months ended September 30, 2024, respectively, and 8.90% and 8.73% for the three months and nine months ended September 30, 2023.

(d)Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other. Including the impact of hedging activities, the yield was 7.68% and 7.67% for the three months and nine months ended September 30, 2024, respectively, and 7.88% and 7.64% for the three months and nine months ended September 30, 2023.

(e)Consists primarily of automotive dealer term loans, including those to finance dealership land and buildings, and dealer fleet financing.

(f)Yield includes net gains on the sale of off-lease vehicles of $24 million and $129 million for the three months and nine months ended September 30, 2024, respectively, compared to $57 million and $174 million for the three months and nine months ended September 30, 2023. Excluding these gains on sale, the yield was 4.33% and 4.55% for the three months and nine months ended September 30, 2024, respectively, compared to 4.69% and 4.85% for the three months and nine months ended September 30, 2023.

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During the three months and nine months ended September 30, 2024, our portfolio yield for consumer automotive loans, excluding the impact of hedging activities, increased 87 and 96 basis points, respectively, as compared to the same periods in 2023. The increases for the three months and nine months ended September 30, 2024, were primarily driven by higher portfolio yields resulting from pricing actions. We continued to opportunistically adjust pricing in response to elevated benchmark interest rates and competition in the industry. Our portfolio yield for consumer automotive loans, including the effects of derivative financial instruments designated as hedges, was 30 and 36 basis points higher than our portfolio yield for consumer automotive loans excluding the effects of derivative financial instruments designated as hedges for the three months and nine months ended September 30, 2024, respectively. This is attributable to the execution of hedging strategies that are used to mitigate interest rate risks. The effects of derivative financial instruments designated as hedges are included within Corporate and Other. Refer to Note 19 to the Condensed Consolidated Financial Statements for further discussion.

Our portfolio yield for investment in operating leases, net, including gains on the sale of off-lease vehicles, decreased approximately 153 and 61 basis points to 5.47% and 6.54% for the three months and nine months ended September 30, 2024, respectively, as compared to 7.00% and 7.15% for the three months and nine months ended September 30, 2023. These declines were due to a decrease in remarketing performance driven by lower lease termination volume. Additionally, the decreases in the portfolio yield were due to an increase in our battery-electric origination volume during both the three months and nine months ended September 30, 2024, as compared to the same periods in 2023. The qualified clean vehicle tax credits related to these originations are accounted for using the flow-through method and are recognized as a reduction to income tax expense. Additionally, the benefit of these tax credits is passed along to the lessee in the form of lower monthly payments, which reduces the yield on battery-electric operating leases.

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Ally Financial Inc. • Form 10-Q

Automotive Financing Volume

Consumer Automotive Financing

The following table presents retail loan originations and purchases by credit tier and product type.

						Used retail																		New retail
Credit Tier (a)						Volume ($ in billions)						% Share of volume						Average FICO®						Volume ($ in billions)						% Share of volume						Average FICO®
Three months ended September 30, 2024
S						$	2.4					41						761						$	1.3					52						759
A						2.5						42						689						1.0						40						687
B						0.7						12						643						0.2						8						651
C						0.2						3						605						—						—						616
D						0.1						2						573						—						—						566
Total retail originations						$	5.9					100						707						$	2.5					100						716
Three months ended September 30, 2023
S						$	2.6					38						755						$	1.4					48						751
A						2.9						42						688						1.2						42						688
B						0.9						13						643						0.3						10						654
C						0.3						5						593						—						—						620
D						0.1						1						556						—						—						575
E						0.1						1						541						—						—						642
Total retail originations						$	6.9					100						701						$	2.9					100						712
Nine months ended September 30, 2024
S						$	7.4					40						759						$	3.8					49						757
A						8.0						43						689						3.2						42						687
B						2.4						13						643						0.7						9						652
C						0.6						3						603						—						—						617
D						0.2						1						567						—						—						567
Total retail loan originations						$	18.6					100						706						$	7.7					100						714
Nine months ended September 30, 2023
S						$	6.7					34						752						$	3.8					44						749
A						8.5						43						687						3.8						44						687
B						3.0						15						645						0.9						11						654
C						0.9						5						600						0.1						1						624
D						0.3						2						561						—						—						573
E						0.2						1						550						—						—						553
Total retail loan originations						$	19.6					100						695						$	8.6					100						707

(a)Represents Ally’s internal credit score, incorporating numerous borrower and structure attributes including: severity and aging of delinquency; number of credit inquiries; LTV ratio; term; payment-to-income ratio; and debt-to-income ratio. We periodically update our underwriting scorecard, which can have an impact on our credit tier scoring.

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The following table presents the percentage of total retail loan originations and purchases, in dollars, by the loan term in months.

						Three months ended September 30,												Nine months ended September 30,
						2024						2023						2024						2023
0–71						15		%				14		%				15		%				14		%
72–75						61						62						62						63
76 +						24						24						23						23
Total retail loan originations						100		%				100		%				100		%				100		%

Retail loan originations with a term of 76 months or more represented 24% and 23%, of total retail loan originations for the three months and nine months ended, respectively, as of both September 30, 2024, and 2023. Substantially all the loans originated with a term of 76 months or more during both the three months and nine months ended September 30, 2024, and 2023, were considered to be prime and in credit tiers S, A, or B. Our underwriting processes are designed to consider various deal structure variables—such as payment-to-income, LTV, debt-to-income, and FICO® score—that compensate for longer loan terms and mitigate underwriting risk.

During the three months ended September 30, 2024, approximately 84% of our used retail loan originations were for vehicles with a model year of 2018 or newer. According to the Bureau of Transportation Statistics, the average age of light vehicles in operation in the United States during 2023 was approximately 13 years. Substantially all used retail loan originations with a term of 76 months or more during the three months ended September 30, 2024, were for vehicles with a model year of 2018 or newer.

The following table presents the percentage of total outstanding retail loans by origination year.

September 30,						2024						2023
Pre-2020						3		%				8		%
2020						5						9
2021						13						20
2022						22						33
2023						28						30
2024						29						—
Total retail						100		%				100		%

The following tables present the total retail loan and operating lease origination and purchase dollars and percentage mix by product type and by channel.

			Consumer automotive financing originations															% Share of Ally originations
Three months ended September 30, ($ in millions)			2024						2023									2024						2023
Used retail			$	5,887					$	6,932								63						66
New retail			2,546						2,920									27						27
Lease			957						698									10						7
Total consumer automotive financing originations (a)			$	9,390					$	10,550								100						100

(a)Includes CSG originations of $856 million and $1.2 billion for the three months ended September 30, 2024, and 2023, respectively.

			Consumer automotive financing originations															% Share of Ally originations
Nine months ended September 30, ($ in millions)			2024						2023									2024						2023
Used retail			$	18,562					$	19,598								64						65
New retail			7,744						8,570									27						28
Lease			2,617						2,253									9						7
Total consumer automotive financing originations (a)			$	28,923					$	30,421								100						100

(a)Includes CSG originations of $2.9 billion and $3.8 billion for the nine months ended September 30, 2024, and 2023, respectively.

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						Consumer automotive financing originations															% Share of Ally originations
Three months ended September 30, ($ in millions)						2024						2023									2024						2023
GM dealers						$	1,997					$	2,341								21						22
Stellantis dealers						1,521						2,126									16						20
Other dealers and automotive retailers
OEM-franchised dealers (a)						3,698						3,498									40						33
Non-OEM-franchised dealers and automotive retailers						2,174						2,585									23						25
Total other dealers and automotive retailers						5,872						6,083									63						58
Total consumer automotive financing originations						$	9,390					$	10,550								100						100

(a)Includes automotive manufacturers with a direct-to-consumer model.

						Consumer automotive financing originations															% Share of Ally originations
Nine months ended September 30, ($ in millions)						2024						2023									2024						2023
GM dealers						$	6,482					$	6,775								22						22
Stellantis dealers						4,770						6,423									17						21
Other dealers and automotive retailers
OEM-franchised dealers (a)						11,094						10,037									38						33
Non-OEM-franchised dealers and automotive retailers						6,577						7,186									23						24
Total other dealers and automotive retailers						17,671						17,223									61						57
Total consumer automotive financing originations						$	28,923					$	30,421								100						100

(a)Includes automotive manufacturers with a direct-to-consumer model.

Total consumer automotive loan and operating lease originations decreased $1.2 billion and $1.5 billion for the three months and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The decreases were primarily driven by our dynamic underwriting strategies, including strategic pricing and curtailment actions to optimize returns within our risk appetite.

We have included origination metrics by loan term and FICO® Score within this MD&A. In addition, we employ our own risk evaluation, including proprietary risk models, in evaluating credit risk, as described in the section titled Automotive Financing Volume—Acquisition and Underwriting within the MD&A in our 2023 Annual Report on Form 10-K.

The following tables present the percentage of retail loan and operating lease originations and purchases, in dollars, by FICO® Score and product type. We define prime consumer automotive loans primarily as those loans with a FICO® Score at origination of 620 or greater.

						Used retail												New retail												Lease
Three months ended September 30,						2024						2023						2024						2023						2024						2023
760 +						25		%				23		%				25		%				21		%				54		%				48		%
720–759						15						14						13						13						17						16
660–719						29						30						28						29						20						22
620–659						17						18						17						17						6						9
540–619						9						8						4						3						2						3
< 540						2						3						—						—						—						—
Unscored (a)						3						4						13						17						1						2
Total consumer automotive financing originations						100		%				100		%				100		%				100		%				100		%				100		%

(a)Unscored are primarily CSG contracts with business entities that have no FICO® Score.

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						Used retail												New retail												Lease
Nine months ended September 30,						2024						2023						2024						2023						2024						2023
760 +						25		%				20		%				23		%				18		%				53		%				48		%
720–759						15						14						13						13						16						17
660–719						29						30						28						30						20						22
620–659						17						19						17						19						7						9
540–619						8						10						4						3						2						2
< 540						2						3						—						—						—						—
Unscored (a)						4						4						15						17						2						2
Total consumer automotive financing originations						100		%				100		%				100		%				100		%				100		%				100		%

(a)Unscored are primarily CSG contracts with business entities that have no FICO® Score.

Originations with a FICO® Score of less than 620 (considered nonprime) represented 8% of total consumer loan and operating lease originations for both the three months and nine months ended September 30, 2024, compared to 8% and 9% for the three months and nine months ended September 30, 2023, respectively. Consumer loans and operating leases with FICO® Scores of less than 540 represented 1% of total originations for both the three months and nine months ended September 30, 2024, as compared to 2% of total originations for both the three months and nine months ended September 30, 2023. Nonprime applications are subject to more stringent underwriting criteria (for example, maximum payment-to-income ratio, maximum debt-to-income ratio, and maximum amount financed), and our nonprime loan portfolio generally does not include any loans with a term of 76 months or more. The carrying value of our held-for-investment, nonprime consumer automotive loans before allowance for loan losses was $8.1 billion and $8.7 billion at September 30, 2024, and December 31, 2023, respectively, or approximately 9.7% and 10.3% of our total consumer automotive loans at September 30, 2024, and December 31, 2023, respectively. For discussion of our credit-risk-management practices and performance, refer to the section below titled Risk Management.

During the first quarter of 2024, we amended our relationship with Carvana, a leading e-commerce platform for buying and selling used vehicles. Specifically, we maintained our committed facility at a maximum of $4.0 billion to support our continued efforts to optimize risk-adjusted returns. This commitment is effective for 364 days. As part of the agreement, we continue to purchase finance receivables on a periodic basis within prescribed eligibility requirements and risk appetite, consistent with purchase practices in prior years. All the finance receivables purchased through this channel are used vehicles, and are included in non-OEM-franchised dealers and automotive retailers in our consumer origination metrics. While different vintages and credit tiers exhibit varying performance, collectively to date, finance receivables purchased from Carvana have generally exhibited consistent delinquency and loss performance compared to loans with similar credit characteristics acquired through our indirect dealer channel. Consumer finance receivables and loans sourced from Carvana represented 8.4% and 8.2% of our total consumer automotive finance receivables and loans as of September 30, 2024, and December 31, 2023, respectively. Loan purchases from Carvana were 8% and 7% of our total consumer automotive financing originations during the three months and nine months ended September 30, 2024, respectively, as compared to 9% for both of the same periods in 2023.

For discussion of manufacturer marketing incentives, refer to the section titled Automotive Financing Volume—Manufacturer Marketing Incentives within the MD&A in our 2023 Annual Report on Form 10-K.

Commercial Wholesale Financing Volume

The following table presents the percentage of average balance of our commercial wholesale floorplan finance receivables, in dollars, by product type and by channel.

						Average balance
						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Stellantis new vehicles						38		%				42		%				41		%				40		%
GM new vehicles						26						21						24						22
Other new vehicles						20						14						19						13
Used vehicles						16						23						16						25
Total						100		%				100		%				100		%				100		%
Total commercial wholesale finance receivables						$	17,535					$	14,507					$	17,458					$	13,727

Average commercial wholesale financing receivables outstanding increased $3.0 billion and $3.7 billion during the three months and nine months ended September 30, 2024, respectively, as compared to the same periods in 2023. The increases for the three months and nine months ended September 30, 2024, as compared to the same periods in 2023, were primarily due to an increase in dealer new vehicle inventory levels, which is consistent with broader industry trends.

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Carvana's commercial line of credit totals $1.5 billion, with a scheduled maturity in the third quarter of 2025. The line of credit represents a commitment to fund Carvana’s wholesale floorplan financing of used vehicles and is consistent in form and structure with our other wholesale floorplan financing arrangements. This includes the line of credit being fully collateralized to mitigate counterparty credit risk in the event of a default. At September 30, 2024, Carvana’s gross wholesale floorplan assets outstanding balance was $76 million.

Other Commercial Automotive Financing

We also provide other forms of commercial financing for the automotive industry including automotive dealer term and revolving loans and automotive fleet financing. Automotive dealer term and revolving loans are loans that we make to dealers to finance other aspects of the dealership business, including acquisitions. These loans are usually secured by real estate or other dealership assets and are typically personally guaranteed by the individual owners of the dealership. Additionally, these loans generally include cross-collateral and cross-default provisions. Automotive fleet financing credit lines may be obtained by dealers, their affiliates, and other independent companies that are used to purchase vehicles, which they lease or rent to others. The average balances of other commercial automotive loans increased $325 million and $460 million for the three months and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, to an average of $6.3 billion and $6.4 billion for the three months and nine months ended September 30, 2024.

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Insurance

Results of Operations

The following table summarizes the operating results of our Insurance operations. The amounts presented are before the elimination of balances and transactions with our other reportable segments.

						Three months ended September 30,																		Nine months ended September 30,
($ in millions)						2024						2023						Favorable/(unfavorable) % change						2024						2023												Favorable/(unfavorable) % change
Insurance premiums and other income
Insurance premiums and service revenue earned						$	359					$	320					12						$	1,045					$	936											12
Interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net (a)						31						29						7						90						84												7
Other gain (loss) on investments, net (b)						75						(31)						n/m						104						66												58
Other income						3						4						(25)						10						9												11
Total insurance premiums and other income						468						322						45						1,249						1,095												14
Expense
Insurance losses and loss adjustment expenses						135						107						(26)						428						329												(30)
Acquisition and underwriting expense
Compensation and benefits expense						27						26						(4)						81						81												—
Insurance commissions expense						164						160						(3)						486						475												(2)
Other expenses						40						45						11						124						126												2
Total acquisition and underwriting expense						231						231						—						691						682												(1)
Total expense						366						338						(8)						1,119						1,011												(11)
Income (loss) from continuing operations before income tax expense						$	102					$	(16)					n/m						$	130					$	84											55
Total assets						$	9,455					$	8,736					8						$	9,455					$	8,736											8
Insurance premiums and service revenue written						$	384					$	335					15						$	1,082					$	941											15
Combined ratio (c)						100.9		%				104.3		%										106.1		%				107.0		%

n/m = not meaningful

(a)Includes interest expense of $12 million and $33 million for the three months and nine months ended September 30, 2024, respectively, and $8 million and $23 million for the three months and nine months ended September 30, 2023.

(b)Includes net unrealized gains on equity securities of $56 million and $46 million for the three months and nine months ended September 30, 2024, respectively, and net unrealized losses on equity securities of $47 million for the three months ended September 30, 2023, and gains of $42 million for the nine months ended September 30, 2023.

(c)Management uses a combined ratio as a primary measure of underwriting profitability. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenue earned and other income (excluding interest, dividends, and other investment activity).

Our Insurance operations earned income from continuing operations before income tax expense of $102 million and $130 million for the three months and nine months ended September 30, 2024, respectively, compared to a loss of $16 million for the three months ended September 30, 2023, and income of $84 million for the nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were primarily driven by higher net investment gains and increases in insurance premiums and service revenue earned, partially offset by increases in insurance losses and loss adjustment expenses.

Insurance premiums and service revenue earned was $359 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, compared to $320 million and $936 million for the same periods in 2023. The increases for the three months and nine months ended September 30, 2024, were primarily driven by growth of our P&C vehicle inventory insurance program due to higher dealer inventory levels and the addition of new relationships with Nissan and Toyota. The increases were also driven by higher other premium and service revenue written from non-automotive assumed reinsurance business.

Other gain on investments, net was $75 million and $104 million for the three months and nine months ended September 30, 2024, respectively, compared to other loss on investments, net of $31 million and other gain on investments, net of $66 million for the same periods in 2023. The increases for the three months and nine months ended September 30, 2024, were driven by unrealized gains on equity securities, net of $56 million and $46 million, respectively, compared to unrealized losses on equity securities, net of $47 million and unrealized gains on equity securities, net of $42 million during the same periods in 2023, as a result of the performance of the equity securities included in the portfolio in line with broader market performance. Additionally, the increases were driven by realized capital gains of $19 million and

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$58 million during the three months and nine months ended September 30, 2024, respectively, compared to $16 million and $24 million for the same periods in 2023.

Insurance losses and loss adjustment expenses totaled $135 million and $428 million for the three months and nine months ended September 30, 2024, respectively, compared to $107 million and $329 million for the same periods in 2023. Loss and loss adjustment expenses for the three months and nine months ended September 30, 2024, increased primarily due to growth in our P&C business, higher GAP losses driven by increased loss frequency and severity as vehicle values have declined from prior year, and growth in non-automotive assumed reinsurance business. During the three months and nine months ended September 30, 2024, weather-related loss and loss adjustment expenses from our vehicle inventory insurance program were $26 million and $121 million, respectively, compared to $22 million and $87 million during the same periods in 2023. We utilized our excess of loss reinsurance and ceded weather-related losses on our vehicle inventory insurance program for all quarters of 2024 as losses exceeded the retention limit, helping to mitigate the impact of weather losses, primarily due to severe hailstorms and Hurricane Helene. In April 2024, we renewed our annual excess of loss reinsurance agreement and continue to utilize this coverage for our vehicle inventory insurance to manage our risk of weather-related losses under which retention limits vary for each quarter.

Our combined ratio was 100.9% and 106.1% for the three months and nine months ended September 30, 2024, respectively, compared to 104.3% and 107.0% for the three months and nine months ended September 30, 2023. The decreases for the three months and nine months ended September 30, 2024, were primarily driven by a lower loss ratio in our vehicle inventory insurance business as premium growth outpaced claims, and our acquisition and underwriting expenses remained stable for the three months ended September 30, 2024, and increased by approximately 1% for the nine months ended September 30, 2024, as compared to the same period in 2023. This was partially offset by higher GAP losses that outpaced premium growth driven by higher loss frequency and severity.

Premium and Service Revenue Written

The following table summarizes premium and service revenue written by product, net of premiums ceded to reinsurers, and premiums and service revenue assumed from third parties. VSC and GAP revenue are earned over the life of the service contract on a basis proportionate to the anticipated loss pattern. Refer to Note 3 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further discussion of this revenue stream.

						Three months ended September 30,																		Nine months ended September 30,
($ in millions)						2024						2023												2024						2023
Finance and insurance products
Vehicle service contracts						$	188					$	190											$	553					$	544
Guaranteed asset protection and other finance and insurance products (a)						71						62												202						176
Total finance and insurance products						259						252												755						720
Property and casualty insurance (b)						115						74												287						198
Other premium and service revenue written (c)						10						9												40						23
Total						$	384					$	335											$	1,082					$	941

(a)Other financial and insurance products include VMCs, ClearGuard, and other ancillary products.

(b)P&C insurance includes vehicle inventory insurance and dealer ancillary products including property and liability coverage underwritten by a third-party carrier earned on a straight-line basis.

(c)Primarily includes non-automotive assumed reinsurance and revenue associated with performing services as an underwriting carrier.

Insurance premiums and service revenue written was $384 million and $1.1 billion for the three months and nine months ended September 30, 2024, respectively, compared to $335 million and $941 million for the same periods in 2023. The increases were primarily due to higher written premiums from our P&C business from rising dealer inventory levels and growth in vehicle inventory insurance program relationships, increasing our market share. Additionally, the increases were driven by higher written premium for F&I driven by higher volume in Canada and growth in other premium and service revenue written from non-automotive assumed reinsurance business.

Cash and Investments

A significant aspect of our Insurance operations is the investment of proceeds from premiums and other revenue sources. We use these investments to satisfy our obligations related to future claims at the time these claims are settled. Our Insurance operations have an Investment Committee, which develops guidelines and strategies for these investments. The guidelines established by this committee reflect our risk appetite, liquidity requirements, regulatory requirements, and rating agency considerations, among other factors.

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The following table summarizes the composition of our Insurance operations cash and investment portfolio at fair value.

($ in millions)						September 30, 2024						December 31, 2023
Cash and cash equivalents
Noninterest-bearing cash						$	51					$	74
Interest-bearing cash						535						418
Total cash and cash equivalents						586						492
Equity securities						871						788
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						484						494
U.S. States and political subdivisions						374						390
Foreign government						200						183
Agency mortgage-backed residential						918						961
Mortgage-backed residential						219						225
Corporate debt						1,809						1,800
Total available-for-sale securities (amortized cost of $4,334 and $4,484)						4,004						4,053
Total cash, cash equivalents, and securities						$	5,461					$	5,333

In addition to these cash and investment securities, the Insurance segment has interest-bearing intercompany arrangements with Corporate and Other, callable on demand. The intercompany loan balance due to Insurance was $826 million and $619 million at September 30, 2024, and December 31, 2023, respectively. Related interest income of $4 million and $11 million was recognized for the three months and nine months ended September 30, 2024, respectively, and $2 million and $7 million was recognized for the three months and nine months ended September 30, 2023.

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Mortgage Finance

Results of Operations

The following table summarizes the activities of our Mortgage Finance operations. The amounts presented are before the elimination of balances and transactions with our reportable segments.

						Three months ended September 30,																		Nine months ended September 30,
($ in millions)						2024						2023						Favorable/(unfavorable) % change						2024						2023												Favorable/(unfavorable) % change
Net financing revenue and other interest income
Total financing revenue and other interest income						$	141					$	149					(5)						$	432					$	453											(5)
Interest expense						89						96						7						275						293												6
Net financing revenue and other interest income						52						53						(2)						157						160												(2)
Gain on mortgage loans, net						6						4						50						17						13												31
Total net revenue						58						57						2						174						173												1
Provision for credit losses						—						(2)						(100)						(1)						(3)												(67)
Noninterest expense
Compensation and benefits expense						4						5						20						14						16												13
Other operating expenses						27						28						4						82						92												11
Total noninterest expense						31						33						6						96						108												11
Income from continuing operations before income tax expense						$	27					$	26					4						$	79					$	68											16
Total assets						$	17,594					$	18,745					(6)						$	17,594					$	18,745											(6)

Our Mortgage Finance operations earned income from continuing operations before income tax expense of $27 million and $79 million for the three months and nine months ended September 30, 2024, respectively, compared to $26 million and $68 million for the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were primarily driven by lower noninterest expense, due to the benefits of the variable cost direct-to-consumer partnership model.

Net financing revenue and other interest income was $52 million and $157 million for the three months and nine months ended September 30, 2024, respectively, compared to $53 million and $160 million for the three months and nine months ended September 30, 2023. The decreases in net financing revenue and other interest income for the three months and nine months ended September 30, 2024, were primarily driven by a decrease in asset balances. Premium amortization was $1 million and $2 million for the three months and nine months ended September 30, 2024, respectively, compared to $1 million and $3 million for the three months and nine months ended September 30, 2023. During the three months and nine months ended September 30, 2024, we purchased $7 million and $15 million of mortgage loans that were originated by third parties, respectively, compared to $7 million and $14 million during the three months and nine months ended September 30, 2023. We originated $2 million and $49 million of mortgage loans held-for-investment during the three months and nine months ended September 30, 2024, respectively, compared to $46 million and $102 million during the three months and nine months ended September 30, 2023.

Gain on sale of mortgage loans, net, was $6 million and $17 million for the three months and nine months ended September 30, 2024, respectively, compared to $4 million and $13 million for the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were attributable to higher volume of direct-to-consumer mortgage originations and the subsequent sale of these loans to counterparties. We originated $255 million and $702 million of loans held-for-sale during the three months and nine months ended September 30, 2024, respectively, compared to $221 million and $629 million during the three months and nine months ended September 30, 2023.

Total noninterest expense was $31 million and $96 million for the three months and nine months ended September 30, 2024, respectively, compared to $33 million and $108 million for the three months and nine months ended September 30, 2023. The decreases for the three months and nine months ended September 30, 2024, were primarily driven by lower operating expenses due to the benefits of the variable cost direct-to-consumer partnership model.

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The following table presents the total UPB of purchases and originations of consumer mortgages held-for-investment, by FICO® Score at the time of acquisition.

FICO® Score						Volume ($ in millions)						% Share of volume
Three months ended September 30, 2024
740 +						$	7					78
720–739						1						11
680–699						1						11
Total consumer mortgage financing volume						$	9					100
Three months ended September 30, 2023
740 +						$	46					88
720–739						2						4
700–719						3						5
680–699						2						3
Total consumer mortgage financing volume						$	53					100
Nine months ended September 30, 2024
740 +						$	56					88
720–739						2						3
700–719						4						6
680–699						2						3
Total consumer mortgage financing volume						$	64					100
Nine months ended September 30, 2023
740 +						$	101					87
720–739						7						6
700–719						4						4
680–699						4						3
Total consumer mortgage financing volume						$	116					100

During both the three months and nine months ended September 30, 2024, we had lower consumer mortgage held-for-investment financing volume, as compared to the same periods in 2023. The decreases were primarily driven by our shift to prioritize held-for-sale loan originations.

The following table presents the net UPB, net UPB as a percentage of total, WAC, premium net of discounts, LTV, and FICO® Scores for the products in our Mortgage Finance held-for-investment loan portfolio.

Product						Net UPB (a) ($ in millions)						% of total net UPB						WAC						Net premium (discount) ($ in millions)						Average refreshed LTV (b)						Average refreshed FICO® (c)
September 30, 2024
Adjustable-rate						$	329					2						3.61		%				$	1					47.73		%				771
Fixed-rate						16,985						98						3.15						(6)						48.76						782
Total						$	17,314					100						3.16						$	(5)					48.75						782
December 31, 2023
Adjustable-rate						$	419					2						3.77		%				$	1					52.95		%				775
Fixed-rate						18,028						98						3.19						(6)						52.22						782
Total						$	18,447					100						3.20						$	(5)					52.24						782

(a)Represents UPB, net of charge-offs.

(b)Updated home values were derived using a combination of appraisals, broker price opinions, automated valuation models, and metropolitan statistical area level house price indices.

(c)Updated to reflect changes in credit score since loan origination.

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Corporate Finance

Results of Operations

The following table summarizes the activities of our Corporate Finance operations. The amounts presented are before the elimination of balances and transactions with our reportable segments.

						Three months ended September 30,																								Nine months ended September 30,
($ in millions)						2024						2023						Favorable/(unfavorable) % change												2024						2023									Favorable/(unfavorable) % change
Net financing revenue and other interest income
Interest and fees on finance receivables and loans						$	245					$	246					—												$	758					$	704								8
Interest on loans held-for-sale						3						2						50												11						12									(8)
Interest expense						147						151						3												453						424									(7)
Net financing revenue and other interest income						101						97						4												316						292									8
Total other revenue						37						24						54												90						81									11
Total net revenue						138						121						14												406						373									9
Provision for credit losses						11						5						(120)												13						35									63
Noninterest expense
Compensation and benefits expense						17						16						(6)												61						61									—
Other operating expenses						15						16						6												49						49									—
Total noninterest expense						32						32						—												110						110									—
Income from continuing operations before income tax expense						$	95					$	84					13												$	283					$	228								24
Total assets						$	10,398					$	10,749					(3)												$	10,398					$	10,749								(3)

Our Corporate Finance operations earned income from continuing operations before income tax expense of $95 million and $283 million for the three months and nine months ended September 30, 2024, respectively, compared to $84 million and $228 million for the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were primarily due to higher total net revenue. Additionally, the increase for the nine months ended September 30, 2024, was driven by a lower provision for credit losses.

Net financing revenue and other interest income was $101 million and $316 million for the three months and nine months ended September 30, 2024, respectively, compared to $97 million and $292 million for the three months and nine months ended September 30, 2023. The increase for the nine months ended September 30, 2024, was primarily due to higher interest income resulting from higher rates as all loans in the portfolio are variable rate, and an increased volume of loan payoffs resulting in accelerated deferred fees. This was partially offset by an increase in interest expense as benchmark interest rates continued to rise throughout 2023. The increase for the three months ended September 30, 2024, was primarily due to accelerated deferred fees.

Other revenue increased $13 million and $9 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, were primarily due to higher syndication income as compared to the same periods in 2023.

The provision for credit losses increased $6 million and decreased $22 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increase for the three months ended September 30, 2024, was primarily due to higher nonspecific reserve activity during the three months ended September 30, 2024, as compared to the release of reserves during the same period in 2023. The decrease for the nine months ended September 30, 2024, was primarily driven by lower specific reserve activity during the nine months ended September 30, 2024. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

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Credit Portfolio

The following table presents loans held-for-sale, the amortized cost of finance receivables and loans outstanding, unfunded lending commitments, and total serviced loans of our Corporate Finance operations. As of September 30, 2024, 63% of our loans and 59% of our lending commitments were asset based, with 100% in a first-lien position. Additionally, total criticized exposures were 12.4% and 10.6% of total Corporate Finance finance receivables and loans at September 30, 2024, and December 31, 2023, respectively.

($ in millions)						September 30, 2024						December 31, 2023
Loans held-for-sale, net						$	65					$	253
Finance receivables and loans (a)						$	10,300					$	10,905
Unfunded lending commitments (b)						$	8,144					$	8,256
Total serviced loans						$	14,758					$	15,367

(a)Includes $8.7 billion and $9.6 billion of commercial and industrial loans at September 30, 2024, and December 31, 2023, respectively, and $1.6 billion and $1.3 billion of commercial real estate loans at September 30, 2024, and December 31, 2023, respectively. Our commercial real estate loans are currently focused on lending to skilled nursing facilities, senior housing, and medical office buildings. There are no exposures related to commercial office buildings.

(b)Includes unused revolving credit line commitments for loans held-for-sale and finance receivables and loans, signed commitment letters, and standby letter of credit facilities, which are issued on behalf of clients and may contingently require us to make payments to a third-party beneficiary in the event of a draw by the beneficiary thereunder. As many of these commitments are subject to borrowing base agreements and other restrictive covenants or may expire without being fully drawn, the stated amounts of these unfunded commitments are not necessarily indicative of future cash requirements.

The following table presents the percentage of total finance receivables and loans of our Corporate Finance operations by industry concentration. The finance receivables and loans are reported at amortized cost.

						September 30, 2024						December 31, 2023
Industry
Financial services						45.4		%				46.6		%
Health services						16.0						12.8
Services						12.2						14.1
Chemicals and metals						7.0						6.7
Machinery, equipment, and electronics						6.3						7.0
Automotive and transportation						5.8						6.4
Wholesale						2.7						1.9
Other manufactured products						1.7						1.0
Retail trade						1.2						1.3
Construction						1.2						1.3
Other						0.5						0.9
Total finance receivables and loans						100.0		%				100.0		%

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Corporate and Other

The following table summarizes the activities of Corporate and Other, which primarily consist of 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, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock as well as other strategic investments through Ally Ventures, the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, the activity related to Ally Invest, Ally Lending, Ally Credit Card, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments. Additionally, Corporate and Other includes costs that are not allocated to our reportable operating segments as part of our COH methodology, which involves management judgment. Refer to Note 23 to the Condensed Consolidated Financial Statements for more information.

						Three months ended September 30,																		Nine months ended September 30,
($ in millions)						2024						2023						Favorable/(unfavorable) % change						2024						2023												Favorable/(unfavorable) % change
Net financing revenue and other interest income
Interest and fees on finance receivables and loans (a)						$	180					$	328					(45)						$	551					$	999											(45)
Interest on loans held-for-sale						—						3						(100)						32						10												n/m
Interest and dividends on investment securities and other earning assets (b)						231						235						(2)						699						660												6
Interest on cash and cash equivalents						94						96						(2)						269						234												15
Total financing revenue and other interest income						505						662						(24)						1,551						1,903												(18)
Interest expense
Original issue discount amortization (c)						17						15						(13)						51						45												(13)
Other interest expense (d)						469						653						28						1,537						1,717												10
Total interest expense						486						668						27						1,588						1,762												10
Net financing revenue and other interest income						19						(6)						n/m						(37)						141												(126)
Other revenue
Other loss on investments, net						(2)						(11)						82						(9)						(8)												(13)
Other income, net of losses						52						46						13						118						103												15
Total other revenue						50						35						43						109						95												15
Total net revenue						69						29						138						72						236												(69)
Provision for credit losses						55						61						10						187						223												16
Total noninterest expense (e)						180						211						15						620						694												11
Loss from continuing operations before income tax expense						$	(166)					$	(243)					32						$	(735)					$	(681)											(8)
Total assets						$	41,600					$	42,732					(3)						$	41,600					$	42,732											(3)

n/m = not meaningful

(a)Includes impacts associated with hedging activities within our automotive loan portfolio, consumer other lending activity, and financing revenue from our legacy mortgage portfolio.

(b)Includes impacts associated with hedging activities of our available-for-sale securities.

(c)Amortization is included as interest on long-term debt in the Condensed Consolidated Statement of Comprehensive Income (Loss).

(d)Includes the residual impacts of our FTP methodology and impacts of hedging activities of certain debt obligations.

(e)Includes reductions of $333 million and $1.0 billion for the three months and nine months ended September 30, 2024, respectively, and $348 million and $1.0 billion for the three months and nine months ended September 30, 2023, related to the allocation of COH expenses to other segments. The receiving segments record their allocation of COH expense within other operating expense.

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The following table presents the scheduled remaining amortization of the original issue discount at September 30, 2024.

Year ended December 31, ($ in millions)						2024						2025						2026						2027						2028						2029 and thereafter (a)						Total
Original issue discount
Outstanding balance at year end						$	763					$	689					$	606					$	512					$	405					$	—
Total amortization (b)						17						74						83						94						107						405						$	780

(a)The maximum annual scheduled amortization for any individual year is $143 million in 2030.

(b)The amortization is included as interest on long-term debt in the Condensed Consolidated Statement of Comprehensive Income (Loss).

Corporate and Other incurred a loss from continuing operations before income tax expense of $166 million and $735 million for the three months and nine months ended September 30, 2024, respectively, compared to $243 million and $681 million for the three months and nine months ended September 30, 2023. The decrease in loss for the three months ended September 30, 2024, was primarily driven by an increase in net financing revenue and other interest income and a decrease in noninterest expense. The increase in loss for the nine months ended September 30, 2024, was primarily driven by lower net financing revenue and other interest income, partially offset by lower total noninterest expense and lower provision for credit losses.

Total financing revenue and other interest income was $505 million and $1.6 billion for the three months and nine months ended September 30, 2024, respectively, compared to $662 million and $1.9 billion for the three months and nine months ended September 30, 2023. The decreases were primarily driven by lower income from our hedging activities as compared to the same periods in 2023 and lower average assets due to the sale of Ally Lending during the first quarter of 2024, partially offset by growth within Ally Credit Card portfolio.

Total interest expense decreased $182 million and $174 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. Interest expense in our Corporate and Other segment includes our external borrowing costs less the amount charged to our operating segments, which is based on our FTP methodology. The decreases in interest expense for the three months and nine months ended September 30, 2024, were primarily driven by lower residual funding costs.

Total other revenue increased $15 million and $14 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increases for the three months and nine months ended September 30, 2024, as compared to the same periods in 2023, were primarily driven by favorable performance from our equity securities and equity-method investments.

The provision for credit losses decreased $6 million and $36 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. For the three months and nine months ended September 30, 2024, the decreases in provision for credit losses were primarily driven by the sale of Ally Lending and lower portfolio loan growth as compared to the same periods in 2023 for Ally Credit Card, partially offset by higher net charge-offs within Ally Credit Card. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

Noninterest expense decreased $31 million and $74 million for the three months and nine months ended September 30, 2024, respectively, as compared to the three months and nine months ended September 30, 2023. The decreases were primarily driven by lower compensation and benefits and lower operating expenses as a result of the sale of Ally Lending.

Total assets were $41.6 billion as of September 30, 2024, compared to $42.7 billion as of September 30, 2023. This decrease was primarily driven by the sale of Ally Lending. Additionally, as of September 30, 2024, the amortized cost of the legacy mortgage portfolio was $192 million, compared to $238 million at September 30, 2023.

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Ally Financial Inc. • Form 10-Q

Cash and Securities

The following table summarizes the composition of the cash and securities portfolio at fair value for Corporate and Other.

($ in millions)						September 30, 2024						December 31, 2023
Cash and cash equivalents
Noninterest-bearing cash						$	493					$	564
Interest-bearing cash						7,537						5,889
Total cash and cash equivalents						8,030						6,453
Equity securities						3						16
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						1,631						1,581
U.S. States and political subdivisions						273						268
Agency mortgage-backed residential						13,779						14,423
Agency mortgage-backed commercial						4,016						3,758
Asset-backed						202						332
Total available-for-sale securities (amortized cost of $22,978 and $23,932)						19,901						20,362
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential						795						826
Mortgage-backed residential						3,675						3,824
Asset-backed retained notes						100						79
Total held-to-maturity securities (amortized cost of $4,441 and $4,680)						4,570						4,729
Total cash, cash equivalents, and securities						$	32,504					$	31,560

Other Investments

The following table summarizes other investments at carrying value for Corporate and Other. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further information on these investments.

($ in millions)						September 30, 2024						December 31, 2023
Other assets
Proportional amortization investments (a)						$	2,034					$	1,866
Nonmarketable equity investments						729						828
Equity-method investments (a) (b)						594						602
Total other investments						$	3,357					$	3,296

(a)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments as of September 30, 2024. Prior to the adoption of ASU 2023-02 on January 1, 2024, NMTC and HTC investments were included in equity-method investments. Refer to Note 1 to the Condensed Consolidated Financial Statements for additional information.

(b)Primarily comprises 64 and 62 investments made in connection with our CRA program at September 30, 2024, and December 31, 2023, respectively. The carrying value of these investments was $586 million and $595 million at September 30, 2024, and December 31, 2023, respectively.

Nonmarketable equity investments and equity-method investments include strategic investments made through Ally Ventures. Ally Ventures identifies, invests in, and builds relationships with key startups. At September 30, 2024, the carrying value of investments made through Ally Ventures was $36 million, comprising 19 investments, as compared to $49 million comprising 18 investments at December 31, 2023. Refer to Note 11 to the Condensed Consolidated Financial Statements for additional information.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Ally Invest

Ally Invest is our digital brokerage and advisory offering, which enables us to complement our competitive deposit products with low-cost and commission-free investing. The following table presents trading days and average customer trades per day, the number of funded accounts, total net customer assets, and total customer cash balances as of the end of each of the last five quarters.

			September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023
Trading days (a)			63.5						63.0						61.0						62.5						62.5
Average customer trades per day, (in thousands)			26.9						27.5						30.0						23.4						24.9
Funded accounts (b) (in thousands)			532						529						526						523						524
Total net customer assets (b) ($ in millions)			$	17,466					$	16,616					$	16,020					$	15,164					$	13,981
Total customer cash balances (b) ($ in millions)			$	1,393					$	1,324					$	1,395					$	1,454					$	1,363

(a)Represents the number of days the New York Stock Exchange and other U.S. stock exchange markets are open for trading. A half day represents a day when the U.S. markets close early.

(b)Represents activity across the brokerage, robo and advisory portfolios.

During the three months ended September 30, 2024, total funded accounts increased 1% from the prior quarter and increased 2% from the third quarter of 2023. Average customer trades per day decreased 2% from the prior quarter and increased 8% from the third quarter of 2023, driven by fluctuating customer engagement. Additionally, net customer assets increased 5% from the prior quarter and increased 25% from the third quarter of 2023, as a result of changes in equity market valuations and total accounts.

Ally Lending

The sale of Ally Lending was closed on March 1, 2024. For further information, refer to Note 2 to the Condensed Consolidated Financial Statements.

Ally Credit Card

Ally Credit Card is our scalable, digital-first credit card platform that features leading-edge technology, and proprietary, analytics-based underwriting and portfolio-management models. The following table presents total active cardholders and finance receivables and loans.

																														September 30, 2024						December 31, 2023
Total active cardholders (in thousands)																														1,253						1,222
Finance receivables and loans ($ in millions)																														$	2,170					$	1,990

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Risk Management

Managing the risk/reward trade-off is a fundamental component of operating our businesses, and all employees are responsible for managing risk. We use multiple layers of defense to identify, monitor, and manage current and emerging risks.

•Business lines — Responsible for owning and managing all the risks that emanate from their risk-taking activities, including business units and support functions.

•Independent risk management — Operates independent of the business lines and is responsible for establishing and maintaining our risk-management framework and promulgating it enterprise-wide. Independent risk management also provides an objective, critical assessment of risks and—through oversight, effective challenge, and other means—evaluates whether Ally remains aligned with its risk appetite.

•Internal audit — Provides its own independent assessments regarding the quality of our loan portfolios as well as the effectiveness of our risk management, internal controls, and governance. Internal audit includes Audit Services and the Loan Review Group.

Our risk-management framework is overseen by the RC. The RC sets the risk appetite across our company while risk-oriented management committees, the executive leadership team, and our associates identify and monitor current and emerging risks and manage those risks within our risk appetite. Our primary types of risks include credit risk, insurance/underwriting risk, liquidity risk, market risk, business/strategic risk, reputation risk, operational risk, model risk, information technology/cybersecurity risk, compliance risk, and conduct risk. For more information on our risk management process, refer to the Risk Management MD&A section of our 2023 Annual Report on Form 10-K.

In addition to the primary risks that we manage, climate-related risk has been identified as an emerging risk. Climate-related risk refers to the risk of loss or change in business activities arising from climate change and represents a transverse risk that could impact other risks within Ally’s risk-management framework, such as credit risk from negatively impacted borrowers, reputation risk from increased stakeholder concerns, and operational risk from physical climate risks. Refer to the section titled Climate-Related Risk within this section for more information.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Loan and Operating Lease Exposure

The following table summarizes the exposures from our loan and operating-lease activities based on our reportable operating segments.

($ in millions)						September 30, 2024						December 31, 2023
Finance receivables and loans
Automotive Finance (a)						$	107,266					$	107,655
Insurance (b)						12						—
Mortgage Finance						17,309						18,442
Corporate Finance						10,300						10,905
Corporate and Other (c)						2,614						2,437
Total finance receivables and loans						137,501						139,439
Loans held-for-sale
Automotive Finance						3						13
Mortgage Finance (d)						238						25
Corporate Finance						65						253
Corporate and Other (e)						—						2,049
Total loans held-for-sale						306						2,340
Total on-balance-sheet loans						137,807						141,779
Off-balance-sheet securitized loans
Automotive Finance						1,948						1,558
Whole-loan sales
Automotive Finance						1,108						956
Corporate and Other						93						125
Total off-balance-sheet loans (f)						3,149						2,639
Operating lease assets
Automotive Finance						8,318						9,171
Total operating lease assets						8,318						9,171
Total loan and operating lease exposure						$	149,274					$	153,589

(a)Includes an asset of $28 million and a liability of $93 million associated with fair value hedging adjustments at September 30, 2024, and December 31, 2023, respectively. Refer to Note 19 to the Condensed Consolidated Financial Statements for additional information.

(b)Represents insurance advance agreements with dealers that we administer through a noninsurance entity. These advances are included within our automotive commercial and industrial portfolio class.

(c)Includes $192 million and $225 million of consumer mortgage loans in our legacy mortgage portfolio at September 30, 2024, and December 31, 2023, respectively.

(d)Includes $208 million of consumer mortgage finance receivables and loans that were transferred from held-for-investment to held-for-sale during the three months ended September 30, 2024. Additionally, includes the current balance of conforming and certain non-conforming jumbo mortgages originated directly to the held-for-sale portfolio.

(e)Includes $1.9 billion of assets of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.

(f)Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions.

The risks inherent in our loan and operating lease exposures are largely driven by changes in the overall economy (including GDP trends and inflationary pressures), used vehicle and housing prices, unemployment levels, real personal income, household savings, and their impact on our borrowers. The potential financial statement impact of these exposures varies depending on the accounting classification and future expected disposition strategy. We retain most of our consumer automotive and credit card loans as they complement our core business model, but we do sell loans from time to time on an opportunistic basis. We ultimately manage the associated risks based on the underlying economics of the exposure. Our operating lease residual risk may be more volatile than credit risk in stressed macroeconomic scenarios. While all operating leases are exposed to potential reductions in used vehicle values, only those where we take possession of the vehicle are affected by potential reductions in used vehicle values.

Credit Risk

Credit risk is defined as the risk of loss arising from an obligor not meeting its contractual obligations to us. Credit risk includes consumer credit risk, commercial credit risk, and counterparty credit risk.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Credit risk is a major source of potential economic loss to us. Credit risk is monitored by the executive leadership team and our associates, and is regularly reported to and reviewed with the RC. Management oversees credit decisioning, account servicing activities, and credit-risk-management processes, and manages credit risk exposures within our risk appetite. In addition, our Loan Review Group provides an independent assessment of the quality of our credit portfolios and credit-risk-management practices and reports its findings to the RC on a regular basis.

To mitigate risk, we have implemented specific policies and practices across business lines, utilizing both qualitative and quantitative analyses. This reflects our commitment to maintaining an independent and ongoing assessment of credit risk and credit quality. Our policies require an objective and timely assessment of the overall quality of the consumer and commercial loan and operating lease portfolios. This includes the identification of relevant trends that affect the collectability of the portfolios, microsegments of the portfolios that are potential problem areas, loans and operating leases with potential credit weaknesses, and the assessment of the adequacy of internal credit risk policies and procedures. Our consumer and commercial loan and operating lease portfolios are subject to periodic stress tests, which include economic scenarios whose severity mirrors those developed and distributed by the FRB to assess how the portfolios may perform in a severe economic downturn. In addition, we establish and maintain underwriting policies and limits across our portfolios and higher risk segments (for example, nonprime) based on our risk appetite.

Another important aspect to managing credit risk involves the need to carefully monitor and manage the performance and pricing of our loan products with the aim of generating appropriate risk-adjusted returns. When considering pricing, various granular risk-based factors are considered such as expected loss rates, loss volatility, anticipated operating costs, and targeted returns on equity. We carefully monitor credit losses and trends in credit losses relative to expected credit losses at contract inception. We closely monitor our loan performance and profitability in light of forecasted economic conditions and manage credit risk and expectations of losses in the portfolio.

We manage credit risk based on the risk profile of the borrower, the source of repayment, the underlying collateral, and current market and economic conditions. We monitor the credit risk profile of individual borrowers, various segmentations (for example, geographic region, product type, industry segment), as well as the aggregate portfolio. We perform quarterly analyses of the consumer automotive, consumer mortgage, consumer other, and commercial portfolios to assess the adequacy of the allowance for loan losses based on historical, current, and anticipated trends. Refer to Note 8 to the Condensed Consolidated Financial Statements for additional information.

Additionally, we utilize numerous collection strategies to mitigate loss and provide ongoing support to customers in financial distress. We have enhanced our collection strategies to include customized messaging, digital communication, and proactive monitoring of vendor performance. We may offer several types of assistance to aid our customers based on their willingness and ability to repay their loan. As part of certain programs, we offer loan modifications to qualified borrowers, including payment extensions, interest rate concessions, and principal forgiveness.

Furthermore, we manage our credit exposure to financial counterparties based on the risk profile of the counterparty. Within our policies we have established standards and requirements for managing counterparty risk exposures in a safe and sound manner. Counterparty credit risk is derived from multiple exposure types including derivatives, securities trading, securities financing transactions, lending arrangements, and certain cash balances. For more information on derivative counterparty credit risk, refer to Note 19 to the Condensed Consolidated Financial Statements.

We employ an internal team of economists to enhance our planning and forecasting capabilities. This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning. This group closely monitors macroeconomic trends given the nature of our business and the potential impacts on our exposure to credit risk. The unemployment rate remained at 4.1% as of September 30, 2024. Sales of new light vehicles were at a similar pace to the third quarter of 2023, but fell sequentially to an average annual rate of 15.6 million during the third quarter of 2024. Sales of new light motor vehicles remain below the pre-pandemic annual pace of 17.0 million in 2019, which has limited incoming used vehicle supply and driven elevated used vehicle values. Additionally, used vehicle values may be impacted by availability, the price of new vehicles, or changes in customer preferences. However, macroeconomic risks remain elevated.

Consumer Credit Portfolio

During the three months and nine months ended September 30, 2024, the credit performance of the consumer loan portfolio reflected our underwriting strategy to originate a diversified portfolio of consumer automotive loan assets, including new, used, prime and nonprime finance receivables and loans, high-quality jumbo and LMI mortgage loans that are obtained through bulk loan purchases and direct-to-consumer mortgage originations, as well as revolving, unsecured loans through Ally Credit Card. The carrying value of our nonprime held-for-investment consumer automotive loans before allowance for loan losses represented approximately 9.7% and 10.3% of our total consumer automotive loans at September 30, 2024, and December 31, 2023, respectively. For information on our consumer credit risk practices and policies regarding delinquencies, nonperforming status, and charge-offs, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

The following table includes consumer finance receivables and loans recorded at amortized cost.

						Outstanding												Nonperforming												Accruing past due 90 days or more (a)
($ in millions)						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Consumer automotive (b) (c)						$	83,424					$	84,320					$	1,204					$	1,129					$	—					$	—
Consumer mortgage
Mortgage Finance						17,309						18,442						37						41						—						—
Mortgage — Legacy						192						225						9						13						—						—
Total consumer mortgage						17,501						18,667						46						54						—						—
Consumer other
Credit Card						2,170						1,990						84						92						—						—
Total consumer other						2,170						1,990						84						92						—						—
Total consumer finance receivables and loans						$	103,095					$	104,977					$	1,334					$	1,275					$	—					$	—

(a)Loans are generally in nonaccrual status when principal or interest has been delinquent for 90 days or more, or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.

(b)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 to the Condensed Consolidated Financial Statements for additional information.

(c)Includes outstanding CSG loans of $9.6 billion and $10.2 billion at September 30, 2024, and December 31, 2023, respectively, and RV loans of $384 million and $459 million at September 30, 2024, and December 31, 2023, respectively.

Total consumer finance receivables and loans decreased $1.9 billion at September 30, 2024, compared with December 31, 2023. The decrease consists of a $1.2 billion decrease in our consumer mortgage finance receivables and loans due to portfolio runoff outpacing originations and purchases, coupled with the $208 million transfer of consumer mortgage finance receivables and loans from held-for-investment to held-for-sale during the three months ended September 30, 2024. Additionally, our consumer automotive finance receivables and loans decreased $896 million primarily due to the deconsolidation of a securitization during the first quarter of 2024.

Total consumer nonperforming finance receivables and loans at September 30, 2024, increased $59 million to $1.3 billion from December 31, 2023. Refer to Note 8 to the Condensed Consolidated Financial Statements for additional information. Nonperforming consumer finance receivables and loans as a percentage of total outstanding consumer finance receivables and loans was 1.3% and 1.2% at September 30, 2024, and December 31, 2023, respectively.

Consumer automotive loans 30 days or more past due decreased $151 million to $4.3 billion at September 30, 2024, compared with December 31, 2023, driven by seasonality.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

The following tables include consumer net charge-offs and write-downs from transfers to loans held-for-sale from finance receivables and loans at amortized cost and related ratios.

						Net charge-offs (recoveries)									Write-downs from transfers to held-for-sale									Total									Net charge-off ratios (a)									Combined ratios (b)
Three months ended September 30, ($ in millions)						2024			2023						2024			2023						2024			2023						2024			2023						2024			2023
Consumer automotive						$	467		$	393					$	—		$	—					$	467		$	393					2.2		%	1.8		%				2.2		%	1.8		%
Consumer mortgage
Mortgage — Legacy						(1)			(2)						—			—						(1)			(2)						(3.0)			(3.0)						(3.0)			(3.0)
Total consumer mortgage						(1)			(2)						—			—						(1)			(2)						—			—						—			—
Consumer other
Personal Lending						—			29						—			—						—			29						—			5.3						—			5.3
Credit Card						52			39						—			—						52			39						9.9			8.4						9.9			8.4
Total consumer other						52			68						—			—						52			68						9.9			6.7						9.9			6.7
Total consumer finance receivables and loans						$	518		$	459					$	—		$	—					$	518		$	459					2.0			1.7						2.0			1.7

(a)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.

(b)Net charge-off and write-downs from transfers to held-for-sale ratios are calculated as net charge-offs and write-downs from transfers to held-for-sale divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.

						Net charge-offs (recoveries)									Write-downs from transfers to held-for-sale (a)									Total									Net charge-off ratios (b)									Combined ratios (c)
Nine months ended September 30, ($ in millions)						2024			2023						2024			2023						2024			2023						2024			2023						2024			2023
Consumer automotive						$	1,322		$	1,021					$	5		$	—					$	1,327		$	1,021					2.1		%	1.6		%				2.1		%	1.6		%
Consumer mortgage
Mortgage — Legacy						(2)			(4)						—			—						(2)			(4)						(2.0)			(2.1)						(2.0)			(2.1)
Total consumer mortgage						(2)			(4)						—			—						(2)			(4)						—			—						—			—
Consumer other
Personal Lending						—			86						—			—						—			86						—			5.4						—			5.4
Credit Card						176			104						—			—						176			104						11.6			8.0						11.6			8.0
Total consumer other						176			190						—			—						176			190						11.6			6.6						11.6			6.6
Total consumer finance receivables and loans						$	1,496		$	1,207					$	5		$	—					$	1,501		$	1,207					1.9			1.5						1.9			1.5

(a)Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.

(b)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.

(c)Net charge-off and write-downs from transfers to held-for-sale ratios are calculated as net charge-offs and write-downs from transfers to held-for-sale divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.

Our net charge-offs from total consumer finance receivables and loans were $518 million and $1.5 billion for the three months and nine months ended September 30, 2024, respectively, compared to net charge-offs of $459 million and $1.2 billion for the three months and nine months ended September 30, 2023. Net charge-offs for our consumer automotive portfolio increased by $74 million and $301 million for the three months and nine months ended September 30, 2024, compared to the same periods in 2023, as delinquencies have increased amid deterioration in macroeconomic conditions. We continue to monitor performance and make adjustments to our underwriting strategies in response to macroeconomic conditions and portfolio credit trends.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

The following table summarizes total consumer loan originations for the periods shown. Total consumer loan originations include loans classified as finance receivables and loans held-for-sale during the period.

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Consumer automotive (a)						$	8,512					$	10,076					$	26,655					$	28,862
Consumer mortgage (b)						257						267						751						731
Consumer other (c) (d)						—						382						—						1,258
Total consumer loan originations						$	8,769					$	10,725					$	27,406					$	30,851

(a)Includes loans purchased under forward flow agreements with automotive retailers, as well as $79 million and $349 million of loans originated as held-for-sale for the three months and nine months ended September 30, 2024, respectively, and $224 million and $694 million for the three months and nine months ended September 30, 2023.

(b)Excludes bulk loan purchases associated with our Mortgage Finance operations, and includes $255 million and $702 million of loans originated as held-for-sale for the three months and nine months ended September 30, 2024, respectively, and $221 million and $629 million for the three months and nine months ended September 30, 2023.

(c)Includes originations related to our Personal Lending portfolio during the three months and nine months ended September 30, 2023. On March 1, 2024, we closed the sale of Ally Lending. We excluded Personal Lending originations during the nine months ended September 30, 2024. Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.

(d)Excludes credit card loans, which are revolving in nature.

Total consumer loan originations decreased $2.0 billion and $3.4 billion for the three months and nine months ended September 30, 2024, respectively, as compared to the same periods in 2023. The decreases were primarily due to decreased originations within our consumer automotive loan portfolio as a result of our dynamic underwriting strategies, including strategic pricing and curtailment actions to optimize returns within our risk appetite. The decreases were also impacted by the absence of loan originations within the consumer other portfolio, as we closed the sale of Ally Lending during the first quarter of 2024.

The following table shows the percentage of consumer finance receivables and loans by state concentration based on amortized cost.

						September 30, 2024 (a)																		December 31, 2023
						Consumer automotive						Consumer mortgage						Consumer other						Consumer automotive						Consumer mortgage						Consumer other (b)
California						8.5		%				39.8		%				9.3		%				8.5		%				39.2		%				9.4		%
Texas						13.5						7.2						7.7						13.7						7.3						7.6
Florida						9.4						6.3						9.0						9.5						6.5						9.0
Pennsylvania						4.5						2.1						4.2						4.5						2.1						4.2
North Carolina						4.5						1.8						3.0						4.3						1.9						2.9
Georgia						4.0						2.9						3.7						4.1						2.9						3.7
New York						3.8						1.9						5.4						3.7						1.9						5.4
New Jersey						3.3						2.5						3.6						3.2						2.4						3.7
Illinois						3.2						2.8						4.6						3.3						2.8						4.6
Ohio						3.4						0.4						4.5						3.4						0.4						4.5
Other United States						41.9						32.3						45.0						41.8						32.6						45.0
Total consumer loans						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%				100.0		%

(a)Presentation is in descending order as a percentage of total consumer finance receivables and loans at September 30, 2024.

(b)Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.

We monitor our consumer loan portfolio for concentration risk across the states in which we lend. The highest concentrations of consumer loans are in California and Texas, which represented an aggregate of 26.1% and 26.4% of our total outstanding consumer finance receivables and loans at September 30, 2024, and December 31, 2023, respectively. Our consumer mortgage loan portfolio concentration within California, which is primarily composed of high-quality jumbo mortgage loans, generally aligns to the California share of jumbo mortgages nationally.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Commercial Credit Portfolio

For information on our commercial credit risk practices and policies regarding delinquencies, nonperforming status, and charge-offs, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

The following table includes total commercial finance receivables and loans reported at amortized cost.

			Outstanding												Nonperforming												Accruing past due 90 days or more (a)
($ in millions)			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Commercial
Commercial and industrial
Automotive			$	19,259					$	18,700					$	51					$	18					$	—					$	—
Other (b)			8,824						9,712						95						98						—						—
Commercial real estate			6,323						6,050						10						3						—						—
Total commercial finance receivables and loans			$	34,406					$	34,462					$	156					$	119					$	—					$	—

(a)Loans are generally in nonaccrual status when principal or interest has been delinquent for 90 days or more, or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.

(b)Other commercial and industrial primarily includes senior secured commercial lending largely associated with our Corporate Finance operations.

Total commercial finance receivables and loans outstanding decreased $56 million from December 31, 2023, to $34.4 billion at September 30, 2024. Results were primarily driven by a $605 million decrease in our Corporate Finance segment. This was partially offset by a $509 million increase in our Automotive Finance segment, primarily within the commercial and industrial receivables class.

Total commercial nonperforming finance receivables and loans were $156 million at September 30, 2024, reflecting an increase of $37 million compared to December 31, 2023. Nonperforming commercial finance receivables and loans as a percentage of outstanding commercial finance receivables and loans was 0.5% and 0.3% at September 30, 2024, and December 31, 2023, respectively.

The following table includes total commercial net charge-offs from finance receivables and loans at amortized cost and related ratios.

						Three months ended September 30,																								Nine months ended September 30,
						Net charge-offs (recoveries)												Net charge-off ratios (a)												Net charge-offs (recoveries)												Net charge-off ratios (a)
($ in millions)						2024						2023						2024						2023						2024						2023						2024						2023
Commercial
Commercial and industrial
Automotive						$	—					$	—					—		%				—		%				$	(3)					$	4					—		%				—		%
Other						(1)						(3)						—						(0.1)						(2)						53						—						0.8
Total commercial finance receivables and loans						$	(1)					$	(3)					—						—						$	(5)					$	57					—						0.3

(a)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.

We had net recoveries from total commercial finance receivables and loans of $1 million and $5 million for the three months and nine months ended September 30, 2024, respectively, as compared to net recoveries of $3 million and net charge-offs of $57 million for the three months and nine months ended September 30, 2023. The decrease for the nine months ended September 30, 2024, was primarily driven by charge-offs of specific exposures within our Corporate Finance and Automotive Finance operations during the nine months ended September 30, 2023, that did not reoccur in 2024.

Commercial Real Estate

The commercial real estate portfolio consists of finance receivables and loans issued primarily to automotive dealers. Commercial real estate finance receivables and loans was $6.3 billion and $6.1 billion at September 30, 2024, and December 31, 2023, respectively, which represented 4.6% and 4.3% of total outstanding finance receivables and loans at September 30, 2024, and December 31, 2023, respectively. There was $4.6 billion of commercial real estate loans included in the Automotive Finance segment at both September 30, 2024, and December 31, 2023, and $1.6 billion and $1.3 billion of commercial real estate loans included in the Corporate Finance segment at September 30, 2024, and December 31, 2023, respectively.

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The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost.

						September 30, 2024						December 31, 2023
Florida						16.7		%				17.6		%
Texas						13.2						13.6
California						6.2						7.9
Ohio						5.6						5.9
Michigan						5.4						5.4
North Carolina						4.8						5.0
New York						4.6						4.5
Tennessee						3.6						3.7
Georgia						2.9						3.0
Missouri						2.8						2.8
Other United States						34.2						30.6
Total commercial real estate finance receivables and loans						100.0		%				100.0		%

Commercial Criticized Exposure

Finance receivables and loans classified as special mention, substandard, or doubtful are reported as criticized. These classifications are based on regulatory definitions and generally represent finance receivables and loans within our portfolio that have a higher default risk or have already defaulted. These finance receivables and loans require additional monitoring and review including specific actions to mitigate our potential loss.

Total criticized exposures increased $585 million from December 31, 2023, to $2.7 billion at September 30, 2024. The increase in total criticized exposures was primarily driven by an increase in Special Mention loans within the commercial and industrial portfolio class of our Automotive Finance and Corporate Finance operations. Total criticized exposures were 7.9% and 6.2% of total commercial finance receivables and loans at September 30, 2024, and December 31, 2023, respectively, representing strong overall credit performance.

The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost.

						September 30, 2024						December 31, 2023
Industry
Automotive						58.0		%				54.0		%
Electronics						16.8						13.4
Services						9.1						12.8
Other						16.1						19.8
Total commercial criticized finance receivables and loans						100.0		%				100.0		%

Repossessed and Foreclosed Assets

We classify a repossessed or foreclosed asset as held-for-sale, which is included in other assets on our Condensed Consolidated Balance Sheet, when physical possession of the collateral is taken. We dispose of the acquired collateral in a timely fashion in accordance with regulatory requirements. For more information on repossessed and foreclosed assets, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

Repossessed consumer automotive loan assets in our Automotive Finance operations were $205 million and $230 million at September 30, 2024, and December 31, 2023, respectively, and foreclosed consumer mortgage assets were $1 million at both September 30, 2024, and December 31, 2023. Repossessed commercial automotive loan assets in our Automotive Finance operations were $1 million and $5 million at September 30, 2024, and December 31, 2023, respectively.

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Allowance for Loan Losses

Our quantitatively determined allowance under CECL is impacted by certain forecasted economic factors as further described in Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K, and in Note 1 to these Condensed Consolidated Financial Statements. For example, our consumer automotive allowance for loan losses is most sensitive to state-level unemployment rates. Our process for determining the allowance for loan losses considers a borrower’s willingness and ability to pay and considers other factors, including loan modification programs. In addition to our quantitative allowance for loan losses, we also incorporate qualitative adjustments that may relate to idiosyncratic risks, weather-related events, changes in current economic conditions that may not be reflected in quantitatively derived results, and other macroeconomic uncertainty. We also monitor model performance, using model error and related assessments, and we may incorporate qualitative reserves to adjust our quantitatively determined allowance if we observe deterioration in model performance. Additionally, we perform a sensitivity analysis of our allowance utilizing varying macroeconomic scenarios, as described further within Critical Accounting Estimates — Allowance for Credit Losses within the MD&A in our 2023 Annual Report on Form 10-K.

During the second quarter of 2024, we updated our reasonable and supportable forecast period from 12 months to 24 months, and our reversion period from 24 months to 12 months. This refinement to our estimation process represents a change in accounting estimate, with prospective application beginning in the period of change. The impact of this refinement to our estimation process was offset by an adjustment in the qualitative portion of our allowance. The use of a longer-duration reasonable and supportable macroeconomic forecast period to produce the modeled portion of our allowance for loan losses is expected to further improve model performance.

Through September 30, 2024, forecasted economic variables incorporated into our quantitative allowance processes were updated to include the current macroeconomic environment and our future expectations reflecting slow GDP growth in the near term. This included (but was not limited to) the following: the unemployment rate peaking at approximately 4.3% in the fourth quarter of 2025, before reverting to the historical mean of approximately 5.9% by the third quarter of 2027, deceleration of GDP growth as measured on a quarter-over-quarter seasonally adjusted annualized rate basis through the fourth quarter of 2024, followed by increases in GDP growth through the fourth quarter of 2025 and reverting to the historical mean of approximately 2.0% by the third quarter of 2027, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis of approximately 16 million units through the third quarter of 2026, before reverting to the historical mean of 15 million units by the third quarter of 2027. Additionally, we maintain a qualitative allowance framework to account for ongoing uncertainty and volatility in the macroeconomic environment (including the impact of inflationary pressures) that could adversely impact frequency of loss and LGD. Our overall allowance for loan losses increased $128 million from the prior quarter to $3.7 billion at September 30, 2024, representing 2.7% as a percentage of total finance receivables at September 30, 2024, as compared to our allowance for loan losses representing 2.6% of total finance receivables at December 31, 2023.

The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2024, and September 30, 2023, respectively.

Three months ended September 30, 2024 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other (a)						Total consumer						Commercial						Total
Allowance at July 1, 2024						$	3,055					$	19					$	302					$	3,376					$	196					$	3,572
Charge-offs (b)						(683)						—						(61)						(744)						—						(744)
Recoveries						216						1						9						226						1						227
Net charge-offs						(467)						1						(52)						(518)						1						(517)
Provision due to change in portfolio size						(11)						(1)						18						6						5						11
Provision due to incremental charge-offs						467						(1)						52						518						(1)						517
Provision due to all other factors						122						(1)						(12)						109						8						117
Total provision for credit losses						578						(3)						58						633						12						645
Other						—						2						(1)						1						(1)						—
Allowance at September 30, 2024						$	3,166					$	19					$	307					$	3,492					$	208					$	3,700
Net charge-offs to average finance receivables and loans outstanding for the three months ended September 30, 2024						2.2		%				—		%				9.9		%				2.0		%				—		%				1.5		%
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2024						1.7						(2.9)						1.5						1.7						(41.9)						1.8

(a)Includes Credit Card.

(b)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

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Nine months ended September 30, 2024 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other (a)						Total consumer						Commercial						Total
Allowance at January 1, 2024						$	3,083					$	21					$	293					$	3,397					$	190					$	3,587
Charge-offs (b)						(1,976)						(1)						(199)						(2,176)						(2)						(2,178)
Recoveries						654						3						23						680						7						687
Net charge-offs						(1,322)						2						(176)						(1,496)						5						(1,491)
Write-downs from transfers to held-for-sale (c)						(5)						—						—						(5)						—						(5)
Provision for credit losses
Provision due to change in portfolio size						3						(2)						27						28						(4)						24
Provision due to incremental charge-offs						1,322						(2)						176						1,496						(5)						1,491
Provision due to all other factors						85						(2)						(12)						71						23						94
Total provision for credit losses						1,410						(6)						191						1,595						14						1,609
Other						—						2						(1)						1						(1)						—
Allowance at September 30, 2024						$	3,166					$	19					$	307					$	3,492					$	208					$	3,700
Net charge-offs to average finance receivables and loans outstanding for the nine months ended September 30, 2024						2.1		%				—		%				11.6		%				1.9		%				—		%				1.4		%
Net charge-offs and write-downs from transfers to held-for-sale to average finance receivables and loans outstanding for the nine months ended September 30, 2024						2.1		%				—		%				11.6		%				1.9		%				—		%				1.4		%
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2024						1.8						(5.2)						1.3						1.8						(29.7)						1.9
Ratio of allowance for loan losses to annualized net charge-offs and write-downs from transfers to held-for-sale at September 30, 2024						1.8						(5.2)						1.3						1.7						(29.7)						1.9

(a)Includes Credit Card.

(b)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

(c)Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.

Three months ended September 30, 2023 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other (a)						Total consumer						Commercial						Total
Allowance at July 1, 2023						$	3,064					$	23					$	476					$	3,563					$	218					$	3,781
Charge-offs (b)						(602)						—						(74)						(676)						(1)						(677)
Recoveries						209						2						6						217						4						221
Net charge-offs						(393)						2						(68)						(459)						3						(456)
Provision due to change in portfolio size						36						—						21						57						6						63
Provision due to incremental charge-offs						393						(2)						68						459						(3)						456
Provision due to all other factors						4						(2)						(21)						(19)						12						(7)
Total provision for credit losses (c)						433						(4)						68						497						15						512
Other						—						1						(2)						(1)						1						—
Allowance at September 30, 2023						$	3,104					$	22					$	474					$	3,600					$	237					$	3,837
Net charge-offs to average finance receivables and loans outstanding for the three months ended September 30, 2023						1.8		%				—		%				6.7		%				1.7		%				—		%				1.3		%
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2023						2.0						(2.8)						1.8						2.0						(17.9)						2.1

(a)Includes Credit Card and Personal Lending.

(b)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

(c)Excludes $4 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

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Nine months ended September 30, 2023 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other (a)						Total consumer						Commercial						Total
Allowance at January 1, 2023						$	3,020					$	27					$	426					$	3,473					$	238					$	3,711
Charge-offs (b)						(1,634)						(3)						(208)						(1,845)						(62)						(1,907)
Recoveries						613						7						18						638						5						643
Net charge-offs						(1,021)						4						(190)						(1,207)						(57)						(1,264)
Provision due to change in portfolio size						66						(1)						61						126						9						135
Provision due to incremental charge-offs						1,021						(4)						190						1,207						57						1,264
Provision due to all other factors						19						(4)						(12)						3						(12)						(9)
Total provision for credit losses (c)						1,106						(9)						239						1,336						54						1,390
Other						(1)						—						(1)						(2)						2						—
Allowance at September 30, 2023						$	3,104					$	22					$	474					$	3,600					$	237					$	3,837
Net charge-offs to average finance receivables and loans outstanding for the nine months ended September 30, 2023						1.6		%				—		%				6.6		%				1.5		%				0.3		%				1.2		%
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2023						2.3						(4.0)						1.9						2.2						3.1						2.3

(a)Includes Credit Card and Personal Lending.

(b)Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies.

(c)Excludes $9 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

($ in millions)						Consumer automotive						Consumer mortgage						Consumer other						Total consumer						Commercial						Total
September 30, 2024
Allowance for loan losses to finance receivables and loans outstanding (a)						3.8		%				0.1		%				14.1		%				3.4		%				0.6		%				2.7		%
Allowance for loan losses to total nonperforming finance receivables and loans (a)						262.9		%				40.6		%				364.1		%				261.6		%				133.2		%				248.4		%
Nonaccrual loans to finance receivables and loans outstanding						1.4		%				0.3		%				3.9		%				1.3		%				0.5		%				1.1		%
September 30, 2023
Allowance for loan losses to finance receivables and loans outstanding (a)						3.6		%				0.1		%				11.6		%				3.3		%				0.7		%				2.7		%
Allowance for loan losses to total nonperforming finance receivables and loans (a)						279.6		%				47.1		%				549.1		%				289.7		%				91.6		%				255.6		%
Nonaccrual loans to finance receivables and loans outstanding						1.3		%				0.2		%				2.1		%				1.1		%				0.8		%				1.1		%

(a)Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the amortized cost.

The allowance for consumer loan losses as of September 30, 2024, decreased $108 million compared to September 30, 2023, reflecting a decrease of $167 million in the consumer other allowance, an increase of $62 million in the consumer automotive allowance, and a decrease of $3 million in the consumer mortgage allowance. The decrease in the allowance for consumer loan losses was primarily driven by the sale of Ally Lending within the consumer other portfolio, partially offset by a higher consumer auto allowance reflecting a more gradual pace of improvement in loss expectations and incremental reserves associated with the estimated impact of Hurricane Helene.

The allowance for commercial loan losses as of September 30, 2024, decreased $29 million compared to September 30, 2023. The decrease was primarily driven by the charge-off of specific reserves in our Corporate Finance operations, partially offset by portfolio growth in our Automotive Finance operations.

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Provision for Loan Losses

The following table summarizes the provision for loan losses by loan portfolio class.

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Consumer automotive						$	578					$	433					$	1,410					$	1,106
Consumer mortgage
Mortgage Finance						—						(2)						(1)						(3)
Mortgage — Legacy						(3)						(2)						(5)						(6)
Total consumer mortgage						(3)						(4)						(6)						(9)
Consumer other
Personal Lending (a)						—						23						—						95
Credit Card						58						45						191						144
Total consumer other						58						68						191						239
Total consumer						633						497						1,595						1,336
Commercial
Commercial and industrial
Automotive						1						11						(1)						20
Other						9						5						11						37
Commercial real estate						2						(1)						4						(3)
Total commercial						12						15						14						54
Total provision for loan losses (b)						$	645					$	512					$	1,609					$	1,390

(a)We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.

(b)Excludes $4 million and $9 million of benefit for credit losses related to our reserve for unfunded commitments during the three months and nine months ended September 30, 2023, respectively.

The provision for consumer credit losses increased $136 million and $259 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The increases in provision for consumer credit losses for the three months and nine months ended September 30, 2024, were primarily driven by higher net charge-offs in our consumer automotive portfolio and Credit Card, partially offset by the sale of Ally Lending.

The provision for commercial credit losses decreased $3 million and $40 million for the three months and nine months ended September 30, 2024, respectively, compared to the three months and nine months ended September 30, 2023. The decreases in provision for commercial credit losses during the three months and nine months ended September 30, 2024, were primarily driven by lower specific reserve activity within our Corporate Finance operations during the three months and nine months ended September 30, 2024, as compared to the same periods in 2023.

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Allowance for Loan Losses by Type

The following table summarizes the allocation of the allowance for loan losses by loan portfolio class.

						2024																		2023
September 30, ($ in millions)						Allowance for loan losses						Allowance as a % of loans outstanding						Allowance as a % of total allowance for loan losses						Allowance for loan losses						Allowance as a % of loans outstanding						Allowance as a % of total allowance for loan losses
Consumer automotive						$	3,166					3.8						85.6						$	3,104					3.6						80.8
Consumer mortgage
Mortgage Finance						17						0.1						0.4						19						0.1						0.5
Mortgage — Legacy						2						1.1						0.1						3						1.3						0.1
Total consumer mortgage						19						0.1						0.5						22						0.1						0.6
Consumer other
Personal Lending (a)						—						—						—						202						9.2						5.3
Credit Card						307						14.1						8.3						272						14.5						7.1
Total consumer other						307						14.1						8.3						474						11.6						12.4
Total consumer loans						3,492						3.4						94.4						3,600						3.3						93.8
Commercial
Commercial and industrial
Automotive						17						0.1						0.5						30						0.2						0.8
Other						154						1.8						4.1						174						1.9						4.5
Commercial real estate						37						0.6						1.0						33						0.6						0.9
Total commercial loans						208						0.6						5.6						237						0.7						6.2
Total allowance for loan losses						$	3,700					2.7						100.0						$	3,837					2.7						100.0

(a)We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.

Market Risk

Our financing, investing, and insurance activities give rise to market risk, or the potential change in the value of our assets (including securities, assets held-for-sale, loans and operating leases) and liabilities (including deposits and debt) due to movements in market variables, such as interest rates, spreads, foreign-exchange rates, equity prices, off-lease vehicle prices, and other equity investments.

The impact of changes in benchmark interest rates on our balance sheet represents an exposure to market risk and can affect our expected earnings. We primarily use interest rate derivatives to manage our interest rate risk exposure.

During the three months ended September 30, 2024, the Federal Reserve lowered the federal funds target range to 4.75–5.00% in response to easing inflation trends and growing labor market pressures. High federal funds target rates led to pricing impacts across the balance sheet. Refer to the section below titled Net Financing Revenue Sensitivity Analysis for additional information on how future rate changes may impact net financing revenue.

The fair value of our spread-sensitive assets is also exposed to spread risk. Spread is the amount of additional return over the benchmark interest rates that an investor would demand for taking exposure to primarily credit and liquidity risk of an instrument. Generally, an increase in spreads would result in a decrease in fair value measurement.

We are also exposed to marginal foreign-currency risk primarily from Canadian denominated assets and liabilities. We enter into foreign currency hedges to mitigate foreign exchange risk.

We have exposure to changes in the value of equity securities with readily determinable fair values primarily related to our Insurance operations. For such equity securities, we use equity derivatives to manage our exposure to equity price fluctuations.

As part of our CRA program, we make investments in CRA-eligible funds that do not qualify as proportional amortization investments. Many of these CRA funds feature private equity or venture capital structures and are accounted for using the equity method of accounting. We recognize our share of the investee’s earnings based on the performance of the funds. We recognized a $2 million gain and a $9 million loss related to these investments during the three months and nine months ended September 30, 2024, respectively, as compared to losses of $1 million and $18 million during the same periods in 2023. The results for the three months and nine months ended September 30, 2023, include NMTC and HTC investments, which were accounted for using the equity method of accounting prior to our adoption of ASU 2023-02 on January 1, 2024. The gain for the three months ended September 30, 2024, was primarily due to favorable performance across several small business investment company and venture capital funds. The loss for the nine months ended September 30, 2024, was primarily due to

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broader real estate market trends adversely impacting certain real estate funds within our CRA investment portfolio. There were no indications of impairment within our portfolio of CRA-eligible funds as of September 30, 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for additional information on our accounting policy for equity-method investments and proportional amortization investments.

In addition, we are exposed to changes in the value of other nonmarketable equity investments without readily determinable fair market values, which may cause volatility in our earnings.

As of September 30, 2024, we had $3.4 billion of cumulative net unrealized losses on our investment securities. During the three months and nine months ended September 30, 2024, we recorded $589 million and $383 million of net unrealized gains on our available-for-sale securities, respectively. Unrealized gains and losses are recorded in other comprehensive income (loss) within our Condensed Consolidated Statement of Comprehensive Income (Loss), and are generally not realized unless we sell the securities prior to their stated maturity date. In the fourth quarter of 2023, non-agency mortgage-backed residential securities with a fair value of $3.6 billion were transferred from available-for-sale to held-to-maturity. At the time of the transfer, $911 million of unrealized losses were retained in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheet. The unrealized loss at the time of transfer is amortized over the remaining life of the security, offsetting the amortization of the security’s premium or discount, and resulting in no impact to the Condensed Consolidated Statement of Comprehensive Income (Loss). The transfer of these securities to held-to-maturity reduces our exposure to fluctuations in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheet that can result from unrealized losses on available-for-sale securities due to changes in market interest rates. As of September 30, 2024, and December 31, 2023, we did not have the intent to sell the available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For the three months and nine months ended September 30, 2024, management determined that there were no expected credit losses for available-for-sale or held-to-maturity securities in an unrealized loss position. Refer to Note 7 and Note 16 to the Condensed Consolidated Financial Statements for additional information.

The composition of our balance sheet, including shorter-duration fixed-rate consumer automotive loans and variable-rate commercial loans, along with our primary funding source of retail deposits, partially mitigates market risk. Additionally, we maintain risk-management controls that measure and monitor market risk using a variety of analytical techniques including market value and sensitivity analysis. Refer to Note 19 to the Condensed Consolidated Financial Statements for additional information. For information regarding our insured and uninsured deposit liabilities, refer to the section below titled Response to Banking Industry Failures.

Net Financing Revenue Sensitivity Analysis

Interest rate risk represents one of our most significant exposures to market risk. We actively monitor the level of exposure to movements in interest rates and take actions to mitigate adverse impacts these movements may have on future earnings. We use a sensitivity analysis of net financing revenue as our primary metric to measure and manage the interest rate risk of our financial instruments. In addition to net financing revenue sensitivities, EVE is used as a long-term interest rate risk measurement tool and a component of our interest rate risk management framework. EVE measures the present value of aggregate lifetime cash flows based on balance sheet and off-balance sheet positions at a specific point-in-time. We determine EVE sensitivities using a multitude of rate scenarios where the present value of future cash flows is recalculated using shocked interest rates. Interest rate risk metrics are reported at each regularly scheduled meeting of the ALCO and of the RC. Reporting includes exposure relative to risk limits, impacts to a range of rate scenarios, and sensitivity tests of key assumptions.

The execution of our current business strategy generally results in shorter-duration, fixed-rate consumer automotive loans comprising the majority of our assets and liquid, floating-rate retail deposits comprising the majority of our liabilities. This, in turn, results in a structurally liability sensitive balance sheet as our floating-rate retail deposits reprice faster than our fixed-rate consumer automotive loans when interest rates change. We prepare forward-looking baseline forecasts of pretax net financing revenue as well as anticipated future business growth, actions to alter our asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly dependent upon a variety of assumptions, one of the most significant being the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We monitor industry and competitive repricing activity along with other business and market factors when developing deposit pricing assumptions.

Modeled simulations are then used to assess changes in pretax net financing revenue in multiple interest rate scenarios relative to the baseline forecast. The changes in net financing revenue relative to the baseline are defined as the sensitivity. Our simulations incorporate contractual cash flows and assumed repricing characteristics for assets, liabilities, and off-balance sheet exposures and incorporate the assumed effects of changing interest rates on the prepayment and attrition rates of certain assets and liabilities. Our simulations do not assume any specific future actions are taken to mitigate the impacts of changing interest rates.

These simulations measure the potential changes in our pretax net financing revenue over the following 12 months. We test a number of alternative rate scenarios, including immediate and gradual parallel shocks to the implied forward curve. We also evaluate nonparallel shocks to interest rates and stresses to certain term points on the yield curve in isolation to capture and monitor a variety of risks.

Simulation results are driven by underlying models and assumptions that are based on trend behavior and other historical information. The underlying models and assumptions, including retail deposit pricing, are regularly monitored and evaluated, and may be updated accordingly as observed trends materialize. For example, we updated our retail deposit pricing assumptions throughout the nine months ended September 30, 2024, which generally increased the liability sensitivity of our balance sheet as retail deposits are assumed to reprice faster in a rising rate scenario than in a decreasing rate scenario. As a result, if future trends or behaviors deviate from those reflected in the models,

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actual sensitivities may vary—perhaps significantly—from those that are modeled. Actual sensitivities may differ for other reasons as well, including unplanned changes in balance sheet composition, timing of asset and liability repricing, the yield curve, customer behavior, macroeconomic conditions, the competitive environment, and management strategies. Accordingly, we do not treat the sensitivities as forecasts of net financing revenue but instead use them as a tool in managing interest rate risk. We also assess Ally’s sensitivity to interest rate risk through the performance of sensitivity testing of key assumptions including, but not limited to, prepayments and retail automotive and deposit repricing on a routine basis.

In a stable rate scenario that assumes spot rates as of September 30, 2024, remain constant through the simulation, net financing revenue over the next 12 months is expected to increase by $82 million versus the baseline forecast, due to the shape of the implied forward curve.

The following table presents the pretax dollar impact to baseline forecasted net financing revenue over the next 12 months assuming various parallel shocks to the implied forward curve as of September 30, 2024, and December 31, 2023.

						September 30, 2024												December 31, 2023
						Gradual (a)						Instantaneous						Gradual (a)						Instantaneous
Change in interest rates						($ in millions)												($ in millions)
+200 basis points						$	94					$	(151)					$	150					$	23
+100 basis points						47						(94)						88						3
-100 basis points						(54)						(152)						(96)						(107)

(a)Gradual changes in interest rates are recognized over 12 months.

Since December 31, 2023, the implied forward curve has steepened, driven by the front-end as expected declines in the federal funds rate increased. During the nine months ended September 30, 2024, our floating-rate commercial balances and cash balances increased while our fixed-rate asset balances decreased, primarily due to closing the sale of Ally Lending and the continued runoff of our investment securities and residential mortgage portfolios. Additionally, we saw a shift from CDs to liquid deposits. The impact of these changes is reflected in our baseline net financing revenue forecast. As of September 30, 2024, our balance sheet is modestly asset sensitive in the near term due to our floating-rate assets and pay-fixed hedge position. However, our balance sheet remains liability sensitive over the medium term, driven by the assumed repricing of our deposits and market-based funding outpacing the assumed repricing of our floating-rate assets and pay-fixed swaps, which will also begin to roll down.

Our interest rate risk position is influenced by the impact of hedging activity, which primarily consists of interest rate swaps designated as fair value hedges of certain fixed-rate assets and fixed-rate debt instruments. Additionally, we use interest rate floor contracts designated as cash flow hedges on certain floating-rate assets. The size, maturity, and mix of our hedging activities are adjusted as our balance sheet, ALM objectives, and the interest rate environment evolve over time. Our hedging strategies, however, are not designed to eliminate all interest rate risk, and we were adversely affected from high interest rates in 2023 and 2024.

Operating Lease Residual Risk Management

We are exposed to residual risk on vehicles in the consumer operating lease portfolio. This operating lease residual risk represents the possibility that the actual proceeds realized upon the sale of returned vehicles will be lower than the projection of these values used in establishing the pricing at lease inception. Our operating lease portfolio, net of accumulated depreciation was $8.3 billion and $9.2 billion as of September 30, 2024, and December 31, 2023, respectively. The expected lease residual value of our operating lease portfolio at scheduled termination was $6.5 billion and $7.4 billion as of September 30, 2024, and December 31, 2023, respectively. Certain of our operating leases are covered by residual guarantees with counterparties, which partially mitigates the residual value risk to the extent the counterparties are able to meet the terms of the contractual agreements. As of September 30, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $1.3 billion and $12 million, respectively, were covered by residual value guarantees. Refer to Note 9 to the Condensed Consolidated Financial Statements for further information. For information on our valuation of automotive operating lease residuals including periodic revisions through adjustments to depreciation expense based on current and forecasted market conditions, refer to the section titled Critical Accounting Estimates—Valuation of Automotive Operating Lease Assets and Residuals within the MD&A in our 2023 Annual Report on Form 10-K.

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Operating Lease Vehicle Terminations and Remarketing

The following table summarizes the volume of operating lease terminations and average gain per vehicle, as well as our methods of vehicle sales at lease termination, stated as a percentage of total operating lease vehicle disposals.

						Three months ended September 30,												Nine months ended September 30,
						2024						2023						2024						2023
Off-lease vehicles terminated (in units)						31,033						29,484						104,560						83,519
Average gain per vehicle ($ per unit)						$	771					$	1,944					$	1,231					$	2,080
Method of vehicle sales
Sale to dealer, lessee, and other						52		%				78		%				55		%				79		%
Auction
Internet						36						17						35						16
Physical						12						5						10						5

We recognized an average gain per vehicle of $771 and $1,231 for the three months and nine months ended September 30, 2024, respectively, compared to an average gain per vehicle of $1,944 and $2,080 for the same periods in 2023. The decreases in remarketing performance during the three months and nine months ended September 30, 2024, as compared to the same periods in 2023, were primarily due to lower auction prices, compounded by continued normalizing volume trends in the contractually priced buyout channels. The method of vehicle sales is largely dependent on the level of used vehicle values at lease termination compared to contractual residual values at lease inception. Off-lease vehicles sold to lessees and dealers decreased 33% and 30% for the three months and nine months ended September 30, 2024, respectively, as compared to the same periods in 2023.

Operating Lease Portfolio Mix

The following table presents the concentration of our outstanding operating leases exposures by OEM.

September 30,						2024						2023
Stellantis						66		%				78		%
GM						7						5
Other OEMs						27						17

The following table presents the mix of operating lease assets by vehicle type, based on volume of units outstanding.

September 30,						2024						2023
Sport utility vehicle						70		%				67		%
Truck						20						28
Car						10						5

As of September 30, 2024, and December 31, 2023, $2.4 billion and $1.0 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles, respectively. Substantially all of our investment in operating leases of battery-electric vehicles are covered by a residual value guarantee of approximately 50% of the vehicles’ contract residual value. Refer to Note 9 to the Condensed Consolidated Financial Statements for more information regarding our investment in operating leases.

Climate-Related Risk

We have identified and defined climate-related risk as an emerging risk. Pursuant to our risk-management framework, emerging risks include those that are newly-identified or evolving and have the potential to significantly impact Ally, but their nature and magnitude may not yet be fully known or may be rapidly changing. Refer to the section titled Risk Factors in Part I, Item 1A of our 2023 Annual Report on Form 10-K for information on climate-related risks.

Climate-related risk is generally categorized into two major categories: (1) risk related to the transition to a lower-carbon economy (transition risk) and (2) risk related to the physical impacts of climate change. Transition risk considers how changes in policy, technology, and market preference could pose operational, financial, and reputational risk to companies. Physical risk from climate change can be acute or chronic. Acute physical risk refers to risks that are event-driven such as increased severity of extreme weather events, including tornadoes, hurricanes, or floods. Chronic physical risks refer to long-term shifts in climate patterns, such as sustained higher temperatures, that may, for example, cause sea levels to rise.

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As the impacts of climate change become more evident, we have recognized (1) the importance of understanding, preparing for and taking timely preventive action against potentially material climate-change impacts, (2) increasing investor demand for consistent and comparable climate-change risk data, (3) shifting federal policy focus as a result of rejoining the Paris Climate Agreement and an increase in regulatory discussion about potential requirements and oversight, and (4) that Ally’s commitment to “Do It Right” extends to the conservation of environmental resources to promote a sustainable future for our customers, employees, stockholders, and the communities in which we live and operate. Ally is committed to developing a comprehensive enterprise sustainability strategy focusing on greater data collection, aggregation, and analysis, with the goal of aligning with the recommendations from the TCFD in assessing and reporting on our exposures to climate-related risks and opportunities consistent with the financial industry. For additional information, refer to the Risk Management MD&A section of our 2023 Annual Report on Form 10-K. Refer to Note 1 to the Condensed Consolidated Financial Statements for additional information on The Enhancement and Standardization of Climate-Related Disclosures for Investors (SEC Release No. 33-11275).

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Liquidity Management, Funding, and Regulatory Capital

Overview

The purpose of liquidity management is to enable us to meet loan and operating lease demand, debt maturities, deposit withdrawals, and other cash commitments under both normal operating conditions as well as periods of economic or financial stress. Our primary objective is to maintain cost-effective, stable and diverse sources of funding capable of sustaining the organization throughout all market cycles. Sources of funding include both retail and brokered deposits and secured and unsecured market-based funding across various maturity, interest rate, and investor profiles. Additional liquidity is available through a pool of unencumbered highly liquid securities, repurchase agreements, advances from the FHLB of Pittsburgh, and the FRB Discount Window.

We define liquidity risk as the risk that an institution’s financial condition or overall safety and soundness is adversely affected by the actual or perceived inability to liquidate assets or obtain adequate funding or to easily unwind or offset specific exposures without significantly lowering market prices because of inadequate market depth or market disruptions. Liquidity risk can arise from a variety of institution-specific or market-related events that could have a negative impact on cash flows available to the organization. Effective management of liquidity risk positions an organization to meet cash flow obligations caused by unanticipated events. Managing liquidity needs and contingent funding exposures has proven essential to the solvency of financial institutions.

The ALCO, chaired by the Corporate Treasurer, is responsible for overseeing our funding and liquidity strategies. Corporate Treasury is responsible for managing our liquidity positions within limits approved by ALCO, the ERMC, and the RC. As part of managing liquidity risk, Corporate Treasury prepares monthly forecasts depicting anticipated funding needs and sources of funds, executes our funding strategies, and manages liquidity under normal as well as more severely stressed macroeconomic environments. Oversight and monitoring of liquidity risk are provided by Independent Risk Management.

The monthly liquidity forecasts demonstrate our ability to generate and obtain adequate amounts of cash to meet loan and operating lease demand, debt maturities, deposit withdrawals, and other cash commitments under normal operating conditions throughout the forecast horizon (currently through December 2026). Refer to Note 13 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt as of September 30, 2024. In recent years, we have become less reliant on market-based funding, reducing our exposure to disruptions in wholesale funding markets.

Funding Strategy

Liquidity and ongoing profitability are largely dependent on the timely and cost-effective access to retail deposits and funding in various segments of the capital markets. We focus on maintaining diversified funding sources across a broad base of depositors, lenders, and investors to meet liquidity needs throughout different economic cycles, including periods of financial distress. These funding sources include retail and brokered deposits, public and private asset-backed securitizations, unsecured debt, FHLB advances, and repurchase agreements. Our access to diversified funding sources enhances funding flexibility and results in a more cost-effective funding strategy over the long term. We evaluate funding markets on an ongoing basis to achieve an appropriate balance of unsecured and secured funding sources and maturity profiles.

We manage our funding to achieve a well-balanced portfolio across a spectrum of risk, maturity, and cost-of-funds characteristics. Optimizing funding at Ally Bank continues to be a key part of our long-term liquidity strategy. We optimize our funding sources at Ally Bank by prioritizing retail deposits, maintaining an active securitization program, managing the maturity profile of our brokered deposit portfolio, utilizing repurchase agreements, and continuing to access funds from the FHLB.

Assets are primarily originated by Ally Bank to reduce parent company exposures and funding requirements, and to utilize our growing consumer deposit-taking capabilities. This allows us to use bank funding for substantially all our automotive finance and other assets and to provide a sustainable long-term funding channel for the business, while also improving the cost of funds for the enterprise.

Liquidity Risk Management

Multiple metrics are used to measure liquidity risk, manage the liquidity position, identify related trends, and monitor these trends and metrics against established limits. These metrics include comprehensive stress tests that measure the sufficiency of the liquidity portfolio over stressed horizons ranging from overnight to 12 months, stability ratios that measure longer-term structural liquidity, and concentration ratios that enable prudent funding diversification. In addition, we have established internal management routines designed to review all aspects of liquidity and funding plans, evaluate the adequacy of liquidity buffers, review stress testing results, and assist management in the execution of its funding strategy and risk-management accountabilities.

Our liquidity stress testing is designed to allow us to operate our businesses and to meet our contractual and contingent obligations, including unsecured debt maturities, for at least 12 months, assuming our normal access to funding is disrupted by severe market-wide and enterprise-specific events. We maintain available liquidity in the form of cash, unencumbered highly liquid securities, available FHLB capacity, and available FRB Discount Window capacity. This available liquidity is held at various legal entities and is subject to regulatory restrictions and tax implications that may limit our ability to transfer funds across entities.

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The following table summarizes our total available liquidity.

($ in millions)						September 30, 2024						December 31, 2023
Liquid cash and equivalents (a)						$	7,921					$	6,468
FHLB unused pledged borrowing capacity (b)						12,487						10,333
Unencumbered highly liquid securities (c)						20,839						20,627
FRB Discount Window pledged capacity (d)						26,664						26,025
Total available liquidity						$	67,911					$	63,453

(a)Excludes restricted cash and foreign currency cash balances.

(b)Pledged assets are primarily composed of consumer mortgage finance receivables and loans, as well as real-estate-backed loans within our Automotive Finance and Corporate Finance businesses, and non-agency mortgage-backed securities.

(c)Includes unencumbered U.S. federal government, U.S. agency, and highly liquid corporate debt securities.

(d)Pledged assets are composed of consumer automotive finance receivables and loans. Refer to Note 13 to the Condensed Consolidated Financial Statements for information on assets pledged to the FRB.

Recent Funding and Liquidity Developments

Key funding highlights from January 1, 2024, to date were as follows:

•We raised $1.9 billion through the completion of two term securitization transactions backed by consumer automotive loans.

•We issued $10.5 billion of brokered CDs.

•We became eligible for the FRB Standing Repo Facility.

•We raised $330 million through the issuance of credit-linked notes. The related proceeds are held within a cash collateral account as restricted cash and cash equivalents recorded within other assets on the Condensed Consolidated Balance Sheet.

•During July 2024, we accessed the unsecured debt capital markets and raised $750 million through the issuance of senior notes, which provided additional liquidity at Ally Financial Inc.

Response to Banking Industry Failures

In March 2023, the FDIC was appointed as receiver for SVB and Signature after they experienced runs on deposits and other liquidity constraints. At the time, SVB and Signature were the 16th and 29th largest banks in the United States, respectively, as measured by total assets as of December 31, 2022. Also during March 2023, UBS Group AG announced the acquisition of Credit Suisse Group AG, with the support of the Swiss government.

Our liquidity position fundamentally differs from those of SVB and Signature before their failures. For example, approximately 93% of total deposits at Ally Bank, excluding affiliate and intercompany deposits, were FDIC-insured as of September 30, 2024, compared to 12% for SVB and 10% for Signature as of December 31, 2022. Additionally, our deposit portfolio is primarily composed of granular and diversified retail customer accounts, as opposed to SVB and Signature who had large uninsured commercial deposits. However, because of the market turbulence and uncertainty, in March 2023, we activated existing internal incident response procedures specifically designed to increase governance and monitoring of Ally Bank’s depositor behavior, liquidity position, and risk exposure, including frequent ongoing dialogue with the Board and supervisory authorities.

Before and after the SVB and Signature failures, we also took specific funding actions. Even before these failures, in response to the unprecedented pace of monetary tightening in 2022 and the resultant macroeconomic uncertainty, we had increased cash and available liquidity. After the failures, we continued to do so by optimizing brokered CD issuances, borrowing from the FHLB, managing securities collateral pledged to the FHLB, maintaining competitive retail deposit pricing, managing new loan origination volumes, and increasing available FRB Discount Window capacity by pledging additional consumer automotive loan collateral. In March 2024, we also became eligible for the FRB Standing Repo Facility, which allows banks to borrow overnight cash from the FRB through a repurchase agreement using U.S. Treasury or agency mortgage-backed securities as collateral. We had $67.9 billion of total available liquidity as of September 30, 2024, which included $12.5 billion of available FHLB capacity and $26.7 billion of available FRB Discount Window capacity. Refer to the section above titled Liquidity Risk Management. FHLB funding provides us with a stable funding source and can be drawn upon on a same-day basis if sufficiently secured with available collateral.

In support of American businesses and households, the FRB created the BTFP in March 2023 to make additional funding available to eligible depository institutions in order to help assure that banks have the ability to meet the needs of all of their depositors. The FRB ceased making new loans as scheduled on March 11, 2024. We did not borrow from the BTFP through the duration of the eligibility period. As of September 30, 2024, we had $26.7 billion in total available funding capacity through the FRB Discount Window, with no debt outstanding during the nine months ended September 30, 2024.

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Following the failures of SVB and Signature, on May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with JPMorgan Chase Bank to assume all the deposits and substantially all the assets of First Republic Bank. We continue to monitor and assess the impact of these failures on Category IV firms, like Ally.

In April 2023, in a statement accompanying the review of the FRB’s supervision and regulation of SVB, FRB Vice Chair for Supervision Barr highlighted a plan to revisit the Tailoring Rules and develop stronger capital, liquidity, stress-testing, and other standards for Category IV firms like Ally. In July 2023, the U.S. banking agencies issued a proposed rule to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017 (commonly known as the Basel III endgame or as Basel IV). For regulatory capital, the proposed rule would eliminate the effect of the Tailoring Rules by requiring the recognition of most elements of accumulated other comprehensive income and loss and the application of deductions, limitations, and criteria for specified capital investments, minority interests, and TLAC holdings. For each of the risk-based capital ratios, a large banking organization, like Ally, would calculate and be bound by the lower of two alternatives: one version of the ratio based on an expanded risk-based approach prescribed in the proposed rule and one version of the ratio based on the standardized approach as modified by the proposed rule. All capital buffer requirements, including the stress capital buffer requirement, would apply regardless of whether the expanded risk-based approach or the standardized approach produces the lower ratio. Under the expanded risk-based approach, total RWAs would equal the sum of the RWAs for credit risk, equity risk, operational risk, market risk, and CVA risk as set forth in the proposed rule minus any amount of the banking organization’s adjusted allowance for credit losses that is not included in Tier 2 capital and any amount of allocated transfer risk reserves. Under the standardized approach, total RWAs would be calculated using the existing rules with a revised methodology for determining RWAs for market risk, and a required application of the standardized approach for counterparty credit risk for derivative exposures. Category IV firms would be further required under the proposed rule to project their risk-based capital ratios under baseline conditions in their capital plans and related reports using the RWA-calculation approach that results in their binding risk-based capital ratios as of the start of the projection horizon. The proposed rule also would roll back additional elements of the Tailoring Rules by applying to Category IV firms the supplementary leverage ratio, the countercyclical capital buffer, and enhanced public disclosure and reporting requirements. Under the proposed rule, a three-year transition period from July 1, 2025, to June 30, 2028, would apply to the recognition of accumulated other comprehensive income and loss in regulatory capital and the use of the expanded risk-based approach. The phase-in of accumulated other comprehensive income and loss is expected to significantly affect our levels of regulatory capital. While we believe that this would be manageable, we also anticipate that our levels of regulatory capital would need to be gradually increased in advance of and during the proposed transition period. As for the proposed changes to RWAs, while we continue to evaluate the effects of individual provisions and the interplay among them as well as potential management actions in response, the impact is not currently expected to be significant in the aggregate if the proposed rule were adopted in its existing form. Since the proposed rule was issued, we have been engaged with research and advocacy groups to inform the rulemaking process and better understand the impacts of the proposed rule on banking organizations of various sizes and complexities—as well as the competitive environment more broadly—and likewise encourage the U.S. banking agencies to closely study these impacts and their wider implications.

In August 2023, the U.S. banking agencies issued a proposed rule to improve the resolvability of Category IV firms, like Ally. The proposed rule would require Category II, III, and IV firms, their large consolidated banks, and other institutions to issue and maintain minimum amounts of eligible long-term debt in an amount that is the greater of (i) 6 percent of total RWAs, (ii) 3.5 percent of average total consolidated assets, and (iii) 2.5 percent of total leverage exposure. CIDIs, like Ally Bank, that are consolidated subsidiaries of covered entities, like Ally, would be required to issue eligible long-term debt internally to a company that consolidates the CIDI, which would in turn be required to purchase that long-term debt. Only long-term debt instruments that are most readily able to absorb losses in a resolution proceeding would qualify, and the operations of covered entities would be subject to clean-holding-company requirements such as prohibitions and limitations on their liabilities to unaffiliated entities. Under the proposed rule, a transition period would apply with 25, 50, and 100 percent of the long-term-debt requirements coming into effect by the end of the first, second, and third years, respectively, after finalization of the rule. We are still assessing the impact of this proposed rule but, due to the current structure and amount of debt instruments issued by Ally and Ally Bank, we expect it to significantly affect us.

Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any final rules after public comments are considered, remain unclear. Also, beyond these proposed rules, more stringent and less tailored liquidity, stress-testing, and other standards for Category IV firms, like Ally, may be forthcoming, including those that may reinstate the LCR, require more rigorous liquidity stress testing, and return Ally to supervisory stress testing on an annual cycle.

In June 2024, the FDIC issued a final rule that requires each CIDI with $100 billion or more in total assets, like Ally Bank, to submit a full resolution plan with an identified strategy from the point of their failure to disposition of substantially all of the CIDI’s assets and operations through wind-down, liquidation, divestiture, or other return to the private sector. Under the final rule, the CIDI must utilize as its identified strategy the formation or stabilization of a bridge depository institution that continues operations through the completion of the CIDI’s resolution and exit unless the CIDI demonstrates why another strategy is more appropriate based upon its size, complexity, and risk profile. All CIDIs are required to demonstrate capabilities to carry out the sale of the CIDI and its assets. Such capabilities include the capability to maintain continuity of critical services, the capability to produce valuations needed in assessing the resolution strategy that is least costly to the FDIC’s deposit insurance fund, and the capability to establish a virtual due diligence data room promptly in the run-up to or upon failure of the CIDI to support the ability of the FDIC to market and execute a timely sale or disposition of the CIDI and its assets. Each CIDI’s resolution plan will also be subject to additional requirements, including those related to the underlying failure scenario assumptions, resolution plan content, and FDIC reviews of the resolution plan under the final rule. CIDIs not affiliated with U.S. global systemically important banking organizations are subject to a triennial submission cycle in which a full resolution plan is required to be submitted once

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every three years, with interim supplements due in non-submission years. The final rule became effective on October 1, 2024. Ally Bank will be required to submit its initial interim supplement on or before July 1, 2025 and a full resolution plan on or before July 1, 2026 under the final rule. Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information.

In August 2024, Moody’s upgraded our outlook from Negative to Stable. Previously in August 2023, citing macroeconomic trends impacting the banking industry, such as increased costs of funding and rapid tightening in monetary policy, Moody’s downgraded the credit ratings of a number of banks. Additionally, Moody’s downgraded the outlook of a number of banks, including Ally, where the outlook was lowered from Stable to Negative. Refer to the section below titled Credit Ratings for additional information.

On November 16, 2023, the FDIC finalized a rule that imposes a special assessment to recover the costs to the DIF resulting from the FDIC’s use, in March 2023, of the systemic risk exception to the least-cost resolution test under the FDI Act in connection with the receiverships of SVB and Signature. The FDIC estimated in approving the rule that those assessed losses total approximately $16.3 billion. The rule provides that this loss estimate will be periodically adjusted, which will affect the amount of the special assessment. Under the rule, the assessment base is the estimated uninsured deposits that an IDI reported in its Consolidated Reports of Condition and Income (“Call Report”) at December 31, 2022, excluding the first $5 billion in estimated uninsured deposits. The special assessments will be collected at an annual rate of approximately 13.4 basis points per year (3.36 basis points per quarter) over eight quarters in 2024 and 2025, with the first assessment period beginning January 1, 2024. Because the estimated loss pursuant to the systemic risk determination will be periodically adjusted, the FDIC retains the ability to cease collection early, extend the special assessment collection period, and impose a final shortfall special assessment on a one-time basis. Ally expects the special assessments to be tax deductible. The total of the assessments for Ally, based on Ally Bank’s uninsured deposits as of December 31, 2022, was estimated at $38 million as of December 31, 2023. During the first quarter of 2024, the FDIC increased the estimated assessed losses to $20.4 billion. As a result, we increased our special assessment estimate by $10 million during the three months ended March 31, 2024, to a total of $48 million at March 31, 2024. During the second quarter of 2024, the FDIC decreased the estimated assessed losses to $19.2 billion. Additionally, the special assessment collection period was updated to include two additional quarters, resulting in a total collection period of ten quarters beginning in the second quarter of 2024. The special assessment will be collected at an annual rate of approximately 13.4 basis points per year (3.36 basis points per quarter) over the first eight quarters and approximately 9.4 basis points per year (2.34 basis points per quarter) over the last two quarters. In June 2024, the FDIC invoiced Ally Bank for the first installment of the FDIC special assessment and included the total expected amount to be invoiced over the ten quarter period of $45 million. As a result, our FDIC special assessment liability decreased $8 million during the second quarter of 2024, of which $3 million was recognized as a reduction to other operating expense, and $5 million was paid to the FDIC in June of 2024 for our first installment. As of June 30, 2024, our FDIC special assessment liability was $40 million. During the third quarter of 2024, the FDIC updated the annual rate to be applied over the last two quarters of the collection period from 9.4 basis points per year (2.34 basis points per quarter) to 7.6 basis points per year (1.90 basis points per quarter). Additionally, we paid our second installment to the FDIC in September of 2024. As of September 30, 2024, our FDIC special assessment liability was $35 million.

Funding Sources

The following table summarizes our sources of funding and the amount outstanding under each category for the periods shown.

						September 30, 2024												December 31, 2023
($ in millions)						On-balance-sheet funding						% Share of funding						On-balance-sheet funding						% Share of funding
Deposits						$	151,950					89						$	154,666					88
Debt
Secured financings						8,558						5						10,443						6
Institutional term debt						9,160						5						9,815						6
Retail term notes						860						1						609						—
Total debt (a)						18,578						11						20,867						12
Total on-balance-sheet funding						$	170,528					100						$	175,533					100

(a)Includes hedge basis adjustments as described in Note 19 to the Condensed Consolidated Financial Statements.

Refer to Note 13 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt at September 30, 2024.

Deposits

Ally Bank is a digital direct bank with no branch network that obtains retail deposits directly from customers. We offer competitive rates and fees on a full spectrum of retail deposit products, including savings accounts, money-market demand accounts, CDs, interest-bearing spending accounts, trust accounts, and IRAs. Our primary funding source is retail deposits, which we believe, at scale, are the most efficient and stable source of funding for us when compared to other funding sources. Retail deposits constituted 83% of our total on-balance-sheet funding sources at September 30, 2024. Total deposits, which include brokered deposits obtained through third-party intermediaries, constituted 89% of total on-balance-sheet funding at September 30, 2024.

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Total uninsured deposits as calculated per regulatory guidance includes affiliate and intercompany deposits, which we believe have different risk profiles than other uninsured deposits. The amounts presented below remove affiliate and intercompany deposits from total uninsured deposits. We believe that the presentation of uninsured deposits adjusted for the impact of the affiliate deposits provides enhanced clarity of uninsured deposits at risk.

						September 30, 2024									December 31, 2023
($ in millions)						Amount			% of total deposits						Amount			% of total deposits
Uninsured deposits
Total uninsured deposits, as calculated per regulatory guidelines						$	15,914		10						$	16,895		11
Less: Affiliate and intercompany deposits						4,778			3						5,313			4
Total uninsured deposits, excluding affiliate and intercompany deposits						$	11,136		7						$	11,582		7

The following table shows Ally Bank’s total primary retail deposit customers and deposit balances as of the end of each of the last five quarters.

			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total primary retail deposit customers (in thousands)			3,255			3,198			3,144			3,040			2,989
Deposits ($ in millions)
Retail			$	141,449		$	142,075		$	145,147		$	142,265		$	140,100
Brokered			9,082			8,726			8,495			11,000			11,264
Other (a)			1,419			1,353			1,442			1,401			1,471
Total deposits			$	151,950		$	152,154		$	155,084		$	154,666		$	152,835

(a)Other deposits include mortgage escrow deposits. Other deposits also include a deposit related to Ally Invest customer cash balances deposited at Ally Bank by a third party of $1.2 billion as of both September 30, 2024, and June 30, 2024, and $1.3 billion as of each of the periods ended March 31, 2024, December 31, 2023, and September 30, 2023.

During the nine months ended September 30, 2024, our total deposit base decreased $2.7 billion, and we added approximately 215,000 retail deposit customers, ending with approximately 3.3 million retail deposit customers as of September 30, 2024. Total retail deposits decreased $816 million during the nine months ended September 30, 2024, bringing the total retail deposits portfolio to $141.4 billion as of September 30, 2024. During the nine months ended September 30, 2024, we proactively implemented pricing actions to reduce rates paid on several of our key deposit product offerings which contributed to lower overall retail deposit balances. We maintain a relentless focus on customer experience and competitive rates. The decrease during the nine months ended September 30, 2024, was also driven by an outflow of deposit balances from existing customers related to tax payments. Brokered deposits decreased $1.9 billion during the nine months ended September 30, 2024. During the nine months ended September 30, 2024, our CD deposit liabilities decreased $5.3 billion while our savings, money market, and spending account deposit liabilities increased $2.5 billion. This trend was primarily due to customer migration to liquid savings as fixed-rate CD maturities occurred during the nine months ended September 30, 2024. Overall, strong customer acquisition and retention rates continue to deliver a favorable funding mix.

Following the failures of SVB and Signature, we briefly experienced elevated two-way deposit flows. Uninsured deposit outflows were more than offset by inflows from new and existing customers. Approximately 92% of retail deposits at Ally Bank, excluding affiliate and intercompany deposits, were FDIC-insured as of September 30, 2024. Our total available liquidity exceeded our uninsured retail deposit liabilities by $56.8 billion as of September 30, 2024.

We continue to advance our digital capabilities and deliver incremental value to our retail deposit customers beyond competitive rates and low fees. Notably, our digital tools (e.g. Savings & Spend Buckets) improve the digital banking experience across the entire customer journey, and additional account features like CoverDraft and early direct deposit further bolster our “Do It Right” commitment for our customers.

We continue to be recognized for the totality of experience and value we provide our customers. For the second consecutive year, Wall Street Journal’s BuySide named Ally as the “Best Online Bank”. Additionally, MONEY® Magazine named Ally to its “Best Online Bank” list for the seventh consecutive year, as well as the twelfth time in the past fourteen years. Most recently, Ally has been recognized on Fortune Recommends “Best Online Banks” list for 2024 in addition to being named “Best Bank” and “Best Bank for CDs” by Nerdwallet. Bankrate also named Ally as “Best Bank Overall”, “Best Online Bank”, “Best CD”, and “Best Checking Account”. Most recently, Fox Business included Ally on its list of Top 10 Banks for Customer Service. For additional information on our deposit funding by type, refer to Note 12 to the Condensed Consolidated Financial Statements.

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Securitizations and Secured Financings

In addition to building a larger deposit base in recent years, we maintain a presence in the securitization markets to finance our automotive loan portfolios. Securitizations and secured funding transactions, collectively referred to as securitization transactions due to their similarities, allow us to convert our automotive finance receivables into cash earlier than what would have occurred in the normal course of business. For additional details surrounding our securitization activities, refer to the section titled Liquidity Management, Funding, and Regulatory Capital in our 2023 Annual Report on Form 10-K.

These securitization transactions may meet the criteria to be accounted for as off-balance-sheet securitization transactions if we do not hold a potentially significant economic interest or do not provide servicing or asset management functions for the financial assets held by the securitization entity. Our securitization transactions may not meet the required criteria to be accounted for as off-balance-sheet securitization transactions; therefore, they are accounted for as secured borrowings. For information regarding our off-balance sheet arrangements and securitization activities, refer to Note 1 and Note 10 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

During the nine months ended September 30, 2024, we raised $1.9 billion through the completion of two term securitization transactions backed by consumer automotive loans. As a result of one of the sales, we deconsolidated $1.1 billion of consumer automotive loans from our Condensed Consolidated Balance Sheet. In connection with this transaction, we reduced our allowance for loan losses by approximately $15 million through provision for credit losses, and recognized no additional gain or loss on the sale. The second transaction, accounted for as a secured borrowing, resulted in $777 million of funding.

During the nine months ended September 30, 2024, we raised $330 million through the issuance of credit-linked notes. The proceeds from this issuance constitute prefunded credit protection for mezzanine tranches of the reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. This transaction is structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure.

We have access to funding through advances with the FHLB. These advances are primarily secured by consumer and commercial mortgage finance receivables and loans and investment securities. As of September 30, 2024, we had pledged $27.0 billion of assets to the FHLB resulting in $18.7 billion in total funding capacity with $6.2 billion of debt outstanding.

At September 30, 2024, $66.9 billion of our total assets were restricted as collateral for the payment of debt obligations accounted for as secured borrowings. Refer to Note 13 to the Condensed Consolidated Financial Statements for further discussion.

Unsecured Financings

We have long-term unsecured debt outstanding from retail term note programs. These programs are composed of callable fixed-rate instruments with fixed maturity dates. There were $860 million of retail term notes outstanding at September 30, 2024. Refer to Note 13 to the Condensed Consolidated Financial Statements for additional information about our outstanding long-term unsecured debt.

Other Secured and Unsecured Short-term Borrowings

We have access to repurchase agreements. A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. The securities sold in repurchase agreements include U.S. government and federal agency obligations. As of September 30, 2024, we had $371 million debt outstanding under repurchase agreements.

Additionally, we have access to the FRB Discount Window and can borrow funds to meet short-term liquidity demands. The FRB, however, is not a primary source of funding for day-to-day business. Instead, it is a liquidity source that can be accessed in stressed environments or periods of market disruption. As of September 30, 2024, we had assets pledged and restricted as collateral to the FRB totaling $33.9 billion, resulting in $26.7 billion in total funding capacity with no debt outstanding.

Guaranteed Securities

Certain senior notes (collectively, the Guaranteed Notes) issued by Ally Financial Inc. (referred to within this section as the Parent) are unconditionally guaranteed on a joint and several basis by IB Finance, a subsidiary of the Parent and the direct parent of Ally Bank, and Ally US LLC, a subsidiary of the Parent (together, the Guarantors, and the guarantee provided by each such Guarantor, the Note Guarantees). The Guarantors are primary obligors with respect to payment when due, whether at maturity, by acceleration or otherwise, of all payment obligations of the Parent in respect of the Guaranteed Notes pursuant to the terms of the applicable indenture. At both September 30, 2024, and December 31, 2023, the outstanding principal balance of the Guaranteed Notes was $2.0 billion, with the last scheduled maturity to take place in 2031.

The Note Guarantees rank equally in right of payment with the applicable Guarantor’s existing and future unsubordinated unsecured indebtedness and are subordinate to any secured indebtedness of the applicable Guarantor to the extent of the value of the assets securing such indebtedness. The Note Guarantees are structurally subordinate to indebtedness and other liabilities (including trade payables and lease obligations, and in the case of Ally Bank, its deposits) of any nonguarantor subsidiaries of the applicable Guarantor to the extent of the value of the assets of such subsidiaries.

The Note Guarantees and all other obligations of the Guarantors will terminate and be of no further force or effect (i) upon a permissible sale, disposition, or other transfer (including through merger or consolidation) of a majority of the equity interests (including any sale,

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disposition or other transfer following which the applicable Guarantor is no longer a subsidiary of the Parent), of the applicable Guarantor, or (ii) upon the discharge of the Parent’s obligations related to the Guaranteed Notes.

The following tables present summarized financial data for the Parent and the Guarantors on a combined basis. The Guarantors, both of which the Parent is deemed to possess control over, are fully consolidated after eliminating intercompany balances and transactions. Summarized financial data for nonguarantor subsidiaries is excluded.

						Three months ended September 30,												Nine months ended September 30,
($ in millions)						2024						2023						2024						2023
Net financing loss and other interest income (a)						$	(222)					$	(242)					$	(654)					$	(718)
Dividends from bank subsidiaries						450						500						750						1,000
Dividends from nonbank subsidiaries						—						—						—						250
Total other revenue						38						33						100						123
Total net revenue						266						291						196						655
Provision for credit losses						5						(14)						10						(15)
Total noninterest expense						98						91						352						346
Income (loss) from continuing operations before income tax benefit						163						214						(166)						324
Income tax benefit from continuing operations (b)						(120)						(188)						(247)						(336)
Net income from continuing operations						283						402						81						660
Loss from discontinued operations, net of tax						—						—						—						(1)
Net income (c)						$	283					$	402					$	81					$	659

(a)Net financing loss and other interest income is primarily driven by interest expense on long-term debt.

(b)There is a significant variation in the customary relationship between pretax income and income tax benefit due to our accounting policy elections and consolidated tax adjustments. The income tax benefit excludes tax effects on dividends from subsidiaries.

(c)Excludes the Parent’s and Guarantors’ share of income of all nonguarantor subsidiaries.

($ in millions)						September 30, 2024						December 31, 2023
Total assets (a)						$	6,293					$	7,242
Total liabilities						$	11,636					$	11,671

(a)Excludes investments in all nonguarantor subsidiaries.

Cash Flows

The following summarizes the activity reflected in the Condensed Consolidated Statement of Cash Flows. While this information may be helpful to highlight certain macro trends and business strategies, the cash flow analysis may not be as helpful when analyzing changes in our net earnings and net assets. We believe that in addition to the traditional cash flow analysis, the discussion related to liquidity, dividends, and ALM herein may provide more useful context in evaluating our liquidity position and related activity.

Net cash provided by operating activities was $3.9 billion and $4.7 billion for the nine months ended September 30, 2024, and 2023, respectively. The change was primarily due to non-cash activities, including a $462 million decrease in the net change in interest payable, a $210 million decrease in the net change in other assets, and a $182 million decrease in the net change in other liabilities. This was partially offset by a $79 million increase in net cash inflows related to loans held-for-sale activity. Refer to the Consolidated Results of Operations section of this MD&A for further discussion.

Net cash provided by investing activities was $3.5 billion for the nine months ended September 30, 2024, and net cash used in investing activities was $4.2 billion for the nine months ended September 30, 2023. The change was primarily due to a $5.7 billion increase in net cash inflows related to loans held-for-investment activity and a $2.0 billion increase in net cash inflows related to proceeds from the sale of Ally Lending.

Net cash used in financing activities was $5.5 billion for the nine months ended September 30, 2024, and net cash provided by financing activities was $2.4 billion for the same period in 2023. The change was primarily attributable to a decrease in net cash inflows of $3.3 billion from deposits, a decrease in proceeds from issuance of long-term debt of $2.0 billion, an increase in net cash outflows from the net change in short-term borrowings of $1.5 billion, and a $1.1 billion increase in net cash outflows from repayments of long-term debt.

Capital Planning and Stress Tests

Under the Tailoring Rules, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar

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action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary.

The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework in Note 18 to the Condensed Consolidated Financial Statements for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally did not elect to participate in the 2023 supervisory stress test, but was subject to the 2024 supervisory stress test.

We received an updated preliminary stress capital buffer requirement based on our 2022 capital plan submission from the FRB in June 2022, which was determined to be 2.5% and reflected a decline of 100 basis points relative to our prior requirement. The updated 2.5% stress capital buffer requirement was finalized in August 2022 and became effective in October 2022. We submitted our 2023 capital plan to the FRB in April 2023, and received an updated preliminary stress capital buffer requirement in June 2023 that remained unchanged at 2.5%. The 2.5% stress capital buffer requirement was finalized in July 2023 and became effective in October 2023. We submitted our 2024 capital plan to the FRB in April 2024. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2024, which was determined to be 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024.

In February 2023, we accessed the unsecured debt capital markets and issued $500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. In June 2024, we accessed the debt capital markets and issued $330 million of credit-linked notes based on a reference portfolio of $3.0 billion of consumer automotive loans. The proceeds from this issuance constitute prefunded credit protection for mezzanine tranches of the reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. This transaction is structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure.

Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), the taxation of share repurchases, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time.

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Regulatory Capital

We became subject to U.S. Basel III on January 1, 2015, although a number of its provisions—including capital buffers and certain regulatory capital deductions—were subject to phase-in periods. For further information on U.S. Basel III, refer to Note 18 to the Condensed Consolidated Financial Statements. The following table presents selected regulatory capital data under U.S Basel III.

						September 30,
($ in millions)						2024												2023
Common Equity Tier 1 capital ratio						9.79		%										9.31		%
Tier 1 capital ratio						11.24		%										10.71		%
Total capital ratio						12.90		%										12.49		%
Tier 1 leverage ratio (to adjusted quarterly average assets) (a)						8.99		%										8.60		%
Total equity						$	14,725											$	12,825
CECL phase-in adjustment (b)						296												591
Preferred stock (c)						(2,324)												(2,324)
Goodwill and certain other intangibles						(707)												(878)
Deferred tax assets arising from net operating loss and tax credit carryforwards (d)						(106)												(5)
AOCI-related adjustments (e)						3,414												4,785
Common Equity Tier 1 capital						15,298												14,994
Preferred stock (c)						2,324												2,324
Other adjustments						(58)												(61)
Tier 1 capital						17,564												17,257
Qualifying subordinated debt and other instruments qualifying as Tier 2						696												903
Qualifying allowance for loan losses and other adjustments						1,913												1,966
Total capital						$	20,173											$	20,126
Risk-weighted assets (f)						$	156,322											$	161,076

(a)Tier 1 leverage ratio equals Tier 1 capital divided by adjusted quarterly average total assets, which both reflect adjustments for disallowed goodwill, certain intangible assets, and disallowed deferred tax assets.

(b)We elected to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we phased in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Refer to Note 18 to the Condensed Consolidated Financial Statements for further information.

(c)Refer to Note 15 to the Condensed Consolidated Financial Statements for additional details about our non-cumulative perpetual preferred stock.

(d)Contains deferred tax assets required to be deducted from capital under U.S. Basel III.

(e)Comprises adjustments related to our accumulated other comprehensive income opt-out election, which allows us to exclude most elements of accumulated other comprehensive income from regulatory capital.

(f)Risk-weighted assets are defined by regulation and are generally determined by allocating assets and specified off-balance sheet exposures to various risk categories.

Credit Ratings

The cost and availability of unsecured financing are influenced by credit ratings, which are intended to be an indicator of the creditworthiness of a particular company, security, or obligation. Lower ratings result in higher borrowing costs and reduced access to capital markets. This is particularly true for certain institutional investors whose investment guidelines require investment-grade ratings on term debt and the two highest rating categories for short-term debt (particularly money-market investors).

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Nationally recognized statistical rating organizations rate substantially all our debt. The following table summarizes our current ratings and outlook by the respective nationally recognized rating agencies.

Rating agency

Short-term

Senior unsecured debt

Outlook

Fitch (a)

F3

BBB-

Stable

Moody’s (b)

P-3

Baa3

Stable

S&P (c)

A-3

BBB-

Stable

DBRS (d)

R-2 (high)

BBB

Stable

(a)Fitch affirmed our senior unsecured debt rating of BBB-, short-term rating of F3, and affirmed the outlook of Stable on March 8, 2024.

(b)Moody’s affirmed our senior unsecured rating of Baa3, affirmed our short-term rating of P-3, and changed our outlook to Stable from Negative on August 8, 2024.

(c)Standard & Poor’s affirmed our senior unsecured debt rating of BBB-, affirmed our short-term rating of A-3, and changed our outlook to Stable from Negative on March 25, 2021.

(d)DBRS affirmed our senior unsecured debt rating of BBB, affirmed our short-term rating of R-2 (high), and affirmed our outlook of Stable on February 15, 2024.

As illustrated by the issuer ratings above, as of September 30, 2024, Ally holds an investment-grade rating from all the respective nationally recognized rating agencies.

Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. Rating agencies themselves could make or be required to make substantial changes to their ratings policies and practices—particularly in response to legislative and regulatory changes. Potential changes in rating methodology, as well as in the legislative and regulatory environment, and the timing of those changes could impact our ratings, which as noted above could increase our borrowing costs and reduce our access to capital.

A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

Critical Accounting Estimates

We identified critical accounting estimates that, as a result of judgments, uncertainties, uniqueness, and complexities of the underlying accounting standards and operations involved could result in material changes to our financial condition, results of operations, or cash flows under different conditions or using different assumptions.

Our most critical accounting estimates are as follows:

•Allowance for loan losses

•Valuation of automotive lease assets and residuals

•Fair value of financial instruments

•Determination of provision for income taxes

During the second quarter of 2024, we updated our reasonable and supportable forecast period for our allowance for loan losses from 12 months to 24 months, and our reversion period from 24 months to 12 months. This refinement to our estimation process represents a change in accounting estimate, with prospective application beginning in the period of change. The impact of this refinement to our estimation process was offset by an adjustment in the qualitative portion of our allowance. The use of a longer-duration reasonable and supportable macroeconomic forecast period to produce the modeled portion of our allowance for loan losses is expected to further improve model performance. Refer to Note 1 to the Condensed Consolidated Financial Statements for additional information.

We did not substantively change any material aspect of our methodologies and processes used in developing any of the estimates described above from what was described in the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

Refer to Note 1 to the Condensed Consolidated Financial Statements for further discussion regarding the methodology used in calculating the provision for income taxes for interim financial reporting.

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Statistical Table

The accompanying supplemental information should be read in conjunction with the more detailed information, including our Condensed Consolidated Financial Statements and the notes thereto, which appears elsewhere in this Quarterly Report.

Net Interest Margin Table

The following tables present an analysis of net yield on interest-earning assets (or net interest margin) for the periods shown.

						2024																		2023																														Increase (decrease) due to
Three months ended September 30, ($ in millions)						Average balance (a)						Interest income/interest expense						Yield/rate						Average balance (a)						Interest income/interest expense						Yield/rate																								Volume						Yield/rate						Total
Assets
Interest-bearing cash and cash equivalents (b) (c)						$	7,867					$	102					5.14		%				$	8,308					$	99					4.73		%																						$	(5)					$	8					$	3
Investment securities (d)						29,044						253						3.46						29,640						256						3.43																								(5)						2						(3)
Loans held-for-sale, net						267						5						8.27						278						7						9.14																								—						(2)						(2)
Finance receivables and loans, net (d) (e)						137,625						2,889						8.35						139,153						2,837						8.09																								(31)						83						52
Investment in operating leases, net (f)						8,335						115						5.47						9,817						173						7.00																								(26)						(32)						(58)
Other earning assets						651						9						5.77						724						11						6.02																								(1)						(1)						(2)
Total interest-earning assets						183,789						3,373						7.30						187,920						3,383						7.14																																				(10)
Noninterest-bearing cash and cash equivalents						266																		335
Other assets						11,614																		10,925
Allowance for loan losses						(3,584)																		(3,820)
Total assets						$	192,085																	$	195,360
Liabilities and equity
Interest-bearing deposit liabilities (d)						$	152,075					$	1,616					4.23		%				$	153,345					$	1,563					4.04		%																						$	(13)					$	66					$	53
Short-term borrowings						994						13						5.22						948						13						5.80																								1						(1)						—
Long-term debt						16,597						256						6.13						20,315						274						5.35																								(50)						32						(18)
Total interest-bearing liabilities						169,666						1,885						4.42						174,608						1,850						4.21																																				35
Noninterest-bearing deposit liabilities						166																		181
Total funding sources						169,832						1,885						4.42						174,789						1,850						4.21
Other liabilities (g)						7,619						—						n/m						6,503						—						—																								n/m						n/m						—
Total liabilities						177,451																		181,292
Total equity						14,634																		14,068
Total liabilities and equity						$	192,085																	$	195,360
Net financing revenue and other interest income												$	1,488																	$	1,533																																									$	(45)
Net interest spread (h)																		2.88		%																2.93		%
Net yield on interest-earning assets (i)																		3.22		%																3.24		%

n/m = not meaningful

(a)Average balances are calculated using an average daily balance methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further information regarding our basis of presentation and significant accounting policies, which are in accordance with U.S. GAAP.

(b)Includes restricted interest-bearing cash and cash equivalents recorded in other assets on the Condensed Consolidated Balance Sheet.

(c)Includes interest expense related to margin received on derivative contracts of $3 million and $11 million for the three months ended September 30, 2024, and 2023, respectively. Excluding this expense, the annualized yield was 5.29% and 5.28% for the three months ended September 30, 2024, and 2023, respectively.

(d)Includes the effects of derivative financial instruments designated as hedges. Refer to Note 19 to the Condensed Consolidated Financial Statements for further information about the effects of our hedging activities.

(e)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

(f)Yield includes gains on the sale of off-lease vehicles of $24 million and $57 million for the three months ended September 30, 2024, and 2023, respectively. Excluding the loss or gain on sale, the annualized yield was 4.33% and 4.69% for the three months ended September 30, 2024, and 2023, respectively.

(g)Represents interest expense on tax liabilities included in other liabilities on the Condensed Consolidated Balance Sheet. The interest expense on tax liabilities is included in the net yield on interest-earning assets and excluded from the interest spread. For more information on our accounting policies regarding income taxes, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

(h)Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.

(i)Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

						2024																		2023																														Increase (decrease) due to
Nine months ended September 30, ($ in millions)						Average balance (a)						Interest income/interest expense						Yield/rate						Average balance (a)						Interest income/interest expense						Yield/rate																								Volume						Yield/rate						Total
Assets
Interest-bearing cash and cash equivalents (b) (c)						$	7,618					$	287					5.03		%				$	7,156					$	242					4.52		%																						$	16					$	29					$	45
Investment securities (d)						28,962						763						3.52						30,650						720						3.14																								(40)						83						43
Loans held-for-sale, net						289						20						9.06						477						29						8.00																								(11)						2						(9)
Finance receivables and loans, net (d) (e)						138,204						8,561						8.27						137,398						8,133						7.91																								48						380						428
Investment in operating leases, net (f)						8,635						423						6.54						10,119						541						7.15																								(79)						(39)						(118)
Other earning assets						661						30						6.21						700						32						6.06																								(2)						—						(2)
Earning assets of operations held-for-sale (g)						423						28						8.77						—						—						—																								28						—						28
Total interest-earning assets						184,792						10,112						7.31						186,500						9,697						6.95																																				415
Noninterest-bearing cash and cash equivalents						312																		343
Other assets						11,560																		10,841
Allowance for loan losses						(3,577)																		(3,775)
Total assets						$	193,087																	$	193,909
Liabilities and equity
Interest-bearing deposit liabilities (d)						$	153,177					$	4,861					4.24		%				$	152,715					$	4,198					3.68		%																						$	13					$	650					$	663
Short-term borrowings						1,656						63						5.10						935						36						5.52																								28						(1)						27
Long-term debt						16,757						748						5.96						19,660						753						5.12																								(111)						106						(5)
Total interest-bearing liabilities						171,590						5,672						4.42						173,310						4,987						3.85																																				685
Noninterest-bearing deposit liabilities						154																		174
Total funding sources						171,744						5,672						4.42						173,484						4,987						3.85
Other liabilities (h)						7,291						1						nm						6,641						2						n/m																								nm						nm						(1)
Total liabilities						179,035																		180,125
Total equity						14,052																		13,784
Total liabilities and equity						$	193,087																	$	193,909
Net financing revenue and other interest income												$	4,439																	$	4,708																																									$	(269)
Net interest spread (i)																		2.89		%																3.10		%
Net yield on interest-earning assets (j)																		3.21		%																3.37		%

n/m = not meaningful

(a)Average balances are calculated using an average daily balance methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further information regarding our basis of presentation and significant accounting policies, which are in accordance with U.S. GAAP.

(b)Includes restricted interest-bearing cash and cash equivalents recorded in other assets on the Condensed Consolidated Balance Sheet.

(c)Includes interest expense related to margin received on derivative contracts of $17 million and $26 million for the nine months ended September 30, 2024, and 2023, respectively. Excluding this expense, the annualized yield was 5.33% and 5.00% for the nine months ended September 30, 2024, and 2023, respectively.

(d)Includes the effects of derivative financial instruments designated as hedges. Refer to Note 19 to the Condensed Consolidated Financial Statements for further information about the effects of our hedging activities.

(e)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

(f)Yield includes gains on the sale of off-lease vehicles of $129 million and $174 million for the nine months ended September 30, 2024, and 2023, respectively. Excluding the loss or gain on sale, the annualized yield was 4.55% and 4.85% for the nine months ended September 30, 2024, and 2023, respectively.

(g)Includes average balances of Ally Lending earning assets prior to the completion of the sale on March 1, 2024, which were transferred to assets of operations held-for-sale at December 31, 2023. Refer to Note 2 to the Condensed Consolidated Financial Statements.

(h)Represents interest expense on tax liabilities included in other liabilities on the Condensed Consolidated Balance Sheet. The interest expense on tax liabilities is included in the net yield on interest-earning assets and excluded from the interest spread. For more information on our accounting policies regarding income taxes, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

(i)Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.

(j)Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets.

Recently Issued Accounting Standards

Refer to Note 1 to the Condensed Consolidated Financial Statements.

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Quantitative and Qualitative Disclosures about Market Risk

Ally Financial Inc. • Form 10-Q

Item 3.     Quantitative and Qualitative Disclosures about Market Risk

Refer to the Market Risk section of Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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Controls and Procedures

Ally Financial Inc. • Form 10-Q

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), designed to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized, and reported within the specified time periods. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), to allow for timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of internal control including the possibility of human error or the circumvention or overriding of controls through individual actions or collusion. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met.

As of the end of the period covered by this report, our Principal Executive Officer and Principal Financial Officer evaluated, with the participation of our management, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) and concluded that our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

In the normal course of business, we review our controls and procedures and make enhancements or modifications intended to support the quality of our financial reporting. There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended September 30, 2024, that have materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Ally Financial Inc. • Form 10-Q

Item 1.    Legal Proceedings

Refer to Note 24 to the Condensed Consolidated Financial Statements (incorporated herein by reference) for a discussion related to our legal proceedings, which supplements the discussion of legal proceedings set forth in Note 29 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

Item 1A.    Risk Factors

There have been no material changes to the Risk Factors described in our 2023 Annual Report on Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

We did not have any unregistered sales of equity securities during the three months ended September 30, 2024.

Purchases of Equity Securities by the Issuer

The following table presents repurchases of our common stock, by month, for the three months ended September 30, 2024.

Three months ended September 30, 2024						Total number of shares repurchased (a) (in thousands)						Weighted-average price paid per share (a) (in dollars)
July 2024						13						$	41.86
August 2024						11						41.61
September 2024						3						32.97
Total						27						40.88

(a)Consists of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.

Item 3.    Defaults upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

(a) None.

(b) None.

(c) Director or Executive Officer Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2024, none of our directors or executive officers, as defined in Rule 16a-1 under the Exchange Act, adopted, terminated, or modified a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as such terms are defined under Item 408 of Regulation S-K.

Certain of our executive officers have made elections to participate in, and are participating in, our Employee Stock Purchase Program. By participating in this program, executive officers have made, and may from time to time make, contributory elections or other elections to have shares withheld to cover withholding taxes or pay the exercise price of stock awards, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements as such terms are defined under Item 408 of Regulation S-K.

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Ally Financial Inc. • Form 10-Q

Item 6.    Exhibits

The exhibits listed on the following index of exhibits are filed as a part of this report.

Exhibit			Description			Method of Filing
4.1			First Supplemental Indenture, dated as of August 13, 2024 (including the Form of Subordinated Ally Financial Term Note), between the Company and The Bank of New York Mellon, Trustee.			Filed as Exhibit 4.3.1 to the Company's Registration Statement on Form S-ASR (File No. 333-281524) filed on August 13, 2024, incorporated herein by reference.
22.1			Subsidiary Guarantors			Filed as Exhibit 22 to the Company’s Quarterly Report for the period ended March 31, 2020, on Form 10-Q (File No. 1-3754), incorporated herein by reference.
31.1			Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)			Filed herewith.
31.2			Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)			Filed herewith.
32			Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350			Filed herewith.
101			The following information from our Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited), (ii) Condensed Consolidated Balance Sheet (unaudited), (iii) Condensed Consolidated Statement of Changes in Equity (unaudited), (iv) Condensed Consolidated Statement of Cash Flows (unaudited), and (v) the Notes to the Condensed Consolidated Financial Statements (unaudited)			Filed herewith.
104			The cover page of our Form 10-Q for the quarter ended September 30, 2024, (formatted in Inline XBRL and contained in Exhibit 101)			Filed herewith.

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Signatures

Ally Financial Inc. • Form 10-Q

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized, this 5th day of November, 2024.

			Ally Financial Inc. (Registrant)
			/S/ RUSSELL E. HUTCHINSON
			Russell E. Hutchinson Chief Financial Officer

			/S/ DAVID J. DEBRUNNER
			David J. DeBrunner Vice President, Controller, and Chief Accounting Officer

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