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Finance Receivables and Loans, Net | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Finance Receivables and Loans, Net | Finance Receivables and Loans, Net The composition of finance receivables and loans reported at amortized cost basis was as follows.
($ in millions) |  | March 31, 2025 |  | December 31, 2024
Consumer automotive (a) |  | $ | 83,868 |  |  | $ | 83,757 |
Consumer mortgage (b) |  | 16,963 |  |  | 17,234 |
Consumer other (c) |  | — |  |  | 2,294 |
Total consumer |  | 100,831 |  |  | 103,285 |
Commercial |  |  |  |
Commercial and industrial |  |  |  |
Automotive |  | 16,939 |  |  | 18,259 |
Other |  | 8,984 |  |  | 8,212 |
Commercial real estate |  | 6,731 |  |  | 6,274 |
Total commercial |  | 32,654 |  |  | 32,745 |
Total finance receivables and loans (d) (e) |  | $ | 133,485 |  |  | $ | 136,030 |
(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 $12 million at both March 31, 2025, and December 31, 2024, of which all have exited the interest-only period. (c)Consists of credit card finance receivables and loans, which were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at March 31, 2025. Refer to Note 2 for additional information. Billed interest on our credit card loans was included within finance receivables and loans, net as of December 31, 2024. (d)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both March 31, 2025, and December 31, 2024. (e)Totals do not include accrued interest receivable, which was $757 million and $839 million at March 31, 2025, and December 31, 2024, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2025, and 2024, respectively.
Three months ended March 31, 2025 ($ in millions) |  | Consumer automotive |  | Consumer mortgage |  | Consumer other (a) |  | Commercial |  | Total
Allowance at January 1, 2025 |  | $ | 3,170 |  |  | $ | 19 |  |  | $ | 319 |  |  | $ | 206 |  |  | $ | 3,714 |
Charge-offs (b) |  | (676) |  |  | — |  |  | (68) |  |  | (1) |  |  | (745) |
Recoveries |  | 231 |  |  | 1 |  |  | 5 |  |  | 1 |  |  | 238 |
Net charge-offs |  | (445) |  |  | 1 |  |  | (63) |  |  | — |  |  | (507) |
Provision for credit losses |  | 418 |  |  | — |  |  | (257) |  |  | 30 |  |  | 191 |
Other |  | 1 |  |  | (2) |  |  | 1 |  |  | — |  |  | — |
Allowance at March 31, 2025 |  | $ | 3,144 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 236 |  |  | $ | 3,398 |
(a)Consists of Credit Card. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for information regarding our charge-off policies.
Three months ended March 31, 2024 ($ in millions) |  | Consumer automotive |  | Consumer mortgage |  | Consumer other (a) |  | Commercial |  | Total
Allowance at January 1, 2024 |  | $ | 3,083 |  |  | $ | 21 |  |  | $ | 293 |  |  | $ | 190 |  |  | $ | 3,587 |
Charge-offs (b) |  | (688) |  |  | (1) |  |  | (68) |  |  | (1) |  |  | (758) |
Recoveries |  | 211 |  |  | 1 |  |  | 6 |  |  | 1 |  |  | 219 |
Net charge-offs |  | (477) |  |  | — |  |  | (62) |  |  | — |  |  | (539) |
Write-downs from transfers to held-for-sale (c) |  | (5) |  |  | — |  |  | — |  |  | — |  |  | (5) |
Provision for credit losses |  | 449 |  |  | — |  |  | 60 |  |  | (2) |  |  | 507 |
Allowance at March 31, 2024 |  | $ | 3,050 |  |  | $ | 21 |  |  | $ | 291 |  |  | $ | 188 |  |  | $ | 3,550 |
(a)Consists of Credit Card. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for information regarding our charge-off policies. (c)Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the three months ended March 31, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.
|  | Three months ended March 31, |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
Consumer automotive |  | $ | — |  |  | $ | 1,108 |  |  |  |  |
Consumer other (a) |  | 2,248 |  |  | — |  |  |  |  |
Commercial |  | 73 |  |  | 45 |  |  |  |  |
Total sales and transfers |  | $ | 2,321 |  |  | $ | 1,153 |  |  |  |  |
(a)Credit card finance receivables and loans were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at March 31, 2025. Refer to Note 2 for additional information. The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
|  | Three months ended March 31, |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
Consumer automotive |  | $ | 749 |  |  | $ | 981 |  |  |  |  |
Consumer mortgage |  | 8 |  |  | 4 |  |  |  |  |
Total purchases of finance receivables and loans |  | $ | 757 |  |  | $ | 985 |  |  |  |  |
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 March 31, 2025, and December 31, 2024. We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $5 million for the three months ended March 31, 2025, and 2024, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.
|  |  |  |  |  | March 31, 2025 |  |  |  |  |  |
($ in millions) |  | Nonaccrual status at Jan. 1, 2025 |  |  |  | Nonaccrual status |  | Nonaccrual with no allowance (a) |  |  |  |  |  |  |  |
Consumer automotive |  | $ | 1,231 |  |  |  |  | $ | 1,167 |  |  | $ | 449 |  |  |  |  |  |  |  |  |
Consumer mortgage |  | 54 |  |  |  |  | 56 |  |  | 38 |  |  |  |  |  |  |  |  |
Consumer other (b) |  | 90 |  |  |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Total consumer |  | 1,375 |  |  |  |  | 1,223 |  |  | 487 |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | 15 |  |  |  |  | 79 |  |  | 3 |  |  |  |  |  |  |  |  |
Other |  | 94 |  |  |  |  | 94 |  |  | 3 |  |  |  |  |  |  |  |  |
Commercial real estate |  | 2 |  |  |  |  | 21 |  |  | 9 |  |  |  |  |  |  |  |  |
Total commercial |  | 111 |  |  |  |  | 194 |  |  | 15 |  |  |  |  |  |  |  |  |
Total finance receivables and loans |  | $ | 1,486 |  |  |  |  | $ | 1,417 |  |  | $ | 502 |  |  |  |  |  |  |  |  |
(a)Represents a component of nonaccrual status at end of period. (b)Consists of credit card finance receivables and loans, which were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at March 31, 2025. Refer to Note 2 for additional information.
|  |  |  |  |  | December 31, 2024
($ in millions) |  | Nonaccrual status at Jan. 1, 2024 |  |  |  | Nonaccrual status |  | Nonaccrual with no allowance (a)
Consumer automotive |  | $ | 1,129 |  |  |  |  | $ | 1,231 |  |  | $ | 476 |
Consumer mortgage |  | 54 |  |  |  |  | 54 |  |  | 36 |
Consumer other (b) |  | 92 |  |  |  |  | 90 |  |  | — |
Total consumer |  | 1,275 |  |  |  |  | 1,375 |  |  | 512 |
Commercial |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |
Automotive |  | 18 |  |  |  |  | 15 |  |  | — |
Other |  | 98 |  |  |  |  | 94 |  |  | 4 |
Commercial real estate |  | 3 |  |  |  |  | 2 |  |  | 2 |
Total commercial |  | 119 |  |  |  |  | 111 |  |  | 6 |
Total finance receivables and loans |  | $ | 1,394 |  |  |  |  | $ | 1,486 |  |  | $ | 518 |
(a)Represents a component of nonaccrual status at end of period. (b)Consists of credit card finance receivables and loans. 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 |
March 31, 2025 ($ in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 and prior | Revolving loans | Total
Consumer automotive |  |  |  |  |  |  |  |  |
Current | $ | 8,935 |  | $ | 27,767 |  | $ | 18,395 |  | $ | 13,598 |  | $ | 7,287 |  | $ | 3,901 |  | $ | — |  | $ | — |  | $ | 79,883 |
30–59 days past due | 15 |  | 461 |  | 659 |  | 704 |  | 437 |  | 232 |  | — |  | — |  | 2,508 |
60–89 days past due | 1 |  | 160 |  | 299 |  | 330 |  | 188 |  | 96 |  | — |  | — |  | 1,074 |
90 or more days past due | — |  | 61 |  | 108 |  | 120 |  | 77 |  | 49 |  | — |  | — |  | 415 |
Total consumer automotive (a) | 8,951 |  | 28,449 |  | 19,461 |  | 14,752 |  | 7,989 |  | 4,278 |  | — |  | — |  | 83,880 |
Consumer mortgage |  |  |  |  |  |  |  |  |
Current | — |  | 20 |  | 31 |  | 1,865 |  | 9,702 |  | 5,125 |  | 108 |  | 15 |  | 16,866 |
30–59 days past due | — |  | — |  | — |  | 5 |  | 5 |  | 20 |  | — |  | — |  | 30 |
60–89 days past due | — |  | — |  | — |  | 3 |  | 9 |  | 11 |  | — |  | — |  | 23 |
90 or more days past due | — |  | — |  | 1 |  | 5 |  | 10 |  | 25 |  | 1 |  | 2 |  | 44 |
Total consumer mortgage | — |  | 20 |  | 32 |  | 1,878 |  | 9,726 |  | 5,181 |  | 109 |  | 17 |  | 16,963 |
Total consumer (b) | $ | 8,951 |  | $ | 28,469 |  | $ | 19,493 |  | $ | 16,630 |  | $ | 17,715 |  | $ | 9,459 |  | $ | 109 |  | $ | 17 |  | $ | 100,843 |
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $12 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at March 31, 2025. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. (b)Excludes credit card finance receivables and loans, which were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at March 31, 2025. Refer to Note 2 for additional information.
| Origination year |  | Revolving loans converted to term |
December 31, 2024 ($ in millions) | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 and prior | Revolving loans | Total
Consumer automotive |  |  |  |  |  |  |  |  |
Current | $ | 30,322 |  | $ | 20,387 |  | $ | 15,234 |  | $ | 8,368 |  | $ | 3,064 |  | $ | 1,849 |  | $ | — |  | $ | — |  | $ | 79,224 |
30–59 days past due | 419 |  | 756 |  | 841 |  | 546 |  | 174 |  | 141 |  | — |  | — |  | 2,877 |
60–89 days past due | 131 |  | 338 |  | 390 |  | 240 |  | 75 |  | 56 |  | — |  | — |  | 1,230 |
90 or more days past due | 47 |  | 123 |  | 142 |  | 93 |  | 31 |  | 31 |  | — |  | — |  | 467 |
Total consumer automotive (a) | 30,919 |  | 21,604 |  | 16,607 |  | 9,247 |  | 3,344 |  | 2,077 |  | — |  | — |  | 83,798 |
Consumer mortgage |  |  |  |  |  |  |  |  |
Current | 13 |  | 31 |  | 1,901 |  | 9,834 |  | 1,714 |  | 3,503 |  | 115 |  | 15 |  | 17,126 |
30–59 days past due | — |  | — |  | 7 |  | 9 |  | 5 |  | 27 |  | — |  | — |  | 48 |
60–89 days past due | — |  | — |  | 4 |  | 4 |  | 1 |  | 4 |  | — |  | — |  | 13 |
90 or more days past due | — |  | 2 |  | 2 |  | 9 |  | 1 |  | 30 |  | 1 |  | 2 |  | 47 |
Total consumer mortgage | 13 |  | 33 |  | 1,914 |  | 9,856 |  | 1,721 |  | 3,564 |  | 116 |  | 17 |  | 17,234 |
Consumer other |  |  |  |  |  |  |  |  |
Current | — |  | — |  | — |  | — |  | — |  | — |  | 2,140 |  | — |  | 2,140 |
30–59 days past due | — |  | — |  | — |  | — |  | — |  | — |  | 35 |  | — |  | 35 |
60–89 days past due | — |  | — |  | — |  | — |  | — |  | — |  | 33 |  | — |  | 33 |
90 or more days past due | — |  | — |  | — |  | — |  | — |  | — |  | 86 |  | — |  | 86 |
Total consumer other (b) | — |  | — |  | — |  | — |  | — |  | — |  | 2,294 |  | — |  | 2,294 |
Total consumer | $ | 30,932 |  | $ | 21,637 |  | $ | 18,521 |  | $ | 19,103 |  | $ | 5,065 |  | $ | 5,641 |  | $ | 2,410 |  | $ | 17 |  | $ | 103,326 |
(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $41 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 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. (b)Consists of credit card finance receivables and loans. 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. •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 |
March 31, 2025 ($ in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 and prior | Revolving loans | Total
Commercial |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |
Pass | $ | 49 |  | $ | 508 |  | $ | 311 |  | $ | 315 |  | $ | 117 |  | $ | 104 |  | $ | 13,818 |  | $ | — |  | $ | 15,222 |
Special mention | — |  | 4 |  | 26 |  | 13 |  | 21 |  | 4 |  | 1,521 |  | — |  | 1,589 |
Substandard | — |  | — |  | 1 |  | 2 |  | 3 |  | 1 |  | 116 |  | — |  | 123 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | 5 |  | — |  | 5 |
Total automotive | 49 |  | 512 |  | 338 |  | 330 |  | 141 |  | 109 |  | 15,460 |  | — |  | 16,939 |
Other |  |  |  |  |  |  |  |  |
Pass | 128 |  | 705 |  | 248 |  | 194 |  | 197 |  | 239 |  | 5,793 |  | 107 |  | 7,611 |
Special mention | — |  | — |  | — |  | 363 |  | 248 |  | 266 |  | 247 |  | 21 |  | 1,145 |
Substandard | — |  | — |  | 27 |  | — |  | 22 |  | 117 |  | 24 |  | 3 |  | 193 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 26 |  | 9 |  | — |  | 35 |
Total other | 128 |  | 705 |  | 275 |  | 557 |  | 467 |  | 648 |  | 6,073 |  | 131 |  | 8,984 |
Commercial real estate |  |  |  |  |  |  |  |  |
Pass | 572 |  | 1,043 |  | 866 |  | 1,169 |  | 1,012 |  | 1,797 |  | — |  | 47 |  | 6,506 |
Special mention | — |  | 7 |  | 39 |  | 78 |  | 42 |  | 38 |  | — |  | — |  | 204 |
Substandard | — |  | — |  | 6 |  | 8 |  | 5 |  | — |  | — |  | — |  | 19 |
Doubtful | — |  | — |  | — |  | 1 |  | — |  | 1 |  | — |  | — |  | 2 |
Total commercial real estate | 572 |  | 1,050 |  | 911 |  | 1,256 |  | 1,059 |  | 1,836 |  | — |  | 47 |  | 6,731 |
Total commercial | $ | 749 |  | $ | 2,267 |  | $ | 1,524 |  | $ | 2,143 |  | $ | 1,667 |  | $ | 2,593 |  | $ | 21,533 |  | $ | 178 |  | $ | 32,654 |
| Origination year |  | Revolving loans converted to term |
December 31, 2024 ($ in millions) | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 and prior | Revolving loans | Total
Commercial |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |
Pass | $ | 522 |  | $ | 336 |  | $ | 337 |  | $ | 125 |  | $ | 64 |  | $ | 52 |  | $ | 15,005 |  | $ | — |  | $ | 16,441 |
Special mention | 3 |  | 38 |  | 15 |  | 25 |  | 3 |  | 1 |  | 1,694 |  | — |  | 1,779 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 33 |  | — |  | 33 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | 6 |  | — |  | 6 |
Total automotive | 525 |  | 374 |  | 352 |  | 150 |  | 67 |  | 53 |  | 16,738 |  | — |  | 18,259 |
Other |  |  |  |  |  |  |  |  |
Pass | 707 |  | 296 |  | 261 |  | 199 |  | 18 |  | 205 |  | 5,047 |  | 84 |  | 6,817 |
Special mention | — |  | — |  | 394 |  | 280 |  | 186 |  | 76 |  | 226 |  | 32 |  | 1,194 |
Substandard | — |  | 27 |  | — |  | 23 |  | 46 |  | 54 |  | 12 |  | 4 |  | 166 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 26 |  | 9 |  | — |  | 35 |
Total other | 707 |  | 323 |  | 655 |  | 502 |  | 250 |  | 361 |  | 5,294 |  | 120 |  | 8,212 |
Commercial real estate |  |  |  |  |  |  |  |  |
Pass | 959 |  | 904 |  | 1,228 |  | 1,030 |  | 757 |  | 1,137 |  | — |  | 36 |  | 6,051 |
Special mention | 6 |  | 51 |  | 69 |  | 57 |  | 35 |  | 3 |  | — |  | — |  | 221 |
Doubtful | — |  | — |  | 1 |  | — |  | — |  | 1 |  | — |  | — |  | 2 |
Total commercial real estate | 965 |  | 955 |  | 1,298 |  | 1,087 |  | 792 |  | 1,141 |  | — |  | 36 |  | 6,274 |
Total commercial | $ | 2,197 |  | $ | 1,652 |  | $ | 2,305 |  | $ | 1,739 |  | $ | 1,109 |  | $ | 1,555 |  | $ | 22,032 |  | $ | 156 |  | $ | 32,745 |
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
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 16,937 |  |  | $ | 16,939 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,984 |  |  | 8,984 |
Commercial real estate |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 6,730 |  |  | 6,731 |
Total commercial |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 32,651 |  |  | $ | 32,654 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 18,254 |  |  | $ | 18,259 |
Other |  | 35 |  |  | — |  |  | — |  |  | 35 |  |  | 8,177 |  |  | 8,212 |
Commercial real estate |  | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | 6,272 |  |  | 6,274 |
Total commercial |  | $ | 41 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 42 |  |  | $ | 32,703 |  |  | $ | 32,745 |
The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the three months ended March 31, 2025, and during the year ended December 31, 2024, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for additional information on our charge-off policy.
| Origination year |  | Revolving loans converted to term |
March 31, 2025 ($ in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 and prior | Revolving loans | Total
Consumer automotive | $ | 1 |  | $ | 120 |  | $ | 206 |  | $ | 200 |  | $ | 98 |  | $ | 51 |  | $ | — |  | $ | — |  | $ | 676 |
Consumer other (a) | — |  | — |  | — |  | — |  | — |  | — |  | 64 |  | 4 |  | 68 |
Total consumer | 1 |  | 120 |  | 206 |  | 200 |  | 98 |  | 51 |  | 64 |  | 4 |  | 744 |
Commercial |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |
Automotive | — |  | — |  | — |  | — |  | — |  | — |  | 1 |  | — |  | 1 |
Total commercial | — |  | — |  | — |  | — |  | — |  | — |  | 1 |  | — |  | 1 |
Total finance receivables and loans | $ | 1 |  | $ | 120 |  | $ | 206 |  | $ | 200 |  | $ | 98 |  | $ | 51 |  | $ | 65 |  | $ | 4 |  | $ | 745 |
(a)Consists of Credit Card.
| Origination year |  | Revolving loans converted to term |
December 31, 2024 ($ in millions) | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 and prior | Revolving loans | Total
Consumer automotive (a) | $ | 160 |  | $ | 779 |  | $ | 943 |  | $ | 510 |  | $ | 137 |  | $ | 152 |  | $ | — |  | $ | — |  | $ | 2,681 |
Consumer mortgage | — |  | — |  | — |  | 1 |  | — |  | 1 |  | — |  | — |  | 2 |
Consumer other (b) | — |  | — |  | — |  | — |  | — |  | — |  | 246 |  | 16 |  | 262 |
Total consumer | 160 |  | 779 |  | 943 |  | 511 |  | 137 |  | 153 |  | 246 |  | 16 |  | 2,945 |
Commercial |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |
Automotive | — |  | — |  | — |  | — |  | — |  | 1 |  | 2 |  | — |  | 3 |
Total commercial | — |  | — |  | — |  | — |  | — |  | 1 |  | 2 |  | — |  | 3 |
Total finance receivables and loans | $ | 160 |  | $ | 779 |  | $ | 943 |  | $ | 511 |  | $ | 137 |  | $ | 154 |  | $ | 248 |  | $ | 16 |  | $ | 2,948 |
(a)Excludes $5 million of write-downs from transfers to held-for-sale from the completion of a retail securitization transaction during the year ended December 31, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. (b)Consists of Credit Card. Loan Modifications The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months ended March 31, 2025, and 2024, 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 2024 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 March 31, 2025, and December 31, 2024, there were $5 million and $4 million of consumer mortgage finance receivables and loans in a trial modification program, respectively.
| Payment extensions |  |  |  |  |  |  |  |  |  |
Three months ended March 31, 2025 ($ in millions) | Payment deferrals |  | Contractual maturity extensions |  | Principal forgiveness |  | Interest rate concessions |  | Combination |  | Total (a) |  |
Consumer automotive | $ | — |  |  | $ | 105 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 106 |  |  |
Consumer mortgage | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  |
Total consumer | — |  |  | 105 |  |  | 1 |  |  | — |  |  | 1 |  |  | 107 |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |
Other | 4 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  |
Total commercial | 6 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  |
Total finance receivables and loans | $ | 6 |  |  | $ | 127 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 135 |  |  |
(a)Represents 0.1% of total finance receivables and loans outstanding as of March 31, 2025.
| Payment extensions |  |  |  |  |  |  |  |  |  |
Three months ended March 31, 2024 ($ in millions) | Payment deferrals |  | Contractual maturity extensions |  | Principal forgiveness |  | Interest rate concessions |  | Combination |  | Total (a) |  |
Consumer automotive | $ | — |  |  | $ | 99 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  |
Consumer mortgage | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  |
Consumer other (b) | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |  |  |
Total consumer | — |  |  | 99 |  |  | 1 |  |  | 6 |  |  | 1 |  |  | 107 |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  |
Other | — |  |  | 129 |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  |
Total commercial | — |  |  | 129 |  |  | — |  |  | 4 |  |  | — |  |  | 133 |  |  |
Total finance receivables and loans | $ | — |  |  | $ | 228 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 1 |  |  | $ | 240 |  |  |
(a)Represents 0.2% of total finance receivables and loans outstanding as of March 31, 2024. (b)Consists of Credit Card. The following tables present the financial effect of loan modifications that occurred during the three months ended March 31, 2025, and 2024, respectively.
| Payment extensions (a) |  | Principal forgiveness |  | Interest rate concessions (a) |  | Combination (a) (b)
Three months ended March 31, 2025 ($ 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 |  | $ | — |  |  | — | % |  | — | % |  | — |  |  | — |  |  | — | % |  | — | %
Consumer mortgage | — |  |  | — |  |  | — |  |  | — |  |  | 291 |  | 480 |  | 4.5 |  |  | 2.8 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive | 7 |  | $ | — |  |  | — | % |  | — | % |  | — |  |  | — |  |  | — | % |  | — | %
Other | 16 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial | 15 |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(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)
Three months ended March 31, 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 |  | $ | — |  |  | — | % |  | — | % |  | — |  |  | — |  |  | — | % |  | — | %
Consumer mortgage | — |  |  | — |  |  | — |  |  | — |  |  | 355 |  | 480 |  | 3.5 |  |  | 3.4 |
Consumer other (c) | — |  |  | — |  |  | 30.5 |  |  | 10.1 |  |  | — |  | — |  | — |  |  | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive | — |  |  | $ | — |  |  | 12.9 | % |  | 11.5 | % |  | — |  | — |  | — | % |  | — | %
Other | 41 |  | — |  |  | — |  |  | — |  |  | — |  | — |  | — |  |  | — |
Total commercial | 41 |  | $ | — |  |  | 12.9 |  |  | 11.5 |  |  | — |  | — |  | — |  |  | — |
(a)Calculated using a weighted-average balance for each portfolio class. (b)Term is presented in number of months. (c)Consists of Credit Card. 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 March 31, 2025, and 2024, respectively.
March 31, 2025 ($ 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 |  | $ | 328 |  |  | $ | 62 |  |  | $ | 23 |  |  | $ | 7 |  |  | $ | 420 |  |  |  |  |  |  |  |  |  |  |  |  |
Principal forgiveness |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  |  |
Combination |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer automotive |  | 330 |  |  | 62 |  |  | 23 |  |  | 12 |  |  | 427 |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity extensions |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |
Combination |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer mortgage |  | 2 |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer |  | $ | 332 |  |  | $ | 62 |  |  | $ | 23 |  |  | $ | 13 |  |  | $ | 430 |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 ($ in millions) |  | Pass |  | Special mention |  | Substandard |  | Doubtful |  | Total |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment deferrals |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  |  |  |  |  |  |  |  |  |  |
Combination |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment deferrals |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity extensions |  | 25 |  |  | — |  |  | 22 |  |  | — |  |  | 47 |  |  |  |  |  |  |  |  |  |  |  |
Combination |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment deferrals |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |
Total commercial |  | $ | 25 |  |  | $ | — |  |  | $ | 44 |  |  | $ | 4 |  |  | $ | 73 |  |  |  |  |  |  |  |  |  |  |  |
March 31, 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 |  | $ | 253 |  |  | $ | 38 |  |  | $ | 10 |  |  | $ | 2 |  |  | $ | 303 |  |  |  |  |  |  |  |  |  |  |  |  |
Principal forgiveness |  | 6 |  |  | 1 |  |  | — |  |  | 5 |  |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer automotive |  | 259 |  |  | 39 |  |  | 10 |  |  | 7 |  |  | 315 |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity extensions |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |
Combination |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer mortgage |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer other (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate concessions |  | 9 |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 14 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer other |  | 9 |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 14 |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer |  | $ | 272 |  |  | $ | 40 |  |  | $ | 11 |  |  | $ | 10 |  |  | $ | 333 |  |  |  |  |  |  |  |  |  |  |  |  |
(a)Consists of Credit Card.
March 31, 2024 ($ in millions) |  | Pass |  | Special mention |  | Substandard |  | Doubtful |  | Total |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate concessions |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity extensions |  | 107 |  |  | — |  |  | 60 |  |  | — |  |  | 167 |  |  |  |  |  |  |  |  |  |  |  |
Total commercial |  | $ | 107 |  |  | $ | — |  |  | $ | 64 |  |  | $ | — |  |  | $ | 171 |  |  |  |  |  |  |  |  |  |  |  |
As of March 31, 2025, 1,858 consumer automotive loans with a total amortized cost of $46 million redefaulted within 12 months of modification, whereas 481 consumer automotive loans with a total amortized cost of $11 million redefaulted within 12 months of modification as of March 31, 2024.

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