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Securitizations and Variable Interest Entities | 9 Months Ended
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Sep. 30, 2025
Securitizations And Variable Interest Entities [Abstract] |
Securitizations and Variable Interest Entities | 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 sell consumer automotive 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 losses on sales of financial assets into nonconsolidated VIEs of $3 million and $5 million during the three months and nine months ended September 30, 2025, respectively, as compared to pretax gains of $1 million and $2 million during the three months and nine months ended September 30, 2024. We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit. We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized LIHTCs that are subject to recapture. Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs. The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to the Condensed Consolidated Balance Sheet.
($ 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, 2025 |  |  |  |  |  |  |  |  |
On‑balance sheet variable interest entities |  |  |  |  |  |  |  |  |
Consumer automotive |  | $ | 11,560 |  | (b) | $ | 1,054 |  | (c) | $ | — |  |  | $ | — |  |
Off-balance sheet variable interest entities |  |  |  |  |  |  |  |  |
Consumer automotive (d) |  | 61 |  | (e) | — |  |  | 3,057 |  |  | 3,118 |  | (f)
Commercial other |  | 2,785 |  | (g) | 857 |  | (h) | — |  |  | 3,578 |  | (i)
Total |  | $ | 14,406 |  |  | $ | 1,911 |  |  | $ | 3,057 |  |  | $ | 6,696 |  |
December 31, 2024 |  |  |  |  |  |  |  |  |
On-balance sheet variable interest entities |  |  |  |  |  |  |  |  |
Consumer automotive |  | $ | 12,821 |  | (b) | $ | 1,683 |  | (c) | $ | — |  |  | $ | — |  |
Off-balance sheet variable interest entities |  |  |  |  |  |  |  |  |
Consumer automotive (d) |  | 92 |  | (e) | — |  |  | 2,885 |  |  | 2,977 |  | (f)
Consumer other (j) |  | — |  |  | — |  |  | 86 |  |  | 86 |  |
Commercial other |  | 2,768 |  | (g) | 1,022 |  | (h) | — |  |  | 3,482 |  | (i)
Total |  | $ | 15,681 |  |  | $ | 2,705 |  |  | $ | 2,971 |  |  | $ | 6,545 |  |
(a)Represents the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs. (b)Includes $8.7 billion and $8.2 billion of assets that were not encumbered by VIE beneficial interests held by third parties at September 30, 2025, and December 31, 2024, respectively. Ally or consolidated affiliates hold the interests in these assets. (c)Includes $140 million and $118 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2025, and December 31, 2024, 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 $58 million and $88 million were classified as held-to-maturity securities at September 30, 2025, and December 31, 2024, respectively, and $3 million and $4 million were classified as other assets at September 30, 2025, and December 31, 2024, 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)Amounts are classified as other assets except for $54 million and $50 million classified as equity securities at September 30, 2025, and December 31, 2024, respectively. (h)Amounts are classified as accrued expenses and other liabilities. (i)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of LIHTCs and other tax credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and LIHTCs and other tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. (j)Includes balances from Ally Credit Card. We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 for additional information. Cash Flows with Nonconsolidated Special-Purpose Entities The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the nine months ended September 30, 2025, and September 30, 2024. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
|  | Nine months ended September 30,
($ in millions) |  | 2025 |  | 2024 |  |
Consumer automotive |  |  |  |  |  |
Cash proceeds from transfers completed during the period |  | $ | 1,010 |  |  | $ | 1,468 |  |  |
Servicing fees |  | 44 |  |  | 44 |  |  |
Cash flows received on retained interests in securitization entities |  | 33 |  |  | 41 |  |  |
Other cash flows received |  | 3 |  |  | 2 |  |  |
Cash disbursements for repurchases during the period |  | 1 |  |  | 1 |  |  |
Consumer other (a) |  |  |  |  |  |
Cash proceeds from transfers completed during the period |  | 8 |  |  | 35 |  |  |
Servicing fees |  | 1 |  |  | 5 |  |  |
(a)Includes activity from Ally Credit Card. We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 for additional information. 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, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Off-balance-sheet securitization entities |  |  |  |  |  |  |  |
Consumer automotive |  | $ | 1,156 |  |  | $ | 1,730 |  |  | $ | 17 |  |  | $ | 22 |
Whole-loan sales (a) |  |  |  |  |  |  |  |
Consumer automotive |  | 1,901 |  |  | 1,155 |  |  | 108 |  |  | 83 |
Consumer other (b) |  | — |  |  | 86 |  |  | — |  |  | 10 |
Total |  | $ | 3,057 |  |  | $ | 2,971 |  |  | $ | 125 |  |  | $ | 115 |
(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. (b)Includes balances related to Ally Credit Card at December 31, 2024. We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 for additional information.
|  | Net credit losses
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Off-balance-sheet securitization entities |  |  |  |  |  |  |  |
Consumer automotive |  | $ | 5 |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | 14 |
Whole-loan sales (a) |  |  |  |  |  |  |  |
Consumer automotive |  | 28 |  |  | 22 |  |  | 72 |  |  | 54 |
Consumer other (b) |  | — |  |  | 7 |  |  | 7 |  |  | 29 |
Total |  | $ | 33 |  |  | $ | 35 |  |  | $ | 92 |  |  | $ | 97 |
(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. (b)Includes activity from Ally Credit Card. We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 for additional information.

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- Definition Securitizations and Variable Interest Entities [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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