7 unchanged sentences
In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others.
−Removed: 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.
+Added: All forward-looking statements, by their nature, are subject to assumptions, risks, uncertainties, and other important factors 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.
1 unchanged sentence
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:
−Removed: • evolving local, regional, national, or international business, economic, or political conditions;
+Added: • evolving local, regional, national, or international business, economic, or geopolitical 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;
3 unchanged sentences
• 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);
−Removed: • 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;
−Removed: • changes in business or consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;
+Added: • disruptions or shifts in investor sentiment or behavior in the securities, capital, commodity, or other financial markets, including financial or systemic shocks and volatility or changes in market price, liquidity, interest or currency rates, or valuations;
+Added: • changes in business or consumer sentiment, preferences, purchasing power, creditworthiness, 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;
−Removed: • our ability to optimize our automotive finance and insurance businesses and to continue diversifying into and growing other consumer and commercial business lines, including corporate finance, brokerage, and personal advice;
+Added: • our ability to grow and optimize our automotive finance and insurance businesses and to continue diversifying into and growing other consumer and commercial business lines, including 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;
6 unchanged sentences
Ally Financial Inc.
−Removed: • 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;
+Added: • 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 respond to 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;
1 unchanged sentence
• changes in the credit, liquidity, or other financial condition of our customers, counterparties, service providers, or competitors;
−Removed: • our ability to effectively deal with economic, business, or market slowdowns or disruptions;
−Removed: • our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;
+Added: • our ability to effectively respond to economic, business, or market slowdowns or disruptions;
+Added: • our ability to address heightened scrutiny or changing 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;
5 unchanged sentences
• the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;
−Removed: • 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;
+Added: • our ability to keep pace with changes in technology, such as AI, 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;
4 unchanged sentences
• 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.
−Removed: In addition, recent announcements regarding changes in U.S.
−Removed: trade policies and practices, as well as counter tariffs and other reciprocal actions by other jurisdictions, have contributed to increased volatility in financial markets and adversely affected economic conditions.
−Removed: Risks related to the continuation or escalation of tariffs and other trading restrictions, particularly to the extent impacting the automobile industry and related sectors, and the potential impact on inflation, global trade, new and used automobile sales, consumer purchasing power, customer creditworthiness and general economic conditions, could cause our financial results to differ from the anticipated results expressed or implied in any forward-looking statements.
Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made.
−Removed: 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,
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: except as required by applicable securities laws.
+Added: 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.
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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.
−Removed: The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable.
+Added: The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
+Added: 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.
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Ally Financial Inc.
−Removed: (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.
+Added: (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 all stakeholders.
The Company serves customers with deposits and securities brokerage and investment advisory services as well as automotive financing and insurance offerings.
3 unchanged sentences
Dealer Financial Services, which includes our Automotive Finance and Insurance operations, and Corporate Finance are our primary business lines.
−Removed: 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, the management of our consumer mortgage portfolio, CRA loans and investments, and certain strategic investments through Ally Ventures.
−Removed: We closed the sale of Ally Lending on March 1, 2024.
+Added: The remaining activity is reported in Corporate and Other, which primarily consists of centralized treasury activities (including deposit operations) as well as Ally Invest, our digital brokerage and personal advice offering, Ally Credit Card, the management of our consumer mortgage portfolio, CRA loans and investments, and certain strategic investments through Ally Ventures.
Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio.
−Removed: Additionally, we closed the sale of Ally Credit Card on April 1, 2025.
−Removed: For further information, refer to Note 2 to the Condensed Consolidated Financial Statements.
+Added: We closed the sale of Ally Credit Card on April 1, 2025.
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.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: ($ in millions) 2025 2024 Favorable/(unfavorable) % change 2025 2024 Favorable/(unfavorable) % change
+Added: Three months ended March 31,
+Added: ($ in millions) 2026 2025 Favorable/(unfavorable) % change
Total net revenue
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$ 1,396 $ 1,363 2
−Removed: 453 467 (3) 1,299 1,242 5
Corporate Finance 148 133 11
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$ 336 $ 375 (10)
−Removed: 79 102 (23) 109 132 (17)
Corporate Finance 94 76 24
1 unchanged sentence
(58) (737) 92
−Removed: $ 513 $ 265 94 $ 665 $ 727 (9)
+Added: $ 400 $ (284) n/m
+Added: 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.
−Removed: 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.
−Removed: 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.
−Removed: The automotive marketplace is dynamic and evolving, including substantial investments in electrification by automotive manufacturers and suppliers.
−Removed: We continue to identify and cultivate relationships with automotive retailers, including those with leading e-commerce platforms.
−Removed: We also operate an online direct-lending platform for consumers seeking direct financing.
−Removed: We believe these products will enable us to respond to the growing trends for a more streamlined and digital automotive financing process to serve both dealers and consumers.
+Added: 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, offering automotive-fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and supplying vehicle-remarketing services.
+Added: Our success as an automotive finance provider is driven by the consistent presence and breadth of products and services we offer to dealers and automotive retailers.
+Added: The automotive marketplace continues to evolve, including varying levels of investment in electric vehicle technologies by automotive manufacturers and suppliers.
+Added: We continue to identify and cultivate relationships with automotive retailers, including those with leading e-commerce platforms, and we also operate an online direct lending platform for consumers seeking direct financing.
+Added: We believe these products enable us to respond to the ongoing trends toward more streamlined and digital automotive financing processes that 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.
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Ally Financial Inc.
−Removed: 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.
−Removed: 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.
−Removed: We have provided and continue to provide automobile financing for battery-electric and plug-in hybrid vehicles, including brands such as Tesla, Jeep, Alfa Romeo, and Chevrolet.
−Removed: 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.
−Removed: Additionally, we continue to partner and build relationships with automotive manufacturers who use a direct-to-consumer model.
−Removed: During the nine months ended September 30, 2025, $1.5 billion of our consumer automotive retail loan originations and purchases, and $2.0 billion of our operating lease originations and purchases, were for battery-electric and plug-in hybrid vehicles.
−Removed: As of September 30, 2025, $3.0 billion of our consumer automotive finance receivables and loans had battery-electric or plug-in hybrid vehicles as the underlying collateral, and $4.4 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles.
+Added: originated, sold to, and serviced on behalf of third-party lenders, or one-time acquisition fees for loans funded and serviced by a third party.
+Added: Our strong and expansive dealer relationships, comprehensive suite of products and services, full spectrum financing, and depth of experience position us to adapt as vehicle technologies and consumer preferences evolve.
+Added: We have provided and continue to provide automobile financing for battery electric and, to a lesser extent, plug-in hybrid vehicles, including brands such as Tesla, Jeep, Alfa Romeo, and Chevrolet.
+Added: While we expect most of these vehicles to continue to be sold through dealerships and automotive retailers with whom we have established relationships, we also partner with automotive manufacturers that use a direct-to-consumer model.
+Added: During the three months ended March 31, 2026, $509 million of our consumer automotive retail loan originations and purchases, and $63 million of our operating lease originations and purchases, were for battery-electric and plug-in hybrid vehicles.
+Added: As of March 31, 2026, $3.3 billion of our consumer automotive finance receivables and loans had battery-electric or plug-in hybrid vehicles as the underlying collateral, and $4.0 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 a preferred provider for Stellantis.
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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.
−Removed: 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.
+Added: Our non-OEM-franchised dealers and automotive retailers include used-vehicle-only retailers with a national presence, such as CarMax and EchoPark, as well as primarily online automotive retailers, such as Carvana.
Our Insurance operations offer both consumer finance protection and insurance products sold primarily through the automotive dealer channel in the U.S.
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We continue to grow our market position leveraging our scale and significant experience in this space.
−Removed: We also offer property, liability, and other ancillary coverages to dealers, and during the third quarter of 2025, we became the underwriting carrier on the majority of these product offerings.
+Added: We also offer property, liability, and other ancillary coverages to dealers.
Our dealer F&I products are primarily distributed indirectly through the automotive dealer network, which includes dealer relationships of approximately 1,600 in the U.S.
−Removed: where we serve 2.4 million consumers.
+Added: where we serve 2.4 million customers.
As part of our focus on offering dealers a broad range of consumer F&I products, we offer VSCs, VMCs, and GAP products.
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Our GAP products cover certain amounts owed by a customer beyond their covered vehicle’s value in the event the vehicle is damaged or stolen and declared a total loss.
−Removed: We offer F&I products in Canada, where we serve over 500,000 consumers and are the preferred VSC and other protection plan provider for GM Canada.
+Added: We offer F&I products in Canada, where we serve over 550,000 customers and are the preferred VSC and other protection plan provider for GM.
Our contract to serve as the preferred VSC and protection plan provider for GM Canada extends into the third quarter of 2027.
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.
−Removed: On a smaller scale, we also periodically assume other non-automotive insurance risks through quota share arrangements and perform services as an underwriting carrier for insurance programs managed by a third party where we cede the majority of such business to external reinsurance markets.
−Removed: 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 over 21,000 active dealer relationships as of September 30, 2025.
−Removed: 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, 2025.
+Added: On a smaller scale, we also periodically direct write or assume other non-automotive insurance risks.
+Added: We typically assume other non-automotive insurance risks through quota share arrangements and perform services as an underwriting carrier for insurance programs managed by a third party where we cede the majority of such business to external reinsurance markets.
+Added: 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 over 21,400 active dealer relationships as of March 31, 2026.
+Added: 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 March 31, 2026.
• 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.
−Removed: The portfolio is composed of floating-rate asset-based and leveraged cash flow/enterprise value loans.
−Removed: Our Corporate Finance operations had $11.3 billion of assets at September 30, 2025, and generated $396 million of total net revenue during the nine months ended September 30, 2025, and continues to offer attractive returns and diversification benefits to our broader lending portfolio.
−Removed: Our Sponsor Finance business focuses on companies owned by private-equity sponsors with loans typically used for leveraged buyouts, refinancing and
+Added: The portfolio is composed of floating-rate leveraged asset-based and cash flow/enterprise value loans.
+Added: Our Corporate Finance operations had $13.8 billion of assets at March 31, 2026, and generated $148 million of total net revenue during the three months ended March 31, 2026, and continues to offer attractive returns and diversification benefits to our broader lending portfolio.
+Added: Our Sponsor Finance business focuses on companies owned by private-equity sponsors with loans typically used for leveraged buyouts, refinancing and recapitalizations,
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: recapitalizations, mergers and acquisitions, growth, co-lending arrangements, turnarounds, and debtor-in-possession financings.
+Added: mergers and acquisitions, growth, co-lending arrangements, turnarounds, and debtor-in-possession financings.
Additionally, our Private Credit Finance business provides asset managers and other financing sources with facilities to partially fund their direct-lending activities.
−Removed: We have a commercial real estate product primarily focused on lending to skilled nursing facilities, senior housing, memory care facilities, and medical office buildings.
−Removed: Additionally, we have an energy vertical that finances large-scale energy and infrastructure projects.
−Removed: • 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.
+Added: We have a commercial real estate product primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings.
+Added: Additionally, we have an energy and infrastructure vertical that finances large-scale energy and infrastructure projects.
+Added: • Corporate and Other primarily consists of centralized corporate treasury activities (including deposit operations) 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.
6 unchanged sentences
Corporate and Other included Ally Credit Card prior to the sale, which was completed on April 1, 2025.
−Removed: For further information, refer to Note 2 to the Condensed Consolidated Financial Statements.
+Added: For further information, refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.
Corporate and Other includes the financial results of our mortgage operations, which consist of our held-for-sale and held-for-investment consumer mortgage loan portfolios.
+Added: Our direct-to-consumer conforming mortgages and certain direct-to-consumer non-conforming jumbo mortgages were originated as held-for-sale and sold.
+Added: The remaining jumbo and LMI mortgages were originated as held-for-investment and are subserviced by a third party.
Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio.
−Removed: Corporate and Other includes our CRA loans.
−Removed: In its most recent performance evaluation in 2025, Ally Bank received an “Outstanding” rating for the CRA strategic plan (2023–2024).
−Removed: Failure by Ally Bank to maintain a “Satisfactory” or better rating on its most recent examination under the CRA may adversely affect our ability to expand our financial and related activities as an FHC or make acquisitions.
−Removed: On October 24, 2023, the U.S.
−Removed: banking agencies issued a final rule to modernize their regulations related to the CRA.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The final rule is stayed as to the plaintiff trade associations while a federal court considers the validity of the rule.
−Removed: On July 15, 2025, the FDIC Board of Directors voted to approve a notice of proposed rulemaking to be issued with the Federal Reserve and the Office of the Comptroller of the Currency to both rescind the CRA final rule and reinstate the CRA framework that existed prior to the final rule, with certain technical amendments.
Management’s Discussion and Analysis
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We employ an internal team of economists to enhance our planning and forecasting capabilities.
−Removed: This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning.
−Removed: This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impacts on our exposure to risks.
−Removed: As of August 31, 2025, the unemployment rate increased to 4.3%.
−Removed: Sales of new light motor vehicles rose to an average annual rate of 16.4 million during July and August of 2025.
−Removed: 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 supported used vehicle values.
−Removed: Our baseline forecast utilized in calculating the quantitative allowance for loan losses as of September 30, 2025, anticipated the unemployment rate peaking at approximately 4.6% in the second quarter of 2026, before reverting to the historical mean of approximately 5.8% by the third quarter of 2028.
−Removed: Additionally, our baseline forecast anticipated deceleration of GDP growth as measured on a quarter-over-quarter seasonally adjusted annualized rate basis through the fourth quarter of 2025, followed by increases in GDP growth through the second quarter of 2026, before reverting to the historical mean of approximately 2.1% by the second quarter of 2028, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis from more than 15 million units in the third quarter of 2025, to approximately 16 million units by the first quarter of 2027, before reverting to the historical mean of 15 million units by the third quarter of 2028.
−Removed: We also maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, consumer financial health, and geopolitical uncertainty, that could adversely impact frequency of loss and LGD.
+Added: This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning and stress testing.
+Added: This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impact on us given our exposure to these trends.
+Added: As of March 31, 2026, the unemployment rate decreased to 4.3%.
+Added: Sales of new light motor vehicles fell to an average annual rate of 15.6 million during the first quarter of 2026.
+Added: Sales of new light motor vehicles remained below the pre-pandemic annual pace of 17.0 million in 2019, which has limited incoming used vehicle supply and supported used vehicle values.
+Added: Our baseline forecast utilized in calculating the quantitative allowance for loan losses as of March 31, 2026, anticipated the unemployment rate peaking at approximately 4.6% in the second quarter of 2026, before reverting to the historical mean of approximately 5.7% by the first quarter of 2029.
+Added: Additionally, our baseline forecast anticipated GDP growth slowing to 2.0% as measured on a quarter-over-quarter seasonally adjusted annualized rate basis in 2026 and 2027, before reverting to the historical mean of approximately 2.2% by the first quarter of 2029, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis peaking at more than 16 million units in the fourth quarter of 2026, before reverting to the historical mean of 15 million units by the first quarter of 2029.
+Added: We also maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty, that could adversely impact frequency of loss and LGD.
Refer to the Risk Management section of this MD&A for further discussion on our allowance for loan losses.
−Removed: Macroeconomic risks remain elevated due to impacts from tariffs, inflation, and geopolitical uncertainty.
−Removed: Uncertainty around the scope and timing of changes to fiscal, regulatory, and trade policies, as well as impacts from recent legislative action (such as “H.R.
−Removed: 1”, commonly referred to as the “One Big Beautiful Bill Act”) could act as a source of volatility in our baseline forecasts, particularly with respect to real GDP growth, inflation, unemployment, vehicle sales, and other consumer measures, which could materially impact our risk profile.
−Removed: Announcements regarding changes in U.S.
−Removed: trade policies and practices, as well as counter tariffs and other reciprocal actions by other jurisdictions, have continued to contribute to increased volatility in financial markets and could adversely affect economic conditions.
−Removed: Risks related to the continuation or escalation of tariffs and other trading restrictions, particularly to the extent impacting the automobile industry and related sectors, and the potential impact on inflation, global trade, new and used automobile prices and sales, consumer purchasing power, customer creditworthiness and general economic conditions, could cause our financial results to differ from the anticipated results expressed or implied in any forward-looking statements.
+Added: Macroeconomic risks remain elevated due to persistent inflationary pressures, uncertainty regarding the path of interest rates, evolving trade policies (including tariffs), and heightened geopolitical tensions.
+Added: In addition, uncertainty around the scope and timing of changes to fiscal, regulatory, and trade policies, as well as the impacts from legislative and regulatory developments, could create volatility in our baseline forecasts, particularly with respect to real GDP growth, inflation, unemployment, vehicle sales, and other consumer measures, which could materially impact our risk profile.
+Added: Risks related to geopolitical developments, including the ongoing conflicts in the Middle East, could disrupt global supply chains, energy markets, and financial markets, and could adversely impact economic conditions.
+Added: For example, rising gasoline prices could suppress demand for vehicles which could reduce used vehicle values.
+Added: Sustained increased in oil and gasoline prices could contribute to broader inflationary pressures, weaken discretionary spending, and adversely affect employment and income in certain sectors, further pressuring household budgets, and credit performance.
+Added: Risks associated with elevated interest rates, including their effects on funding costs, consumer affordability, and credit performance, as well as uncertainty regarding the timing and magnitude of potential monetary policy easing, could further contribute to economic volatility.
+Added: Risks related to the continuation or escalation of tariffs and other trading restrictions, particularly those affecting the automobile industry and related sectors, and their potential effects on inflation, global trade, new and used automobile prices and sales, consumer purchasing power, customer creditworthiness and general economic conditions, could cause our financial results to differ from the anticipated results expressed or implied in any forward-looking statements.
Management’s Discussion and Analysis
3 unchanged sentences
Refer to the reportable operating segment sections of the MD&A that follow for a more complete discussion of operating results by business line.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: ($ in millions) 2025 2024 Favorable/(unfavorable) % change 2025 2024 Favorable/(unfavorable)
+Added: Three months ended March 31,
+Added: ($ in millions) 2026 2025 Favorable/(unfavorable)
Net financing revenue and other interest income
5 unchanged sentences
Insurance premiums and service revenue earned 360 364 (1)
−Removed: (Loss) gain on mortgage and automotive loans, net (3) 6 (150) (6) 18 (133)
−Removed: Other gain (loss) on investments, net 56 74 (24) (382) 96 n/m
+Added: (Loss) gain on mortgage and automotive loans, net (3) 1 n/m
+Added: Other loss on investments, net (21) (499) 96
Other income, net of losses 177 197 (10)
−Removed: Total other revenue 584 615 (5) 1,213 1,650 (26)
+Added: Total other revenue 513 63 n/m
Total net revenue 2,102 1,541 36
3 unchanged sentences
Insurance losses and loss adjustment expenses 121 161 25
−Removed: Goodwill impairment — — n/m 305 — n/m
+Added: Goodwill impairment — 305 100
Other operating expenses 623 663 6
Total noninterest expense 1,235 1,634 24
−Removed: Income from continuing operations before income tax expense 513 265 94 665 727 (9)
−Removed: Income tax expense from continuing operations 115 67 (72) 140 167 16
−Removed: Net income from continuing operations $ 398 $ 198 101 $ 525 $ 560 (6)
+Added: Income (loss) from continuing operations before income tax expense (benefit) 400 (284) n/m
+Added: Income tax expense (benefit) from continuing operations 81 (59) n/m
+Added: Net income (loss) from continuing operations $ 319 $ (225) n/m
Financial ratios:
−Removed: Return on average assets (a) 0.84 % 0.41 % n/m 0.37 % 0.39 % n/m
−Removed: Return on average equity (a) 10.56 % 5.46 % n/m 4.84 % 5.37 % n/m
−Removed: Equity to assets (a) 7.98 % 7.52 % n/m 7.72 % 7.22 % n/m
+Added: Return on average assets (a) 0.67 % (0.48) % n/m
+Added: Return on average equity (a) 8.20 % (6.43) % n/m
+Added: Equity to assets (a) 8.16 % 7.48 % n/m
Common dividend payout ratio (b) 31.91 % n/m n/m
1 unchanged sentence
(a) The ratios were based on average assets and average total equity using an average daily balance methodology.
−Removed: (b) The common dividend payout ratio was calculated using basic earnings per common share.
−Removed: We earned net income from continuing operations of $398 million and $525 million for the three months and nine months ended September 30, 2025, respectively, compared to $198 million and $560 million for the three months and nine months ended September 30, 2024.
−Removed: The increase in income for the three months ended September 30, 2025, was primarily driven by lower provision for credit losses and higher net financing revenue and other interest income, partially offset by an increase in tax expense from continuing operations.
−Removed: The decrease in income for the nine months ended September 30, 2025, was primarily driven by other loss on investments, net, and higher total noninterest expense, partially offset by lower provision for credit losses and higher net financing revenue and other interest income.
−Removed: Net financing revenue and other interest income increased $64 million and $73 million for the three months and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.
−Removed: The increases for the three months and nine months ended September 30, 2025, were primarily driven by lower total interest expense in response to lower benchmark interest rates, which decreased our cost of funds associated with our deposit liabilities.
−Removed: The increases were partially offset by the sale of Ally Credit Card, which closed on April 1, 2025, and unfavorable remarketing performance on our off-lease vehicles resulting from lower auction prices on the sale of specific vehicle models and lower termination volume.
+Added: (b) During the three months ended March 31, 2026, the common dividend payout ratio was calculated using basic earnings per common share.
+Added: During the three months ended March 31, 2025, we paid dividends of $0.30 per share and incurred a loss of $0.82 per share.
+Added: Due to the relationship of this calculation and the net loss incurred, this ratio is not meaningful for the three months ended March 31, 2025.
+Added: We earned net income from continuing operations of $319 million for the three months ended March 31, 2026, compared to a loss of $225 million for the three months ended March 31, 2025.
+Added: The increase for the three months ended March 31, 2026, was primarily driven by higher total other revenue, lower total noninterest expense, and lower total interest expense.
+Added: The increase was partially offset by higher provision for credit losses.
+Added: Net financing revenue and other interest income increased $111 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by lower total interest expense in response to lower benchmark interest rates, which decreased our cost of funds associated with our deposit liabilities.
+Added: The increase was partially offset by the sale of Ally Credit Card, which closed on April 1, 2025.
+Added: Insurance premiums and service revenue earned was $360 million for the three months ended March 31, 2026, compared to $364 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026, was primarily due to lower P&C and VSC volume.
+Added: The decrease was partially offset by growth of GAP and other ancillary F&I products.
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: Insurance premiums and service revenue earned was $361 million and $1.1 billion for the three months and nine months ended September 30, 2025, respectively, compared to $359 million and $1.0 billion for the three months and nine months ended September 30, 2024.
−Removed: The increases for the three months and nine months ended September 30, 2025, were primarily driven by growth in our vehicle inventory insurance business as we continue to grow new relationships.
−Removed: Other gain (loss) on investments, net, was a gain of $56 million and a loss of $382 million for the three months and nine months ended September 30, 2025, respectively, compared to gains of $74 million and $96 million for the three months and nine months ended September 30, 2024.
−Removed: The decrease for the three months ended September 30, 2025, was primarily due to lower gains from equity securities as compared to the same period in 2024.
−Removed: The decrease for the nine months ended September 30, 2025, compared to the same period in 2024, was primarily attributable to our balance sheet repositioning of a portion of our available-for-sales securities during the nine months ended September 30, 2025.
−Removed: Refer to Note 7 to the Condensed Consolidated Financial Statements for additional information.
−Removed: Other income, net of losses, decreased $6 million for the three months ended September 30, 2025, and increased $26 million for the nine months ended September 30, 2025, compared to the same periods in 2024.
−Removed: The decrease for the three months ended September 30, 2025, was primarily due to lower late charges and other administrative fees from the sale of Ally Credit Card, partially offset by favorable performance from equity-method investments.
−Removed: The increase for the nine months ended September 30, 2025, was primarily driven by favorable performance from equity-method investments, partially offset by lower late charges and other administrative fees.
−Removed: The provision for credit losses decreased $230 million and $619 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decrease in provision for credit losses for the three months ended September 30, 2025, was primarily driven by lower net charge-offs within our consumer other portfolio due to the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio.
−Removed: The decrease in provision for credit losses for the nine months ended September 30, 2025, was primarily driven by a provision benefit associated with the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio.
+Added: Other loss on investments, net, was $21 million for the three months ended March 31, 2026, compared to $499 million for the three months ended March 31, 2025.
+Added: The decrease in loss for the three months ended March 31, 2026, was primarily attributable to a balance sheet repositioning of a portion of our available-for-sale securities during the three months ended March 31, 2025.
+Added: Other income, net of losses decreased $20 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The decrease was primarily driven by lower late charges and other administrative fees as a result of the sale of Ally Credit Card, which closed on April 1, 2025.
+Added: The provision for credit losses increased $276 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by a provision benefit within our consumer other portfolio associated with the transfer of Ally Credit Card to held-for-sale that occurred during the three months ended March 31, 2025, and an increase in portfolio growth within our consumer automotive portfolio during the three months ended March 31, 2026.
+Added: The increase was partially offset by lower net charge-offs within our consumer other portfolio as a result of the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio.
Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.
−Removed: Noninterest expense increased $15 million and $317 million for the three months and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.
−Removed: The increase for the three months ended September 30, 2025, was primarily due to higher compensation and benefits, and higher insurance losses and loss adjustment expenses from insurance portfolio growth.
−Removed: The increase for the nine months ended September 30, 2025, was primarily driven by the impairment of goodwill associated with the sale of Ally Credit Card, in addition to higher insurance losses and loss adjustment expenses from our vehicle inventory insurance business.
−Removed: The increase was partially offset by lower operating expenses and lower compensation and benefits.
−Removed: We recognized total income tax expense from continuing operations of $115 million and $140 million for the three months and nine months ended September 30, 2025, respectively, compared to $67 million and $167 million for the three months and nine months ended September 30, 2024.
−Removed: The increase in income tax expense for the three months ended September 30, 2025, compared to the same period in 2024, was primarily due to the tax effects of an increase in pretax earnings during the three months ended September 30, 2025.
−Removed: The decrease in income tax expense for the nine months ended September 30, 2025, compared to the same period in 2024, was primarily due to the tax effects of a decrease in pre-tax earnings during the nine months ended September 30, 2025.
+Added: Total noninterest expense decreased $399 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The decrease was primarily driven by the impairment of goodwill associated with the transfer of Ally Credit Card to held-for-sale during the three months ended March 31, 2025.
+Added: Additionally, the decrease was driven by lower other operating expenses due to the sale of Ally Credit Card and lower insurance losses and loss adjustment expenses from our vehicle inventory insurance business.
+Added: We recognized total income tax expense from continuing operations of $81 million for the three months ended March 31, 2026, compared to an income tax benefit of $59 million for the three months ended March 31, 2025.
+Added: The increase in income tax expense for the three months ended March 31, 2026, was primarily attributable to the tax effects of a loss on investments recognized as a result of our balance sheet repositioning of a portion of our available-for-sale securities during the three months ended March 31, 2025.
Management’s Discussion and Analysis
6 unchanged sentences
The amounts presented are before the elimination of balances and transactions with our other reportable operating segments.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: ($ in millions) 2025 2024 Favorable/(unfavorable) % change
−Removed: 2025 2024 Favorable/(unfavorable)
+Added: Three months ended March 31,
+Added: ($ in millions) 2026 2025 Favorable/(unfavorable)
Net financing revenue and other interest income
1 unchanged sentence
Commercial 332 341 (3)
−Removed: Loans held-for-sale 2 — n/m 7 2 n/m
+Added: Loans held-for-sale 3 1 n/m
Operating leases 392 351 12
3 unchanged sentences
Net depreciation expense on operating lease assets (a) 268 240 (12)
−Removed: 225 169 (33) 681 516 (32)
Net financing revenue and other interest income 1,291 1,266 2
Other revenue
−Removed: (Loss) gain on automotive loans, net (3) — n/m (5) 1 n/m
+Added: Loss on automotive loans, net (3) — n/m
Other income, net of losses 108 97 11
9 unchanged sentences
n/m = not meaningful
−Removed: (a) Includes net remarketing gains of $1 million and net remarketing losses of $18 million for the three months and nine months ended September 30, 2025, respectively, compared to net remarketing gains of $24 million and $129 million for the three months and nine months ended September 30, 2024.
−Removed: Our Automotive Finance operations earned income from continuing operations before income tax expense of $421 million and $1.3 billion for the three months and nine months ended September 30, 2025, respectively, compared to $355 million and $1.4 billion for the three months and nine months ended September 30, 2024.
−Removed: For the three months ended September 30, 2025, the increase was primarily due to lower provision for credit losses, partially offset by higher total noninterest expense and higher net depreciation expense on operating lease assets.
−Removed: For the nine months ended September 30, 2025, the decrease was primarily due to higher net depreciation expense on operating lease assets and higher total noninterest expense, partially offset by lower provision for credit losses.
−Removed: Consumer automotive loan financing revenue and other interest income increased $72 million and $223 million for the three months and nine months ended September 30, 2025, respectively, compared to the same periods in 2024.
−Removed: The increases were primarily driven by higher average consumer assets resulting from origination growth and higher portfolio yields as higher yielding originations replace maturity of lower yielding assets resulting from pricing actions.
−Removed: Commercial loan financing revenue and other interest income decreased $94 million and $270 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decreases
+Added: (a) Includes net remarketing losses of $10 million and $19 million for the three months ended March 31, 2026, and 2025, respectively.
+Added: Our Automotive Finance operations earned income from continuing operations before income tax expense of $336 million for the three months ended March 31, 2026, compared to $375 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026, was primarily due to higher interest expense, higher total noninterest expense, and higher provision for credit losses.
+Added: The decrease was partially offset by higher total financing revenue and other interest income.
+Added: Consumer automotive loan financing revenue and other interest income increased $82 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by higher average consumer assets resulting from origination growth and higher portfolio yields as higher yielding originations replace maturity of lower yielding assets resulting from pricing actions due to our deliberate focus on maximizing risk-adjusted returns across our credit tiers.
+Added: Commercial loan financing revenue and other interest income decreased $9 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The decrease was primarily due to lower yield driven by lower benchmark interest rates, as our commercial automotive loans are generally variable-rate.
+Added: The decrease was partially offset by higher average outstanding commercial balances.
+Added: Interest expense increased $63 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by higher asset balances and higher funding costs as a result of a gradual shift in the composition of our consumer portfolios to loans and leases originated during a higher interest rate environment.
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: were primarily due to lower average outstanding wholesale floorplan balances within the Stellantis dealer channel and lower yield driven by lower benchmark interest rates, as our commercial automotive loans are generally variable-rate.
−Removed: Interest expense increased $27 million and $110 million for the three months and nine months ended September 30, 2025, respectively, compared to the same periods in 2024.
−Removed: The increases for the three months and nine months ended September 30, 2025, were primarily driven by higher funding costs as a result of a gradual shift in the composition of our consumer portfolios to loans and leases originated during a higher interest rate environment.
−Removed: Total net operating lease revenue decreased $7 million and $102 million for the three months and nine months ended September 30, 2025, respectively, compared to the same periods in 2024.
−Removed: The decreases in net operating lease revenue for the three months and nine months ended September 30, 2025, were driven by lower remarketing performance.
−Removed: We recognized net remarketing gains of $1 million and net remarketing losses of $18 million for the three months and nine months ended September 30, 2025, respectively, compared to net remarketing gains of $24 million and $129 million for the three months and nine months ended September 30, 2024.
−Removed: The decreases in remarketing gains for the three months and nine months ended September 30, 2025, were primarily driven by lower auction prices on the sale of specific vehicle models and lower termination volume.
+Added: Total net operating lease revenue increased $13 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase in net operating lease revenue was driven by higher average operating lease assets and lower net remarketing losses.
+Added: We recognized net remarketing losses of $10 million for the three months ended March 31, 2026, compared to net remarketing losses of $19 million for the three months ended March 31, 2025.
+Added: The decrease in remarketing losses for the three months ended March 31, 2026, was primarily driven by lower termination volume and slightly improved remarketing performance.
+Added: In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles.
+Added: Additionally, our operating lease portfolio mix has shifted towards contracts with a residual value guarantee, and towards a more diverse mix of OEMs for contracts without a residual value guarantee, which may reduce volatility in remarketing gains and losses in future years.
Refer to the Operating Lease Residual Risk Management section of this MD&A for further discussion.
−Removed: The provision for credit losses decreased $169 million and $179 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decreases in provision for credit losses for the three months and nine months ended September 30, 2025, were primarily driven by lower net charge-offs within our consumer automotive portfolio.
−Removed: Additionally, for the three months and nine months ended September 30, 2024, our consumer automotive portfolio experienced an increase in reserves, which included additional reserves associated with the estimated impact of Hurricane Helene.
+Added: The provision for credit losses increased $34 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by portfolio growth within our consumer automotive portfolio, partially offset by lower net charge-offs within our consumer automotive portfolio.
Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.
−Removed: Total noninterest expense increased $60 million and $91 million for the three months and nine months ended September 30, 2025, respectively, compared to the same periods in 2024.
−Removed: The increases for the three months and nine months ended September 30, 2025, were primarily due to increased expenses to support the growth of our consumer product suite and expand our digital capabilities and portfolio of products.
+Added: Total noninterest expense increased $38 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily due to higher direct and allocated expenses related to the growth of the business.
The following table presents the average balance and yield of the loan and operating lease portfolios of our Automotive Financing operations.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
−Removed: ($ in millions) Average balance (a) Yield Average balance (a) Yield Average balance (a) Yield Average balance (a) Yield
+Added: Three months ended March 31, ($ in millions)
+Added: Average balance (a) Yield Average balance (a) Yield
Finance receivables and loans, net (b)
9 unchanged sentences
(c) Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other.
−Removed: Including the impact of hedging activities, the yield was 9.27% and 9.24% for the three months and nine months ended September 30, 2025, respectively, and 9.29% and 9.18% for the three months and nine months ended September 30, 2024.
+Added: Including the impact of hedging activities, the yield was 9.28% and 9.20% for the three months ended March 31, 2026, and 2025, respectively.
(d) Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other.
−Removed: Including the impact of hedging activities, the yield was 6.42% and 6.44% for the three months and nine months ended September 30, 2025, respectively, and 7.68% and 7.67% for the three months and nine months ended September 30, 2024.
−Removed: (e) Consists primarily of automotive dealer term loans, including those to finance dealership land and buildings, and dealer fleet financing.
−Removed: (f) Yield includes net gains on the sale of off-lease vehicles of $1 million and net losses of $18 million for the three months and nine months ended September 30, 2025, respectively, and net gains of $24 million and $129 million for the three months and nine months ended September 30, 2024.
−Removed: Excluding these gains and losses on sale, the yield was 6.64% and 6.72% for the three months and nine months ended September 30, 2025, respectively, compared to 6.03% and 5.68% for the three months and nine months ended September 30, 2024.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: During the three months and nine months ended September 30, 2025, our portfolio yield for consumer automotive loans, excluding the impact of hedging activities, increased 21 and 34 basis points, respectively, as compared to the same periods in 2024.
−Removed: The increases for the three months and nine months ended September 30, 2025, were primarily driven by a shift in portfolio mix as higher yielding originations replace the maturity of lower yielding assets resulting from pricing actions.
−Removed: Our portfolio yield for consumer automotive loans, including the effects of derivative financial instruments designated as hedges, were 7 and 8 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, 2025, respectively.
+Added: Including the impact of hedging activities, the yield was 5.70% and 6.50%, for the three months ended March 31, 2026, and 2025, respectively.
+Added: (e) Consists primarily of automotive dealer term loans, including those to finance dealership land and buildings, and dealer and other fleet financing.
+Added: (f) Yield includes net losses on the sale of off-lease vehicles of $10 million and $19 million for the three months ended March 31, 2026, and 2025, respectively.
+Added: Excluding these losses on sale, the yield was 6.19% and 6.66% for the three months ended March 31, 2026, and 2025, respectively.
+Added: Our portfolio yield for consumer automotive loans excluding the impact of hedging activities increased 16 basis points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by a shift in portfolio mix as higher yielding originations replace the maturity of lower yielding assets resulting from pricing actions due to our deliberate focus on maximizing risk-adjusted returns across our credit tiers.
+Added: Our portfolio yield for consumer automotive loans including the effects of derivative financial instruments designated as hedges was 2 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 ended March 31, 2026.
This is attributable to the execution of hedging strategies that are used to mitigate interest rate risks.
1 unchanged sentence
Refer to Note 18 to the Condensed Consolidated Financial Statements for further discussion.
−Removed: During the three months and nine months ended September 30, 2025, our portfolio yield for commercial wholesale floorplan loans, excluding the impact of hedging activities, decreased 111 and 107 basis points, respectively, compared to the same periods in 2024.
−Removed: The decreases were primarily due to lower benchmark interest rates, as our commercial automotive loans are generally variable-rate.
−Removed: Our portfolio yield for investment in operating leases, net, including gains and losses on the sale of off-lease vehicles, decreased 52 and 129 basis points to 6.70% and 6.43% for the three months and nine months ended September 30, 2025, respectively, as compared to 7.22% and 7.72% for the three months and nine months ended September 30, 2024.
−Removed: The decreases were due to lower remarketing gains, which decreased $23 million and $147 million for the three months and nine months ended September 30, 2025, compared to the same periods in 2024.
+Added: Our portfolio yield for commercial wholesale floorplan loans excluding the impact of hedging activities decreased 84 basis points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The decrease was primarily due to lower benchmark interest rates, as our commercial automotive loans are generally variable-rate.
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
+Added: Our portfolio yield for investment in operating leases, net, including losses on the sale of off-lease vehicles, increased 4 basis points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was due to lower net remarketing losses, which decreased $9 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles.
+Added: Additionally, our operating lease portfolio mix has shifted towards contracts with a residual value guarantee, and towards a more diverse mix of OEMs for contracts without a residual value guarantee, which may reduce volatility in remarketing gains and losses in future years.
Refer to the Operating Lease Residual Risk Management section of this MD&A for further discussion.
10 unchanged sentences
% Share of volume Average FICO®
−Removed: Three months ended September 30, 2025
−Removed: S $ 2.6 37 759 $ 1.7 55 769
−Removed: A 2.9 42 687 1.1 35 687
−Removed: B 1.0 15 641 0.3 10 650
−Removed: C 0.3 4 604 — — 615
−Removed: D 0.1 1 573 — — 579
−Removed: E 0.1 1 552 — — 554
−Removed: Total retail loan originations $ 7.0 100 702 $ 3.1 100 725
−Removed: Three months ended September 30, 2024
−Removed: S $ 2.4 41 761 $ 1.3 52 759
−Removed: A 2.5 42 689 1.0 40 687
−Removed: B 0.7 12 643 0.2 8 651
−Removed: C 0.2 3 605 — — 616
−Removed: D 0.1 2 573 — — 566
−Removed: Total retail loan originations $ 5.9 100 707 $ 2.5 100 716
−Removed: Nine months ended September 30, 2025
+Added: Three months ended March 31, 2026
S $ 2.7 36 760 $ 1.8 57 771
3 unchanged sentences
D 0.1 2 548 — — 583
−Removed: E 0.1 1 553 — — 553
Total retail loan originations $ 7.5 100 696 $ 3.2 100 725
−Removed: Nine months ended September 30, 2024
+Added: Three months ended March 31, 2025
S $ 2.5 39 764 $ 1.6 55 772
2 unchanged sentences
C 0.3 5 609 — — 609
−Removed: D 0.2 1 567 — — 567
Total retail loan originations $ 6.4 100 708 $ 2.9 100 728
5 unchanged sentences
We periodically update our underwriting scorecard, which can have an impact on our credit tier scoring.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
The following table presents the percentage of total retail loan originations and purchases, in dollars, by the loan term in months.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
−Removed: 0–71 17 % 15 % 17 % 15 %
−Removed: 72–75 60 61 60 62
+Added: Three months ended March 31,
0–71 17 % 17 %
Total retail loan originations 100 % 100 %
−Removed: Retail loan originations with a term of 76 months or more represented 23% of total retail loan originations for both the three months and nine months ended September 30, 2025, compared to 24% and 23% for the three months and nine months ended September 30, 2024, respectively.
−Removed: Substantially all the loans originated with a term of 76 months or more during both the three months and nine months ended September 30, 2025, and 2024, were considered to be prime and in credit tiers S, A, or B.
+Added: Retail loan originations with a term of 76 months or more represented 22% of total retail loan originations for the three months ended March 31, 2026, compared to 23% for the three months ended March 31, 2025.
+Added: Substantially all the loans originated with a term of 76 months or more during both the three months ended March 31, 2026, and 2025, 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.
−Removed: During the three months ended September 30, 2025, approximately 84% of our used retail loan originations were for vehicles with a model year of 2019 or newer.
+Added: During the three months ended March 31, 2026, approximately 81% of our used retail loan originations were for vehicles with a model year of 2020 or newer.
According to the Bureau of Transportation Statistics, the average age of light vehicles in operation in the United States during 2025 was approximately 13 years.
−Removed: Substantially all used retail loan originations with a term of 76 months or more during the three months ended September 30, 2025, were for vehicles with a model year of 2019 or newer.
+Added: Substantially all used retail loan originations with a term of 76 months or more during the three months ended March 31, 2026, were for vehicles with a model year of 2020 or newer.
The following table presents the percentage of total outstanding retail loans by origination year.
−Removed: September 30, 2025 2024
+Added: March 31, 2026 2025
Pre-2022 6 % 15 %
Total retail 100 % 100 %
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
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
−Removed: Three months ended September 30, ($ in millions)
−Removed: 2025 2024 2025 2024
−Removed: Used retail $ 7,038 $ 5,887 60 63
−Removed: New retail 3,130 2,546 27 27
−Removed: Lease 1,527 957 13 10
−Removed: Total consumer automotive financing originations (a) $ 11,695 $ 9,390 100 100
−Removed: (a) Includes CSG originations of $1.0 billion and $856 million for the three months ended September 30, 2025, and 2024, respectively.
−Removed: Consumer automotive financing originations % Share of Ally originations
−Removed: Nine months ended September 30, ($ in millions)
+Added: Three months ended March 31, ($ in millions)
2026 2025 2026 2025
3 unchanged sentences
Total consumer automotive financing originations (a) $ 11,487 $ 10,153 100 100
−Removed: (a) Includes CSG originations of $2.8 billion and $2.9 billion for the nine months ended September 30, 2025, and 2024, respectively.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: Consumer automotive financing originations % Share of Ally originations
−Removed: Three months ended September 30, ($ in millions)
−Removed: 2025 2024 2025 2024
−Removed: GM dealers $ 2,718 $ 1,997 23 21
−Removed: Stellantis dealers 1,472 1,521 13 16
−Removed: Other dealers and automotive retailers
−Removed: OEM-franchised dealers (a) 4,734 3,698 40 40
−Removed: Non-OEM-franchised dealers and automotive retailers 2,771 2,174 24 23
−Removed: Total other dealers and automotive retailers 7,505 5,872 64 63
−Removed: Total consumer automotive financing originations $ 11,695 $ 9,390 100 100
−Removed: (a) Includes automotive manufacturers with a direct-to-consumer model.
+Added: (a) Includes CSG originations of $1.2 billion and $891 million for the three months ended March 31, 2026, and 2025, respectively.
Consumer automotive financing originations % Share of Ally originations
−Removed: Nine months ended September 30, ($ in millions)
+Added: Three months ended March 31, ($ in millions)
2026 2025 2026 2025
7 unchanged sentences
(a) Includes automotive manufacturers with a direct-to-consumer model.
−Removed: Total consumer automotive loan and operating lease originations increased $2.3 billion and $3.9 billion for the three months and nine months ended September 30, 2025, respectively, compared to the same periods in 2024.
−Removed: The increases were primarily driven by higher industry new and used vehicle sales, increased demand for electric vehicle leasing, and strong dealer engagement.
+Added: Total consumer automotive loan and operating lease originations increased $1.3 billion for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by strategic partnerships, strong dealer engagement, and growth in application volume from our dealer network.
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 2025 Annual Report on Form 10-K.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: The following tables present the percentage of retail loan and operating lease originations and purchases, in dollars, by FICO® Score and product type.
+Added: The following table presents 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
−Removed: Three months ended September 30,
−Removed: 2025 2024 2025 2024 2025 2024
−Removed: 760 + 24 % 25 % 30 % 25 % 48 % 54 %
−Removed: 720–759 14 15 13 13 18 17
−Removed: 660–719 28 29 25 28 22 20
−Removed: 620–659 18 17 16 17 8 6
−Removed: 540–619 10 9 4 4 3 2
+Added: Three months ended March 31,
2026 2025 2026 2025 2026 2025
−Removed: Unscored (a) 4 3 12 13 1 1
−Removed: Total consumer automotive financing originations 100 % 100 % 100 % 100 % 100 % 100 %
−Removed: (a) Unscored are primarily CSG contracts with business entities that have no FICO® Score.
−Removed: Used retail New retail Lease
−Removed: Nine months ended September 30, 2025 2024 2025 2024 2025 2024
760 + 23 % 26 % 30 % 31 % 40 % 53 %
7 unchanged sentences
(a) Unscored are primarily CSG contracts with business entities that have no FICO® Score.
−Removed: Originations with a FICO® Score of less than 620 (considered nonprime) represented 9% of total consumer loan and operating lease originations for both the three months and nine months ended September 30, 2025, respectively, compared to 8% for both the three months and nine months ended September 30, 2024.
−Removed: 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, 2025, and 1% for both the same periods in 2024.
+Added: Originations with a FICO® Score of less than 620 (considered nonprime) represented 12% of total consumer loan and operating lease originations for the three months ended March 31, 2026, compared to 8% for the three months ended March 31, 2025, reflecting our strategy to focus on maximizing risk-adjusted returns across our credit tiers.
+Added: Consumer loans and operating leases with FICO® Scores of less than 540 represented 2% of total originations for the three months ended March 31, 2026, as compared to 1% for the three months ended March 31, 2025.
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.
−Removed: The carrying value of our held-for-investment, nonprime consumer automotive loans before allowance for loan losses was $8.3 billion and $8.2 billion at September 30, 2025, and December 31, 2024, respectively, or approximately 9.8% and 9.7% of our total consumer automotive loans at September 30, 2025, and December 31, 2024.
+Added: The carrying value of our held-for-investment, nonprime consumer automotive loans before allowance for loan losses was $9.1 billion and $8.6 billion at March 31, 2026, and December 31, 2025, respectively, or approximately 10.5% and 10.1% of our total consumer automotive loans at March 31, 2026, and December 31, 2025, respectively.
For discussion of our credit-risk-management practices and performance, refer to the section below titled Risk Management .
−Removed: During the fourth quarter of 2025, we amended our relationship with Carvana, a leading e-commerce platform for buying and selling used vehicles.
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
+Added: During the fourth quarter of 2025, we amended our agreement with Carvana, a leading e-commerce platform for buying and selling used vehicles.
Specifically, we increased our committed facility by $2.0 billion to a maximum of $6.0 billion to support our continued efforts to optimize risk-adjusted returns.
This commitment is effective for 364 days.
−Removed: 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.
−Removed: 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.
+Added: As part of the agreement, we are committed to purchase finance receivables, related to both new and used vehicles, on a periodic basis within prescribed eligibility requirements and risk appetite, consistent with purchase practices in prior years.
+Added: All the finance receivables purchased through this channel 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.
−Removed: Consumer finance receivables and loans sourced from Carvana represented 9.6% and 8.6% of our total consumer automotive finance receivables and loans as of September 30, 2025, and December 31, 2024, respectively.
−Removed: Loan purchases from Carvana were 11% and 10% of our total consumer automotive financing originations during the three months and nine months ended September 30, 2025, respectively, as compared to 8% and 7% for the same periods in 2024.
−Removed: For discussion of manufacturer marketing incentives, refer to the section titled Automotive Financing Volume—Manufacturer Marketing Incentives within the MD&A in our 2024 Annual Report on Form 10-K.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
+Added: Consumer finance receivables and loans sourced from Carvana represented 11.1% and 10.4% of our total consumer automotive finance receivables and loans as of March 31, 2026, and December 31, 2025, respectively.
+Added: Loan purchases from Carvana were 14% of our total consumer automotive financing originations during the three months ended March 31, 2026, compared to 7% during the three months ended March 31, 2025.
Commercial Wholesale Financing Volume
1 unchanged sentence
Average balance
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: ($ in millions) 2025 2024 2025 2024
+Added: Three months ended March 31, ($ in millions)
Stellantis new vehicles 31 % 30 %
4 unchanged sentences
Total commercial wholesale finance receivables $ 15,466 $ 15,324
−Removed: Average commercial wholesale financing receivables outstanding decreased $2.8 billion and $2.6 billion during the three months and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.
−Removed: The decreases for the three months and nine months ended September 30, 2025, as compared to the same periods in 2024, were primarily due to a decrease within the Stellantis dealer channel.
+Added: Average commercial wholesale financing receivables outstanding increased $142 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily due to an increase within the Stellantis dealer channel.
Carvana's commercial line of credit totals $1.5 billion, with a scheduled maturity in the second quarter of 2027.
1 unchanged sentence
This includes the line of credit being fully collateralized to mitigate counterparty credit risk in the event of a default.
−Removed: At September 30, 2025, Carvana’s gross wholesale floorplan assets outstanding balance was $73 million.
+Added: At March 31, 2026, Carvana’s gross wholesale floorplan assets outstanding balance was $79 million.
Other Commercial Automotive Financing
4 unchanged sentences
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.
−Removed: The average balances of other commercial automotive loans remained unchanged for the three months ended September 30, 2025, and decreased $42 million for the nine months ended September 30, 2025, compared to the same periods in 2024, resulting in an average balance of $6.3 billion for both the three months and nine months ended September 30, 2025.
+Added: The average balance of other commercial automotive loans increased $1.1 billion to $7.5 billion for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
Management’s Discussion and Analysis
3 unchanged sentences
The amounts presented are before the elimination of balances and transactions with our other reportable segments.
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Three months ended March 31,
($ in millions) 2026 2025 Favorable/(unfavorable) % change
−Removed: 2025 2024 Favorable/(unfavorable)
Insurance premiums and other income
1 unchanged sentence
Interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net (a) 36 30 20
−Removed: Other gain on investments, net (b) 56 75 (25) 111 104 7
+Added: Other loss on investments, net (b) (21) (4) n/m
Other income, net of losses 3 4 (25)
7 unchanged sentences
Total expense 350 392 11
−Removed: Income from continuing operations before income tax expense $ 79 $ 102 (23) $ 109 $ 132 (17)
+Added: Income from continuing operations before income tax expense $ 28 $ 2 n/m
Total assets $ 9,888 $ 9,489 4
1 unchanged sentence
Combined ratio (c) 96.2 % 106.5 %
−Removed: (a) Includes interest expense of $16 million and $45 million for the three months and nine months ended September 30, 2025, respectively, and $13 million and $40 million for the three months and nine months ended September 30, 2024.
−Removed: (b) Includes net unrealized gains on equity securities of $27 million and $43 million for the three months and nine months ended September 30, 2025, respectively, and net unrealized gains of $56 million and $46 million for the three months and nine months ended September 30, 2024 .
+Added: n/m = not meaningful
+Added: (a) Includes interest expense of $13 million and $14 million for the three months ended March 31, 2026, and 2025, respectively.
+Added: (b) Includes net unrealized losses on equity securities of $59 million and $15 million for the three months ended March 31, 2026, and 2025, respectively.
(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).
−Removed: Our Insurance operations earned income from continuing operations before income tax expense of $79 million and $109 million for the three months and nine months ended September 30, 2025, respectively, compared to income of $102 million and $132 million for the three months and nine months ended September 30, 2024.
−Removed: The decrease for the three months ended September 30, 2025, was primarily driven by a decrease in other gain on investments, as a result of lower unrealized gains on our equity portfolio.
−Removed: The decrease for the nine months ended September 30, 2025, was primarily driven by higher insurance losses and loss adjustment expenses, partially offset by higher insurance premiums and other income from growth in our insurance portfolio and higher investment income.
−Removed: Insurance premiums and service revenue earned was $361 million and $1.1 billion for the three months and nine months ended September 30, 2025, respectively, compared to $359 million and $1.0 billion for the same periods in 2024.
−Removed: The increases for the three months and nine months ended September 30, 2025, were primarily driven by growth in our vehicle inventory insurance business as we continue to grow new relationships.
−Removed: Other gain on investments, net was $56 million and $111 million for the three months and nine months ended September 30, 2025, respectively, compared to $75 million and $104 million for the same periods in 2024.
−Removed: This consisted of realized capital gains of $28 million and $68 million during the three months and nine months ended September 30, 2025, compared to $19 million and $58 million for the same periods in 2024.
−Removed: The decrease for the three months ended September 30, 2025, was driven by net unrealized gains on equity securities of $27 million for the three months ended September 30, 2025, compared to $56 million during the same period in 2024, partially offset by higher realized gains.
−Removed: The increase for the nine months ended September 30, 2025, was driven by higher realized gains, partially offset by net unrealized gains on equity securities of $43 million for the nine months ended September 30, 2025, compared to $46 million during the same period in 2024.
+Added: Our Insurance operations earned income from continuing operations before income tax expense of $28 million for the three months ended March 31, 2026, compared to $2 million for the three months ended March 31, 2025.
+Added: The increase for the three months ended March 31, 2026, was primarily driven by lower insurance losses and loss adjustment expenses and higher interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net.
+Added: The increase was partially offset by higher other loss on investments, net.
+Added: Insurance premiums and service revenue earned was $360 million for the three months ended March 31, 2026, compared to $364 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026, was primarily due to lower P&C and VSC volume.
+Added: The decrease was partially offset by growth of GAP and other ancillary F&I products.
+Added: Other loss on investments, net was $21 million for the three months ended March 31, 2026, compared to $4 million for the three months ended March 31, 2025.
+Added: This included realized gains of $38 million during the three months ended March 31, 2026, compared to $11 million for the three months ended March 31, 2025.
+Added: The increase for the three months ended March 31, 2026, was driven by net unrealized losses on equity securities of $59 million for the three months ended March 31, 2026, compared to net unrealized losses on equity securities of $15 million during the three months ended March 31, 2025.
+Added: The increase for the three months ended March 31, 2026, was primarily due to equity securities performance in line with the broader market.
+Added: Insurance losses and loss adjustment expenses totaled $121 million for the three months ended March 31, 2026, compared to $161 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026, was primarily due to lower weather losses.
+Added: Weather-related loss and loss adjustment expenses from our vehicle inventory insurance business were $16 million during the three months ended March 31, 2026, compared to $58 million during the three months ended March 31, 2025.
+Added: In April 2026, 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.
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: Insurance losses and loss adjustment expenses totaled $141 million and $505 million for the three months and nine months ended September 30, 2025, respectively, compared to $135 million and $428 million for the same periods in 2024.
−Removed: The increase for the three months ended September 30, 2025, was primarily due to insurance portfolio growth.
−Removed: The increase for the nine months ended September 30, 2025, was primarily due to higher weather losses driven by growth in our vehicle inventory insurance business.
−Removed: During the three months and nine months ended September 30, 2025, weather-related loss and loss adjustment expenses from our vehicle inventory insurance business were $22 million and $171 million, respectively, compared to $26 million and $121 million during the same periods in 2024.
−Removed: We utilized our excess of loss reinsurance and ceded weather-related losses on our vehicle inventory insurance business during the first three quarters of 2024, and the first quarter of 2025, as losses exceeded the retention limit, helping to partially mitigate the impact of weather losses, primarily due to severe hailstorms.
−Removed: In April 2025, we renewed our annual excess of loss reinsurance agreement and continue to utilize this coverage for our vehicle inventory insurance to manage our risk of weather-related losses, under which retention limits vary for each quarter.
−Removed: Our combined ratio was 102.6% and 108.7% for the three months and nine months ended September 30, 2025, respectively, compared to 100.6% and 105.3% for the same periods in 2024.
−Removed: The increase for the three months ended September 30, 2025, as compared to the same period in 2024, was primarily driven by higher insurance losses and loss adjustment expenses and higher acquisition and underwriting expenses, partially offset by insurance portfolio growth.
−Removed: The increase for the nine months ended September 30, 2025, was primarily driven by higher net weather losses compared to the same period in 2024, partially offset by higher earned premiums from our vehicle inventory insurance business.
+Added: Our combined ratio was 96.2% for the three months ended March 31, 2026, compared to 106.5% for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026, was primarily driven by lower weather losses.
Premium and Service Revenue Written
2 unchanged sentences
Refer to Note 3 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further discussion of this revenue stream.
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Three months ended March 31,
($ in millions) 2026 2025
5 unchanged sentences
Other premium and service revenue written (c) 7 12
−Removed: $ 385 $ 384 $ 1,119 $ 1,082
(a) Other financial and insurance products include VMCs, ClearGuard, and other ancillary products.
1 unchanged sentence
(c) Primarily includes non-automotive assumed reinsurance and revenue associated with performing services as an underwriting carrier.
−Removed: Insurance premiums and service revenue written was $385 million and $1.1 billion for the three months and nine months ended September 30, 2025, respectively, compared to $384 million and $1.1 billion for the same periods in 2024.
−Removed: The increase for the three months ended September 30, 2025, was primarily due to growth in our GAP and other ancillary F&I products, as well as other diversified non-automotive written premiums, partially offset by lower VSC volume and higher P&C reinsurance costs.
−Removed: The increase for the nine months ended September 30, 2025, was primarily due to higher written premiums from our P&C business primarily driven by growth in vehicle inventory insurance business relationships, increasing our market share, and higher finance and insurance products, partially offset by higher reinsurance costs.
+Added: Insurance premiums and service revenue written increased $4 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily due to growth in our GAP and other ancillary F&I products.
+Added: The increase was partially offset by lower VSC volume.
Cash and Investments
3 unchanged sentences
The guidelines established by this committee reflect our risk appetite, liquidity requirements, regulatory requirements, and rating agency considerations, among other factors.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
The following table summarizes the composition of our Insurance operations cash and investment portfolio at fair value.
−Removed: ($ in millions) September 30, 2025 December 31, 2024
+Added: ($ in millions) March 31, 2026 December 31, 2025
Cash and cash equivalents
11 unchanged sentences
Corporate debt 1,928 1,912
−Removed: Total available-for-sale securities (amortized cost of $4,663 and $4,274)
+Added: Total available-for-sale securities (amortized cost basis of $4,605 and $4,609)
Total cash, cash equivalents, and securities $ 5,778 $ 5,841
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
In addition to these cash and investment securities, the Insurance segment has interest-bearing intercompany arrangements with Corporate and Other, callable on demand.
−Removed: The intercompany loan balance due to Insurance was $696 million and $864 million at September 30, 2025, and December 31, 2024, respectively, and related interest income of $5 million and $14 million was recognized for the three months and nine months ended September 30, 2025, compared to $4 million and $11 million for the same periods in 2024.
+Added: The intercompany loan balance due to Insurance was $854 million and $807 million at March 31, 2026, and December 31, 2025, respectively, and related interest income of $6 million and $5 million was recognized for the three months ended March 31, 2026, and 2025, respectively.
Management’s Discussion and Analysis
4 unchanged sentences
The amounts presented are before the elimination of balances and transactions with our reportable segments.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: ($ in millions) 2025 2024 Favorable/(unfavorable) % change 2025 2024 Favorable/(unfavorable) % change
+Added: Three months ended March 31,
+Added: ($ in millions) 2026 2025 Favorable/(unfavorable)
Net financing revenue and other interest income
3 unchanged sentences
Net financing revenue and other interest income
−Removed: 111 109 2 323 341 (5)
Total other revenue 35 29 21
7 unchanged sentences
Total assets $ 13,803 $ 11,002 25
−Removed: Our Corporate Finance operations earned income from continuing operations before income tax expense of $95 million and $267 million for the three months and nine months ended September 30, 2025, respectively, compared to $105 million and $314 million for the three months and nine months ended September 30, 2024.
−Removed: The decreases for the three months and nine months ended September 30, 2025, were primarily due to lower total other revenue.
−Removed: Additionally, the decrease for the nine months ended September 30, 2025, was driven by lower net financing revenue and other interest income and higher provision for credit losses.
−Removed: Net financing revenue and other interest income was $111 million and $323 million for the three months and nine months ended September 30, 2025, respectively, compared to $109 million and $341 million for the three months and nine months ended September 30, 2024.
−Removed: The decrease for the nine months ended September 30, 2025, was primarily driven by lower accelerated deferred fees from early loan payoffs, which were elevated during the nine months ended September 30, 2024.
−Removed: Other revenue decreased $12 million and $17 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decreases for the three months and nine months ended September 30, 2025, were primarily driven by lower syndication income.
−Removed: Additionally, the decreases were driven by lower fee income on revolving credit lines due to higher utilization as compared to the three months and nine months ended September 30, 2024.
−Removed: The provision for credit losses decreased $3 million for the three months ended September 30, 2025, and increased $7 million for the nine months ended September 30, 2025, as compared to the same periods in 2024.
−Removed: The decrease for the three months ended September 30, 2025, was primarily driven by lower portfolio growth as compared to the three months ended September 30, 2024.
−Removed: The increase for the nine months ended September 30, 2025, was primarily driven by portfolio growth.
+Added: Our Corporate Finance operations earned income from continuing operations before income tax expense of $94 million for the three months ended March 31, 2026, compared to $76 million for the three months ended March 31, 2025.
+Added: The increase for the three months ended March 31, 2026, was primarily due to higher net financing revenue and other interest income, higher total other revenue, and lower provision for credit losses.
+Added: Net financing revenue and other interest income was $113 million for the three months ended March 31, 2026, compared to $104 million for the three months ended March 31, 2025.
+Added: The increase for the three months ended March 31, 2026, was primarily due to higher interest and fees on finance receivables and loans, driven by portfolio growth, partially offset by higher interest expense.
+Added: Other revenue increased $6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by higher realized gains on nonmarketable equity investments and higher syndication income.
+Added: The provision for credit losses decreased $6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The decrease was primarily driven by lower portfolio growth and specific reserve activity as compared to the same period in 2025.
Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.
−Removed: Total noninterest expense increased $3 million and $5 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The increases were primarily due to higher direct and allocated expenses related to the growth of the business.
+Added: Total noninterest expense increased $3 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily due to higher direct and allocated expenses related to the growth of the business.
Management’s Discussion and Analysis
1 unchanged sentence
Credit Portfolio
−Removed: The following table presents loans held-for-sale, the amortized cost of finance receivables and loans outstanding, unfunded lending commitments, and total serviced loans of our Corporate Finance operations.
−Removed: As of September 30, 2025, 62% of our loans and 61% of our lending commitments were asset based, with all in a first-lien position.
−Removed: Additionally, total criticized exposures were 9.4% and 14.2% of total Corporate Finance finance receivables and loans at September 30, 2025, and December 31, 2024, respectively.
−Removed: ($ in millions) September 30, 2025 December 31, 2024
+Added: The following table presents loans held-for-sale, the amortized cost basis of finance receivables and loans outstanding, unfunded lending commitments, and total serviced loans of our Corporate Finance operations.
+Added: As of March 31, 2026, 64% of our loans and 65% of our lending commitments were asset based, with all in a first-lien position.
+Added: Additionally, total criticized exposures were 10.3% and 9.7% of total Corporate Finance finance receivables and loans at March 31, 2026, and December 31, 2025, respectively.
+Added: ($ in millions) March 31, 2026 December 31, 2025
Loans held-for-sale, net
3 unchanged sentences
$ 15,474 $ 15,127
−Removed: (a) Includes $9.0 billion and $8.1 billion of commercial and industrial loans at September 30, 2025, and December 31, 2024, respectively, and $2.3 billion and $1.5 billion of commercial real estate loans at September 30, 2025, and December 31, 2024, respectively.
−Removed: Our commercial real estate loans are primarily focused on lending to skilled nursing facilities, senior housing, memory care facilities, and medical office buildings.
+Added: (a) Includes $10.9 billion and $10.2 billion of commercial and industrial loans at March 31, 2026, and December 31, 2025, respectively, and $2.8 billion and $2.7 billion of commercial real estate loans at March 31, 2026, and December 31, 2025, respectively.
+Added: Our commercial real estate loans are primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings.
There are no exposures related to commercial office buildings.
2 unchanged sentences
The following table presents the percentage of total finance receivables and loans of our Corporate Finance operations by industry concentration.
−Removed: The finance receivables and loans are reported at amortized cost.
−Removed: September 30, 2025 December 31, 2024
−Removed: Financial services
−Removed: 42.3 % 42.1 %
+Added: The finance receivables and loans are reported at amortized cost basis.
+Added: March 31, 2026 December 31, 2025
+Added: Financial services (a) 43.1 % 43.0 %
Health services
2 unchanged sentences
Automotive and transportation
+Added: Paper, printing, and publishing 1.6 0.2
Construction 1.3 1.2
−Removed: Retail trade 0.8 1.0
Other manufactured products
1 unchanged sentence
100.0 % 100.0 %
+Added: (a) Primarily relates to loans to non-depository financial institutions within our Private Credit Finance portfolio, where we serve as lead agent.
+Added: All loans within the Private Credit Finance portfolio are performing and rated pass.
Management’s Discussion and Analysis
2 unchanged sentences
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.
−Removed: 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 consumer mortgage portfolio, the activity related to Ally Invest, Ally Lending, Ally Credit Card, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments.
+Added: 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 consumer mortgage portfolio, the activity related to Ally Invest, Ally Credit Card, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments.
+Added: We closed the sale of Ally Credit Card on April 1, 2025.
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 22 to the Condensed Consolidated Financial Statements for more information.
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Three months ended March 31,
($ in millions) 2026 2025 Favorable/(unfavorable) % change
−Removed: 2025 2024 Favorable/(unfavorable)
Net financing revenue and other interest income
1 unchanged sentence
Interest on loans held-for-sale
−Removed: 2 2 — 4 35 (89)
Interest and dividends on investment securities and other earning assets (b) 196 196 —
1 unchanged sentence
Total financing revenue and other interest income
−Removed: 434 646 (33) 1,435 1,983 (28)
Interest expense
2 unchanged sentences
Total interest expense
−Removed: 307 632 51 1,146 2,029 44
−Removed: Net financing revenue and other interest income 127 14 n/m 289 (46) n/m
+Added: Net financing revenue and other interest income 149 78 91
Other revenue
−Removed: Gain (loss) on mortgage and automotive loans, net — 6 (100) (1) 17 (106)
−Removed: Other loss on investments, net — (2) 100 (493) (9) n/m
+Added: Gain on mortgage and automotive loans, net — 1 (100)
+Added: Other loss on investments, net — (495) 100
Other income, net of losses
−Removed: 43 52 (17) 138 118 17
Total other revenue
−Removed: 43 56 (23) (356) 126 n/m
Total net revenue
1 unchanged sentence
Provision for credit losses
−Removed: (3) 55 105 (261) 186 n/m
+Added: (9) (257) (96)
Total noninterest expense (e) 247 645 62
3 unchanged sentences
(a) Includes financing revenue from our consumer mortgage portfolio and impacts associated with hedging activities within our automotive loan portfolio.
−Removed: Additionally includes financing revenue from our consumer other portfolios prior to the completion of the sale of Ally Credit Card on April 1, 2025.
+Added: Additionally includes financing revenue from our consumer other portfolio prior to the completion of the sale of Ally Credit Card on April 1, 2025.
(b) Includes impacts associated with hedging activities of our available-for-sale securities.
−Removed: (c) Amortization is included as interest on long-term debt in the Condensed Consolidated Statement of Comprehensive Income.
+Added: (c) Amortization is included as interest on long-term debt in our Condensed Consolidated Statement of Comprehensive Income.
(d) Includes the residual impacts of our FTP methodology and impacts of hedging activities of certain debt obligations.
−Removed: (e) Includes reductions of $233 million and $661 million for the three months and nine months ended September 30, 2025, respectively, and $204 million and $612 million for the three months and nine months ended September 30, 2024, related to the allocation of COH expenses to other segments.
+Added: (e) Includes reductions of $245 million and $217 million for the three months ended March 31, 2026, and 2025, respectively, related to the allocation of COH expenses to other segments.
The receiving segments record their allocation of COH expense within other operating expense.
3 unchanged sentences
($ in millions)
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Cash and cash equivalents and securities $ 31,976 $ 32,408
1 unchanged sentence
Mortgage finance receivables and loans, net 15,300 15,560
−Removed: Credit card finance receivables and loans, net (a) — 1,975
−Removed: Other (b) 4,669 4,519
+Added: Other (a) 5,154 5,756
Total assets $ 55,966 $ 57,329
−Removed: (a) We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: (b) Primarily includes net deferred tax assets, net property and equipment, and goodwill.
+Added: (a) Primarily includes net deferred tax assets and net property and equipment.
Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information.
−Removed: The following table presents the scheduled remaining amortization of the original issue discount at September 30, 2025.
+Added: The following table presents the scheduled remaining amortization of the original issue discount at March 31, 2026.
Year ended December 31, ($ in millions)
5 unchanged sentences
(b) The amortization is included as interest on long-term debt in the Condensed Consolidated Statement of Comprehensive Income.
−Removed: Corporate and Other incurred a loss from continuing operations before income tax benefit of $82 million and $979 million for the three months and nine months ended September 30, 2025, respectively, compared to $297 million and $1.1 billion for the three months and nine months ended September 30, 2024.
−Removed: The decrease in loss for the three months ended September 30, 2025, was primarily driven by higher net financing revenue, lower provision for credit losses, and lower noninterest expense.
−Removed: The decrease in loss for the nine months ended September 30, 2025, was primarily driven by lower provision for credit losses and higher net financing revenue, partially offset by lower total other revenue and higher noninterest expense.
−Removed: Total financing revenue and other interest income was $434 million and $1.4 billion for the three months and nine months ended September 30, 2025, respectively, compared to $646 million and $2.0 billion for the three months and nine months ended September 30, 2024.
−Removed: The decreases for the three months and nine months ended September 30, 2025, were primarily driven by lower average assets due to the sale of Ally Credit Card on April 1, 2025, lower income from our hedging activities, and the continued run-off of our consumer mortgage portfolio.
−Removed: Additionally, the decrease for the nine months ended September 30, 2025, was driven by lower average assets due to the sale of Ally Lending in the first quarter of 2024.
−Removed: Total interest expense decreased $325 million and $883 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
+Added: Corporate and Other incurred a loss from continuing operations before income tax benefit of $58 million for the three months ended March 31, 2026, compared to $737 million for the three months ended March 31, 2025.
+Added: The decrease in loss for the three months ended March 31, 2026, was primarily driven by higher total other revenue and lower noninterest expense, partially offset by higher provision for credit losses.
+Added: Total financing revenue and other interest income was $395 million for the three months ended March 31, 2026, compared to $557 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026, was primarily driven by lower average assets due to the sale of Ally Credit Card on April 1, 2025, lower income from our hedging activities, and the continued run-off of our consumer mortgage portfolio.
+Added: Total interest expense decreased $233 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
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.
−Removed: The decreases in interest expense for the three months and nine months ended September 30, 2025, were primarily driven by a lower interest rate environment when compared to the three months and nine months ended September 30, 2024, as well as the sale of Ally Credit Card.
−Removed: Total other revenue decreased $13 million and $482 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decreases for the three months and nine months ended September 30, 2025, were driven by lower late charges and other administrative fees as a result of the sale of Ally Credit Card.
−Removed: Additionally, the decrease for the nine months ended September 30, 2025, was driven by a balance sheet repositioning of a portion of our available-for-sale securities during the first quarter of 2025.
−Removed: Refer to Note 7 to the Condensed Consolidated Financial Statements for additional information.
−Removed: The provision for credit losses decreased $58 million and $447 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decrease in provision for credit losses for the three months ended September 30, 2025, was primarily driven by lower net charge-offs within our consumer other portfolio due to the sale of Ally Credit Card.
−Removed: The decrease in provision for credit losses for the nine months ended September 30, 2025, was driven by a provision benefit associated with the sale of Ally Credit Card.
+Added: The decrease in interest expense for the three months ended March 31, 2026, was primarily driven by a lower interest rate environment and the sale of Ally Credit Card.
+Added: Total other revenue increased $458 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by a balance sheet repositioning of a portion of our available-for-sale securities during the first quarter of 2025.
+Added: The provision for credit losses increased $248 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was driven by a provision benefit associated with the transfer of Ally Credit Card to held-for-sale during the three months ended March 31, 2025.
Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.
−Removed: Noninterest expense decreased $57 million and increased $141 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decrease for the three months ended September 30, 2025, was primarily driven by lower operating expenses as a result of the sale of Ally Credit Card.
−Removed: The increase for the nine
+Added: Noninterest expense decreased $398 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The decrease in noninterest expense was primarily driven by the impairment of goodwill associated with the transfer of Ally Credit Card to held-for-sale during the three months ended March 31, 2025, and lower other operating expenses due to the sale of Ally Credit Card.
+Added: Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information on the impairment of goodwill.
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: months ended September 30, 2025, was primarily driven by the impairment of goodwill associated with the sale of Ally Credit Card, partially offset by lower operating expenses as a result of the sales of Ally Credit Card and Ally Lending, and lower compensation and benefits.
Cash and Securities
1 unchanged sentence
($ in millions)
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Cash and cash equivalents
2 unchanged sentences
Total cash and cash equivalents 8,901 9,402
−Removed: Equity securities — 1
Available-for-sale securities
5 unchanged sentences
Asset-backed 2 12
−Removed: Total available-for-sale securities (amortized cost of $20,997 and $22,536)
+Added: Total available-for-sale securities (amortized cost basis of $21,369 and $21,216)
18,738 18,635
4 unchanged sentences
Asset-backed retained notes
−Removed: Total held-to-maturity securities (amortized cost of $4,433 and $4,346)
+Added: Total held-to-maturity securities (amortized cost basis of $4,337 and $4,371)
Total cash, cash equivalents, and securities $ 32,026 $ 32,488
3 unchanged sentences
($ in millions)
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Proportional amortization investments (a) $ 2,032 $ 2,094
3 unchanged sentences
(a) Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments.
−Removed: (b) Primarily comprises 77 and 66 investments made in connection with our CRA program at September 30, 2025, and December 31, 2024, respectively.
−Removed: The carrying value of these investments was $626 million and $573 million at September 30, 2025, and December 31, 2024, respectively.
+Added: (b) Primarily comprises 85 and 82 investments made in connection with our CRA program at March 31, 2026, and December 31, 2025, respectively.
+Added: The carrying value of these investments was $662 million and $647 million at March 31, 2026, and December 31, 2025, 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.
−Removed: At September 30, 2025, the carrying value of investments made through Ally Ventures was $34 million, comprising 18 investments, as compared to $36 million, comprising 19 investments at December 31, 2024.
+Added: At March 31, 2026, the carrying value of investments made through Ally Ventures was $37 million, comprising 16 investments, as compared to $38 million, comprising 18 investments at December 31, 2025.
Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information.
3 unchanged sentences
The following table presents trading days and average customer trades per day, the number of funded accounts, total net customer assets, and total customer cash balances as of the end of each of the last five quarters.
+Added: 2026 December 31,
2025 September 30,
1 unchanged sentence
2025 March 31,
−Removed: 2025 December 31,
−Removed: 2024 September 30,
Trading days (a) 61.0 63.0 63.5 62.0 60.0
12 unchanged sentences
(b) Represents activity across the brokerage, robo and advisory portfolios.
−Removed: During the three months ended September 30, 2025, total funded accounts remained relatively flat from the prior quarter and from the third quarter of 2024.
−Removed: Average customer trades per day were flat from the prior quarter and decreased 1% from the third quarter of 2024, driven by evolving market conditions and customer engagement.
−Removed: Additionally, net customer assets increased 9% from the prior quarter and increased 21% from the third quarter of 2024, as a result of changes in equity market valuations.
+Added: During the three months ended March 31, 2026, total funded accounts remained relatively flat from the prior quarter and increased 1% from the first quarter of 2025.
+Added: Average customer trades per day increased 1% from the prior quarter and decreased 13% from the first quarter of 2025, driven by evolving market conditions and customer engagement.
+Added: Additionally, net customer assets decreased 4% from the prior quarter and increased 17% from the first quarter of 2025, as a result of changes in equity market valuations.
Mortgage operations consist of our held-for-sale and held-for-investment consumer mortgage loan portfolios.
3 unchanged sentences
% of total net UPB WAC Net premium (discount) ($ in millions)
−Removed: Average refreshed LTV (b) (c) Average refreshed FICO® (d)
−Removed: September 30, 2025
−Removed: Adjustable-rate $ 375 2 4.03 % $ 1 41.05 % 774
+Added: Average refreshed LTV (b) Average refreshed FICO® (c)
+Added: March 31, 2026
Fixed-rate $ 15,322 100 3.13 % $ (11) 45.10 % 781
1 unchanged sentence
December 31, 2025
−Removed: Adjustable-rate $ 450 3 4.36 % $ 2 46.01 % 770
Fixed-rate $ 15,583 100 3.14 % $ (11) 46.31 % 782
2 unchanged sentences
(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.
−Removed: (c) Consists of only first-lien mortgages.
−Removed: (d) Updated to reflect changes in credit score since loan origination.
−Removed: Ally Credit Card
−Removed: On April 1, 2025, we closed the sale of Ally Credit Card.
−Removed: For further information, refer to Note 2 to the Condensed Consolidated Financial Statements.
+Added: (c) Updated to reflect changes in credit score since loan origination.
Management’s Discussion and Analysis
10 unchanged sentences
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.
−Removed: 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/data risk, compliance risk, and conduct risk.
+Added: Our primary types of risks include credit risk, insurance/underwriting risk, liquidity risk, market risk, business/strategic risk, reputation risk, model risk, operational risk, information technology/cybersecurity/data risk, compliance risk, and conduct risk.
For more information on our risk management process, refer to the Risk Management MD&A section of our 2025 Annual Report on Form 10-K.
−Removed: In addition to the primary risks that we manage, climate-related risk has been identified as an emerging risk.
−Removed: 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.
−Removed: Refer to the section titled Climate-Related Risk within this section for more information.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
Loan and Operating Lease Exposure
The following table summarizes the exposures from our loan and operating-lease activities based on our reportable operating segments.
−Removed: ($ in millions) September 30,
−Removed: 2025 December 31,
+Added: ($ in millions) March 31, 2026 December 31, 2025
Finance receivables and loans
2 unchanged sentences
Corporate Finance 13,714 12,930
−Removed: Corporate and Other (c) (d) 16,490 19,767
+Added: Corporate and Other (c) 15,570 15,805
Total finance receivables and loans 139,890 137,454
9 unchanged sentences
Automotive Finance 2,521 2,190
−Removed: Corporate and Other (d) — 86
−Removed: Total off-balance-sheet loans (e) 3,057 2,971
+Added: Total off-balance-sheet loans (d) 3,379 3,192
Operating lease assets
2 unchanged sentences
Total loan and operating lease exposure $ 152,305 $ 149,967
−Removed: (a) Includes a liability of $51 million associated with fair value hedging adjustments at December 31, 2024.
+Added: (a) Includes a liability of $23 million and an asset of $7 million associated with fair value hedging adjustments at March 31, 2026, and December 31, 2025, respectively.
Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information.
1 unchanged sentence
These advances are included within our automotive commercial and industrial portfolio class.
−Removed: (c) Primarily includes our consumer mortgage portfolio at both September 30, 2025, and December 31, 2024.
−Removed: (d) Includes Credit Card.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: (e) Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions.
−Removed: 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.
+Added: (c) Primarily includes our consumer mortgage portfolio at both March 31, 2026, and December 31, 2025.
+Added: (d) Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions.
+Added: 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
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
+Added: on our borrowers.
The potential financial statement impact of these exposures varies depending on the accounting classification and future expected disposition strategy.
11 unchanged sentences
This reflects our commitment to maintaining an independent and ongoing assessment of credit risk and credit quality.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: require an objective and timely assessment of the overall quality of the consumer and commercial loan and operating lease portfolios.
+Added: 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.
18 unchanged sentences
We employ an internal team of economists to enhance our planning and forecasting capabilities.
−Removed: This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning.
−Removed: This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impacts on our exposure to risks.
−Removed: As of August 31, 2025, the unemployment rate increased to 4.3%.
−Removed: Sales of new light motor vehicles rose to an average annual rate of 16.4 million during July and August of 2025.
−Removed: 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 supported used vehicle values.
+Added: This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning and stress testing.
+Added: This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impact on us given our exposure to these trends.
+Added: As of March 31, 2026, the unemployment rate decreased to 4.3%.
+Added: Sales of new light motor vehicles fell to an average annual rate of 15.6 million during the first quarter of 2026.
+Added: Sales of new light motor vehicles remained below the pre-pandemic annual pace of 17.0 million in 2019, which has limited incoming used vehicle supply and supported used vehicle values.
Additionally, used vehicle values may be impacted by availability, the price of new vehicles, or changes in customer preferences.
−Removed: However, macroeconomic risks remain elevated as a result of impacts from tariffs, inflation, consumer financial health, and geopolitical uncertainty.
+Added: However, macroeconomic risks remain elevated as a result of impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty.
Consumer Credit Portfolio
−Removed: During the three months and nine months ended September 30, 2025, 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, and high-quality jumbo and LMI mortgage loans that were obtained through bulk loan purchases and direct-to-consumer mortgage originations.
−Removed: Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio.
−Removed: For the nine months ended September 30, 2025, the consumer loan portfolio also included revolving, unsecured loans through Ally Credit Card.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: For further information, refer to Note 2 to the Condensed Consolidated Financial Statements.
−Removed: The carrying value of our nonprime held-for-investment consumer automotive loans before allowance for loan losses represented approximately 9.8% and 9.7% of our total consumer automotive loans at September 30, 2025, and December 31, 2024, respectively.
−Removed: 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 2024 Annual Report on Form 10-K.
+Added: During the three months ended March 31, 2026, 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, and prime and nonprime finance
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: The following table includes consumer finance receivables and loans recorded at amortized cost.
+Added: receivables and loans.
+Added: Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio.
+Added: Following the expected sale of the remaining mortgage loans that were transferred to held-for-sale in the fourth quarter of 2025, our consumer mortgage portfolio will be all first-lien fixed-rate mortgages.
+Added: The carrying value of our nonprime held-for-investment consumer automotive loans before allowance for loan losses represented approximately 10.5% and 10.1% of our total consumer automotive loans at March 31, 2026, and December 31, 2025, respectively.
+Added: 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 2025 Annual Report on Form 10-K.
+Added: The following table includes consumer finance receivables and loans recorded at amortized cost basis.
Outstanding Nonperforming Accruing past due 90 days or more (a)
−Removed: ($ in millions) September 30,
+Added: ($ in millions) March 31,
2026 December 31,
−Removed: 2024 September 30,
+Added: 2025 March 31,
2026 December 31,
−Removed: 2024 September 30,
+Added: 2025 March 31,
2026 December 31,
1 unchanged sentence
Consumer mortgage 15,311 15,572 62 62 — —
−Removed: Consumer other (d) — 2,294 — 90 — —
Total consumer finance receivables and loans
4 unchanged sentences
Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information.
−Removed: (c) Includes outstanding CSG loans of $8.8 billion and $9.3 billion at September 30, 2025, and December 31, 2024, respectively, and RV loans of $299 million and $360 million at September 30, 2025, and December 31, 2024, respectively.
−Removed: (d) Consists of credit card finance receivables and loans.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: Total consumer finance receivables and loans decreased $2.0 billion at September 30, 2025, compared with December 31, 2024.
−Removed: The decrease was primarily due to the sale of Ally Credit Card, which closed on April 1, 2025.
−Removed: Additionally, our consumer mortgage finance receivables and loans decreased $981 million, primarily due to portfolio runoff, as we ceased mortgage originations during the second quarter of 2025.
−Removed: The decrease was partially offset by an increase of $1.2 billion of consumer automotive finance receivables and loans, primarily due to loan originations outpacing portfolio paydown.
−Removed: Total consumer nonperforming finance receivables and loans at September 30, 2025, decreased $165 million to $1.2 billion from December 31, 2024.
−Removed: Refer to Note 8 to the Condensed Consolidated Financial Statements for additional information.
−Removed: Nonperforming consumer finance receivables and loans as a percentage of total outstanding consumer finance receivables and loans was 1.2% and 1.3% at September 30, 2025, and December 31, 2024, respectively.
−Removed: Consumer automotive loans 30 days or more past due decreased $408 million to $4.2 billion at September 30, 2025, as compared to December 31, 2024.
−Removed: During the nine months ended September 30, 2025, we observed a decline in delinquency trends within our consumer automotive portfolio, primarily driven by seasonality and improvements from changes made to our underwriting strategies.
−Removed: The following tables present consumer net charge-offs and write-downs from transfers to loans held-for-sale from finance receivables and loans at amortized cost and related ratios.
−Removed: Net charge-offs (recoveries) Write-downs from transfers to
−Removed: held-for-sale Total Net charge-off ratios (a) Combined
−Removed: Three months ended September 30, ($ in millions)
+Added: (c) Includes outstanding CSG loans of $9.1 billion and $9.0 billion at March 31, 2026, and December 31, 2025, respectively, and RV loans of $264 million and $282 million at March 31, 2026, and December 31, 2025, respectively.
+Added: Total consumer finance receivables and loans increased $833 million to $102.0 billion at March 31, 2026, compared to December 31, 2025.
+Added: The increase was primarily driven by an increase of $1.1 billion of consumer automotive finance receivables and loans, due to loan originations outpacing portfolio paydown.
+Added: The increase in consumer finance receivables and loans was partially offset by a decrease of $261 million of our consumer mortgage finance receivables and loans, primarily due to portfolio runoff, as we ceased mortgage originations during the second quarter of 2025.
+Added: Total consumer nonperforming finance receivables and loans decreased $27 million to $1.2 billion at March 31, 2026, compared to December 31, 2025.
+Added: Nonperforming consumer finance receivables and loans as a percentage of total outstanding consumer finance receivables and loans was 1.2% at both March 31, 2026, and December 31, 2025.
+Added: Consumer automotive loans 30 days or more past due decreased $505 million to $4.0 billion at March 31, 2026, compared to December 31, 2025.
+Added: During the three months ended March 31, 2026, we observed a decline in delinquency trends within our consumer automotive portfolio, primarily driven by seasonality.
+Added: The following table presents consumer net charge-offs from finance receivables and loans at amortized cost basis and related ratios.
+Added: Three months ended March 31,
+Added: Net charge-offs (recoveries) Net charge-off ratios (a)
+Added: ($ in millions)
2026 2025 2026 2025
1 unchanged sentence
Consumer mortgage (8) (1) (0.2) —
−Removed: Consumer other (c) — 52 — — — 52 — 9.9 — 9.9
+Added: Consumer other (b) — 63 — 11.1
Total consumer finance receivables and loans $ 416 $ 507 1.6 2.0
(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.
−Removed: (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.
−Removed: (c) Consists of Credit Card.
+Added: (b) Consists of Credit Card.
We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
+Added: Our net charge-offs from total consumer finance receivables and loans were $416 million for the three months ended March 31, 2026, compared to $507 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026, was driven by lower net charge-offs within our consumer other portfolio due to the sale of Ally Credit Card, which closed on April 1, 2025.
+Added: The decrease was also driven by lower net charge-offs within our consumer automotive portfolio, reflecting our pricing and underwriting strategies, and overall stability in used vehicle prices in recent years.
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: Net charge-offs (recoveries) Write-downs from transfers to
−Removed: held-for-sale (a) Total Net charge-off ratios (b) Combined
−Removed: Nine months ended September 30, ($ in millions)
−Removed: 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
−Removed: Consumer automotive $ 1,210 $ 1,322 $ — $ 5 $ 1,210 $ 1,327 1.9 % 2.1 % 1.9 % 2.1 %
−Removed: Consumer mortgage (4) (2) — — (4) (2) — — — —
−Removed: Consumer other (d) 63 176 — — 63 176 n/m 11.6 n/m 11.6
−Removed: Total consumer finance receivables and loans $ 1,269 $ 1,496 $ — $ 5 $ 1,269 $ 1,501 1.7 1.9 1.7 1.9
−Removed: n/m = not meaningful
−Removed: (a) Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transactions during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.
−Removed: (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.
−Removed: (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.
−Removed: (d) Consists of Credit Card.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: Our net charge-offs from total consumer finance receivables and loans were $396 million and $1.3 billion for the three months and nine months ended September 30, 2025, respectively, compared to $518 million and $1.5 billion for the three months and nine months ended September 30, 2024.
−Removed: The decreases for the three months and nine months ended September 30, 2025, were primarily driven by lower net charge-offs within our consumer automotive portfolio, reflecting our pricing and underwriting strategies, and stability in used vehicle prices.
−Removed: The decreases were also driven by lower net charge-offs within our consumer other portfolio due to the sale of Ally Credit Card, which closed on April 1, 2025.
The following table summarizes total consumer loan originations for the periods shown.
Total consumer loan originations include loans classified as finance receivables and loans held-for-sale during the period.
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Three months ended March 31,
($ in millions)
Consumer automotive (a) $ 11,276 $ 9,478
−Removed: Consumer mortgage (b) (c) — 257 95 751
+Added: Consumer mortgage (b) — 91
Total consumer loan originations $ 11,276 $ 9,569
−Removed: (a) Includes loans purchased under forward flow agreements with automotive retailers, as well as $437 million and $1.0 billion of loans originated as held-for-sale for the three months and nine months ended September 30, 2025, respectively, and $79 million and $349 million for the three months and nine months ended September 30, 2024.
−Removed: (b) Excludes bulk loan purchases and includes $95 million of loans originated as held-for-sale for the nine months ended September 30, 2025, and $255 million and $702 million for the three months and nine months ended September 30, 2024, respectively.
−Removed: (c) Consumer mortgage originations ceased during the second quarter of 2025.
−Removed: Total consumer loan originations increased $1.8 billion and $3.0 billion for the three months and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, primarily due to higher originations within our consumer automotive loan portfolio as a result of higher industry new and used vehicle sales.
−Removed: The increases were partially offset by a decrease in consumer mortgage originations, as mortgage originations ceased during the second quarter of 2025.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: The following table shows the percentage of consumer finance receivables and loans by state concentration based on amortized cost.
−Removed: September 30, 2025 (a)
+Added: (a) Includes loans purchased under forward flow agreements with automotive retailers, as well as $509 million of loans originated as held-for-sale for the three months ended March 31, 2026, and $202 million for the three months ended March 31, 2025.
+Added: (b) Excludes bulk loan purchases and includes $91 million of loans originated as held-for-sale for the three months ended March 31, 2025.
+Added: Consumer mortgage originations ceased during the second quarter of 2025.
+Added: Total consumer loan originations increased $1.7 billion for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by strong dealer engagement and growth in application volume from our dealer network.
+Added: The increase was partially offset by a decrease in consumer mortgage originations, as mortgage originations ceased during the second quarter of 2025.
+Added: The following table shows the percentage of consumer finance receivables and loans by state concentration based on amortized cost basis.
+Added: March 31, 2026 (a)
December 31, 2025
−Removed: Consumer automotive Consumer mortgage Consumer other (b) Consumer automotive Consumer mortgage Consumer other
+Added: Consumer automotive Consumer mortgage Consumer automotive Consumer mortgage
California 8.2 % 40.6 % 8.3 % 40.5 %
10 unchanged sentences
Total consumer loans 100.0 % 100.0 % 100.0 % 100.0 %
−Removed: (a) Presentation is in descending order as a percentage of total consumer finance receivables and loans at September 30, 2025.
−Removed: (b) We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
+Added: (a) Presentation is in descending order as a percentage of total consumer finance receivables and loans at March 31, 2026.
We monitor our consumer loan portfolio for concentration risk across the states in which we lend.
−Removed: The highest concentrations of consumer loans are in California and Texas, which represented an aggregate of 26.0% of our total outstanding consumer finance receivables and loans at both September 30, 2025, and December 31, 2024.
−Removed: 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.
+Added: The highest concentrations of consumer loans are in California and Texas, which represented an aggregate of 25.8% of our total outstanding consumer finance receivables and loans at both March 31, 2026, and December 31, 2025.
+Added: Our consumer mortgage loan portfolio concentration within California is primarily composed of high-quality jumbo mortgage loans.
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 2025 Annual Report on Form 10-K.
−Removed: The following table includes total commercial finance receivables and loans reported at amortized cost.
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
+Added: The following table includes total commercial finance receivables and loans reported at amortized cost basis.
Outstanding Nonperforming Accruing past due 90 days or more (a)
−Removed: ($ in millions) September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
+Added: ($ in millions) March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025
Commercial and industrial
Automotive $ 18,972 $ 18,339 $ 3 $ 15 $ — $ —
−Removed: Other (b) (c) 9,169 8,212 124 94 — —
+Added: Other (b) 11,093 10,309 112 124 — —
Commercial real estate 7,852 7,666 1 10 — —
3 unchanged sentences
(b) Other commercial and industrial primarily includes senior secured commercial lending largely associated with our Corporate Finance operations.
−Removed: (c) Includes PCD loans acquired during the nine months ended September 30, 2025.
−Removed: Total commercial finance receivables and loans outstanding increased $575 million from December 31, 2024, to $33.3 billion at September 30, 2025.
−Removed: Results were driven by a $1.7 billion increase in our Corporate Finance segment.
−Removed: This was partially offset by a $1.1 billion decrease in our Automotive Finance segment, primarily within the commercial and industrial receivables class, due to lower wholesale floorplan balances.
−Removed: Total commercial nonperforming finance receivables and loans were $143 million at September 30, 2025, reflecting an increase of $32 million compared to December 31, 2024.
−Removed: Nonperforming commercial finance receivables and loans as a percentage of outstanding commercial finance receivables and loans was 0.4% and 0.3% at September 30, 2025, and December 31, 2024, respectively.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: The following table includes total commercial net charge-offs from finance receivables and loans at amortized cost and related ratios.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: Net charge-offs (recoveries) Net charge-off ratios (a) Net charge-offs (recoveries) Net charge-off ratios (a)
+Added: Total commercial finance receivables and loans outstanding increased $1.6 billion to $37.9 billion at March 31, 2026, compared to December 31, 2025.
+Added: The increase was primarily due to a $795 million increase in our Automotive Finance operations and a $784 million increase in our Corporate Finance operations.
+Added: Total commercial nonperforming finance receivables and loans were $116 million at March 31, 2026, reflecting a decrease of $33 million compared to December 31, 2025.
+Added: Nonperforming commercial finance receivables and loans as a percentage of outstanding commercial finance receivables and loans was 0.3% and 0.4% at March 31, 2026, and December 31, 2025, respectively.
+Added: The following table includes total commercial net charge-offs from finance receivables and loans at amortized cost basis and related ratios.
+Added: Three months ended March 31,
+Added: Net charge-offs (recoveries) Net charge-off ratios (a)
($ in millions)
+Added: 2026 2025 2026 2025
Commercial and industrial
−Removed: Automotive $ — $ — — % — % $ — $ (3) — % — %
Other $ 1 $ — — % — %
3 unchanged sentences
The commercial real estate portfolio consists of finance receivables and loans issued primarily to automotive dealers.
−Removed: Commercial real estate finance receivables and loans was $7.0 billion and $6.3 billion at September 30, 2025, and December 31, 2024, respectively, which represented 5.2% and 4.6% of total outstanding finance receivables and loans at September 30, 2025, and December 31, 2024, respectively.
−Removed: There was $4.7 billion of commercial real estate loans included in the Automotive Finance segment at both September 30, 2025, and December 31, 2024, and $2.3 billion and $1.5 billion of commercial real estate loans included in the Corporate Finance segment at September 30, 2025, and December 31, 2024, respectively.
−Removed: As of both September 30, 2025, and December 31, 2024, we had no exposures related to commercial office buildings .
−Removed: The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost.
−Removed: September 30, 2025 December 31, 2024
+Added: Commercial real estate finance receivables and loans were $7.9 billion and $7.7 billion at March 31, 2026, and December 31, 2025, respectively, which represented 5.6% of total outstanding finance receivables and loans at both March 31, 2026, and December 31, 2025.
+Added: There were $5.0 billion and $4.8 billion of commercial real estate loans included in the Automotive Finance segment at March 31, 2026, and December 31, 2025, respectively, and $2.8 billion and $2.7 billion of commercial real estate loans included in the Corporate Finance segment at March 31, 2026, and December 31, 2025.
+Added: As of both March 31, 2026, and December 31, 2025, we had no exposures related to commercial office buildings .
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
+Added: The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost basis.
+Added: March 31, 2026 December 31, 2025
Florida 23.0 % 22.1 %
13 unchanged sentences
These finance receivables and loans require additional monitoring and review including specific actions to mitigate our potential loss.
−Removed: Total criticized exposures decreased $665 million from December 31, 2024, to $2.8 billion at September 30, 2025.
−Removed: The decrease in total criticized exposures was primarily driven by a decrease in Special Mention loans within the commercial and industrial portfolio class of our Automotive Finance and Corporate Finance operations.
−Removed: Total criticized exposures were 8.3% and 10.5% of total commercial finance receivables and loans at September 30, 2025, and December 31, 2024, respectively, representing strong overall credit performance.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost.
−Removed: September 30, 2025 December 31, 2024
+Added: Total criticized exposures increased $341 million from December 31, 2025, to $3.3 billion at March 31, 2026.
+Added: The increase was primarily driven by a increase in Special Mention loans within the commercial and industrial portfolio class of our Automotive Finance and Corporate Finance operations.
+Added: Total criticized exposures were 8.7% and 8.2% of total commercial finance receivables and loans at March 31, 2026, and December 31, 2025, respectively, representing strong overall credit performance.
+Added: The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost basis.
+Added: March 31, 2026 December 31, 2025
Automotive 62.2 % 61.7 %
−Removed: Electronics 12.1 12.8
Services 13.0 12.4
+Added: Electronics 11.1 11.2
Other 13.7 14.7
4 unchanged sentences
For more information on repossessed and foreclosed assets, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.
−Removed: Repossessed consumer automotive loan assets in our Automotive Finance operations were $221 million and $207 million at September 30, 2025, and December 31, 2024, respectively, and foreclosed consumer mortgage assets were $1 million at both September 30, 2025, and December 31, 2024.
−Removed: Repossessed commercial automotive loan assets in our Automotive Finance operations were $1 million and $2 million at September 30, 2025, and December 31, 2024, respectively.
+Added: Repossessed consumer automotive loan assets in our Automotive Finance operations were $202 million and $220 million at March 31, 2026, and December 31, 2025, respectively, and foreclosed consumer mortgage assets were $1 million at both March 31, 2026, and December 31, 2025.
+Added: Repossessed commercial automotive loan assets in our Automotive Finance operations were $1 million at both March 31, 2026, and December 31, 2025.
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
Allowance for Loan Losses
5 unchanged sentences
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 of our 2025 Annual Report on Form 10-K.
−Removed: Through September 30, 2025, 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.
+Added: Through March 31, 2026, 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:
−Removed: the unemployment rate peaking at approximately 4.6% in the second quarter of 2026, before reverting to the historical mean of approximately 5.8% by the third quarter of 2028, deceleration of GDP growth as measured on a quarter-over-quarter seasonally adjusted annualized rate basis through the fourth quarter of 2025, followed by increases in GDP growth through the second quarter of 2026, before reverting to the historical mean of approximately 2.1% by the second quarter of 2028, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis from more than 15 million units in the third quarter of 2025, to approximately 16 million units by the first quarter of 2027, before reverting to the historical mean of 15 million units by the third quarter of 2028.
−Removed: Additionally, we maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, consumer financial health, and geopolitical uncertainty, that could adversely impact frequency of loss and LGD.
−Removed: Our overall allowance for loan losses increased $44 million from the prior quarter to $3.5 billion at September 30, 2025, representing 2.6% and 2.7% as a percentage of total finance receivables at September 30, 2025, and December 31, 2024, respectively.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: 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, 2025, and 2024, respectively.
−Removed: Three months ended September 30, 2025
+Added: the unemployment rate peaking at approximately 4.6% in the second quarter of 2026, before reverting to the historical mean of approximately 5.7% by the first quarter of 2029, GDP growth slowing to 2.0% as measured on a quarter-over-quarter seasonally adjusted annualized rate basis in 2026 and 2027, before reverting to the historical mean of approximately 2.2% by the first quarter of 2029, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis peaking at more than 16 million units in the fourth quarter of 2026, before reverting to the historical mean of 15 million units by the first quarter of 2029.
+Added: Additionally, we maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty, that could adversely impact frequency of loss and LGD.
+Added: Our overall allowance for loan losses increased $50 million from the prior quarter to $3.5 billion at March 31, 2026, representing 2.5% as a percentage of total finance receivables at both March 31, 2026, and December 31, 2025.
+Added: The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2026, and March 31, 2025, respectively.
($ in millions)
Consumer automotive Consumer mortgage Total consumer Commercial Total
−Removed: Allowance at July 1, 2025 $ 3,166 $ 17 $ 3,183 $ 233 $ 3,416
+Added: Allowance at January 1, 2026 $ 3,208 $ 12 $ 3,220 $ 270 $ 3,490
Charge-offs (a) (671) — (671) (1) (672)
6 unchanged sentences
Total provision for credit losses 467 (9) 458 9 467
−Removed: Other (b) — — — 24 24
−Removed: Allowance at September 30, 2025
+Added: Other (1) — (1) 1 —
+Added: Allowance at March 31, 2026
$ 3,250 $ 11 $ 3,261 $ 279 $ 3,540
−Removed: Net charge-offs to average finance receivables and loans outstanding for the three months ended September 30, 2025
+Added: Net charge-offs to average finance receivables and loans outstanding for the three months ended March 31, 2026
2.0 % (0.2) % 1.6 % — % 1.2 %
−Removed: Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2025
+Added: Allowance for loan losses to total nonperforming finance receivables and loans at March 31, 2026 (b)
288.2 % 17.5 % 274.1 % 239.4 % 271.0 %
−Removed: (a) 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.
−Removed: (b) Commercial includes $24 million of allowance for loan losses recognized on PCD loans acquired during the three months ended September 30, 2025.
−Removed: Nine months ended September 30, 2025
−Removed: ($ in millions)
−Removed: Consumer automotive Consumer mortgage Consumer other (a) Total consumer Commercial Total
−Removed: Allowance at January 1, 2025 $ 3,170 $ 19 $ 319 $ 3,508 $ 206 $ 3,714
−Removed: Charge-offs (b) (1,937) (2) (68) (2,007) (2) (2,009)
−Removed: Recoveries 727 6 5 738 3 741
−Removed: Net charge-offs (1,210) 4 (63) (1,269) 1 (1,268)
−Removed: Provision for credit losses
−Removed: Provision due to change in portfolio size 44 — — 44 16 60
−Removed: Provision due to incremental charge-offs 1,210 (4) 63 1,269 (1) 1,268
−Removed: Provision due to all other factors (28) — (320) (348) 10 (338)
−Removed: Total provision for credit losses 1,226 (4) (257) 965 25 990
−Removed: Other (c) — (2) 1 (1) 25 24
−Removed: Allowance at September 30, 2025
+Added: Nonaccrual loans to finance receivables and loans outstanding at March 31, 2026
1.3 % 0.4 % 1.2 % 0.3 % 0.9 %
−Removed: Net charge-offs to average finance receivables and loans outstanding for the nine months ended September 30, 2025
−Removed: 1.9 % — % n/m 1.7 % — % 1.3 %
−Removed: Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2025
+Added: Ratio of allowance for loan losses to annualized net charge-offs at March 31, 2026
1.9 (0.3) 2.0 66.4 2.1
−Removed: n/m = not meaningful
−Removed: (a) Consists of Credit Card.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: (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.
−Removed: (c) Commercial includes $24 million of allowance for loan losses recognized on PCD loans acquired during the nine months ended September 30, 2025.
+Added: (a) Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.
+Added: (b) Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the amortized cost basis.
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: Three months ended September 30, 2024
($ in millions)
Consumer automotive Consumer mortgage Consumer other (a) Total consumer Commercial Total
−Removed: Allowance at July 1, 2024 $ 3,055 $ 19 $ 302 $ 3,376 $ 196 $ 3,572
−Removed: Charge-offs (b) (683) — (61) (744) — (744)
−Removed: Recoveries 216 1 9 226 1 227
−Removed: Net charge-offs (467) 1 (52) (518) 1 (517)
−Removed: Provision for credit losses
−Removed: Provision due to change in portfolio size (11) (1) 18 6 5 11
−Removed: Provision due to incremental charge-offs 467 (1) 52 518 (1) 517
−Removed: Provision due to all other factors 122 (1) (12) 109 8 117
−Removed: Total provision for credit losses 578 (3) 58 633 12 645
−Removed: Other — 2 (1) 1 (1) —
−Removed: Allowance at September 30, 2024
−Removed: $ 3,166 $ 19 $ 307 $ 3,492 $ 208 $ 3,700
−Removed: Net charge-offs to average finance receivables and loans outstanding for the three months ended September 30, 2024
−Removed: 2.2 % — % 9.9 % 2.0 % — % 1.5 %
−Removed: Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2024
−Removed: 1.7 (2.9) 1.5 1.7 (41.9) 1.8
−Removed: (a) Consists of Credit Card.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: (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.
−Removed: Nine months ended September 30, 2024
−Removed: ($ in millions)
−Removed: Consumer automotive Consumer mortgage Consumer other (a) Total consumer Commercial Total
Allowance at January 1, 2025 $ 3,170 $ 19 $ 319 $ 3,508 $ 206 $ 3,714
2 unchanged sentences
Net charge-offs (445) 1 (63) (507) — (507)
−Removed: Write-downs from transfers to held-for-sale (c)
−Removed: (5) — — (5) — (5)
Provision for credit losses
4 unchanged sentences
Other 1 (2) 1 — — —
−Removed: Allowance at September 30, 2024
+Added: Allowance at March 31, 2025
$ 3,144 $ 18 $ — $ 3,162 $ 236 $ 3,398
−Removed: Net charge-offs to average finance receivables and loans outstanding for the nine months ended September 30, 2024
+Added: Net charge-offs to average finance receivables and loans outstanding for the three months ended March 31, 2025
2.1 % — % 11.1 % 2.0 % — % 1.5 %
−Removed: 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
+Added: Allowance for loan losses to total nonperforming finance receivables and loans at March 31, 2025 (c)
269.4 % 32.1 % — % 258.6 % 121.6 % 239.8 %
−Removed: Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2024
+Added: Nonaccrual loans to finance receivables and loans outstanding at March 31, 2025
1.4 % 0.3 % — % 1.2 % 0.6 % 1.1 %
−Removed: Ratio of allowance for loan losses to annualized net charge-offs and write-downs from transfers to held-for-sale at September 30, 2024
+Added: Ratio of allowance for loan losses to annualized net charge-offs at March 31, 2025
1.8 (32.5) — 1.6 (578.8) 1.7
1 unchanged sentence
We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
(b) Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.
−Removed: (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.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: Consumer automotive Consumer mortgage Consumer other (a) Total consumer Commercial Total
−Removed: September 30, 2025
−Removed: Allowance for loan losses to finance receivables and loans outstanding (b) 3.7 % 0.1 % — % 3.2 % 0.8 % 2.6 %
−Removed: Allowance for loan losses to total nonperforming finance receivables and loans (b) 279.5 % 23.4 % — % 264.7 % 180.2 % 255.8 %
−Removed: Nonaccrual loans to finance receivables and loans outstanding 1.3 % 0.4 % — % 1.2 % 0.4 % 1.0 %
−Removed: September 30, 2024
−Removed: Allowance for loan losses to finance receivables and loans outstanding (b) 3.8 % 0.1 % 14.1 % 3.4 % 0.6 % 2.7 %
−Removed: Allowance for loan losses to total nonperforming finance receivables and loans (b) 262.9 % 40.6 % 364.1 % 261.6 % 133.2 % 248.4 %
−Removed: Nonaccrual loans to finance receivables and loans outstanding 1.4 % 0.3 % 3.9 % 1.3 % 0.5 % 1.1 %
−Removed: (a) Consists of Credit Card.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: (b) 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.
−Removed: The allowance for consumer loan losses as of September 30, 2025, decreased $289 million compared to September 30, 2024, reflecting a decrease of $307 million in the consumer other allowance, partially offset by an increase of $20 million in the consumer automotive allowance.
−Removed: The decrease in the allowance for consumer loan losses was primarily driven by the sale of the Ally Credit Card on April 1, 2025.
−Removed: The decrease was partially offset by an increase of $20 million in the consumer automotive allowance, primarily driven by portfolio growth.
−Removed: The allowance for commercial loan losses as of September 30, 2025, increased $49 million compared to September 30, 2024.
−Removed: The increase was primarily driven by increased specific reserve activity in our Corporate Finance operations.
+Added: (c) 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 basis.
+Added: The allowance for consumer loan losses as of March 31, 2026, increased $99 million compared to March 31, 2025, reflecting an increase of $106 million in the consumer automotive allowance, primarily driven by portfolio growth.
+Added: The increase was partially offset by a decrease of $7 million in the consumer mortgage allowance, primarily driven by higher net recoveries.
+Added: The allowance for commercial loan losses as of March 31, 2026, increased $43 million compared to March 31, 2025.
+Added: The increase was primarily driven by higher specific reserves and portfolio growth in our Corporate Finance operations, partially offset by lower specific reserves in our Automotive Finance operations.
Provision for Loan Losses
The following table summarizes the provision for loan losses by loan portfolio class.
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Three months ended March 31,
($ in millions) 2026 2025
5 unchanged sentences
Automotive 1 16
−Removed: Other 2 9 10 11
Commercial real estate — 3
3 unchanged sentences
We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
−Removed: The provision for consumer credit losses decreased $217 million and $630 million for the three months and nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30, 2024.
−Removed: The decreases in provision for consumer credit losses for the three months and nine months ended September 30, 2025, were primarily driven by lower net charge-offs within our consumer other portfolio, as a result of the sale of Ally Credit Card on April 1, 2025, and lower net charge-offs within our consumer automotive portfolio.
−Removed: Additionally, for the nine months ended September 30, 2025, the decrease in provision for consumer credit losses was also primarily driven by a provision benefit associated with the sale of Ally Credit Card.
−Removed: The provision for commercial credit losses decreased $13 million for the three months ended September 30, 2025, and increased $11 million for the nine months ended September 30, 2025, respectively, compared to the three months and nine months ended September 30,
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: The decrease for the three months ended September 30, 2025, was primarily driven by a decrease in specific reserves in our commercial automotive portfolio and lower portfolio growth in our Corporate Finance operations as compared to the three months ended September 30, 2024.
−Removed: The increase for the nine months ended September 30, 2025, was primarily driven by an increase in portfolio growth in our Corporate Finance operations as compared to the same period in 2024.
+Added: The provision for consumer credit losses increased $297 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase was primarily driven by a provision benefit within our consumer other portfolio associated with the transfer of Ally Credit Card to held-for-sale that occurred during the three months ended March 31, 2025, and an increase in portfolio growth within our consumer automotive portfolio during the three months ended March 31, 2026.
+Added: The increase was partially offset by lower net charge-offs within our consumer other portfolio as a result of the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio.
+Added: The provision for commercial credit losses decreased $21 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The decrease was primarily driven by lower specific reserve activity in both Automotive Finance and Corporate Finance operations, and lower portfolio growth in our Corporate Finance operations as compared to the three months ended March 31, 2025.
Allowance for Loan Losses by Type
The following table summarizes the allocation of the allowance for loan losses by loan portfolio class.
−Removed: September 30, ($ in millions)
+Added: March 31, ($ 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
2 unchanged sentences
Consumer mortgage 11 0.1 0.3 18 0.1 0.5
−Removed: Consumer other (a) — — — 307 14.1 8.3
Total consumer loans 3,261 3.2 92.1 3,162 3.1 93.0
6 unchanged sentences
Total allowance for loan losses $ 3,540 2.5 100.0 $ 3,398 2.5 100.0
−Removed: (a) Represents the allowance for loan losses on credit card finance receivables and loans.
−Removed: We closed the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for additional information.
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 components such as liquidity.
1 unchanged sentence
We primarily use interest rate derivatives to manage our interest rate risk exposure.
−Removed: During the third quarter of 2025, the Federal Reserve lowered the federal funds target range to 4.00–4.25%, and subsequently lowered to 3.75–4.00% during the fourth quarter of 2025, in response to a weakening labor market.
+Added: During the first quarter of 2026, the Federal Reserve maintained the federal funds target range at 3.50–3.75%.
Continued high benchmark interest rates led to pricing impacts across the balance sheet.
10 unchanged sentences
We recognize our share of the investee’s earnings based on the performance of the funds.
−Removed: We recognized gains of $12 million and $31 million related to these investments during the three months and nine months ended September 30, 2025, respectively, as compared to a $2 million gain and a $9 million loss during the same periods in 2024.
−Removed: The gains for the three months and nine months ended September 30, 2025, were primarily due to the underlying performance of several investments in venture capital firms.
−Removed: There were no indications of impairment within our portfolio of CRA-eligible funds as of September 30, 2025.
−Removed: 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.
+Added: We recognized a gain of $6 million related to these investments during the three months ended March 31, 2026, as compared to $14 million during the three months ended March 31, 2025.
+Added: The gain for the three months ended March 31, 2026, was primarily due to the underlying performance of several investments in venture capital firms.
+Added: There were no indications of impairment within our portfolio of CRA-eligible funds as of March 31, 2026.
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: As of September 30, 2025, we had $3.0 billion of cumulative net unrealized losses, inclusive of tax effects, on our debt securities.
−Removed: During the three months and nine months ended September 30, 2025, we recorded $254 million and $538 million of net unrealized gains, inclusive of tax effects, on our available-for-sale securities, respectively.
+Added: 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.
+Added: As of March 31, 2026, we had $2.8 billion of cumulative net unrealized losses, inclusive of tax effects, on our debt securities.
+Added: During the three months ended March 31, 2026, we recorded $3 million of net unrealized losses, inclusive of tax effects, on our available-for-sale securities.
Unrealized gains and losses are recorded in other comprehensive income within our Condensed Consolidated Statement of Comprehensive Income, and are generally not realized unless we sell the securities prior to their stated maturity date.
−Removed: Refer to Note 16 to the Condensed Consolidated Financial Statements for additional information.
−Removed: In the first quarter of 2025, we executed a balance sheet repositioning of a portion of our available-for-sale securities as a result of our capital allocation planning related to the sale of Ally Credit Card.
−Removed: In connection with the repositioning, we sold lower-yielding securities with an amortized cost of approximately $4.6 billion for proceeds of $4.1 billion, resulting in a pre-tax loss of $495 million during the nine months ended September 30, 2025.
−Removed: We reinvested the proceeds in shorter duration, highly liquid securities at current market rates.
−Removed: For the nine months ended September 30, 2025, management determined that there were no expected credit losses for available-for-sale or held-to-maturity securities in an unrealized loss position.
−Removed: Refer to Note 7 to the Condensed Consolidated Financial Statements for additional information.
−Removed: In the second quarter of 2025, we repositioned pay-fixed interest rate swaps with a notional of approximately $4.7 billion to reduce our exposure to potential aggressive near-term Federal Reserve easing of benchmark interest rates and reduce potential exposure to higher for longer interest rates.
+Added: As of March 31, 2026, and December 31, 2025, we did not have the intent to sell 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.
+Added: For the three months ended March 31, 2026, management determined that there were no expected credit losses for available-for-sale or held-to-maturity securities in an unrealized loss position.
+Added: Refer to Note 6 and Note 15 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.
25 unchanged sentences
The underlying models and assumptions, including retail deposit pricing, are regularly monitored and evaluated, and may be updated accordingly as observed trends materialize.
−Removed: For example, we updated our retail deposit pricing assumptions throughout 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, actual sensitivities may vary, perhaps significantly, from those that are modeled.
4 unchanged sentences
Ally Financial Inc.
−Removed: In a stable rate scenario that assumes spot rates as of September 30, 2025, remain constant through the simulation and assumes no pricing actions, net financing revenue over the next 12 months is expected to decrease by $95 million versus the baseline forecast, due to the shape of the implied forward curve.
−Removed: 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, 2025, and December 31, 2024.
−Removed: September 30, 2025 December 31, 2024
+Added: 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 March 31, 2026, and December 31, 2025.
+Added: March 31, 2026 December 31, 2025
Gradual (a) Instantaneous Gradual (a) Instantaneous
4 unchanged sentences
-100 basis points (11) 44 (20) 22
+Added: -200 basis points (32) 14 (44) (31)
(a) Gradual changes in interest rates are recognized over 12 months.
−Removed: Since December 31, 2024, the implied forward curve has steepened, driven by the front end, as expected declines in the Federal Funds Rate increased.
−Removed: During the nine months ended September 30, 2025, the sale of Ally Credit Card reduced our floating-rate asset balances, which was partially offset by an increase in floating-rate commercial loans.
−Removed: Additionally, we saw a shift from CDs to liquid deposits.
+Added: Since December 31, 2025, the implied forward curve has flattened, driven by the front end, as expected declines in the Federal Funds Rate decreased.
+Added: During the three months ended March 31, 2026, our asset balances increased primarily due to growth in floating-rate commercial loans and fixed-rate retail automotive loans, partially offset by the continued run-off of our consumer mortgage portfolio.
The impact of these changes is reflected in our baseline net financing revenue forecast.
−Removed: As of September 30, 2025, our balance sheet is modestly asset sensitive in the near term due to our floating-rate assets and pay-fixed hedge position.
+Added: As of March 31, 2026, 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.
5 unchanged sentences
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.
−Removed: Our operating lease portfolio, net of accumulated depreciation was $8.6 billion and $8.0 billion as of September 30, 2025, and December 31, 2024, respectively.
−Removed: The expected lease residual value of our operating lease portfolio at scheduled termination was $6.9 billion and $6.5 billion as of September 30, 2025, and December 31, 2024, respectively.
+Added: Our operating lease portfolio, net of accumulated depreciation was $8.7 billion and $8.8 billion as of March 31, 2026, and December 31, 2025, respectively.
+Added: The expected lease residual value of our operating lease portfolio at scheduled termination was $7.0 billion and $7.1 billion as of March 31, 2026, and December 31, 2025, 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.
−Removed: As of September 30, 2025, and December 31, 2024, consumer operating leases with a carrying value, net of accumulated depreciation, of $3.5 billion and $1.9 billion, respectively, were covered by OEM residual value guarantees.
+Added: As of both March 31, 2026, and December 31, 2025, consumer operating leases with a carrying value, net of accumulated depreciation, of $3.4 billion, were covered by OEM residual value guarantees.
Refer to Note 8 to the Condensed Consolidated Financial Statements for further information.
1 unchanged sentence
Operating Lease Vehicle Terminations and Remarketing
−Removed: The following table summarizes the volume of operating lease terminations and average gain per vehicle, as well as our methods of vehicle sales at lease termination, stated as a percentage of total operating lease vehicle disposals.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: The following table summarizes the volume of operating lease terminations and average loss per vehicle, as well as our methods of vehicle sales at lease termination, stated as a percentage of total operating lease vehicle disposals.
+Added: Three months ended March 31,
Off-lease vehicles terminated (in units)
15,162 21,943
−Removed: Average gain (loss) per vehicle ($ per unit)
+Added: Average loss per vehicle ($ per unit)
$ (663) $ (863)
1 unchanged sentence
Sale to dealer, lessee, and other 40 % 42 %
−Removed: Internet 45 36 44 35
+Added: SmartAuction 53 45
Physical 7 13
−Removed: We recognized an average gain per vehicle of $53 and an average loss per vehicle of $249 for the three months and nine months ended September 30, 2025, respectively, compared to an average gain per vehicle of $771 and $1,231 for the same periods in 2024.
−Removed: The decreases in
+Added: We recognized an average loss per vehicle of $663 for the three months ended March 31, 2026, compared to $863 for the three months ended March 31, 2025.
+Added: The method of vehicle sales is largely dependent on used vehicle values at lease termination compared to contractual residual values at lease inception.
+Added: In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles.
+Added: During the first quarter of 2026, we adjusted the rate of
Management’s Discussion and Analysis
Ally Financial Inc.
−Removed: remarketing performance during the three months and nine months ended September 30, 2025, as compared to the same periods in 2024, were primarily due to lower auction prices on the sale of specific vehicle models.
−Removed: 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.
−Removed: Off-lease vehicles sold to lessees and dealers decreased 10% and 18% for the three months and nine months ended September 30, 2025, as compared to the same periods in 2024.
+Added: depreciation to recognize more depreciation on vehicles scheduled to terminate through September 30, 2027, primarily driven by used market pressures on certain plug-in hybrid vehicles.
+Added: We will continue to evaluate our depreciation rate for leased vehicles based on expected residual values and adjust depreciation expense over the remaining life of the lease, if deemed necessary.
+Added: Additionally, our operating lease portfolio mix has shifted towards contracts with a residual value guarantee, and towards a more diverse mix of OEMs for contracts without a residual value guarantee, which may reduce volatility in remarketing gains and losses in future years.
Operating Lease Portfolio Mix
We monitor concentrations of our consumer operating lease portfolio by OEM, vehicle type, and OEM residual value guarantee status.
−Removed: The following table presents the concentration of our outstanding operating leases exposures by OEM, disaggregated by those with and without OEM residual value guarantees.
−Removed: September 30, 2025 2024
+Added: The following table presents the concentration of our outstanding operating lease exposures by OEM, disaggregated by those with and without OEM residual value guarantees.
+Added: March 31, 2026 December 31, 2025
Operating lease exposures with OEM residual value guarantees (a) 39 % 39 %
4 unchanged sentences
Total operating lease exposures 100 % 100 %
−Removed: (a) Primarily represents an exposure with one automotive manufacturer at both September 30, 2025, and 2024.
−Removed: As of September 30, 2025, and December 31, 2024, $4.4 billion and $3.0 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles, respectively.
−Removed: Substantially all of our investment in operating leases of battery-electric vehicles are covered by an OEM residual value guarantee of approximately 50% of the vehicles’ contract residual value.
+Added: (a) Represents an exposure with one automotive manufacturer at both March 31, 2026, and December 31, 2025.
+Added: As of March 31, 2026, and December 31, 2025, $4.0 billion and $4.2 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles, respectively.
+Added: Substantially all of our investment in operating leases of battery-electric vehicles are covered by OEM residual value guarantees of approximately 50% of the vehicles’ contract residual value.
Refer to Note 8 to the Condensed Consolidated Financial Statements for more information regarding our investment in operating leases.
−Removed: September 30, 2025 2024
+Added: The following table presents the mix of operating lease assets by vehicle type, based on volume of units outstanding.
+Added: March 31, 2026 December 31, 2025
Sport utility vehicle 66 % 67 %
−Removed: Climate-Related Risk
−Removed: We have identified and defined climate-related risk as an emerging risk.
−Removed: 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.
−Removed: Refer to the section titled Risk Factors in Part I, Item 1A of our 2024 Annual Report on Form 10-K for information on climate-related risks.
−Removed: Climate-related risk is generally categorized into two major categories:
−Removed: (1) risk related to the transition to a lower-carbon economy (transition risk) and (2) risk related to the physical impacts of climate change (physical risk).
−Removed: Transition risk considers how changes in policy, technology, and market preference could pose operational, financial, and reputational risk to companies.
−Removed: Physical risk from climate change can be acute or chronic.
−Removed: Acute physical risk refers to risks that are event-driven such as increased severity of extreme climate events, including tornadoes, hurricanes, or floods.
−Removed: 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.
−Removed: We recognize (1) the importance of understanding, preparing for and taking timely preventive action against potentially material climate-change impacts, (2) investor demand for consistent and comparable climate and environmental risk data, and (3) shifting federal and state policy focus and an increase in regulatory discussion about potential requirements and oversight.
−Removed: Ally is committed to developing an appropriate climate risk mitigation strategy focusing on the enhancement of our climate risk management capabilities and embedding climate risk considerations into the existing ERM framework to effectively manage climate-related financial and non-financial risks consistent with regulatory guidelines and industry best practices.
Management’s Discussion and Analysis
10 unchanged sentences
The ALCO, chaired by the Corporate Treasurer, is responsible for overseeing our funding and liquidity strategies.
−Removed: Corporate Treasury is responsible for managing our liquidity positions within limits approved by ALCO, the ERMC, and the RC.
+Added: Corporate Treasury is responsible for managing our liquidity positions within limits approved by 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.
1 unchanged sentence
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 2028).
−Removed: 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, 2025.
−Removed: In recent years, we have become less reliant on market-based funding, reducing our exposure to disruptions in wholesale funding markets.
+Added: Refer to Note 12 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt as of March 31, 2026.
Funding Strategy
8 unchanged sentences
Retail deposits are complemented by brokered deposits, repurchase agreements, securitizations, and access to FHLB funding.
−Removed: Assets are primarily originated by Ally Bank to reduce parent company exposures and funding requirements, and to utilize consumer deposit-taking capabilities.
+Added: Assets are primarily originated by Ally Bank to utilize retail deposit funding.
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.
9 unchanged sentences
The following table summarizes our total available liquidity.
−Removed: ($ in millions) September 30, 2025 December 31, 2024
+Added: ($ in millions) March 31, 2026 December 31, 2025
Liquid cash and equivalents (a) $ 8,880 $ 9,676
12 unchanged sentences
Key funding highlights from January 1, 2026, to date were as follows:
−Removed: • In May 2025, 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.
−Removed: In July 2025, we accessed the unsecured debt capital markets and issued $600 million of senior notes, which provided additional liquidity at Ally Financial Inc.
−Removed: • We raised $550 million through the issuance of credit-linked notes.
−Removed: 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.
+Added: • We raised $758 million through the completion of a term securitization transaction backed by consumer automotive loans.
Funding Sources
The following table summarizes our sources of funding and the amount outstanding under each category for the periods shown.
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
($ in millions) On-balance-sheet funding % Share of funding On-balance-sheet funding % Share of funding
6 unchanged sentences
(a) Includes hedge basis adjustments as described in Note 18 to the Condensed Consolidated Financial Statements.
−Removed: Refer to Note 13 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt at September 30, 2025.
+Added: Refer to Note 12 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt at March 31, 2026.
Ally Bank is a digital direct bank with no branch network that obtains retail deposits directly from customers.
1 unchanged sentence
Our primary funding source is retail deposits, which we believe, at scale, is the most efficient and stable source of funding for us when compared to other funding sources.
−Removed: Retail deposits constituted 84% of our total on-balance-sheet funding sources at September 30, 2025.
−Removed: Total deposits, which include brokered deposits obtained through third-party intermediaries, constituted 88% of total on-balance-sheet funding at September 30, 2025.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
+Added: Retail deposits constituted 84% of our total on-balance-sheet funding sources at March 31, 2026.
+Added: Total deposits, which include brokered deposits obtained through third-party intermediaries, constituted 88% of total on-balance-sheet funding at March 31, 2026.
Total uninsured deposits as calculated per regulatory guidance includes affiliate and intercompany deposits, which we believe have different risk profiles than other uninsured deposits.
1 unchanged sentence
We believe that the presentation of uninsured deposits adjusted for the impact of the affiliate deposits provides enhanced clarity of uninsured deposits at risk.
−Removed: September 30, 2025
−Removed: December 31, 2024
+Added: March 31, 2026 December 31, 2025
($ in millions) Amount % of total deposits Amount % of total deposits
3 unchanged sentences
Total uninsured deposits, excluding affiliate and intercompany deposits $ 12,196 8 $ 11,835 8
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
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.
−Removed: The rule provides that the total loss estimate will be periodically adjusted and 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.
−Removed: We paid $14 million in special assessments during the nine months ended September 30, 2025.
−Removed: As of September 30, 2025, our FDIC special assessment liability was $13 million.
+Added: In December 2025, the FDIC reduced the rate at which the special assessment is collected for the eighth and final quarter of the collection period, with an invoice payment date of March 30, 2026.
+Added: We paid $4 million in special assessments during the three months ended March 31, 2026.
+Added: We do not expect to make any additional payments related to this special assessment.
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.
−Removed: September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024
+Added: March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025
Total primary retail deposit customers (in thousands)
6 unchanged sentences
(a) Other deposits include mortgage escrow deposits.
−Removed: Other deposits also include a deposit related to Ally Invest customer cash balances deposited at Ally Bank by a third party of $1.4 billion as of September 30, 2025, and $1.3 billion as of each of the periods ended June 30, 2025, March 31, 2025, and December 31, 2024, and $1.2 billion as of September 30, 2024.
−Removed: During the nine months ended September 30, 2025, our total deposit base decreased $3.2 billion.
−Removed: During the nine months ended September 30, 2025, our retail deposits decreased $1.6 billion bringing the total retail deposits portfolio to $141.8 billion as of September 30, 2025.
−Removed: We added approximately 133,000 retail deposit customers during the nine months ended September 30, 2025, ending with approximately 3.4 million retail deposit customers as of September 30, 2025.
−Removed: During the nine months ended September 30, 2025, we proactively implemented pricing actions to reduce rates paid on several of our key deposit product offerings.
+Added: Other deposits also include a deposit related to Ally Invest customer cash balances deposited at Ally Bank by a third party of $1.3 billion as of both March 31, 2026, and December 31, 2025, $1.4 billion as of September 30, 2025, and $1.3 billion as of both June 30, 2025, and March 31, 2025.
+Added: During the three months ended March 31, 2026, our total deposit base increased $1.5 billion and we added approximately 75,000 retail deposit customers, ending with approximately 3.5 million retail deposit customers as of March 31, 2026.
+Added: Total retail deposits increased $2.6 billion during the three months ended March 31, 2026, bringing the total retail deposits portfolio to $146.1 billion as of March 31, 2026.
+Added: During the three months ended March 31, 2026, we implemented pricing actions to reduce rates paid on several of our key deposit product offerings.
These pricing actions reduced deposit balances from our most rate sensitive customers, which were more than offset by deposit growth from new customers.
−Removed: Brokered deposits decreased $1.7 billion during the nine months ended September 30, 2025, due to brokered deposit maturities and calls.
−Removed: During the nine months ended September 30, 2025, our CD deposit liabilities decreased $6.5 billion while our savings, money market, and spending account deposit liabilities increased $3.2 billion.
−Removed: This trend was primarily due to customer migration to liquid savings as fixed-rate CD maturities occurred during the nine months ended September 30, 2025.
+Added: Brokered deposits decreased $1.1 billion during the three months ended March 31, 2026, due to brokered deposit maturities and calls.
+Added: During the three months ended March 31, 2026, our CD deposit liabilities decreased $2.1 billion while our savings, money market, and spending account deposit liabilities increased $3.6 billion.
+Added: This trend was primarily due to customer migration to liquid savings as fixed-rate CD maturities occurred during the three months ended March 31, 2026.
Strong customer acquisition and retention rates continue to deliver a favorable funding mix.
Overall, we continue to maintain a relentless focus on customer experience and competitive rates.
−Removed: Approximately 92% of retail deposits at Ally Bank, excluding affiliate and intercompany deposits, were FDIC-insured as of September 30, 2025.
−Removed: Our total available liquidity exceeded our uninsured retail deposit liabilities by $55.2 billion as of September 30, 2025.
+Added: Approximately 92% of retail deposits at Ally Bank, excluding affiliate and intercompany deposits, were FDIC-insured as of March 31, 2026.
+Added: Our total available liquidity exceeded our uninsured retail deposit liabilities by $53.6 billion as of March 31, 2026.
For additional information on our deposit funding by type, refer to Note 11 to the Condensed Consolidated Financial Statements.
−Removed: We continue to be recognized for the totality of experience and value we provide our customers.
−Removed: This includes our recent recognition as one of American Banker’s 2025 Top-Performing Banks and Forbes World’s Best Banks for 2025 and Best Mobile Banking Apps of 2025.
−Removed: Our commitment to customer service was recognized by Newsweek, who ranked Ally Bank the #1 Online Bank for Customer Service.
−Removed: Additionally, Nerdwallet names us “Best Bank” and “Best Bank for CDs” in 2025 and Bankrate also named Ally as “Best Bank Overall”, “Best Online Bank”, “Best CD”, “Best Money Market Account” and “Best Checking Account”.
−Removed: Additionally, Barron’s and Wall Street Journal both recognized our Ally Invest Robo Portfolios as best in class in 2025.
+Added: We continue to be recognized for the total experience and value we deliver to our customers - combining strong products, intuitive digital tools, and trusted service.
+Added: In 2026, Ally was named one of Forbes’ World’s Best Banks and Best National Retail Bank by Newsweek, reinforcing our position as a customer-first financial institution.
+Added: Newsweek also recognized Ally among America’s Most Reliable and Most Trustworthy Companies, reflecting the confidence customers place in our brand.
+Added: Ally’s digital leadership and service excellence continue to set us apart.
+Added: Money recognized Ally among the Best Banks for Digital Investing and FinanceBuzz awarded Ally the Best Account for Automated Savings in 2026.
+Added: Our commitment to customer care was further recognized by Newsweek and USA Today, which rank Ally among America’s Best Customer Service organizations in Financial Services.
Securitizations and Secured Financings
−Removed: 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.
−Removed: Securitizations and secured funding transactions, collectively referred to as securitization transactions due to their
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: similarities, allow us to convert our automotive finance receivables into cash earlier than what would have occurred in the normal course of business.
−Removed: For additional details surrounding our securitization activities, refer to the section titled Liquidity Management, Funding, and Regulatory Capital in our 2024 Annual Report on Form 10-K.
+Added: In addition to our growing deposits base, we maintain a presence in the securitization markets to finance our automotive loan portfolios.
+Added: 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.
+Added: As part of these securitization transactions, we sell assets to various SPEs in exchange for the proceeds from the issuance of debt and other beneficial interest in the assets.
+Added: The activities of the SPEs are generally limited to acquiring the assets, issuing and making payments on the debt, paying related expenses, and periodically reporting to investors.
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.
2 unchanged sentences
For information regarding our off-balance sheet arrangements and securitization activities, refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.
−Removed: During the nine months ended September 30, 2025, we raised $550 million through the issuance of credit-linked notes.
−Removed: 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.
−Removed: This transaction is structured to enable us to apply the securitization framework under U.S.
−Removed: 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.
−Removed: As of September 30, 2025, we had pledged $26.1 billion of assets to the FHLB resulting in $17.4 billion in total funding capacity with $7.1 billion of debt outstanding.
−Removed: At September 30, 2025, $64.0 billion of our total assets were restricted as collateral for the payment of debt obligations accounted for as secured borrowings.
+Added: As of March 31, 2026, we had pledged $25.9 billion of assets to the FHLB resulting in $17.3 billion in total funding capacity with $7.8 billion of debt outstanding.
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
+Added: At March 31, 2026, $64.8 billion of our total assets were restricted as collateral for the payment of debt obligations accounted for as secured borrowings.
Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion.
2 unchanged sentences
These programs are composed of callable fixed-rate instruments with fixed maturity dates.
−Removed: There were $766 million of retail term notes outstanding at September 30, 2025.
+Added: There were $616 million of retail term notes outstanding at March 31, 2026.
The remainder of our unsecured debt is composed of institutional term debt.
−Removed: In May 2025, we accessed the unsecured debt capital markets and raised $750 million through the issuance of senior notes.
−Removed: In July 2025, we raised an additional $600 million through the issuance of senior notes.
Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information about our outstanding long-term unsecured debt.
4 unchanged sentences
government and federal agency obligations.
−Removed: As of September 30, 2025, we had $529 million debt outstanding under repurchase agreements.
+Added: As of March 31, 2026, we had $526 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.
1 unchanged sentence
Instead, it is a liquidity source that can be accessed in stressed environments or periods of market disruption.
−Removed: As of September 30, 2025, we had assets pledged and restricted as collateral to the FRB totaling $33.7 billion, resulting in $26.9 billion in total funding capacity with no debt outstanding.
+Added: As of March 31, 2026, we had assets pledged and restricted as collateral to the FRB totaling $33.6 billion, resulting in $27.0 billion in total funding capacity with no debt outstanding.
Guaranteed Securities
2 unchanged sentences
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.
−Removed: At both September 30, 2025, and December 31, 2024, the outstanding principal balance of the Guaranteed Notes was $2.0 billion, with the last scheduled maturity to take place in 2031.
+Added: At both March 31, 2026, and December 31, 2025, the outstanding principal balance of the Guaranteed Notes was $2.0 billion, with the last scheduled maturity to take place in 2031.
The Note Guarantees rank equally in right of payment with the applicable Guarantor’s existing and future unsubordinated unsecured indebtedness and are subordinate to any secured indebtedness of the applicable Guarantor to the extent of the value of the assets securing such indebtedness.
6 unchanged sentences
Summarized financial data for nonguarantor subsidiaries is excluded.
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Three months ended March 31,
($ in millions) 2026 2025
7 unchanged sentences
Income tax benefit from continuing operations (b) (69) (80)
−Removed: Income from continuing operations 225 236 18 64
−Removed: Net Income (c) $ 225 $ 236 $ 18 $ 64
+Added: Income (loss) from continuing operations 230 (238)
+Added: Net income (loss) (c) $ 230 $ (238)
(a) Net financing loss and other interest income is primarily driven by interest expense on long-term debt.
2 unchanged sentences
(c) Excludes the Parent’s and Guarantors’ share of income of all nonguarantor subsidiaries.
−Removed: ($ in millions) September 30, 2025 December 31, 2024
+Added: ($ in millions) March 31, 2026 December 31, 2025
Total assets (a) $ 6,265 $ 6,284
1 unchanged sentence
(a) Excludes investments in all nonguarantor subsidiaries.
−Removed: The following summarizes the activity reflected in the Condensed Consolidated Statement of Cash Flows.
−Removed: 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.
−Removed: 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.
−Removed: Net cash provided by operating activities was $3.1 billion and $3.6 billion for the nine months ended September 30, 2025, and 2024, respectively.
−Removed: The change was primarily due to a $336 million decrease in net cash inflows from loans held-for-sale activity.
−Removed: Net cash used in investing activities was $813 million, and net cash provided by investing activities was $3.8 billion for the nine months ended September 30, 2025, and 2024, respectively.
−Removed: The change was primarily due to a $2.3 billion increase in net cash outflows from loans held-for-investment activity, a $1.8 billion increase in net cash outflows related to operating lease assets, and a $463 million increase in net cash outflows related to available-for-sale securities.
−Removed: Net cash used in financing activities was $2.1 billion and $5.5 billion for the nine months ended September 30, 2025, and 2024, respectively.
−Removed: The change was primarily attributable to net cash inflows related to short-term borrowings of $3.8 billion, partially offset by a net decrease in deposits of $342 million.
Capital Planning and Stress Tests
4 unchanged sentences
The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally.
−Removed: 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
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
−Removed: supervisory stress test.
+Added: 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 17 to the Condensed Consolidated Financial Statements for further discussion about our stress capital buffer requirements.
1 unchanged sentence
Ally did not elect to participate in the 2023 or 2025 supervisory stress tests, but was subject to the 2024 supervisory stress test.
−Removed: We received an updated preliminary stress capital buffer requirement based on our 2023 capital plan submission from the FRB in June 2023 that remained unchanged at 2.5%.
−Removed: 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, and received an updated preliminary stress capital buffer requirement from the FRB in June 2024 of 2.6%.
2 unchanged sentences
The 2.6% stress capital buffer requirement was finalized in August 2025, and became effective in October 2025.
−Removed: In February 2023 and December 2024, we accessed the unsecured debt capital markets each time issuing $500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S.
−Removed: In June 2024, November 2024, and August 2025, we accessed the debt capital markets and issued $330 million ,$440 million, and $550 million, respectively, of credit-linked notes based on reference portfolios of $3.0 billion, $4.0 billion, and $5.0 billion of consumer automotive loans.
+Added: We submitted our 2026 capital plan to the FRB in April 2026.
+Added: In December 2024, we accessed the unsecured debt capital markets and issued $500 million of subordinated notes, which qualify as Tier 2 capital for Ally under U.S.
+Added: During the years ended December 31, 2025, and 2024, we accessed the debt capital markets and issued an aggregate of $1.1 billion and $770 million, respectively, of credit-linked notes based on combined reference portfolios of $10.0 billion and $7.0 billion of consumer automotive loans.
The proceeds from these credit-linked notes issuances constitute prefunded credit protection for mezzanine tranches of the respective reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet.
These transactions are structured to enable us to apply the securitization framework under U.S.
−Removed: Basel III when determining RWA for our retained exposure, which recognizes the credit risk mitigation benefits and generally provides lower risk weights relative to those assigned to consumer automotive loans that are not securitized.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Basel III when determining RWA for our retained exposure, which recognizes the credit risk mitigation benefits and generally provides lower risk
Management’s Discussion and Analysis
Ally Financial Inc.
+Added: weights relative to those assigned to consumer automotive loans that are not securitized.
+Added: As of March 31, 2026, and December 31, 2025, $10.7 billion and $12.1 billion, respectively, of our consumer automotive loans and related exposures were included as reference assets in these credit-linked notes transactions.
+Added: In December 2025, our Board authorized a share repurchase program, permitting us to repurchase up to $2.0 billion of our common stock under a multi-year program without a set expiration date.
+Added: Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board.
+Added: The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S.
+Added: banking agencies), Ally’s financial and operational performance, alternative uses of capital, the trading price of Ally’s common stock, and general market conditions.
+Added: The share repurchase program does not obligate Ally to acquire a specific dollar amount or number of shares, and may be extended, modified, or discontinued at any time.
Regulatory Capital
4 unchanged sentences
The following table presents selected regulatory capital data under U.S.
−Removed: September 30,
−Removed: ($ in millions) 2025 2024 (a)
+Added: ($ in millions) 2026 2025
Common Equity Tier 1 capital ratio
2 unchanged sentences
Total capital ratio 13.40 % 12.83 %
−Removed: Tier 1 leverage ratio (to adjusted quarterly average assets) (b) 9.18 % 8.99 %
+Added: Tier 1 leverage ratio (to adjusted quarterly average assets) (a) 9.16 % 8.73 %
Total equity $ 15,609 $ 14,232
−Removed: CECL phase-in adjustment (c) — 296
−Removed: Preferred stock (d) (2,324) (2,324)
+Added: Preferred stock (2,324) (2,324)
Goodwill and certain other intangibles (187) (295)
−Removed: Deferred tax assets arising from net operating loss and tax credit carryforwards (e) (388) (106)
−Removed: AOCI-related adjustments (f) 2,966 3,414
+Added: Deferred tax assets arising from net operating loss and tax credit carryforwards (b) (200) (288)
+Added: Accumulated other comprehensive loss related adjustments (c) 2,797 3,282
Common Equity Tier 1 capital 15,695 14,607
−Removed: Preferred stock (d) 2,324 2,324
+Added: Preferred stock 2,324 2,324
Other adjustments (85) (68)
3 unchanged sentences
Total capital $ 20,793 $ 19,717
−Removed: Risk-weighted assets (g) $ 150,738 $ 156,322
−Removed: (a) Capital amounts and ratios are based on regulatory filings of Ally and Ally Bank, and have not been adjusted for September 30, 2024, to reflect our change in the method of accounting for ITCs.
−Removed: Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for additional information about this change in accounting principle.
−Removed: (b) 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.
−Removed: (c) 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.
−Removed: Beginning on January 1, 2022, we phased in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025.
−Removed: As of January 1, 2025, the estimated impact of CECL on regulatory capital was fully phased in.
−Removed: Refer to Note 18 to the Condensed Consolidated Financial Statements for further information.
−Removed: (d) Refer to Note 15 to the Condensed Consolidated Financial Statements for additional details about our non-cumulative perpetual preferred stock.
−Removed: (e) Contains deferred tax assets required to be deducted from capital under U.S.
−Removed: (f) 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.
−Removed: (g) Risk-weighted assets are defined by regulation and are generally determined by allocating assets and specified off-balance sheet exposures to various risk categories.
+Added: Risk-weighted assets (d) $ 155,201 $ 153,693
+Added: (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.
+Added: (b) Contains deferred tax assets required to be deducted from capital under U.S.
+Added: (c) 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.
+Added: (d) Risk-weighted assets are defined by regulation and are generally determined by allocating assets and specified off-balance sheet exposures to various risk categories.
+Added: Management’s Discussion and Analysis
+Added: Ally Financial Inc.
Credit Ratings
2 unchanged sentences
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).
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
Nationally recognized statistical rating organizations rate substantially all our debt.
4 unchanged sentences
DBRS (d) R-2 (high) BBB Stable
−Removed: (a) Fitch affirmed our senior unsecured debt rating of BBB-, short-term rating of F3, and affirmed our outlook of Stable on March 3, 2025.
−Removed: (b) Moody’s affirmed our senior unsecured rating of Baa3, our short-term rating of P-3, and affirmed our outlook of Stable on August 20, 2025.
+Added: (a) Fitch affirmed our senior unsecured debt rating of BBB-, short-term rating of F3, and changed our outlook to Positive from Stable on February 26, 2026.
+Added: (b) Moody’s affirmed our senior unsecured rating of Baa3, our short-term rating of P-3, and affirmed our outlook of Stable on February 23, 2026.
(c) S&P affirmed our senior unsecured debt rating of BBB-, short-term rating of A-3, and affirmed our outlook of Stable on October 27, 2025.
−Removed: (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 11, 2025.
−Removed: As illustrated by the issuer ratings above, as of September 30, 2025, Ally holds an investment-grade rating from all the respective nationally recognized rating agencies.
+Added: (d) DBRS affirmed our senior unsecured debt rating of BBB, short-term rating of R-2 (high), and affirmed our outlook of Stable on February 10, 2026.
+Added: As illustrated by the issuer ratings above, as of March 31, 2026, 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.
17 unchanged sentences
Net Interest Margin Table
−Removed: The following tables present an analysis of net yield on interest-earning assets (or net interest margin) for the periods shown.
+Added: The following table presents an analysis of net yield on interest-earning assets (or net interest margin) for the periods shown.
2026 2025 Increase (decrease) due to
−Removed: Three months ended September 30,
−Removed: ($ in millions)
+Added: Three months ended March 31, ($ in millions)
Average balance (a) Interest income/interest expense Yield/rate Average balance (a) Interest income/interest expense Yield/rate Volume Yield/rate Total
2 unchanged sentences
Loans held-for-sale, net 415 9 9.21 166 5 11.83 8 (4) 4
−Removed: Finance receivables and loans, net (d) (e) 133,419 2,674 7.95 137,625 2,889 8.35 (88) (127) (215)
−Removed: Investment in operating leases, net (f) 8,255 140 6.70 8,038 147 7.22 4 (11) (7)
+Added: Finance receivables and loans, net (d) (e) (f) 137,797 2,658 7.82 135,178 2,709 8.13 52 (103) (51)
+Added: Investment in operating leases, net (g) 8,805 124 5.73 7,955 111 5.69 12 1 13
Other earning assets 719 11 6.23 623 9 5.88 1 1 2
11 unchanged sentences
Total funding sources 170,857 1,517 3.60 168,009 1,675 4.05
−Removed: Other liabilities (g) 7,362 — — 7,619 — — — — —
+Added: Other liabilities 6,727 7,529
Total liabilities 177,584 175,538
8 unchanged sentences
(b) Includes restricted interest-bearing cash and cash equivalents recorded in other assets on the Condensed Consolidated Balance Sheet.
−Removed: (c) Includes interest expense related to margin received on derivative contracts of $3 million for the three months ended September 30, 2024.
−Removed: Excluding this expense, the annualized yield was 5.29% for the three months ended September 30, 2024.
+Added: (c) Includes interest expense related to margin received on derivative contracts of $3 million for the three months ended March 31, 2025.
+Added: Excluding this expense, the annualized yield was 4.37% for the three months ended March 31, 2025.
(d) Includes the effects of derivative financial instruments designated as hedges.
2 unchanged sentences
For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.
−Removed: (f) Yield includes gains on the sale of off-lease vehicles of $1 million and $24 million for the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: Excluding gains on the sale of off-lease vehicles, the annualized yield was 6.64% and 6.03% for the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: (g) Represents interest expense on tax liabilities included in other liabilities on the Condensed Consolidated Balance Sheet.
−Removed: The interest expense on tax liabilities is included in the net yield on interest-earning assets and excluded from the interest spread.
−Removed: For more information on our accounting policies regarding income taxes, refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K.
+Added: (f) Includes average balances of credit card finance receivables and loans, net, that were transferred to loans held-for-sale on March 31, 2025, prior to the completion of the sale of Ally Credit Card on April 1, 2025.
+Added: Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information.
+Added: (g) Yield includes losses on the sale of off-lease vehicles of $10 million and $19 million for the three months ended March 31, 2026, and 2025, respectively.
+Added: Excluding losses on the sale of off-lease vehicles, the annualized yield was 6.19% and 6.66% for the three months ended March 31, 2026, and 2025, respectively.
(h) Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.
2 unchanged sentences
Ally Financial Inc.
−Removed: 2025 2024 Increase (decrease) due to
−Removed: Nine months ended September 30,
−Removed: ($ in millions)
−Removed: Average balance (a) Interest income/interest expense Yield/rate Average balance (a) Interest income/interest expense Yield/rate Volume Yield/rate Total
−Removed: Interest-bearing cash and cash equivalents (b) (c) $ 8,896 $ 285 4.28 % $ 7,618 $ 287 5.03 % $ 48 $ (50) $ (2)
−Removed: Investment securities (d) 27,781 701 3.37 28,962 763 3.52 (31) (31) (62)
−Removed: Loans held-for-sale, net 147 17 15.16 289 20 9.06 (10) 7 (3)
−Removed: Finance receivables and loans, net (d) (e) (f) 133,772 8,007 8.00 138,204 8,561 8.27 (275) (279) (554)
−Removed: Investment in operating leases, net (g) 8,044 387 6.43 8,433 489 7.72 (23) (79) (102)
−Removed: Other earning assets 634 27 5.76 661 30 6.21 (1) (2) (3)
−Removed: Earning assets of operations held-for-sale (h) — — — 423 28 8.77 (28) — (28)
−Removed: Total interest-earning assets 179,274 9,424 7.03 184,590 10,178 7.36 (754)
−Removed: Noninterest-bearing cash and cash equivalents 320 312
−Removed: Other assets 11,860 11,639
−Removed: Allowance for loan losses (3,513) (3,577)
−Removed: Total assets $ 187,941 $ 192,964
−Removed: Liabilities and equity
−Removed: Interest-bearing deposit liabilities (d) $ 148,750 $ 4,034 3.63 % $ 153,177 $ 4,861 4.24 % $ (140) $ (687) $ (827)
−Removed: Short-term borrowings 502 17 4.32 1,656 63 5.10 (44) (2) (46)
−Removed: Long-term debt 16,580 794 6.41 16,757 748 5.96 (8) 54 46
−Removed: Total interest-bearing liabilities 165,832 4,845 3.91 171,590 5,672 4.42 (827)
−Removed: Noninterest-bearing deposit liabilities 153 154
−Removed: Total funding sources 165,985 4,845 3.91 171,744 5,672 4.42
−Removed: Other liabilities (i) 7,441 1 n/m 7,291 1 n/m n/m n/m —
−Removed: Total liabilities 173,426 179,035
−Removed: Total equity 14,515 13,929
−Removed: Total liabilities and equity $ 187,941 $ 192,964
−Removed: Net financing revenue and other interest income
−Removed: $ 4,578 $ 4,505 $ 73
−Removed: Net interest spread (j) 3.12 % 2.94 %
−Removed: Net yield on interest-earning assets (k) 3.41 % 3.26 %
−Removed: n/m = not meaningful
−Removed: (a) Average balances are calculated using an average daily balance methodology.
−Removed: Refer to Note 1 to the Consolidated Financial Statements in our 2024 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.
−Removed: (b) Includes restricted interest-bearing cash and cash equivalents recorded in other assets on the Condensed Consolidated Balance Sheet.
−Removed: (c) Includes interest expense related to margin received on derivative contracts of $4 million and $17 million for the nine months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: Excluding this expense, the annualized yield was 4.33% and 5.33% for the nine months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: (d) Includes the effects of derivative financial instruments designated as hedges.
−Removed: Refer to Note 19 to the Condensed Consolidated Financial Statements for further information about the effects of our hedging activities.
−Removed: (e) Nonperforming finance receivables and loans are included in the average balances.
−Removed: For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K.
−Removed: (f) Includes average balances of credit card finance receivables and loans, net, that were transferred to loans held-for-sale on March 31, 2025, prior to the completion of the sale of Ally Credit Card on April 1, 2025.
−Removed: Refer to Note 2 to the Condensed Consolidated Financial Statements for further information.
−Removed: (g) Yield includes losses on the sale of off-lease vehicles of $18 million and gains on the sale of off-lease vehicles of $129 million for the nine months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: Excluding the loss or gain on sale, the annualized yield was 6.72% and 5.68% for the nine months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: (h) 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.
−Removed: (i) Represents interest expense on tax liabilities included in other liabilities on the Condensed Consolidated Balance Sheet.
−Removed: The interest expense on tax liabilities is included in the net yield on interest-earning assets and excluded from the interest spread.
−Removed: For more information on our accounting policies regarding income taxes, refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K.
−Removed: (j) Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.
−Removed: (k) Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets.
−Removed: Management’s Discussion and Analysis
−Removed: Ally Financial Inc.
Recently Issued Accounting Standards
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.