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These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2011 or
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Delaware
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38-0572512
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Title of each class
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10.00% Deferred Interest Debentures due December 1, 2012
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7.25% Notes due February 7, 2033
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10.30% Deferred Interest Debentures due June 15, 2015
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7.375% Notes due December 16, 2044
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7.30% Public Income Notes (PINES) due March 9, 2031
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Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A
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7.35% Notes due August 8, 2032
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8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I
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Large accelerated filer
o
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting)
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Ally Financial Inc.
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Global Automotive Services
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Mortgage
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Corporate and Other
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Operates as three reportable segments:
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Operates as two reportable segments:
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Commercial Finance
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North American Automotive Finance
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Origination and Servicing
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Other Corporate
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United States
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Canada
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Legacy Portfolio and Other
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International Automotive Finance
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Europe
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Latin America
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Asia (joint venture in China)
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Insurance
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Primary business activities:
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Primary business activities:
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Primary business activities:
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Consumer automotive finance
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Residential mortgage loan origination and
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Senior secured commercial lending
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Commercial automotive finance
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purchases
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Automotive loan servicing
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Mortgage loan servicing
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Vehicle remarketing services
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Warehouse lending
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Vehicle service contracts
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Correspondent lending (a)
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Dealer inventory insurance
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•
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Permitted Activities
— As a bank holding company, subject to certain exceptions, Ally is not permitted to acquire more than 5% of any class of voting shares of any nonaffiliated bank or bank holding company, directly or indirectly, or to acquire control of any other company, directly or indirectly (including by acquisition of 25% or more of a class of voting shares), without first obtaining FRB approval. Furthermore, the activities of Ally must be generally limited to banking or to managing or controlling banks or to other activities deemed closely related to banking or otherwise permissible under the BHC Act. Likewise, Ally generally may not hold more than 5% of any class of voting shares of any company unless that company's activities conform with the above requirements. Upon our bank holding company approval on December 24, 2008, we were permitted an initial two-year grace period to bring our activities and investments into conformity with these restrictions. This grace period expired in December 2010. The FRB initially granted a one-year extension that expired in December 2011, and recently granted a second one-year extension that expires in December 2012. We will be permitted to apply to the FRB for one additional one-year extension. Absent a further extension, certain of Ally's existing activities and investments deemed impermissible under the BHC Act must be terminated or disposed of by the expiration of the grace period and any extensions. For further information, refer to Item 1A. Risk Factors.
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•
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Gramm-Leach-Bliley Act
— The enactment of the Gramm-Leach-Bliley Act of 1999 (GLB Act) eliminated large parts of a regulatory framework that had its origins in the Depression era of the 1930s. Effective with its enactment, new opportunities became available for banks, other depository institutions, insurance companies, and securities firms to enter into combinations that permit a single financial services organization to offer customers a more comprehensive array of financial products and services. To further this goal, the GLB Act amended the BHC Act by providing a new regulatory framework applicable to “financial holding companies,” which are bank holding companies that meet certain qualifications and elect financial holding company status. The FRB supervises, examines, and regulates financial holding companies, as it does all bank holding companies. However, insurance and securities activities conducted by a financial holding company or its nonbank subsidiaries are regulated primarily by functional regulators. As a bank holding company, we would be eligible to elect financial holding company status upon satisfaction of certain regulatory requirements applicable to us and to Ally Bank (and any depository institution subsidiary that we may acquire in the future). We do not currently satisfy these requirements. As a financial holding company, Ally would then be permitted to engage in a broader range of financial and related activities than those that are permissible for bank holding companies, in particular, securities, insurance, and merchant banking activities.
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Dodd-Frank Wall Street Reform and Consumer Protection Act
— On July 21, 2010, the President of the United States signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act addresses risks to the economy and the payment system, especially those posed by large, systemically important financial firms. The regulations, when implemented will have material implications for Ally and the entire financial services industry. Among other things, it will or potentially could:
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result in Ally being subject to enhanced oversight and scrutiny as a result of being a bank holding company with $50 billion or more in consolidated assets;
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result in the appointment of the FDIC as receiver of Ally in an orderly liquidation proceeding, if the Secretary of the Treasury, upon recommendation of at least two-thirds of the members of the FRB and two-thirds of the members of the board of directors of the FDIC and in consultation with the President of the United States, finds Ally to be in default or danger of default;
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increase the levels of capital and liquidity with which Ally must operate and affect how it plans capital and liquidity levels;
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subject Ally to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees paid by Ally Bank to the FDIC;
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impact Ally's ability to invest in certain types of entities or engage in certain activities;
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impact a number of Ally's business and risk management strategies;
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restrict the revenue that Ally generates from certain businesses; and
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subject Ally to a new Consumer Financial Protection Bureau (CFPB), which has very broad rule-making and enforcement authorities.
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Capital Adequacy Requirements
— Ally and Ally Bank are subject to various guidelines as established under FRB and FDIC regulations. Refer to
Note 23
to the Consolidated Financial Statements for additional information. See also “Basel Capital Accord” below.
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Capital Planning and Stress Tests
—
In December 2011, Ally became subject to a new capital planning and stress test regime generally applicable to bank holding companies with $50 billion or more of consolidated assets. The new regime requires Ally to conduct periodic stress tests and submit a proposed capital action plan to the FRB every January, which the FRB must take action on by the following March. The proposed capital action plan must include a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any capital distribution, and any similar action that the FRB determines could have an impact on Ally's consolidated capital. The proposed capital action plan must also include a discussion of how Ally will maintain capital above the minimum regulatory capital ratios and above a Tier 1 common equity-to-total risk-weighted assets ratio of 5 percent, and serve as a source of strength to Ally Bank. The FRB must approve Ally's proposed capital action plan before Ally may take any proposed capital action covered by the new regime.
Ally submitted its capital plan in January 2012, and it is unknown whether the FRB will accept Ally's plan as submitted or require revisions.
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Limitations on Bank Holding Company Dividends and Capital Distributions
— Utah law (and, in certain instances, federal law) places restrictions and limitations on dividends or other distributions payable by our banking subsidiary, Ally Bank, to Ally. With respect to dividends payable by Ally to its shareholders, in December 2011, the FRB adopted a regulation that requires bank holding companies with $50 billion or more in total consolidated assets, such as Ally, to submit annual capital plans for FRB non-objection. In the absence of a non-objection regarding the capital plan, the new regulation prohibits bank holding companies from paying dividends or making certain other capital distributions without specific FRB non-objection for such action. Even if a bank holding company receives a non-objection to its capital plan, it may not pay a dividend or make certain other capital distributions without FRB approval under certain circumstances (e.g., after giving effect to the dividend or distribution, the bank holding company would not meet a minimum regulatory capital ratio or a Tier 1 common ratio of at least 5%) and subject to certain exceptions. The FRB has previously issued supervisory guidance requiring bank holding companies such as Ally to consult with the FRB prior to increasing dividends, implementing common stock repurchase programs or redeeming or repurchasing capital instruments. Such guidance provides for a supervisory capital assessment program that outlines FRB expectations concerning the processes that bank holding companies have in place to ensure they hold adequate capital under adverse conditions to maintain ready access to funding. The federal bank regulatory agencies are also authorized to prohibit a banking subsidiary or bank holding company from engaging in unsafe or unsound banking practices and, depending upon the circumstances, could find that paying a dividend or making a capital distribution would constitute an unsafe or unsound banking practice.
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Transactions with Affiliates
— Certain transactions between Ally Bank and any of its nonbank “affiliates,” including but not limited to Ally and ResCap, are subject to federal statutory and regulatory restrictions. Pursuant to these restrictions, unless
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Source of Strength
— Pursuant to the Federal Deposit Insurance Act, FRB policy and regulations, and under the Parent Company Agreement and the Capital and Liquidity Maintenance Agreement as described in
Note 23
to the Consolidated Financial Statements, Ally is expected to act as a source of strength to Ally Bank and is required to commit necessary capital and liquidity to support Ally Bank. This support may be required at inopportune times for Ally.
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Enforcement Authority
— The FDIC and FRB have broad authority to issue orders to banks and bank holding companies to cease and desist from unsafe or unsound banking practices and from violations of laws, rules, regulations, or conditions imposed in writing by the banking agencies. The FDIC and FRB also are empowered to require affirmative actions to correct any violation or practice; issue administrative orders that can be judicially enforced; direct increases in capital; limit dividends and distributions; restrict growth; assess civil money penalties against institutions or individuals who violate any laws, regulations, orders, or written agreements with the banking agencies; order termination of certain activities of bank holding companies or their subsidiaries; remove officers and directors; order divestiture of ownership or control of a nonbanking subsidiary by a bank holding company (in the case of the FRB); terminate deposit insurance; and/or place a bank into receivership (in the case of the FDIC).
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Privacy
— The GLB Act imposes additional obligations on us to safeguard the information we maintain on our customers, requires us to provide notice of our privacy practices, and permits customers to “opt-out” of information sharing with third parties. Regulations have been issued by several agencies that establish obligations to safeguard information. In addition, several states have enacted even more stringent privacy and safeguarding legislation. If a variety of inconsistent state privacy rules or requirements are enacted, our compliance costs could increase substantially.
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Fair Credit Reporting Act
— The Fair Credit Reporting Act regulates the use of credit reports and the reporting of information to credit reporting agencies, and also provides a national legal standard for lenders to share information with affiliates and certain third parties and to provide firm offers of credit to consumers. In late 2003, the Fair and Accurate Credit Transactions Act was enacted, making this preemption of conflicting state and local law permanent. The Fair Credit Reporting Act was also amended to place further restrictions on the use of information shared between affiliates, to provide new disclosures to consumers when risk-based pricing is used in the credit decision, and to help protect consumers from identity theft. All of these provisions impose additional regulatory and compliance costs on us and reduce the effectiveness of our marketing programs.
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Truth in Lending Act
— The Truth in Lending Act (TILA), as amended, and Regulation Z, which implements TILA, requires lenders to provide borrowers with uniform, understandable information concerning terms and conditions in certain credit transactions. These rules apply to Ally and its subsidiaries in transactions in which they extend credit to consumers and require, in the case of certain mortgage and automotive financing transactions, conspicuous disclosure of the finance charge and annual percentage rate, if any. In addition, if an advertisement for credit states specific credit terms, Regulation Z requires that such advertisement state only those terms that actually are or will be arranged or offered by the creditor. Failure to comply with TILA can result in liability for damages as well as criminal and civil penalties.
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Sarbanes-Oxley Act
— The Sarbanes-Oxley Act of 2002 implements a broad range of corporate governance and accounting measures designed to promote honesty and transparency in corporate America. The principal provisions of the act include, among other things, (1) the creation of an independent accounting oversight board; (2) auditor independence provisions that restrict non-audit services that accountants may provide to their audit clients; (3) additional corporate governance and responsibility measures including the requirement that the chief executive officer and chief financial officer certify financial statements; (4) the forfeiture of bonuses or other incentive-based compensation and profits from the sale of an issuer's securities by directors and senior officers in the twelve-month period following initial publication of any financial statements that later require restatement; (5) an increase in the oversight of and enhancement of certain requirements relating to audit committees and how they interact with the independent auditors; (6) requirements that audit committee members must be independent and are barred from accepting consulting, advisory, or other compensatory fees from the issuer; (7) requirements that companies disclose whether at least one member of the audit committee is a “financial expert” (as defined by the SEC) and, if not, why the audit committee does not have a financial expert; (8) a prohibition on personal loans to directors and officers, except certain loans made by insured financial institutions, on nonpreferential terms and in compliance with other bank regulatory requirements; (9) disclosure of a code of ethics; (10) requirements that management assess the effectiveness of internal control over financial reporting and that the Independent Registered Public Accounting firm attest to the assessment; and (11) a range of enhanced penalties for fraud and other violations.
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USA PATRIOT Act/Anti-Money-Laundering Requirements
— In 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) was signed into law. Title III of the USA PATRIOT Act amends the Bank Secrecy Act and contains provisions designed to detect and prevent the use of the U.S. financial system for money laundering and terrorist financing activities. The Bank Secrecy Act, as amended by the USA PATRIOT Act, requires bank holding companies, banks, and certain other financial companies to undertake activities including maintaining an anti-money-laundering program, verifying the identity of clients, monitoring for and reporting on suspicious transactions, reporting on cash transactions exceeding specified thresholds, and responding to requests for information by regulatory authorities and law enforcement agencies. We have implemented internal practices, procedures, and controls designed to comply with these anti-money-laundering requirements.
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Community Reinvestment Act
— Under the Community Reinvestment Act (CRA), a bank has a continuing and affirmative obligation, consistent with the safe-and-sound operation of the institution, to help meet the credit needs of its entire community, including low- and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions. However, institutions are rated on their performance in meeting the needs of their communities.
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Other
— Our U.S. mortgage business has subsidiaries that are required to maintain regulatory capital requirements under agreements with the GSEs and the Department of Housing and Urban Development.
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result in Ally being subject to enhanced oversight and scrutiny as a result of being a bank holding company with $50 billion or more in consolidated assets;
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result in the appointment of the FDIC as receiver of Ally in an orderly liquidation proceeding if the Secretary of Treasury, upon recommendation of two-thirds of the FRB and the FDIC and in consultation with the President of the United States, finds Ally to be in default or danger of default;
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affect the levels of capital and liquidity with which Ally must operate and how it plans capital and liquidity levels;
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subject Ally to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees to the FDIC;
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impact Ally's ability to invest in certain types of entities or engage in certain activities;
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impact a number of Ally's business and risk management strategies;
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restrict the revenue that Ally generates from certain businesses; and
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subject Ally to a new Consumer Financial Protection Bureau (CFPB), which has very broad rule-making and enforcement authorities.
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The selection, tenure and compensation of our management;
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Our business strategy and product offerings;
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Our relationship with our employees and other constituencies; and
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Our financing activities, including the issuance of debt and equity securities.
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will increase our cost of funds;
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may reduce our consumer automotive financing volume by influencing customers to pay cash for, as opposed to financing, vehicle purchases or not to buy new vehicles;
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may negatively impact our ability to remarket off-lease vehicles;
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generally reduce our residential mortgage loan production as borrowers become less likely to refinance and the costs associated with acquiring a new home become more expensive; and
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will generally reduce the value of mortgage and automotive financing loans and contracts and retained interests and fixed income securities held in our investment portfolio.
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multiple foreign regulatory requirements that are subject to change;
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differing local product preferences and product requirements;
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fluctuations in foreign interest rates;
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difficulty in establishing, staffing, and managing foreign operations;
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differing labor regulations;
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consequences from changes in tax laws;
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restrictions on our ability to repatriate profits or transfer cash into or out of foreign countries; and
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political and economic instability, natural calamities, war, and terrorism.
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Year ended December 31, (
$ in millions
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2011
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2010
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2009
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2008
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2007
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Total financing revenue and other interest income
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$
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9,736
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$
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11,183
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$
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12,772
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$
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17,691
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$
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21,459
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Interest expense
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6,223
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6,666
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7,091
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10,266
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13,421
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Depreciation expense on operating lease assets
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1,038
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1,903
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3,519
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5,261
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4,371
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Impairment of investment in operating leases
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—
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—
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—
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1,192
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—
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Net financing revenue
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2,475
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2,614
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2,162
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972
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3,667
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Total other revenue (a)
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3,596
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5,028
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4,040
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14,826
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5,779
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Total net revenue
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6,071
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7,642
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6,202
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15,798
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9,446
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Provision for loan losses
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219
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442
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5,603
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3,102
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3,038
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Total noninterest expense
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5,785
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6,061
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7,508
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7,983
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7,881
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Income (loss) from continuing operations before income tax expense (benefit)
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67
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1,139
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(6,909
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4,713
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(1,473
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Income tax expense (benefit) from continuing operations (b)
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179
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153
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74
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(150
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477
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Net (loss) income from continuing operations
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(112
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)
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986
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(6,983
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)
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4,863
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(1,950
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(Loss) income from discontinued operations, net of tax
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(45
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89
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|
(3,315
|
)
|
|
(2,995
|
)
|
|
(382
|
)
|
|||||
|
Net (loss) income
|
$
|
(157
|
)
|
|
$
|
1,075
|
|
|
$
|
(10,298
|
)
|
|
$
|
1,868
|
|
|
$
|
(2,332
|
)
|
|
Basic and diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net (loss) income from continuing operations
|
$
|
(658
|
)
|
|
$
|
(1,092
|
)
|
|
$
|
(15,503
|
)
|
|
$
|
44,661
|
|
|
$
|
(21,143
|
)
|
|
Net (loss) income
|
(691
|
)
|
|
(981
|
)
|
|
(21,765
|
)
|
|
17,152
|
|
|
(24,911
|
)
|
|||||
|
Non-GAAP financial measures (c):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net (loss) income
|
$
|
(157
|
)
|
|
$
|
1,075
|
|
|
$
|
(10,298
|
)
|
|
$
|
1,868
|
|
|
$
|
(2,332
|
)
|
|
Add: Original issue discount amortization expense (d)
|
962
|
|
|
1,300
|
|
|
1,143
|
|
|
70
|
|
|
—
|
|
|||||
|
Add: Income tax expense (benefit) from continuing operations
|
179
|
|
|
153
|
|
|
74
|
|
|
(150
|
)
|
|
477
|
|
|||||
|
Less: Gain on extinguishment of debt related to the 2008 bond exchange
|
—
|
|
|
—
|
|
|
—
|
|
|
11,460
|
|
|
—
|
|
|||||
|
Less: (Loss) income from discontinued operations, net of tax
|
(45
|
)
|
|
89
|
|
|
(3,315
|
)
|
|
(2,995
|
)
|
|
(382
|
)
|
|||||
|
Core pretax income (loss) (c)
|
$
|
1,029
|
|
|
$
|
2,439
|
|
|
$
|
(5,766
|
)
|
|
$
|
(6,677
|
)
|
|
$
|
(1,473
|
)
|
|
(a)
|
Total other revenue for 2008 includes $12.6 billion of gains on the extinguishment of debt, primarily related to private exchange and cash tender offers settled during the fourth quarter.
|
|
(b)
|
Effective June 30, 2009, we converted from a limited liability company into a corporation and, as a result, became subject to corporate U.S. federal, state, and local taxes. Our conversion to a corporation resulted in a change in tax status and a net deferred tax liability of $1.2 billion was established through income tax expense. Refer to
Note 25
to the
Consolidated Financial Statements
for additional information regarding our change in tax status.
|
|
(c)
|
Core pretax income (loss) is not a financial measure defined by accounting principles generally accepted in the United States of America (GAAP). We define core pretax income as earnings from continuing operations before income taxes, original issue discount amortization expense primarily associated with our 2008 bond exchange, and the gain on extinguishment of debt related to the 2008 bond exchange. We believe that the presentation of core pretax income (loss) is useful information for the users of our financial statements in understanding the earnings from our core businesses. In addition, core pretax income (loss) is the primary measure that management uses to assess the performance of our operations. We believe that core pretax income (loss) is a useful alternative measure of our ongoing profitability and performance, when viewed in conjunction with GAAP measures. The presentation of this additional information is not a substitute for net income (loss) determined in accordance with GAAP.
|
|
(d)
|
Primarily represents original issue discount amortization expense associated with the 2008 bond exchange, including accelerated amortization of
$50 million
and
$101 million
for the years ended
December 31, 2011
and
December 31, 2010
, that was reported as a loss on extinguishment of debt in the Consolidated Statement of Income.
|
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
||||||||||
|
Selected period-end balance sheet data:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total assets
|
$
|
184,059
|
|
|
$
|
172,008
|
|
|
$
|
172,306
|
|
|
$
|
189,476
|
|
|
$
|
248,939
|
|
|
Long-term debt
|
$
|
92,794
|
|
|
$
|
86,612
|
|
|
$
|
88,021
|
|
|
$
|
115,935
|
|
|
$
|
159,342
|
|
|
Preferred stock/interests (a)
|
$
|
6,940
|
|
|
$
|
6,972
|
|
|
$
|
12,180
|
|
|
$
|
6,287
|
|
|
$
|
1,052
|
|
|
Total equity
|
$
|
19,371
|
|
|
$
|
20,489
|
|
|
$
|
20,839
|
|
|
$
|
21,854
|
|
|
$
|
15,565
|
|
|
Financial ratios
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Efficiency ratio (b)
|
95.29
|
%
|
|
79.31
|
%
|
|
121.06
|
%
|
|
50.53
|
%
|
|
83.43
|
%
|
|||||
|
Core efficiency ratio (b)
|
82.26
|
%
|
|
67.78
|
%
|
|
102.22
|
%
|
|
181.10
|
%
|
|
83.43
|
%
|
|||||
|
Return on assets (c)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net (loss) income from continuing operations
|
(0.06
|
)%
|
|
0.56
|
%
|
|
(3.93
|
)%
|
|
2.57
|
%
|
|
(0.78
|
)%
|
|||||
|
Net (loss) income
|
(0.09
|
)%
|
|
0.61
|
%
|
|
(5.79
|
)%
|
|
0.99
|
%
|
|
(0.94
|
)%
|
|||||
|
Core pretax income (loss)
|
0.57
|
%
|
|
1.38
|
%
|
|
(3.24
|
)%
|
|
(3.52
|
)%
|
|
(0.59
|
)%
|
|||||
|
Return on equity (c)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net (loss) income from continuing operations
|
(0.56
|
)%
|
|
4.76
|
%
|
|
(28.79
|
)%
|
|
22.25
|
%
|
|
(12.53
|
)%
|
|||||
|
Net (loss) income
|
(0.78
|
)%
|
|
5.19
|
%
|
|
(42.46
|
)%
|
|
8.55
|
%
|
|
(14.98
|
)%
|
|||||
|
Core pretax income (loss)
|
5.10
|
%
|
|
11.78
|
%
|
|
(23.78
|
)%
|
|
(30.55
|
)%
|
|
(9.46
|
)%
|
|||||
|
Equity to assets (c)
|
11.15
|
%
|
|
11.72
|
%
|
|
13.63
|
%
|
|
11.53
|
%
|
|
6.25
|
%
|
|||||
|
Net interest spread (c)(d)
|
1.07
|
%
|
|
1.26
|
%
|
|
0.73
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Net interest spread excluding original issue discount (c)(d)
|
1.79
|
%
|
|
2.32
|
%
|
|
1.75
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Net yield on interest-earning assets (c)(f)
|
1.57
|
%
|
|
1.81
|
%
|
|
1.43
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Net yield on interest-earning assets excluding original issue discount (c)(f)
|
2.15
|
%
|
|
2.65
|
%
|
|
2.18
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Regulatory capital ratios
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Tier 1 capital (to risk-weighted assets) (g)
|
13.71
|
%
|
|
15.00
|
%
|
|
14.15
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Total risk-based capital (to risk-weighted assets) (h)
|
14.75
|
%
|
|
16.36
|
%
|
|
15.55
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Tier 1 leverage (to adjusted quarterly average assets) (i)
|
11.50
|
%
|
|
13.05
|
%
|
|
12.70
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Total equity
|
$
|
19,371
|
|
|
$
|
20,489
|
|
|
$
|
20,839
|
|
|
(e)
|
|
|
(e)
|
|
||
|
Goodwill and certain other intangibles
|
(493
|
)
|
|
(532
|
)
|
|
(534
|
)
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Unrealized gains and other adjustments
|
(262
|
)
|
|
(309
|
)
|
|
(447
|
)
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Trust preferred securities
|
2,542
|
|
|
2,541
|
|
|
2,540
|
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Tier 1 capital (g)
|
21,158
|
|
|
22,189
|
|
|
22,398
|
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Preferred equity
|
(6,940
|
)
|
|
(6,971
|
)
|
|
(12,180
|
)
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Trust preferred securities
|
(2,542
|
)
|
|
(2,541
|
)
|
|
(2,540
|
)
|
|
(e)
|
|
|
(e)
|
|
|||||
|
Tier 1 common capital (non-GAAP) (j)
|
$
|
11,676
|
|
|
$
|
12,677
|
|
|
$
|
7,678
|
|
|
(e)
|
|
|
(e)
|
|
||
|
Risk-weighted assets (k)
|
$
|
154,308
|
|
|
$
|
147,964
|
|
|
$
|
158,314
|
|
|
(e)
|
|
|
(e)
|
|
||
|
Tier 1 common (to risk-weighted assets) (j)
|
7.57
|
%
|
|
8.57
|
%
|
|
4.85
|
%
|
|
(e)
|
|
|
(e)
|
|
|||||
|
(a)
|
Effective June 30, 2009, we converted from a Delaware limited liability company into a Delaware corporation. Each unit of each class of common membership interest issued and outstanding immediately prior to the conversion was converted into an equivalent number of shares of common stock with substantially the same rights and preferences as the common membership interests. Upon conversion, holders of our preferred membership interests also received an equivalent number of shares of preferred stock with substantially the same rights and preferences as the former preferred membership interests.
|
|
(b)
|
The efficiency ratio equals total other noninterest expense divided by total net revenue. The core efficiency ratio equals total other noninterest expense divided by total net revenue excluding original issue discount amortization expense and gain on extinguishment of debt related to the 2008 bond exchange.
|
|
(c)
|
The 2011, 2010, and 2009 ratios were computed based on average assets and average equity using a combination of monthly and daily average methodologies. The 2008 and 2007 ratios have been computed based on period-end total assets and period-end total equity at December 31, 2008 and 2007.
|
|
(d)
|
Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities, excluding discontinued operations for the periods shown.
|
|
(e)
|
Not applicable at December 31, 2008 and 2007 as we did not become a bank holding company until December 24, 2008.
|
|
(f)
|
Net yield on interest-earning assets represents net financing revenue as a percentage of total interest-earning assets.
|
|
(g)
|
Tier 1 capital generally consists of common equity, minority interests, qualifying noncumulative preferred stock, and the fixed rate cumulative preferred stock sold to Treasury under TARP, less goodwill and other adjustments.
|
|
(h)
|
Total risk-based capital is the sum of Tier 1 and Tier 2 capital. Tier 2 capital generally consists of preferred stock not qualifying as Tier 1 capital, limited amounts of subordinated debt and the allowance for loan losses, and other adjustments. The amount of Tier 2 capital may not exceed the amount of Tier 1 capital.
|
|
(i)
|
Tier 1 leverage equals Tier 1 capital divided by adjusted quarterly average total assets (which reflects adjustments for disallowed goodwill and certain intangible assets). The minimum Tier 1 leverage ratio is 3% or 4% depending on factors specified in the regulations.
|
|
(j)
|
We define Tier 1 common as Tier 1 capital less noncommon elements, including qualifying perpetual preferred stock, minority interest in subsidiaries, trust preferred securities, and mandatorily convertible preferred securities. Ally considers various measures when evaluating capital utilization and adequacy, including the Tier 1 common equity ratio, in addition to capital ratios defined by banking regulators. This calculation is intended to complement the capital ratios defined by banking regulators for both absolute and comparative purposes. Because GAAP does not include capital ratio measures, Ally believes there are no comparable GAAP financial measures to these ratios. Tier 1 common equity is not formally defined by GAAP or codified in the federal banking regulations and, therefore, is considered to be a non-GAAP financial measure. Ally believes the Tier 1 common equity ratio is important because we believe analysts and banking regulators may assess our capital adequacy using this ratio. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry.
|
|
(k)
|
Risk-weighted assets are defined by regulation and are determined by allocating assets and specified off-balance sheet financial instruments into several broad risk categories.
|
|
•
|
Public unsecured debt capital markets;
|
|
•
|
Asset-backed securitizations, both public and private;
|
|
•
|
Asset sales;
|
|
•
|
Committed and uncommitted credit facilities; and
|
|
•
|
Brokered and retail deposits.
|
|
($ in millions)
|
Investment type
|
Date
|
Cash
investment
|
|
Warrants
|
|
Total
|
||||||
|
TARP
|
Preferred equity
|
December 29, 2008
|
$
|
5,000
|
|
|
$
|
250
|
|
|
$
|
5,250
|
|
|
GM Loan Conversion (a)
|
Common equity
|
May 21, 2009
|
884
|
|
|
—
|
|
|
884
|
|
|||
|
SCAP 1
|
Preferred equity (MCP)
|
May 21, 2009
|
7,500
|
|
|
375
|
|
|
7,875
|
|
|||
|
SCAP 2
|
Preferred equity (MCP)
|
December 30, 2009
|
1,250
|
|
|
63
|
|
|
1,313
|
|
|||
|
SCAP 2
|
Trust preferred securities
|
December 30, 2009
|
2,540
|
|
|
127
|
|
|
2,667
|
|
|||
|
Total cash investments
|
|
|
$
|
17,174
|
|
|
$
|
815
|
|
|
$
|
17,989
|
|
|
(a)
|
In January 2009, Treasury loaned $884 million to General Motors. In connection with that loan, Treasury acquired rights to exchange that loan for 190,921 shares. In May 2009, Treasury exercised that right.
|
|
December 31, 2011
($ in millions)
|
Book Value
|
|
Face Value
|
||||
|
MCP (a)
|
$
|
5,685
|
|
|
$
|
5,938
|
|
|
Common equity (b)
|
|
|
73.8
|
%
|
|||
|
(a)
|
Reflects the exchange of face value of $5.25 billion of Perpetual Preferred Stock to MCP in December 2009 and the conversion of face value of $3.0 billion and $5.5 billion of MCP to common equity in December 2009 and December 2010, respectively.
|
|
(b)
|
Represents the current common equity ownership position by Treasury.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable)
2011-2010
% change
|
Favorable/
(unfavorable)
2010-2009
% change
|
||||||||
|
Total net revenue (loss)
|
|
|
|
|
|
|
|
|
||||||||
|
Global Automotive Services
|
|
|
|
|
|
|
|
|
||||||||
|
North American Automotive Finance operations
|
$
|
3,588
|
|
|
$
|
4,011
|
|
|
$
|
3,831
|
|
|
(11
|
)
|
5
|
|
|
International Automotive Finance operations
|
901
|
|
|
894
|
|
|
823
|
|
|
1
|
|
9
|
|
|||
|
Insurance operations
|
1,867
|
|
|
2,240
|
|
|
2,144
|
|
|
(17
|
)
|
4
|
|
|||
|
Mortgage
|
|
|
|
|
|
|
|
|
||||||||
|
Origination and Servicing operations
|
933
|
|
|
1,773
|
|
|
976
|
|
|
(47
|
)
|
82
|
|
|||
|
Legacy Portfolio and Other operations
|
286
|
|
|
865
|
|
|
(52
|
)
|
|
(67
|
)
|
n/m
|
|
|||
|
Corporate and Other
|
(1,504
|
)
|
|
(2,141
|
)
|
|
(1,520
|
)
|
|
30
|
|
(41
|
)
|
|||
|
Total
|
$
|
6,071
|
|
|
$
|
7,642
|
|
|
$
|
6,202
|
|
|
(21
|
)
|
23
|
|
|
Income (loss) from continuing operations before income tax expense
|
|
|
|
|
|
|
|
|
||||||||
|
Global Automotive Services
|
|
|
|
|
|
|
|
|
||||||||
|
North American Automotive Finance operations
|
$
|
2,106
|
|
|
$
|
2,344
|
|
|
$
|
1,624
|
|
|
(10
|
)
|
44
|
|
|
International Automotive Finance operations
|
210
|
|
|
205
|
|
|
(102
|
)
|
|
2
|
|
n/m
|
|
|||
|
Insurance operations
|
407
|
|
|
562
|
|
|
321
|
|
|
(28
|
)
|
75
|
|
|||
|
Mortgage
|
|
|
|
|
|
|
|
|
||||||||
|
Origination and Servicing operations
|
(347
|
)
|
|
920
|
|
|
43
|
|
|
(138
|
)
|
n/m
|
|
|||
|
Legacy Portfolio and Other operations
|
(402
|
)
|
|
(267
|
)
|
|
(6,305
|
)
|
|
(51
|
)
|
96
|
|
|||
|
Corporate and Other
|
(1,907
|
)
|
|
(2,625
|
)
|
|
(2,490
|
)
|
|
27
|
|
(5
|
)
|
|||
|
Total
|
$
|
67
|
|
|
$
|
1,139
|
|
|
$
|
(6,909
|
)
|
|
(94
|
)
|
116
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable)
2011-2010
% change
|
Favorable/
(unfavorable)
2010-2009
% change
|
||||||||
|
Net financing revenue
|
|
|
|
|
|
|
|
|
||||||||
|
Total financing revenue and other interest income
|
$
|
9,736
|
|
|
$
|
11,183
|
|
|
$
|
12,772
|
|
|
(13
|
)
|
(12
|
)
|
|
Interest expense
|
6,223
|
|
|
6,666
|
|
|
7,091
|
|
|
7
|
|
6
|
|
|||
|
Depreciation expense on operating lease assets
|
1,038
|
|
|
1,903
|
|
|
3,519
|
|
|
45
|
|
46
|
|
|||
|
Net financing revenue
|
2,475
|
|
|
2,614
|
|
|
2,162
|
|
|
(5
|
)
|
21
|
|
|||
|
Other revenue
|
|
|
|
|
|
|
|
|
||||||||
|
Net servicing income
|
569
|
|
|
1,099
|
|
|
363
|
|
|
(48
|
)
|
n/m
|
|
|||
|
Insurance premiums and service revenue earned
|
1,573
|
|
|
1,750
|
|
|
1,861
|
|
|
(10
|
)
|
(6
|
)
|
|||
|
Gain on mortgage and automotive loans, net
|
470
|
|
|
1,261
|
|
|
799
|
|
|
(63
|
)
|
58
|
|
|||
|
(Loss) gain on extinguishment of debt
|
(64
|
)
|
|
(123
|
)
|
|
665
|
|
|
48
|
|
(118
|
)
|
|||
|
Other gain on investments, net
|
294
|
|
|
504
|
|
|
162
|
|
|
(42
|
)
|
n/m
|
|
|||
|
Other income, net of losses
|
754
|
|
|
537
|
|
|
190
|
|
|
40
|
|
183
|
|
|||
|
Total other revenue
|
3,596
|
|
|
5,028
|
|
|
4,040
|
|
|
(28
|
)
|
24
|
|
|||
|
Total net revenue
|
6,071
|
|
|
7,642
|
|
|
6,202
|
|
|
(21
|
)
|
23
|
|
|||
|
Provision for loan losses
|
219
|
|
|
442
|
|
|
5,603
|
|
|
50
|
|
92
|
|
|||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
1,574
|
|
|
1,576
|
|
|
1,517
|
|
|
—
|
|
(4
|
)
|
|||
|
Insurance losses and loss adjustment expenses
|
713
|
|
|
820
|
|
|
992
|
|
|
13
|
|
17
|
|
|||
|
Other operating expenses
|
3,498
|
|
|
3,665
|
|
|
4,999
|
|
|
5
|
|
27
|
|
|||
|
Total noninterest expense
|
5,785
|
|
|
6,061
|
|
|
7,508
|
|
|
5
|
|
19
|
|
|||
|
Income (loss) from continuing operations before income tax expense
|
67
|
|
|
1,139
|
|
|
(6,909
|
)
|
|
(94
|
)
|
116
|
|
|||
|
Income tax expense from continuing operations
|
179
|
|
|
153
|
|
|
74
|
|
|
(17
|
)
|
(107
|
)
|
|||
|
Net (loss) income from continuing operations
|
$
|
(112
|
)
|
|
$
|
986
|
|
|
$
|
(6,983
|
)
|
|
(111
|
)
|
114
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable) 2011-2010 % change |
|
Favorable/
(unfavorable) 2010-2009 % change |
||||||||
|
Net financing revenue
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
|
$
|
2,831
|
|
|
$
|
2,339
|
|
|
$
|
1,804
|
|
|
21
|
|
|
30
|
|
|
Commercial
|
1,325
|
|
|
1,425
|
|
|
1,136
|
|
|
(7
|
)
|
|
25
|
|
|||
|
Loans held-for-sale
|
5
|
|
|
112
|
|
|
320
|
|
|
(96
|
)
|
|
(65
|
)
|
|||
|
Operating leases
|
2,283
|
|
|
3,570
|
|
|
5,408
|
|
|
(36
|
)
|
|
(34
|
)
|
|||
|
Other interest income
|
106
|
|
|
149
|
|
|
269
|
|
|
(29
|
)
|
|
(45
|
)
|
|||
|
Total financing revenue and other interest income
|
6,550
|
|
|
7,595
|
|
|
8,937
|
|
|
(14
|
)
|
|
(15
|
)
|
|||
|
Interest expense
|
2,367
|
|
|
2,377
|
|
|
2,363
|
|
|
—
|
|
|
(1
|
)
|
|||
|
Depreciation expense on operating lease assets
|
1,028
|
|
|
1,897
|
|
|
3,500
|
|
|
46
|
|
|
46
|
|
|||
|
Net financing revenue
|
3,155
|
|
|
3,321
|
|
|
3,074
|
|
|
(5
|
)
|
|
8
|
|
|||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
||||||||
|
Servicing fees
|
161
|
|
|
226
|
|
|
238
|
|
|
(29
|
)
|
|
(5
|
)
|
|||
|
Gain on automotive loans, net
|
48
|
|
|
249
|
|
|
220
|
|
|
(81
|
)
|
|
13
|
|
|||
|
Other income
|
224
|
|
|
215
|
|
|
299
|
|
|
4
|
|
|
(28
|
)
|
|||
|
Total other revenue
|
433
|
|
|
690
|
|
|
757
|
|
|
(37
|
)
|
|
(9
|
)
|
|||
|
Total net revenue
|
3,588
|
|
|
4,011
|
|
|
3,831
|
|
|
(11
|
)
|
|
5
|
|
|||
|
Provision for loan losses
|
93
|
|
|
286
|
|
|
611
|
|
|
67
|
|
|
53
|
|
|||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
434
|
|
|
387
|
|
|
435
|
|
|
(12
|
)
|
|
11
|
|
|||
|
Other operating expenses
|
955
|
|
|
994
|
|
|
1,161
|
|
|
4
|
|
|
14
|
|
|||
|
Total noninterest expense
|
1,389
|
|
|
1,381
|
|
|
1,596
|
|
|
(1
|
)
|
|
13
|
|
|||
|
Income before income tax expense
|
$
|
2,106
|
|
|
$
|
2,344
|
|
|
$
|
1,624
|
|
|
(10
|
)
|
|
44
|
|
|
Total assets
|
$
|
96,971
|
|
|
$
|
81,893
|
|
|
$
|
68,282
|
|
|
18
|
|
|
20
|
|
|
Operating data
|
|
|
|
|
|
|
|
|
|
||||||||
|
Retail originations
|
$
|
36,528
|
|
|
$
|
31,471
|
|
|
$
|
19,519
|
|
|
16
|
|
|
61
|
|
|
Lease originations
|
7,316
|
|
|
3,888
|
|
|
259
|
|
|
88
|
|
|
n/m
|
|
|||
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable)2011-2010 % change |
|
Favorable/
(unfavorable)2010-2009 % change |
||||||||
|
Net financing revenue
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
|
$
|
1,193
|
|
|
$
|
1,075
|
|
|
$
|
1,271
|
|
|
11
|
|
|
(15
|
)
|
|
Commercial
|
422
|
|
|
379
|
|
|
490
|
|
|
11
|
|
|
(23
|
)
|
|||
|
Loans held-for-sale
|
—
|
|
|
15
|
|
|
2
|
|
|
(100
|
)
|
|
n/m
|
|
|||
|
Operating leases
|
15
|
|
|
21
|
|
|
25
|
|
|
(29
|
)
|
|
(16
|
)
|
|||
|
Other interest income
|
92
|
|
|
59
|
|
|
55
|
|
|
56
|
|
|
7
|
|
|||
|
Total financing revenue and other interest income
|
1,722
|
|
|
1,549
|
|
|
1,843
|
|
|
11
|
|
|
(16
|
)
|
|||
|
Interest expense
|
1,050
|
|
|
885
|
|
|
1,118
|
|
|
(19
|
)
|
|
21
|
|
|||
|
Depreciation expense on operating lease assets
|
10
|
|
|
10
|
|
|
18
|
|
|
—
|
|
|
44
|
|
|||
|
Net financing revenue
|
662
|
|
|
654
|
|
|
707
|
|
|
1
|
|
|
(7
|
)
|
|||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
||||||||
|
Gain (loss) on automotive loans, net
|
—
|
|
|
21
|
|
|
(76
|
)
|
|
(100
|
)
|
|
128
|
|
|||
|
Other income
|
239
|
|
|
219
|
|
|
192
|
|
|
9
|
|
|
14
|
|
|||
|
Total other revenue
|
239
|
|
|
240
|
|
|
116
|
|
|
—
|
|
|
107
|
|
|||
|
Total net revenue
|
901
|
|
|
894
|
|
|
823
|
|
|
1
|
|
|
9
|
|
|||
|
Provision for loan losses
|
65
|
|
|
54
|
|
|
230
|
|
|
(20
|
)
|
|
77
|
|
|||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
172
|
|
|
155
|
|
|
183
|
|
|
(11
|
)
|
|
15
|
|
|||
|
Other operating expenses
|
454
|
|
|
480
|
|
|
512
|
|
|
5
|
|
|
6
|
|
|||
|
Total noninterest expense
|
626
|
|
|
635
|
|
|
695
|
|
|
1
|
|
|
9
|
|
|||
|
Income (loss) from continuing operations before income tax expense
|
$
|
210
|
|
|
$
|
205
|
|
|
$
|
(102
|
)
|
|
2
|
|
|
n/m
|
|
|
Total assets
|
$
|
15,505
|
|
|
$
|
15,979
|
|
|
$
|
21,802
|
|
|
(3
|
)
|
|
(27
|
)
|
|
Operating data
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer originations (a) (b)
|
$
|
9,427
|
|
|
$
|
7,612
|
|
|
$
|
5,710
|
|
|
24
|
|
|
33
|
|
|
(a)
|
Represents consumer originations for continuing operations only.
|
|
(b)
|
Includes vehicles financed through our joint venture GMAC-SAIC, which is recorded as other income. We own 40% of GMAC-SAIC alongside Shanghai Automotive Group Finance Company LTD and Shanghai General Motors Corporation LTD.
|
|
|
Ally consumer automotive
financing volume |
|
% Share of
consumer sales |
|||||||||||
|
Year ended December 31,
(units in thousands)
|
2011
|
|
2010
|
|
2009
|
|
2011
|
|
2010
|
|
2009
|
|||
|
GM new vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
North America
|
779
|
|
|
694
|
|
|
488
|
|
|
38
|
|
40
|
|
27
|
|
International (excluding China) (a)
|
360
|
|
|
299
|
|
|
272
|
|
|
28
|
|
22
|
|
20
|
|
China (b)
|
134
|
|
|
119
|
|
|
74
|
|
|
12
|
|
11
|
|
11
|
|
Total GM new units financed
|
1,273
|
|
|
1,112
|
|
|
834
|
|
|
|
|
|
|
|
|
Chrysler new vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
North America
|
330
|
|
|
322
|
|
|
64
|
|
|
29
|
|
38
|
|
8
|
|
International (excluding China)
|
1
|
|
|
1
|
|
|
—
|
|
|
|
|
|
|
|
|
Total Chrysler new units financed
|
331
|
|
|
323
|
|
|
64
|
|
|
|
|
|
|
|
|
Other non-GM / Chrysler new vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
North America
|
69
|
|
|
33
|
|
|
10
|
|
|
|
|
|
|
|
|
International (excluding China)
|
3
|
|
|
4
|
|
|
4
|
|
|
|
|
|
|
|
|
China (b)
|
104
|
|
|
89
|
|
|
33
|
|
|
|
|
|
|
|
|
Total other non-GM / Chrysler new units financed
|
176
|
|
|
126
|
|
|
47
|
|
|
|
|
|
|
|
|
Used vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
North America
|
476
|
|
|
269
|
|
|
142
|
|
|
|
|
|
|
|
|
International (excluding China)
|
38
|
|
|
25
|
|
|
22
|
|
|
|
|
|
|
|
|
China (b)
|
1
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
Total used units financed
|
515
|
|
|
294
|
|
|
164
|
|
|
|
|
|
|
|
|
Total consumer automotive financing volume
|
2,295
|
|
|
1,855
|
|
|
1,109
|
|
|
|
|
|
|
|
|
(a)
|
Excludes financing volume and GM consumer sales of discontinued operations, as well as GM consumer sales for other countries in which GM operates and in which we have no financing volume.
|
|
(b)
|
Represents vehicles financed through our joint venture GMAC-SAIC. We own 40% of GMAC-SAIC alongside Shanghai Automotive Group Finance Company LTD and Shanghai General Motors Corporation LTD.
|
|
Year ended December 31,
|
2011
|
|
2010
|
|
2009
|
|||
|
GM subvented volume in North America
|
|
|
|
|
|
|||
|
As % of GM North American new retail and lease volume acquired by Ally
|
53
|
%
|
|
51
|
%
|
|
69
|
%
|
|
As % of total North American new and used retail and lease volume acquired by Ally
|
25
|
%
|
|
27
|
%
|
|
48
|
%
|
|
GM subvented International (excluding China) volume (a)
|
|
|
|
|
|
|||
|
As % of GM International new retail and lease volume acquired by Ally
|
68
|
%
|
|
55
|
%
|
|
67
|
%
|
|
As % of total International new and used retail and lease volume acquired by Ally
|
61
|
%
|
|
50
|
%
|
|
61
|
%
|
|
GM subvented volume in China (b)
|
|
|
|
|
|
|||
|
As % of GM China new retail and lease volume acquired by Ally
|
12
|
%
|
|
14
|
%
|
|
1
|
%
|
|
As % of total China new and used retail and lease volume acquired by Ally
|
7
|
%
|
|
8
|
%
|
|
1
|
%
|
|
(a)
|
Represents subvention for continuing operations only.
|
|
(b)
|
Represents vehicles financed through our joint venture GMAC-SAIC. We own 40% of GMAC-SAIC alongside Shanghai Automotive Group Finance Company LTD and Shanghai General Motors Corporation LTD.
|
|
Year ended December 31,
|
2011
|
|
2010
|
|
2009
|
|||
|
Chrysler subvented volume in North America
|
|
|
|
|
|
|||
|
As % of Chrysler North American new retail and lease volume acquired by Ally
|
52
|
%
|
|
57
|
%
|
|
39
|
%
|
|
As % of total North American new and used retail and lease volume acquired by Ally
|
10
|
%
|
|
14
|
%
|
|
4
|
%
|
|
Year ended December 31,
|
2011
|
|
2010
|
|
2009
|
|||
|
Auction
|
|
|
|
|
|
|||
|
Internet
|
61
|
%
|
|
60
|
%
|
|
57
|
%
|
|
Physical
|
16
|
%
|
|
18
|
%
|
|
25
|
%
|
|
Sale to dealer
|
12
|
%
|
|
12
|
%
|
|
11
|
%
|
|
Other (including option exercised by lessee)
|
11
|
%
|
|
10
|
%
|
|
7
|
%
|
|
•
|
Internet auctions
— We offer off-lease vehicles to dealers and certain other third parties in the United States through our proprietary internet site (SmartAuction). This internet sales program maximizes the net sales proceeds from off-lease vehicles by reducing the time between vehicle return and ultimate disposition, reducing holding costs, and broadening the number of prospective buyers. We maintain the internet auction site, set the pricing floors on vehicles, and administer the auction process. We earn a service fee for every vehicle sold through SmartAuction.
|
|
•
|
Physical auctions
— We dispose of our off-lease vehicles not purchased at termination by the lease consumer or dealer or sold on an internet auction through traditional official manufacturer-sponsored auctions. We are responsible for handling decisions at the auction including arranging for inspections, authorizing repairs and reconditioning, and determining whether bids received at auction should be accepted.
|
|
|
Average balance
|
|
% Share of dealer inventory
|
||||||||||||||
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
2011
|
|
2010
|
|
2009
|
||||||
|
GM new vehicles
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
North America (a)
|
$
|
15,810
|
|
|
$
|
14,948
|
|
|
$
|
17,107
|
|
|
79
|
|
84
|
|
84
|
|
International (excluding China) (b) (c)
|
3,969
|
|
|
3,437
|
|
|
3,659
|
|
|
78
|
|
82
|
|
91
|
|||
|
China (b) (d)
|
1,287
|
|
|
1,075
|
|
|
573
|
|
|
81
|
|
81
|
|
80
|
|||
|
Total GM new vehicles financed
|
21,066
|
|
|
19,460
|
|
|
21,339
|
|
|
|
|
|
|
|
|||
|
Chrysler new vehicles
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
North America (a)
|
7,614
|
|
|
5,793
|
|
|
1,762
|
|
|
65
|
|
71
|
|
25
|
|||
|
International
|
22
|
|
|
38
|
|
|
27
|
|
|
|
|
|
|
|
|||
|
Total Chrysler new vehicles financed
|
7,636
|
|
|
5,831
|
|
|
1,789
|
|
|
|
|
|
|
|
|||
|
Other non-GM / Chrysler new vehicles
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
North America
|
2,078
|
|
|
1,951
|
|
|
1,741
|
|
|
|
|
|
|
|
|||
|
International (excluding China)
|
120
|
|
|
94
|
|
|
94
|
|
|
|
|
|
|
|
|||
|
China (d)
|
—
|
|
|
—
|
|
|
5
|
|
|
|
|
|
|
|
|||
|
Total other non-GM / Chrysler new vehicles financed
|
2,198
|
|
|
2,045
|
|
|
1,840
|
|
|
|
|
|
|
|
|||
|
Used vehicles
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
North America
|
3,206
|
|
|
3,044
|
|
|
2,401
|
|
|
|
|
|
|
|
|||
|
International (excluding China)
|
160
|
|
|
85
|
|
|
142
|
|
|
|
|
|
|
|
|||
|
Total used vehicles financed
|
3,366
|
|
|
3,129
|
|
|
2,543
|
|
|
|
|
|
|
|
|||
|
Total commercial wholesale finance receivables
|
$
|
34,266
|
|
|
$
|
30,465
|
|
|
$
|
27,511
|
|
|
|
|
|
|
|
|
(a)
|
Share of dealer inventory based on a 13 month average of dealer inventory (excludes in-transit units).
|
|
(b)
|
Share of dealer inventory based on wholesale financing share of GM shipments.
|
|
(c)
|
Excludes commercial wholesale finance receivables and dealer inventory of discontinued and wind-down operations as well as dealer inventory for other countries in which GM operates and we had no commercial wholesale finance receivables.
|
|
(d)
|
Represents vehicles financed through our joint venture GMAC-SAIC. We own 40% of GMAC-SAIC alongside Shanghai Automotive Group Finance Company LTD and Shanghai General Motors Corporation LTD.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable) 2011-2010 % change |
|
Favorable/
(unfavorable) 2010-2009 % change |
||||||||
|
Insurance premiums and other income
|
|
|
|
|
|
|
|
|
|
||||||||
|
Insurance premiums and service revenue earned
|
$
|
1,556
|
|
|
$
|
1,721
|
|
|
$
|
1,817
|
|
|
(10
|
)
|
|
(5
|
)
|
|
Investment income
|
252
|
|
|
444
|
|
|
255
|
|
|
(43
|
)
|
|
74
|
|
|||
|
Other income
|
59
|
|
|
75
|
|
|
72
|
|
|
(21
|
)
|
|
4
|
|
|||
|
Total insurance premiums and other income
|
1,867
|
|
|
2,240
|
|
|
2,144
|
|
|
(17
|
)
|
|
4
|
|
|||
|
Expense
|
|
|
|
|
|
|
|
|
|
||||||||
|
Insurance losses and loss adjustment expenses
|
682
|
|
|
784
|
|
|
825
|
|
|
13
|
|
|
5
|
|
|||
|
Acquisition and underwriting expense
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
93
|
|
|
94
|
|
|
109
|
|
|
1
|
|
|
14
|
|
|||
|
Insurance commissions expense
|
500
|
|
|
578
|
|
|
621
|
|
|
13
|
|
|
7
|
|
|||
|
Other expenses
|
185
|
|
|
222
|
|
|
268
|
|
|
17
|
|
|
17
|
|
|||
|
Total acquisition and underwriting expense
|
778
|
|
|
894
|
|
|
998
|
|
|
13
|
|
|
10
|
|
|||
|
Total expense
|
1,460
|
|
|
1,678
|
|
|
1,823
|
|
|
13
|
|
|
8
|
|
|||
|
Income from continuing operations before income tax expense
|
$
|
407
|
|
|
$
|
562
|
|
|
$
|
321
|
|
|
(28
|
)
|
|
75
|
|
|
Total assets
|
$
|
8,036
|
|
|
$
|
8,789
|
|
|
$
|
10,614
|
|
|
(9
|
)
|
|
(17
|
)
|
|
Insurance premiums and service revenue written
|
$
|
1,486
|
|
|
$
|
1,460
|
|
|
$
|
1,318
|
|
|
2
|
|
|
11
|
|
|
Combined ratio (a)
|
91.3
|
%
|
|
94.1
|
%
|
|
97.1
|
%
|
|
|
|
|
|||||
|
(a)
|
Management uses combined ratio as a primary measure of underwriting profitability with its components measured using accounting principles generally accepted in the United States of America. 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 revenues earned and other income.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Vehicle service contracts
|
|
|
|
|
|
||||||
|
New retail
|
$
|
375
|
|
|
$
|
315
|
|
|
$
|
281
|
|
|
Used retail
|
514
|
|
|
517
|
|
|
468
|
|
|||
|
Reinsurance
|
(103
|
)
|
|
(91
|
)
|
|
(84
|
)
|
|||
|
Total vehicle service contracts
|
786
|
|
|
741
|
|
|
665
|
|
|||
|
Wholesale
|
115
|
|
|
103
|
|
|
100
|
|
|||
|
Other finance and insurance (a)
|
133
|
|
|
113
|
|
|
77
|
|
|||
|
North American operations
|
1,034
|
|
|
957
|
|
|
842
|
|
|||
|
International operations (b)
|
452
|
|
|
503
|
|
|
476
|
|
|||
|
Total
|
$
|
1,486
|
|
|
$
|
1,460
|
|
|
$
|
1,318
|
|
|
(a)
|
Other finance and insurance includes GAP coverage, excess wear and tear, other ancillary products, and wind-down.
|
|
(b)
|
International operations for the year ended
December 31, 2010
and
December 31, 2009
included $67 million and $126 million, respectively, of written premium from certain international insurance operations that were sold during the fourth quarter of 2010.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Cash
|
|
|
|
||||
|
Noninterest-bearing cash
|
$
|
211
|
|
|
$
|
28
|
|
|
Interest-bearing cash
|
629
|
|
|
1,168
|
|
||
|
Total cash
|
840
|
|
|
1,196
|
|
||
|
Available-for-sale securities
|
|
|
|
||||
|
Debt securities
|
|
|
|
||||
|
U.S. Treasury and federal agencies
|
496
|
|
|
219
|
|
||
|
Foreign government
|
678
|
|
|
744
|
|
||
|
Mortgage-backed
|
590
|
|
|
826
|
|
||
|
Asset-backed
|
95
|
|
|
11
|
|
||
|
Corporate debt
|
1,491
|
|
|
1,559
|
|
||
|
Other debt
|
23
|
|
|
—
|
|
||
|
Total debt securities
|
3,373
|
|
|
3,359
|
|
||
|
Equity securities
|
1,054
|
|
|
796
|
|
||
|
Total available-for-sale securities
|
4,427
|
|
|
4,155
|
|
||
|
Total cash and securities
|
$
|
5,267
|
|
|
$
|
5,351
|
|
|
Year ended December 31
, ($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable)
2011-2010
% change
|
Favorable/
(unfavorable)
2010-2009
% change
|
||||||||
|
Net financing (loss) revenue
|
|
|
|
|
|
|
|
|
||||||||
|
Total financing revenue and other interest income
|
$
|
414
|
|
|
$
|
448
|
|
|
$
|
387
|
|
|
(8
|
)
|
16
|
|
|
Interest expense
|
439
|
|
|
413
|
|
|
369
|
|
|
(6
|
)
|
(12
|
)
|
|||
|
Net financing (loss) revenue
|
(25
|
)
|
|
35
|
|
|
18
|
|
|
(171
|
)
|
94
|
|
|||
|
Servicing fees
|
1,203
|
|
|
1,270
|
|
|
1,240
|
|
|
(5
|
)
|
2
|
|
|||
|
Servicing asset valuation and hedge activities, net
|
(789
|
)
|
|
(394
|
)
|
|
(1,113
|
)
|
|
(100
|
)
|
65
|
|
|||
|
Total servicing income, net
|
414
|
|
|
876
|
|
|
127
|
|
|
(53
|
)
|
n/m
|
|
|||
|
Gain on mortgage loans, net
|
297
|
|
|
607
|
|
|
695
|
|
|
(51
|
)
|
(13
|
)
|
|||
|
Other income, net of losses
|
247
|
|
|
255
|
|
|
136
|
|
|
(3
|
)
|
88
|
|
|||
|
Total other revenue
|
958
|
|
|
1,738
|
|
|
958
|
|
|
(45
|
)
|
81
|
|
|||
|
Total net revenue
|
933
|
|
|
1,773
|
|
|
976
|
|
|
(47
|
)
|
82
|
|
|||
|
Provision for loan losses
|
1
|
|
|
(29
|
)
|
|
41
|
|
|
(103
|
)
|
171
|
|
|||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
273
|
|
|
249
|
|
|
265
|
|
|
(10
|
)
|
6
|
|
|||
|
Representation and warranty expense
|
—
|
|
|
(22
|
)
|
|
32
|
|
|
(100
|
)
|
169
|
|
|||
|
Other operating expenses
|
1,006
|
|
|
655
|
|
|
595
|
|
|
(54
|
)
|
(10
|
)
|
|||
|
Total noninterest expense
|
1,279
|
|
|
882
|
|
|
892
|
|
|
(45
|
)
|
1
|
|
|||
|
(Loss) income before income tax expense
|
$
|
(347
|
)
|
|
$
|
920
|
|
|
$
|
43
|
|
|
(138
|
)
|
n/m
|
|
|
Total assets
|
$
|
23,016
|
|
|
$
|
23,681
|
|
|
$
|
17,914
|
|
|
(3
|
)
|
32
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable)
2011-2010
% change
|
Favorable/
(unfavorable)
2010-2009
% change
|
||||||||
|
Net financing revenue
|
|
|
|
|
|
|
|
|
||||||||
|
Total financing revenue and other interest income
|
$
|
734
|
|
|
$
|
1,263
|
|
|
$
|
1,491
|
|
|
(42
|
)
|
(15
|
)
|
|
Interest expense
|
450
|
|
|
658
|
|
|
859
|
|
|
32
|
|
23
|
|
|||
|
Net financing revenue
|
284
|
|
|
605
|
|
|
632
|
|
|
(53
|
)
|
(4
|
)
|
|||
|
Servicing fees
|
(5
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|
38
|
|
20
|
|
|||
|
Servicing asset valuation and hedge activities, net
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
(100
|
)
|
|||
|
Total servicing income, net
|
(5
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
38
|
|
n/m
|
|
|||
|
Gain (loss) on mortgage loans, net
|
97
|
|
|
383
|
|
|
(40
|
)
|
|
(75
|
)
|
n/m
|
|
|||
|
Gain on extinguishment of debt
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
(100
|
)
|
|||
|
Other income, net of losses
|
(90
|
)
|
|
(115
|
)
|
|
(647
|
)
|
|
22
|
|
82
|
|
|||
|
Total other revenue (expense)
|
2
|
|
|
260
|
|
|
(684
|
)
|
|
(99
|
)
|
138
|
|
|||
|
Total net revenue (expense)
|
286
|
|
|
865
|
|
|
(52
|
)
|
|
(67
|
)
|
n/m
|
|
|||
|
Provision for loan losses
|
149
|
|
|
173
|
|
|
4,230
|
|
|
14
|
|
96
|
|
|||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
127
|
|
|
77
|
|
|
120
|
|
|
(65
|
)
|
36
|
|
|||
|
Representation and warranty expense
|
324
|
|
|
692
|
|
|
1,453
|
|
|
53
|
|
52
|
|
|||
|
Other operating expenses
|
88
|
|
|
190
|
|
|
450
|
|
|
54
|
|
58
|
|
|||
|
Total noninterest expense
|
539
|
|
|
959
|
|
|
2,023
|
|
|
44
|
|
53
|
|
|||
|
Loss from continuing operations before income tax expense
|
$
|
(402
|
)
|
|
$
|
(267
|
)
|
|
$
|
(6,305
|
)
|
|
(51
|
)
|
96
|
|
|
Total assets
|
$
|
10,890
|
|
|
$
|
13,105
|
|
|
$
|
20,980
|
|
|
(17
|
)
|
(38
|
)
|
|
•
|
Correspondent lender and secondary market purchases
— Loans purchased from correspondent lenders are originated or purchased by the correspondent lenders and subsequently sold to us. All of the purchases from correspondent lenders are conducted through Ally Bank. We qualify and approve any correspondent lenders who participate in the loan purchase programs.
|
|
•
|
Direct-lending network
— Our direct-lending network consists of internet (including through the ditech.com brand) and telephone-based call center operations as well as our retail network. Virtually all of the residential mortgage loans of this channel are brokered to Ally Bank.
|
|
•
|
Mortgage brokerage network
— Residential mortgage loans originated through mortgage brokers. We review and underwrite the application submitted by the mortgage broker, approve or deny the application, set the interest rate and other terms of the loan and, upon acceptance by the borrower and the satisfaction of all conditions required by us, fund the loan through Ally Bank. We qualify and approve all mortgage brokers who generate mortgage loans and continually monitor their performance.
|
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||
|
Year ended December 31,
($ in millions)
|
Number of loans
|
|
Dollar
amount of
loans
|
|
Number of loans
|
|
Dollar
amount of
loans
|
|
Number of loans
|
|
Dollar
amount of
loans
|
|||||||||
|
Correspondent lender and secondary market purchases
|
196,964
|
|
|
$
|
45,349
|
|
|
263,963
|
|
|
$
|
61,465
|
|
|
260,772
|
|
|
$
|
56,042
|
|
|
Direct lending
|
37,743
|
|
|
7,414
|
|
|
36,064
|
|
|
7,586
|
|
|
42,190
|
|
|
8,524
|
|
|||
|
Mortgage brokers
|
12,018
|
|
|
3,495
|
|
|
2,035
|
|
|
491
|
|
|
607
|
|
|
165
|
|
|||
|
Total U.S. production
|
246,725
|
|
|
$
|
56,258
|
|
|
302,062
|
|
|
$
|
69,542
|
|
|
303,569
|
|
|
$
|
64,731
|
|
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||
|
Year ended December 31,
($ in millions)
|
Number of loans
|
|
Dollar
amount of
loans
|
|
Number of loans
|
|
Dollar
amount of
loans
|
|
Number of loans
|
|
Dollar
amount of
loans
|
|||||||||
|
Ally Bank
|
245,849
|
|
|
$
|
56,130
|
|
|
300,738
|
|
|
$
|
69,320
|
|
|
299,302
|
|
|
$
|
64,001
|
|
|
ResCap
|
876
|
|
|
128
|
|
|
1,324
|
|
|
222
|
|
|
4,267
|
|
|
730
|
|
|||
|
Total U.S. production
|
246,725
|
|
|
$
|
56,258
|
|
|
302,062
|
|
|
$
|
69,542
|
|
|
303,569
|
|
|
$
|
64,731
|
|
|
•
|
Prime conforming mortgage loans
— Prime credit quality first-lien mortgage loans secured by 1-4 family residential properties that meet or conform to the underwriting standards established by the GSEs for inclusion in their guaranteed mortgage securities programs.
|
|
•
|
Prime nonconforming mortgage loans
— Prime credit quality first-lien mortgage loans secured by 1-4 family residential properties that either (1) do not conform to the underwriting standards established by the GSEs because they had original principal amounts exceeding GSE limits, which are commonly referred to as jumbo mortgage loans, or (2) have alternative documentation requirements and property or credit-related features (e.g., higher loan-to-value or debt-to-income ratios) but are otherwise considered prime credit quality due to other compensating factors.
|
|
•
|
Prime second-lien mortgage loans
— Open- and closed-end mortgage loans secured by a second or more junior-lien on single-family residences, which include home equity mortgage loans and lines of credit. We ceased originating prime second-lien mortgage loans during 2008.
|
|
•
|
Government mortgage loans
— First-lien mortgage loans secured by 1-4 family residential properties that are insured by the Federal Housing Administration or guaranteed by the Veterans Administration.
|
|
•
|
Nonprime mortgage loans
— First-lien and certain junior-lien mortgage loans secured by single-family residences made to individuals with credit profiles that do not qualify for a prime loan, have credit-related features that fall outside the parameters of traditional prime mortgage products, or have performance characteristics that otherwise exposes us to comparatively higher risk of loss. Nonprime includes mortgage loans the industry characterizes as “subprime,” as well as high combined loan-to-value second-lien loans that fell out of our standard loan programs due to noncompliance with one or more criteria. We ceased originating nonprime mortgage loans during 2007.
|
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||
|
Year ended December 31,
($ in millions)
|
Number of loans
|
|
Dollar
amount of
loans
|
|
Number of loans
|
|
Dollar
amount of
loans
|
|
Number of loans
|
|
Dollar
amount of
loans
|
|||||||||
|
Prime conforming
|
209,031
|
|
|
$
|
47,511
|
|
|
228,936
|
|
|
$
|
53,721
|
|
|
164,780
|
|
|
$
|
37,651
|
|
|
Prime nonconforming
|
2,008
|
|
|
1,679
|
|
|
1,837
|
|
|
1,548
|
|
|
1,236
|
|
|
992
|
|
|||
|
Prime second-lien
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|||
|
Government
|
35,686
|
|
|
7,068
|
|
|
71,289
|
|
|
14,273
|
|
|
137,550
|
|
|
26,087
|
|
|||
|
Nonprime
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total U.S. production
|
246,725
|
|
|
$
|
56,258
|
|
|
302,062
|
|
|
$
|
69,542
|
|
|
303,569
|
|
|
$
|
64,731
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Prime conforming
|
$
|
3,034
|
|
|
$
|
5,585
|
|
|
Prime nonconforming
|
—
|
|
|
—
|
|
||
|
Prime second-lien
|
—
|
|
|
—
|
|
||
|
Government (a)
|
3,274
|
|
|
3,434
|
|
||
|
Nonprime
|
—
|
|
|
—
|
|
||
|
International
|
—
|
|
|
—
|
|
||
|
Total
|
6,308
|
|
|
9,019
|
|
||
|
Net premiums
|
80
|
|
|
132
|
|
||
|
Fair value option election adjustment
|
87
|
|
|
(61
|
)
|
||
|
Lower-of-cost or fair value adjustment
|
(5
|
)
|
|
(2
|
)
|
||
|
Total, net
|
$
|
6,470
|
|
|
$
|
9,088
|
|
|
(a)
|
Includes loans subject to conditional repurchase options of $2.3 billion and $2.3 billion sold to Ginnie Mae-guaranteed securitizations at
December 31, 2011
and
2010
, respectively. The corresponding liability is recorded in accrued expenses and other liabilities on the Consolidated Balance Sheet.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Prime conforming
|
$
|
—
|
|
|
$
|
—
|
|
|
Prime nonconforming
|
2,815
|
|
|
2,068
|
|
||
|
Prime second-lien
|
—
|
|
|
—
|
|
||
|
Government
|
—
|
|
|
—
|
|
||
|
Nonprime
|
—
|
|
|
—
|
|
||
|
International
|
—
|
|
|
—
|
|
||
|
Total
|
2,815
|
|
|
2,068
|
|
||
|
Net premiums
|
20
|
|
|
11
|
|
||
|
Fair value option election adjustment
|
—
|
|
|
—
|
|
||
|
Allowance for loan losses
|
(16
|
)
|
|
(13
|
)
|
||
|
Total, net
|
$
|
2,819
|
|
|
$
|
2,066
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Prime conforming
|
$
|
311
|
|
|
$
|
336
|
|
|
Prime nonconforming
|
571
|
|
|
674
|
|
||
|
Prime second-lien
|
545
|
|
|
634
|
|
||
|
Government
|
20
|
|
|
18
|
|
||
|
Nonprime
|
561
|
|
|
637
|
|
||
|
International
|
17
|
|
|
364
|
|
||
|
Total (a)
|
2,025
|
|
|
2,663
|
|
||
|
Net discounts
|
(301
|
)
|
|
(293
|
)
|
||
|
Fair value option election adjustment
|
(27
|
)
|
|
(1
|
)
|
||
|
Lower-of-cost or fair value adjustment
|
(55
|
)
|
|
(46
|
)
|
||
|
Total, net (b)
|
$
|
1,642
|
|
|
$
|
2,323
|
|
|
(a)
|
Includes unpaid principal balance write-downs of $1.5 billion and $1.8 billion at
December 31, 2011
and
2010
, respectively. The amounts are for write-downs taken upon the transfer of mortgage loans from held-for-investment to held-for-sale during the fourth quarter of 2009 and charge-offs taken in accordance with our charge-off policy.
|
|
(b)
|
Includes loans subject to conditional repurchase options of $106 million and $146 million sold to off-balance sheet private-label securitizations at
December 31, 2011
and
2010
, respectively. The corresponding liability is recorded in accrued expenses and other liabilities on the Consolidated Balance Sheet.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Prime conforming
|
$
|
278
|
|
|
$
|
323
|
|
|
Prime nonconforming
|
5,254
|
|
|
6,059
|
|
||
|
Prime second-lien
|
2,200
|
|
|
2,642
|
|
||
|
Government
|
—
|
|
|
—
|
|
||
|
Nonprime
|
1,349
|
|
|
1,583
|
|
||
|
International
|
422
|
|
|
862
|
|
||
|
Total
|
9,503
|
|
|
11,469
|
|
||
|
Net premiums
|
18
|
|
|
26
|
|
||
|
Fair value option election adjustment
|
(1,601
|
)
|
|
(1,890
|
)
|
||
|
Allowance for loan losses
|
(479
|
)
|
|
(543
|
)
|
||
|
Total, net (a)
|
$
|
7,441
|
|
|
$
|
9,062
|
|
|
(a)
|
At
December 31, 2011
and
2010
, the carrying value of mortgage loans held-for-investment relating to securitization transactions accounted for as on-balance sheet securitizations and pledged as collateral totaled $837 million and $1.0 billion, respectively. The investors in these on-balance sheet securitizations have no recourse to our other assets beyond the loans pledged as collateral other than market customary representation and warranty provisions.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
U.S. primary servicing portfolio
|
|
|
|
|
|
||||||
|
Prime conforming
|
$
|
226,239
|
|
|
$
|
220,762
|
|
|
$
|
210,914
|
|
|
Prime nonconforming
|
47,767
|
|
|
52,643
|
|
|
58,103
|
|
|||
|
Prime second-lien
|
6,871
|
|
|
10,851
|
|
|
14,729
|
|
|||
|
Government
|
49,027
|
|
|
48,550
|
|
|
40,230
|
|
|||
|
Nonprime
|
20,753
|
|
|
22,874
|
|
|
25,837
|
|
|||
|
International primary servicing portfolio
|
5,773
|
|
|
5,087
|
|
|
25,941
|
|
|||
|
Total primary servicing portfolio (a)
|
$
|
356,430
|
|
|
$
|
360,767
|
|
|
$
|
375,754
|
|
|
(a)
|
Excludes loans for which we acted as a subservicer. Subserviced loans totaled $26.4 billion, $24.2 billion, and $28.7 billion at
December 31, 2011
,
2010
, and
2009
, respectively.
|
|
Year ended December 31
, ($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
Favorable/
(unfavorable)
2011-2010
% change
|
Favorable/
(unfavorable)
2010-2009
% change
|
||||||||
|
Net financing loss
|
|
|
|
|
|
|
|
|
||||||||
|
Total financing revenue and other interest income
|
$
|
138
|
|
|
$
|
165
|
|
|
$
|
(78
|
)
|
|
(16
|
)
|
n/m
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
||||||||
|
Original issue discount amortization
|
925
|
|
|
1,204
|
|
|
1,143
|
|
|
23
|
|
(5
|
)
|
|||
|
Other interest expense
|
907
|
|
|
1,060
|
|
|
1,239
|
|
|
14
|
|
14
|
|
|||
|
Total interest expense
|
1,832
|
|
|
2,264
|
|
|
2,382
|
|
|
19
|
|
5
|
|
|||
|
Net financing loss
|
(1,694
|
)
|
|
(2,099
|
)
|
|
(2,460
|
)
|
|
19
|
|
15
|
|
|||
|
Other revenue
|
|
|
|
|
|
|
|
|
||||||||
|
(Loss) gain on extinguishment of debt
|
(64
|
)
|
|
(123
|
)
|
|
661
|
|
|
48
|
|
(119
|
)
|
|||
|
Other gain on investments, net
|
119
|
|
|
146
|
|
|
85
|
|
|
(18
|
)
|
72
|
|
|||
|
Other income, net of losses
|
135
|
|
|
(65
|
)
|
|
194
|
|
|
n/m
|
|
(134
|
)
|
|||
|
Total other revenue (expense)
|
190
|
|
|
(42
|
)
|
|
940
|
|
|
n/m
|
|
(104
|
)
|
|||
|
Total net expense
|
(1,504
|
)
|
|
(2,141
|
)
|
|
(1,520
|
)
|
|
30
|
|
(41
|
)
|
|||
|
Provision for loan losses
|
(89
|
)
|
|
(42
|
)
|
|
491
|
|
|
112
|
|
109
|
|
|||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
475
|
|
|
614
|
|
|
405
|
|
|
23
|
|
(52
|
)
|
|||
|
Other operating expense
|
17
|
|
|
(88
|
)
|
|
74
|
|
|
(119
|
)
|
n/m
|
|
|||
|
Total noninterest expense
|
492
|
|
|
526
|
|
|
479
|
|
|
6
|
|
(10
|
)
|
|||
|
Loss from continuing operations before income tax expense
|
$
|
(1,907
|
)
|
|
$
|
(2,625
|
)
|
|
$
|
(2,490
|
)
|
|
27
|
|
(5
|
)
|
|
Total assets
|
$
|
29,641
|
|
|
$
|
28,561
|
|
|
$
|
32,714
|
|
|
4
|
|
(13
|
)
|
|
At and for the year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Original issue discount amortization
|
|
|
|
|
|
||||||
|
2008 bond exchange amortization
|
$
|
(886
|
)
|
|
$
|
(1,158
|
)
|
|
$
|
(1,108
|
)
|
|
Other debt issuance discount amortization
|
(39
|
)
|
|
(46
|
)
|
|
(35
|
)
|
|||
|
Total original issue discount amortization (a)
|
(925
|
)
|
|
(1,204
|
)
|
|
(1,143
|
)
|
|||
|
Net impact of the funds transfer pricing methodology
|
|
|
|
|
|
||||||
|
Cost of liquidity
|
(708
|
)
|
|
(617
|
)
|
|
(655
|
)
|
|||
|
Funds-transfer pricing / cost of funds mismatch
|
(342
|
)
|
|
(391
|
)
|
|
(672
|
)
|
|||
|
Benefit (cost) of net non-earning assets
|
186
|
|
|
8
|
|
|
(110
|
)
|
|||
|
Total net impact of the funds transfer pricing methodology
|
(864
|
)
|
|
(1,000
|
)
|
|
(1,437
|
)
|
|||
|
Other (including Commercial Finance Group net financing revenue)
|
95
|
|
|
105
|
|
|
120
|
|
|||
|
Total net financing losses for Corporate and Other
|
$
|
(1,694
|
)
|
|
$
|
(2,099
|
)
|
|
$
|
(2,460
|
)
|
|
Outstanding original issue discount balance
|
$
|
2,194
|
|
|
$
|
3,169
|
|
|
$
|
4,373
|
|
|
(a)
|
Amortization is included as interest on long-term debt in the Consolidated Statement of Income.
|
|
Year ended December 31,
($ in millions)
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017 and
thereafter (a) |
|
Total
|
||||||||||||||
|
Original issue discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Outstanding balance
|
$
|
1,844
|
|
|
$
|
1,581
|
|
|
$
|
1,391
|
|
|
$
|
1,334
|
|
|
$
|
1,272
|
|
|
$
|
—
|
|
|
|
||
|
Total amortization (b)
|
350
|
|
|
263
|
|
|
190
|
|
|
57
|
|
|
62
|
|
|
1,272
|
|
|
$
|
2,194
|
|
||||||
|
2008 bond exchange amortization (c)
|
320
|
|
|
241
|
|
|
166
|
|
|
43
|
|
|
53
|
|
|
1,125
|
|
|
1,948
|
|
|||||||
|
(a)
|
The maximum annual scheduled amortization for any individual year is $158 million in 2030 of which $152 million is related to 2008 bond exchange amortization.
|
|
(b)
|
The amortization is included as interest on long-term debt in the Consolidated Statement of Income.
|
|
(c)
|
2008 bond exchange amortization is included in total amortization.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Cash
|
|
|
|
||||
|
Noninterest-bearing cash
|
$
|
1,768
|
|
|
$
|
1,637
|
|
|
Interest-bearing cash
|
9,781
|
|
|
7,964
|
|
||
|
Total cash
|
11,549
|
|
|
9,601
|
|
||
|
Trading assets
|
|
|
|
||||
|
U.S. Treasury
|
—
|
|
|
75
|
|
||
|
Mortgage-backed
|
589
|
|
|
25
|
|
||
|
Asset-backed
|
—
|
|
|
93
|
|
||
|
Total trading assets
|
589
|
|
|
193
|
|
||
|
Available-for-sale securities
|
|
|
|
||||
|
Debt securities
|
|
|
|
||||
|
U.S. Treasury and federal agencies
|
1,051
|
|
|
3,097
|
|
||
|
States and political subdivisions
|
1
|
|
|
2
|
|
||
|
Foreign government
|
106
|
|
|
499
|
|
||
|
Mortgage-backed
|
6,722
|
|
|
4,973
|
|
||
|
Asset-backed
|
2,520
|
|
|
1,936
|
|
||
|
Corporate debt
|
—
|
|
|
—
|
|
||
|
Other debt (a)
|
305
|
|
|
151
|
|
||
|
Total debt securities
|
10,705
|
|
|
10,658
|
|
||
|
Equity securities
|
4
|
|
|
—
|
|
||
|
Total available-for-sale securities
|
10,709
|
|
|
10,658
|
|
||
|
Total cash and securities
|
$
|
22,847
|
|
|
$
|
20,452
|
|
|
(a)
|
Includes intersegment eliminations.
|
|
•
|
Credit risk
— The risk of loss arising from a borrower not meeting its financial obligations to our firm.
|
|
•
|
Market risk
— The risk of loss arising from changes in the fair value of our assets or liabilities (including derivatives) caused by movements in market variables, such as interest rates, foreign-exchange rates, and equity and commodity prices.
|
|
•
|
Lease Residual risk
— The risk of loss arising from the possibility that the actual proceeds realized upon the sale of returned vehicles will be lower than the projection of the values used in establishing the pricing at lease inception.
|
|
•
|
Operational risk
— The risk of loss arising from inadequate or failed processes or systems, human factors, or external events.
|
|
•
|
Liquidity risk
— The risk that our financial condition or overall safety and soundness is adversely affected by an inability, or perceived inability, to meet our financial obligations, and to withstand unforeseen liquidity stress events (see Liquidity Management, Funding, and Regulatory Capital discussion within this MD&A).
|
|
•
|
Country risk
— The risk that economic, social and political conditions, and events in foreign countries will adversely affect our financial interests.
|
|
•
|
Legal and compliance risk
— The risk of legal or regulatory sanctions, financial loss, or damage to reputation resulting from failure to comply with laws, regulations, rules, other regulatory requirements, or codes of conduct and other standards of self-regulatory organizations.
|
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
||||
|
Finance receivables and loans
|
|
|
|
||||
|
Global Automotive Services
|
$
|
100,734
|
|
|
$
|
86,888
|
|
|
Mortgage operations
|
12,753
|
|
|
13,423
|
|
||
|
Corporate and Other
|
1,268
|
|
|
2,102
|
|
||
|
Total finance receivables and loans
|
114,755
|
|
|
102,413
|
|
||
|
Held-for-sale loans
|
|
|
|
||||
|
Global Automotive Services
|
425
|
|
|
—
|
|
||
|
Mortgage operations
|
8,112
|
|
|
11,411
|
|
||
|
Corporate and Other
|
20
|
|
|
—
|
|
||
|
Total held-for-sale loans
|
8,557
|
|
|
11,411
|
|
||
|
Total on-balance sheet loans
|
$
|
123,312
|
|
|
$
|
113,824
|
|
|
Off-balance sheet securitized loans
|
|
|
|
||||
|
Global Automotive Services
|
$
|
—
|
|
|
$
|
—
|
|
|
Mortgage operations
|
326,975
|
|
|
326,830
|
|
||
|
Corporate and Other
|
—
|
|
|
—
|
|
||
|
Total off-balance sheet securitized loans
|
$
|
326,975
|
|
|
$
|
326,830
|
|
|
Operating lease assets
|
|
|
|
||||
|
Global Automotive Services
|
$
|
9,275
|
|
|
$
|
9,128
|
|
|
Mortgage operations
|
—
|
|
|
—
|
|
||
|
Corporate and Other
|
—
|
|
|
—
|
|
||
|
Total operating lease assets
|
$
|
9,275
|
|
|
$
|
9,128
|
|
|
Serviced loans and leases
|
|
|
|
||||
|
Global Automotive Services
|
$
|
122,881
|
|
|
$
|
114,379
|
|
|
Mortgage operations (a)
|
356,430
|
|
|
360,767
|
|
||
|
Corporate and Other
|
1,762
|
|
|
2,448
|
|
||
|
Total serviced loans and leases
|
$
|
481,073
|
|
|
$
|
477,594
|
|
|
(a)
|
Includes primary mortgage loan-servicing portfolio only.
|
|
•
|
Finance receivables and loans
— Loans that we have the intent and ability to hold for the foreseeable future or until maturity or loans associated with an on-balance sheet securitization classified as secured financing. These loans are recorded at the principal amount outstanding, net of unearned income and premiums and discounts. Probable credit-related losses inherent in our finance receivables and loans carried at historical cost are reflected in our allowance for loan losses and recognized in current period earnings. We manage the economic risks of these exposures, including credit risk, by adjusting underwriting standards and risk limits, augmenting our servicing and collection activities (including loan modifications and restructurings), and optimizing our product and geographic concentrations. Additionally, we have elected to carry certain mortgage loans at fair value. Changes in the fair value of these loans are recognized in a valuation allowance separate from the allowance for loan losses and are reflected in current period earnings. We use market-based instruments, such as derivatives, to hedge changes in the fair value of these loans. Refer to the Critical Accounting Estimates discussion within this MD&A and
Note 1
to the
Consolidated Financial Statements
for further information.
|
|
•
|
Held-for-sale loans
— Loans that we have the intent to sell. These loans are recorded on our balance sheet at the lower of cost or estimated fair value and are evaluated by portfolio and product type. Changes in the recorded value are recognized in a valuation allowance and reflected in current period earnings. We manage the economic risks of these exposures, including market and credit
|
|
•
|
Off-balance sheet securitized loans
— Loans that we transferred off-balance sheet to nonconsolidated variable interest entities. We primarily report this exposure as cash, servicing rights, or retain interests (if applicable). Similar to finance receivables and loans, we manage the economic risks of these exposures, including credit risk, through activities including servicing and collections. Refer to the Critical Accounting Estimates discussion within this MD&A and
Note 1
to the
Consolidated Financial Statements
for further information.
|
|
•
|
Operating lease assets
— The net book value of the automobile assets we leased are based on the expected residual value upon remarketing the vehicle at the end of the lease. An impairment to the carrying value of the assets may be deemed necessary if there is an unfavorable and unrecoverable change in the value of the recorded asset. We are exposed to fluctuations in the expected residual value upon remarketing the vehicle at the end of the lease, and as such, we manage the risks of these exposures at inception by setting minimum lease standards for projected residual values. A valuation allowance is recorded directly against the lease rent receivable balance which is a component of Other Assets. Refer to the Critical Accounting Estimates discussion within this MD&A and
Note 1
to the
Consolidated Financial Statements
for further information.
|
|
•
|
Serviced loans and leases
—Loans that we service on behalf of our customers or another financial institution. As such, these loans can be on or off our balance sheet. For our mortgage servicing rights, we record an asset or liability (at fair value) based on whether the expected servicing benefits will exceed the expected servicing costs. Changes in the fair value of the mortgage servicing rights are recognized in current period earnings. We also service consumer automobile loans. We do not record servicing rights assets or liabilities for these loans because we either receive a fee that adequately compensates us for the servicing costs or because the loan is of a short-term revolving nature. We manage the economic risks of these exposures, including market and credit risks, through market-based instruments such as derivatives and securities. Refer to the Critical Accounting Estimates discussion within this MD&A and
Note 1
to the
Consolidated Financial Statements
for further information.
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due
90 days or more (b) |
||||||||||||||||||
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Loans at historical cost
|
$
|
73,452
|
|
|
$
|
62,002
|
|
|
$
|
567
|
|
|
$
|
768
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
Loans at fair value
|
835
|
|
|
1,015
|
|
|
210
|
|
|
260
|
|
|
—
|
|
|
—
|
|
||||||
|
Total finance receivables and loans
|
74,287
|
|
|
63,017
|
|
|
777
|
|
|
1,028
|
|
|
4
|
|
|
6
|
|
||||||
|
Loans held-for-sale
|
8,537
|
|
|
11,411
|
|
|
2,820
|
|
|
3,273
|
|
|
73
|
|
|
25
|
|
||||||
|
Total consumer loans
|
82,824
|
|
|
74,428
|
|
|
3,597
|
|
|
4,301
|
|
|
77
|
|
|
31
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Loans at historical cost
|
40,468
|
|
|
39,396
|
|
|
339
|
|
|
740
|
|
|
—
|
|
|
—
|
|
||||||
|
Loans at fair value
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total finance receivables and loans
|
40,468
|
|
|
39,396
|
|
|
339
|
|
|
740
|
|
|
—
|
|
|
—
|
|
||||||
|
Loans held-for-sale
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial loans
|
40,488
|
|
|
39,396
|
|
|
339
|
|
|
740
|
|
|
—
|
|
|
—
|
|
||||||
|
Total on-balance sheet loans
|
$
|
123,312
|
|
|
$
|
113,824
|
|
|
$
|
3,936
|
|
|
$
|
5,041
|
|
|
$
|
77
|
|
|
$
|
31
|
|
|
(a)
|
Includes nonaccrual troubled debt restructured loans of $934 million and $684 million at
December 31, 2011
and
2010
, respectively.
|
|
(b)
|
Generally, loans that are 90 days past due and still accruing represent loans with government guarantees. This includes troubled debt restructured loans classified as 90 days past due and still accruing of $42 million and $13 million as
December 31, 2011
and
December 31, 2010
, respectively.
|
|
|
Net charge-offs
|
|
Net charge-off ratios (a)
|
||||||||||
|
Year ended December 31,
($ in millions
)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||
|
Consumer
|
|
|
|
|
|
|
|
||||||
|
Finance receivables and loans at historical cost
|
$
|
514
|
|
|
$
|
796
|
|
|
0.7
|
%
|
|
1.5
|
%
|
|
Commercial
|
|
|
|
|
|
|
|
||||||
|
Finance receivables and loans at historical cost
|
39
|
|
|
402
|
|
|
0.1
|
|
|
1.1
|
|
||
|
Total finance receivables and loans at historical cost
|
$
|
553
|
|
|
$
|
1,198
|
|
|
0.5
|
|
|
1.3
|
|
|
(a)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the year for each loan category.
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due
90 days or more (b) |
||||||||||||||||||
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
$
|
46,576
|
|
|
$
|
34,604
|
|
|
$
|
139
|
|
|
$
|
129
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
6,867
|
|
|
6,917
|
|
|
258
|
|
|
388
|
|
|
1
|
|
|
1
|
|
||||||
|
Home equity
|
3,102
|
|
|
3,441
|
|
|
58
|
|
|
61
|
|
|
—
|
|
|
—
|
|
||||||
|
Total domestic
|
56,545
|
|
|
44,962
|
|
|
455
|
|
|
578
|
|
|
1
|
|
|
1
|
|
||||||
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
16,883
|
|
|
16,650
|
|
|
89
|
|
|
78
|
|
|
3
|
|
|
5
|
|
||||||
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage (c)
|
24
|
|
|
390
|
|
|
23
|
|
|
112
|
|
|
—
|
|
|
—
|
|
||||||
|
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total foreign
|
16,907
|
|
|
17,040
|
|
|
112
|
|
|
190
|
|
|
3
|
|
|
5
|
|
||||||
|
Total consumer finance receivables and loans
|
$
|
73,452
|
|
|
$
|
62,002
|
|
|
$
|
567
|
|
|
$
|
768
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
(a)
|
Includes nonaccrual troubled debt restructured loans of $180 million and $204 million at
December 31, 2011
and
2010
, respectively.
|
|
(b)
|
There were no troubled debt restructured loans classified as 90 days past due and still accruing at
December 31, 2011
and
2010
.
|
|
(c)
|
Refer to
Note 2
to the
Consolidated Financial Statements
for additional information on our commitment to sell our Canadian residential mortgage portfolio.
|
|
|
Net charge-offs
|
|
Net charge-off ratios (a)
|
||||||||||
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||
|
Domestic
|
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
$
|
249
|
|
|
$
|
457
|
|
|
0.6
|
%
|
|
1.7
|
%
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
||||||
|
1st Mortgage
|
115
|
|
|
128
|
|
|
1.7
|
|
|
1.8
|
|
||
|
Home equity
|
74
|
|
|
85
|
|
|
2.3
|
|
|
2.4
|
|
||
|
Total domestic
|
438
|
|
|
670
|
|
|
0.8
|
|
|
1.8
|
|
||
|
Foreign
|
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
72
|
|
|
123
|
|
|
0.4
|
|
|
0.8
|
|
||
|
Consumer mortgage
|
|
|
|
|
|
|
|
||||||
|
1st Mortgage
|
4
|
|
|
3
|
|
|
1.2
|
|
|
0.8
|
|
||
|
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total foreign
|
76
|
|
|
126
|
|
|
0.4
|
|
|
0.8
|
|
||
|
Total consumer finance receivables and loans
|
$
|
514
|
|
|
$
|
796
|
|
|
0.7
|
|
|
1.5
|
|
|
(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 year for each loan category.
|
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
||||
|
Domestic
|
|
|
|
||||
|
Consumer automobile
|
$
|
32,933
|
|
|
$
|
27,681
|
|
|
Consumer mortgage
|
|
|
|
||||
|
1st Mortgage
|
56,258
|
|
|
69,542
|
|
||
|
Home equity
|
—
|
|
|
—
|
|
||
|
Total domestic
|
89,191
|
|
|
97,223
|
|
||
|
Foreign
|
|
|
|
||||
|
Consumer automobile
|
9,983
|
|
|
8,818
|
|
||
|
Consumer mortgage
|
|
|
|
||||
|
1st Mortgage
|
1,403
|
|
|
1,503
|
|
||
|
Home equity
|
—
|
|
|
—
|
|
||
|
Total foreign
|
11,386
|
|
|
10,321
|
|
||
|
Total consumer loan originations
|
$
|
100,577
|
|
|
$
|
107,544
|
|
|
|
2011(a)
|
|
2010
|
||||||||
|
December 31,
|
Automobile
|
|
1st Mortgage
and home equity |
|
Automobile
|
|
1st Mortgage
and home equity |
||||
|
Texas
|
9.5
|
%
|
|
5.5
|
%
|
|
9.2
|
%
|
|
4.4
|
%
|
|
California
|
4.6
|
|
|
25.7
|
|
|
4.6
|
|
|
24.5
|
|
|
Florida
|
4.8
|
|
|
4.0
|
|
|
4.4
|
|
|
4.1
|
|
|
Michigan
|
4.0
|
|
|
4.8
|
|
|
3.7
|
|
|
5.0
|
|
|
Illinois
|
3.1
|
|
|
5.0
|
|
|
2.8
|
|
|
4.7
|
|
|
New York
|
3.5
|
|
|
2.3
|
|
|
3.4
|
|
|
2.4
|
|
|
Pennsylvania
|
3.6
|
|
|
1.6
|
|
|
3.2
|
|
|
1.7
|
|
|
Ohio
|
2.9
|
|
|
1.0
|
|
|
2.5
|
|
|
1.0
|
|
|
Georgia
|
2.5
|
|
|
1.8
|
|
|
2.2
|
|
|
1.8
|
|
|
North Carolina
|
2.2
|
|
|
2.1
|
|
|
2.0
|
|
|
2.0
|
|
|
Other United States
|
32.9
|
|
|
45.9
|
|
|
29.4
|
|
|
44.7
|
|
|
Canada
|
11.8
|
|
|
0.2
|
|
|
14.2
|
|
|
3.6
|
|
|
Brazil
|
4.7
|
|
|
—
|
|
|
5.2
|
|
|
—
|
|
|
Germany
|
4.3
|
|
|
—
|
|
|
5.7
|
|
|
—
|
|
|
Other foreign
|
5.6
|
|
|
0.1
|
|
|
7.5
|
|
|
0.1
|
|
|
Total consumer finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(a)
|
Presentation is in descending order as a percentage of total consumer finance receivables and loans at
December 31, 2011
.
|
|
•
|
High loan-to-value mortgages
— Defined as first-lien loans with original loan-to-value ratios equal to or in excess of 100% or second-lien loans that when combined with the underlying first-lien mortgage loan result in an original loan-to-value ratio equal to or in excess of 100%. We ceased originating these loans with the intent to retain during 2009.
|
|
•
|
Payment-option adjustable-rate mortgages
— Permit a variety of repayment options. The repayment options include minimum, interest-only, fully amortizing 30-year, and fully amortizing 15-year payments. The minimum payment option generally sets the monthly payment at the initial interest rate for the first year of the loan. The interest rate resets after the first year, but the borrower can continue to make the minimum payment. The interest-only option sets the monthly payment at the amount of interest due on the loan. If the interest-only option payment would be less than the minimum payment, the interest-only option is not available to the borrower. Under the fully amortizing 30- and 15-year payment options, the borrower's monthly payment is set based on the interest rate, loan balance, and remaining loan term. We ceased originating these loans during 2008.
|
|
•
|
Interest-only mortgages
— Allow interest-only payments for a fixed time. At the end of the interest-only period, the loan payment includes principal payments and can increase significantly. The borrower's new payment, once the loan becomes amortizing (i.e., includes principal payments), will be greater than if the borrower had been making principal payments since the origination of the loan. We ceased originating these loans with the intent to retain during 2010.
|
|
•
|
Below-market rate (teaser) mortgages
— Contain contractual features that limit the initial interest rate to a below-market interest rate for a specified time period with an increase to a market interest rate in a future period. The increase to the market interest rate could result in a significant increase in the borrower's monthly payment amount. We ceased originating these loans during 2008.
|
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
||||
|
Interest-only mortgage loans
|
$
|
—
|
|
|
$
|
209
|
|
|
Below-market rate (teaser) mortgages
|
—
|
|
|
—
|
|
||
|
Total
|
$
|
—
|
|
|
$
|
209
|
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
December 31, (
$ in millions
)
|
Outstanding
|
|
Nonperforming
|
|
Accruing
past due 90 days or more |
|
Outstanding
|
|
Nonperforming
|
|
Accruing
past due 90 days or more |
||||||||||||
|
Interest-only mortgage loans (a)
|
$
|
2,947
|
|
|
$
|
147
|
|
|
$
|
—
|
|
|
$
|
3,681
|
|
|
$
|
207
|
|
|
$
|
—
|
|
|
Below-market rate (teaser) mortgages
|
248
|
|
|
6
|
|
|
—
|
|
|
284
|
|
|
4
|
|
|
—
|
|
||||||
|
Total
|
$
|
3,195
|
|
|
$
|
153
|
|
|
$
|
—
|
|
|
$
|
3,965
|
|
|
$
|
211
|
|
|
$
|
—
|
|
|
(a)
|
The majority of the interest-only mortgage loans are expected to start principal amortization in 2015 or beyond.
|
|
December 31, (
$ in millions
)
|
|
Interest-only
mortgage loans |
|
Below-market
rate (teaser) mortgages |
|
All
higher-risk mortgage loans |
||||||
|
2011
|
|
|
|
|
|
|
||||||
|
California
|
|
$
|
748
|
|
|
$
|
78
|
|
|
$
|
826
|
|
|
Virginia
|
|
274
|
|
|
10
|
|
|
284
|
|
|||
|
Maryland
|
|
217
|
|
|
6
|
|
|
223
|
|
|||
|
Michigan
|
|
199
|
|
|
9
|
|
|
208
|
|
|||
|
Illinois
|
|
153
|
|
|
8
|
|
|
161
|
|
|||
|
Other United States
|
|
1,356
|
|
|
137
|
|
|
1,493
|
|
|||
|
Total
|
|
$
|
2,947
|
|
|
$
|
248
|
|
|
$
|
3,195
|
|
|
2010
|
|
|
|
|
|
|
||||||
|
California
|
|
$
|
993
|
|
|
$
|
89
|
|
|
$
|
1,082
|
|
|
Virginia
|
|
330
|
|
|
12
|
|
|
342
|
|
|||
|
Maryland
|
|
256
|
|
|
7
|
|
|
263
|
|
|||
|
Michigan
|
|
225
|
|
|
10
|
|
|
235
|
|
|||
|
Illinois
|
|
197
|
|
|
8
|
|
|
205
|
|
|||
|
Other United States and foreign
|
|
1,680
|
|
|
158
|
|
|
1,838
|
|
|||
|
Total
|
|
$
|
3,681
|
|
|
$
|
284
|
|
|
$
|
3,965
|
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due
90 days or more (b) |
||||||||||||||||||
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
$
|
26,552
|
|
|
$
|
24,944
|
|
|
$
|
105
|
|
|
$
|
261
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Mortgage
|
1,887
|
|
|
1,540
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Other (c)
|
1,178
|
|
|
1,795
|
|
|
22
|
|
|
37
|
|
|
—
|
|
|
—
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
2,331
|
|
|
2,071
|
|
|
56
|
|
|
193
|
|
|
—
|
|
|
—
|
|
||||||
|
Mortgage
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||
|
Total domestic
|
31,948
|
|
|
30,351
|
|
|
183
|
|
|
492
|
|
|
—
|
|
|
—
|
|
||||||
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
8,265
|
|
|
8,398
|
|
|
118
|
|
|
35
|
|
|
—
|
|
|
—
|
|
||||||
|
Mortgage
|
24
|
|
|
41
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
—
|
|
||||||
|
Other (c)
|
63
|
|
|
312
|
|
|
15
|
|
|
97
|
|
|
—
|
|
|
—
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
154
|
|
|
216
|
|
|
11
|
|
|
6
|
|
|
—
|
|
|
—
|
|
||||||
|
Mortgage
|
14
|
|
|
78
|
|
|
12
|
|
|
70
|
|
|
—
|
|
|
—
|
|
||||||
|
Total foreign
|
8,520
|
|
|
9,045
|
|
|
156
|
|
|
248
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial finance receivables and loans
|
$
|
40,468
|
|
|
$
|
39,396
|
|
|
$
|
339
|
|
|
$
|
740
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
Includes nonaccrual troubled debt restructured loans of $21 million and $9 million at
December 31, 2011
and
2010
, respectively.
|
|
(b)
|
There were no troubled debt restructured loans classified as 90 days past due and still accruing at
December 31, 2011
and
2010
, respectively.
|
|
(c)
|
Other commercial primarily includes senior secured commercial lending.
|
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
||||||||||
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||
|
Domestic
|
|
|
|
|
|
|
|
||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
||||||
|
Automobile
|
$
|
7
|
|
|
$
|
18
|
|
|
—
|
%
|
|
0.1
|
%
|
|
Mortgage
|
(3
|
)
|
|
(3
|
)
|
|
(0.3
|
)
|
|
(0.2
|
)
|
||
|
Other (b)
|
(7
|
)
|
|
158
|
|
|
(0.5
|
)
|
|
6.7
|
|
||
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||
|
Automobile
|
6
|
|
|
47
|
|
|
0.3
|
|
|
2.3
|
|
||
|
Mortgage
|
(1
|
)
|
|
44
|
|
|
n/m
|
|
|
136.3
|
|
||
|
Total domestic
|
2
|
|
|
264
|
|
|
—
|
|
|
0.9
|
|
||
|
Foreign
|
|
|
|
|
|
|
|
||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
||||||
|
Automobile
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
0.2
|
|
||
|
Mortgage
|
8
|
|
|
3
|
|
|
25.0
|
|
|
3.9
|
|
||
|
Other
|
2
|
|
|
69
|
|
|
0.8
|
|
|
19.0
|
|
||
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||
|
Automobile
|
1
|
|
|
2
|
|
|
0.3
|
|
|
1.0
|
|
||
|
Mortgage
|
27
|
|
|
48
|
|
|
60.9
|
|
|
38.7
|
|
||
|
Total foreign
|
37
|
|
|
138
|
|
|
0.4
|
|
|
1.5
|
|
||
|
Total commercial finance receivables and loans
|
$
|
39
|
|
|
$
|
402
|
|
|
0.1
|
|
|
1.1
|
|
|
(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 year for each loan category.
|
|
(b)
|
Includes $148 million of Resort finance charge offs during the year ended December 31, 2010.
|
|
December 31,
|
2011
|
|
2010
|
||
|
Geographic region
|
|
|
|
||
|
Michigan
|
14.1
|
%
|
|
10.1
|
%
|
|
Texas
|
12.4
|
|
|
10.5
|
|
|
Florida
|
12.4
|
|
|
10.3
|
|
|
California
|
9.3
|
|
|
9.6
|
|
|
Virginia
|
4.1
|
|
|
4.4
|
|
|
New York
|
3.5
|
|
|
3.8
|
|
|
Pennsylvania
|
2.9
|
|
|
3.7
|
|
|
Alabama
|
2.6
|
|
|
2.4
|
|
|
Georgia
|
2.5
|
|
|
2.7
|
|
|
North Carolina
|
2.1
|
|
|
1.9
|
|
|
Other United States
|
27.5
|
|
|
28.1
|
|
|
Canada
|
3.5
|
|
|
4.4
|
|
|
United Kingdom
|
1.8
|
|
|
5.0
|
|
|
Mexico
|
1.0
|
|
|
2.4
|
|
|
Other foreign
|
0.3
|
|
|
0.7
|
|
|
Total outstanding commercial real estate finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
|
Property type
|
|
|
|
||
|
Automotive dealers
|
99.4
|
%
|
|
91.8
|
%
|
|
Other
|
0.6
|
|
|
8.2
|
|
|
Total outstanding commercial real estate finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
|
December 31,
|
2011
|
|
2010
|
||
|
Industry
|
|
|
|
||
|
Automotive
|
82.9
|
%
|
|
66.5
|
%
|
|
Real estate
|
4.5
|
|
|
12.1
|
|
|
Banks and finance companies
|
4.2
|
|
|
1.0
|
|
|
Other
|
8.4
|
|
|
20.4
|
|
|
Total commercial criticized finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
|
December 31, 2011
(
$ in millions
)
|
Within 1 year (a)
|
|
1-5 years
|
|
After 5 years
|
|
Total (b)
|
||||||||
|
Commercial and industrial
|
$
|
28,247
|
|
|
$
|
1,296
|
|
|
$
|
74
|
|
|
$
|
29,617
|
|
|
Commercial real estate
|
295
|
|
|
1,751
|
|
|
285
|
|
|
2,331
|
|
||||
|
Total domestic
|
28,542
|
|
|
3,047
|
|
|
359
|
|
|
31,948
|
|
||||
|
Foreign
|
8,007
|
|
|
489
|
|
|
24
|
|
|
8,520
|
|
||||
|
Total commercial finance receivables and loans
|
$
|
36,549
|
|
|
$
|
3,536
|
|
|
$
|
383
|
|
|
$
|
40,468
|
|
|
Loans at fixed interest rates
|
|
|
$
|
1,386
|
|
|
$
|
305
|
|
|
|
||||
|
Loans at variable interest rates
|
|
|
2,150
|
|
|
78
|
|
|
|
||||||
|
Total commercial finance receivables and loans
|
|
|
$
|
3,536
|
|
|
$
|
383
|
|
|
|
||||
|
(a)
|
Includes loans (e.g., floorplan) with revolving terms.
|
|
(b)
|
Loan maturities are based on the remaining maturities under contractual terms.
|
|
($ in millions)
|
Consumer
automobile |
|
Consumer
mortgage |
|
Total
consumer |
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at January 1, 2011
|
$
|
970
|
|
|
$
|
580
|
|
|
$
|
1,550
|
|
|
$
|
323
|
|
|
$
|
1,873
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
(435
|
)
|
|
(205
|
)
|
|
(640
|
)
|
|
(27
|
)
|
|
(667
|
)
|
|||||
|
Foreign
|
(145
|
)
|
|
(5
|
)
|
|
(150
|
)
|
|
(63
|
)
|
|
(213
|
)
|
|||||
|
Total charge-offs
|
(580
|
)
|
|
(210
|
)
|
|
(790
|
)
|
|
(90
|
)
|
|
(880
|
)
|
|||||
|
Recoveries
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
186
|
|
|
16
|
|
|
202
|
|
|
25
|
|
|
227
|
|
|||||
|
Foreign
|
73
|
|
|
1
|
|
|
74
|
|
|
26
|
|
|
100
|
|
|||||
|
Total recoveries
|
259
|
|
|
17
|
|
|
276
|
|
|
51
|
|
|
327
|
|
|||||
|
Net charge-offs
|
(321
|
)
|
|
(193
|
)
|
|
(514
|
)
|
|
(39
|
)
|
|
(553
|
)
|
|||||
|
Provision for loan losses
|
154
|
|
|
129
|
|
|
283
|
|
|
(64
|
)
|
|
219
|
|
|||||
|
Other
|
(37
|
)
|
|
—
|
|
|
(37
|
)
|
|
1
|
|
|
(36
|
)
|
|||||
|
Allowance at December 31, 2011
|
$
|
766
|
|
|
$
|
516
|
|
|
$
|
1,282
|
|
|
$
|
221
|
|
|
$
|
1,503
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at December 31, 2011 (a)
|
1.2
|
%
|
|
5.2
|
%
|
|
1.7
|
%
|
|
0.5
|
%
|
|
1.3
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding at December 31, 2011 (a)
|
0.5
|
%
|
|
1.9
|
%
|
|
0.7
|
%
|
|
0.1
|
%
|
|
0.5
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at December 31, 2011 (a)
|
335.8
|
%
|
|
152.1
|
%
|
|
226.0
|
%
|
|
65.3
|
%
|
|
165.9
|
%
|
|||||
|
Ratio of allowance for loans losses to net charge-offs at December 31, 2011
|
2.4
|
|
|
2.7
|
|
|
2.5
|
|
|
5.7
|
|
|
2.7
|
|
|||||
|
(a)
|
Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
|
|
($ in millions)
|
Consumer
automobile |
|
Consumer
mortgage |
|
Total
consumer |
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at January 1, 2010
|
$
|
1,024
|
|
|
$
|
640
|
|
|
$
|
1,664
|
|
|
$
|
781
|
|
|
$
|
2,445
|
|
|
Cumulative effect of change in accounting principles (a)
|
222
|
|
|
—
|
|
|
222
|
|
|
—
|
|
|
222
|
|
|||||
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
(776
|
)
|
|
(239
|
)
|
|
(1,015
|
)
|
|
(282
|
)
|
|
(1,297
|
)
|
|||||
|
Foreign
|
(194
|
)
|
|
(4
|
)
|
|
(198
|
)
|
|
(151
|
)
|
|
(349
|
)
|
|||||
|
Total charge-offs
|
(970
|
)
|
|
(243
|
)
|
|
(1,213
|
)
|
|
(433
|
)
|
|
(1,646
|
)
|
|||||
|
Recoveries
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
319
|
|
|
26
|
|
|
345
|
|
|
18
|
|
|
363
|
|
|||||
|
Foreign
|
71
|
|
|
1
|
|
|
72
|
|
|
13
|
|
|
85
|
|
|||||
|
Total recoveries
|
390
|
|
|
27
|
|
|
417
|
|
|
31
|
|
|
448
|
|
|||||
|
Net charge-offs
|
(580
|
)
|
|
(216
|
)
|
|
(796
|
)
|
|
(402
|
)
|
|
(1,198
|
)
|
|||||
|
Provision for loan losses
|
304
|
|
|
164
|
|
|
468
|
|
|
(26
|
)
|
|
442
|
|
|||||
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||||
|
Other
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
(26
|
)
|
|
(34
|
)
|
|||||
|
Allowance at December 31, 2010
|
$
|
970
|
|
|
$
|
580
|
|
|
$
|
1,550
|
|
|
$
|
323
|
|
|
$
|
1,873
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at December 31, 2010 (b)
|
1.9
|
%
|
|
5.4
|
%
|
|
2.5
|
%
|
|
0.8
|
%
|
|
1.8
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding at December 31, 2010 (b)
|
1.4
|
%
|
|
2.0
|
%
|
|
1.5
|
%
|
|
1.1
|
%
|
|
1.3
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at December 31, 2010 (b)
|
469.2
|
%
|
|
103.4
|
%
|
|
202.0
|
%
|
|
43.7
|
%
|
|
124.3
|
%
|
|||||
|
Ratio of allowance for loans losses to net charge-offs at December 31, 2010
|
1.7
|
|
|
2.7
|
|
|
1.9
|
|
|
0.8
|
|
|
1.6
|
|
|||||
|
(a)
|
Includes adjustment to the allowance due to adoption of ASU 2009-17,
Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
.
|
|
(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 unpaid principal balance, net of premiums and discounts.
|
|
|
2011
|
|
2010
|
||||||||||||||||
|
December 31, (
$ in millions
)
|
Allowance for
loan losses |
|
Allowance as
a % of loans outstanding |
|
Allowance as
a % of allowance for loan losses |
|
Allowance for
loan losses |
|
Allowance as
a % of loans outstanding |
|
Allowance as
a % of allowance for loan losses |
||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
$
|
600
|
|
|
1.3
|
%
|
|
39.9
|
%
|
|
$
|
769
|
|
|
2.2
|
%
|
|
41.0
|
%
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
275
|
|
|
4.0
|
|
|
18.3
|
|
|
322
|
|
|
4.7
|
|
|
17.2
|
|
||
|
Home equity
|
237
|
|
|
7.7
|
|
|
15.8
|
|
|
256
|
|
|
7.5
|
|
|
13.7
|
|
||
|
Total domestic
|
1,112
|
|
|
2.0
|
|
|
74.0
|
|
|
1,347
|
|
|
3.0
|
|
|
71.9
|
|
||
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
166
|
|
|
1.0
|
|
|
11.1
|
|
|
201
|
|
|
1.2
|
|
|
10.7
|
|
||
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
4
|
|
|
14.5
|
|
|
0.2
|
|
|
2
|
|
|
0.4
|
|
|
0.1
|
|
||
|
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total foreign
|
170
|
|
|
1.0
|
|
|
11.3
|
|
|
203
|
|
|
1.2
|
|
|
10.8
|
|
||
|
Total consumer loans
|
1,282
|
|
|
1.7
|
|
|
85.3
|
|
|
1,550
|
|
|
2.5
|
|
|
82.7
|
|
||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
62
|
|
|
0.2
|
|
|
4.0
|
|
|
73
|
|
|
0.3
|
|
|
3.9
|
|
||
|
Mortgage
|
1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Other
|
52
|
|
|
4.4
|
|
|
3.5
|
|
|
97
|
|
|
5.4
|
|
|
5.2
|
|
||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
39
|
|
|
1.7
|
|
|
2.6
|
|
|
54
|
|
|
2.6
|
|
|
2.9
|
|
||
|
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total domestic
|
154
|
|
|
0.5
|
|
|
10.2
|
|
|
224
|
|
|
0.7
|
|
|
12.0
|
|
||
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
48
|
|
|
0.6
|
|
|
3.2
|
|
|
33
|
|
|
0.4
|
|
|
1.7
|
|
||
|
Mortgage
|
10
|
|
|
43.1
|
|
|
0.7
|
|
|
12
|
|
|
30.5
|
|
|
0.7
|
|
||
|
Other
|
1
|
|
|
1.9
|
|
|
0.1
|
|
|
39
|
|
|
12.6
|
|
|
2.1
|
|
||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
3
|
|
|
1.7
|
|
|
0.2
|
|
|
2
|
|
|
0.9
|
|
|
0.1
|
|
||
|
Mortgage
|
5
|
|
|
33.2
|
|
|
0.3
|
|
|
13
|
|
|
16.9
|
|
|
0.7
|
|
||
|
Total foreign
|
67
|
|
|
0.8
|
|
|
4.5
|
|
|
99
|
|
|
1.1
|
|
|
5.3
|
|
||
|
Total commercial loans
|
221
|
|
|
0.5
|
|
|
14.7
|
|
|
323
|
|
|
0.8
|
|
|
17.3
|
|
||
|
Total allowance for loan losses
|
$
|
1,503
|
|
|
1.3
|
|
|
100.0
|
%
|
|
$
|
1,873
|
|
|
1.8
|
|
|
100.0
|
%
|
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Consumer
|
|
|
|
|
|
||||||
|
Domestic
|
|
|
|
|
|
||||||
|
Consumer automobile
|
$
|
102
|
|
|
$
|
228
|
|
|
$
|
493
|
|
|
Consumer mortgage
|
|
|
|
|
|
||||||
|
1st Mortgage
|
68
|
|
|
72
|
|
|
2,360
|
|
|||
|
Home equity
|
55
|
|
|
90
|
|
|
1,588
|
|
|||
|
Total domestic
|
225
|
|
|
390
|
|
|
4,441
|
|
|||
|
Foreign
|
|
|
|
|
|
||||||
|
Consumer automobile
|
52
|
|
|
76
|
|
|
262
|
|
|||
|
Consumer mortgage
|
|
|
|
|
|
||||||
|
1st Mortgage
|
6
|
|
|
2
|
|
|
2
|
|
|||
|
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total foreign
|
58
|
|
|
78
|
|
|
264
|
|
|||
|
Total consumer loans
|
283
|
|
|
468
|
|
|
4,705
|
|
|||
|
Commercial
|
|
|
|
|
|
||||||
|
Domestic
|
|
|
|
|
|
||||||
|
Commercial and industrial
|
|
|
|
|
|
||||||
|
Automobile
|
(3
|
)
|
|
2
|
|
|
54
|
|
|||
|
Mortgage
|
(3
|
)
|
|
(13
|
)
|
|
36
|
|
|||
|
Other
|
(51
|
)
|
|
(47
|
)
|
|
348
|
|
|||
|
Commercial real estate
|
|
|
|
|
|
||||||
|
Automobile
|
(10
|
)
|
|
34
|
|
|
—
|
|
|||
|
Mortgage
|
(1
|
)
|
|
(10
|
)
|
|
255
|
|
|||
|
Total domestic
|
(68
|
)
|
|
(34
|
)
|
|
693
|
|
|||
|
Foreign
|
|
|
|
|
|
||||||
|
Commercial and industrial
|
|
|
|
|
|
||||||
|
Automobile
|
16
|
|
|
(2
|
)
|
|
32
|
|
|||
|
Mortgage
|
5
|
|
|
(5
|
)
|
|
17
|
|
|||
|
Other
|
(38
|
)
|
|
5
|
|
|
142
|
|
|||
|
Commercial real estate
|
|
|
|
|
|
||||||
|
Automobile
|
1
|
|
|
2
|
|
|
—
|
|
|||
|
Mortgage
|
20
|
|
|
8
|
|
|
14
|
|
|||
|
Total foreign
|
4
|
|
|
8
|
|
|
205
|
|
|||
|
Total commercial loans
|
(64
|
)
|
|
(26
|
)
|
|
898
|
|
|||
|
Total provision for loan losses
|
$
|
219
|
|
|
$
|
442
|
|
|
$
|
5,603
|
|
|
•
|
Used vehicle market
— We have exposure to changes in used vehicle prices. General economic conditions, used vehicle supply and demand, and new vehicle market prices most heavily influence used vehicle prices.
|
|
•
|
Residual value projections
—We establish risk adjusted residual values at lease inception by consulting independently published guides and periodically reviewing these residual values during the lease term. These values are projections of expected values in the
|
|
•
|
Remarketing abilities
— Our ability to efficiently process and effectively market off-lease vehicles affects the disposal costs and the proceeds realized from vehicle sales.
|
|
•
|
Manufacturer vehicle and marketing programs
— Automotive manufacturers influence lease residual results in the following ways:
|
|
◦
|
The brand image of automotive manufacturers and consumer demand for their products affect residual risk.
|
|
◦
|
Automotive manufacturer marketing programs may influence the used vehicle market for those vehicles through programs such as incentives on new vehicles, programs designed to encourage lessees to terminate their leases early in conjunction with the acquisition of a new vehicle (referred to as pull-ahead programs), and special rate used vehicle programs.
|
|
◦
|
Automotive manufacturers may provide support to us for certain residual deficiencies.
|
|
Year ended December 31,
|
2011
|
|
2010
|
|
2009
|
||||||
|
Off-lease vehicles remarketed (
in units
)
|
248,624
|
|
|
376,203
|
|
|
369,981
|
|
|||
|
Sales proceeds on scheduled lease terminations (
$ per unit
)
|
|
|
|
|
|
||||||
|
24-month (a)
|
n/m
|
|
|
n/m
|
|
|
n/m
|
|
|||
|
36-month
|
$
|
20,157
|
|
|
$
|
19,061
|
|
|
$
|
16,958
|
|
|
48-month
|
16,106
|
|
|
14,908
|
|
|
12,611
|
|
|||
|
(a)
|
During 2011, 24-month lease terminations were not materially sufficient to create an historical multi-year comparison from that term due to our temporary curtailment of leasing in late 2008 through 2009.
|
|
($ in millions)
|
Banks
|
|
Sovereign
|
|
Other
|
|
Net
local country assets |
|
Derivatives
|
|
Total
cross-border outstandings |
||||||||||||
|
2011 (a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Canada
|
$
|
343
|
|
|
$
|
250
|
|
|
$
|
451
|
|
|
$
|
3,746
|
|
|
$
|
20
|
|
|
$
|
4,810
|
|
|
Germany
|
47
|
|
|
32
|
|
|
5
|
|
|
3,219
|
|
|
576
|
|
|
3,879
|
|
||||||
|
United Kingdom
|
311
|
|
|
6
|
|
|
13
|
|
|
962
|
|
|
1,356
|
|
|
2,648
|
|
||||||
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Canada
|
$
|
343
|
|
|
$
|
361
|
|
|
$
|
349
|
|
|
$
|
4,678
|
|
|
$
|
19
|
|
|
$
|
5,750
|
|
|
Germany
|
587
|
|
|
40
|
|
|
111
|
|
|
3,485
|
|
|
76
|
|
|
4,299
|
|
||||||
|
United Kingdom
|
627
|
|
|
9
|
|
|
37
|
|
|
1,133
|
|
|
83
|
|
|
1,889
|
|
||||||
|
(a)
|
As of December 31, 2011, our total cross-border exposure to Portugal, Ireland, Italy, Greece, and Spain was $327 million, all of which was nonsovereign exposure.
|
|
|
2011
|
|
2010
|
||||||||||||
|
December 31, (
$ in millions
)
|
Nontrading
|
|
Trading
|
|
Nontrading
|
|
Trading
|
||||||||
|
Financial instruments exposed to changes in:
|
|
|
|
|
|
|
|
||||||||
|
Interest rates
|
|
|
|
|
|
|
|
||||||||
|
Estimated fair value
|
(a)
|
|
|
$
|
549
|
|
|
(a)
|
|
|
$
|
240
|
|
||
|
Effect of 10% adverse change in rates
|
(a)
|
|
|
(2
|
)
|
|
(a)
|
|
|
(1
|
)
|
||||
|
Foreign-currency exchange rates
|
|
|
|
|
|
|
|
||||||||
|
Estimated fair value
|
$
|
6,724
|
|
|
$
|
—
|
|
|
$
|
7,079
|
|
|
$
|
94
|
|
|
Effect of 10% adverse change in rates
|
(672
|
)
|
|
—
|
|
|
(708
|
)
|
|
(9
|
)
|
||||
|
Equity prices
|
|
|
|
|
|
|
|
||||||||
|
Estimated fair value
|
$
|
1,059
|
|
|
$
|
—
|
|
|
$
|
796
|
|
|
$
|
—
|
|
|
Effect of 10% decrease in prices
|
(106
|
)
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
||||
|
(a)
|
Refer to the next section titled
Net Interest Income Sensitivity Analysis
for information on the interest rate sensitivity of our nontrading financial instruments.
|
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
||||
|
Parallel rate shifts
|
|
|
|
||||
|
-100 basis points
|
$
|
73
|
|
|
$
|
54
|
|
|
+100 basis points
|
(84
|
)
|
|
(99
|
)
|
||
|
+200 basis points
|
88
|
|
|
(28
|
)
|
||
|
($ in millions)
|
4th Quarter 2011
|
3rd Quarter 2011
|
2nd Quarter 2011
|
1st Quarter 2011
|
4th Quarter 2010
|
3rd Quarter 2010
|
2nd Quarter 2010
|
1st Quarter 2010
|
||||||||||||||||
|
Number of retail accounts
|
976,877
|
|
919,670
|
|
851,991
|
|
798,622
|
|
726,104
|
|
676,419
|
|
616,665
|
|
573,388
|
|
||||||||
|
Deposits
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Retail
|
$
|
27,685
|
|
$
|
26,254
|
|
$
|
24,562
|
|
$
|
23,469
|
|
$
|
21,817
|
|
$
|
20,504
|
|
$
|
18,690
|
|
$
|
17,672
|
|
|
Brokered
|
9,890
|
|
9,911
|
|
9,903
|
|
9,836
|
|
9,992
|
|
9,978
|
|
9,858
|
|
9,757
|
|
||||||||
|
Other (a)
|
2,029
|
|
2,704
|
|
2,405
|
|
2,064
|
|
2,108
|
|
2,538
|
|
2,267
|
|
1,914
|
|
||||||||
|
Total deposits
|
$
|
39,604
|
|
$
|
38,869
|
|
$
|
36,870
|
|
$
|
35,369
|
|
$
|
33,917
|
|
$
|
33,020
|
|
$
|
30,815
|
|
$
|
29,343
|
|
|
(a)
|
Other deposits include mortgage escrow and other deposits (excluding intercompany deposits).
|
|
•
|
We issued $3.8 billion of public term unsecured debt in 2011. In February 2012, we accessed the unsecured debt capital markets for the first time since the first half of 2011 and raised $1.0 billion.
|
|
•
|
We raised $18.5 billion from the sale of asset-backed securities publicly and privately in multiple jurisdictions and raised $2.8 billion from whole loan sales of U.S. retail automotive loans. In 2012, we have continued to access the public asset backed securitization markets completing two U.S. transactions that raised $2.4 billion and a Canadian transaction that raised $516 million.
|
|
•
|
We created $13.3 billion of new funding capacity from the completion of new facilities and increases to existing facilities.
|
|
•
|
We renewed $25.0 billion of key funding facilities that fund our Automotive Finance and Mortgage operations.
|
|
•
|
In March, we completed a key first step in our plan to repay the U.S. taxpayer. Treasury was repaid $2.7 billion from the sale of all the Trust Preferred Securities that Treasury held with Ally. This represented the full value of Treasury's investment in these securities. Ally did not receive any proceeds from the offering of the Trust Preferred Securities.
|
|
December 31,
($ in millions)
|
Bank
|
Nonbank
|
Total
|
%
|
|||||||
|
2011
|
|
|
|
|
|||||||
|
Secured financings
|
$
|
25,533
|
|
$
|
27,432
|
|
$
|
52,965
|
|
37
|
|
|
Institutional term debt
|
—
|
|
22,456
|
|
22,456
|
|
15
|
|
|||
|
Retail debt programs (a)
|
—
|
|
14,148
|
|
14,148
|
|
10
|
|
|||
|
Temporary Liquidity Guarantee Program (TLGP)
|
—
|
|
7,400
|
|
7,400
|
|
5
|
|
|||
|
Bank loans and other
|
1
|
|
2,446
|
|
2,447
|
|
2
|
|
|||
|
Total debt (b)
|
25,534
|
|
73,882
|
|
99,416
|
|
69
|
|
|||
|
Deposits (c)
|
39,604
|
|
5,446
|
|
45,050
|
|
31
|
|
|||
|
Total on-balance sheet funding
|
$
|
65,138
|
|
$
|
79,328
|
|
$
|
144,466
|
|
100
|
|
|
Off-balance sheet securitizations
|
|
|
|
|
|||||||
|
Mortgage loans
|
$
|
—
|
|
$
|
60,630
|
|
$
|
60,630
|
|
|
|
|
Total off-balance sheet securitizations
|
$
|
—
|
|
$
|
60,630
|
|
$
|
60,630
|
|
|
|
|
2010
|
|
|
|
|
|||||||
|
Secured financings
|
$
|
20,199
|
|
$
|
22,193
|
|
$
|
42,392
|
|
32
|
|
|
Institutional term debt
|
—
|
|
27,257
|
|
27,257
|
|
21
|
|
|||
|
Retail debt programs (a)
|
—
|
|
14,249
|
|
14,249
|
|
10
|
|
|||
|
Temporary Liquidity Guarantee Program (TLGP)
|
—
|
|
7,400
|
|
7,400
|
|
6
|
|
|||
|
Bank loans and other
|
1
|
|
2,374
|
|
2,375
|
|
2
|
|
|||
|
Total debt (b)
|
20,200
|
|
73,473
|
|
93,673
|
|
71
|
|
|||
|
Deposits (c)
|
33,917
|
|
5,131
|
|
39,048
|
|
29
|
|
|||
|
Total on-balance sheet funding
|
$
|
54,117
|
|
$
|
78,604
|
|
$
|
132,721
|
|
100
|
|
|
Off-balance sheet securitizations
|
|
|
|
|
|||||||
|
Mortgage loans
|
$
|
—
|
|
$
|
69,356
|
|
$
|
69,356
|
|
|
|
|
Total off-balance sheet securitizations
|
$
|
—
|
|
$
|
69,356
|
|
$
|
69,356
|
|
|
|
|
(a)
|
Primarily includes $9.0 billion and $9.8 billion of Ally SmartNotes at
December 31, 2011
and
2010
, respectively.
|
|
(b)
|
Excludes fair value adjustment as described in
Note 27
to the Consolidated Financial Statements.
|
|
(c)
|
Bank deposits include retail, brokered, mortgage escrow, and other deposits. Nonbank deposits include dealer wholesale deposits and deposits at ResMor Trust. Intercompany deposits are not included.
|
|
|
Outstanding
|
|
Unused capacity (a)
|
|
Total capacity
|
||||||||||||||||||
|
December 31,
($ in billions)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
$
|
5.8
|
|
|
$
|
6.4
|
|
|
$
|
3.7
|
|
|
$
|
1.9
|
|
|
$
|
9.5
|
|
|
$
|
8.3
|
|
|
Nonbank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations
|
0.3
|
|
|
0.8
|
|
|
0.5
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations (b)
|
14.3
|
|
|
8.3
|
|
|
13.2
|
|
|
9.1
|
|
|
27.5
|
|
|
17.4
|
|
||||||
|
Mortgage operations
|
0.7
|
|
|
1.0
|
|
|
0.5
|
|
|
0.6
|
|
|
1.2
|
|
|
1.6
|
|
||||||
|
Total nonbank funding
|
15.3
|
|
|
10.1
|
|
|
14.2
|
|
|
9.7
|
|
|
29.5
|
|
|
19.8
|
|
||||||
|
Shared capacity (c)
|
1.6
|
|
|
0.2
|
|
|
2.5
|
|
|
3.9
|
|
|
4.1
|
|
|
4.1
|
|
||||||
|
Total committed facilities
|
$
|
22.7
|
|
|
$
|
16.7
|
|
|
$
|
20.4
|
|
|
$
|
15.5
|
|
|
$
|
43.1
|
|
|
$
|
32.2
|
|
|
(a)
|
Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities
.
|
|
(b)
|
Total unused capacity includes $4.9 billion as of December 31, 2011, and $1.2 billion as of December 31, 2010, from committed funding arrangements that are reliant upon the origination of future automotive receivables and that are available in 2012 and 2013.
|
|
(c)
|
Funding is generally available for assets originated by Ally Bank or the parent company, Ally Financial Inc.
|
|
|
Outstanding
|
|
Unused capacity
|
|
Total capacity
|
||||||||||||||||||
|
December 31,
($ in billions)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Federal Reserve funding programs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.2
|
|
|
$
|
4.0
|
|
|
$
|
3.2
|
|
|
$
|
4.0
|
|
|
FHLB advances
|
5.4
|
|
|
5.3
|
|
|
—
|
|
|
0.2
|
|
|
5.4
|
|
|
5.5
|
|
||||||
|
Total bank funding
|
5.4
|
|
|
5.3
|
|
|
3.2
|
|
|
4.2
|
|
|
8.6
|
|
|
9.5
|
|
||||||
|
Nonbank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations
|
1.9
|
|
|
1.4
|
|
|
0.5
|
|
|
0.6
|
|
|
2.4
|
|
|
2.0
|
|
||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
||||||
|
Mortgage operations
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
||||||
|
Total nonbank funding
|
2.0
|
|
|
1.5
|
|
|
0.7
|
|
|
0.7
|
|
|
2.7
|
|
|
2.2
|
|
||||||
|
Total uncommitted facilities
|
$
|
7.4
|
|
|
$
|
6.8
|
|
|
$
|
3.9
|
|
|
$
|
4.9
|
|
|
$
|
11.3
|
|
|
$
|
11.7
|
|
|
Rating agency
|
Commercial paper
|
|
Senior debt
|
|
Outlook
|
|
Date of last action
|
|
Fitch
|
B
|
|
BB-
|
|
Negative
|
|
February 2, 2012 (a)
|
|
Moody's
|
Not-Prime
|
|
B1
|
|
Stable
|
|
February 7, 2011 (b)
|
|
S&P
|
C
|
|
B+
|
|
Stable
|
|
May 4, 2011 (c)
|
|
DBRS
|
R-4
|
|
BB-Low
|
|
Positive
|
|
February 4, 2011 (d)
|
|
(a)
|
Fitch downgraded our senior debt to BB- from BB, affirmed the commercial paper rating of B, and changed the outlook to Negative on February 2, 2012
.
|
|
(b)
|
Moody's upgraded our senior debt rating to B1 from B3, affirmed the commercial paper rating of Not-Prime, and affirmed the outlook of Stable on February 7, 2011.
|
|
(c)
|
Standard & Poor's upgraded our senior debt rating to B+ from B, affirmed the commercial paper rating of C, and affirmed the outlook of Stable on May 4, 2011.
|
|
(d)
|
DBRS affirmed our senior debt rating of BB-Low, affirmed the commercial paper rating of R-4, and changed the outlook to Positive on February 4, 2011.
|
|
Year ended December 31, (
$ in billions
)
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
2004
|
||||||||||||||||
|
GSEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fannie Mae
|
$
|
33.9
|
|
|
$
|
35.3
|
|
|
$
|
21.2
|
|
|
$
|
24.9
|
|
|
$
|
31.6
|
|
|
$
|
33.5
|
|
|
$
|
31.8
|
|
|
$
|
30.5
|
|
|
Freddie Mac
|
15.8
|
|
|
15.7
|
|
|
8.7
|
|
|
12.3
|
|
|
15.5
|
|
|
12.6
|
|
|
16.1
|
|
|
13.7
|
|
||||||||
|
Ginnie Mae
|
8.1
|
|
|
16.2
|
|
|
24.9
|
|
|
12.5
|
|
|
3.2
|
|
|
3.6
|
|
|
4.2
|
|
|
4.8
|
|
||||||||
|
Private-label securitizations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Insured (monolines)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.5
|
|
|
10.7
|
|
|
10.4
|
|
|
15.1
|
|
||||||||
|
Uninsured
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
29.1
|
|
|
63.6
|
|
|
53.5
|
|
|
35.9
|
|
||||||||
|
Whole-loan/other
|
0.4
|
|
|
1.6
|
|
|
0.1
|
|
|
2.2
|
|
|
8.2
|
|
|
23.9
|
|
|
17.4
|
|
|
10.9
|
|
||||||||
|
Total sales
|
$
|
58.2
|
|
|
$
|
69.1
|
|
|
$
|
54.9
|
|
|
$
|
51.9
|
|
|
$
|
94.1
|
|
|
$
|
147.9
|
|
|
$
|
133.4
|
|
|
$
|
110.9
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
2004 and prior period
|
$
|
36
|
|
|
$
|
46
|
|
|
2005
|
43
|
|
|
58
|
|
||
|
2006
|
291
|
|
|
235
|
|
||
|
2007
|
116
|
|
|
461
|
|
||
|
2008
|
147
|
|
|
255
|
|
||
|
Post 2008
|
157
|
|
|
60
|
|
||
|
Unspecified
|
—
|
|
|
4
|
|
||
|
Total claims (a)
|
$
|
790
|
|
|
$
|
1,119
|
|
|
(a)
|
Excludes certain populations where counterparties have requested additional information.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
GSEs
|
$
|
143
|
|
|
$
|
389
|
|
|
Private-label securitizations
|
|
|
|
||||
|
Insured (monolines)
|
1
|
|
|
13
|
|
||
|
Uninsured
|
37
|
|
|
—
|
|
||
|
Whole-loan/other
|
9
|
|
|
82
|
|
||
|
Total loan repurchases
|
$
|
190
|
|
|
$
|
484
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
GSEs
|
$
|
59
|
|
|
$
|
228
|
|
|
Private-label securitizations
|
|
|
|
||||
|
Insured (monolines)
|
13
|
|
|
27
|
|
||
|
Uninsured
|
167
|
|
|
—
|
|
||
|
Whole-loan/other
|
26
|
|
|
11
|
|
||
|
Total indemnification payments
|
$
|
265
|
|
|
$
|
266
|
|
|
|
2011
|
|
2010
|
|
||||||||||
|
December 31,
($ in millions)
|
Number of loans
|
|
Dollar amount
of loans
|
|
Number of loans
|
|
Dollar amount
of loans
|
|
||||||
|
GSEs
|
357
|
|
|
$
|
71
|
|
|
833
|
|
|
$
|
170
|
|
(a)
|
|
Monolines
|
|
|
|
|
|
|
|
|
||||||
|
MBIA
|
7,314
|
|
|
490
|
|
|
6,819
|
|
|
466
|
|
|
||
|
FGIC
|
4,608
|
|
|
369
|
|
|
1,109
|
|
|
164
|
|
|
||
|
Other
|
730
|
|
|
58
|
|
|
278
|
|
|
31
|
|
|
||
|
Whole-loan/other
|
513
|
|
|
81
|
|
|
392
|
|
|
88
|
|
|
||
|
Total number of loans and unpaid principal balance (b)
|
13,522
|
|
|
$
|
1,069
|
|
|
9,431
|
|
|
$
|
919
|
|
|
|
(a)
|
This amount is gross of any loans that would be removed due to the Fannie Mae settlement. At
December 31, 2010
,
$48 million
of outstanding claims were covered under the Fannie Mae settlement agreement.
|
|
(b)
|
Excludes certain populations where counterparties have requested additional documentation.
|
|
(
$ in millions
)
|
2011
|
|
2010
|
||||
|
Balance at January 1,
|
$
|
170
|
|
|
$
|
296
|
|
|
New claims (a)
|
441
|
|
|
842
|
|
||
|
Resolved claims (b)
|
(349
|
)
|
|
(756
|
)
|
||
|
Rescinded claims/other
|
(191
|
)
|
|
(212
|
)
|
||
|
Balance at December 31,
|
$
|
71
|
|
|
$
|
170
|
|
|
(a)
|
Excludes certain populations where counterparties have requested additional documentation.
|
|
(b)
|
Includes losses, settlements, impairments on repurchased loans, and indemnification payments.
|
|
(
$ in millions
)
|
2011
|
|
2010
|
||||
|
Balance at January 1,
|
$
|
661
|
|
|
$
|
553
|
|
|
New claims (a)
|
265
|
|
|
151
|
|
||
|
Resolved claims (b)
|
(20
|
)
|
|
(36
|
)
|
||
|
Rescinded claims/other
|
11
|
|
|
(7
|
)
|
||
|
Balance at December 31,
|
$
|
917
|
|
|
$
|
661
|
|
|
(a)
|
Excludes certain populations where counterparties have requested additional documentation.
|
|
(b)
|
Includes losses, settlements, impairments on repurchased loans, and indemnification payments.
|
|
($ in billions)
|
Original UPB
|
|
Current UPB at December 31, 2011
|
|
UPB at December 31, 2010
|
||||||
|
RFMSI (Prime)
|
$
|
21.8
|
|
|
$
|
8.3
|
|
|
$
|
10.0
|
|
|
RALI (Option ARM and Alt-A)
|
66.7
|
|
|
26.2
|
|
|
30.7
|
|
|||
|
RAMP (HELOC and Subprime)
|
55.9
|
|
(a)
|
12.9
|
|
|
15.0
|
|
|||
|
RASC (Subprime)
|
36.8
|
|
|
8.0
|
|
|
9.0
|
|
|||
|
RFMSII (HELOC)
|
0.9
|
|
|
0.3
|
|
|
0.3
|
|
|||
|
Total
|
$
|
182.1
|
|
|
$
|
55.7
|
|
|
$
|
65.0
|
|
|
(a)
|
RAMP original unpaid principal balance comprises $37.7 billion subprime, $8.8 billion prime, and $9.4 billion other.
|
|
($ in billions)
|
Original UPB
|
|
Current UPB at December 31, 2011
|
|
UPB at December 31, 2010
|
||||||
|
RFMSI (Prime)
|
$
|
1.7
|
|
|
$
|
0.5
|
|
|
$
|
0.6
|
|
|
RALI (Option ARM and Alt-A)
|
1.4
|
|
|
0.6
|
|
|
0.7
|
|
|||
|
RAMP (HELOC and Subprime)
|
26.5
|
|
|
6.3
|
|
|
7.3
|
|
|||
|
RASC (Subprime)
|
3.6
|
|
|
0.6
|
|
|
0.7
|
|
|||
|
RFMSII (HELOC)
|
9.5
|
|
|
2.1
|
|
|
2.6
|
|
|||
|
Total
|
$
|
42.7
|
|
|
$
|
10.1
|
|
|
$
|
11.9
|
|
|
(
$ in millions
)
|
2011
|
|
2010
|
||||
|
Balance at January 1,
|
$
|
88
|
|
|
$
|
70
|
|
|
New claims (a)
|
84
|
|
|
126
|
|
||
|
Resolved claims (b)
|
(34
|
)
|
|
(44
|
)
|
||
|
Rescinded claims/other
|
(57
|
)
|
|
(64
|
)
|
||
|
Balance at December 31,
|
$
|
81
|
|
|
$
|
88
|
|
|
(a)
|
Excludes certain populations where counterparties have requested additional documentation.
|
|
(b)
|
Includes losses, settlements, impairments on repurchased loans, and indemnification payments.
|
|
|
Payments due by period
|
||||||||||||||||||
|
December 31, 2011
($ in millions)
|
Total
|
|
Less than
1 year
|
|
1-3
years
|
|
3-5
years
|
|
More than
5 years
|
||||||||||
|
Description of obligation
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total (a)
|
$
|
93,930
|
|
|
$
|
26,535
|
|
|
$
|
34,407
|
|
|
$
|
11,292
|
|
|
$
|
21,696
|
|
|
Scheduled interest payments for fixed-rate long-term debt
|
26,286
|
|
|
3,434
|
|
|
4,542
|
|
|
3,655
|
|
|
14,655
|
|
|||||
|
Estimated interest payments for variable-rate long-term debt (b)
|
1,516
|
|
|
594
|
|
|
864
|
|
|
52
|
|
|
6
|
|
|||||
|
Estimated net payments under interest rate swap agreements (b)
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|||||
|
Originate/purchase mortgages or securities
|
6,741
|
|
|
6,672
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|||||
|
Commitments to provide capital to investees
|
56
|
|
|
35
|
|
|
3
|
|
|
8
|
|
|
10
|
|
|||||
|
Home equity lines of credit
|
2,234
|
|
|
207
|
|
|
654
|
|
|
502
|
|
|
871
|
|
|||||
|
Lending commitments
|
2,322
|
|
|
1,289
|
|
|
671
|
|
|
339
|
|
|
23
|
|
|||||
|
Lease commitments
|
316
|
|
|
83
|
|
|
129
|
|
|
67
|
|
|
37
|
|
|||||
|
Purchase obligations
|
777
|
|
|
291
|
|
|
418
|
|
|
47
|
|
|
21
|
|
|||||
|
Bank certificates of deposit
|
30,498
|
|
|
15,571
|
|
|
8,815
|
|
|
6,112
|
|
|
—
|
|
|||||
|
Total
|
$
|
164,748
|
|
|
$
|
54,711
|
|
|
$
|
50,503
|
|
|
$
|
22,074
|
|
|
$
|
37,460
|
|
|
(a)
|
Total amount reflects the remaining principal obligation and excludes original issue discount of
$2.2 billion
related to the December 2008 bond exchange and fair value adjustments of
$1.1 billion
related to fixed-rate debt designated as a hedged item.
|
|
(b)
|
Estimate utilized a forecasted variable interest model, when available, or the applicable variable interest rate as of the most recent reset date prior to
December 31, 2011
.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Assets at fair value
|
$
|
30,172
|
|
|
$
|
33,001
|
|
|
As a percentage of total assets
|
16
|
%
|
|
19
|
%
|
||
|
Liabilities at fair value
|
$
|
6,299
|
|
|
$
|
4,832
|
|
|
As a percentage of total liabilities
|
4
|
%
|
|
3
|
%
|
||
|
Assets at fair value using Level 3 inputs
|
$
|
4,666
|
|
|
$
|
6,969
|
|
|
As a percentage of assets at fair value
|
15
|
%
|
|
21
|
%
|
||
|
Liabilities at fair value using Level 3 inputs
|
$
|
878
|
|
|
$
|
1,090
|
|
|
As a percentage of liabilities at fair value
|
14
|
%
|
|
23
|
%
|
||
|
•
|
Prepayment
— The most significant drivers of mortgage servicing rights value are actual and forecasted portfolio prepayment behavior. Prepayment speeds represent the rate at which borrowers repay their mortgage loans prior to scheduled maturity. Prepayment speeds are influenced by a number of factors such as the value of collateral, competitive market factors, government programs or incentives, or levels of foreclosure activity. However, the most significant factor influencing prepayment speeds is generally the interest rate environment. As interest rates rise, prepayment speeds generally slow, and as interest rates decline, prepayment speeds generally accelerate. When mortgage loans are paid or expected to be paid earlier than originally estimated, the expected future cash flows associated with servicing such loans are reduced. We primarily use third-party models to project residential mortgage loan payoffs. In other cases, we estimate prepayment speeds based on historical and expected future
|
|
•
|
Discount rate
— The cash flows of our mortgage servicing rights are discounted at prevailing market rates, which include an appropriate risk-adjusted spread, which management believes approximates yields required by investors for these assets.
|
|
•
|
Base mortgage rate
— The base mortgage rate represents the current market interest rate for newly originated mortgage loans. This rate is a key component in estimating prepayment speeds of our portfolio because the difference between the current base mortgage rate and the interest rates on existing loans in our portfolio is an indication of the borrower's likelihood to refinance.
|
|
•
|
Cost to service
— In general, servicing cost assumptions are based on internally projected actual expenses directly related to servicing. These servicing cost assumptions are compared to market-servicing costs when market information is available. Our servicing cost assumptions include expenses associated with our activities related to loans in default.
|
|
•
|
Volatility
— Volatility represents the expected rate of change of interest rates. The volatility assumption used in our valuation methodology is intended to estimate the range of expected outcomes of future interest rates. We use implied volatility assumptions in connection with the valuation of our mortgage servicing rights. Implied volatility is defined as the expected rate of change in interest rates derived from the prices at which options on interest rate swaps, or swaptions, are trading. We update our volatility assumptions for the change in implied swaptions volatility during the period, adjusted by the ratio of historical mortgage to swaption volatility.
|
|
•
|
Review and compare data provided by an independent third-party broker.
We evaluate and compare our fair value price, multiples, and underlying assumptions to data provided by independent third-party broker, including prepayment speeds, discount rates, cost to service, and fair value multiples.
|
|
•
|
Review and compare pricing of publicly traded interest-only securities.
We evaluate and compare our fair value to publicly traded interest-only stripped MBS by age and coupon for reasonableness.
|
|
•
|
Review and compare fair value price and multiples.
We evaluate and compare our fair value price and multiples to market fair value price and multiples in external surveys produced by third parties.
|
|
•
|
Compare actual monthly cash flows to projections.
We reconcile actual monthly cash flows to those projected in the mortgage servicing rights valuation. Based on the results of this reconciliation, we assess the need to modify the individual assumptions used in the valuation. This process ensures the model is calibrated to actual servicing cash flow results.
|
|
•
|
Review and compare recent bulk mortgage servicing right acquisition activity.
We evaluate market trades for reliability and relevancy and then consider, as appropriate, our estimate of fair value of each significant transaction to the traded price. Currently, there is a lack of comparable transactions between willing buyers and sellers in the bulk acquisition market, which are the best indicators of fair value. However, we continue to monitor and track market activity on an ongoing basis.
|
|
•
|
Vehicle service contracts
— Vehicle service contract losses are generally reported and settled quickly through dealership service departments resulting in a relatively small balance of outstanding claims at any point in time relative to the volume of claims processed annually. Vehicle service contract claims are primarily composed of parts and labor for repair or replacement of the affected components or systems. Changes in the cost of replacement parts and labor rates will affect the cost of settling claims. Considering the short time frame between a claim being incurred and paid, changes in key assumptions (e.g., part prices, labor rates) would have a minimal impact on the loss reserve as of a point in time. The loss reserve amount is influenced by the estimate of the lag between vehicles being repaired at dealerships and the claim being reported by the dealership.
|
|
•
|
Personal automobile
— Automobile insurance losses are principally a function of the number of occurrences (e.g., accidents or thefts) and the severity (e.g., the ultimate cost of settling the claim) for each occurrence. The number of incidents is generally driven by the demographics and other indicators or predictors of loss experience of the insured customer base including geographic location, number of miles driven, age, sex, type and cost of vehicle, and types of coverage selected. The severity of each claim, within the limits of the insurance purchased, is generally random and settles to an average over a book of business, assuming a broad distribution of risks. Changes in the severity of claims have an impact on the reserves established at a point in time. Changes in bodily injury claim severity are driven primarily by inflation in the medical sector of the economy. Changes in automobile physical damage claim severity are caused primarily by inflation in automobile repair costs, automobile parts prices, and used car prices. However, changes in the level of the severity of claims paid may not necessarily match or track changes in the rate of inflation in these various sectors of the economy.
|
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||||||||||||||
|
Year ended December 31,
($ in millions)
|
Average
balance (a) |
|
Interest
income/ interest expense |
|
Yield/
rate |
|
Average
balance (a) |
|
Interest
income/ interest expense |
|
Yield/
rate |
|
Average
balance (a) |
|
Interest
income/ interest expense |
|
Yield/
rate |
|||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Interest-bearing cash and cash equivalents
|
$
|
12,376
|
|
|
$
|
54
|
|
|
0.44
|
%
|
|
$
|
13,964
|
|
|
$
|
69
|
|
|
0.49
|
%
|
|
$
|
14,065
|
|
|
$
|
98
|
|
|
0.70
|
%
|
|
Trading assets
|
366
|
|
|
19
|
|
|
5.19
|
|
|
252
|
|
|
15
|
|
|
5.95
|
|
|
985
|
|
|
132
|
|
|
13.40
|
|
||||||
|
Investment securities (b)
|
14,551
|
|
|
373
|
|
|
2.56
|
|
|
11,312
|
|
|
339
|
|
|
3.00
|
|
|
9,446
|
|
|
211
|
|
|
2.23
|
|
||||||
|
Loans held-for-sale, net
|
9,365
|
|
|
332
|
|
|
3.55
|
|
|
13,506
|
|
|
601
|
|
|
4.45
|
|
|
12,542
|
|
|
416
|
|
|
3.32
|
|
||||||
|
Finance receivables and loans, net (c) (d)
|
110,650
|
|
|
6,635
|
|
|
6.00
|
|
|
92,224
|
|
|
6,546
|
|
|
7.10
|
|
|
92,567
|
|
|
6,471
|
|
|
6.99
|
|
||||||
|
Investment in operating leases, net (e)
|
9,031
|
|
|
1,260
|
|
|
13.95
|
|
|
12,064
|
|
|
1,693
|
|
|
14.03
|
|
|
21,441
|
|
|
1,916
|
|
|
8.94
|
|
||||||
|
Total interest-earning assets
|
156,339
|
|
|
8,673
|
|
|
5.55
|
|
|
143,322
|
|
|
9,263
|
|
|
6.46
|
|
|
151,046
|
|
|
9,244
|
|
|
6.12
|
|
||||||
|
Noninterest-bearing cash and cash equivalents
|
1,305
|
|
|
|
|
|
|
686
|
|
|
|
|
|
|
1,144
|
|
|
|
|
|
||||||||||||
|
Other assets
|
24,948
|
|
|
|
|
|
|
35,040
|
|
|
|
|
|
|
28,910
|
|
|
|
|
|
||||||||||||
|
Allowance for loan losses
|
(1,756
|
)
|
|
|
|
|
|
(2,363
|
)
|
|
|
|
|
|
(3,208
|
)
|
|
|
|
|
||||||||||||
|
Total assets
|
$
|
180,836
|
|
|
|
|
|
|
$
|
176,685
|
|
|
|
|
|
|
$
|
177,892
|
|
|
|
|
|
|||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Interest-bearing deposit liabilities
|
$
|
41,136
|
|
|
$
|
700
|
|
|
1.70
|
%
|
|
$
|
33,355
|
|
|
$
|
641
|
|
|
1.92
|
%
|
|
$
|
24,159
|
|
|
$
|
677
|
|
|
2.80
|
%
|
|
Short-term borrowings
|
7,209
|
|
|
314
|
|
|
4.36
|
|
|
7,601
|
|
|
324
|
|
|
4.26
|
|
|
9,356
|
|
|
465
|
|
|
4.97
|
|
||||||
|
Long-term debt (f) (g) (h)
|
90,410
|
|
|
5,209
|
|
|
5.76
|
|
|
87,270
|
|
|
5,701
|
|
|
6.53
|
|
|
97,939
|
|
|
5,949
|
|
|
6.07
|
|
||||||
|
Total interest-bearing liabilities (f) (g) (i)
|
138,755
|
|
|
6,223
|
|
|
4.48
|
|
|
128,226
|
|
|
6,666
|
|
|
5.20
|
|
|
131,454
|
|
|
7,091
|
|
|
5.39
|
|
||||||
|
Noninterest-bearing deposit liabilities
|
2,239
|
|
|
|
|
|
|
|
2,082
|
|
|
|
|
|
|
1,955
|
|
|
|
|
|
|||||||||||
|
Total funding sources (g) (j)
|
140,994
|
|
|
6,223
|
|
|
4.41
|
|
|
130,308
|
|
|
6,666
|
|
|
5.12
|
|
|
133,409
|
|
|
7,091
|
|
|
5.32
|
|
||||||
|
Other liabilities
|
19,682
|
|
|
|
|
|
|
25,666
|
|
|
|
|
|
|
20,231
|
|
|
|
|
|
||||||||||||
|
Total liabilities
|
160,676
|
|
|
|
|
|
|
155,974
|
|
|
|
|
|
|
153,640
|
|
|
|
|
|
||||||||||||
|
Total equity
|
20,160
|
|
|
|
|
|
|
20,711
|
|
|
|
|
|
|
24,252
|
|
|
|
|
|
||||||||||||
|
Total liabilities and equity
|
$
|
180,836
|
|
|
|
|
|
|
$
|
176,685
|
|
|
|
|
|
|
$
|
177,892
|
|
|
|
|
|
|||||||||
|
Net financing revenue
|
|
|
$
|
2,450
|
|
|
|
|
|
|
$
|
2,597
|
|
|
|
|
|
|
$
|
2,153
|
|
|
|
|||||||||
|
Net interest spread (k)
|
|
|
|
|
1.07
|
%
|
|
|
|
|
|
1.26
|
%
|
|
|
|
|
|
0.73
|
%
|
||||||||||||
|
Net interest spread excluding original issue discount (k)
|
|
1.79
|
%
|
|
|
|
|
|
2.32
|
%
|
|
|
|
|
|
1.75
|
%
|
|||||||||||||||
|
Net interest spread excluding original issue discount and including noninterest-bearing deposit liabilities (k)
|
|
1.85
|
%
|
|
|
|
|
|
2.38
|
%
|
|
|
|
|
|
1.82
|
%
|
|||||||||||||||
|
Net yield on interest earning assets (l)
|
|
1.57
|
%
|
|
|
|
|
|
1.81
|
%
|
|
|
|
|
|
1.43
|
%
|
|||||||||||||||
|
Net yield on interest earning assets excluding original issue discount (l)
|
|
2.15
|
%
|
|
|
|
|
|
2.65
|
%
|
|
|
|
|
|
2.18
|
%
|
|||||||||||||||
|
(a)
|
Average balances are calculated using a combination of monthly and daily average methodologies.
|
|
(b)
|
Excludes income on equity investments of
$25 million
,
$17 million
and
$9 million
at
December 31, 2011
,
2010
and
2009
, respectively. Yields on available-for-sale debt securities are based on fair value as opposed to historical cost.
|
|
(c)
|
Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status refer to
Note 1
to the
Consolidated Financial Statements
.
|
|
(d)
|
Includes other interest income of
$20 million
,
$9 million
and
$92 million
at
December 31, 2011
,
2010
and
2009
, respectively.
|
|
(e)
|
Includes gains on sale of
$395 million
,
$723 million
and
$530 million
during the year ended
December 31, 2011
,
2010
and
2009
, respectively. Excluding these gains on sale, the yield would be
9.58%
,
8.04%
and
9.64%
at
December 31, 2011
,
2010
and
2009
, respectively.
|
|
(f)
|
Includes the effects of derivative financial instruments designated as hedges.
|
|
(g)
|
Average balance includes
$2,522 million
,
$3,710 million
and
$4,804 million
related to original issue discount at
December 31, 2011
,
2010
and
2009
, respectively. Interest expense includes original issue discount amortization of
$912 million
,
$1,204 million
and
$1,143 million
during the year ended
December 31, 2011
,
2010
and
2009
, respectively.
|
|
(h)
|
Excluding original issue discount the rate on long-term debt was
4.62%
,
4.94%
and
4.68%
at
December 31, 2011
,
2010
and
2009
, respectively.
|
|
(i)
|
Excluding original issue discount the rate on total interest-bearing liabilities was
3.76%
,
4.14%
and
4.37%
at
December 31, 2011
,
2010
and
2009
, respectively.
|
|
(j)
|
Excluding original issue discount the rate on total funding sources is
3.70%
,
4.08%
and
4.30%
at
December 31, 2011
,
2010
, and
2009
, respectively.
|
|
(k)
|
Net interest spread represents the difference between the rate on total interest earning assets and the rate on total interest-bearing liabilities.
|
|
(l)
|
Net yield on interest earning assets represents net financing revenue as a percentage of total interest earning assets.
|
|
|
2011 vs 2010
Increase (decrease) due to (a) |
|
2010 vs 2009
Increase (decrease) due to (a) |
||||||||||||||||||||
|
Year ended December 31,
($ in millions)
|
Volume
|
|
Yield/
rate |
|
Total
|
|
Volume
|
|
Yield/
rate |
|
Total
|
||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest-bearing cash and cash equivalents
|
$
|
(8
|
)
|
|
$
|
(7
|
)
|
|
$
|
(15
|
)
|
|
$
|
(1
|
)
|
|
$
|
(28
|
)
|
|
$
|
(29
|
)
|
|
Trading assets
|
6
|
|
|
(2
|
)
|
|
4
|
|
|
(67
|
)
|
|
(50
|
)
|
|
(117
|
)
|
||||||
|
Investment securities
|
88
|
|
|
(54
|
)
|
|
34
|
|
|
47
|
|
|
81
|
|
|
128
|
|
||||||
|
Loans held-for-sale, net
|
(162
|
)
|
|
(107
|
)
|
|
(269
|
)
|
|
34
|
|
|
151
|
|
|
185
|
|
||||||
|
Finance receivables and loans, net
|
1,193
|
|
|
(1,104
|
)
|
|
89
|
|
|
(24
|
)
|
|
99
|
|
|
75
|
|
||||||
|
Investment in operating leases, net
|
(423
|
)
|
|
(10
|
)
|
|
(433
|
)
|
|
(1,045
|
)
|
|
822
|
|
|
(223
|
)
|
||||||
|
Total interest-earning assets
|
$
|
694
|
|
|
$
|
(1,284
|
)
|
|
$
|
(590
|
)
|
|
$
|
(1,056
|
)
|
|
$
|
1,075
|
|
|
$
|
19
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest-bearing deposit liabilities
|
$
|
138
|
|
|
$
|
(79
|
)
|
|
$
|
59
|
|
|
$
|
213
|
|
|
$
|
(249
|
)
|
|
$
|
(36
|
)
|
|
Short-term borrowings
|
(17
|
)
|
|
7
|
|
|
(10
|
)
|
|
(80
|
)
|
|
(61
|
)
|
|
(141
|
)
|
||||||
|
Long-term debt
|
199
|
|
|
(691
|
)
|
|
(492
|
)
|
|
(677
|
)
|
|
429
|
|
|
(248
|
)
|
||||||
|
Total interest-bearing liabilities
|
320
|
|
|
(763
|
)
|
|
(443
|
)
|
|
(544
|
)
|
|
119
|
|
|
(425
|
)
|
||||||
|
Net financing revenue
|
$
|
374
|
|
|
$
|
(521
|
)
|
|
$
|
(147
|
)
|
|
$
|
(512
|
)
|
|
$
|
956
|
|
|
$
|
444
|
|
|
(a)
|
Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate.
|
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
||||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Consumer automobile
|
$
|
46,576
|
|
|
$
|
34,604
|
|
|
$
|
12,514
|
|
|
$
|
16,281
|
|
|
$
|
20,030
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
6,997
|
|
|
7,057
|
|
|
7,960
|
|
|
13,542
|
|
|
24,941
|
|
|||||
|
Home equity
|
3,575
|
|
|
3,964
|
|
|
4,238
|
|
|
7,777
|
|
|
9,898
|
|
|||||
|
Total domestic
|
57,148
|
|
|
45,625
|
|
|
24,712
|
|
|
37,600
|
|
|
54,869
|
|
|||||
|
Foreign
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Consumer automobile
|
16,883
|
|
|
16,650
|
|
|
17,731
|
|
|
21,705
|
|
|
25,576
|
|
|||||
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
256
|
|
|
742
|
|
|
405
|
|
|
4,604
|
|
|
7,320
|
|
|||||
|
Home equity
|
—
|
|
|
—
|
|
|
1
|
|
|
54
|
|
|
4
|
|
|||||
|
Total foreign
|
17,139
|
|
|
17,392
|
|
|
18,137
|
|
|
26,363
|
|
|
32,900
|
|
|||||
|
Total consumer loans
|
74,287
|
|
|
63,017
|
|
|
42,849
|
|
|
63,963
|
|
|
87,769
|
|
|||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile (a)
|
26,552
|
|
|
24,944
|
|
|
19,604
|
|
|
16,913
|
|
|
17,463
|
|
|||||
|
Mortgage
|
1,887
|
|
|
1,540
|
|
|
1,572
|
|
|
1,627
|
|
|
3,001
|
|
|||||
|
Other
|
1,178
|
|
|
1,795
|
|
|
2,688
|
|
|
3,257
|
|
|
3,430
|
|
|||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
2,331
|
|
|
2,071
|
|
|
2,008
|
|
|
1,941
|
|
|
—
|
|
|||||
|
Mortgage
|
—
|
|
|
1
|
|
|
121
|
|
|
1,696
|
|
|
2,943
|
|
|||||
|
Total domestic
|
31,948
|
|
|
30,351
|
|
|
25,993
|
|
|
25,434
|
|
|
26,837
|
|
|||||
|
Foreign
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile (b)
|
8,265
|
|
|
8,398
|
|
|
7,943
|
|
|
10,749
|
|
|
11,922
|
|
|||||
|
Mortgage
|
24
|
|
|
41
|
|
|
96
|
|
|
195
|
|
|
614
|
|
|||||
|
Other
|
63
|
|
|
312
|
|
|
437
|
|
|
960
|
|
|
1,704
|
|
|||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
154
|
|
|
216
|
|
|
221
|
|
|
167
|
|
|
—
|
|
|||||
|
Mortgage
|
14
|
|
|
78
|
|
|
162
|
|
|
260
|
|
|
536
|
|
|||||
|
Total foreign
|
8,520
|
|
|
9,045
|
|
|
8,859
|
|
|
12,331
|
|
|
14,776
|
|
|||||
|
Total commercial loans
|
40,468
|
|
|
39,396
|
|
|
34,852
|
|
|
37,765
|
|
|
41,613
|
|
|||||
|
Total finance receivables and loans (c)
|
$
|
114,755
|
|
|
$
|
102,413
|
|
|
$
|
77,701
|
|
|
$
|
101,728
|
|
|
$
|
129,382
|
|
|
Loans held-for-sale
|
$
|
8,557
|
|
|
$
|
11,411
|
|
|
$
|
20,625
|
|
|
$
|
7,919
|
|
|
$
|
20,559
|
|
|
(a)
|
Amount includes Notes Receivable from General Motors of $3 million at December 31, 2009.
|
|
(b)
|
Amounts include Notes Receivable from General Motors of $529 million, $484 million, $908 million, $1.7 billion, and $1.9 billion at December 31, 2011, 2010, 2009, 2008, and 2007, respectively.
|
|
(c)
|
Includes historical cost, fair value, and repurchased loans.
|
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||
|
Consumer
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
$
|
139
|
|
|
$
|
129
|
|
|
$
|
267
|
|
|
$
|
294
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
316
|
|
|
452
|
|
|
782
|
|
|
2,547
|
|
||||
|
Home equity
|
91
|
|
|
108
|
|
|
114
|
|
|
540
|
|
||||
|
Total domestic
|
546
|
|
|
689
|
|
|
1,163
|
|
|
3,381
|
|
||||
|
Foreign
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
89
|
|
|
78
|
|
|
119
|
|
|
125
|
|
||||
|
Consumer mortgage
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
142
|
|
|
261
|
|
|
33
|
|
|
1,034
|
|
||||
|
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total foreign
|
231
|
|
|
339
|
|
|
152
|
|
|
1,159
|
|
||||
|
Total consumer (a)
|
777
|
|
|
1,028
|
|
|
1,315
|
|
|
4,540
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
105
|
|
|
261
|
|
|
281
|
|
|
1,448
|
|
||||
|
Mortgage
|
—
|
|
|
—
|
|
|
37
|
|
|
140
|
|
||||
|
Other
|
22
|
|
|
37
|
|
|
856
|
|
|
64
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
56
|
|
|
193
|
|
|
256
|
|
|
153
|
|
||||
|
Mortgage
|
—
|
|
|
1
|
|
|
56
|
|
|
1,070
|
|
||||
|
Total domestic
|
183
|
|
|
492
|
|
|
1,486
|
|
|
2,875
|
|
||||
|
Foreign
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
118
|
|
|
35
|
|
|
66
|
|
|
7
|
|
||||
|
Mortgage
|
—
|
|
|
40
|
|
|
35
|
|
|
—
|
|
||||
|
Other
|
15
|
|
|
97
|
|
|
131
|
|
|
19
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
11
|
|
|
6
|
|
|
24
|
|
|
2
|
|
||||
|
Mortgage
|
12
|
|
|
70
|
|
|
141
|
|
|
143
|
|
||||
|
Total foreign
|
156
|
|
|
248
|
|
|
397
|
|
|
171
|
|
||||
|
Total commercial (b)
|
339
|
|
|
740
|
|
|
1,883
|
|
|
3,046
|
|
||||
|
Total nonperforming finance receivables and loans
|
1,116
|
|
|
1,768
|
|
|
3,198
|
|
|
7,586
|
|
||||
|
Foreclosed properties
|
82
|
|
|
150
|
|
|
255
|
|
|
787
|
|
||||
|
Repossessed assets (c)
|
56
|
|
|
47
|
|
|
58
|
|
|
95
|
|
||||
|
Total nonperforming assets
|
$
|
1,254
|
|
|
$
|
1,965
|
|
|
$
|
3,511
|
|
|
$
|
8,468
|
|
|
Loans held-for-sale
|
$
|
2,820
|
|
|
$
|
3,273
|
|
|
$
|
3,390
|
|
|
$
|
731
|
|
|
(a)
|
Interest revenue that would have been accrued on total consumer finance receivables and loans at original contractual rates was $100 million during the year ended
December 31, 2011
. Interest income recorded for these loans was $48 million during the year ended
December 31, 2011
.
|
|
(b)
|
Interest revenue that would have been accrued on total commercial finance receivables and loans at original contractual rates was $41 million during the year ended December 31, 2011. Interest income recorded for these loans was $25 million during the year ended
December 31, 2011
.
|
|
(c)
|
Repossessed assets exclude $3 million, $14 million, $23 million, and $34 million of repossessed operating lease assets at
December 31, 2011
, 2010, 2009, and 2008, respectively.
|
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||
|
Consumer
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
1
|
|
|
1
|
|
|
1
|
|
|
33
|
|
||||
|
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total domestic
|
1
|
|
|
1
|
|
|
1
|
|
|
52
|
|
||||
|
Foreign
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
3
|
|
|
5
|
|
|
5
|
|
|
40
|
|
||||
|
Consumer mortgage
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total foreign
|
3
|
|
|
5
|
|
|
6
|
|
|
40
|
|
||||
|
Total consumer
|
4
|
|
|
6
|
|
|
7
|
|
|
92
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total domestic
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Foreign
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total foreign
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
|
Total commercial
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
|
Total accruing finance receivables and loans past due 90 days or more
|
$
|
4
|
|
|
$
|
6
|
|
|
$
|
10
|
|
|
$
|
92
|
|
|
Loans held-for-sale
|
$
|
73
|
|
|
$
|
25
|
|
|
$
|
33
|
|
|
$
|
7
|
|
|
($ in millions)
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
||||||||||
|
Balance at January 1,
|
$
|
1,873
|
|
|
$
|
2,445
|
|
|
$
|
3,433
|
|
|
$
|
2,755
|
|
|
$
|
3,576
|
|
|
Cumulative effect of change in accounting principles (a)
|
—
|
|
|
222
|
|
|
—
|
|
|
(616
|
)
|
|
(1,540
|
)
|
|||||
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
(667
|
)
|
|
(1,297
|
)
|
|
(3,380
|
)
|
|
(2,192
|
)
|
|
(2,398
|
)
|
|||||
|
Foreign
|
(213
|
)
|
|
(349
|
)
|
|
(633
|
)
|
|
(347
|
)
|
|
(293
|
)
|
|||||
|
Write-downs related to transfers to held-for-sale
|
—
|
|
|
—
|
|
|
(3,438
|
)
|
|
—
|
|
|
—
|
|
|||||
|
Total charge-offs
|
(880
|
)
|
|
(1,646
|
)
|
|
(7,451
|
)
|
|
(2,539
|
)
|
|
(2,691
|
)
|
|||||
|
Recoveries
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Domestic
|
227
|
|
|
363
|
|
|
276
|
|
|
219
|
|
|
224
|
|
|||||
|
Foreign
|
100
|
|
|
85
|
|
|
76
|
|
|
71
|
|
|
74
|
|
|||||
|
Total recoveries
|
327
|
|
|
448
|
|
|
352
|
|
|
290
|
|
|
298
|
|
|||||
|
Net charge-offs
|
(553
|
)
|
|
(1,198
|
)
|
|
(7,099
|
)
|
|
(2,249
|
)
|
|
(2,393
|
)
|
|||||
|
Provision for loan losses
|
219
|
|
|
442
|
|
|
5,603
|
|
|
3,102
|
|
|
3,038
|
|
|||||
|
Discontinued operations
|
—
|
|
|
(4
|
)
|
|
567
|
|
|
308
|
|
|
29
|
|
|||||
|
Other
|
(36
|
)
|
|
(34
|
)
|
|
(59
|
)
|
|
133
|
|
|
45
|
|
|||||
|
Balance at December 31,
|
$
|
1,503
|
|
|
$
|
1,873
|
|
|
$
|
2,445
|
|
|
$
|
3,433
|
|
|
$
|
2,755
|
|
|
(a)
|
Effect of change in accounting principle due to adoption of ASU 2009-17,
Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
.
|
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
||||||||||||||||
|
December 31, (
$ in millions
)
|
Amount
|
% of
total |
|
Amount
|
% of
total |
|
Amount
|
% of
total |
|
Amount
|
% of
total |
|
Amount
|
% of
total |
|||||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Consumer automobile
|
$
|
600
|
|
39.9
|
|
$
|
769
|
|
41.0
|
|
$
|
772
|
|
31.6
|
|
|
$
|
1,115
|
|
32.5
|
|
$
|
1,033
|
|
37.5
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
1st Mortgage
|
275
|
|
18.3
|
|
322
|
|
17.2
|
|
387
|
|
15.8
|
|
|
525
|
|
15.3
|
|
540
|
|
19.6
|
|||||
|
Home equity
|
237
|
|
15.8
|
|
256
|
|
13.7
|
|
251
|
|
10.3
|
|
|
177
|
|
5.2
|
|
243
|
|
8.8
|
|||||
|
Total domestic
|
1,112
|
|
74.0
|
|
1,347
|
|
71.9
|
|
1,410
|
|
57.7
|
|
|
1,817
|
|
53.0
|
|
1,816
|
|
65.9
|
|||||
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Consumer automobile
|
166
|
|
11.1
|
|
201
|
|
10.7
|
|
252
|
|
10.2
|
|
|
279
|
|
8.1
|
|
276
|
|
10.0
|
|||||
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
1st Mortgage
|
4
|
|
0.2
|
|
2
|
|
0.1
|
|
2
|
|
0.1
|
|
|
409
|
|
11.9
|
|
49
|
|
1.8
|
|||||
|
Home equity
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
31
|
|
0.9
|
|
—
|
|
—
|
|||||
|
Total foreign
|
170
|
|
11.3
|
|
203
|
|
10.8
|
|
254
|
|
10.3
|
|
|
719
|
|
20.9
|
|
325
|
|
11.8
|
|||||
|
Total consumer loans
|
1,282
|
|
85.3
|
|
1,550
|
|
82.7
|
|
1,664
|
|
68.0
|
|
|
2,536
|
|
73.9
|
|
2,141
|
|
77.7
|
|||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
62
|
|
4.0
|
|
73
|
|
3.9
|
|
157
|
|
6.4
|
|
|
178
|
|
5.2
|
|
36
|
|
1.3
|
|||||
|
Mortgage
|
1
|
|
0.1
|
|
—
|
|
—
|
|
10
|
|
0.4
|
|
|
93
|
|
2.7
|
|
483
|
|
17.5
|
|||||
|
Other
|
52
|
|
3.5
|
|
97
|
|
5.2
|
|
322
|
|
13.2
|
|
|
65
|
|
1.9
|
|
66
|
|
2.4
|
|||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
39
|
|
2.6
|
|
54
|
|
2.9
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|||||
|
Mortgage
|
—
|
|
—
|
|
—
|
|
—
|
|
54
|
|
2.2
|
|
|
458
|
|
13.3
|
|
—
|
|
—
|
|||||
|
Total domestic
|
154
|
|
10.2
|
|
224
|
|
12.0
|
|
543
|
|
22.2
|
|
|
794
|
|
23.1
|
|
585
|
|
21.2
|
|||||
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
48
|
|
3.2
|
|
33
|
|
1.7
|
|
54
|
|
2.2
|
|
|
45
|
|
1.3
|
|
26
|
|
1.0
|
|||||
|
Mortgage
|
10
|
|
0.7
|
|
12
|
|
0.7
|
|
20
|
|
0.8
|
|
|
3
|
|
0.1
|
|
—
|
|
—
|
|||||
|
Other
|
1
|
|
0.1
|
|
39
|
|
2.1
|
|
111
|
|
4.6
|
|
|
9
|
|
0.3
|
|
3
|
|
0.1
|
|||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
3
|
|
0.2
|
|
2
|
|
0.1
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|||||
|
Mortgage
|
5
|
|
0.3
|
|
13
|
|
0.7
|
|
53
|
|
2.2
|
|
|
46
|
|
1.3
|
|
—
|
|
—
|
|||||
|
Total foreign
|
67
|
|
4.5
|
|
99
|
|
5.3
|
|
238
|
|
9.8
|
|
|
103
|
|
3.0
|
|
29
|
|
1.1
|
|||||
|
Total commercial loans
|
221
|
|
14.7
|
|
323
|
|
17.3
|
|
781
|
|
32.0
|
|
|
897
|
|
26.1
|
|
614
|
|
22.3
|
|||||
|
Total allowance for loan losses
|
$
|
1,503
|
|
100.0
|
|
$
|
1,873
|
|
100.0
|
|
$
|
2,445
|
|
100.0
|
|
|
$
|
3,433
|
|
100.0
|
|
$
|
2,755
|
|
100.0
|
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||
|
Year
ended December 31,
($ in millions)
|
Average
balance (a) |
|
Average
deposit rate |
|
Average
balance (a) |
|
Average
deposit rate |
|
Average
balance (a) |
|
Average
deposit rate |
|||||||||
|
Domestic deposits
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Noninterest-bearing deposits
|
$
|
2,237
|
|
|
—
|
%
|
|
$
|
2,071
|
|
|
—
|
%
|
|
$
|
1,955
|
|
|
—
|
%
|
|
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Savings and money market checking accounts
|
9,696
|
|
|
0.88
|
|
|
8,015
|
|
|
1.21
|
|
|
5,941
|
|
|
1.66
|
|
|||
|
Certificates of deposit
|
26,109
|
|
|
1.77
|
|
|
21,153
|
|
|
2.04
|
|
|
16,401
|
|
|
3.33
|
|
|||
|
Dealer deposits
|
1,685
|
|
|
3.87
|
|
|
1,288
|
|
|
4.00
|
|
|
671
|
|
|
4.09
|
|
|||
|
Total domestic deposit liabilities
|
39,727
|
|
|
1.55
|
|
|
32,527
|
|
|
1.78
|
|
|
24,968
|
|
|
2.70
|
|
|||
|
Foreign deposits
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Noninterest-bearing deposits
|
2
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Savings and money market checking accounts
|
1,158
|
|
|
2.03
|
|
|
550
|
|
|
2.01
|
|
|
117
|
|
|
6.57
|
|
|||
|
Certificates of deposit
|
2,166
|
|
|
2.23
|
|
|
2,107
|
|
|
2.83
|
|
|
1,029
|
|
|
2.25
|
|
|||
|
Dealer deposits
|
322
|
|
|
4.30
|
|
|
242
|
|
|
4.47
|
|
|
—
|
|
|
—
|
|
|||
|
Total foreign deposit liabilities
|
3,648
|
|
|
2.35
|
|
|
2,910
|
|
|
2.80
|
|
|
1,146
|
|
|
2.69
|
|
|||
|
Total deposit liabilities
|
$
|
43,375
|
|
|
1.61
|
%
|
|
$
|
35,437
|
|
|
1.86
|
%
|
|
$
|
26,114
|
|
|
2.70
|
%
|
|
(a)
|
Average balances are calculated using a combination of monthly and daily average methodologies.
|
|
December 31, 2011
($ in millions)
|
Three months
or less
|
|
Over three months
through
six months
|
|
Over six months
through
twelve months
|
|
Over
twelve months
|
|
Total
|
||||||||||
|
Domestic certificates of deposit ($100,000 or more)
|
$
|
1,531
|
|
|
$
|
1,750
|
|
|
$
|
2,748
|
|
|
$
|
3,956
|
|
|
$
|
9,985
|
|
|
/S/
M
ICHAEL
A
.
C
ARPENTER
|
|
/S/
J
EFFREY
J
.
B
ROWN
|
|
Michael A. Carpenter
|
|
Jeffrey J. Brown
|
|
Chief Executive Officer
|
|
Senior Executive Vice President of Finance and Corporate Planning
|
|
February 28, 2012
|
|
February 28, 2012
|
|
/s/
D
ELOITTE
&
T
OUCHE
LLP
|
|
|
Deloitte & Touche LLP
|
|
|
|
|
|
Detroit, Michigan
|
|
|
February 28, 2012
|
|
|
/s/
D
ELOITTE
&
T
OUCHE
LLP
|
|
|
Deloitte & Touche LLP
|
|
|
|
|
|
Detroit, Michigan
|
|
|
February 28, 2012
|
|
|
Year ended December 31
, ($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
||||||
|
Interest and fees on finance receivables and loans
|
$
|
6,635
|
|
|
$
|
6,546
|
|
|
$
|
6,471
|
|
|
Interest on loans held-for-sale
|
332
|
|
|
601
|
|
|
416
|
|
|||
|
Interest on trading assets
|
19
|
|
|
15
|
|
|
132
|
|
|||
|
Interest and dividends on available-for-sale investment securities
|
398
|
|
|
356
|
|
|
220
|
|
|||
|
Interest-bearing cash
|
54
|
|
|
69
|
|
|
98
|
|
|||
|
Operating leases
|
2,298
|
|
|
3,596
|
|
|
5,435
|
|
|||
|
Total financing revenue and other interest income
|
9,736
|
|
|
11,183
|
|
|
12,772
|
|
|||
|
Interest expense
|
|
|
|
|
|
||||||
|
Interest on deposits
|
700
|
|
|
641
|
|
|
677
|
|
|||
|
Interest on short-term borrowings
|
314
|
|
|
324
|
|
|
465
|
|
|||
|
Interest on long-term debt
|
5,209
|
|
|
5,701
|
|
|
5,949
|
|
|||
|
Total interest expense
|
6,223
|
|
|
6,666
|
|
|
7,091
|
|
|||
|
Depreciation expense on operating lease assets
|
1,038
|
|
|
1,903
|
|
|
3,519
|
|
|||
|
Net financing revenue
|
2,475
|
|
|
2,614
|
|
|
2,162
|
|
|||
|
Other revenue
|
|
|
|
|
|
||||||
|
Servicing fees
|
1,358
|
|
|
1,493
|
|
|
1,467
|
|
|||
|
Servicing asset valuation and hedge activities, net
|
(789
|
)
|
|
(394
|
)
|
|
(1,104
|
)
|
|||
|
Total servicing income, net
|
569
|
|
|
1,099
|
|
|
363
|
|
|||
|
Insurance premiums and service revenue earned
|
1,573
|
|
|
1,750
|
|
|
1,861
|
|
|||
|
Gain on mortgage and automotive loans, net
|
470
|
|
|
1,261
|
|
|
799
|
|
|||
|
(Loss) gain on extinguishment of debt
|
(64
|
)
|
|
(123
|
)
|
|
665
|
|
|||
|
Other gain on investments, net
|
294
|
|
|
504
|
|
|
162
|
|
|||
|
Other income, net of losses
|
754
|
|
|
537
|
|
|
190
|
|
|||
|
Total other revenue
|
3,596
|
|
|
5,028
|
|
|
4,040
|
|
|||
|
Total net revenue
|
6,071
|
|
|
7,642
|
|
|
6,202
|
|
|||
|
Provision for loan losses
|
219
|
|
|
442
|
|
|
5,603
|
|
|||
|
Noninterest expense
|
|
|
|
|
|
||||||
|
Compensation and benefits expense
|
1,574
|
|
|
1,576
|
|
|
1,517
|
|
|||
|
Insurance losses and loss adjustment expenses
|
713
|
|
|
820
|
|
|
992
|
|
|||
|
Other operating expenses
|
3,498
|
|
|
3,665
|
|
|
4,999
|
|
|||
|
Total noninterest expense
|
5,785
|
|
|
6,061
|
|
|
7,508
|
|
|||
|
Income (loss) from continuing operations before income tax expense
|
67
|
|
|
1,139
|
|
|
(6,909
|
)
|
|||
|
Income tax expense from continuing operations
|
179
|
|
|
153
|
|
|
74
|
|
|||
|
Net (loss) income from continuing operations
|
(112
|
)
|
|
986
|
|
|
(6,983
|
)
|
|||
|
(Loss) income from discontinued operations, net of tax
|
(45
|
)
|
|
89
|
|
|
(3,315
|
)
|
|||
|
Net (loss) income
|
$
|
(157
|
)
|
|
$
|
1,075
|
|
|
$
|
(10,298
|
)
|
|
Year ended December 31
, ($ in millions except per share data)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Net loss attributable to common shareholders
|
|
|
|
|
|
||||||
|
Net (loss) income from continuing operations
|
$
|
(112
|
)
|
|
$
|
986
|
|
|
$
|
(6,983
|
)
|
|
Preferred stock dividends — U.S. Department of Treasury
|
(534
|
)
|
|
(963
|
)
|
|
(855
|
)
|
|||
|
Preferred stock dividends
|
(260
|
)
|
|
(282
|
)
|
|
(370
|
)
|
|||
|
Impact of preferred stock conversion and related amendment
|
—
|
|
|
(616
|
)
|
|
—
|
|
|||
|
Impact of preferred stock amendment
|
32
|
|
|
—
|
|
|
—
|
|
|||
|
Net loss from continuing operations attributable to common shareholders (a)
|
(874
|
)
|
|
(875
|
)
|
|
(8,208
|
)
|
|||
|
(Loss) income from discontinued operations, net of tax
|
(45
|
)
|
|
89
|
|
|
(3,315
|
)
|
|||
|
Net loss attributable to common shareholders
|
$
|
(919
|
)
|
|
$
|
(786
|
)
|
|
$
|
(11,523
|
)
|
|
Basic weighted-average common shares outstanding
|
1,330,970
|
|
800,597
|
|
529,392
|
||||||
|
Diluted weighted-average common shares outstanding (a)
|
1,330,970
|
|
800,597
|
|
529,392
|
||||||
|
Basic earnings per common share
|
|
|
|
|
|
||||||
|
Net loss from continuing operations
|
$
|
(658
|
)
|
|
$
|
(1,092
|
)
|
|
$
|
(15,503
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
(33
|
)
|
|
111
|
|
|
(6,262
|
)
|
|||
|
Net loss
|
$
|
(691
|
)
|
|
$
|
(981
|
)
|
|
$
|
(21,765
|
)
|
|
Diluted earnings per common share (a)
|
|
|
|
|
|
||||||
|
Net loss from continuing operations
|
$
|
(658
|
)
|
|
$
|
(1,092
|
)
|
|
$
|
(15,503
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
(33
|
)
|
|
111
|
|
|
(6,262
|
)
|
|||
|
Net loss
|
$
|
(691
|
)
|
|
$
|
(981
|
)
|
|
$
|
(21,765
|
)
|
|
(a)
|
Due to the antidilutive effect of converting the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares and the net loss attributable to common shareholders for 2011, 2010, and 2009, income attributable to common shareholders and basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.
|
|
Year ended December 31
, ($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Net (loss) income
|
$
|
(157
|
)
|
|
$
|
1,075
|
|
|
$
|
(10,298
|
)
|
|
Other comprehensive (loss) income, net of tax
|
|
|
|
|
|
||||||
|
Unrealized gains on investment securities
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
196
|
|
|
320
|
|
|
115
|
|
|||
|
Less: Net realized gains (losses) reclassified to net income
|
284
|
|
|
497
|
|
|
(108
|
)
|
|||
|
Net change
|
(88
|
)
|
|
(177
|
)
|
|
223
|
|
|||
|
Translation adjustments and net investment hedges
|
|
|
|
|
|
||||||
|
Translation adjustments
|
(237
|
)
|
|
165
|
|
|
601
|
|
|||
|
Hedges - Net unrealized gains (losses) arising during the period
|
165
|
|
|
(183
|
)
|
|
—
|
|
|||
|
Less: Hedges - Net realized losses reclassified to net income
|
(8
|
)
|
|
(1
|
)
|
|
—
|
|
|||
|
Net change
|
(64
|
)
|
|
(17
|
)
|
|
601
|
|
|||
|
Cash flow hedges
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
—
|
|
|
33
|
|
|
1
|
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net gains (losses), prior service costs, and transition obligations arising during the period
|
(27
|
)
|
|
(59
|
)
|
|
37
|
|
|||
|
Less: Net gains (losses), prior service costs, and transition obligations reclassified to net income
|
(7
|
)
|
|
(19
|
)
|
|
13
|
|
|||
|
Net change
|
(20
|
)
|
|
(40
|
)
|
|
24
|
|
|||
|
Other comprehensive (loss) income, net of tax
|
(172
|
)
|
|
(201
|
)
|
|
849
|
|
|||
|
Cumulative effect of change in accounting principle (a)
|
—
|
|
|
(4
|
)
|
|
—
|
|
|||
|
Comprehensive (loss) income
|
$
|
(329
|
)
|
|
$
|
870
|
|
|
$
|
(9,449
|
)
|
|
(a)
|
Relates to the adoption of ASU 2009-17,
Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Assets
|
|
|
|
||||
|
Cash and cash equivalents
|
|
|
|
||||
|
Noninterest-bearing
|
$
|
2,475
|
|
|
$
|
1,714
|
|
|
Interest-bearing
|
10,560
|
|
|
9,956
|
|
||
|
Total cash and cash equivalents
|
13,035
|
|
|
11,670
|
|
||
|
Trading assets
|
622
|
|
|
240
|
|
||
|
Investment securities
|
15,135
|
|
|
14,846
|
|
||
|
Loans held-for-sale, net ($3,919 and $6,424 fair value-elected)
|
8,557
|
|
|
11,411
|
|
||
|
Finance receivables and loans, net
|
|
|
|
||||
|
Finance receivables and loans, net ($835 and $1,015 fair value-elected)
|
114,755
|
|
|
102,413
|
|
||
|
Allowance for loan losses
|
(1,503
|
)
|
|
(1,873
|
)
|
||
|
Total finance receivables and loans, net
|
113,252
|
|
|
100,540
|
|
||
|
Investment in operating leases, net
|
9,275
|
|
|
9,128
|
|
||
|
Mortgage servicing rights
|
2,519
|
|
|
3,738
|
|
||
|
Premiums receivable and other insurance assets
|
1,853
|
|
|
2,181
|
|
||
|
Other assets
|
18,741
|
|
|
17,564
|
|
||
|
Assets of operations held-for-sale
|
1,070
|
|
|
690
|
|
||
|
Total assets
|
$
|
184,059
|
|
|
$
|
172,008
|
|
|
Liabilities
|
|
|
|
||||
|
Deposit liabilities
|
|
|
|
||||
|
Noninterest-bearing
|
$
|
2,029
|
|
|
$
|
2,131
|
|
|
Interest-bearing
|
43,021
|
|
|
36,917
|
|
||
|
Total deposit liabilities
|
45,050
|
|
|
39,048
|
|
||
|
Short-term borrowings
|
7,680
|
|
|
7,508
|
|
||
|
Long-term debt ($830 and $972 fair value-elected)
|
92,794
|
|
|
86,612
|
|
||
|
Interest payable
|
1,587
|
|
|
1,829
|
|
||
|
Unearned insurance premiums and service revenue
|
2,576
|
|
|
2,854
|
|
||
|
Reserves for insurance losses and loss adjustment expenses
|
580
|
|
|
862
|
|
||
|
Accrued expenses and other liabilities ($29 and $— fair value-elected)
|
14,084
|
|
|
12,126
|
|
||
|
Liabilities of operations held-for-sale
|
337
|
|
|
680
|
|
||
|
Total liabilities
|
164,688
|
|
|
151,519
|
|
||
|
Equity
|
|
|
|
||||
|
Common stock and paid-in capital
|
19,668
|
|
|
19,668
|
|
||
|
Mandatorily convertible preferred stock held by U.S. Department of Treasury
|
5,685
|
|
|
5,685
|
|
||
|
Preferred stock
|
1,255
|
|
|
1,287
|
|
||
|
Accumulated deficit
|
(7,324
|
)
|
|
(6,410
|
)
|
||
|
Accumulated other comprehensive income
|
87
|
|
|
259
|
|
||
|
Total equity
|
19,371
|
|
|
20,489
|
|
||
|
Total liabilities and equity
|
$
|
184,059
|
|
|
$
|
172,008
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Assets
|
|
|
|
||||
|
Loans held-for-sale, net
|
$
|
9
|
|
|
$
|
21
|
|
|
Finance receivables and loans, net
|
|
|
|
||||
|
Finance receivables and loans, net ($835 and $1,015 fair value-elected)
|
40,935
|
|
|
33,483
|
|
||
|
Allowance for loan losses
|
(210
|
)
|
|
(238
|
)
|
||
|
Total finance receivables and loans, net
|
40,725
|
|
|
33,245
|
|
||
|
Investment in operating leases, net
|
4,389
|
|
|
1,065
|
|
||
|
Other assets
|
3,029
|
|
|
3,194
|
|
||
|
Assets of operations held-for-sale
|
—
|
|
|
85
|
|
||
|
Total assets
|
$
|
48,152
|
|
|
$
|
37,610
|
|
|
Liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
795
|
|
|
$
|
964
|
|
|
Long-term debt ($830 and $972 fair value-elected)
|
33,143
|
|
|
24,466
|
|
||
|
Interest payable
|
14
|
|
|
15
|
|
||
|
Accrued expenses and other liabilities
|
405
|
|
|
352
|
|
||
|
Liabilities of operations held-for-sale
|
—
|
|
|
45
|
|
||
|
Total liabilities
|
$
|
34,357
|
|
|
$
|
25,842
|
|
|
($ in millions)
|
Members' interests
|
|
Mandatorily
convertible
preferred
interests
held
by U.S.
Department
of Treasury
|
|
Preferred
interests
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
(loss) income
|
|
Total
equity
|
||||||||||||
|
Balance at December 31, 2008
|
$
|
9,670
|
|
|
$
|
5,000
|
|
|
$
|
1,287
|
|
|
$
|
6,286
|
|
|
$
|
(389
|
)
|
|
$
|
21,854
|
|
|
Capital contributions
|
1,247
|
|
|
|
|
|
|
|
|
|
|
1,247
|
|
||||||||||
|
Net loss
|
|
|
|
|
|
|
(4,578
|
)
|
|
|
|
(4,578
|
)
|
||||||||||
|
Preferred interests dividends — U.S. Department of Treasury
|
|
|
|
|
|
|
(160
|
)
|
|
|
|
(160
|
)
|
||||||||||
|
Preferred interests dividends
|
|
|
|
|
|
|
(195
|
)
|
|
|
|
(195
|
)
|
||||||||||
|
Dividends to members
|
|
|
|
|
|
|
(119
|
)
|
|
|
|
(119
|
)
|
||||||||||
|
Issuance of preferred interests
|
|
|
7,500
|
|
|
|
|
|
|
|
|
7,500
|
|
||||||||||
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
497
|
|
|
497
|
|
||||||||||
|
Balance at June 30, 2009, before conversion from limited liability company to a corporation (a)
|
$
|
10,917
|
|
|
$
|
12,500
|
|
|
$
|
1,287
|
|
|
$
|
1,234
|
|
|
$
|
108
|
|
|
$
|
26,046
|
|
|
($ in millions)
|
Common
stock and
paid-in
capital
|
|
Mandatorily
convertible
preferred
stock
held by
U.S.
Department
of Treasury
|
|
Preferred
stock
|
|
Retained
earnings
(accumulated
deficit)
|
|
Accumulated
other
comprehensive
income
|
|
Total
equity
|
||||||||||||
|
Balance at June 30, 2009, after conversion from limited liability company to a corporations (a)
|
$
|
10,917
|
|
|
$
|
12,500
|
|
|
$
|
1,287
|
|
|
$
|
1,234
|
|
|
$
|
108
|
|
|
$
|
26,046
|
|
|
Capital contributions
|
55
|
|
|
|
|
|
|
|
|
|
|
55
|
|
||||||||||
|
Net loss
|
|
|
|
|
|
|
(5,720
|
)
|
|
|
|
(5,720
|
)
|
||||||||||
|
Preferred stock dividends — U.S. Department of Treasury
|
|
|
|
|
|
|
(695
|
)
|
|
|
|
(695
|
)
|
||||||||||
|
Preferred stock dividends
|
|
|
|
|
|
|
(175
|
)
|
|
|
|
(175
|
)
|
||||||||||
|
Dividends to shareholders
|
|
|
|
|
|
|
(274
|
)
|
|
|
|
(274
|
)
|
||||||||||
|
Issuance of preferred stock
|
|
|
1,250
|
|
|
|
|
|
|
|
|
1,250
|
|
||||||||||
|
Conversion of preferred stock
|
2,857
|
|
|
(2,857
|
)
|
|
|
|
|
|
|
|
—
|
|
|||||||||
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
352
|
|
|
352
|
|
||||||||||
|
Balance at December 31, 2009
|
$
|
13,829
|
|
|
$
|
10,893
|
|
|
$
|
1,287
|
|
|
$
|
(5,630
|
)
|
|
$
|
460
|
|
|
$
|
20,839
|
|
|
Cumulative effect of a change in accounting principle, net of tax (b)
|
|
|
|
|
|
|
$
|
(57
|
)
|
|
$
|
4
|
|
|
$
|
(53
|
)
|
||||||
|
($ in millions)
|
Common
stock and
paid-in
capital
|
|
Mandatorily
convertible
preferred
stock
held by
U.S.
Department
of Treasury
|
|
Preferred
stock
|
|
Accumulated deficit
|
|
Accumulated
other
comprehensive
income
|
|
Total
equity
|
||||||||||||
|
Balance at January 1, 2010, after cumulative effect of adjustments
|
$
|
13,829
|
|
|
$
|
10,893
|
|
|
$
|
1,287
|
|
|
$
|
(5,687
|
)
|
|
$
|
464
|
|
|
$
|
20,786
|
|
|
Capital contributions
|
15
|
|
|
|
|
|
|
|
|
|
|
15
|
|
||||||||||
|
Net income
|
|
|
|
|
|
|
1,075
|
|
|
|
|
1,075
|
|
||||||||||
|
Preferred stock dividends — U.S. Department of Treasury
|
|
|
|
|
|
|
(963
|
)
|
|
|
|
(963
|
)
|
||||||||||
|
Preferred stock dividends
|
|
|
|
|
|
|
(282
|
)
|
|
|
|
(282
|
)
|
||||||||||
|
Dividends to shareholders
|
|
|
|
|
|
|
(11
|
)
|
|
|
|
(11
|
)
|
||||||||||
|
Conversion of preferred stock and related amendment (c)
|
5,824
|
|
|
(5,208
|
)
|
|
|
|
(616
|
)
|
|
|
|
—
|
|
||||||||
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
(205
|
)
|
|
(205
|
)
|
||||||||||
|
Other (d)
|
|
|
|
|
|
|
74
|
|
|
|
|
74
|
|
||||||||||
|
Balance at December 31, 2010
|
$
|
19,668
|
|
|
$
|
5,685
|
|
|
$
|
1,287
|
|
|
$
|
(6,410
|
)
|
|
$
|
259
|
|
|
$
|
20,489
|
|
|
Net loss
|
|
|
|
|
|
|
(157
|
)
|
|
|
|
(157
|
)
|
||||||||||
|
Preferred stock dividends — U.S. Department of Treasury
|
|
|
|
|
|
|
(534
|
)
|
|
|
|
(534
|
)
|
||||||||||
|
Preferred stock dividends
|
|
|
|
|
|
|
(260
|
)
|
|
|
|
(260
|
)
|
||||||||||
|
Series A preferred stock amendment (c)
|
|
|
|
|
(32
|
)
|
|
32
|
|
|
|
|
—
|
|
|||||||||
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
(172
|
)
|
|
(172
|
)
|
||||||||||
|
Other (d)
|
|
|
|
|
|
|
5
|
|
|
|
|
5
|
|
||||||||||
|
Balance at December 31, 2011
|
$
|
19,668
|
|
|
$
|
5,685
|
|
|
$
|
1,255
|
|
|
$
|
(7,324
|
)
|
|
$
|
87
|
|
|
$
|
19,371
|
|
|
(a)
|
Effective June 30, 2009, we converted from a Delaware limited liability company into a Delaware corporation. Each unit of each class of common membership interest issued and outstanding immediately prior to the conversion was converted into an equivalent number of shares of common stock with substantially the same rights and preferences as the common membership interests. Upon conversion, holders of our preferred membership interests also received an equivalent number of preferred stock with substantially the same rights and preferences as the former preferred membership interests.
|
|
(b)
|
Relates to the adoption of ASU 2009-17,
Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
.
|
|
(c)
|
Refer to
Note 20
to the Consolidated Financial Statements for further detail.
|
|
(d)
|
Represents a reduction of the estimated payment accrued for tax distributions as a result of the completion of the GMAC LLC U.S. Return of Partnership Income for the tax period January 1, 2009, through June 30, 2009.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Operating activities
|
|
|
|
|
|
||||||
|
Net (loss) income
|
$
|
(157
|
)
|
|
$
|
1,075
|
|
|
$
|
(10,298
|
)
|
|
Reconciliation of net (loss) income to net cash provided by (used in) operating activities
|
|
|
|
|
|
||||||
|
Depreciation and amortization
|
2,713
|
|
|
4,100
|
|
|
5,958
|
|
|||
|
Impairment of goodwill and other intangible assets
|
—
|
|
|
—
|
|
|
607
|
|
|||
|
Other impairment
|
40
|
|
|
170
|
|
|
1,516
|
|
|||
|
Changes in fair value of mortgage servicing rights
|
1,606
|
|
|
872
|
|
|
142
|
|
|||
|
Provision for loan losses
|
217
|
|
|
469
|
|
|
6,173
|
|
|||
|
Gain on sale of loans, net
|
(459
|
)
|
|
(1,014
|
)
|
|
(192
|
)
|
|||
|
Net gain on investment securities
|
(294
|
)
|
|
(520
|
)
|
|
(2
|
)
|
|||
|
Loss (gain) on extinguishment of debt
|
64
|
|
|
123
|
|
|
(665
|
)
|
|||
|
Originations and purchases of loans held-for-sale
|
(60,270
|
)
|
|
(73,823
|
)
|
|
(88,283
|
)
|
|||
|
Proceeds from sales and repayments of loans held-for-sale
|
61,187
|
|
|
80,093
|
|
|
78,673
|
|
|||
|
Net change in
|
|
|
|
|
|
||||||
|
Trading assets
|
(483
|
)
|
|
(39
|
)
|
|
734
|
|
|||
|
Deferred income taxes
|
(198
|
)
|
|
(272
|
)
|
|
(402
|
)
|
|||
|
Interest payable
|
(98
|
)
|
|
177
|
|
|
83
|
|
|||
|
Other assets
|
(311
|
)
|
|
1,240
|
|
|
3,711
|
|
|||
|
Other liabilities
|
1,390
|
|
|
(504
|
)
|
|
(1,473
|
)
|
|||
|
Other, net
|
546
|
|
|
(540
|
)
|
|
(1,414
|
)
|
|||
|
Net cash provided by (used in) operating activities
|
5,493
|
|
|
11,607
|
|
|
(5,132
|
)
|
|||
|
Investing activities
|
|
|
|
|
|
||||||
|
Purchases of available-for-sale securities
|
(19,377
|
)
|
|
(24,116
|
)
|
|
(21,148
|
)
|
|||
|
Proceeds from sales of available-for-sale securities
|
14,232
|
|
|
17,872
|
|
|
10,153
|
|
|||
|
Proceeds from maturities of available-for-sale securities
|
4,965
|
|
|
4,527
|
|
|
4,527
|
|
|||
|
Net (increase) decrease in finance receivables and loans
|
(16,998
|
)
|
|
(17,344
|
)
|
|
15,062
|
|
|||
|
Proceeds from sales of finance receivables and loans
|
2,868
|
|
|
3,138
|
|
|
260
|
|
|||
|
Purchases of operating lease assets
|
(6,528
|
)
|
|
(3,551
|
)
|
|
(732
|
)
|
|||
|
Disposals of operating lease assets
|
5,517
|
|
|
8,627
|
|
|
6,612
|
|
|||
|
Proceeds from sale of business units, net (a)
|
50
|
|
|
161
|
|
|
296
|
|
|||
|
Other, net (b)
|
1,143
|
|
|
3,119
|
|
|
2,098
|
|
|||
|
Net cash (used in) provided by investing activities
|
(14,128
|
)
|
|
(7,567
|
)
|
|
17,128
|
|
|||
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Financing activities
|
|
|
|
|
|
||||||
|
Net change in short-term borrowings
|
514
|
|
|
(3,629
|
)
|
|
(338
|
)
|
|||
|
Net increase in bank deposits
|
5,840
|
|
|
6,556
|
|
|
10,703
|
|
|||
|
Proceeds from issuance of long-term debt
|
44,754
|
|
|
39,002
|
|
|
30,679
|
|
|||
|
Repayments of long-term debt
|
(40,473
|
)
|
|
(49,530
|
)
|
|
(61,493
|
)
|
|||
|
Proceeds from issuance of common stock
|
—
|
|
|
—
|
|
|
1,247
|
|
|||
|
Proceeds from issuance of preferred stock to the U.S. Department of Treasury
|
—
|
|
|
—
|
|
|
8,750
|
|
|||
|
Dividends paid
|
(819
|
)
|
|
(1,253
|
)
|
|
(1,592
|
)
|
|||
|
Other, net
|
234
|
|
|
869
|
|
|
1,064
|
|
|||
|
Net cash provided by (used in) financing activities
|
10,050
|
|
|
(7,985
|
)
|
|
(10,980
|
)
|
|||
|
Effect of exchange-rate changes on cash and cash equivalents
|
49
|
|
|
102
|
|
|
(602
|
)
|
|||
|
Net increase (decrease) in cash and cash equivalents
|
1,464
|
|
|
(3,843
|
)
|
|
414
|
|
|||
|
Adjustments for change in cash and cash equivalents of operations held-for-sale (a) (b)
|
(99
|
)
|
|
725
|
|
|
(777
|
)
|
|||
|
Cash and cash equivalents at beginning of year
|
11,670
|
|
|
14,788
|
|
|
15,151
|
|
|||
|
Cash and cash equivalents at end of year
|
$
|
13,035
|
|
|
$
|
11,670
|
|
|
$
|
14,788
|
|
|
Supplemental disclosures
|
|
|
|
|
|
||||||
|
Cash paid for
|
|
|
|
|
|
||||||
|
Interest
|
$
|
5,630
|
|
|
$
|
5,531
|
|
|
$
|
7,868
|
|
|
Income taxes
|
507
|
|
|
517
|
|
|
355
|
|
|||
|
Noncash items
|
|
|
|
|
|
||||||
|
Increase in finance receivables and loans due to a change in accounting principle (c)
|
—
|
|
|
17,990
|
|
|
—
|
|
|||
|
Increase in long-term debt due to a change in accounting principle (c)
|
—
|
|
|
17,054
|
|
|
—
|
|
|||
|
Transfer of mortgage servicing rights into trading assets through certification
|
266
|
|
|
—
|
|
|
—
|
|
|||
|
Capital contributions from stockholders/members
|
—
|
|
|
—
|
|
|
34
|
|
|||
|
Conversion of preferred stock to common equity
|
—
|
|
|
5,208
|
|
|
—
|
|
|||
|
Other disclosures
|
|
|
|
|
|
||||||
|
Proceeds from sales and repayments of mortgage loans held-for-investment originally designated as held-for-sale
|
241
|
|
|
1,324
|
|
|
1,010
|
|
|||
|
Consolidation of loans, net
|
—
|
|
|
137
|
|
|
1,410
|
|
|||
|
Consolidation of variable interest entity debt
|
—
|
|
|
78
|
|
|
1,184
|
|
|||
|
Deconsolidation of loans, net
|
—
|
|
|
1,969
|
|
|
—
|
|
|||
|
Deconsolidation of variable interest entity debt
|
—
|
|
|
1,903
|
|
|
—
|
|
|||
|
(a)
|
The amounts are net of cash and cash equivalents of $88 million at
December 31, 2011
, and $1.2 billion at December 31, 2010, of business units at the time of disposition.
|
|
(b)
|
Cash flows of operations held-for-sale are reflected within operating, investing, and financing activities in the Consolidated Statement of Cash Flows. The cash balance of these operations is reported as assets of operations held-for-sale on the Consolidated Balance Sheet.
|
|
(c)
|
Relates to the adoption of ASU 2009-17,
Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
.
|
|
•
|
Consumer automobile
— Consists of retail automobile financing for new and used vehicles.
|
|
•
|
Consumer mortgage
— Consists of the following classes of finance receivables.
|
|
•
|
1st Mortgage
—
Consists of residential mortgage loans that are secured in a first-lien position and have priority over all other liens or claims on the respective collateral.
|
|
•
|
Home equity
—
Consists of residential home equity loans or mortgages with a subordinate-lien position.
|
|
•
|
Commercial
—
Consists of the following classes of finance receivables.
|
|
•
|
Commercial and Industrial
|
|
•
|
Automobile
— Consists of financing operations to fund dealer purchases of new and used vehicle through wholesale or floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines of credit, and dealer fleet financing.
|
|
•
|
Mortgage
— Consists primarily of warehouse lending.
|
|
•
|
Other
— Consists of senior secured commercial lending and our resort finance portfolio prior to its sale during the third quarter of 2010.
|
|
•
|
Commercial Real Estate
|
|
•
|
Automobile
— Consists of term loans to finance dealership land and buildings.
|
|
•
|
Mortgage
— Related primarily to activities within our business capital group, which provides financing to residential land developers and homebuilders. These activities are in wind-down and do not represent a material component of our business.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Select Mortgage — Legacy and Other operations
|
|
|
|
|
|
||||||
|
Total net (loss) revenue
|
$
|
(4
|
)
|
|
$
|
95
|
|
|
$
|
(615
|
)
|
|
Pretax (loss) income including direct costs to transact a sale
|
(27
|
)
|
|
58
|
|
|
(2,235
|
)
|
|||
|
Tax benefit
|
(7
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||
|
Select Global Automotive Services — Insurance operations
|
|
|
|
|
|
||||||
|
Total net revenue
|
$
|
241
|
|
|
$
|
536
|
|
|
$
|
1,575
|
|
|
Pretax income (loss) including direct costs to transact a sale (a)
|
25
|
|
|
(17
|
)
|
|
(802
|
)
|
|||
|
Tax expense (benefit)
|
4
|
|
|
1
|
|
|
(101
|
)
|
|||
|
Select Global Automotive Services — International operations
|
|
|
|
|
|
||||||
|
Total net revenue
|
$
|
73
|
|
|
$
|
221
|
|
|
$
|
494
|
|
|
Pretax (loss) income including direct costs to transact a sale (a)
|
(45
|
)
|
|
32
|
|
|
(380
|
)
|
|||
|
Tax expense (benefit)
|
1
|
|
|
(9
|
)
|
|
(22
|
)
|
|||
|
Select Corporate and Other — Commercial Finance operations
|
|
|
|
|
|
||||||
|
Total net revenue
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
39
|
|
|
Pretax income (loss) including direct costs to transact a sale (a)
|
—
|
|
|
7
|
|
|
(32
|
)
|
|||
|
Tax benefit
|
—
|
|
|
—
|
|
|
(9
|
)
|
|||
|
(a)
|
Includes certain income tax activity recognized by Corporate and Other.
|
|
December 31, 2011
($ in millions)
|
Select
Mortgage –
Legacy and
Other operations (a)
|
|
Select
Global Automotive Services –Insurance
operations (b)
|
|
Select
Global Automotive Services – International
operations (c)
|
|
Total
held-for-sale
operations
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
||||||||
|
Noninterest-bearing
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
55
|
|
|
$
|
59
|
|
|
Interest-bearing
|
—
|
|
|
54
|
|
|
38
|
|
|
92
|
|
||||
|
Total cash and cash equivalents
|
—
|
|
|
58
|
|
|
93
|
|
|
151
|
|
||||
|
Investment securities
|
—
|
|
|
186
|
|
|
—
|
|
|
186
|
|
||||
|
Loans held-for-sale, net
|
260
|
|
|
—
|
|
|
—
|
|
|
260
|
|
||||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
|
||||||||
|
Finance receivables and loans, net
|
285
|
|
|
—
|
|
|
11
|
|
|
296
|
|
||||
|
Allowance for loan losses
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
|
Total finance receivables and loans, net
|
285
|
|
|
—
|
|
|
10
|
|
|
295
|
|
||||
|
Investment in operating leases, net
|
—
|
|
|
—
|
|
|
91
|
|
|
91
|
|
||||
|
Premiums receivable and other insurance assets
|
—
|
|
|
77
|
|
|
—
|
|
|
77
|
|
||||
|
Other assets
|
140
|
|
|
14
|
|
|
30
|
|
|
184
|
|
||||
|
Impairment on assets of held-for-sale operations
|
—
|
|
|
—
|
|
|
(174
|
)
|
|
(174
|
)
|
||||
|
Total assets
|
$
|
685
|
|
|
$
|
335
|
|
|
$
|
50
|
|
|
$
|
1,070
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Unearned insurance premiums and service revenue
|
$
|
—
|
|
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
130
|
|
|
Reserves for insurance losses and loss adjustment expenses
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||
|
Accrued expenses and other liabilities
|
80
|
|
|
82
|
|
|
28
|
|
|
190
|
|
||||
|
Total liabilities
|
$
|
80
|
|
|
$
|
229
|
|
|
$
|
28
|
|
|
$
|
337
|
|
|
(a)
|
Includes the Canadian mortgage operations of ResMor Trust.
|
|
(b)
|
Includes our U.K.-based operations that provide vehicle service contracts and insurance products.
|
|
(c)
|
Includes the operations of Venezuela and our full-service leasing operations in Austria, Germany, Greece, Portugal, and Spain.
|
|
December 31, 2010
($ in millions)
|
Select
Global Automotive Services –Insurance
operations (a)
|
|
Select
Global Automotive Services – International
operations (b)
|
|
Total
held-for-sale
operations
|
||||||
|
Assets
|
|
|
|
|
|
||||||
|
Cash and cash equivalents
|
|
|
|
|
|
||||||
|
Noninterest-bearing
|
$
|
5
|
|
|
$
|
14
|
|
|
$
|
19
|
|
|
Interest-bearing
|
—
|
|
|
33
|
|
|
33
|
|
|||
|
Total cash and cash equivalents
|
5
|
|
|
47
|
|
|
52
|
|
|||
|
Investment securities
|
435
|
|
|
—
|
|
|
435
|
|
|||
|
Finance receivables and loans, net
|
|
|
|
|
|
||||||
|
Finance receivables and loans, net
|
—
|
|
|
242
|
|
|
242
|
|
|||
|
Allowance for loan losses
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||
|
Total finance receivables and loans, net
|
—
|
|
|
239
|
|
|
239
|
|
|||
|
Premiums receivable and other insurance assets
|
169
|
|
|
—
|
|
|
169
|
|
|||
|
Other assets
|
138
|
|
|
16
|
|
|
154
|
|
|||
|
Impairment on assets of held-for-sale operations
|
(224
|
)
|
|
(135
|
)
|
|
(359
|
)
|
|||
|
Total assets
|
$
|
523
|
|
|
$
|
167
|
|
|
$
|
690
|
|
|
Liabilities
|
|
|
|
|
|
||||||
|
Interest-bearing deposit liabilities
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
Short-term borrowings
|
—
|
|
|
47
|
|
|
47
|
|
|||
|
Long-term debt
|
—
|
|
|
115
|
|
|
115
|
|
|||
|
Interest payable
|
—
|
|
|
2
|
|
|
2
|
|
|||
|
Unearned insurance premiums and service revenue
|
115
|
|
|
—
|
|
|
115
|
|
|||
|
Reserves for insurance losses and loss adjustment expenses
|
362
|
|
|
—
|
|
|
362
|
|
|||
|
Accrued expenses and other liabilities
|
33
|
|
|
—
|
|
|
33
|
|
|||
|
Total liabilities
|
$
|
510
|
|
|
$
|
170
|
|
|
$
|
680
|
|
|
(a)
|
Includes the U.K. consumer property and casualty insurance business.
|
|
(b)
|
Includes the operations of Ecuador and Venezuela.
|
|
|
Recurring fair value measurements
|
||||||||||||||
|
December 31, 2011
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Investment securities
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
||||||||
|
Foreign government
|
$
|
171
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
186
|
|
|
Other assets
|
|
|
|
|
|
|
|
||||||||
|
Interest retained in financial asset sales
|
—
|
|
|
—
|
|
|
66
|
|
|
66
|
|
||||
|
Total assets
|
$
|
171
|
|
|
$
|
15
|
|
|
$
|
66
|
|
|
$
|
252
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Recurring fair value measurements
|
||||||||||||||
|
December 31, 2010
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
||||||||
|
Foreign government
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
256
|
|
|
Other
|
—
|
|
|
179
|
|
|
—
|
|
|
179
|
|
||||
|
Total assets
|
$
|
256
|
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
435
|
|
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||||
|
Year ended December 31,
($ in millions)
|
Written
|
|
Earned
|
|
Written
|
|
Earned
|
|
Written
|
|
Earned
|
||||||||||||
|
Insurance premiums
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Direct
|
$
|
817
|
|
|
$
|
742
|
|
|
$
|
803
|
|
|
$
|
734
|
|
|
$
|
728
|
|
|
$
|
779
|
|
|
Assumed
|
38
|
|
|
77
|
|
|
210
|
|
|
281
|
|
|
576
|
|
|
662
|
|
||||||
|
Gross insurance premiums
|
855
|
|
|
819
|
|
|
1,013
|
|
|
1,015
|
|
|
1,304
|
|
|
1,441
|
|
||||||
|
Ceded
|
(167
|
)
|
|
(164
|
)
|
|
(267
|
)
|
|
(266
|
)
|
|
(603
|
)
|
|
(694
|
)
|
||||||
|
Net insurance premiums
|
688
|
|
|
655
|
|
|
746
|
|
|
749
|
|
|
701
|
|
|
747
|
|
||||||
|
Service revenue
|
815
|
|
|
918
|
|
|
743
|
|
|
1,001
|
|
|
661
|
|
|
1,114
|
|
||||||
|
Insurance premiums and service revenue written and earned
|
$
|
1,503
|
|
|
$
|
1,573
|
|
|
$
|
1,489
|
|
|
$
|
1,750
|
|
|
$
|
1,362
|
|
|
$
|
1,861
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Mortgage processing fees and other mortgage income
|
$
|
231
|
|
|
$
|
234
|
|
|
$
|
128
|
|
|
Securitzation income (loss)
|
182
|
|
|
(21
|
)
|
|
(14
|
)
|
|||
|
Late charges and other administrative fees
|
117
|
|
|
139
|
|
|
156
|
|
|||
|
Remarketing fees
|
112
|
|
|
137
|
|
|
128
|
|
|||
|
Income from equity-method investments
|
86
|
|
|
56
|
|
|
17
|
|
|||
|
Real estate services, net
|
15
|
|
|
9
|
|
|
(267
|
)
|
|||
|
Fair value adjustment on derivatives (a)
|
(148
|
)
|
|
(162
|
)
|
|
(56
|
)
|
|||
|
Change due to fair value option elections (b)
|
(101
|
)
|
|
(217
|
)
|
|
(215
|
)
|
|||
|
Other, net
|
260
|
|
|
362
|
|
|
313
|
|
|||
|
Total other income, net of losses
|
$
|
754
|
|
|
$
|
537
|
|
|
$
|
190
|
|
|
(a)
|
Refer to
Note 24
for a description of derivative instruments and hedging activities.
|
|
(b)
|
Refer to
Note 27
for a description of fair value option elections.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Technology and communications
|
$
|
496
|
|
|
$
|
498
|
|
|
$
|
586
|
|
|
Insurance commissions
|
482
|
|
|
564
|
|
|
603
|
|
|||
|
Professional services
|
352
|
|
|
294
|
|
|
557
|
|
|||
|
Mortgage representation and warranty obligation, net
|
324
|
|
|
670
|
|
|
1,494
|
|
|||
|
Regulatory penalties imposed in foreclosure related matters
|
223
|
|
|
—
|
|
|
—
|
|
|||
|
Advertising and marketing
|
191
|
|
|
171
|
|
|
200
|
|
|||
|
Lease and loan administration
|
187
|
|
|
160
|
|
|
163
|
|
|||
|
Regulatory and licensing fees
|
132
|
|
|
118
|
|
|
28
|
|
|||
|
State and local non-income taxes
|
131
|
|
|
110
|
|
|
118
|
|
|||
|
Vehicle remarketing and repossession
|
128
|
|
|
188
|
|
|
189
|
|
|||
|
Premises and equipment depreciation
|
97
|
|
|
90
|
|
|
81
|
|
|||
|
Occupancy
|
95
|
|
|
92
|
|
|
102
|
|
|||
|
Restructuring expense
|
51
|
|
|
80
|
|
|
44
|
|
|||
|
Other
|
609
|
|
|
630
|
|
|
834
|
|
|||
|
Total other operating expenses
|
$
|
3,498
|
|
|
$
|
3,665
|
|
|
$
|
4,999
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
U.S. Treasury
|
$
|
—
|
|
|
$
|
77
|
|
|
Mortgage-backed residential
|
608
|
|
|
69
|
|
||
|
Asset-backed
|
—
|
|
|
94
|
|
||
|
Total trading securities
|
608
|
|
|
240
|
|
||
|
Trading derivatives
|
14
|
|
|
—
|
|
||
|
Total trading assets
|
$
|
622
|
|
|
$
|
240
|
|
|
Net unrealized gains on securities held at December 31, (a)
|
$
|
19
|
|
|
$
|
21
|
|
|
(a)
|
Net unrealized gains totaled $203 million at December 31, 2009.
|
|
|
2011
|
|
2010
|
||||||||||||||||||||||||||||
|
|
Amortized cost
|
|
Gross unrealized
|
|
Fair
value |
|
Amortized cost
|
|
Gross unrealized
|
|
Fair
value |
||||||||||||||||||||
|
December 31,
($ in millions)
|
gains
|
|
losses
|
|
gains
|
|
losses
|
|
|||||||||||||||||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and federal agencies
|
$
|
1,535
|
|
|
$
|
13
|
|
|
$
|
(2
|
)
|
|
$
|
1,546
|
|
|
$
|
3,307
|
|
|
$
|
22
|
|
|
$
|
(11
|
)
|
|
$
|
3,318
|
|
|
States and political subdivisions
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
(1
|
)
|
|
2
|
|
||||||||
|
Foreign government
|
765
|
|
|
20
|
|
|
(1
|
)
|
|
784
|
|
|
1,231
|
|
|
19
|
|
|
(2
|
)
|
|
1,248
|
|
||||||||
|
Mortgage-backed residential (a)
|
7,266
|
|
|
87
|
|
|
(41
|
)
|
|
7,312
|
|
|
5,844
|
|
|
60
|
|
|
(79
|
)
|
|
5,825
|
|
||||||||
|
Asset-backed
|
2,600
|
|
|
28
|
|
|
(13
|
)
|
|
2,615
|
|
|
1,934
|
|
|
15
|
|
|
(1
|
)
|
|
1,948
|
|
||||||||
|
Corporate debt
|
1,486
|
|
|
23
|
|
|
(18
|
)
|
|
1,491
|
|
|
1,537
|
|
|
34
|
|
|
(13
|
)
|
|
1,558
|
|
||||||||
|
Other
|
326
|
|
|
1
|
|
|
—
|
|
|
327
|
|
|
152
|
|
|
—
|
|
|
(1
|
)
|
|
151
|
|
||||||||
|
Total debt securities (b)
|
13,979
|
|
|
172
|
|
|
(75
|
)
|
|
14,076
|
|
|
14,008
|
|
|
150
|
|
|
(108
|
)
|
|
14,050
|
|
||||||||
|
Equity securities
|
1,188
|
|
|
25
|
|
|
(154
|
)
|
|
1,059
|
|
|
766
|
|
|
60
|
|
|
(30
|
)
|
|
796
|
|
||||||||
|
Total available-for-sale securities (c)
|
$
|
15,167
|
|
|
$
|
197
|
|
|
$
|
(229
|
)
|
|
$
|
15,135
|
|
|
$
|
14,774
|
|
|
$
|
210
|
|
|
$
|
(138
|
)
|
|
$
|
14,846
|
|
|
(a)
|
Residential MBS include agency-backed bonds totaling $6,114 million and $4,503 million at
December 31, 2011
and
2010
, respectively.
|
|
(b)
|
In connection with certain borrowings and letters of credit relating to certain assumed reinsurance contracts, $153 million of primarily U.K. Treasury securities were pledged as collateral at
December 31, 2010
. No equivalent securities were pledged at December 31, 2011.
|
|
(c)
|
Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $16 million and $12 million at
December 31, 2011
and
2010
, respectively.
|
|
December 31, 2011
|
Total
|
|
Due in
one year or less |
|
Due after one
year through five years |
|
Due after five
years through ten years |
|
Due after ten
years (a) |
|||||||||||||||||||||||||
|
($ in millions)
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
Fair value of available-for-sale debt securities (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
U.S. Treasury and federal agencies
|
$
|
1,546
|
|
|
0.9
|
%
|
|
$
|
231
|
|
|
—
|
%
|
|
$
|
1,202
|
|
|
0.9
|
%
|
|
$
|
113
|
|
|
2.2
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
States and political subdivisions
|
1
|
|
|
5.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5.4
|
|
|||||
|
Foreign government
|
784
|
|
|
4.4
|
|
|
77
|
|
|
7.7
|
|
|
506
|
|
|
4.3
|
|
|
201
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|||||
|
Mortgage-backed residential
|
7,312
|
|
|
2.5
|
|
|
3
|
|
|
4.8
|
|
|
2
|
|
|
6.3
|
|
|
189
|
|
|
2.6
|
|
|
7,118
|
|
|
2.5
|
|
|||||
|
Asset-backed
|
2,615
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
1,599
|
|
|
1.9
|
|
|
574
|
|
|
1.9
|
|
|
442
|
|
|
3.2
|
|
|||||
|
Corporate debt
|
1,491
|
|
|
4.9
|
|
|
19
|
|
|
4.9
|
|
|
741
|
|
|
4.4
|
|
|
606
|
|
|
5.6
|
|
|
125
|
|
|
4.7
|
|
|||||
|
Other
|
327
|
|
|
1.4
|
|
|
316
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|||||
|
Total available-for-sale debt securities
|
$
|
14,076
|
|
|
2.6
|
|
|
$
|
646
|
|
|
1.7
|
|
|
$
|
4,050
|
|
|
2.4
|
|
|
$
|
1,694
|
|
|
3.5
|
|
|
$
|
7,686
|
|
|
2.6
|
|
|
Amortized cost of available-for-sale debt securities
|
$
|
13,979
|
|
|
|
|
$
|
644
|
|
|
|
|
$
|
4,026
|
|
|
|
|
$
|
1,678
|
|
|
|
|
$
|
7,631
|
|
|
|
|||||
|
(a)
|
Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment options.
|
|
(b)
|
Yields on tax-exempt obligations have been computed on a tax-equivalent basis.
|
|
December 31, 2010
|
Total
|
|
Due in
one year or less |
|
Due after one
year through five years |
|
Due after five
years through ten years |
|
Due after ten
years (a) |
|||||||||||||||||||||||||
|
($ in millions)
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
Fair value of available-for-sale debt securities (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
U.S. Treasury and federal agencies
|
$
|
3,318
|
|
|
1.4
|
%
|
|
$
|
124
|
|
|
1.2
|
%
|
|
$
|
3,094
|
|
|
1.3
|
%
|
|
$
|
100
|
|
|
3.7
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
States and political subdivisions
|
2
|
|
|
8.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
8.7
|
|
|||||
|
Foreign government
|
1,248
|
|
|
3.1
|
|
|
7
|
|
|
2.2
|
|
|
1,092
|
|
|
3.1
|
|
|
149
|
|
|
3.5
|
|
|
—
|
|
|
—
|
|
|||||
|
Mortgage-backed residential
|
5,825
|
|
|
3.8
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
3.2
|
|
|
64
|
|
|
4.4
|
|
|
5,704
|
|
|
3.8
|
|
|||||
|
Asset-backed
|
1,948
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
1,146
|
|
|
2.2
|
|
|
500
|
|
|
2.4
|
|
|
302
|
|
|
4.0
|
|
|||||
|
Corporate debt
|
1,558
|
|
|
3.9
|
|
|
22
|
|
|
5.7
|
|
|
811
|
|
|
3.5
|
|
|
593
|
|
|
4.3
|
|
|
132
|
|
|
4.0
|
|
|||||
|
Other
|
151
|
|
|
1.5
|
|
|
151
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total available-for-sale debt securities
|
$
|
14,050
|
|
|
3.0
|
|
|
$
|
304
|
|
|
1.7
|
|
|
$
|
6,200
|
|
|
2.1
|
|
|
$
|
1,406
|
|
|
3.5
|
|
|
$
|
6,140
|
|
|
3.8
|
|
|
Amortized cost of available-for-sale debt securities
|
$
|
14,008
|
|
|
|
|
$
|
305
|
|
|
|
|
$
|
6,152
|
|
|
|
|
$
|
1,388
|
|
|
|
|
$
|
6,163
|
|
|
|
|||||
|
(a)
|
Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment options.
|
|
(b)
|
Yields on tax-exempt obligations have been computed on a tax-equivalent basis.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Gross realized gains
|
$
|
333
|
|
|
$
|
540
|
|
|
$
|
346
|
|
|
Gross realized losses
|
(28
|
)
|
|
(35
|
)
|
|
(129
|
)
|
|||
|
Other-than-temporary impairment
|
(11
|
)
|
|
(1
|
)
|
|
(55
|
)
|
|||
|
Net realized gains
|
$
|
294
|
|
|
$
|
504
|
|
|
$
|
162
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Taxable interest
|
$
|
373
|
|
|
$
|
329
|
|
|
$
|
174
|
|
|
Taxable dividends
|
25
|
|
|
17
|
|
|
9
|
|
|||
|
Interest and dividends exempt from U.S. federal income tax
|
—
|
|
|
10
|
|
|
37
|
|
|||
|
Interest and dividends on available-for-sale securities
|
$
|
398
|
|
|
$
|
356
|
|
|
$
|
220
|
|
|
|
2011
|
|
2010
|
||||||||||||||||||||||||||||
|
|
Less than
12 months |
|
12 months
or longer |
|
Less than
12 months |
|
12 months
or longer |
||||||||||||||||||||||||
|
December 31,
($ in millions)
|
Fair
value |
|
Unrealized
loss |
|
Fair
value |
|
Unrealized
loss |
|
Fair
value |
|
Unrealized
loss |
|
Fair
value |
|
Unrealized
loss |
||||||||||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and federal agencies
|
$
|
179
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
702
|
|
|
$
|
(11
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
States and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||||
|
Foreign government
|
197
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
323
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||||||
|
Mortgage-backed residential
|
2,302
|
|
|
(39
|
)
|
|
45
|
|
|
(2
|
)
|
|
3,159
|
|
|
(77
|
)
|
|
11
|
|
|
(2
|
)
|
||||||||
|
Asset-backed
|
994
|
|
|
(13
|
)
|
|
1
|
|
|
—
|
|
|
238
|
|
|
(1
|
)
|
|
2
|
|
|
—
|
|
||||||||
|
Corporate debt
|
444
|
|
|
(16
|
)
|
|
30
|
|
|
(2
|
)
|
|
653
|
|
|
(13
|
)
|
|
5
|
|
|
—
|
|
||||||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||||
|
Total temporarily impaired debt securities
|
4,116
|
|
|
(71
|
)
|
|
76
|
|
|
(4
|
)
|
|
5,157
|
|
|
(106
|
)
|
|
18
|
|
|
(2
|
)
|
||||||||
|
Temporarily impaired equity securities
|
770
|
|
|
(148
|
)
|
|
18
|
|
|
(6
|
)
|
|
250
|
|
|
(27
|
)
|
|
26
|
|
|
(3
|
)
|
||||||||
|
Total temporarily impaired available-for-sale securities
|
$
|
4,886
|
|
|
$
|
(219
|
)
|
|
$
|
94
|
|
|
$
|
(10
|
)
|
|
$
|
5,407
|
|
|
$
|
(133
|
)
|
|
$
|
44
|
|
|
$
|
(5
|
)
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
December 31, (
$ in millions
)
|
Domestic
|
|
Foreign
|
|
Total
|
|
Domestic
|
|
Foreign
|
|
Total
|
||||||||||||
|
Consumer automobile
|
$
|
425
|
|
|
$
|
—
|
|
|
$
|
425
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
7,360
|
|
|
12
|
|
|
7,372
|
|
|
10,191
|
|
|
364
|
|
|
10,555
|
|
||||||
|
Home equity
|
740
|
|
|
—
|
|
|
740
|
|
|
856
|
|
|
—
|
|
|
856
|
|
||||||
|
Total consumer mortgage (a)
|
8,100
|
|
|
12
|
|
|
8,112
|
|
|
11,047
|
|
|
364
|
|
|
11,411
|
|
||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total loans held-for-sale (b)
|
$
|
8,545
|
|
|
$
|
12
|
|
|
$
|
8,557
|
|
|
$
|
11,047
|
|
|
$
|
364
|
|
|
$
|
11,411
|
|
|
(a)
|
Fair value option-elected domestic consumer mortgages were $
3.9 billion
and $6.4 billion at
December 31, 2011
and
2010
, respectively. Refer to
Note 27
for additional information.
|
|
(b)
|
Totals are net of unamortized premiums and discounts and deferred fees and costs. Included in the totals are net unamortized discounts of $221 million and $161 million at
December 31, 2011
and
2010
, respectively.
|
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
||||
|
High original loan-to-value (greater than 100%) mortgage loans
|
$
|
423
|
|
|
$
|
331
|
|
|
Payment-option adjustable-rate mortgage loans
|
12
|
|
|
16
|
|
||
|
Interest-only mortgage loans
|
298
|
|
|
481
|
|
||
|
Below-market rate (teaser) mortgages
|
169
|
|
|
151
|
|
||
|
Total higher-risk mortgage loans held-for-sale (a)
|
$
|
902
|
|
|
$
|
979
|
|
|
(a)
|
The majority of these loans are held by our Mortgage Legacy Portfolio and Other operations at
December 31, 2011
and
2010
.
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
December 31, (
$ in millions
)
|
Domestic
|
|
Foreign
|
|
Total
|
|
Domestic
|
|
Foreign
|
|
Total
|
||||||||||||
|
Consumer automobile
|
$
|
46,576
|
|
|
$
|
16,883
|
|
|
$
|
63,459
|
|
|
$
|
34,604
|
|
|
$
|
16,650
|
|
|
$
|
51,254
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
6,867
|
|
|
24
|
|
|
6,891
|
|
|
6,917
|
|
|
390
|
|
|
7,307
|
|
||||||
|
Home equity
|
3,102
|
|
|
—
|
|
|
3,102
|
|
|
3,441
|
|
|
—
|
|
|
3,441
|
|
||||||
|
Total consumer mortgage
|
9,969
|
|
|
24
|
|
|
9,993
|
|
|
10,358
|
|
|
390
|
|
|
10,748
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
26,552
|
|
|
8,265
|
|
|
34,817
|
|
|
24,944
|
|
|
8,398
|
|
|
33,342
|
|
||||||
|
Mortgage
|
1,887
|
|
|
24
|
|
|
1,911
|
|
|
1,540
|
|
|
41
|
|
|
1,581
|
|
||||||
|
Other
|
1,178
|
|
|
63
|
|
|
1,241
|
|
|
1,795
|
|
|
312
|
|
|
2,107
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
2,331
|
|
|
154
|
|
|
2,485
|
|
|
2,071
|
|
|
216
|
|
|
2,287
|
|
||||||
|
Mortgage
|
—
|
|
|
14
|
|
|
14
|
|
|
1
|
|
|
78
|
|
|
79
|
|
||||||
|
Total commercial
|
31,948
|
|
|
8,520
|
|
|
40,468
|
|
|
30,351
|
|
|
9,045
|
|
|
39,396
|
|
||||||
|
Loans at fair value (a)
|
603
|
|
|
232
|
|
|
835
|
|
|
663
|
|
|
352
|
|
|
1,015
|
|
||||||
|
Total finance receivables and loans (b)
|
$
|
89,096
|
|
|
$
|
25,659
|
|
|
$
|
114,755
|
|
|
$
|
75,976
|
|
|
$
|
26,437
|
|
|
$
|
102,413
|
|
|
(a)
|
Includes domestic consumer mortgages at fair value as a result of fair value option election. Refer to
Note 27
for additional information.
|
|
(b)
|
Totals are net of unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.9 billion at both
December 31, 2011
and
2010
, respectively.
|
|
($ in millions)
|
Consumer
automobile |
|
Consumer
mortgage |
|
Commercial
|
|
Total
|
||||||||
|
Allowance at January 1, 2011
|
$
|
970
|
|
|
$
|
580
|
|
|
$
|
323
|
|
|
$
|
1,873
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
(435
|
)
|
|
(205
|
)
|
|
(27
|
)
|
|
(667
|
)
|
||||
|
Foreign
|
(145
|
)
|
|
(5
|
)
|
|
(63
|
)
|
|
(213
|
)
|
||||
|
Total charge-offs
|
(580
|
)
|
|
(210
|
)
|
|
(90
|
)
|
|
(880
|
)
|
||||
|
Recoveries
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
186
|
|
|
16
|
|
|
25
|
|
|
227
|
|
||||
|
Foreign
|
73
|
|
|
1
|
|
|
26
|
|
|
100
|
|
||||
|
Total recoveries
|
259
|
|
|
17
|
|
|
51
|
|
|
327
|
|
||||
|
Net charge-offs
|
(321
|
)
|
|
(193
|
)
|
|
(39
|
)
|
|
(553
|
)
|
||||
|
Provision for loan losses
|
154
|
|
|
129
|
|
|
(64
|
)
|
|
219
|
|
||||
|
Other
|
(37
|
)
|
|
—
|
|
|
1
|
|
|
(36
|
)
|
||||
|
Allowance at December 31, 2011
|
$
|
766
|
|
|
$
|
516
|
|
|
$
|
221
|
|
|
$
|
1,503
|
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Individually evaluated for impairment
|
$
|
7
|
|
|
$
|
172
|
|
|
$
|
61
|
|
|
$
|
240
|
|
|
Collectively evaluated for impairment
|
749
|
|
|
344
|
|
|
160
|
|
|
1,253
|
|
||||
|
Loans acquired with deteriorated credit quality
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
|
Finance receivables and loans at historical cost
|
|
|
|
|
|
|
|
||||||||
|
Ending balance
|
63,459
|
|
|
9,993
|
|
|
40,468
|
|
|
113,920
|
|
||||
|
Individually evaluated for impairment
|
69
|
|
|
606
|
|
|
464
|
|
|
1,139
|
|
||||
|
Collectively evaluated for impairment
|
63,302
|
|
|
9,387
|
|
|
40,004
|
|
|
112,693
|
|
||||
|
Loans acquired with deteriorated credit quality
|
88
|
|
|
—
|
|
|
—
|
|
|
88
|
|
||||
|
($ in millions)
|
Consumer
automobile |
|
Consumer
mortgage |
|
Commercial
|
|
Total
|
||||||||
|
Allowance at January 1, 2010
|
$
|
1,024
|
|
|
$
|
640
|
|
|
$
|
781
|
|
|
$
|
2,445
|
|
|
Cumulative effect of change in accounting principles (a)
|
222
|
|
|
—
|
|
|
—
|
|
|
222
|
|
||||
|
Charge-offs
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
(776
|
)
|
|
(239
|
)
|
|
(282
|
)
|
|
(1,297
|
)
|
||||
|
Foreign
|
(194
|
)
|
|
(4
|
)
|
|
(151
|
)
|
|
(349
|
)
|
||||
|
Total charge-offs
|
(970
|
)
|
|
(243
|
)
|
|
(433
|
)
|
|
(1,646
|
)
|
||||
|
Recoveries
|
|
|
|
|
|
|
|
||||||||
|
Domestic
|
319
|
|
|
26
|
|
|
18
|
|
|
363
|
|
||||
|
Foreign
|
71
|
|
|
1
|
|
|
13
|
|
|
85
|
|
||||
|
Total recoveries
|
390
|
|
|
27
|
|
|
31
|
|
|
448
|
|
||||
|
Net charge-offs
|
(580
|
)
|
|
(216
|
)
|
|
(402
|
)
|
|
(1,198
|
)
|
||||
|
Provision for loan losses
|
304
|
|
|
164
|
|
|
(26
|
)
|
|
442
|
|
||||
|
Discontinued operations
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
||||
|
Other
|
—
|
|
|
(8
|
)
|
|
(26
|
)
|
|
(34
|
)
|
||||
|
Allowance at December 31, 2010
|
$
|
970
|
|
|
$
|
580
|
|
|
$
|
323
|
|
|
$
|
1,873
|
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
||||||||
|
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
100
|
|
|
$
|
127
|
|
|
$
|
227
|
|
|
Collectively evaluated for impairment
|
970
|
|
|
480
|
|
|
196
|
|
|
1,646
|
|
||||
|
Loans acquired with deteriorated credit quality
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||
|
Finance receivables and loans at historical cost
|
|
|
|
|
|
|
|
||||||||
|
Ending balance
|
51,254
|
|
|
10,748
|
|
|
39,396
|
|
|
101,398
|
|
||||
|
Individually evaluated for impairment
|
—
|
|
|
487
|
|
|
1,308
|
|
|
1,795
|
|
||||
|
Collectively evaluated for impairment
|
51,254
|
|
|
10,261
|
|
|
38,088
|
|
|
99,603
|
|
||||
|
Loans acquired with deteriorated credit quality
|
170
|
|
|
—
|
|
|
—
|
|
|
170
|
|
||||
|
(a)
|
Effect of change in accounting principle due to adoption of ASU 2009-17,
Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
.
|
|
December 31, (
$ in millions
)
|
2011
|
||
|
Consumer automobile
|
$
|
3,279
|
|
|
Consumer mortgage
|
107
|
|
|
|
Commercial
|
34
|
|
|
|
Total sales and transfers
|
$
|
3,420
|
|
|
December 31,
(
$ in millions
)
|
30-59 days
past due |
|
60-89 days
past due |
|
90 days
or more past due |
|
Total
past due |
|
Current
|
|
Total finance
receivables and loans |
||||||||||||
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
$
|
802
|
|
|
$
|
162
|
|
|
$
|
179
|
|
|
$
|
1,143
|
|
|
$
|
62,316
|
|
|
$
|
63,459
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
91
|
|
|
35
|
|
|
162
|
|
|
288
|
|
|
6,603
|
|
|
6,891
|
|
||||||
|
Home equity
|
21
|
|
|
11
|
|
|
18
|
|
|
50
|
|
|
3,052
|
|
|
3,102
|
|
||||||
|
Total consumer mortgage
|
112
|
|
|
46
|
|
|
180
|
|
|
338
|
|
|
9,655
|
|
|
9,993
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
—
|
|
|
1
|
|
|
126
|
|
|
127
|
|
|
34,690
|
|
|
34,817
|
|
||||||
|
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,911
|
|
|
1,911
|
|
||||||
|
Other
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1,240
|
|
|
1,241
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
2
|
|
|
1
|
|
|
34
|
|
|
37
|
|
|
2,448
|
|
|
2,485
|
|
||||||
|
Mortgage
|
—
|
|
|
2
|
|
|
12
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||||
|
Total commercial
|
2
|
|
|
4
|
|
|
173
|
|
|
179
|
|
|
40,289
|
|
|
40,468
|
|
||||||
|
Total consumer and commercial
|
$
|
916
|
|
|
$
|
212
|
|
|
$
|
532
|
|
|
$
|
1,660
|
|
|
$
|
112,260
|
|
|
$
|
113,920
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
$
|
828
|
|
|
$
|
175
|
|
|
$
|
197
|
|
|
$
|
1,200
|
|
|
$
|
50,054
|
|
|
$
|
51,254
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
115
|
|
|
67
|
|
|
205
|
|
|
387
|
|
|
6,920
|
|
|
7,307
|
|
||||||
|
Home equity
|
20
|
|
|
12
|
|
|
13
|
|
|
45
|
|
|
3,396
|
|
|
3,441
|
|
||||||
|
Total consumer mortgage
|
135
|
|
|
79
|
|
|
218
|
|
|
432
|
|
|
10,316
|
|
|
10,748
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
21
|
|
|
19
|
|
|
85
|
|
|
125
|
|
|
33,217
|
|
|
33,342
|
|
||||||
|
Mortgage
|
—
|
|
|
36
|
|
|
4
|
|
|
40
|
|
|
1,541
|
|
|
1,581
|
|
||||||
|
Other
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
|
2,087
|
|
|
2,107
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
—
|
|
|
4
|
|
|
78
|
|
|
82
|
|
|
2,205
|
|
|
2,287
|
|
||||||
|
Mortgage
|
—
|
|
|
—
|
|
|
71
|
|
|
71
|
|
|
8
|
|
|
79
|
|
||||||
|
Total commercial
|
21
|
|
|
59
|
|
|
258
|
|
|
338
|
|
|
39,058
|
|
|
39,396
|
|
||||||
|
Total consumer and commercial
|
$
|
984
|
|
|
$
|
313
|
|
|
$
|
673
|
|
|
$
|
1,970
|
|
|
$
|
99,428
|
|
|
$
|
101,398
|
|
|
December 31, (
$ in millions
)
|
2011
|
|
2010
|
||||
|
Consumer automobile
|
$
|
228
|
|
|
$
|
207
|
|
|
Consumer mortgage
|
|
|
|
||||
|
1st Mortgage
|
281
|
|
|
500
|
|
||
|
Home equity
|
58
|
|
|
61
|
|
||
|
Total consumer mortgage
|
339
|
|
|
561
|
|
||
|
Commercial
|
|
|
|
||||
|
Commercial and industrial
|
|
|
|
||||
|
Automobile
|
223
|
|
|
296
|
|
||
|
Mortgage
|
—
|
|
|
40
|
|
||
|
Other
|
37
|
|
|
134
|
|
||
|
Commercial real estate
|
|
|
|
||||
|
Automobile
|
67
|
|
|
199
|
|
||
|
Mortgage
|
12
|
|
|
71
|
|
||
|
Total commercial
|
339
|
|
|
740
|
|
||
|
Total consumer and commercial finance receivables and loans
|
$
|
906
|
|
|
$
|
1,508
|
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
December 31, (
$ in millions
)
|
Performing
|
|
Nonperforming
|
|
Total
|
|
Performing
|
|
Nonperforming
|
|
Total
|
||||||||||||
|
Consumer automobile
|
$
|
63,231
|
|
|
$
|
228
|
|
|
$
|
63,459
|
|
|
$
|
51,047
|
|
|
$
|
207
|
|
|
$
|
51,254
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
6,610
|
|
|
281
|
|
|
6,891
|
|
|
6,807
|
|
|
500
|
|
|
7,307
|
|
||||||
|
Home equity
|
3,044
|
|
|
58
|
|
|
3,102
|
|
|
3,380
|
|
|
61
|
|
|
3,441
|
|
||||||
|
Total consumer mortgage
|
$
|
9,654
|
|
|
$
|
339
|
|
|
$
|
9,993
|
|
|
$
|
10,187
|
|
|
$
|
561
|
|
|
$
|
10,748
|
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
December 31, (
$ in millions
)
|
Pass
|
|
Criticized (a)
|
|
Total
|
|
Pass
|
|
Criticized (a)
|
|
Total
|
||||||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
$
|
32,464
|
|
|
$
|
2,353
|
|
|
$
|
34,817
|
|
|
$
|
31,254
|
|
|
$
|
2,088
|
|
|
$
|
33,342
|
|
|
Mortgage
|
1,760
|
|
|
151
|
|
|
1,911
|
|
|
1,504
|
|
|
77
|
|
|
1,581
|
|
||||||
|
Other
|
883
|
|
|
358
|
|
|
1,241
|
|
|
1,041
|
|
|
1,066
|
|
|
2,107
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
2,305
|
|
|
180
|
|
|
2,485
|
|
|
2,013
|
|
|
274
|
|
|
2,287
|
|
||||||
|
Mortgage
|
—
|
|
|
14
|
|
|
14
|
|
|
—
|
|
|
79
|
|
|
79
|
|
||||||
|
Total commercial
|
$
|
37,412
|
|
|
$
|
3,056
|
|
|
$
|
40,468
|
|
|
$
|
35,812
|
|
|
$
|
3,584
|
|
|
$
|
39,396
|
|
|
(a)
|
Includes loans classified as special mention, substandard, or doubtful. These classifications are based on regulatory definitions and generally represent loans within our portfolio that are of higher default risk or have already defaulted.
|
|
December 31, (
$ in millions
)
|
Unpaid principal balance
|
|
Carrying value before allowance
|
|
Impaired with no allowance
|
|
Impaired with an allowance
|
|
Allowance for impaired loans
|
|||||||||||
|
2011
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Consumer automobile
|
$
|
69
|
|
|
$
|
69
|
|
|
$
|
—
|
|
|
$
|
69
|
|
|
$
|
7
|
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
1st Mortgage
|
516
|
|
|
508
|
|
|
83
|
|
|
425
|
|
|
126
|
|
||||||
|
Home equity
|
97
|
|
|
98
|
|
|
—
|
|
|
98
|
|
|
46
|
|
||||||
|
Total consumer mortgage
|
613
|
|
|
606
|
|
|
83
|
|
|
523
|
|
|
172
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
222
|
|
|
222
|
|
|
64
|
|
|
158
|
|
|
22
|
|
||||||
|
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Other
|
37
|
|
|
37
|
|
|
25
|
|
|
12
|
|
|
5
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
68
|
|
|
68
|
|
|
32
|
|
|
36
|
|
|
18
|
|
||||||
|
Mortgage
|
12
|
|
|
12
|
|
|
1
|
|
|
11
|
|
|
5
|
|
||||||
|
Total commercial
|
339
|
|
|
339
|
|
|
122
|
|
|
217
|
|
|
50
|
|
||||||
|
Total consumer and commercial finance receivables and loans
|
$
|
1,021
|
|
|
$
|
1,014
|
|
|
$
|
205
|
|
|
$
|
809
|
|
|
$
|
229
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Consumer automobile
|
$
|
—
|
|
|
$
|
—
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
1st Mortgage
|
410
|
|
|
404
|
|
|
—
|
|
|
404
|
|
|
59
|
|
||||||
|
Home equity
|
82
|
|
|
83
|
|
|
—
|
|
|
83
|
|
|
40
|
|
||||||
|
Total consumer mortgage
|
492
|
|
|
487
|
|
|
—
|
|
|
487
|
|
|
99
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
340
|
|
|
356
|
|
|
33
|
|
|
323
|
|
|
23
|
|
||||||
|
Mortgage
|
44
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|
14
|
|
||||||
|
Other
|
135
|
|
|
133
|
|
|
20
|
|
|
113
|
|
|
51
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Automobile
|
206
|
|
|
197
|
|
|
108
|
|
|
89
|
|
|
29
|
|
||||||
|
Mortgage
|
71
|
|
|
71
|
|
|
28
|
|
|
43
|
|
|
10
|
|
||||||
|
Total commercial
|
796
|
|
|
797
|
|
|
189
|
|
|
608
|
|
|
127
|
|
||||||
|
Total consumer and commercial finance receivables and loans
|
$
|
1,288
|
|
|
$
|
1,284
|
|
|
$
|
189
|
|
|
$
|
1,095
|
|
|
$
|
226
|
|
|
|
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||||
|
Year ended December 31, (
$ in millions
)
|
|
Average
balance |
|
Interest
income |
|
Average
balance |
|
Interest
income |
|
Average balance
|
|
Interest income
|
||||||||||||
|
Consumer automobile
|
|
$
|
35
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
|
463
|
|
|
18
|
|
|
405
|
|
|
15
|
|
|
520
|
|
|
21
|
|
||||||
|
Home equity
|
|
90
|
|
|
4
|
|
|
79
|
|
|
4
|
|
|
90
|
|
|
4
|
|
||||||
|
Total consumer mortgage
|
|
553
|
|
|
22
|
|
|
484
|
|
|
19
|
|
|
610
|
|
|
25
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
303
|
|
|
19
|
|
|
335
|
|
|
13
|
|
|
1,014
|
|
|
17
|
|
||||||
|
Mortgage
|
|
19
|
|
|
6
|
|
|
53
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||
|
Other
|
|
84
|
|
|
1
|
|
|
650
|
|
|
6
|
|
|
661
|
|
|
31
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
126
|
|
|
7
|
|
|
275
|
|
|
3
|
|
|
262
|
|
|
9
|
|
||||||
|
Mortgage
|
|
40
|
|
|
1
|
|
|
137
|
|
|
6
|
|
|
881
|
|
|
3
|
|
||||||
|
Total commercial
|
|
572
|
|
|
34
|
|
|
1,450
|
|
|
30
|
|
|
2,818
|
|
|
60
|
|
||||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
1,160
|
|
|
$
|
58
|
|
|
$
|
1,934
|
|
|
$
|
49
|
|
|
$
|
3,428
|
|
|
$
|
85
|
|
|
Year ended December 31, 2011
(
$ in millions
)
|
|
Number of
loans |
|
Pre-modification
carrying value before allowance |
|
Post-modification
carrying value before allowance |
|||||
|
Consumer automobile
|
|
6,411
|
|
|
$
|
85
|
|
|
$
|
85
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|||||
|
1st Mortgage
|
|
375
|
|
|
133
|
|
|
132
|
|
||
|
Home equity
|
|
888
|
|
|
51
|
|
|
47
|
|
||
|
Total consumer mortgage
|
|
1,263
|
|
|
184
|
|
|
179
|
|
||
|
Commercial
|
|
|
|
|
|
|
|||||
|
Commercial and Industrial
|
|
|
|
|
|
|
|||||
|
Automobile
|
|
2
|
|
|
5
|
|
|
5
|
|
||
|
Mortgage
|
|
1
|
|
|
38
|
|
|
28
|
|
||
|
Other
|
|
2
|
|
|
11
|
|
|
10
|
|
||
|
Commercial real estate
|
|
|
|
|
|
|
|||||
|
Automobile
|
|
5
|
|
|
12
|
|
|
11
|
|
||
|
Mortgage
|
|
2
|
|
|
4
|
|
|
3
|
|
||
|
Total commercial
|
|
12
|
|
|
70
|
|
|
57
|
|
||
|
Total consumer and commercial finance receivables and loans
|
|
7,686
|
|
|
$
|
339
|
|
|
$
|
321
|
|
|
Year ended December 31, 2011
(
$ in millions
)
|
|
Number of
loans |
|
Carrying
value
before allowance |
|
Charge-off
amount
|
||||
|
Consumer automobile
|
|
420
|
|
$
|
4
|
|
|
$
|
2
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
||||
|
1st Mortgage
|
|
11
|
|
2
|
|
|
—
|
|
||
|
Home equity
|
|
28
|
|
2
|
|
|
1
|
|
||
|
Total consumer mortgage
|
|
39
|
|
4
|
|
|
1
|
|
||
|
Commercial
|
|
|
|
|
|
|
||||
|
Commercial and industrial
|
|
|
|
|
|
|
||||
|
Automobile
|
|
1
|
|
3
|
|
|
—
|
|
||
|
Total commercial
|
|
1
|
|
3
|
|
|
—
|
|
||
|
Total consumer and commercial finance receivables and loans
|
|
460
|
|
$
|
11
|
|
|
$
|
3
|
|
|
|
2011 (a)
|
|
2010
|
||||||||
|
December 31,
|
Automobile
|
|
1st Mortgage
and home equity |
|
Automobile
|
|
1st Mortgage
and home equity |
||||
|
Texas
|
9.5
|
%
|
|
5.5
|
%
|
|
9.2
|
%
|
|
4.4
|
%
|
|
California
|
4.6
|
|
|
25.7
|
|
|
4.6
|
|
|
24.5
|
|
|
Florida
|
4.8
|
|
|
4.0
|
|
|
4.4
|
|
|
4.1
|
|
|
Michigan
|
4.0
|
|
|
4.8
|
|
|
3.7
|
|
|
5.0
|
|
|
Illinois
|
3.1
|
|
|
5.0
|
|
|
2.8
|
|
|
4.7
|
|
|
New York
|
3.5
|
|
|
2.3
|
|
|
3.4
|
|
|
2.4
|
|
|
Pennsylvania
|
3.6
|
|
|
1.6
|
|
|
3.2
|
|
|
1.7
|
|
|
Ohio
|
2.9
|
|
|
1.0
|
|
|
2.5
|
|
|
1.0
|
|
|
Georgia
|
2.5
|
|
|
1.8
|
|
|
2.2
|
|
|
1.8
|
|
|
North Carolina
|
2.2
|
|
|
2.1
|
|
|
2.0
|
|
|
2.0
|
|
|
Other United States
|
32.9
|
|
|
45.9
|
|
|
29.4
|
|
|
44.7
|
|
|
Canada
|
11.8
|
|
|
0.2
|
|
|
14.2
|
|
|
3.6
|
|
|
Brazil
|
4.7
|
|
|
—
|
|
|
5.2
|
|
|
—
|
|
|
Germany
|
4.3
|
|
|
—
|
|
|
5.7
|
|
|
—
|
|
|
Other foreign
|
5.6
|
|
|
0.1
|
|
|
7.5
|
|
|
0.1
|
|
|
Total consumer loans
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(a)
|
Presentation is in descending order as a percentage of total consumer finance receivables and loans at
December 31, 2011
.
|
|
December 31, (
$ in millions
)
|
|
Interest-only
mortgage
loans
|
|
Below-market
rate (teaser) mortgages |
|
All
higher-risk mortgage loans |
||||||
|
2011
|
|
|
|
|
|
|
||||||
|
California
|
|
$
|
748
|
|
|
$
|
78
|
|
|
$
|
826
|
|
|
Virginia
|
|
274
|
|
|
10
|
|
|
284
|
|
|||
|
Maryland
|
|
217
|
|
|
6
|
|
|
223
|
|
|||
|
Michigan
|
|
199
|
|
|
9
|
|
|
208
|
|
|||
|
Illinois
|
|
153
|
|
|
8
|
|
|
161
|
|
|||
|
Other United States
|
|
1,356
|
|
|
137
|
|
|
1,493
|
|
|||
|
Total
|
|
$
|
2,947
|
|
|
$
|
248
|
|
|
$
|
3,195
|
|
|
2010
|
|
|
|
|
|
|
||||||
|
California
|
|
$
|
993
|
|
|
$
|
89
|
|
|
$
|
1,082
|
|
|
Virginia
|
|
330
|
|
|
12
|
|
|
342
|
|
|||
|
Maryland
|
|
256
|
|
|
7
|
|
|
263
|
|
|||
|
Michigan
|
|
225
|
|
|
10
|
|
|
235
|
|
|||
|
Illinois
|
|
197
|
|
|
8
|
|
|
205
|
|
|||
|
Other United States and foreign
|
|
1,680
|
|
|
158
|
|
|
1,838
|
|
|||
|
Total
|
|
$
|
3,681
|
|
|
$
|
284
|
|
|
$
|
3,965
|
|
|
December 31,
|
2011
|
|
2010
|
||
|
Geographic region
|
|
|
|
||
|
Michigan
|
14.1
|
%
|
|
10.1
|
%
|
|
Texas
|
12.4
|
|
|
10.5
|
|
|
Florida
|
12.4
|
|
|
10.3
|
|
|
California
|
9.3
|
|
|
9.6
|
|
|
Virginia
|
4.1
|
|
|
4.4
|
|
|
New York
|
3.5
|
|
|
3.8
|
|
|
Pennsylvania
|
2.9
|
|
|
3.7
|
|
|
Alabama
|
2.6
|
|
|
2.4
|
|
|
Georgia
|
2.5
|
|
|
2.7
|
|
|
North Carolina
|
2.1
|
|
|
1.9
|
|
|
Other United States
|
27.5
|
|
|
28.1
|
|
|
Canada
|
3.5
|
|
|
4.4
|
|
|
United Kingdom
|
1.8
|
|
|
5.0
|
|
|
Mexico
|
1.0
|
|
|
2.4
|
|
|
Other foreign
|
0.3
|
|
|
0.7
|
|
|
Total outstanding commercial real estate finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
|
Property type
|
|
|
|
||
|
Automotive dealers
|
99.4
|
%
|
|
91.8
|
%
|
|
Other
|
0.6
|
|
|
8.2
|
|
|
Total outstanding commercial real estate finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
|
December 31,
|
2011
|
|
2010
|
||
|
Industry
|
|
|
|
||
|
Automotive
|
82.9
|
%
|
|
66.5
|
%
|
|
Real estate
|
4.5
|
|
|
12.1
|
|
|
Banks and finance companies
|
4.2
|
|
|
1.0
|
|
|
Other
|
8.4
|
|
|
20.4
|
|
|
Total commercial criticized finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Vehicles and other equipment, after impairment
|
$
|
11,160
|
|
|
$
|
13,571
|
|
|
Accumulated depreciation
|
(1,885
|
)
|
|
(4,443
|
)
|
||
|
Investment in operating leases, net
|
$
|
9,275
|
|
|
$
|
9,128
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Depreciation expense on operating lease assets (excluding remarketing gains)
|
$
|
1,433
|
|
|
$
|
2,626
|
|
|
$
|
4,049
|
|
|
Remarketing gains
|
(395
|
)
|
|
(723
|
)
|
|
(530
|
)
|
|||
|
Depreciation expense on operating lease assets
|
$
|
1,038
|
|
|
$
|
1,903
|
|
|
$
|
3,519
|
|
|
Year ended December 31,
($ in
millions)
|
|
||
|
2012
|
$
|
1,850
|
|
|
2013
|
1,501
|
|
|
|
2014
|
675
|
|
|
|
2015
|
35
|
|
|
|
2016 and after
|
—
|
|
|
|
Total
|
$
|
4,061
|
|
|
December 31,
($ in millions)
|
Consolidated
involvement
with VIEs
|
|
Assets of
nonconsolidated
VIEs (a)
|
|
Maximum
exposure to
loss in
nonconsolidated
VIEs
|
|
||||||
|
2011
|
|
|
|
|
|
|
||||||
|
On-balance sheet variable interest entities
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
$
|
26,504
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Consumer mortgage — private-label
|
1,098
|
|
|
—
|
|
|
—
|
|
|
|||
|
Commercial automobile
|
19,594
|
|
|
—
|
|
|
—
|
|
|
|||
|
Other
|
956
|
|
|
—
|
|
|
—
|
|
|
|||
|
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
||||||
|
Consumer mortgage — Ginnie Mae
|
2,652
|
|
(b)
|
44,127
|
|
|
44,127
|
|
(c)
|
|||
|
Consumer mortgage — CMHC
|
66
|
|
(b)
|
3,222
|
|
|
66
|
|
(d)
|
|||
|
Consumer mortgage — private-label
|
141
|
|
(b)
|
4,408
|
|
|
4,408
|
|
(c)
|
|||
|
Consumer mortgage — other
|
—
|
|
|
—
|
|
(e)
|
17
|
|
(f)
|
|||
|
Commercial other
|
83
|
|
(g)
|
—
|
|
(h)
|
242
|
|
|
|||
|
Total
|
$
|
51,094
|
|
|
$
|
51,757
|
|
|
$
|
48,860
|
|
|
|
2010
|
|
|
|
|
|
|
||||||
|
On-balance sheet variable interest entities
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
$
|
20,064
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Consumer mortgage — private-label
|
1,397
|
|
|
—
|
|
|
—
|
|
|
|||
|
Commercial automobile
|
15,114
|
|
|
—
|
|
|
—
|
|
|
|||
|
Other
|
1,035
|
|
|
—
|
|
|
—
|
|
|
|||
|
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
||||||
|
Consumer mortgage — Ginnie Mae
|
2,909
|
|
(b)
|
43,595
|
|
|
43,595
|
|
(c)
|
|||
|
Consumer mortgage — CMHC
|
124
|
|
(b)
|
4,222
|
|
|
124
|
|
(d)
|
|||
|
Consumer mortgage — private-label
|
183
|
|
(b)
|
5,371
|
|
|
5,371
|
|
(c)
|
|||
|
Commercial other
|
483
|
|
(g)
|
—
|
|
(h)
|
698
|
|
|
|||
|
Total
|
$
|
41,309
|
|
|
$
|
53,188
|
|
|
$
|
49,788
|
|
|
|
(a)
|
Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs.
|
|
(b)
|
Includes $2.4 billion and $2.5 billion classified as mortgage loans held-for-sale, $92 million and $162 million classified as trading assets or other assets, and $386 million and $569 million classified as mortgage servicing rights at December 31, 2011, and December 31, 2010, respectively. CMHC is the Canada Mortgage and Housing Corporation.
|
|
(c)
|
Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all of the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. The maximum exposure above is not an indication of our expected loss.
|
|
(d)
|
Due to combination of the credit loss insurance on the mortgages and the guarantee by CMHC on the issued securities, the maximum exposure to loss would be limited to the amount of the retained interests. Additionally, the maximum loss would occur only in the event that CMHC dismisses us as servicer of the loans due to servicer performance or insolvency.
|
|
(e)
|
Includes a VIE for which we have no management oversight and therefore we are not able to provide the total assets of the VIE. However, in March 2011 we sold excess servicing rights valued at $266 million to the VIE.
|
|
(f)
|
Our maximum exposure to loss in this VIE is a component of servicer advances made that are allocated to the trust. The maximum exposure to loss presented represents the unlikely event that every loan underlying the excess servicing rights sold defaults, and we, as servicer, are required to advance the entire excess service fee to the trust for the contractually established period. This required disclosure is not an indication of our expected loss.
|
|
(g)
|
Includes $100 million and $515 million classified as finance receivables and loans, net, and $20 million and $20 million classified as other assets, offset by $37 million and $52 million classified as accrued expenses and other liabilities at December 31, 2011, and December 31, 2010, respectively.
|
|
(h)
|
Includes VIEs for which we have no management oversight and therefore we are not able to provide the total assets of the VIEs. However, in 2010 we sold loans with an unpaid principal balance of $1.5 billion into these VIEs.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Assets
|
|
|
|
||||
|
Loans held-for-sale, net
|
$
|
9
|
|
|
$
|
21
|
|
|
Finance receivables and loans, net
|
|
|
|
||||
|
Consumer
|
21,622
|
|
|
18,744
|
|
||
|
Commercial
|
19,313
|
|
|
14,739
|
|
||
|
Allowance for loan losses
|
(210
|
)
|
|
(238
|
)
|
||
|
Total finance receivables and loans, net
|
40,725
|
|
|
33,245
|
|
||
|
Investment in operating leases, net
|
4,389
|
|
|
1,065
|
|
||
|
Other assets
|
3,029
|
|
|
3,194
|
|
||
|
Assets of operations held-for-sale
|
—
|
|
|
85
|
|
||
|
Total assets
|
$
|
48,152
|
|
|
$
|
37,610
|
|
|
Liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
795
|
|
|
$
|
964
|
|
|
Long-term debt
|
33,143
|
|
|
24,466
|
|
||
|
Interest payable
|
14
|
|
|
15
|
|
||
|
Accrued expenses and other liabilities
|
405
|
|
|
352
|
|
||
|
Liabilities of operations held-for-sale
|
—
|
|
|
45
|
|
||
|
Total liabilities
|
$
|
34,357
|
|
|
$
|
25,842
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Consumer mortgage — GSEs
|
$
|
818
|
|
|
$
|
1,065
|
|
|
$
|
854
|
|
|
Consumer mortgage — private-label
|
—
|
|
|
17
|
|
|
21
|
|
|||
|
Commercial automobile
|
—
|
|
|
—
|
|
|
110
|
|
|||
|
Total pretax gain
|
$
|
818
|
|
|
$
|
1,082
|
|
|
$
|
985
|
|
|
Year ended December 31,
($ in millions)
|
Consumer
automobile
|
|
Commercial
automobile
|
|
Consumer
mortgage
GSEs
|
|
Consumer
mortgage
private-label
|
|
||||||||
|
2011
|
|
|
|
|
|
|
|
|
||||||||
|
Cash proceeds from transfers completed during the year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,815
|
|
|
$
|
722
|
|
|
|
Cash flows received on retained interests in securitization entities
|
—
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
||||
|
Servicing fees
|
—
|
|
|
—
|
|
|
999
|
|
|
201
|
|
|
||||
|
Purchases of previously transferred financial assets
|
—
|
|
|
—
|
|
|
(2,537
|
)
|
|
(222
|
)
|
(a)
|
||||
|
Representations and warranties obligations
|
—
|
|
|
—
|
|
|
(143
|
)
|
|
(38
|
)
|
|
||||
|
Other cash flows
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
187
|
|
|
||||
|
2010
|
|
|
|
|
|
|
|
|
||||||||
|
Cash proceeds from transfers completed during the year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68,822
|
|
|
$
|
1,090
|
|
|
|
Cash flows received on retained interests in securitization entities
|
—
|
|
|
—
|
|
|
—
|
|
|
81
|
|
|
||||
|
Servicing fees
|
1
|
|
|
—
|
|
|
1,081
|
|
|
209
|
|
|
||||
|
Purchases of previously transferred financial assets
|
—
|
|
|
—
|
|
|
(1,865
|
)
|
|
(282
|
)
|
(a)
|
||||
|
Representations and warranties obligations
|
—
|
|
|
—
|
|
|
(389
|
)
|
|
(18
|
)
|
|
||||
|
Other cash flows
|
(6
|
)
|
|
—
|
|
|
(39
|
)
|
|
(22
|
)
|
|
||||
|
2009
|
|
|
|
|
|
|
|
|
||||||||
|
Cash proceeds from transfers completed during the year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
56,251
|
|
|
$
|
1,258
|
|
|
|
Cash flows received on retained interests in securitization entities
|
269
|
|
|
1,009
|
|
|
—
|
|
|
119
|
|
|
||||
|
Cash proceeds from collections reinvested in revolving securitization entities
|
—
|
|
|
5,998
|
|
|
—
|
|
|
—
|
|
|
||||
|
Servicing fees
|
111
|
|
|
39
|
|
|
643
|
|
|
272
|
|
|
||||
|
Purchases of previously transferred financial assets
|
—
|
|
|
—
|
|
|
(385
|
)
|
|
(1
|
)
|
(a)
|
||||
|
Representations and warranties obligations
|
—
|
|
|
—
|
|
|
(343
|
)
|
|
(64
|
)
|
|
||||
|
Other cash flows
|
(64
|
)
|
|
—
|
|
|
(177
|
)
|
|
(123
|
)
|
|
||||
|
(a)
|
Includes repurchases in connection with clean up call options.
|
|
|
Total amount
|
|
Amount 60 days
or more past due
|
|
Net credit losses
|
|
||||||||||||||||||
|
December 31,
($ in millions)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
||||||||||||
|
On-balance sheet loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
$
|
63,884
|
|
|
$
|
51,254
|
|
|
$
|
341
|
|
|
$
|
373
|
|
|
$
|
321
|
|
|
$
|
613
|
|
|
|
Consumer mortgage (a)
|
18,940
|
|
|
23,174
|
|
|
3,242
|
|
|
3,437
|
|
|
181
|
|
|
173
|
|
(b)
|
||||||
|
Commercial automobile
|
37,302
|
|
|
35,629
|
|
|
162
|
|
|
186
|
|
|
13
|
|
|
84
|
|
|
||||||
|
Commercial mortgage
|
1,925
|
|
|
1,660
|
|
|
14
|
|
|
110
|
|
|
31
|
|
|
91
|
|
|
||||||
|
Commercial other
|
1,261
|
|
|
2,107
|
|
|
1
|
|
|
20
|
|
|
(5
|
)
|
|
227
|
|
|
||||||
|
Total on-balance sheet loans
|
123,312
|
|
|
113,824
|
|
|
3,760
|
|
|
4,126
|
|
|
541
|
|
|
1,188
|
|
|
||||||
|
Off-balance sheet securitization entities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
||||||
|
Consumer mortgage — GSEs (c)
|
262,984
|
|
|
253,192
|
|
|
9,456
|
|
|
13,990
|
|
|
n/m
|
|
|
n/m
|
|
|
||||||
|
Consumer mortgage — private-label
|
63,991
|
|
|
73,638
|
|
|
11,301
|
|
|
12,220
|
|
|
3,982
|
|
|
4,605
|
|
|
||||||
|
Total off-balance sheet securitization entities
|
326,975
|
|
|
326,830
|
|
|
20,757
|
|
|
26,210
|
|
|
3,982
|
|
|
4,606
|
|
|
||||||
|
Whole-loan transactions (d)
|
33,961
|
|
|
38,212
|
|
|
2,901
|
|
|
2,950
|
|
|
782
|
|
|
1,269
|
|
(b)
|
||||||
|
Total
|
$
|
484,248
|
|
|
$
|
478,866
|
|
|
$
|
27,418
|
|
|
$
|
33,286
|
|
|
$
|
5,305
|
|
|
$
|
7,063
|
|
|
|
(a)
|
Includes loans subject to conditional repurchase options of $2.3 billion and $2.3 billion guaranteed by the GSEs, and $132 million and $146 million sold to certain private-label mortgage securitization entities at December 31, 2011 and 2010, respectively.
|
|
(b)
|
We identified an immaterial error in the amounts previously disclosed related to net credit losses for on-balance sheet consumer mortgage, and whole-loan transactions for the December 31, 2010 period. We corrected the net credit losses for these balances, resulting in a decrease of $162 million for on-balance sheet consumer mortgage, and an increase of $969 million for whole-loan transactions from the amounts previously presented. The change had no impact on our consolidated financial condition or results of operation.
|
|
(c)
|
Anticipated credit losses are not meaningful due to the GSE guarantees.
|
|
(d)
|
Whole-loan transactions are not part of a securitization transaction, but represent consumer automobile and consumer mortgage pools of loans sold to third-party investors.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Estimated fair value at January 1,
|
$
|
3,738
|
|
|
$
|
3,554
|
|
|
Additions recognized on sale of mortgage loans
|
622
|
|
|
1,006
|
|
||
|
Additions from purchases of servicing rights
|
31
|
|
|
56
|
|
||
|
Subtractions from sales of servicing assets
|
(266
|
)
|
|
(1
|
)
|
||
|
Changes in fair value
|
|
|
|
||||
|
Due to changes in valuation inputs or assumptions used in the valuation model
|
(1,041
|
)
|
|
23
|
|
||
|
Other changes in fair value
|
(565
|
)
|
|
(894
|
)
|
||
|
Decrease due to change in accounting principle
|
—
|
|
|
(19
|
)
|
||
|
Other changes that affect the balance
|
—
|
|
|
13
|
|
||
|
Estimated fair value at December 31,
|
$
|
2,519
|
|
|
$
|
3,738
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Weighted average life
(in years)
|
4.7
|
|
|
7.0
|
|
||
|
Weighted average prepayment speed
|
15.7
|
%
|
|
9.8
|
%
|
||
|
Impact on fair value of 10% adverse change
|
$
|
(135
|
)
|
|
$
|
(155
|
)
|
|
Impact on fair value of 20% adverse change
|
(257
|
)
|
|
(295
|
)
|
||
|
Weighted average discount rate
|
10.2
|
%
|
|
12.3
|
%
|
||
|
Impact on fair value of 10% adverse change
|
$
|
(59
|
)
|
|
$
|
(80
|
)
|
|
Impact on fair value of 20% adverse change
|
(114
|
)
|
|
(156
|
)
|
||
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Change in estimated fair value of mortgage servicing rights
|
$
|
(1,606
|
)
|
|
$
|
(872
|
)
|
|
$
|
(106
|
)
|
|
Change in fair value of derivative financial instruments
|
817
|
|
|
478
|
|
|
(998
|
)
|
|||
|
Servicing valuation and hedge activities, net
|
$
|
(789
|
)
|
|
$
|
(394
|
)
|
|
$
|
(1,104
|
)
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Contractual servicing fees, net of guarantee fees and including subservicing
|
$
|
977
|
|
|
$
|
998
|
|
|
$
|
993
|
|
|
Late fees
|
65
|
|
|
77
|
|
|
75
|
|
|||
|
Ancillary fees
|
156
|
|
|
187
|
|
|
162
|
|
|||
|
Total mortgage servicing fees
|
$
|
1,198
|
|
|
$
|
1,262
|
|
|
$
|
1,230
|
|
|
•
|
Loans owned by us and we are the primary servicer.
— These loans are categorized as loans held-for-sale or consumer finance receivables and loans. Included in consumer finance receivables and loans are on-balance sheet securitization entities. Our loans held-for-sale and consumer finance receivable and loan portfolios are discussed in further detail in
Note 8
and
Note 9
, respectively.
|
|
•
|
Loans sold to third-party investors where we have retained primary servicing.
— The loans sold to a third-party investor were sold through an off-balance sheet securitization entity or a whole-loan transaction.
|
|
•
|
Loans that have never been and currently are not owned by us but the primary servicing rights have been purchased.
— In the case of purchased servicing rights, there is no recourse to us outside of customary contractual provisions relating to the execution of the services we provide.
|
|
•
|
Loans that have never been and currently are not owned by us but for which we act as subservicer under contractual agreements with the primary servicer.
— In these cases, loans are not recorded on our Consolidated Balance Sheet. In the case of subservicing rights, there is no recourse to us outside of customary contractual provisions relating to the execution of the services we provide.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
On-balance sheet mortgage loans
|
|
|
|
||||
|
Held-for-sale and investment
|
$
|
18,871
|
|
|
$
|
20,224
|
|
|
Operations held-for-sale
|
541
|
|
|
—
|
|
||
|
Off-balance sheet mortgage loans
|
|
|
|
||||
|
Loans sold to third-party investors
|
|
|
|
||||
|
Private-label
|
50,886
|
|
|
63,685
|
|
||
|
GSEs
|
262,868
|
|
|
255,388
|
|
||
|
Whole-loan
|
15,105
|
|
|
17,524
|
|
||
|
Purchased servicing rights
|
3,247
|
|
|
3,946
|
|
||
|
Operations held-for-sale
|
4,912
|
|
|
—
|
|
||
|
Total primary serviced mortgage loans
|
356,430
|
|
|
360,767
|
|
||
|
Subserviced mortgage loans
|
26,358
|
|
|
24,173
|
|
||
|
Subserviced operations held-for-sale
|
4
|
|
|
—
|
|
||
|
Total subserviced mortgage loans
|
26,362
|
|
|
24,173
|
|
||
|
Master-servicing-only mortgage loans
|
8,557
|
|
|
10,548
|
|
||
|
Total serviced mortgage loans
|
$
|
391,349
|
|
|
$
|
395,488
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
On-balance sheet automobile loans and leases
|
|
|
|
||||
|
Consumer automobile
|
$
|
63,884
|
|
|
$
|
51,254
|
|
|
Commercial automobile
|
37,302
|
|
|
35,629
|
|
||
|
Operating leases
|
9,275
|
|
|
9,128
|
|
||
|
Operations held-for-sale
|
102
|
|
|
242
|
|
||
|
Off-balance sheet automobile loans
|
|
|
|
||||
|
Loans sold to third-party investors
|
|
|
|
||||
|
Whole-loan
|
12,318
|
|
|
18,126
|
|
||
|
Total serviced automobile loans and leases
|
$
|
122,881
|
|
|
$
|
114,379
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Prepaid reinsurance premiums
|
$
|
218
|
|
|
$
|
249
|
|
|
Reinsurance recoverable on unpaid losses
|
321
|
|
|
487
|
|
||
|
Reinsurance recoverable on paid losses
|
54
|
|
|
54
|
|
||
|
Premiums receivable
|
288
|
|
|
341
|
|
||
|
Deferred policy acquisition costs
|
972
|
|
|
1,050
|
|
||
|
Total premiums receivable and other insurance assets
|
$
|
1,853
|
|
|
$
|
2,181
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Property and equipment at cost
|
$
|
1,152
|
|
|
$
|
1,315
|
|
|
Accumulated depreciation
|
(787
|
)
|
|
(939
|
)
|
||
|
Net property and equipment
|
365
|
|
|
376
|
|
||
|
Fair value of derivative contracts in receivable position
|
5,687
|
|
|
3,966
|
|
||
|
Servicer advances
|
2,142
|
|
|
2,137
|
|
||
|
Restricted cash collections for securitization trusts (a)
|
1,596
|
|
|
1,705
|
|
||
|
Collateral placed with counterparties
|
1,448
|
|
|
1,569
|
|
||
|
Restricted cash and cash equivalents
|
1,381
|
|
|
1,323
|
|
||
|
Other accounts receivable
|
1,110
|
|
|
641
|
|
||
|
Cash reserve deposits held-for-securitization trusts (b)
|
838
|
|
|
1,168
|
|
||
|
Debt issuance costs
|
612
|
|
|
704
|
|
||
|
Prepaid expenses and deposits
|
568
|
|
|
638
|
|
||
|
Goodwill
|
518
|
|
|
525
|
|
||
|
Nonmarketable equity securities
|
419
|
|
|
504
|
|
||
|
Real estate and other investments
|
385
|
|
|
280
|
|
||
|
Accrued interest and rent receivable
|
232
|
|
|
238
|
|
||
|
Interests retained in financial asset sales
|
231
|
|
|
568
|
|
||
|
Repossessed and foreclosed assets
|
141
|
|
|
211
|
|
||
|
Investment in used vehicles held-for-sale
|
76
|
|
|
386
|
|
||
|
Other assets
|
992
|
|
|
625
|
|
||
|
Total other assets
|
$
|
18,741
|
|
|
$
|
17,564
|
|
|
(a)
|
Represents cash collection from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt.
|
|
(b)
|
Represents credit enhancement in the form of cash reserves for various securitization transactions we have executed.
|
|
($ in millions)
|
International
Automotive Finance
operations
|
|
Insurance
operations
|
|
Total
|
||||||
|
Goodwill acquired prior to December 31, 2009
|
$
|
490
|
|
|
$
|
909
|
|
|
$
|
1,399
|
|
|
Accumulated impairment losses (a)
|
—
|
|
|
(649
|
)
|
(b)
|
(649
|
)
|
|||
|
Sale of reporting unit
|
—
|
|
|
(107
|
)
|
|
(107
|
)
|
|||
|
Transfer of assets of discontinued operations held-for-sale
|
(22
|
)
|
|
(108
|
)
|
|
(130
|
)
|
|||
|
Foreign-currency translation
|
1
|
|
|
12
|
|
|
13
|
|
|||
|
Goodwill at December 31, 2009
|
$
|
469
|
|
|
$
|
57
|
|
|
$
|
526
|
|
|
Transfer of assets of discontinued operations held-for-sale
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||
|
Foreign-currency translation
|
—
|
|
|
1
|
|
|
1
|
|
|||
|
Goodwill at December 31, 2010
|
$
|
468
|
|
|
$
|
57
|
|
|
$
|
525
|
|
|
Transfer of assets of discontinued operations held-for-sale
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||
|
Foreign-currency translation
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||
|
Goodwill at December 31, 2011
|
$
|
468
|
|
|
$
|
50
|
|
|
$
|
518
|
|
|
(a)
|
The impairment losses of our Insurance operations were reported as loss from discontinued operations, net of tax, in the Consolidated Statement of Income. All other impairment losses were reported as other operating expenses in the Consolidated Statement of Income.
|
|
(b)
|
During the three months ended June 30, 2009, our Insurance operations initiated an evaluation of goodwill for potential impairment, which was in addition to our annual impairment evaluation. These tests were initiated in light of a more-than-likely expectation that a reporting unit or a significant portion of a reporting unit would be sold. The fair value was determined using an offer provided by a willing purchaser. Based on the preliminary results of the assessments, our Insurance operations concluded that the carrying value of the reporting unit exceeded the fair value resulting in an impairment loss during 2009.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Domestic deposits
|
|
|
|
||||
|
Noninterest-bearing deposits
|
$
|
2,029
|
|
|
$
|
2,108
|
|
|
Interest-bearing deposits
|
|
|
|
||||
|
Savings and money market checking accounts
|
9,035
|
|
|
8,081
|
|
||
|
Certificates of deposit
|
28,540
|
|
|
23,728
|
|
||
|
Dealer deposits
|
1,769
|
|
|
1,459
|
|
||
|
Total domestic deposit liabilities
|
41,373
|
|
|
35,376
|
|
||
|
Foreign deposits
|
|
|
|
||||
|
Noninterest-bearing deposits
|
—
|
|
|
23
|
|
||
|
Interest-bearing deposits
|
|
|
|
||||
|
Savings and money market checking accounts
|
1,408
|
|
|
961
|
|
||
|
Certificates of deposit
|
1,958
|
|
|
2,390
|
|
||
|
Dealer deposits
|
311
|
|
|
298
|
|
||
|
Total foreign deposit liabilities
|
3,677
|
|
|
3,672
|
|
||
|
Total deposit liabilities
|
$
|
45,050
|
|
|
$
|
39,048
|
|
|
Year ended December 31,
($ in millions)
|
|
||
|
2012
|
$
|
15,571
|
|
|
2013
|
6,702
|
|
|
|
2014
|
2,113
|
|
|
|
2015
|
3,737
|
|
|
|
2016
|
2,375
|
|
|
|
Total certificates of deposit
|
$
|
30,498
|
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
December 31,
($ in millions)
|
Unsecured
|
|
Secured
|
|
Total
|
|
Unsecured
|
|
Secured
|
|
Total
|
||||||||||||
|
Demand notes
|
$
|
2,756
|
|
|
$
|
—
|
|
|
$
|
2,756
|
|
|
$
|
2,033
|
|
|
$
|
—
|
|
|
$
|
2,033
|
|
|
Bank loans and overdrafts
|
1,613
|
|
|
—
|
|
|
1,613
|
|
|
1,970
|
|
|
—
|
|
|
1,970
|
|
||||||
|
Federal Home Loan Bank
|
—
|
|
|
1,400
|
|
|
1,400
|
|
|
—
|
|
|
1,300
|
|
|
1,300
|
|
||||||
|
Other (a)
|
146
|
|
|
1,765
|
|
|
1,911
|
|
|
224
|
|
|
1,981
|
|
|
2,205
|
|
||||||
|
Total short-term borrowings
|
$
|
4,515
|
|
|
$
|
3,165
|
|
|
$
|
7,680
|
|
|
$
|
4,227
|
|
|
$
|
3,281
|
|
|
$
|
7,508
|
|
|
Weighted average interest rate (b)
|
|
|
|
|
3.6
|
%
|
|
|
|
|
|
3.5
|
%
|
||||||||||
|
(a)
|
Other primarily includes nonbank secured borrowings at our Mortgage and International Automotive Finance operations.
|
|
(b)
|
Based on the debt outstanding and the interest rate at December 31 of each year.
|
|
December 31,
($ in millions)
|
Amount
|
|
Interest
rate
|
|
Weighted
average
interest
rate (a)
|
|
Due date
range
|
||||
|
2011
|
|
|
|
|
|
|
|
||||
|
Senior debt
|
|
|
|
|
|
|
|
||||
|
Fixed rate (b)
|
$
|
39,657
|
|
|
|
|
|
|
|
||
|
Variable rate
|
3,393
|
|
|
|
|
|
|
|
|||
|
Total senior debt (c)
|
43,050
|
|
|
0.00 - 16.68%
|
|
|
6.15
|
%
|
|
2012-2049
|
|
|
Subordinated debt
|
|
|
|
|
|
|
|
||||
|
Fixed rate
|
4,675
|
|
|
|
|
|
|
|
|||
|
Variable rate (d)
|
8,246
|
|
|
|
|
|
|
|
|||
|
Total subordinated debt (e)
|
12,921
|
|
|
0.76-17.05%
|
|
|
4.62
|
%
|
|
2012-2031
|
|
|
VIE secured debt
|
|
|
|
|
|
|
|
||||
|
Fixed rate
|
16,538
|
|
|
|
|
|
|
|
|||
|
Variable rate
|
16,605
|
|
|
|
|
|
|
|
|||
|
Total VIE secured debt
|
33,143
|
|
|
0.32-8.30%
|
|
|
1.96
|
%
|
|
2012-2040
|
|
|
Trust preferred securities
|
|
|
|
|
|
|
|
||||
|
Fixed rate
|
2,622
|
|
|
8.13
|
%
|
|
8.13
|
%
|
|
2040
|
|
|
Fair value adjustment (f)
|
1,058
|
|
|
|
|
|
|
|
|||
|
Total long-term debt (g)
|
$
|
92,794
|
|
|
|
|
|
|
|
||
|
2010
|
|
|
|
|
|
|
|
||||
|
Senior debt
|
|
|
|
|
|
|
|
||||
|
Fixed rate (b)
|
$
|
45,905
|
|
|
|
|
|
|
|
||
|
Variable rate
|
2,314
|
|
|
|
|
|
|
|
|||
|
Total senior debt (c)
|
48,219
|
|
|
0.00–16.21%
|
|
|
6.56
|
%
|
|
2011–2049
|
|
|
Subordinated debt
|
|
|
|
|
|
|
|
||||
|
Fixed rate
|
4,227
|
|
|
|
|
|
|
|
|||
|
Variable rate (d)
|
6,632
|
|
|
|
|
|
|
|
|||
|
Total subordinated debt (e)
|
10,859
|
|
|
0.83–17.05%
|
|
|
4.76
|
%
|
|
2011–2018
|
|
|
VIE secured debt
|
|
|
|
|
|
|
|
||||
|
Fixed rate
|
10,706
|
|
|
|
|
|
|
|
|||
|
Variable rate
|
13,760
|
|
|
|
|
|
|
|
|||
|
Total VIE secured debt
|
24,466
|
|
|
0.30-8.30%
|
|
|
2.62
|
%
|
|
2011–2016
|
|
|
Trust preferred securities
|
|
|
|
|
|
|
|
||||
|
Fixed rate
|
2,621
|
|
|
8.00
|
%
|
|
8.00
|
%
|
|
2040
|
|
|
Fair value adjustment (f)
|
447
|
|
|
|
|
|
|
|
|||
|
Total long-term debt (g)
|
$
|
86,612
|
|
|
|
|
|
|
|
||
|
(a)
|
Based on the debt outstanding and the interest rate at December 31 of each year.
|
|
(b)
|
Includes
$7.4 billion
at both December 31, 2011 and 2010, guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program.
|
|
(c)
|
Includes secured long-term debt of $4.0 billion at both December 31, 2011 and 2010.
|
|
(d)
|
Includes $8.2 billion and $6.4 billion of debt outstanding from the Ally Bank, U.S. and Canadian automotive secured revolving credit facilities at December 31, 2011 and 2010, respectively.
|
|
(e)
|
Includes secured long-term debt of $12.7 billion and $10.6 billion at December 31, 2011 and 2010, respectively.
|
|
(f)
|
Amount represents the hedge accounting adjustment of fixed-rate debt.
|
|
(g)
|
Includes fair value option-elected secured long-term debt of
$830 million
and
$972 million
at December 31, 2011 and 2010, respectively. Refer to
Note 27
for additional information.
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
December 31,
($ in millions)
|
Unsecured
|
|
Secured
|
|
Total
|
|
Unsecured
|
|
Secured
|
|
Total
|
||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Due within one year
|
$
|
11,664
|
|
|
$
|
14,521
|
|
|
$
|
26,185
|
|
|
$
|
8,555
|
|
|
$
|
13,603
|
|
|
$
|
22,158
|
|
|
Due after one year
|
30,272
|
|
|
35,279
|
|
|
65,551
|
|
|
38,499
|
|
|
25,508
|
|
|
64,007
|
|
||||||
|
Fair value adjustment
|
1,058
|
|
|
—
|
|
|
1,058
|
|
|
447
|
|
|
—
|
|
|
447
|
|
||||||
|
Total long-term debt
|
$
|
42,994
|
|
|
$
|
49,800
|
|
|
$
|
92,794
|
|
|
$
|
47,501
|
|
|
$
|
39,111
|
|
|
$
|
86,612
|
|
|
Year ended December 31,
($ in millions)
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017 and
thereafter
|
|
Fair value
adjustment
|
|
Total
|
||||||||||||||||
|
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
$
|
12,014
|
|
|
$
|
2,336
|
|
|
$
|
5,755
|
|
|
$
|
3,601
|
|
|
$
|
1,457
|
|
|
$
|
18,967
|
|
|
$
|
1,058
|
|
|
$
|
45,188
|
|
|
Original issue discount
|
(350
|
)
|
|
(263
|
)
|
|
(190
|
)
|
|
(57
|
)
|
|
(62
|
)
|
|
(1,272
|
)
|
|
—
|
|
|
(2,194
|
)
|
||||||||
|
Total unsecured
|
11,664
|
|
|
2,073
|
|
|
5,565
|
|
|
3,544
|
|
|
1,395
|
|
|
17,695
|
|
|
1,058
|
|
|
42,994
|
|
||||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
14,416
|
|
|
15,075
|
|
|
11,113
|
|
|
4,816
|
|
|
1,405
|
|
|
2,729
|
|
|
—
|
|
|
49,554
|
|
||||||||
|
Troubled debt restructuring concession (a)
|
105
|
|
|
82
|
|
|
46
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
246
|
|
||||||||
|
Total secured
|
14,521
|
|
|
15,157
|
|
|
11,159
|
|
|
4,829
|
|
|
1,405
|
|
|
2,729
|
|
|
—
|
|
|
49,800
|
|
||||||||
|
Total long-term debt
|
$
|
26,185
|
|
|
$
|
17,230
|
|
|
$
|
16,724
|
|
|
$
|
8,373
|
|
|
$
|
2,800
|
|
|
$
|
20,424
|
|
|
$
|
1,058
|
|
|
$
|
92,794
|
|
|
(a)
|
In the second quarter of 2008, ResCap executed an exchange offer that resulted in a concession being recognized as an adjustment to the carrying value of certain new secured notes. This concession is being amortized over the life of the new notes through a reduction to interest expense using an effective yield methodology.
|
|
Year ended December 31,
($ in millions)
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017 and
thereafter
|
|
Fair value
adjustment
|
|
Total
|
||||||||||||||||
|
ResCap
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Unsecured debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
$
|
338
|
|
|
$
|
526
|
|
|
$
|
101
|
|
|
$
|
114
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
1,097
|
|
|
Original issue discount
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total unsecured
|
338
|
|
|
526
|
|
|
101
|
|
|
114
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
1,097
|
|
||||||||
|
Secured debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
3
|
|
|
772
|
|
|
707
|
|
|
707
|
|
|
—
|
|
|
1,682
|
|
|
—
|
|
|
3,871
|
|
||||||||
|
Troubled debt restructuring concession (a)
|
105
|
|
|
82
|
|
|
46
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
246
|
|
||||||||
|
Total secured debt
|
108
|
|
|
854
|
|
|
753
|
|
|
720
|
|
|
—
|
|
|
1,682
|
|
|
—
|
|
|
4,117
|
|
||||||||
|
ResCap — Total long-term debt
|
$
|
446
|
|
|
$
|
1,380
|
|
|
$
|
854
|
|
|
$
|
834
|
|
|
$
|
—
|
|
|
$
|
1,682
|
|
|
$
|
18
|
|
|
$
|
5,214
|
|
|
(a)
|
In the second quarter of 2008, ResCap executed an exchange offer that resulted in a concession being recognized as an adjustment to the carrying value of certain new secured notes. This concession is being amortized over the life of the new notes through a reduction to interest expense using an effective yield methodology.
|
|
|
2011
|
|
2010
|
||||||||||||
|
December 31,
($ in millions)
|
Total
|
|
Ally Bank (a)
|
|
Total
|
|
Ally Bank (a)
|
||||||||
|
Trading assets
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
Loans held-for-sale
|
805
|
|
|
—
|
|
|
1,035
|
|
|
—
|
|
||||
|
Mortgage assets held-for-investment and lending receivables
|
12,197
|
|
|
11,188
|
|
|
12,451
|
|
|
11,137
|
|
||||
|
Consumer automobile finance receivables
|
33,888
|
|
|
17,320
|
|
|
27,164
|
|
|
14,927
|
|
||||
|
Commercial automobile finance receivables
|
20,355
|
|
|
14,881
|
|
|
19,741
|
|
|
15,034
|
|
||||
|
Investment securities
|
780
|
|
|
780
|
|
|
2,191
|
|
|
2,190
|
|
||||
|
Investment in operating leases, net
|
4,555
|
|
|
431
|
|
|
3,199
|
|
|
—
|
|
||||
|
Mortgage servicing rights
|
1,920
|
|
|
1,286
|
|
|
2,801
|
|
|
1,746
|
|
||||
|
Other assets
|
3,973
|
|
|
1,816
|
|
|
3,990
|
|
|
1,700
|
|
||||
|
Total assets restricted as collateral (b)
|
$
|
78,500
|
|
|
$
|
47,702
|
|
|
$
|
72,608
|
|
|
$
|
46,734
|
|
|
Secured debt (c)
|
$
|
52,965
|
|
|
$
|
25,533
|
|
|
$
|
42,392
|
|
|
$
|
20,199
|
|
|
(a)
|
Ally Bank is a component of the total column.
|
|
(b)
|
Ally Bank has an advance agreement with the Federal Home Loan Bank of Pittsburgh (FHLB) and access to the Federal Reserve Bank Discount Window. Ally Bank had assets pledged and restricted as collateral to the FHLB and Federal Reserve Bank totaling $11.8 billion and $15.2 billion at December 31, 2011 and 2010, respectively. These assets were composed of consumer and commercial mortgage finance receivables and loans, net, consumer automobile finance receivables and loans, net, and investment securities. Under the agreement with the FHLB, Ally Bank also had assets pledged as collateral under a blanket lien totaling $7.3 billion and $5.3 billion at December 31, 2011 and 2010, respectively. These assets were primarily composed of mortgage servicing rights, consumer automobile finance receivables and loans, net, and other assets. Availability under these programs is generally only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its subsidiaries.
|
|
(c)
|
Includes
$3,165 million
and
$3,281 million
of short-term borrowings at December 31, 2011 and 2010, respectively.
|
|
|
Outstanding
|
|
Unused capacity (a)
|
|
Total capacity
|
||||||||||||||||||
|
December 31,
($ in billions)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
$
|
5.8
|
|
|
$
|
6.4
|
|
|
$
|
3.7
|
|
|
$
|
1.9
|
|
|
$
|
9.5
|
|
|
$
|
8.3
|
|
|
Nonbank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations
|
0.3
|
|
|
0.8
|
|
|
0.5
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations (b)
|
14.3
|
|
|
8.3
|
|
|
13.2
|
|
|
9.1
|
|
|
27.5
|
|
|
17.4
|
|
||||||
|
Mortgage operations
|
0.7
|
|
|
1.0
|
|
|
0.5
|
|
|
0.6
|
|
|
1.2
|
|
|
1.6
|
|
||||||
|
Total nonbank funding
|
15.3
|
|
|
10.1
|
|
|
14.2
|
|
|
9.7
|
|
|
29.5
|
|
|
19.8
|
|
||||||
|
Shared capacity (c)
|
1.6
|
|
|
0.2
|
|
|
2.5
|
|
|
3.9
|
|
|
4.1
|
|
|
4.1
|
|
||||||
|
Total committed facilities
|
$
|
22.7
|
|
|
$
|
16.7
|
|
|
$
|
20.4
|
|
|
$
|
15.5
|
|
|
$
|
43.1
|
|
|
$
|
32.2
|
|
|
(a)
|
Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities
.
|
|
(b)
|
Total unused capacity includes $4.9 billion as of December 31, 2011, and $1.2 billion as of December 31, 2010, from committed funding arrangements that are reliant upon the origination of future automotive receivables and that are available in 2012 and 2013.
|
|
(c)
|
Funding is generally available for assets originated by Ally Bank or the parent company, Ally Financial Inc.
|
|
|
Outstanding
|
|
Unused capacity
|
|
Total capacity
|
||||||||||||||||||
|
December 31,
($ in billions)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Federal Reserve funding programs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.2
|
|
|
$
|
4.0
|
|
|
$
|
3.2
|
|
|
$
|
4.0
|
|
|
FHLB advances
|
5.4
|
|
|
5.3
|
|
|
—
|
|
|
0.2
|
|
|
5.4
|
|
|
5.5
|
|
||||||
|
Total bank funding
|
5.4
|
|
|
5.3
|
|
|
3.2
|
|
|
4.2
|
|
|
8.6
|
|
|
9.5
|
|
||||||
|
Nonbank funding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations
|
1.9
|
|
|
1.4
|
|
|
0.5
|
|
|
0.6
|
|
|
2.4
|
|
|
2.0
|
|
||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive Finance operations
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
||||||
|
Mortgage operations
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
||||||
|
Total nonbank funding
|
2.0
|
|
|
1.5
|
|
|
0.7
|
|
|
0.7
|
|
|
2.7
|
|
|
2.2
|
|
||||||
|
Total uncommitted facilities
|
$
|
7.4
|
|
|
$
|
6.8
|
|
|
$
|
3.9
|
|
|
$
|
4.9
|
|
|
$
|
11.3
|
|
|
$
|
11.7
|
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Balance at beginning of year
|
$
|
862
|
|
|
$
|
1,215
|
|
|
$
|
2,895
|
|
|
Reinsurance recoverables
|
(487
|
)
|
|
(670
|
)
|
|
(1,660
|
)
|
|||
|
Net balance at beginning of year
|
375
|
|
|
545
|
|
|
1,235
|
|
|||
|
Net reserves reclassified from liabilities of discontinued operations held-for-sale (a)
|
269
|
|
|
784
|
|
|
—
|
|
|||
|
Net reserves ceded — retroactive reinsurance (b)
|
—
|
|
|
(85
|
)
|
|
—
|
|
|||
|
Net reserves sold (c)
|
(279
|
)
|
|
(452
|
)
|
|
(82
|
)
|
|||
|
Incurred from continuing operations related to
|
|
|
|
|
|
||||||
|
Current year
|
754
|
|
|
872
|
|
|
968
|
|
|||
|
Prior years (d)
|
(26
|
)
|
|
(52
|
)
|
|
22
|
|
|||
|
Total incurred from continuing operations
|
728
|
|
|
820
|
|
|
990
|
|
|||
|
Incurred from discontinued operations related to
|
|
|
|
|
|
||||||
|
Current year
|
165
|
|
|
361
|
|
|
1,060
|
|
|||
|
Prior years (e)
|
(2
|
)
|
|
(3
|
)
|
|
(7
|
)
|
|||
|
Total incurred from discontinued operations
|
163
|
|
|
358
|
|
|
1,053
|
|
|||
|
Paid related to
|
|
|
|
|
|
||||||
|
Current year
|
(848
|
)
|
|
(1,015
|
)
|
|
(1,353
|
)
|
|||
|
Prior years
|
(118
|
)
|
|
(316
|
)
|
|
(583
|
)
|
|||
|
Total paid
|
(966
|
)
|
|
(1,331
|
)
|
|
(1,936
|
)
|
|||
|
Net reserves reclassified to liabilities of discontinued operations held-for-sale (f)
|
(17
|
)
|
|
(269
|
)
|
|
(784
|
)
|
|||
|
Effects of exchange-rate changes
|
(14
|
)
|
|
5
|
|
|
69
|
|
|||
|
Net balance at end of year
|
259
|
|
|
375
|
|
|
545
|
|
|||
|
Reinsurance recoverables
|
321
|
|
|
487
|
|
|
670
|
|
|||
|
Balance at end of year
|
$
|
580
|
|
|
$
|
862
|
|
|
$
|
1,215
|
|
|
(a)
|
Represents the fair value of reserves of discontinued operations held-for-sale at the beginning of the year.
|
|
(b)
|
On November 30, 2010, we entered into a loss portfolio transfer that ceded our losses and loss adjustment expenses related to business underwritten by our international reinsurance agency, which was sold on the same date. The loss portfolio transfer was accounted for as retroactive reinsurance. Retroactive reinsurance balances result from reinsurance placed to cover losses on insured events occurring prior to the inception of a reinsurance contract.
|
|
(c)
|
During 2011, we completed the sale of our U.K. consumer property and casualty insurance business.
During 2010 and 2009, we completed sales related to our U.S. consumer property and casualty insurance business.
|
|
(d)
|
Incurred losses and loss adjustment expenses from continuing operations were adjusted as a result of changes in prior year reserve estimates for certain assumed reinsurance coverages, international private passenger automobile coverages, or dealer-related products.
|
|
(e)
|
Incurred losses and loss adjustment expenses from discontinued operations were adjusted as a result of changes in prior year reserve estimates for certain private passenger automobile coverages.
|
|
(f)
|
Reclassification is net of reinsurance recoveries.
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Fair value of derivative contracts in payable position
|
$
|
5,367
|
|
|
$
|
3,860
|
|
|
Loan repurchase liabilities
|
2,387
|
|
|
2,500
|
|
||
|
Collateral received from counterparties
|
1,410
|
|
|
916
|
|
||
|
Accounts payable
|
1,178
|
|
|
1,267
|
|
||
|
Reserve for mortgage representation and warranty obligation
|
825
|
|
|
830
|
|
||
|
Employee compensation and benefits
|
649
|
|
|
591
|
|
||
|
Non-income tax payable
|
296
|
|
|
339
|
|
||
|
GM payable, net
|
228
|
|
|
202
|
|
||
|
Regulatory penalties imposed in foreclosure related matters
|
223
|
|
|
—
|
|
||
|
Current income tax payable
|
200
|
|
|
308
|
|
||
|
Deferred income tax liability
|
111
|
|
|
—
|
|
||
|
Securitization trustee payable
|
87
|
|
|
179
|
|
||
|
Deferred revenue
|
86
|
|
|
85
|
|
||
|
Reinsurance payable
|
79
|
|
|
91
|
|
||
|
Other liabilities
|
958
|
|
|
958
|
|
||
|
Total accrued expenses and other liabilities
|
$
|
14,084
|
|
|
$
|
12,126
|
|
|
(in shares)
|
2011
|
|
2010
|
|
2009
|
|||
|
Common stock / members' interest (a)
|
|
|
|
|
|
|||
|
January 1,
|
1,330,970
|
|
|
799,120
|
|
|
269,960
|
|
|
New issuances
|
|
|
|
|
|
|||
|
Conversion of Series F-2 Preferred Stock (b)
|
—
|
|
|
531,850
|
|
|
—
|
|
|
Common equity investments (c)
|
—
|
|
|
—
|
|
|
269,960
|
|
|
Conversion of Series F Preferred Stock (d)
|
—
|
|
|
—
|
|
|
259,200
|
|
|
December 31,
|
1,330,970
|
|
|
1,330,970
|
|
|
799,120
|
|
|
(a)
|
On June 30, 2009, our members' interests became common stock due to our conversion from a limited liability company to a corporation. As a result, each unit of each class of common and preferred membership interests issued and outstanding was converted into shares of capital stock with substantially the same rights and preferences as such membership interests. Refer to
Note 25
for additional information regarding the tax impact of the conversion.
|
|
(b)
|
On December 30, 2010, 110,000,000 shares of Series F-2 Preferred Stock owned by Treasury were converted into 531,850 shares of Ally common stock.
|
|
(c)
|
On January 16, 2009, we completed a rights offering for $1.3 billion of common equity from existing Ally common shareholders.
|
|
(d)
|
On December 30, 2009, 60,000,000 shares of Series F Preferred Stock, all of which were owned by Treasury, were converted into 259,200 shares of Ally common stock.
|
|
December 31,
|
2011
|
|
2010
|
||||
|
Series F-2 preferred stock (a)
|
|
|
|
||||
|
Carrying value
($ in millions)
|
$
|
5,685
|
|
|
$
|
5,685
|
|
|
Par value
(per share)
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
Liquidation preference
(per share)
|
$
|
50
|
|
|
$
|
50
|
|
|
Number of shares authorized
|
228,750,000
|
|
|
228,750,000
|
|
||
|
Number of shares issued and outstanding
|
118,750,000
|
|
|
118,750,000
|
|
||
|
Dividend/coupon
|
Fixed 9%
|
|
|
|
|||
|
Redemption/call feature
|
Perpetual (b)
|
|
|
|
|||
|
(a)
|
Mandatorily convertible to common equity on December 30, 2016.
|
|
(b)
|
Convertible prior to mandatory conversion date with consent of Treasury.
|
|
December 31,
|
2011
|
|
2010
|
||||
|
Series A (a)
|
|
|
|
||||
|
Carrying value
($ in millions)
|
$
|
1,021
|
|
|
$
|
1,053
|
|
|
Par value
(per share)
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
Liquidation preference
(per share)
|
$
|
25
|
|
|
$
|
1,000
|
|
|
Number of shares authorized
|
160,870,560
|
|
|
4,021,764
|
|
||
|
Number of shares issued and outstanding
|
40,870,560
|
|
|
1,021,764
|
|
||
|
Dividend/coupon
|
|
|
|
||||
|
Prior to May 15, 2016
|
8.5
|
%
|
|
|
|||
|
On and after May 15, 2016
|
3 month LIBOR + 6.243%
|
|
|
|
|||
|
Redemption/call feature
|
Perpetual (b)
|
|
|
|
|||
|
Series G (c)
|
|
|
|
||||
|
Carrying value
($ in millions)
|
$
|
234
|
|
|
$
|
234
|
|
|
Par value
(per share)
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
Liquidation preference
(per share)
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
Number of shares authorized
|
2,576,601
|
|
|
2,576,601
|
|
||
|
Number of shares issued and outstanding
|
2,576,601
|
|
|
2,576,601
|
|
||
|
Dividend/coupon
|
Fixed 7%
|
|
|
|
|||
|
Redemption/call feature
|
Perpetual (d)
|
|
|
|
|||
|
(a)
|
Refer to the next section of this note for a description of an amendment to the Series A preferred stock that occurred on March 25, 2011.
|
|
(b)
|
Nonredeemable prior to May 15, 2016.
|
|
(c)
|
Pursuant to a registration rights agreement, we are required to maintain an effective shelf registration statement. In the event we fail to meet this obligation, we may be required to pay additional interest to the holders of the Series G Preferred Stock.
|
|
(d)
|
Redeemable beginning at December 31, 2011.
|
|
($ in millions)
|
Unrealized (losses) gains on investment securities (a)
|
|
Translation adjustments and net investment hedges
|
|
Cash flow hedges
|
|
Defined benefit pension plans
|
|
Accumulated other comprehensive (loss) income
|
||||||||||
|
Balance at December 31, 2008
|
$
|
(72
|
)
|
|
$
|
(168
|
)
|
|
$
|
(28
|
)
|
|
$
|
(121
|
)
|
|
$
|
(389
|
)
|
|
Net unrealized gains arising during the period
|
115
|
|
|
601
|
|
|
—
|
|
|
24
|
|
|
740
|
|
|||||
|
Less: Net realized losses reclassified to net income
|
(108
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(109
|
)
|
|||||
|
2009 net change
|
223
|
|
|
601
|
|
|
1
|
|
|
24
|
|
|
849
|
|
|||||
|
Balance at December 31, 2009
|
151
|
|
|
433
|
|
|
(27
|
)
|
|
(97
|
)
|
|
460
|
|
|||||
|
Net unrealized gains (losses) arising during the period
|
320
|
|
|
(18
|
)
|
|
33
|
|
|
(40
|
)
|
|
295
|
|
|||||
|
Less: Net realized gains (losses) reclassified to net income
|
497
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
496
|
|
|||||
|
2010 net change
|
(177
|
)
|
|
(17
|
)
|
|
33
|
|
|
(40
|
)
|
|
(201
|
)
|
|||||
|
Balance at December 31, 2010
|
(26
|
)
|
|
416
|
|
|
6
|
|
|
(137
|
)
|
|
259
|
|
|||||
|
Net unrealized gains (losses) arising during the period
|
196
|
|
|
(72
|
)
|
|
—
|
|
|
(27
|
)
|
|
97
|
|
|||||
|
Less: Net realized gains (losses) reclassified to net income
|
284
|
|
|
(8
|
)
|
|
—
|
|
|
(7
|
)
|
|
269
|
|
|||||
|
2011 net change
|
(88
|
)
|
|
(64
|
)
|
|
—
|
|
|
(20
|
)
|
|
(172
|
)
|
|||||
|
Balance at December 31, 2011
|
$
|
(114
|
)
|
|
$
|
352
|
|
|
$
|
6
|
|
|
$
|
(157
|
)
|
|
$
|
87
|
|
|
December 31,
($ in millions)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||
|
2011
|
|
|
|
|
|
||||||
|
Unrealized gains on investment securities
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
$
|
213
|
|
|
$
|
(17
|
)
|
|
$
|
196
|
|
|
Less: Net realized gains reclassified to net income (a)
|
296
|
|
|
(12
|
)
|
|
284
|
|
|||
|
Net change
|
(83
|
)
|
|
(5
|
)
|
|
(88
|
)
|
|||
|
Translation adjustments and net investment hedges
|
|
|
|
|
|
||||||
|
Translation adjustments
|
(238
|
)
|
|
1
|
|
|
(237
|
)
|
|||
|
Hedges - Net unrealized gains arising during the period
|
165
|
|
|
—
|
|
|
165
|
|
|||
|
Less: Hedges - Net realized losses reclassified to net income
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|||
|
Net change
|
(65
|
)
|
|
1
|
|
|
(64
|
)
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net gains (losses), prior service costs, and transition obligation arising during the period
|
(25
|
)
|
|
(2
|
)
|
|
(27
|
)
|
|||
|
Less: Net gains (losses), prior service costs, and transition obligations reclassified to net income
|
(12
|
)
|
|
5
|
|
|
(7
|
)
|
|||
|
Net change
|
(13
|
)
|
|
(7
|
)
|
|
(20
|
)
|
|||
|
Other comprehensive loss
|
$
|
(161
|
)
|
|
$
|
(11
|
)
|
|
$
|
(172
|
)
|
|
2010
|
|
|
|
|
|
||||||
|
Unrealized gains on investment securities
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
$
|
317
|
|
|
$
|
3
|
|
|
$
|
320
|
|
|
Less: Net realized gains reclassified to net income
|
506
|
|
|
(9
|
)
|
|
497
|
|
|||
|
Net change
|
(189
|
)
|
|
12
|
|
|
(177
|
)
|
|||
|
Translation adjustments and net investment hedges
|
|
|
|
|
|
||||||
|
Translation adjustments
|
178
|
|
|
(13
|
)
|
|
165
|
|
|||
|
Hedges - Net unrealized losses arising during the period
|
(183
|
)
|
|
—
|
|
|
(183
|
)
|
|||
|
Less: Hedges - Net realized losses reclassified to net income
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
|
Net change
|
(4
|
)
|
|
(13
|
)
|
|
(17
|
)
|
|||
|
Cash flow hedges
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
35
|
|
|
(2
|
)
|
|
33
|
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net gains (losses), prior service costs, and transition obligation arising during the period
|
(45
|
)
|
|
(14
|
)
|
|
(59
|
)
|
|||
|
Less: Net gains (losses), prior service costs, and transition obligations reclassified to net income
|
(14
|
)
|
|
(5
|
)
|
|
(19
|
)
|
|||
|
Net change
|
(31
|
)
|
|
(9
|
)
|
|
(40
|
)
|
|||
|
Other comprehensive loss
|
$
|
(189
|
)
|
|
$
|
(12
|
)
|
|
$
|
(201
|
)
|
|
2009
|
|
|
|
|
|
||||||
|
Unrealized gains on investment securities
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
$
|
190
|
|
|
$
|
(75
|
)
|
|
$
|
115
|
|
|
Less: Net realized losses reclassified to net income
|
(166
|
)
|
|
58
|
|
|
(108
|
)
|
|||
|
Net change
|
356
|
|
|
(133
|
)
|
|
223
|
|
|||
|
Translation adjustments and net investment hedges
|
|
|
|
|
|
||||||
|
Translation adjustments
|
591
|
|
|
10
|
|
|
601
|
|
|||
|
Cash flow hedges
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
10
|
|
|
(9
|
)
|
|
1
|
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net gains (losses), prior service costs, and transition obligation arising during the period
|
39
|
|
|
(2
|
)
|
|
37
|
|
|||
|
Less: Net gains (losses), prior service costs, and transition obligations reclassified to net income
|
13
|
|
|
—
|
|
|
13
|
|
|||
|
Net change
|
26
|
|
|
(2
|
)
|
|
24
|
|
|||
|
Other comprehensive income
|
$
|
983
|
|
|
$
|
(134
|
)
|
|
$
|
849
|
|
|
(a)
|
Includes gains of $2 million at December 31, 2011, classified as (loss) income from discontinued operations, net of tax, in our Consolidated Statement of Income.
|
|
($ in millions except per share data)
|
|
2011
|
|
2010
|
|
2009
|
||||||
|
Net (loss) income from continuing operations
|
|
$
|
(112
|
)
|
|
$
|
986
|
|
|
$
|
(6,983
|
)
|
|
Preferred stock dividends — U.S. Department of Treasury
|
|
(534
|
)
|
|
(963
|
)
|
|
(855
|
)
|
|||
|
Preferred stock dividends
|
|
(260
|
)
|
|
(282
|
)
|
|
(370
|
)
|
|||
|
Impact of preferred stock conversion and related amendment
|
|
—
|
|
|
(616
|
)
|
|
—
|
|
|||
|
Impact of preferred stock amendment
|
|
32
|
|
|
—
|
|
|
—
|
|
|||
|
Net loss from continuing operations attributable to common shareholders (a)
|
|
(874
|
)
|
|
(875
|
)
|
|
(8,208
|
)
|
|||
|
(Loss) income from discontinued operations, net of tax
|
|
(45
|
)
|
|
89
|
|
|
(3,315
|
)
|
|||
|
Net loss attributable to common shareholders
|
|
$
|
(919
|
)
|
|
$
|
(786
|
)
|
|
$
|
(11,523
|
)
|
|
Basic weighted-average common shares outstanding
|
|
1,330,970
|
|
|
800,597
|
|
|
529,392
|
|
|||
|
Diluted weighted-average common shares outstanding (a)
|
|
1,330,970
|
|
|
800,597
|
|
|
529,392
|
|
|||
|
Basic earnings per common share
|
|
|
|
|
|
|
||||||
|
Net loss from continuing operations
|
|
$
|
(658
|
)
|
|
$
|
(1,092
|
)
|
|
$
|
(15,503
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
|
(33
|
)
|
|
111
|
|
|
(6,262
|
)
|
|||
|
Net loss
|
|
$
|
(691
|
)
|
|
$
|
(981
|
)
|
|
$
|
(21,765
|
)
|
|
Diluted earnings per common share (a)
|
|
|
|
|
|
|
||||||
|
Net loss from continuing operations
|
|
$
|
(658
|
)
|
|
$
|
(1,092
|
)
|
|
$
|
(15,503
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
|
(33
|
)
|
|
111
|
|
|
(6,262
|
)
|
|||
|
Net loss
|
|
$
|
(691
|
)
|
|
$
|
(981
|
)
|
|
$
|
(21,765
|
)
|
|
(a)
|
Due to the antidilutive effect of converting the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares and the net loss attributable to common shareholders for 2011, 2010 and 2009, income attributable to common shareholders and basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.
|
|
|
2011
|
|
2010
|
|
Required Minimum
|
|
Well-
capitalized Minimum
|
||||||||||
|
December 31,
($ in millions)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
|
||||||||
|
Risk-based capital
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Tier 1 (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Ally Financial Inc.
|
$
|
21,158
|
|
|
13.71
|
%
|
|
$
|
22,189
|
|
|
15.00
|
%
|
|
4.00%
|
|
6.00%
|
|
Ally Bank
|
12,920
|
|
|
17.39
|
|
|
10,738
|
|
|
19.23
|
|
|
4.00
|
|
6.00
|
||
|
Total (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Ally Financial Inc.
|
$
|
22,755
|
|
|
14.75
|
%
|
|
$
|
24,213
|
|
|
16.36
|
%
|
|
15.00% (a)
|
|
10.00%
|
|
Ally Bank
|
13,643
|
|
|
18.37
|
|
|
11,438
|
|
|
20.48
|
|
|
8.00
|
|
10.00
|
||
|
Tier 1 leverage (to adjusted quarterly average assets) (b)
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Ally Financial Inc.
|
$
|
21,158
|
|
|
11.50
|
%
|
|
$
|
22,189
|
|
|
13.05
|
%
|
|
3.00–4.00%
|
|
(c)
|
|
Ally Bank
|
12,920
|
|
|
15.47
|
|
|
10,738
|
|
|
15.81
|
|
|
15.00 (d)
|
|
5.00%
|
||
|
Tier 1 common (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Ally Financial Inc.
|
$
|
11,676
|
|
|
7.57
|
%
|
|
$
|
12,677
|
|
|
8.57
|
%
|
|
n/a
|
|
n/a
|
|
Ally Bank
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
n/a
|
||
|
(a)
|
Ally was previously subject to a directive from the Board of Governors of the Federal Reserve System (FRB) to maintain a Total risk-based capital ratio of 15%. The directive expired on December 31, 2011.
|
|
(b)
|
Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
|
|
(c)
|
There is no Tier 1 leverage component in the definition of a well-capitalized bank holding company.
|
|
(d)
|
Ally Bank, in accordance with the CLMA is required to maintain a Tier 1 leverage ratio of at least 15%.
|
|
•
|
MSRs and retained interests
— Our MSRs and retained interest portfolios are generally subject to loss in value when mortgage rates decline. Declining mortgage rates generally result in an increase in refinancing activity that increases prepayments and results in a decline in the value of MSRs and retained interests. To mitigate the impact of this risk, we maintain a portfolio of financial instruments, primarily derivative instruments that increase in value when interest rates decline. The primary objective is to minimize the overall risk of loss in the value of MSRs and retained interests due to the change in fair value caused by interest rate changes.
|
|
•
|
Mortgage loan commitments and mortgage and automobile loans held-for-sale
— We are exposed to interest rate risk from the time an interest rate lock commitment (IRLC) is made until the time the mortgage loan is sold. Changes in interest rates impact the market price for our loans; as market interest rates decline, the value of existing IRLCs and loans held-for-sale increase and vice versa. Our primary objective in risk management activities related to IRLCs and mortgage loans held-for-sale is to eliminate or greatly reduce any interest rate risk associated with these items.
|
|
•
|
Debt
— With the exception of a portion of our fixed-rate debt and a portion of our outstanding floating-rate borrowing associated with Ally Bank's secured floating-rate credit facility, we do not apply hedge accounting to our derivative portfolio held to mitigate
|
|
•
|
Other
— We enter into futures, options, and swaptions to economically hedge our net fixed versus variable interest rate exposure. We also enter into equity options to economically hedge our exposure to the equity markets.
|
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
|
Fair value of
derivative contracts in
|
|
|
|
Fair value of
derivative contracts in
|
|
|
||||||||||||||||
|
December 31,
($ in millions)
|
receivable
position (a)
|
|
liability
position (b)
|
|
Notional
amount
|
|
receivable
position (a)
|
|
liability
position (b)
|
|
Notional
amount
|
||||||||||||
|
Derivatives qualifying for hedge accounting
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate risk
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fair value accounting hedges
|
$
|
289
|
|
|
$
|
4
|
|
|
$
|
8,398
|
|
|
$
|
443
|
|
|
$
|
114
|
|
|
$
|
11,895
|
|
|
Cash flow accounting hedges
|
4
|
|
|
—
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total interest rate risk
|
293
|
|
|
4
|
|
|
11,398
|
|
|
443
|
|
|
114
|
|
|
11,895
|
|
||||||
|
Foreign exchange risk
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net investment accounting hedges
|
123
|
|
|
54
|
|
|
8,208
|
|
|
12
|
|
|
72
|
|
|
4,407
|
|
||||||
|
Total derivatives qualifying for hedge accounting
|
416
|
|
|
58
|
|
|
19,606
|
|
|
455
|
|
|
186
|
|
|
16,302
|
|
||||||
|
Economic and trading derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate risk
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
MSRs and retained interests
|
4,812
|
|
|
5,012
|
|
|
523,037
|
|
|
2,896
|
|
|
3,118
|
|
|
325,768
|
|
||||||
|
Mortgage loan commitments and mortgage and automobile loans held-for-sale
|
95
|
|
|
107
|
|
|
24,950
|
|
|
232
|
|
|
80
|
|
|
38,788
|
|
||||||
|
Debt
|
81
|
|
|
54
|
|
|
25,934
|
|
|
160
|
|
|
107
|
|
|
21,269
|
|
||||||
|
Other
|
160
|
|
|
101
|
|
|
42,142
|
|
|
80
|
|
|
129
|
|
|
32,734
|
|
||||||
|
Total interest rate risk
|
5,148
|
|
|
5,274
|
|
|
616,063
|
|
|
3,368
|
|
|
3,434
|
|
|
418,559
|
|
||||||
|
Foreign exchange risk
|
137
|
|
|
47
|
|
|
7,569
|
|
|
143
|
|
|
240
|
|
|
14,359
|
|
||||||
|
Total economic and trading derivatives
|
5,285
|
|
|
5,321
|
|
|
623,632
|
|
|
3,511
|
|
|
3,674
|
|
|
432,918
|
|
||||||
|
Total derivatives
|
$
|
5,701
|
|
|
$
|
5,379
|
|
|
$
|
643,238
|
|
|
$
|
3,966
|
|
|
$
|
3,860
|
|
|
$
|
449,220
|
|
|
(a)
|
Includes accrued interest of $459 million and $263 million at December 31, 2011 and 2010, respectively.
|
|
(b)
|
Includes accrued interest of $458 million and $23 million at December 31, 2011 and 2010, respectively.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Derivatives qualifying for hedge accounting
|
|
|
|
|
|
||||||
|
Gain (loss) recognized in earnings on derivatives (a)
|
|
|
|
|
|
||||||
|
Interest rate contracts
|
|
|
|
|
|
||||||
|
Interest on long-term debt
|
$
|
884
|
|
|
$
|
171
|
|
|
$
|
(311
|
)
|
|
Foreign exchange contracts
|
|
|
|
|
|
||||||
|
Other income, net of losses
|
35
|
|
|
—
|
|
|
—
|
|
|||
|
(Loss) gain recognized in earnings on hedged items (b)
|
|
|
|
|
|
||||||
|
Interest rate contracts
|
|
|
|
|
|
||||||
|
Interest on long-term debt
|
(840
|
)
|
|
(129
|
)
|
|
260
|
|
|||
|
Foreign exchange contracts
|
|
|
|
|
|
||||||
|
Other income, net of losses
|
(35
|
)
|
|
—
|
|
|
—
|
|
|||
|
Total derivatives qualifying for hedge accounting
|
44
|
|
|
42
|
|
|
(51
|
)
|
|||
|
Economic and trading derivatives
|
|
|
|
|
|
||||||
|
(Loss) gain recognized in earnings on derivatives
|
|
|
|
|
|
||||||
|
Interest rate contracts
|
|
|
|
|
|
||||||
|
Interest on long-term debt
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
|
Servicing asset valuation and hedge activities, net
|
817
|
|
|
478
|
|
|
(998
|
)
|
|||
|
Loss on mortgage and automotive loans, net
|
(726
|
)
|
|
(332
|
)
|
|
(156
|
)
|
|||
|
Other loss on investments, net
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||
|
Other income, net of losses
|
(84
|
)
|
|
(91
|
)
|
|
20
|
|
|||
|
Other operating expenses
|
—
|
|
|
(9
|
)
|
|
(14
|
)
|
|||
|
Total interest rate contracts
|
4
|
|
|
46
|
|
|
(1,152
|
)
|
|||
|
Foreign exchange contracts (c)
|
|
|
|
|
|
||||||
|
Interest on long-term debt
|
92
|
|
|
(169
|
)
|
|
(66
|
)
|
|||
|
Other income, net of losses
|
17
|
|
|
158
|
|
|
(806
|
)
|
|||
|
Other operating expenses
|
(21
|
)
|
|
—
|
|
|
—
|
|
|||
|
Total foreign exchange contracts
|
88
|
|
|
(11
|
)
|
|
(872
|
)
|
|||
|
Gain (loss) recognized in earnings on derivatives
|
$
|
136
|
|
|
$
|
77
|
|
|
$
|
(2,075
|
)
|
|
(a)
|
Amounts exclude gains of $264 million, $329 million, and $535 million for the years ended December 31, 2011, 2010, and 2009, respectively, related to interest for derivatives qualifying for hedge accounting of debt, which are primarily offset by the fixed coupon payment on the long-term debt.
|
|
(b)
|
Amounts exclude gains of $229 million, $210 million, and $144 million related to amortization of deferred basis adjustments on the hedged items for the years ended December 31, 2011, 2010, and 2009, respectively.
|
|
(c)
|
Amounts exclude losses of $107 million, losses of $14 million, and gains of $632 million for the years ended December 31, 2011, 2010, and 2009 respectively, related to the revaluation of the related foreign-denominated debt or receivable.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Cash flow hedges
|
|
|
|
|
|
||||||
|
Interest rate contracts
|
|
|
|
|
|
||||||
|
Gain recorded directly to interest on long-term debt (a)
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Foreign exchange contracts
|
|
|
|
|
|
||||||
|
Gain recognized in other comprehensive income (b)
|
—
|
|
|
4
|
|
|
10
|
|
|||
|
Net investment hedges
|
|
|
|
|
|
||||||
|
Foreign exchange contracts
|
|
|
|
|
|
||||||
|
(Loss) gain reclassified from accumulated other comprehensive income to other income, net of losses
|
$
|
(8
|
)
|
|
$
|
12
|
|
|
$
|
—
|
|
|
Loss recorded directly to other income, net of losses (c)
|
(3
|
)
|
|
(18
|
)
|
|
—
|
|
|||
|
Total other income, net of losses
|
$
|
(11
|
)
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
Gain (loss) recognized in other comprehensive income (d)
|
$
|
173
|
|
|
$
|
(183
|
)
|
|
$
|
(32
|
)
|
|
(a)
|
The amount represents hedge ineffectiveness and excludes interest losses of $5 million for the year ended December 31, 2011.
|
|
(b)
|
The amount for the year ended December 31, 2010, represents gains of $111 million related to the effective portion of cash flow hedges offset by the reclassification of accumulated gains totaling $107 million from accumulated other comprehensive income on our
Consolidated Balance Sheet
to other income, net of losses in the Consolidated Statement of Income. The amount for the year ended December 31, 2009, represents losses of $18 million related to the effective portion of cash flow hedges offset by the reclassification of accumulated losses totaling $28 million from accumulated other comprehensive income on our
Consolidated Balance Sheet
to other income, net of losses in the Consolidated Statement of Income. The reclassified amounts completely offset the effective portion related to the revaluation of the related foreign-denominated debt. The amount of hedge ineffectiveness on cash flow hedges during the years ended December 31, 2010 and 2009 was insignificant.
|
|
(c)
|
The amounts represent the forward points excluded from the assessment of hedge effectiveness.
|
|
(d)
|
The amounts represent the effective portion of net investment hedges. There are offsetting losses of $237 million, gains of $187 million, and gains of $1 million for the years ended December 31, 2011, 2010, and 2009, respectively, recognized in accumulated other comprehensive income related to the revaluation of the related net investment in foreign operations.
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
U.S. (loss) income
|
$
|
(785
|
)
|
|
$
|
594
|
|
|
$
|
(5,209
|
)
|
|
Non-U.S. income (loss)
|
852
|
|
|
545
|
|
|
(1,700
|
)
|
|||
|
Income (loss) from continuing operations before income tax expense
|
$
|
67
|
|
|
$
|
1,139
|
|
|
$
|
(6,909
|
)
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Current income tax expense
|
|
|
|
|
|
||||||
|
U.S. federal
|
$
|
18
|
|
|
$
|
12
|
|
|
$
|
146
|
|
|
Foreign
|
353
|
|
|
470
|
|
|
173
|
|
|||
|
State and local
|
12
|
|
|
58
|
|
|
14
|
|
|||
|
Total current expense
|
383
|
|
|
540
|
|
|
333
|
|
|||
|
Deferred income tax benefit
|
|
|
|
|
|
||||||
|
U.S. federal
|
—
|
|
|
(6
|
)
|
|
(109
|
)
|
|||
|
Foreign
|
(204
|
)
|
|
(374
|
)
|
|
(32
|
)
|
|||
|
State and local
|
—
|
|
|
(7
|
)
|
|
(118
|
)
|
|||
|
Total deferred benefit
|
(204
|
)
|
|
(387
|
)
|
|
(259
|
)
|
|||
|
Total income tax expense from continuing operations
|
$
|
179
|
|
|
$
|
153
|
|
|
$
|
74
|
|
|
|
|
|
|
|
|
||||||
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Statutory U.S. federal tax expense (benefit)
|
$
|
23
|
|
|
$
|
399
|
|
|
$
|
(2,418
|
)
|
|
Change in tax resulting from
|
|
|
|
|
|
||||||
|
Effect of valuation allowance change
|
215
|
|
|
(132
|
)
|
|
2,118
|
|
|||
|
Taxes on unremitted earnings of subsidiaries
|
24
|
|
|
(71
|
)
|
|
(25
|
)
|
|||
|
State and local income taxes, net of federal income tax benefit
|
7
|
|
|
2
|
|
|
(285
|
)
|
|||
|
Foreign tax differential
|
(47
|
)
|
|
(75
|
)
|
|
50
|
|
|||
|
Equity-method investments
|
(28
|
)
|
|
(20
|
)
|
|
(9
|
)
|
|||
|
Changes in unrecognized tax benefits
|
(18
|
)
|
|
38
|
|
|
8
|
|
|||
|
Tax-exempt income
|
(2
|
)
|
|
(6
|
)
|
|
(17
|
)
|
|||
|
Foreign capital loss
|
—
|
|
|
(1
|
)
|
|
(1,044
|
)
|
|||
|
Change in tax status
|
—
|
|
|
—
|
|
|
1,244
|
|
|||
|
LLC results not subject to federal or state income taxes
|
—
|
|
|
—
|
|
|
544
|
|
|||
|
Other, net
|
5
|
|
|
19
|
|
|
(92
|
)
|
|||
|
Tax expense
|
$
|
179
|
|
|
$
|
153
|
|
|
$
|
74
|
|
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Deferred tax assets
|
|
|
|
||||
|
Tax loss carryforwards
|
$
|
1,976
|
|
|
$
|
1,728
|
|
|
Provision for loan losses
|
775
|
|
|
753
|
|
||
|
Mark-to-market on consumer finance receivables and loans
|
695
|
|
|
655
|
|
||
|
Hedging transactions
|
248
|
|
|
9
|
|
||
|
State and local taxes
|
184
|
|
|
170
|
|
||
|
Sales of finance receivables and loans
|
182
|
|
|
205
|
|
||
|
Contingency
|
169
|
|
|
223
|
|
||
|
Tax credit carryforwards
|
161
|
|
|
132
|
|
||
|
Unearned insurance premiums
|
158
|
|
|
151
|
|
||
|
Basis difference in subsidiaries
|
105
|
|
|
82
|
|
||
|
MSRs
|
95
|
|
|
(54
|
)
|
||
|
Other
|
368
|
|
|
354
|
|
||
|
Gross deferred tax assets
|
5,116
|
|
|
4,408
|
|
||
|
Valuation allowance
|
(2,240
|
)
|
|
(1,993
|
)
|
||
|
Net deferred tax assets
|
2,876
|
|
|
2,415
|
|
||
|
Deferred tax liabilities
|
|
|
|
||||
|
Lease transactions
|
2,052
|
|
|
1,545
|
|
||
|
Deferred acquisition costs
|
328
|
|
|
332
|
|
||
|
Unrealized gains on securities
|
180
|
|
|
304
|
|
||
|
Tax on unremitted earnings
|
63
|
|
|
46
|
|
||
|
Debt transactions
|
32
|
|
|
84
|
|
||
|
Other
|
94
|
|
|
101
|
|
||
|
Gross deferred tax liabilities
|
2,749
|
|
|
2,412
|
|
||
|
Net deferred tax assets
|
$
|
127
|
|
|
$
|
3
|
|
|
($ in millions)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Balance at January 1,
|
$
|
214
|
|
|
$
|
172
|
|
|
$
|
150
|
|
|
Additions based on tax positions related to the current year
|
11
|
|
|
69
|
|
|
27
|
|
|||
|
Additions for tax positions of prior years
|
20
|
|
|
3
|
|
|
24
|
|
|||
|
Reductions for tax positions of prior years
|
(3
|
)
|
|
(23
|
)
|
|
(24
|
)
|
|||
|
Settlements
|
(35
|
)
|
|
(9
|
)
|
|
(28
|
)
|
|||
|
Expiration of statute of limitations
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||
|
Foreign-currency translation adjustments
|
(9
|
)
|
|
4
|
|
|
23
|
|
|||
|
Balance at December 31,
|
$
|
198
|
|
|
$
|
214
|
|
|
$
|
172
|
|
|
Jurisdiction
|
Tax year
|
|
United States
|
2004
|
|
Canada
|
2004
|
|
Germany
|
2007
|
|
United Kingdom
|
1995
|
|
Mexico
|
2006
|
|
Brazil
|
2006
|
|
Year ended December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Projected benefit obligation
|
$
|
528
|
|
|
$
|
509
|
|
|
Fair value of plan assets
|
398
|
|
|
388
|
|
||
|
Underfunded status
|
$
|
(130
|
)
|
|
$
|
(121
|
)
|
|
Level 1
|
Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity.
|
|
Level 2
|
Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
|
|
Level 3
|
Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management's best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation.
|
|
Transfers
|
Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfer occurred. There was a transfer from Level 3 to Level 2 during 2011 of certain interest rate derivative contracts. Refer to the Level 3 recurring fair value measurements table in this note for additional information. There were no other significant transfers between any levels during the year ended December 31, 2011 or 2010.
|
|
|
Recurring fair value measurements
|
||||||||||||||
|
December 31, 2011
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Trading assets (excluding derivatives)
|
|
|
|
|
|
|
|
||||||||
|
Mortgage-backed residential securities
|
$
|
—
|
|
|
$
|
575
|
|
|
$
|
33
|
|
|
$
|
608
|
|
|
Total trading assets
|
—
|
|
|
575
|
|
|
33
|
|
|
608
|
|
||||
|
Investment securities
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury and federal agencies
|
903
|
|
|
643
|
|
|
—
|
|
|
1,546
|
|
||||
|
States and political subdivisions
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
|
Foreign government
|
427
|
|
|
357
|
|
|
—
|
|
|
784
|
|
||||
|
Mortgage-backed residential
|
—
|
|
|
7,312
|
|
|
—
|
|
|
7,312
|
|
||||
|
Asset-backed
|
—
|
|
|
2,553
|
|
|
62
|
|
|
2,615
|
|
||||
|
Corporate debt securities
|
—
|
|
|
1,491
|
|
|
—
|
|
|
1,491
|
|
||||
|
Other debt securities
|
—
|
|
|
327
|
|
|
—
|
|
|
327
|
|
||||
|
Total debt securities
|
1,330
|
|
|
12,684
|
|
|
62
|
|
|
14,076
|
|
||||
|
Equity securities (a)
|
1,059
|
|
|
—
|
|
|
—
|
|
|
1,059
|
|
||||
|
Total available-for-sale securities
|
2,389
|
|
|
12,684
|
|
|
62
|
|
|
15,135
|
|
||||
|
Mortgage loans held-for-sale, net (b)
|
—
|
|
|
3,889
|
|
|
30
|
|
|
3,919
|
|
||||
|
Consumer mortgage finance receivables and loans, net (b)
|
—
|
|
|
—
|
|
|
835
|
|
|
835
|
|
||||
|
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
2,519
|
|
|
2,519
|
|
||||
|
Other assets
|
|
|
|
|
|
|
|
||||||||
|
Interests retained in financial asset sales
|
—
|
|
|
—
|
|
|
231
|
|
|
231
|
|
||||
|
Derivative contracts in receivable position (c)
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
79
|
|
|
5,274
|
|
|
88
|
|
|
5,441
|
|
||||
|
Foreign currency
|
—
|
|
|
242
|
|
|
18
|
|
|
260
|
|
||||
|
Total derivative contracts in receivable position
|
79
|
|
|
5,516
|
|
|
106
|
|
|
5,701
|
|
||||
|
Collateral placed with counterparties (d)
|
328
|
|
|
—
|
|
|
—
|
|
|
328
|
|
||||
|
Total assets
|
$
|
2,796
|
|
|
$
|
22,664
|
|
|
$
|
3,816
|
|
|
$
|
29,276
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
||||||||
|
On-balance sheet securitization debt (b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(830
|
)
|
|
$
|
(830
|
)
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
||||||||
|
Derivative contracts in payable position (c)
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
(32
|
)
|
|
(5,229
|
)
|
|
(17
|
)
|
|
(5,278
|
)
|
||||
|
Foreign currency
|
—
|
|
|
(99
|
)
|
|
(2
|
)
|
|
(101
|
)
|
||||
|
Total derivative contracts in a payable position
|
(32
|
)
|
|
(5,328
|
)
|
|
(19
|
)
|
|
(5,379
|
)
|
||||
|
Loan repurchase liabilities (b)
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
||||
|
Trading liabilities (excluding derivatives)
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
||||
|
Total liabilities
|
$
|
(93
|
)
|
|
$
|
(5,328
|
)
|
|
$
|
(878
|
)
|
|
$
|
(6,299
|
)
|
|
(a)
|
Our investment in any one industry did not exceed 18%.
|
|
(b)
|
Carried at fair value due to fair value option elections.
|
|
(c)
|
Includes derivatives classified as trading.
|
|
(d)
|
Represents collateral in the form of investment securities. Cash collateral was excluded.
|
|
|
Recurring fair value measurements
|
||||||||||||||
|
December 31, 2010
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Trading assets
|
|
|
|
|
|
|
|
||||||||
|
Securities of U.S. Treasury and federal agencies
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
77
|
|
|
Mortgage-backed residential securities
|
—
|
|
|
25
|
|
|
44
|
|
|
69
|
|
||||
|
Asset-backed securities
|
—
|
|
|
—
|
|
|
94
|
|
|
94
|
|
||||
|
Total trading assets
|
77
|
|
|
25
|
|
|
138
|
|
|
240
|
|
||||
|
Investment securities
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury and federal agencies
|
3,313
|
|
|
5
|
|
|
—
|
|
|
3,318
|
|
||||
|
States and political subdivisions
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
|
Foreign government
|
873
|
|
|
375
|
|
|
—
|
|
|
1,248
|
|
||||
|
Mortgage-backed residential
|
—
|
|
|
5,824
|
|
|
1
|
|
|
5,825
|
|
||||
|
Asset-backed
|
—
|
|
|
1,948
|
|
|
—
|
|
|
1,948
|
|
||||
|
Corporate debt securities
|
—
|
|
|
1,558
|
|
|
—
|
|
|
1,558
|
|
||||
|
Other debt securities
|
—
|
|
|
151
|
|
|
—
|
|
|
151
|
|
||||
|
Total debt securities
|
4,186
|
|
|
9,863
|
|
|
1
|
|
|
14,050
|
|
||||
|
Equity securities (a)
|
796
|
|
|
—
|
|
|
—
|
|
|
796
|
|
||||
|
Total available-for-sale securities
|
4,982
|
|
|
9,863
|
|
|
1
|
|
|
14,846
|
|
||||
|
Mortgage loans held-for-sale, net (b)
|
—
|
|
|
6,420
|
|
|
4
|
|
|
6,424
|
|
||||
|
Consumer mortgage finance receivables and loans, net (b)
|
—
|
|
|
—
|
|
|
1,015
|
|
|
1,015
|
|
||||
|
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
3,738
|
|
|
3,738
|
|
||||
|
Other assets
|
|
|
|
|
|
|
|
||||||||
|
Interests retained in financial asset sales
|
—
|
|
|
—
|
|
|
568
|
|
|
568
|
|
||||
|
Derivative contracts in receivable position
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
242
|
|
|
3,464
|
|
|
105
|
|
|
3,811
|
|
||||
|
Foreign currency
|
—
|
|
|
155
|
|
|
—
|
|
|
155
|
|
||||
|
Total derivative contracts in receivable position
|
242
|
|
|
3,619
|
|
|
105
|
|
|
3,966
|
|
||||
|
Collateral placed with counterparties (c)
|
728
|
|
|
—
|
|
|
—
|
|
|
728
|
|
||||
|
Total assets
|
$
|
6,029
|
|
|
$
|
19,927
|
|
|
$
|
5,569
|
|
|
$
|
31,525
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
||||||||
|
On-balance sheet securitization debt (b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(972
|
)
|
|
$
|
(972
|
)
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
||||||||
|
Derivative contracts in liability position
|
|
|
|
|
|
|
|
||||||||
|
Interest rate contracts
|
(208
|
)
|
|
(3,222
|
)
|
|
(118
|
)
|
|
(3,548
|
)
|
||||
|
Foreign currency contracts
|
—
|
|
|
(312
|
)
|
|
—
|
|
|
(312
|
)
|
||||
|
Total fair value of derivative contracts in liability position
|
(208
|
)
|
|
(3,534
|
)
|
|
(118
|
)
|
|
(3,860
|
)
|
||||
|
Total liabilities
|
$
|
(208
|
)
|
|
$
|
(3,534
|
)
|
|
$
|
(1,090
|
)
|
|
$
|
(4,832
|
)
|
|
(a)
|
Our investment in any one industry did not exceed 23%.
|
|
(b)
|
Carried at fair value due to fair value option elections.
|
|
(c)
|
Represents collateral in the form of investment securities. Cash collateral was excluded.
|
|
|
Level 3 recurring fair value measurements
|
|||||||||||||||||||||||||||||||||
|
|
Fair value
at
Jan. 1, 2011
|
Net realized/unrealized
gains (losses)
|
Purchases
|
|
Sales
|
|
Issuances
|
Settlements
|
Transfers out of level 3
|
|
Fair
value
at
Dec. 31,
2011
|
Net
unrealized
gains
(losses)
included in
earnings still
held at
Dec. 31,
2011
|
|
|||||||||||||||||||||
|
($ in millions)
|
included
in
earnings
|
|
included in
other
comprehensive
income
|
|
||||||||||||||||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Trading assets (excluding derivatives)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Mortgage-backed residential securities
|
$
|
44
|
|
$
|
5
|
|
(a)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
(16
|
)
|
$
|
—
|
|
|
$
|
33
|
|
$
|
14
|
|
(a)
|
|
Asset-backed securities
|
94
|
|
—
|
|
|
—
|
|
—
|
|
(94
|
)
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
||||||||||
|
Total trading assets
|
138
|
|
5
|
|
|
—
|
|
—
|
|
(94
|
)
|
|
—
|
|
(16
|
)
|
—
|
|
|
33
|
|
14
|
|
|
||||||||||
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Mortgage-backed residential
|
1
|
|
—
|
|
|
—
|
|
—
|
|
(1
|
)
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
||||||||||
|
Asset-backed
|
—
|
|
18
|
|
(b)
|
14
|
|
94
|
|
(64
|
)
|
|
—
|
|
—
|
|
—
|
|
|
62
|
|
—
|
|
|
||||||||||
|
Total debt securities
|
1
|
|
18
|
|
|
14
|
|
94
|
|
(65
|
)
|
|
—
|
|
—
|
|
—
|
|
|
62
|
|
—
|
|
|
||||||||||
|
Mortgage loans held-for-sale, net (c)
|
4
|
|
(1
|
)
|
(c)
|
—
|
|
46
|
|
(1
|
)
|
|
—
|
|
(18
|
)
|
—
|
|
|
30
|
|
(2
|
)
|
(c)
|
||||||||||
|
Consumer mortgage finance receivables and loans, net (c)
|
1,015
|
|
352
|
|
(c)
|
1
|
|
—
|
|
—
|
|
|
—
|
|
(533
|
)
|
—
|
|
|
835
|
|
136
|
|
(c)
|
||||||||||
|
Mortgage servicing rights
|
3,738
|
|
(1,606
|
)
|
(d)
|
—
|
|
31
|
|
(266
|
)
|
(e)
|
622
|
|
—
|
|
—
|
|
|
2,519
|
|
(1,605
|
)
|
(d)
|
||||||||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interests retained in financial asset sales
|
568
|
|
180
|
|
(f)
|
—
|
|
—
|
|
—
|
|
|
3
|
|
(520
|
)
|
—
|
|
|
231
|
|
(15
|
)
|
(f)
|
||||||||||
|
Derivative contracts, net (g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interest rate
|
(13
|
)
|
148
|
|
(h)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(41
|
)
|
(23
|
)
|
(i)
|
71
|
|
145
|
|
(h)
|
||||||||||
|
Foreign currency
|
—
|
|
16
|
|
(h)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
16
|
|
16
|
|
(h)
|
||||||||||
|
Total derivative contracts in a (payable) receivable position, net
|
(13
|
)
|
164
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(41
|
)
|
(23
|
)
|
|
87
|
|
161
|
|
|
||||||||||
|
Total assets
|
$
|
5,451
|
|
$
|
(888
|
)
|
|
$
|
15
|
|
$
|
171
|
|
$
|
(426
|
)
|
|
$
|
625
|
|
$
|
(1,128
|
)
|
$
|
(23
|
)
|
|
$
|
3,797
|
|
$
|
(1,311
|
)
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
On-balance sheet securitization debt (c)
|
$
|
(972
|
)
|
$
|
(371
|
)
|
(c)
|
$
|
1
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
512
|
|
$
|
—
|
|
|
$
|
(830
|
)
|
$
|
(184
|
)
|
(c)
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Loan repurchase liabilities (c)
|
—
|
|
2
|
|
(c)
|
—
|
|
(46
|
)
|
—
|
|
|
—
|
|
15
|
|
—
|
|
|
(29
|
)
|
2
|
|
(c)
|
||||||||||
|
Total liabilities
|
$
|
(972
|
)
|
$
|
(369
|
)
|
|
$
|
1
|
|
$
|
(46
|
)
|
$
|
—
|
|
|
$
|
—
|
|
$
|
527
|
|
$
|
—
|
|
|
$
|
(859
|
)
|
$
|
(182
|
)
|
|
|
(a)
|
The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest on trading assets in the
Consolidated Statement of Income
.
|
|
(b)
|
The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest and dividends on available-for-sale investment securities in the
Consolidated Statement of Income
.
|
|
(c)
|
Carried at fair value due to fair value option elections. Refer to the next section of this note titled
Fair Value Option for Financial Assets and Liabilities
for the location of the gains and losses in the
Consolidated Statement of Income
.
|
|
(d)
|
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the
Consolidated Statement of Income
.
|
|
(e)
|
Represents excess mortgage servicing rights transferred to an agency-controlled trust in exchange for trading securities. These securities were then sold instantaneously to third-party investors for $266 million.
|
|
(f)
|
Reported as other income, net of losses, in the
Consolidated Statement of Income
.
|
|
(g)
|
Includes derivatives classified as trading.
|
|
(h)
|
Refer to
Note 24
for information related to the location of the gains and losses on derivative instruments in the
Consolidated Statement of Income
.
|
|
(i)
|
The in-house valuations of some derivative contracts classified as Level 3 was replaced with third-party developed valuation models that are widely accepted in the market to value these over-the-counter derivative contracts. The specific terms of the contract and market observable inputs are entered into the model. We reclassified these over-the-counter derivative contracts as Level 2 because all significant inputs into these models were market observable.
|
|
|
Level 3 recurring fair value measurements
|
|
||||||||||||||||||||||
|
|
Fair value
at
January 1,
2010
|
|
Net realized/unrealized
gains (losses)
|
|
Purchases,
issuances,
and
settlements,
net
|
|
Fair value at
December 31,
2010
|
|
Net
unrealized
gains
(losses)
included in
earnings still
held at
December 31,
2010
|
|
||||||||||||||
|
($ in millions)
|
|
included
in
earnings
|
|
included in
other
comprehensive
income
|
|
|
|
|
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trading assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage-backed residential securities
|
$
|
99
|
|
|
$
|
6
|
|
(a)
|
$
|
—
|
|
|
$
|
(61
|
)
|
|
$
|
44
|
|
|
$
|
24
|
|
(a)
|
|
Asset-backed securities
|
596
|
|
|
—
|
|
|
5
|
|
|
(507
|
)
|
|
94
|
|
|
—
|
|
|
||||||
|
Total trading assets
|
695
|
|
|
6
|
|
|
5
|
|
|
(568
|
)
|
|
138
|
|
|
24
|
|
|
||||||
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage-backed residential
|
6
|
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
|
1
|
|
|
—
|
|
|
||||||
|
Asset-backed
|
20
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
||||||
|
Total debt securities
|
26
|
|
|
—
|
|
|
(2
|
)
|
|
(23
|
)
|
|
1
|
|
|
—
|
|
|
||||||
|
Mortgage loans held-for-sale, net (b)
|
—
|
|
|
3
|
|
(b)
|
—
|
|
|
1
|
|
|
4
|
|
|
3
|
|
(b)
|
||||||
|
Consumer mortgage finance receivables and loans, net (b)
|
1,391
|
|
|
1,903
|
|
(b)
|
—
|
|
|
(2,279
|
)
|
|
1,015
|
|
|
1,189
|
|
(b)
|
||||||
|
Mortgage servicing rights
|
3,554
|
|
|
(871
|
)
|
(c)
|
—
|
|
|
1,055
|
|
|
3,738
|
|
|
(871
|
)
|
(c)
|
||||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash reserve deposits held-for-securitization trusts
|
31
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
||||||
|
Interests retained in financial asset sales
|
471
|
|
|
94
|
|
(d)
|
—
|
|
|
3
|
|
|
568
|
|
|
14
|
|
(d)
|
||||||
|
Fair value of derivative contracts in receivable (liability) position, net
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate contracts, net
|
103
|
|
|
180
|
|
(e)
|
—
|
|
|
(296
|
)
|
|
(13
|
)
|
|
388
|
|
(e)
|
||||||
|
Total assets
|
$
|
6,271
|
|
|
$
|
1,315
|
|
|
$
|
3
|
|
|
$
|
(2,138
|
)
|
|
$
|
5,451
|
|
|
$
|
747
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
On-balance sheet securitization debt (b)
|
$
|
(1,294
|
)
|
|
$
|
(1,881
|
)
|
(b)
|
$
|
—
|
|
|
$
|
2,203
|
|
|
$
|
(972
|
)
|
|
$
|
(1,387
|
)
|
(b)
|
|
Total liabilities
|
$
|
(1,294
|
)
|
|
$
|
(1,881
|
)
|
|
$
|
—
|
|
|
$
|
2,203
|
|
|
$
|
(972
|
)
|
|
$
|
(1,387
|
)
|
|
|
(a)
|
The fair value adjustment was reported as other income, net of losses and the related interest was reported as interest on trading assets in the
Consolidated Statement of Income
.
|
|
(b)
|
Carried at fair value due to fair value option elections. Refer to the next section of this note titled
Fair Value Option for Financial Assets and Liabilities
for the location of the gains and losses in the
Consolidated Statement of Income
.
|
|
(c)
|
Fair value adjustment reported as servicing-asset valuation and hedge activities, net, in the
Consolidated Statement of Income
.
|
|
(d)
|
Reported as other income, net of losses, in the
Consolidated Statement of Income
.
|
|
(e)
|
Refer to
Note 24
for information related to the location of the gains and losses on derivative instruments in the
Consolidated Statement of Income
.
|
|
|
Nonrecurring
fair value measurements
|
|
Lower-of-cost
or
fair value
or valuation
reserve
allowance
|
|
Total losses
included in
earnings for
the year ended
|
||||||||||||||||||
|
December 31, 2011
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage loans held-for-sale, net (a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
479
|
|
|
$
|
479
|
|
|
$
|
(60
|
)
|
|
n/m (b)
|
|
|
|
Commercial finance receivables and loans, net (c)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
—
|
|
|
—
|
|
|
310
|
|
|
310
|
|
|
(30
|
)
|
|
n/m (b)
|
|
||||||
|
Mortgage
|
—
|
|
|
1
|
|
|
14
|
|
|
15
|
|
|
(10
|
)
|
|
n/m (b)
|
|
||||||
|
Other
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
|
(10
|
)
|
|
n/m (b)
|
|
||||||
|
Total commercial finance receivables and loans, net
|
—
|
|
|
1
|
|
|
344
|
|
|
345
|
|
|
(50
|
)
|
|
n/m (b)
|
|
||||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Property and equipment
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|
n/m
|
|
(d)
|
$
|
(8
|
)
|
|||||
|
Repossessed and foreclosed assets (e)
|
—
|
|
|
32
|
|
|
27
|
|
|
59
|
|
|
(15
|
)
|
|
n/m (b)
|
|
||||||
|
Total assets
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
850
|
|
|
$
|
896
|
|
|
$
|
(125
|
)
|
|
$
|
(8
|
)
|
|
(a)
|
Represents loans held-for-sale that are required to be measured at the lower-of-cost or fair value. The table above includes only loans with fair values below cost during 2011. The related valuation allowance represents the cumulative adjustment to fair value of those specific assets.
|
|
(b)
|
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
|
|
(c)
|
Represents the portion of the portfolio specifically impaired during 2011. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
|
|
(d)
|
The total gain (loss) included in earnings is the most relevant indicator of the impact on earnings.
|
|
(e)
|
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
|
|
|
Nonrecurring
fair value measurements
|
|
Lower-of-cost
or
fair value
or valuation
reserve
allowance
|
|
Total gains
included in
earnings for
the
year ended
|
||||||||||||||||||
|
December 31, 2010
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage loans held-for-sale, net (a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
844
|
|
|
$
|
844
|
|
|
$
|
(48
|
)
|
|
n/m (b)
|
|
|
|
Commercial finance receivables and loans, net (c)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
—
|
|
|
—
|
|
|
379
|
|
|
379
|
|
|
(52
|
)
|
|
n/m (b)
|
|
||||||
|
Mortgage
|
—
|
|
|
28
|
|
|
26
|
|
|
54
|
|
|
(14
|
)
|
|
n/m (b)
|
|
||||||
|
Other
|
—
|
|
|
—
|
|
|
107
|
|
|
107
|
|
|
(61
|
)
|
|
n/m (b)
|
|
||||||
|
Total commercial finance receivables and loans, net
|
—
|
|
|
28
|
|
|
512
|
|
|
540
|
|
|
(127
|
)
|
|
|
|||||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Real estate and other investments (d)
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
n/m
|
|
|
$
|
—
|
|
|||||
|
Repossessed and foreclosed assets (e)
|
—
|
|
|
43
|
|
|
44
|
|
|
87
|
|
|
(13
|
)
|
|
n/m (b)
|
|
||||||
|
Total assets
|
$
|
—
|
|
|
$
|
76
|
|
|
$
|
1,400
|
|
|
$
|
1,476
|
|
|
$
|
(188
|
)
|
|
$
|
—
|
|
|
(a)
|
Represents loans held-for-sale that are required to be measured at the lower-of-cost or fair value. The table above includes only loans with fair values below cost during 2010. The related valuation allowance represents the cumulative adjustment to fair value of those specific assets.
|
|
(b)
|
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
|
|
(c)
|
Represents the portion of the portfolio specifically impaired during 2010. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
|
|
(d)
|
Represents model homes impaired during 2010. The total loss included in earnings represents adjustments to the fair value of the portfolio based on the estimated fair value if the model home is under lease or the estimated fair value if the model home is marketed for sale.
|
|
(e)
|
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
|
|
|
Changes included in the Consolidated Statement of Income
|
|
||||||||||||||||||||
|
Year ended December 31,
($ in millions)
|
Interest
and fees
on finance
receivables
and loans (a)
|
Interest
on loans
held-for-sale (a)
|
Interest
on
long-term
debt (b)
|
Gain on
mortgage and automotive
loans, net
|
Other
income,
net of
losses
|
Total
included
in
earnings
|
Change in
fair value
due to
credit
risk (c)
|
|
||||||||||||||
|
2011
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Mortgage loans held-for-sale, net
|
$
|
—
|
|
$
|
176
|
|
$
|
—
|
|
$
|
908
|
|
$
|
—
|
|
$
|
1,084
|
|
$
|
—
|
|
(d)
|
|
Consumer mortgage finance receivables and loans, net
|
200
|
|
—
|
|
—
|
|
—
|
|
153
|
|
353
|
|
(119
|
)
|
(e)
|
|||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
||||||||||||||
|
On-balance sheet securitization debt
|
—
|
|
—
|
|
(116
|
)
|
—
|
|
(256
|
)
|
(372
|
)
|
(20
|
)
|
(f)
|
|||||||
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Loan repurchase liabilities
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
2
|
|
—
|
|
|
|||||||
|
Total
|
|
|
|
|
|
$
|
1,067
|
|
|
|
||||||||||||
|
2010
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Mortgage loans held-for-sale, net
|
$
|
—
|
|
$
|
221
|
|
$
|
—
|
|
$
|
845
|
|
$
|
3
|
|
$
|
1,069
|
|
$
|
—
|
|
(d)
|
|
Consumer mortgage finance receivables and loans, net
|
555
|
|
—
|
|
—
|
|
—
|
|
1,348
|
|
1,903
|
|
(8
|
)
|
(e)
|
|||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
||||||||||||||
|
On-balance sheet securitization debt
|
—
|
|
—
|
|
(313
|
)
|
—
|
|
(1,568
|
)
|
(1,881
|
)
|
29
|
|
(f)
|
|||||||
|
Total
|
|
|
|
|
|
$
|
1,091
|
|
|
|
||||||||||||
|
(a)
|
Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.
|
|
(b)
|
Interest expense is measured by multiplying bond principal by the coupon rate and the number of days of interest due to the investor.
|
|
(c)
|
Factors other than credit quality that impact fair value include changes in market interest rates and the illiquidity or marketability in the current marketplace. Lower levels of observable data points in illiquid markets generally result in wide bid/offer spreads.
|
|
(d)
|
The credit impact for loans held-for-sale is assumed to be zero because the loans are either suitable for sale or are covered by a government guarantee.
|
|
(e)
|
The credit impact for consumer mortgage finance receivables and loans was quantified by applying internal credit loss assumptions to cash flow models.
|
|
(f)
|
The credit impact for on-balance sheet securitization debt is assumed to be zero until our economic interests in a particular securitization is reduced to zero, at which point the losses on the underlying collateral will be expected to be passed through to third-party bondholders. Losses allocated to third-party bondholders, including changes in the amount of losses allocated, will result in fair value changes due to credit. We also monitor credit ratings and will make credit adjustments to the extent any bond classes are downgraded by rating agencies.
|
|
|
2011
|
|
2010
|
||||||||||||
|
December 31
, ($ in millions)
|
Unpaid
principal
balance
|
|
Fair
value (a)
|
|
Unpaid
principal
balance
|
|
Fair
value (a)
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Mortgage loans held-for-sale, net
|
|
|
|
|
|
|
|
||||||||
|
Total loans
|
$
|
3,766
|
|
|
$
|
3,919
|
|
|
$
|
6,354
|
|
|
$
|
6,424
|
|
|
Nonaccrual loans
|
54
|
|
|
27
|
|
|
3
|
|
|
1
|
|
||||
|
Loans 90+ days past due (b)
|
53
|
|
|
27
|
|
|
—
|
|
|
—
|
|
||||
|
Consumer mortgage finance receivables and loans, net
|
|
|
|
|
|
|
|
||||||||
|
Total loans
|
2,436
|
|
|
835
|
|
|
2,905
|
|
|
1,015
|
|
||||
|
Nonaccrual loans (c)
|
506
|
|
|
209
|
|
|
586
|
|
|
260
|
|
||||
|
Loans 90+ days past due (b)(c)
|
362
|
|
|
163
|
|
|
366
|
|
|
184
|
|
||||
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
||||||||
|
On-balance sheet securitization debt
|
$
|
(2,559
|
)
|
|
$
|
(830
|
)
|
|
$
|
(2,969
|
)
|
|
$
|
(972
|
)
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
||||||||
|
Loan repurchase liabilities
|
(57
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
||||
|
(a)
|
Excludes accrued interest receivable.
|
|
(b)
|
Loans 90+ days past due are also presented within the nonaccrual loan balance and the total loan balance; however, excludes government-insured loans that are still accruing interest.
|
|
(c)
|
The fair value of consumer mortgage finance receivables and loans is calculated on a pooled basis; therefore, we allocated the fair value of nonaccrual loans and loans 90+ days past due to individual loans based on the unpaid principal balances. For further discussion regarding the pooled basis, refer to the previous section of this note titled
Consumer mortgage finance receivables and loans, net.
|
|
|
2011
|
|
2010
|
||||||||||||
|
December 31
, ($ in millions)
|
Carrying
value
|
|
Estimated
fair value
|
|
Carrying
value
|
|
Estimated
fair value
|
||||||||
|
Financial assets
|
|
|
|
|
|
|
|
||||||||
|
Loans held-for-sale, net (a)
|
$
|
8,557
|
|
|
$
|
8,674
|
|
|
$
|
11,411
|
|
|
$
|
11,449
|
|
|
Finance receivables and loans, net (a)
|
113,252
|
|
|
113,576
|
|
|
100,540
|
|
|
99,462
|
|
||||
|
Nonmarketable equity investments
|
419
|
|
|
423
|
|
|
504
|
|
|
506
|
|
||||
|
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
|
Deposit liabilities
|
$
|
45,050
|
|
|
$
|
45,696
|
|
|
$
|
39,048
|
|
|
$
|
39,303
|
|
|
Short-term borrowings
|
7,680
|
|
|
7,622
|
|
|
7,508
|
|
|
7,509
|
|
||||
|
Long-term debt (a)(b)
|
93,434
|
|
|
92,142
|
|
|
87,181
|
|
|
88,996
|
|
||||
|
(a)
|
Includes financial instruments carried at fair value due to fair value option elections. Refer to the previous section of this note titled
Fair Value Option for Financial Assets and Liabilities
for further information about the fair value elections.
|
|
(b)
|
Debt includes deferred interest for zero-coupon bonds of $640 million and $569 million at December 31, 2011 and 2010, respectively.
|
|
|
Global Automotive Services
|
|
Mortgage (a)
|
|
|
|
|
||||||||||||||||||||
|
Year ended December 31,
($ in millions)
|
North
American
Automotive
Finance
operations
|
|
International
Automotive
Finance
operations (b)
|
|
Insurance
operations
|
|
Origination
and Servicing
operations
|
|
Legacy
Portfolio
and Other
operations
|
|
Corporate
and
Other (c)
|
|
Consolidated (d)
|
||||||||||||||
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net financing revenue (loss)
|
$
|
3,155
|
|
|
$
|
662
|
|
|
$
|
93
|
|
|
$
|
(25
|
)
|
|
$
|
284
|
|
|
$
|
(1,694
|
)
|
|
$
|
2,475
|
|
|
Other revenue
|
433
|
|
|
239
|
|
|
1,774
|
|
|
958
|
|
|
2
|
|
|
190
|
|
|
3,596
|
|
|||||||
|
Total net revenue (loss)
|
3,588
|
|
|
901
|
|
|
1,867
|
|
|
933
|
|
|
286
|
|
|
(1,504
|
)
|
|
6,071
|
|
|||||||
|
Provision for loan losses
|
93
|
|
|
65
|
|
|
—
|
|
|
1
|
|
|
149
|
|
|
(89
|
)
|
|
219
|
|
|||||||
|
Other noninterest expense
|
1,389
|
|
|
626
|
|
|
1,460
|
|
|
1,279
|
|
|
539
|
|
|
492
|
|
|
5,785
|
|
|||||||
|
Income (loss) from continuing operations before income tax expense
|
$
|
2,106
|
|
|
$
|
210
|
|
|
$
|
407
|
|
|
$
|
(347
|
)
|
|
$
|
(402
|
)
|
|
$
|
(1,907
|
)
|
|
$
|
67
|
|
|
Total assets
|
$
|
96,971
|
|
|
$
|
15,505
|
|
|
$
|
8,036
|
|
|
$
|
23,016
|
|
|
$
|
10,890
|
|
|
$
|
29,641
|
|
|
$
|
184,059
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net financing revenue (loss)
|
$
|
3,321
|
|
|
$
|
654
|
|
|
$
|
98
|
|
|
$
|
35
|
|
|
$
|
605
|
|
|
$
|
(2,099
|
)
|
|
$
|
2,614
|
|
|
Other revenue (loss)
|
690
|
|
|
240
|
|
|
2,142
|
|
|
1,738
|
|
|
260
|
|
|
(42
|
)
|
|
5,028
|
|
|||||||
|
Total net revenue (loss)
|
4,011
|
|
|
894
|
|
|
2,240
|
|
|
1,773
|
|
|
865
|
|
|
(2,141
|
)
|
|
7,642
|
|
|||||||
|
Provision for loan losses
|
286
|
|
|
54
|
|
|
—
|
|
|
(29
|
)
|
|
173
|
|
|
(42
|
)
|
|
442
|
|
|||||||
|
Other noninterest expense
|
1,381
|
|
|
635
|
|
|
1,678
|
|
|
882
|
|
|
959
|
|
|
526
|
|
|
6,061
|
|
|||||||
|
Income (loss) from continuing operations before income tax expense
|
$
|
2,344
|
|
|
$
|
205
|
|
|
$
|
562
|
|
|
$
|
920
|
|
|
$
|
(267
|
)
|
|
$
|
(2,625
|
)
|
|
$
|
1,139
|
|
|
Total assets
|
$
|
81,893
|
|
|
$
|
15,979
|
|
|
$
|
8,789
|
|
|
$
|
23,681
|
|
|
$
|
13,105
|
|
|
$
|
28,561
|
|
|
$
|
172,008
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net financing revenue (loss)
|
$
|
3,074
|
|
|
$
|
707
|
|
|
$
|
191
|
|
|
$
|
18
|
|
|
$
|
632
|
|
|
$
|
(2,460
|
)
|
|
$
|
2,162
|
|
|
Other revenue (loss)
|
757
|
|
|
116
|
|
|
1,953
|
|
|
958
|
|
|
(684
|
)
|
|
940
|
|
|
4,040
|
|
|||||||
|
Total net revenue (loss)
|
3,831
|
|
|
823
|
|
|
2,144
|
|
|
976
|
|
|
(52
|
)
|
|
(1,520
|
)
|
|
6,202
|
|
|||||||
|
Provision for loan losses
|
611
|
|
|
230
|
|
|
—
|
|
|
41
|
|
|
4,230
|
|
|
491
|
|
|
5,603
|
|
|||||||
|
Other noninterest expense
|
1,596
|
|
|
695
|
|
|
1,823
|
|
|
892
|
|
|
2,023
|
|
|
479
|
|
|
7,508
|
|
|||||||
|
Income (loss) from continuing operations before income tax expense
|
$
|
1,624
|
|
|
$
|
(102
|
)
|
|
$
|
321
|
|
|
$
|
43
|
|
|
$
|
(6,305
|
)
|
|
$
|
(2,490
|
)
|
|
$
|
(6,909
|
)
|
|
Total assets
|
$
|
68,282
|
|
|
$
|
21,802
|
|
|
$
|
10,614
|
|
|
$
|
17,914
|
|
|
$
|
20,980
|
|
|
$
|
32,714
|
|
|
$
|
172,306
|
|
|
(a)
|
Represents the ResCap legal entity and the mortgage activities of Ally Bank.
|
|
(b)
|
Amounts include intra-segment eliminations between our North American Automotive Finance operations, International Automotive Finance operations, and Insurance operations.
|
|
(c)
|
At December 31, 2011, 2010 and 2009, total assets were $1.2 billion, $1.6 billion, and $3.3 billion for the Commercial Finance Group, respectively.
|
|
(d)
|
Net financing revenue after the provision for loan losses totaled $2.3 billion, $2.2 billion, and $(3.4) billion in 2011, 2010 and 2009, respectively.
|
|
Year ended December 31,
($ in millions)
|
Revenue
(a)(b)
|
|
Income (loss)
from
continuing
operations
before income
tax expense (a)(c)
|
|
Net income (loss) (a)(c)
|
|
Identifiable
assets (a)(d)
|
|
Long-lived
assets (e)
|
||||||||||
|
2011
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Canada
|
$
|
842
|
|
|
$
|
483
|
|
|
$
|
436
|
|
|
$
|
15,156
|
|
|
$
|
282
|
|
|
Europe (f)
|
416
|
|
|
201
|
|
|
175
|
|
|
9,976
|
|
|
92
|
|
|||||
|
Latin America
|
921
|
|
|
184
|
|
|
104
|
|
|
7,647
|
|
|
30
|
|
|||||
|
Asia
|
83
|
|
|
80
|
|
|
69
|
|
|
292
|
|
|
—
|
|
|||||
|
Total foreign
|
2,262
|
|
|
948
|
|
|
784
|
|
|
33,071
|
|
|
404
|
|
|||||
|
Total domestic (g)
|
3,809
|
|
|
(881
|
)
|
|
(941
|
)
|
|
150,470
|
|
|
9,236
|
|
|||||
|
Total
|
$
|
6,071
|
|
|
$
|
67
|
|
|
$
|
(157
|
)
|
|
$
|
183,541
|
|
|
$
|
9,640
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Canada
|
$
|
869
|
|
|
$
|
439
|
|
|
$
|
402
|
|
|
$
|
17,321
|
|
|
$
|
1,522
|
|
|
Europe (f)
|
583
|
|
|
316
|
|
|
278
|
|
|
11,321
|
|
|
406
|
|
|||||
|
Latin America
|
869
|
|
|
170
|
|
|
164
|
|
|
6,917
|
|
|
35
|
|
|||||
|
Asia
|
54
|
|
|
57
|
|
|
7
|
|
|
202
|
|
|
—
|
|
|||||
|
Total foreign
|
2,375
|
|
|
982
|
|
|
851
|
|
|
35,761
|
|
|
1,963
|
|
|||||
|
Total domestic (g)
|
5,267
|
|
|
157
|
|
|
224
|
|
|
135,722
|
|
|
7,541
|
|
|||||
|
Total
|
$
|
7,642
|
|
|
$
|
1,139
|
|
|
$
|
1,075
|
|
|
$
|
171,483
|
|
|
$
|
9,504
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Canada
|
$
|
631
|
|
|
$
|
198
|
|
|
$
|
148
|
|
|
$
|
17,885
|
|
|
$
|
3,985
|
|
|
Europe (f)
|
650
|
|
|
79
|
|
|
(86
|
)
|
|
15,555
|
|
|
906
|
|
|||||
|
Latin America
|
709
|
|
|
116
|
|
|
163
|
|
|
6,574
|
|
|
33
|
|
|||||
|
Asia
|
(33
|
)
|
|
(2
|
)
|
|
9
|
|
|
1,506
|
|
|
8
|
|
|||||
|
Total foreign
|
1,957
|
|
|
391
|
|
|
234
|
|
|
41,520
|
|
|
4,932
|
|
|||||
|
Total domestic (g)
|
4,245
|
|
|
(7,300
|
)
|
|
(10,532
|
)
|
|
130,260
|
|
|
11,399
|
|
|||||
|
Total
|
$
|
6,202
|
|
|
$
|
(6,909
|
)
|
|
$
|
(10,298
|
)
|
|
$
|
171,780
|
|
|
$
|
16,331
|
|
|
(a)
|
The 2010 and 2009 balances for Asia and domestic were reclassified to conform with the 2011 presentation. These reclassifications have no impact to our consolidated financial position or results of operations.
|
|
(b)
|
Revenue consists of net financing revenue and total other revenue as presented in our Consolidated Statement of Income.
|
|
(c)
|
The domestic amounts include original issue discount amortization of
$925 million
,
$1.2 billion
, and
$1.1 billion
for the years ended December 31, 2011, 2010, and 2009, respectively.
|
|
(d)
|
Identifiable assets consist of total assets excluding goodwill.
|
|
(e)
|
Long-lived assets consist of investment in operating leases, net, and net property and equipment.
|
|
(f)
|
Amounts include eliminations between our foreign operations.
|
|
(g)
|
Amounts include eliminations between our domestic and foreign operations.
|
|
29.
|
Parent and Guarantor Consolidating Financial Statements
|
|
Year ended December 31, 2011
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating Adjustments
|
|
Ally Consolidated
|
||||||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
$
|
1,071
|
|
|
$
|
28
|
|
|
$
|
5,546
|
|
|
$
|
(10
|
)
|
|
$
|
6,635
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
287
|
|
|
23
|
|
|
25
|
|
|
(335
|
)
|
|
—
|
|
|||||
|
Interest on loans held-for-sale
|
5
|
|
|
—
|
|
|
327
|
|
|
—
|
|
|
332
|
|
|||||
|
Interest on trading assets
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|||||
|
Interest and dividends on available-for-sale investment securities
|
4
|
|
|
—
|
|
|
394
|
|
|
—
|
|
|
398
|
|
|||||
|
Interest-bearing cash
|
4
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
54
|
|
|||||
|
Operating leases
|
713
|
|
|
—
|
|
|
1,585
|
|
|
—
|
|
|
2,298
|
|
|||||
|
Total financing revenue and other interest income
|
2,084
|
|
|
51
|
|
|
7,946
|
|
|
(345
|
)
|
|
9,736
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
65
|
|
|
—
|
|
|
635
|
|
|
—
|
|
|
700
|
|
|||||
|
Interest on short-term borrowings
|
56
|
|
|
3
|
|
|
255
|
|
|
—
|
|
|
314
|
|
|||||
|
Interest on long-term debt
|
3,479
|
|
|
10
|
|
|
1,720
|
|
|
—
|
|
|
5,209
|
|
|||||
|
Interest on intercompany debt
|
(14
|
)
|
|
27
|
|
|
332
|
|
|
(345
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
3,586
|
|
|
40
|
|
|
2,942
|
|
|
(345
|
)
|
|
6,223
|
|
|||||
|
Depreciation expense on operating lease assets
|
250
|
|
|
—
|
|
|
788
|
|
|
—
|
|
|
1,038
|
|
|||||
|
Net financing (loss) revenue
|
(1,752
|
)
|
|
11
|
|
|
4,216
|
|
|
—
|
|
|
2,475
|
|
|||||
|
Dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Nonbank subsidiaries
|
1,383
|
|
|
—
|
|
|
—
|
|
|
(1,383
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Servicing fees
|
270
|
|
|
—
|
|
|
1,089
|
|
|
(1
|
)
|
|
1,358
|
|
|||||
|
Servicing asset valuation and hedge activities, net
|
—
|
|
|
—
|
|
|
(789
|
)
|
|
—
|
|
|
(789
|
)
|
|||||
|
Total servicing income, net
|
270
|
|
|
—
|
|
|
300
|
|
|
(1
|
)
|
|
569
|
|
|||||
|
Insurance premiums and service revenue earned
|
—
|
|
|
—
|
|
|
1,573
|
|
|
—
|
|
|
1,573
|
|
|||||
|
Gain on mortgage and automotive loans, net
|
22
|
|
|
—
|
|
|
448
|
|
|
—
|
|
|
470
|
|
|||||
|
Loss on extinguishment of debt
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|||||
|
Other gain on investments, net
|
9
|
|
|
—
|
|
|
285
|
|
|
—
|
|
|
294
|
|
|||||
|
Other income, net of losses
|
(106
|
)
|
|
38
|
|
|
1,486
|
|
|
(664
|
)
|
|
754
|
|
|||||
|
Total other revenue
|
131
|
|
|
38
|
|
|
4,092
|
|
|
(665
|
)
|
|
3,596
|
|
|||||
|
Total net revenue
|
(238
|
)
|
|
49
|
|
|
8,308
|
|
|
(2,048
|
)
|
|
6,071
|
|
|||||
|
Provision for loan losses
|
58
|
|
|
1
|
|
|
160
|
|
|
—
|
|
|
219
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Compensation and benefits expense
|
694
|
|
|
47
|
|
|
870
|
|
|
(37
|
)
|
|
1,574
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
—
|
|
|
—
|
|
|
713
|
|
|
—
|
|
|
713
|
|
|||||
|
Other operating expenses
|
558
|
|
|
7
|
|
|
3,561
|
|
|
(628
|
)
|
|
3,498
|
|
|||||
|
Total noninterest expense
|
1,252
|
|
|
54
|
|
|
5,144
|
|
|
(665
|
)
|
|
5,785
|
|
|||||
|
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
(1,548
|
)
|
|
(6
|
)
|
|
3,004
|
|
|
(1,383
|
)
|
|
67
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
(610
|
)
|
|
3
|
|
|
786
|
|
|
—
|
|
|
179
|
|
|||||
|
Net (loss) income from continuing operations
|
(938
|
)
|
|
(9
|
)
|
|
2,218
|
|
|
(1,383
|
)
|
|
(112
|
)
|
|||||
|
Loss from discontinued operations, net of tax
|
(38
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(45
|
)
|
|||||
|
Undistributed income of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bank subsidiary
|
1,222
|
|
|
1,222
|
|
|
—
|
|
|
(2,444
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
(403
|
)
|
|
477
|
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|||||
|
Net (loss) income
|
$
|
(157
|
)
|
|
$
|
1,690
|
|
|
$
|
2,211
|
|
|
$
|
(3,901
|
)
|
|
$
|
(157
|
)
|
|
Year ended December 31, 2010
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating Adjustments
|
|
Ally Consolidated
|
||||||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
$
|
938
|
|
|
$
|
26
|
|
|
$
|
5,583
|
|
|
$
|
(1
|
)
|
|
$
|
6,546
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
526
|
|
|
5
|
|
|
4
|
|
|
(535
|
)
|
|
—
|
|
|||||
|
Interest on loans held-for-sale
|
75
|
|
|
—
|
|
|
526
|
|
|
—
|
|
|
601
|
|
|||||
|
Interest on trading assets
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||||
|
Interest and dividends on available-for-sale investment securities
|
4
|
|
|
—
|
|
|
354
|
|
|
(2
|
)
|
|
356
|
|
|||||
|
Interest and dividends on available-for-sale investment securities — intercompany
|
112
|
|
|
—
|
|
|
9
|
|
|
(121
|
)
|
|
—
|
|
|||||
|
Interest-bearing cash
|
13
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
69
|
|
|||||
|
Operating leases
|
1,063
|
|
|
—
|
|
|
2,533
|
|
|
—
|
|
|
3,596
|
|
|||||
|
Total financing revenue and other interest income
|
2,731
|
|
|
31
|
|
|
9,080
|
|
|
(659
|
)
|
|
11,183
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
52
|
|
|
—
|
|
|
589
|
|
|
—
|
|
|
641
|
|
|||||
|
Interest on short-term borrowings
|
43
|
|
|
1
|
|
|
280
|
|
|
—
|
|
|
324
|
|
|||||
|
Interest on long-term debt
|
3,804
|
|
|
14
|
|
|
1,875
|
|
|
8
|
|
|
5,701
|
|
|||||
|
Interest on intercompany debt
|
(21
|
)
|
|
6
|
|
|
560
|
|
|
(545
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
3,878
|
|
|
21
|
|
|
3,304
|
|
|
(537
|
)
|
|
6,666
|
|
|||||
|
Depreciation expense on operating lease assets
|
435
|
|
|
—
|
|
|
1,468
|
|
|
—
|
|
|
1,903
|
|
|||||
|
Net financing (loss) revenue
|
(1,582
|
)
|
|
10
|
|
|
4,308
|
|
|
(122
|
)
|
|
2,614
|
|
|||||
|
Dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
182
|
|
|
5
|
|
|
—
|
|
|
(187
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Servicing fees
|
434
|
|
|
—
|
|
|
1,060
|
|
|
(1
|
)
|
|
1,493
|
|
|||||
|
Servicing asset valuation and hedge activities, net
|
—
|
|
|
—
|
|
|
(394
|
)
|
|
—
|
|
|
(394
|
)
|
|||||
|
Total servicing income, net
|
434
|
|
|
—
|
|
|
666
|
|
|
(1
|
)
|
|
1,099
|
|
|||||
|
Insurance premiums and service revenue earned
|
—
|
|
|
—
|
|
|
1,750
|
|
|
—
|
|
|
1,750
|
|
|||||
|
Gain on mortgage and automotive loans, net
|
31
|
|
|
—
|
|
|
1,230
|
|
|
—
|
|
|
1,261
|
|
|||||
|
Loss on extinguishment of debt
|
(127
|
)
|
|
—
|
|
|
(8
|
)
|
|
12
|
|
|
(123
|
)
|
|||||
|
Other gain on investments, net
|
6
|
|
|
—
|
|
|
504
|
|
|
(6
|
)
|
|
504
|
|
|||||
|
Other income, net of losses
|
(93
|
)
|
|
1
|
|
|
1,190
|
|
|
(561
|
)
|
|
537
|
|
|||||
|
Total other revenue
|
251
|
|
|
1
|
|
|
5,332
|
|
|
(556
|
)
|
|
5,028
|
|
|||||
|
Total net revenue
|
(1,149
|
)
|
|
16
|
|
|
9,640
|
|
|
(865
|
)
|
|
7,642
|
|
|||||
|
Provision for loan losses
|
(204
|
)
|
|
(1
|
)
|
|
647
|
|
|
—
|
|
|
442
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Compensation and benefits expense
|
785
|
|
|
11
|
|
|
780
|
|
|
—
|
|
|
1,576
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
—
|
|
|
—
|
|
|
820
|
|
|
—
|
|
|
820
|
|
|||||
|
Other operating expenses
|
744
|
|
|
4
|
|
|
3,514
|
|
|
(597
|
)
|
|
3,665
|
|
|||||
|
Total noninterest expense
|
1,529
|
|
|
15
|
|
|
5,114
|
|
|
(597
|
)
|
|
6,061
|
|
|||||
|
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income of subsidiaries
|
(2,474
|
)
|
|
2
|
|
|
3,879
|
|
|
(268
|
)
|
|
1,139
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
(592
|
)
|
|
(1
|
)
|
|
746
|
|
|
—
|
|
|
153
|
|
|||||
|
Net (loss) income from continuing operations
|
(1,882
|
)
|
|
3
|
|
|
3,133
|
|
|
(268
|
)
|
|
986
|
|
|||||
|
Income from discontinued operations, net of tax
|
70
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
89
|
|
|||||
|
Undistributed income of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bank subsidiary
|
902
|
|
|
902
|
|
|
—
|
|
|
(1,804
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
1,985
|
|
|
259
|
|
|
—
|
|
|
(2,244
|
)
|
|
—
|
|
|||||
|
Net income
|
$
|
1,075
|
|
|
$
|
1,164
|
|
|
$
|
3,152
|
|
|
$
|
(4,316
|
)
|
|
$
|
1,075
|
|
|
Year ended December 31, 2009
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
$
|
891
|
|
|
$
|
36
|
|
|
$
|
5,544
|
|
|
$
|
—
|
|
|
$
|
6,471
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
837
|
|
|
5
|
|
|
7
|
|
|
(849
|
)
|
|
—
|
|
|||||
|
Interest on loans held-for-sale
|
238
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
416
|
|
|||||
|
Interest on trading assets
|
—
|
|
|
—
|
|
|
132
|
|
|
—
|
|
|
132
|
|
|||||
|
Interest and dividends on available-for-sale investment securities
|
—
|
|
|
—
|
|
|
220
|
|
|
—
|
|
|
220
|
|
|||||
|
Interest and dividends on available-for-sale investment securities — intercompany
|
280
|
|
|
—
|
|
|
3
|
|
|
(283
|
)
|
|
—
|
|
|||||
|
Interest-bearing cash
|
26
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
98
|
|
|||||
|
Operating leases
|
466
|
|
|
—
|
|
|
4,969
|
|
|
—
|
|
|
5,435
|
|
|||||
|
Total financing revenue and other interest income
|
2,738
|
|
|
41
|
|
|
11,125
|
|
|
(1,132
|
)
|
|
12,772
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
27
|
|
|
—
|
|
|
650
|
|
|
—
|
|
|
677
|
|
|||||
|
Interest on short-term borrowings
|
30
|
|
|
2
|
|
|
433
|
|
|
—
|
|
|
465
|
|
|||||
|
Interest on long-term debt
|
3,819
|
|
|
22
|
|
|
2,349
|
|
|
(241
|
)
|
|
5,949
|
|
|||||
|
Interest on intercompany debt
|
(46
|
)
|
|
10
|
|
|
683
|
|
|
(647
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
3,830
|
|
|
34
|
|
|
4,115
|
|
|
(888
|
)
|
|
7,091
|
|
|||||
|
Depreciation expense on operating lease assets
|
169
|
|
|
—
|
|
|
3,350
|
|
|
—
|
|
|
3,519
|
|
|||||
|
Net financing (loss) revenue
|
(1,261
|
)
|
|
7
|
|
|
3,660
|
|
|
(244
|
)
|
|
2,162
|
|
|||||
|
Dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Nonbank subsidiaries
|
550
|
|
|
—
|
|
|
—
|
|
|
(550
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Servicing fees
|
690
|
|
|
—
|
|
|
777
|
|
|
—
|
|
|
1,467
|
|
|||||
|
Servicing asset valuation and hedge activities, net
|
—
|
|
|
—
|
|
|
(1,104
|
)
|
|
—
|
|
|
(1,104
|
)
|
|||||
|
Total servicing income, net
|
690
|
|
|
—
|
|
|
(327
|
)
|
|
—
|
|
|
363
|
|
|||||
|
Insurance premiums and service revenue earned
|
—
|
|
|
—
|
|
|
1,861
|
|
|
—
|
|
|
1,861
|
|
|||||
|
Gain on mortgage and automotive loans, net
|
10
|
|
|
—
|
|
|
789
|
|
|
—
|
|
|
799
|
|
|||||
|
Gain on extinguishment of debt
|
623
|
|
|
—
|
|
|
1,751
|
|
|
(1,709
|
)
|
|
665
|
|
|||||
|
Other gain on investments, net
|
558
|
|
|
—
|
|
|
149
|
|
|
(545
|
)
|
|
162
|
|
|||||
|
Other income, net of losses
|
(241
|
)
|
|
2
|
|
|
1,027
|
|
|
(598
|
)
|
|
190
|
|
|||||
|
Total other revenue
|
1,640
|
|
|
2
|
|
|
5,250
|
|
|
(2,852
|
)
|
|
4,040
|
|
|||||
|
Total net revenue
|
929
|
|
|
9
|
|
|
8,910
|
|
|
(3,646
|
)
|
|
6,202
|
|
|||||
|
Provision for loan losses
|
(148
|
)
|
|
—
|
|
|
5,751
|
|
|
—
|
|
|
5,603
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Compensation and benefits expense
|
590
|
|
|
6
|
|
|
921
|
|
|
—
|
|
|
1,517
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
—
|
|
|
—
|
|
|
992
|
|
|
—
|
|
|
992
|
|
|||||
|
Other operating expenses
|
714
|
|
|
12
|
|
|
4,876
|
|
|
(603
|
)
|
|
4,999
|
|
|||||
|
Total noninterest expense
|
1,304
|
|
|
18
|
|
|
6,789
|
|
|
(603
|
)
|
|
7,508
|
|
|||||
|
Loss from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries
|
(227
|
)
|
|
(9
|
)
|
|
(3,630
|
)
|
|
(3,043
|
)
|
|
(6,909
|
)
|
|||||
|
Income tax (benefit) expense from continuing operations
|
(24
|
)
|
|
—
|
|
|
98
|
|
|
—
|
|
|
74
|
|
|||||
|
Net loss from continuing operations
|
(203
|
)
|
|
(9
|
)
|
|
(3,728
|
)
|
|
(3,043
|
)
|
|
(6,983
|
)
|
|||||
|
Loss from discontinued operations, net of tax
|
(287
|
)
|
|
—
|
|
|
(3,028
|
)
|
|
—
|
|
|
(3,315
|
)
|
|||||
|
Undistributed (loss) income of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bank subsidiary
|
(1,953
|
)
|
|
(1,953
|
)
|
|
—
|
|
|
3,906
|
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
(7,855
|
)
|
|
70
|
|
|
—
|
|
|
7,785
|
|
|
—
|
|
|||||
|
Net loss
|
$
|
(10,298
|
)
|
|
$
|
(1,892
|
)
|
|
$
|
(6,756
|
)
|
|
$
|
8,648
|
|
|
$
|
(10,298
|
)
|
|
December 31, 2011
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
$
|
1,413
|
|
|
$
|
—
|
|
|
$
|
1,062
|
|
|
$
|
—
|
|
|
$
|
2,475
|
|
|
Interest-bearing
|
4,848
|
|
|
14
|
|
|
5,698
|
|
|
—
|
|
|
10,560
|
|
|||||
|
Interest-bearing — intercompany
|
—
|
|
|
—
|
|
|
516
|
|
|
(516
|
)
|
|
—
|
|
|||||
|
Total cash and cash equivalents
|
6,261
|
|
|
14
|
|
|
7,276
|
|
|
(516
|
)
|
|
13,035
|
|
|||||
|
Trading assets
|
—
|
|
|
—
|
|
|
622
|
|
|
—
|
|
|
622
|
|
|||||
|
Investment securities
|
—
|
|
|
—
|
|
|
15,135
|
|
|
—
|
|
|
15,135
|
|
|||||
|
Loans held-for-sale, net
|
425
|
|
|
—
|
|
|
8,132
|
|
|
—
|
|
|
8,557
|
|
|||||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Finance receivables and loans, net
|
15,151
|
|
|
476
|
|
|
99,128
|
|
|
—
|
|
|
114,755
|
|
|||||
|
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
4,920
|
|
|
—
|
|
|
—
|
|
|
(4,920
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
5,448
|
|
|
356
|
|
|
550
|
|
|
(6,354
|
)
|
|
—
|
|
|||||
|
Allowance for loan losses
|
(245
|
)
|
|
(2
|
)
|
|
(1,256
|
)
|
|
—
|
|
|
(1,503
|
)
|
|||||
|
Total finance receivables and loans, net
|
25,274
|
|
|
830
|
|
|
98,422
|
|
|
(11,274
|
)
|
|
113,252
|
|
|||||
|
Investment in operating leases, net
|
928
|
|
|
—
|
|
|
8,347
|
|
|
—
|
|
|
9,275
|
|
|||||
|
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
82
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
1,070
|
|
|
327
|
|
|
577
|
|
|
(1,974
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
13,061
|
|
|
13,061
|
|
|
—
|
|
|
(26,122
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
17,433
|
|
|
3,809
|
|
|
—
|
|
|
(21,242
|
)
|
|
—
|
|
|||||
|
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
2,519
|
|
|
—
|
|
|
2,519
|
|
|||||
|
Premiums receivable and other insurance assets
|
—
|
|
|
—
|
|
|
1,853
|
|
|
—
|
|
|
1,853
|
|
|||||
|
Other assets
|
2,664
|
|
|
3
|
|
|
16,712
|
|
|
(638
|
)
|
|
18,741
|
|
|||||
|
Assets of operations held-for-sale
|
(174
|
)
|
|
—
|
|
|
1,244
|
|
|
—
|
|
|
1,070
|
|
|||||
|
Total assets
|
$
|
67,024
|
|
|
$
|
18,044
|
|
|
$
|
160,839
|
|
|
$
|
(61,848
|
)
|
|
$
|
184,059
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,029
|
|
|
$
|
—
|
|
|
$
|
2,029
|
|
|
Interest-bearing
|
1,768
|
|
|
—
|
|
|
41,253
|
|
|
—
|
|
|
43,021
|
|
|||||
|
Total deposit liabilities
|
1,768
|
|
|
—
|
|
|
43,282
|
|
|
—
|
|
|
45,050
|
|
|||||
|
Short-term borrowings
|
2,756
|
|
|
136
|
|
|
4,788
|
|
|
—
|
|
|
7,680
|
|
|||||
|
Long-term debt
|
39,524
|
|
|
214
|
|
|
53,056
|
|
|
—
|
|
|
92,794
|
|
|||||
|
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
574
|
|
|
492
|
|
|
10,724
|
|
|
(11,790
|
)
|
|
—
|
|
|||||
|
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
39
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
1,266
|
|
|
1
|
|
|
750
|
|
|
(2,017
|
)
|
|
—
|
|
|||||
|
Interest payable
|
1,167
|
|
|
3
|
|
|
417
|
|
|
—
|
|
|
1,587
|
|
|||||
|
Unearned insurance premiums and service revenue
|
—
|
|
|
—
|
|
|
2,576
|
|
|
—
|
|
|
2,576
|
|
|||||
|
Reserves for insurance losses and loss adjustment expenses
|
—
|
|
|
—
|
|
|
580
|
|
|
—
|
|
|
580
|
|
|||||
|
Accrued expenses and other liabilities
|
559
|
|
|
323
|
|
|
13,839
|
|
|
(637
|
)
|
|
14,084
|
|
|||||
|
Liabilities of operations held-for-sale
|
—
|
|
|
—
|
|
|
337
|
|
|
—
|
|
|
337
|
|
|||||
|
Total liabilities
|
47,653
|
|
|
1,169
|
|
|
130,349
|
|
|
(14,483
|
)
|
|
164,688
|
|
|||||
|
Total equity
|
19,371
|
|
|
16,875
|
|
|
30,490
|
|
|
(47,365
|
)
|
|
19,371
|
|
|||||
|
Total liabilities and equity
|
$
|
67,024
|
|
|
$
|
18,044
|
|
|
$
|
160,839
|
|
|
$
|
(61,848
|
)
|
|
$
|
184,059
|
|
|
December 31, 2010
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
$
|
1,251
|
|
|
$
|
—
|
|
|
$
|
463
|
|
|
$
|
—
|
|
|
$
|
1,714
|
|
|
Interest-bearing
|
3,414
|
|
|
1
|
|
|
6,541
|
|
|
—
|
|
|
9,956
|
|
|||||
|
Interest-bearing — intercompany
|
—
|
|
|
—
|
|
|
504
|
|
|
(504
|
)
|
|
—
|
|
|||||
|
Total cash and cash equivalents
|
4,665
|
|
|
1
|
|
|
7,508
|
|
|
(504
|
)
|
|
11,670
|
|
|||||
|
Trading assets
|
—
|
|
|
—
|
|
|
240
|
|
|
—
|
|
|
240
|
|
|||||
|
Investment securities
|
1,488
|
|
|
—
|
|
|
13,358
|
|
|
—
|
|
|
14,846
|
|
|||||
|
Investment securities — intercompany
|
2
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||||
|
Loans held-for-sale, net
|
—
|
|
|
—
|
|
|
11,411
|
|
|
—
|
|
|
11,411
|
|
|||||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Finance receivables and loans, net
|
10,047
|
|
|
425
|
|
|
91,941
|
|
|
—
|
|
|
102,413
|
|
|||||
|
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
3,650
|
|
|
—
|
|
|
—
|
|
|
(3,650
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
9,461
|
|
|
367
|
|
|
463
|
|
|
(10,291
|
)
|
|
—
|
|
|||||
|
Allowance for loan losses
|
(266
|
)
|
|
(1
|
)
|
|
(1,606
|
)
|
|
—
|
|
|
(1,873
|
)
|
|||||
|
Total finance receivables and loans, net
|
22,892
|
|
|
791
|
|
|
90,798
|
|
|
(13,941
|
)
|
|
100,540
|
|
|||||
|
Investment in operating leases, net
|
3,864
|
|
|
—
|
|
|
5,264
|
|
|
—
|
|
|
9,128
|
|
|||||
|
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
5,930
|
|
|
—
|
|
|
—
|
|
|
(5,930
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
—
|
|
|
213
|
|
|
—
|
|
|
(213
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
10,886
|
|
|
10,886
|
|
|
—
|
|
|
(21,772
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
23,632
|
|
|
3,123
|
|
|
—
|
|
|
(26,755
|
)
|
|
—
|
|
|||||
|
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
3,738
|
|
|
—
|
|
|
3,738
|
|
|||||
|
Premiums receivable and other insurance assets
|
—
|
|
|
—
|
|
|
2,190
|
|
|
(9
|
)
|
|
2,181
|
|
|||||
|
Other assets
|
2,912
|
|
|
3
|
|
|
15,539
|
|
|
(890
|
)
|
|
17,564
|
|
|||||
|
Assets of operations held-for-sale
|
(160
|
)
|
|
—
|
|
|
850
|
|
|
—
|
|
|
690
|
|
|||||
|
Total assets
|
$
|
76,111
|
|
|
$
|
15,017
|
|
|
$
|
150,896
|
|
|
$
|
(70,016
|
)
|
|
$
|
172,008
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,131
|
|
|
$
|
—
|
|
|
$
|
2,131
|
|
|
Interest-bearing
|
1,459
|
|
|
—
|
|
|
35,458
|
|
|
—
|
|
|
36,917
|
|
|||||
|
Total deposit liabilities
|
1,459
|
|
|
—
|
|
|
37,589
|
|
|
—
|
|
|
39,048
|
|
|||||
|
Short-term borrowings
|
2,519
|
|
|
89
|
|
|
4,900
|
|
|
—
|
|
|
7,508
|
|
|||||
|
Long-term debt
|
43,897
|
|
|
239
|
|
|
42,476
|
|
|
—
|
|
|
86,612
|
|
|||||
|
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
504
|
|
|
462
|
|
|
13,481
|
|
|
(14,447
|
)
|
|
—
|
|
|||||
|
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
4,466
|
|
|
—
|
|
|
1,716
|
|
|
(6,182
|
)
|
|
—
|
|
|||||
|
Interest payable
|
1,229
|
|
|
3
|
|
|
597
|
|
|
—
|
|
|
1,829
|
|
|||||
|
Unearned insurance premiums and service revenue
|
—
|
|
|
—
|
|
|
2,854
|
|
|
—
|
|
|
2,854
|
|
|||||
|
Reserves for insurance losses and loss adjustment expenses
|
—
|
|
|
—
|
|
|
862
|
|
|
—
|
|
|
862
|
|
|||||
|
Accrued expenses and other liabilities
|
1,548
|
|
|
1
|
|
|
11,437
|
|
|
(860
|
)
|
|
12,126
|
|
|||||
|
Liabilities of operations held-for-sale
|
—
|
|
|
—
|
|
|
680
|
|
|
—
|
|
|
680
|
|
|||||
|
Total liabilities
|
55,622
|
|
|
794
|
|
|
116,592
|
|
|
(21,489
|
)
|
|
151,519
|
|
|||||
|
Total equity
|
20,489
|
|
|
14,223
|
|
|
34,304
|
|
|
(48,527
|
)
|
|
20,489
|
|
|||||
|
Total liabilities and equity
|
$
|
76,111
|
|
|
$
|
15,017
|
|
|
$
|
150,896
|
|
|
$
|
(70,016
|
)
|
|
$
|
172,008
|
|
|
Year ended December 31, 2011
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash provided by operating activities
|
$
|
2,695
|
|
|
$
|
209
|
|
|
$
|
3,973
|
|
|
$
|
(1,384
|
)
|
|
$
|
5,493
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of available-for-sale securities
|
—
|
|
|
—
|
|
|
(19,377
|
)
|
|
—
|
|
|
(19,377
|
)
|
|||||
|
Proceeds from sales of available-for-sale securities
|
1,494
|
|
|
—
|
|
|
12,738
|
|
|
—
|
|
|
14,232
|
|
|||||
|
Proceeds from maturities of available-for-sale securities
|
1
|
|
|
—
|
|
|
4,964
|
|
|
—
|
|
|
4,965
|
|
|||||
|
Net increase in finance receivables and loans
|
(2,933
|
)
|
|
(51
|
)
|
|
(14,014
|
)
|
|
—
|
|
|
(16,998
|
)
|
|||||
|
Proceeds from sales of finance receivables and loans
|
1,346
|
|
|
—
|
|
|
1,522
|
|
|
—
|
|
|
2,868
|
|
|||||
|
Net decrease (increase) in loans — intercompany
|
2,743
|
|
|
11
|
|
|
(88
|
)
|
|
(2,666
|
)
|
|
—
|
|
|||||
|
Net decrease (increase) in operating lease assets
|
2,890
|
|
|
—
|
|
|
(3,901
|
)
|
|
—
|
|
|
(1,011
|
)
|
|||||
|
Capital contributions to subsidiaries
|
(1,634
|
)
|
|
(855
|
)
|
|
—
|
|
|
2,489
|
|
|
—
|
|
|||||
|
Returns of contributed capital
|
1,255
|
|
|
—
|
|
|
—
|
|
|
(1,255
|
)
|
|
—
|
|
|||||
|
Proceeds from sale of business unit, net
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|||||
|
Other, net
|
124
|
|
|
(1
|
)
|
|
1,020
|
|
|
—
|
|
|
1,143
|
|
|||||
|
Net cash provided by (used in) investing activities
|
5,286
|
|
|
(896
|
)
|
|
(17,086
|
)
|
|
(1,432
|
)
|
|
(14,128
|
)
|
|||||
|
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net change in short-term borrowings — third party
|
237
|
|
|
47
|
|
|
230
|
|
|
—
|
|
|
514
|
|
|||||
|
Net increase in bank deposits
|
—
|
|
|
—
|
|
|
5,840
|
|
|
—
|
|
|
5,840
|
|
|||||
|
Proceeds from issuance of long-term debt — third party
|
3,201
|
|
|
200
|
|
|
41,353
|
|
|
—
|
|
|
44,754
|
|
|||||
|
Repayments of long-term debt — third party
|
(9,414
|
)
|
|
(226
|
)
|
|
(30,833
|
)
|
|
—
|
|
|
(40,473
|
)
|
|||||
|
Net change in debt — intercompany
|
71
|
|
|
30
|
|
|
(2,755
|
)
|
|
2,654
|
|
|
—
|
|
|||||
|
Dividends paid — third party
|
(819
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(819
|
)
|
|||||
|
Dividends paid and returns of contributed capital — intercompany
|
—
|
|
|
(207
|
)
|
|
(2,431
|
)
|
|
2,638
|
|
|
—
|
|
|||||
|
Capital contributions from parent
|
—
|
|
|
855
|
|
|
1,634
|
|
|
(2,489
|
)
|
|
—
|
|
|||||
|
Other, net
|
308
|
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
234
|
|
|||||
|
Net cash (used in) provided by financing activities
|
(6,416
|
)
|
|
699
|
|
|
12,964
|
|
|
2,803
|
|
|
10,050
|
|
|||||
|
Effect of exchange-rate changes on cash and cash equivalents
|
31
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
49
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
1,596
|
|
|
12
|
|
|
(131
|
)
|
|
(13
|
)
|
|
1,464
|
|
|||||
|
Adjustment for change in cash and cash equivalents of operations held-for-sale
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
—
|
|
|
(99
|
)
|
|||||
|
Cash and cash equivalents at beginning of year
|
4,665
|
|
|
2
|
|
|
7,506
|
|
|
(503
|
)
|
|
11,670
|
|
|||||
|
Cash and cash equivalents at end of year
|
$
|
6,261
|
|
|
$
|
14
|
|
|
$
|
7,276
|
|
|
$
|
(516
|
)
|
|
$
|
13,035
|
|
|
Year ended December 31, 2010
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash provided by operating activities
|
$
|
4,552
|
|
|
$
|
13
|
|
|
$
|
7,230
|
|
|
$
|
(188
|
)
|
|
$
|
11,607
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of available-for-sale securities
|
(1,485
|
)
|
|
—
|
|
|
(22,631
|
)
|
|
—
|
|
|
(24,116
|
)
|
|||||
|
Proceeds from sales of available-for-sale securities
|
41
|
|
|
—
|
|
|
17,872
|
|
|
(41
|
)
|
|
17,872
|
|
|||||
|
Proceeds from maturities of available-for-sale securities
|
—
|
|
|
—
|
|
|
4,527
|
|
|
—
|
|
|
4,527
|
|
|||||
|
Net decrease in investment securities — intercompany
|
323
|
|
|
—
|
|
|
260
|
|
|
(583
|
)
|
|
—
|
|
|||||
|
Net (increase) decrease in finance receivables and loans
|
(5,177
|
)
|
|
96
|
|
|
(12,263
|
)
|
|
—
|
|
|
(17,344
|
)
|
|||||
|
Proceeds from sales of finance receivables and loans
|
6
|
|
|
—
|
|
|
3,132
|
|
|
—
|
|
|
3,138
|
|
|||||
|
Net decrease (increase) in loans — intercompany
|
7,736
|
|
|
(283
|
)
|
|
(302
|
)
|
|
(7,151
|
)
|
|
—
|
|
|||||
|
Net (increase) decrease in operating lease assets
|
(2,770
|
)
|
|
—
|
|
|
7,846
|
|
|
—
|
|
|
5,076
|
|
|||||
|
Capital contributions to subsidiaries
|
(2,036
|
)
|
|
(1,737
|
)
|
|
—
|
|
|
3,773
|
|
|
—
|
|
|||||
|
Returns of contributed capital
|
880
|
|
|
—
|
|
|
—
|
|
|
(880
|
)
|
|
—
|
|
|||||
|
Proceeds from sale of business unit, net
|
59
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
161
|
|
|||||
|
Other, net
|
104
|
|
|
(1
|
)
|
|
3,016
|
|
|
—
|
|
|
3,119
|
|
|||||
|
Net cash (used in) provided by investing activities
|
(2,319
|
)
|
|
(1,925
|
)
|
|
1,559
|
|
|
(4,882
|
)
|
|
(7,567
|
)
|
|||||
|
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net change in short-term borrowings — third party
|
735
|
|
|
50
|
|
|
(4,414
|
)
|
|
—
|
|
|
(3,629
|
)
|
|||||
|
Net increase in bank deposits
|
—
|
|
|
—
|
|
|
6,556
|
|
|
—
|
|
|
6,556
|
|
|||||
|
Proceeds from issuance of long-term debt — third party
|
5,824
|
|
|
90
|
|
|
33,047
|
|
|
41
|
|
|
39,002
|
|
|||||
|
Repayments of long-term debt — third party
|
(4,292
|
)
|
|
(256
|
)
|
|
(44,982
|
)
|
|
—
|
|
|
(49,530
|
)
|
|||||
|
Net change in debt — intercompany
|
243
|
|
|
300
|
|
|
(7,774
|
)
|
|
7,231
|
|
|
—
|
|
|||||
|
Dividends paid — third party
|
(1,253
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,253
|
)
|
|||||
|
Dividends paid and returns of contributed capital — intercompany
|
—
|
|
|
—
|
|
|
(1,068
|
)
|
|
1,068
|
|
|
—
|
|
|||||
|
Capital contributions from parent
|
—
|
|
|
1,725
|
|
|
2,048
|
|
|
(3,773
|
)
|
|
—
|
|
|||||
|
Other, net
|
418
|
|
|
—
|
|
|
451
|
|
|
—
|
|
|
869
|
|
|||||
|
Net cash provided by (used in) financing activities
|
1,675
|
|
|
1,909
|
|
|
(16,136
|
)
|
|
4,567
|
|
|
(7,985
|
)
|
|||||
|
Effect of exchange-rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
102
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
3,908
|
|
|
(3
|
)
|
|
(7,245
|
)
|
|
(503
|
)
|
|
(3,843
|
)
|
|||||
|
Adjustment for change in cash and cash equivalents of operations held-for-sale
|
—
|
|
|
—
|
|
|
725
|
|
|
—
|
|
|
725
|
|
|||||
|
Cash and cash equivalents at beginning of year
|
757
|
|
|
5
|
|
|
14,026
|
|
|
—
|
|
|
14,788
|
|
|||||
|
Cash and cash equivalents at end of year
|
$
|
4,665
|
|
|
$
|
2
|
|
|
$
|
7,506
|
|
|
$
|
(503
|
)
|
|
$
|
11,670
|
|
|
Year ended December 31, 2009
($ in millions)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash (used in) provided by operating activities
|
$
|
(3,308
|
)
|
|
$
|
25
|
|
|
$
|
(1,299
|
)
|
|
$
|
(550
|
)
|
|
$
|
(5,132
|
)
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of available-for-sale securities
|
(145
|
)
|
|
—
|
|
|
(21,148
|
)
|
|
145
|
|
|
(21,148
|
)
|
|||||
|
Proceeds from sales of available-for-sale securities
|
89
|
|
|
—
|
|
|
10,153
|
|
|
(89
|
)
|
|
10,153
|
|
|||||
|
Proceeds from maturities of available-for-sale securities
|
—
|
|
|
—
|
|
|
4,527
|
|
|
—
|
|
|
4,527
|
|
|||||
|
Net decrease (increase) in investment securities — intercompany
|
2
|
|
|
—
|
|
|
(103
|
)
|
|
101
|
|
|
—
|
|
|||||
|
Net (increase) decrease in finance receivables and loans
|
(363
|
)
|
|
118
|
|
|
15,307
|
|
|
—
|
|
|
15,062
|
|
|||||
|
Proceeds from sales of finance receivables and loans
|
446
|
|
|
—
|
|
|
(186
|
)
|
|
—
|
|
|
260
|
|
|||||
|
Net (increase) decrease in loans — intercompany
|
(2,551
|
)
|
|
163
|
|
|
(261
|
)
|
|
2,649
|
|
|
—
|
|
|||||
|
Net (increase) decrease in operating lease assets
|
(1,519
|
)
|
|
—
|
|
|
7,399
|
|
|
—
|
|
|
5,880
|
|
|||||
|
Capital contributions to subsidiaries
|
(8,092
|
)
|
|
(6,052
|
)
|
|
—
|
|
|
14,144
|
|
|
—
|
|
|||||
|
Returns of contributed capital
|
706
|
|
|
—
|
|
|
—
|
|
|
(706
|
)
|
|
—
|
|
|||||
|
Proceeds from sale of business unit, net
|
—
|
|
|
—
|
|
|
296
|
|
|
—
|
|
|
296
|
|
|||||
|
Other, net
|
(64
|
)
|
|
(1
|
)
|
|
2,163
|
|
|
—
|
|
|
2,098
|
|
|||||
|
Net cash (used in) provided by investing activities
|
(11,491
|
)
|
|
(5,772
|
)
|
|
18,147
|
|
|
16,244
|
|
|
17,128
|
|
|||||
|
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net change in short-term borrowings — third party
|
6
|
|
|
(78
|
)
|
|
(266
|
)
|
|
—
|
|
|
(338
|
)
|
|||||
|
Net increase in bank deposits
|
—
|
|
|
—
|
|
|
10,703
|
|
|
—
|
|
|
10,703
|
|
|||||
|
Proceeds from issuance of long-term debt — third party
|
9,641
|
|
|
128
|
|
|
20,821
|
|
|
89
|
|
|
30,679
|
|
|||||
|
Repayments of long-term debt — third party
|
(8,831
|
)
|
|
(107
|
)
|
|
(52,410
|
)
|
|
(145
|
)
|
|
(61,493
|
)
|
|||||
|
Net change in debt — intercompany
|
(7
|
)
|
|
(255
|
)
|
|
2,995
|
|
|
(2,733
|
)
|
|
—
|
|
|||||
|
Proceeds from issuance of common stock
|
1,247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,247
|
|
|||||
|
Proceeds from issuance of preferred stock held by U.S. Department of Treasury
|
8,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,750
|
|
|||||
|
Dividends paid – third party
|
(1,592
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,592
|
)
|
|||||
|
Dividends paid and returns of contributed capital — intercompany
|
—
|
|
|
—
|
|
|
(1,256
|
)
|
|
1,256
|
|
|
—
|
|
|||||
|
Capital contributions from parent
|
—
|
|
|
6,052
|
|
|
8,092
|
|
|
(14,144
|
)
|
|
—
|
|
|||||
|
Other, net
|
699
|
|
|
—
|
|
|
365
|
|
|
—
|
|
|
1,064
|
|
|||||
|
Net cash provided by (used in) financing activities
|
9,913
|
|
|
5,740
|
|
|
(10,956
|
)
|
|
(15,677
|
)
|
|
(10,980
|
)
|
|||||
|
Effect of exchange-rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
(602
|
)
|
|
—
|
|
|
(602
|
)
|
|||||
|
Net (decrease) increase in cash and cash equivalents
|
(4,886
|
)
|
|
(7
|
)
|
|
5,290
|
|
|
17
|
|
|
414
|
|
|||||
|
Adjustment for change in cash and cash equivalents of operations held-for-sale
|
—
|
|
|
—
|
|
|
(777
|
)
|
|
—
|
|
|
(777
|
)
|
|||||
|
Cash and cash equivalents at beginning of year
|
5,643
|
|
|
12
|
|
|
9,513
|
|
|
(17
|
)
|
|
15,151
|
|
|||||
|
Cash and cash equivalents at end of year
|
$
|
757
|
|
|
$
|
5
|
|
|
$
|
14,026
|
|
|
$
|
—
|
|
|
$
|
14,788
|
|
|
|
2011
|
|
2010
|
||||||||||||
|
December 31,
($ in millions)
|
Maximum
liability
|
|
Carrying value
of liability
|
|
Maximum
liability
|
|
Carrying value
of liability
|
||||||||
|
Default automotive repurchases
|
$
|
1,600
|
|
|
$
|
—
|
|
|
$
|
1,274
|
|
|
$
|
151
|
|
|
Guarantees for repayment of third-party debt
|
—
|
|
|
—
|
|
|
1,068
|
|
|
989
|
|
||||
|
Standby letters of credit and other guarantees
|
333
|
|
|
88
|
|
|
513
|
|
|
121
|
|
||||
|
December 31,
($ in millions)
|
2011
|
|
2010
|
||||
|
Commitments to
|
|
|
|
||||
|
Sell mortgages or securities (a)
|
$
|
12,632
|
|
|
$
|
14,349
|
|
|
Originate/purchase mortgages or securities (a)
|
6,741
|
|
|
7,735
|
|
||
|
Provide capital to investees (b)
|
56
|
|
|
76
|
|
||
|
Provide retail automotive receivables to third-parties (c)
|
1,779
|
|
|
—
|
|
||
|
Warehouse and construction-lending commitments (d)
|
1,018
|
|
|
1,509
|
|
||
|
Home equity lines of credit (e)
|
2,234
|
|
|
2,749
|
|
||
|
Unused revolving credit line commitments (f)
|
1,304
|
|
|
1,910
|
|
||
|
(a)
|
Amounts primarily include commitments accounted for as derivatives.
|
|
(b)
|
We are committed to contribute capital to certain private equity funds. The fair value of these commitments is considered in the overall valuation of the underlying assets with which they are associated.
|
|
(c)
|
Certain of our International Automotive Finance operations are committed to provide retail automotive receivables to third-party banks in exchange for secured debt. The transaction does not meet the definition of a sale.
|
|
(d)
|
The fair value of these commitments is considered in the overall valuation of the related assets.
|
|
(e)
|
We are committed to fund the remaining unused balances on home equity lines of credit for certain home equity loans sold into securitization structures (both on- and off-balance sheet structures) if certain deal-specific triggers are met. At December 31, 2011, the commitments to fund home equity lines of credit in off-balance sheet securitizations represented $802 million of the total unfunded commitments of
$2.2 billion
.
|
|
(f)
|
The unused portion of revolving lines of credit reset at prevailing market rates and, as such, approximate market value.
|
|
Year ended December 31,
($ in millions)
|
|
||
|
2012
|
$
|
83
|
|
|
2013
|
69
|
|
|
|
2014
|
60
|
|
|
|
2015
|
42
|
|
|
|
2016
|
25
|
|
|
|
2017 and thereafter
|
37
|
|
|
|
Total minimum payment required
|
$
|
316
|
|
|
Year ended December 31,
($ in millions)
|
|
||
|
2012
|
$
|
291
|
|
|
2013 and 2014
|
418
|
|
|
|
2015 and 2016
|
47
|
|
|
|
2017 and thereafter
|
21
|
|
|
|
Total future payment obligations
|
$
|
777
|
|
|
Year ended December 31, (
$ in millions
)
|
2011
|
|
2010
|
|
2009
|
||||||
|
Net financing revenue
|
|
|
|
|
|
||||||
|
GM and affiliates lease residual value support - North American Operations (a)
|
$
|
(299
|
)
|
|
$
|
(82
|
)
|
|
$
|
195
|
|
|
GM and affiliates lease rate support - North American Operations
|
578
|
|
|
674
|
|
|
770
|
|
|||
|
Wholesale subvention and service fees from GM
|
163
|
|
|
189
|
|
|
215
|
|
|||
|
Interest earned on wholesale settlements
|
—
|
|
|
178
|
|
|
149
|
|
|||
|
Other revenue
|
|
|
|
|
|
||||||
|
Insurance premiums earned from GM
|
122
|
|
|
155
|
|
|
159
|
|
|||
|
(a)
|
Represents total amount of residual support and risk sharing (incurred) earned under the residual support and risk-sharing programs.
|
|
|
|
2011
|
|
2010
|
|
||||||||||
|
December 31, (
$ in millions
)
|
|
Number
of loans
|
|
Dollar
amount
of loans
|
|
Number
of loans
|
|
Dollar
amount
of loans
|
|
||||||
|
GSEs
|
|
357
|
|
|
$
|
71
|
|
|
833
|
|
|
$
|
170
|
|
(a)
|
|
Monolines
|
|
|
|
|
|
|
|
|
|
||||||
|
MBIA
|
|
7,314
|
|
|
490
|
|
|
6,819
|
|
|
466
|
|
|
||
|
FGIC
|
|
4,608
|
|
|
369
|
|
|
1,109
|
|
|
164
|
|
|
||
|
Other
|
|
730
|
|
|
58
|
|
|
278
|
|
|
31
|
|
|
||
|
Whole-loan/other
|
|
513
|
|
|
81
|
|
|
392
|
|
|
88
|
|
|
||
|
Total number of loans and unpaid principal balance (b)
|
|
13,522
|
|
|
$
|
1,069
|
|
|
9,431
|
|
|
$
|
919
|
|
|
|
(a)
|
This amount is gross of any loans that would be removed due to the Fannie Mae settlement. At
December 31, 2010
,
$48 million
of outstanding claims were covered under the Fannie Mae settlement agreement.
|
|
(b)
|
Excludes certain populations where counterparties have requested additional documentation.
|
|
(
$ in millions
)
|
2011
|
|
2010
|
||||
|
Balance at January 1,
|
$
|
830
|
|
|
$
|
1,263
|
|
|
Provision for mortgage representation and warranty expenses
|
|
|
|
||||
|
Loan sales
|
19
|
|
|
70
|
|
||
|
Change in estimate — continuing operations
|
324
|
|
|
670
|
|
||
|
Total additions
|
343
|
|
|
740
|
|
||
|
Resolved claims (a)
|
(360
|
)
|
|
(1,185
|
)
|
||
|
Recoveries
|
12
|
|
|
12
|
|
||
|
Balance at December 31,
|
$
|
825
|
|
|
$
|
830
|
|
|
(a)
|
Includes principal losses and accrued interest on repurchased loans, indemnification payments, and settlements with counterparties.
|
|
2011
($ in millions)
|
First
quarter
|
|
Second
quarter
|
|
Third
quarter
|
|
Fourth
quarter
|
||||||||
|
Net financing revenue
|
$
|
544
|
|
|
$
|
718
|
|
|
$
|
607
|
|
|
$
|
606
|
|
|
Total other revenue
|
1,008
|
|
|
1,057
|
|
|
554
|
|
|
977
|
|
||||
|
Total net revenue
|
1,552
|
|
|
1,775
|
|
|
1,161
|
|
|
1,583
|
|
||||
|
Provision for loan losses
|
113
|
|
|
50
|
|
|
50
|
|
|
6
|
|
||||
|
Other noninterest expense
|
1,340
|
|
|
1,534
|
|
|
1,217
|
|
|
1,694
|
|
||||
|
Income (loss) from continuing operations before income tax expense (benefit)
|
99
|
|
|
191
|
|
|
(106
|
)
|
|
(117
|
)
|
||||
|
Income tax (benefit) expense from continuing operations
|
(70
|
)
|
|
83
|
|
|
93
|
|
|
73
|
|
||||
|
Net income (loss) from continuing operations
|
169
|
|
|
108
|
|
|
(199
|
)
|
|
(190
|
)
|
||||
|
(Loss) income from discontinued operations, net of tax
|
(23
|
)
|
|
5
|
|
|
(11
|
)
|
|
(16
|
)
|
||||
|
Net income (loss)
|
$
|
146
|
|
|
$
|
113
|
|
|
$
|
(210
|
)
|
|
$
|
(206
|
)
|
|
Basic and diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
|
Net (loss) from continuing operations
|
$
|
(2
|
)
|
|
$
|
(62
|
)
|
|
$
|
(300
|
)
|
|
$
|
(294
|
)
|
|
Net (loss)
|
(19
|
)
|
|
(58
|
)
|
|
(308
|
)
|
|
(305
|
)
|
||||
|
2010
|
|
|
|
|
|
|
|
||||||||
|
Net financing revenue
|
$
|
758
|
|
|
$
|
718
|
|
|
$
|
593
|
|
|
$
|
545
|
|
|
Total other revenue
|
1,022
|
|
|
1,329
|
|
|
1,377
|
|
|
1,300
|
|
||||
|
Total net revenue
|
1,780
|
|
|
2,047
|
|
|
1,970
|
|
|
1,845
|
|
||||
|
Provision for loan losses
|
145
|
|
|
218
|
|
|
8
|
|
|
71
|
|
||||
|
Other noninterest expense
|
1,450
|
|
|
1,400
|
|
|
1,662
|
|
|
1,549
|
|
||||
|
Income from continuing operations before income tax expense
|
185
|
|
|
429
|
|
|
300
|
|
|
225
|
|
||||
|
Income tax expense from continuing operations
|
35
|
|
|
31
|
|
|
42
|
|
|
45
|
|
||||
|
Net income from continuing operations
|
150
|
|
|
398
|
|
|
258
|
|
|
180
|
|
||||
|
Income (loss) from discontinued operations, net of tax
|
12
|
|
|
167
|
|
|
11
|
|
|
(101
|
)
|
||||
|
Net income
|
$
|
162
|
|
|
$
|
565
|
|
|
$
|
269
|
|
|
$
|
79
|
|
|
Basic earnings per common share
|
|
|
|
|
|
|
|
||||||||
|
Net (loss) income from continuing operations
|
$
|
(441
|
)
|
|
$
|
467
|
|
|
$
|
(87
|
)
|
|
$
|
(1,025
|
)
|
|
Net (loss) income
|
(426
|
)
|
|
676
|
|
|
(73
|
)
|
|
(1,151
|
)
|
||||
|
Diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
|
Net (loss) income from continuing operations
|
$
|
(441
|
)
|
|
$
|
209
|
|
|
$
|
(87
|
)
|
|
$
|
(1,025
|
)
|
|
Net (loss) income
|
(426
|
)
|
|
302
|
|
|
(73
|
)
|
|
(1,151
|
)
|
||||
|
2009
|
|
|
|
|
|
|
|
||||||||
|
Net financing revenue
|
$
|
505
|
|
|
$
|
418
|
|
|
$
|
567
|
|
|
$
|
672
|
|
|
Total other revenue
|
1,163
|
|
|
756
|
|
|
1,310
|
|
|
811
|
|
||||
|
Total net revenue
|
1,668
|
|
|
1,174
|
|
|
1,877
|
|
|
1,483
|
|
||||
|
Provision for loan losses
|
744
|
|
|
1,116
|
|
|
680
|
|
|
3,063
|
|
||||
|
Other noninterest expense
|
1,574
|
|
|
1,648
|
|
|
2,069
|
|
|
2,217
|
|
||||
|
Loss from continuing operations before income tax (benefit) expense
|
(650
|
)
|
|
(1,590
|
)
|
|
(872
|
)
|
|
(3,797
|
)
|
||||
|
Income tax (benefit) expense from continuing operations
|
(116
|
)
|
|
1,092
|
|
|
(294
|
)
|
|
(608
|
)
|
||||
|
Net loss from continuing operations
|
(534
|
)
|
|
(2,682
|
)
|
|
(578
|
)
|
|
(3,189
|
)
|
||||
|
Loss from discontinued operations, net of tax
|
(141
|
)
|
|
(1,221
|
)
|
|
(189
|
)
|
|
(1,764
|
)
|
||||
|
Net loss
|
$
|
(675
|
)
|
|
$
|
(3,903
|
)
|
|
$
|
(767
|
)
|
|
$
|
(4,953
|
)
|
|
Basic and diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
|
Net loss from continuing operations
|
$
|
(1,328
|
)
|
|
$
|
(5,395
|
)
|
|
$
|
(1,764
|
)
|
|
$
|
(6,788
|
)
|
|
Net loss
|
(1,613
|
)
|
|
(7,657
|
)
|
|
(2,114
|
)
|
|
(10,037
|
)
|
||||
|
Name
|
|
Age
|
|
Position
|
|
Franklin W. Hobbs
|
|
64
|
|
Director (Chairman of the Board)
|
|
Robert T. Blakely
|
|
70
|
|
Director (Chairman of Audit Committee)
|
|
Mayree C. Clark
|
|
54
|
|
Director (Member of Audit Committee)
|
|
John D. Durrett
|
|
63
|
|
Director (Member of Audit Committee)
|
|
Stephen A. Feinberg
|
|
51
|
|
Director
|
|
Kim S. Fennebresque
|
|
61
|
|
Director
|
|
Marjorie Magner
|
|
62
|
|
Director (Member of Audit Committee)
|
|
John J. Stack
|
|
65
|
|
Director (Member of Audit Committee)
|
|
Michael A. Carpenter
|
|
64
|
|
Director and Chief Executive Officer
|
|
Jeffrey J. Brown
|
|
38
|
|
Senior Executive Vice President of Finance and Corporate Planning
|
|
James G. Mackey
|
|
44
|
|
Chief Financial Officer
|
|
Barbara Yastine
|
|
52
|
|
Chief Administrative Officer
|
|
William F. Muir
|
|
57
|
|
President
|
|
David J. DeBrunner
|
|
45
|
|
Vice President, Chief Accounting Officer, and Corporate Controller
|
|
Sanjay Gupta
|
|
43
|
|
Chief Marketing Officer
|
|
Thomas Marano
|
|
50
|
|
Chief Executive Officer, ResCap, and Chief Capital Markets Officer
|
|
•
|
Discharging the Board's responsibilities with respect to the establishment, maintenance and administration of Ally's compensation plans, including determining the total compensation of the Chief Executive Officer and executive officers plus other senior executives designated by the Committee as under its purview;
|
|
•
|
Overseeing Ally's leadership development and succession planning programs;
|
|
•
|
Identifying qualified individuals for membership on the Board (consistent with criteria approved by the Board) and to recommend to the Board the director nominees;
|
|
•
|
Reviewing and recommending to the Board the director compensation for service on the Board;
|
|
•
|
Leading the Board and its committees in their annual self-evaluation and the annual review of the Board's performance;
|
|
•
|
Developing and recommending to the Board a corporate governance policy for the Board, and overseeing Ally's corporate governance procedures and practices related to the Board; and
|
|
•
|
Performing any and all duties required of it under the Emergency Economic Stabilization Act of 2008 (EESA) and any regulations or other legal authority promulgated at any time thereunder.
|
|
•
|
It has reviewed with senior risk officers the SEO compensation plans and has identified and limited features to ensure that these plans do not encourage SEOs to take unnecessary and excessive risks that threaten the value of Ally.
|
|
•
|
It has reviewed with senior risk officers the employee compensation plans and has identified and limited features as it deemed necessary to ensure that Ally is not exposed to unnecessary risks.
|
|
•
|
It has reviewed the employee compensation plans to eliminate any features in these plans that would encourage the manipulation of reported earnings of Ally to enhance the compensation of any employee.
|
|
|
Kim S. Fennebresque (Committee Chairman)
|
|
|
|
Robert T. Blakely
|
|
|
|
Franklin W. Hobbs
|
|
|
•
|
Cash salaries are limited based on the determination of the Special Master;
|
|
•
|
The majority of an SEO's compensation paid in equity that must be held long-term;
|
|
•
|
Incentive compensation granted in the form of long-term restricted equity that is contingent on performance and paid out after incremental TARP repayments;
|
|
•
|
Perquisites and “other” compensation capped at $25,000, with limited exceptions;
|
|
•
|
Suspension of the accrual of benefits to supplemental executive retirement plans;
|
|
•
|
Prohibition on incentives for SEOs that could cause them to take unnecessary or excessive risks;
|
|
•
|
Clawback of any bonus or incentive compensation paid to an SEO based on statements of earnings, revenues, gains, or other performance criteria that are later found to be materially inaccurate, is based on erroneous data that resulted in an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws within the three years prior to payment, or is found to require repayment under the provisions of any other Federal law or regulation that may govern the Company's executive compensation; and
|
|
•
|
Prohibition on any severance payable to the SEOs and the next five most highly compensated employees.
|
|
•
|
Align with long-term value creation for our shareholders;
|
|
•
|
Provide appropriate incentives based on individual, business, and Company performance;
|
|
•
|
Encourage prudent, but not excessive risk taking;
|
|
•
|
Provide a total compensation opportunity competitive with market practice; and
|
|
•
|
Be internally equitable for the relative value of the employee's position at Ally.
|
|
|
•
|
BB&T
|
•
|
KeyCorp
|
•
|
U.S. Bancorp
|
|
|
|
|
|
|
|
|
|
|
•
|
Capital One Financial
|
•
|
PNC Financial
|
•
|
Wells Fargo
|
|
|
|
|
|
|
|
|
|
|
•
|
Discover
|
•
|
Regions Financial
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Fifth Third Bancorp
|
•
|
SunTrust Banks
|
|
|
|
|
2011 Base salary
|
||||||
|
NEO
|
Cash
($)
|
|
Equity (Deferred stock units)
($)
|
|
Total
($)
|
||
|
Michael A. Carpenter
|
—
|
|
|
8,000,000
|
|
8,000,000
|
|
|
Jeffrey J. Brown
|
600,000
|
|
|
2,350,000
|
|
2,950,000
|
|
|
Thomas Marano
|
600,000
|
|
|
4,735,633
|
|
5,335,633
|
|
|
Barbara Yastine
|
600,000
|
|
|
2,858,238
|
|
3,458,238
|
|
|
William Muir
|
509,000
|
|
|
1,931,520
|
|
2,440,520
|
|
|
James G. Mackey
|
550,000
|
|
|
1,353,825
|
|
1,903,825
|
|
|
2011 Performance Objectives
|
2011 Accomplishments
|
|
Capitalize on opportunities in the auto finance business
|
Continued profitability in the Global Automotive Services business
|
|
|
Ally ranked as the number one overall auto lender in the United States by Experian Automotive
|
|
|
Increased consumer auto financing originations for new and used vehicles
|
|
|
Named the recommended provider of financing products and services for Vehicle Production Group, Baojun, and SsangYong
|
|
|
Expanded Ally Buyer's Choice, a unique consumer financing product launched in October, to a total of 47 states to date
|
|
Continue to build Ally Bank with a strong consumer value proposition and expanded product offerings
|
Achieved strong deposit growth and high CD retention rates at Ally Bank
|
|
|
Introduced new Investment Retirement Accounts, Ally Perks and eCheck remote deposit products at Ally Bank
|
|
Demonstrate commitment to home ownership preservation
|
Completed more than 765,000 default workouts for borrowers since 2008
|
|
Maintain a strong capital and liquidity profile
|
Completed new funding transactions totaling $38 billion during the year
|
|
|
Improved cost of funds in 2011, as compared to 2010
|
|
Position Ally to repay the United States Department of Treasury as soon as practical
|
The United States Treasury sold $2.7 billion of Trust Preferred Securities to third-party investors
|
|
|
To date, Ally Financial has paid $5.4 billion to the United States Treasury including preferred dividends
|
|
2011 Performance Objectives
|
2011 Accomplishments
|
|
Maintain a strong capital and liquidity profile
|
Improved cost of funds in 2011, as compared to 2010
|
|
Implement expense and process improvements in the Treasury department
|
Significantly reduced spending in Treasury business while maintaining appropriate staffing level to complete business objectives
|
|
Attract new investors to the business and focus on continued international funding expansion
|
Completed new funding transactions totaling $38 billion during the year
|
|
Position Ally to repay the United States Department of Treasury as soon as practical
|
The United States Treasury sold $2.7 billion of Trust Preferred Securities to third-party investors
|
|
|
To date, Ally Financial has paid $5.4 billion to the United States Treasury including preferred dividends
|
|
2011 Performance Objectives
|
2011 Accomplishments
|
|
Manage risk through the current market volatility to minimize earnings volatility / maximize revenues
|
Assisted Capital Markets team with generating $1.1 billion of revenue at Ally IM, Ally Bank and GMAC Insurance
|
|
Manage expenses in line with company wide initiatives
|
Achieved planned expense reductions in targeted areas
|
|
Reduce non-core assets
|
Generated gains through non-core asset sales
|
|
Demonstrate commitment to home ownership preservation
|
Completed more than 765,000 default workouts for borrowers since 2008
|
|
2011 Performance Objectives
|
2011 Accomplishments
|
|
Continue to build Ally Bank with a strong consumer value proposition and expended product offerings
|
Achieved strong deposit growth and high CD retention rates at Ally Bank
|
|
|
Introduced new Investment Retirement Accounts, Ally Perks and eCheck remote deposit products at Ally Bank
|
|
Implement strategies to drive cultural change objectives and foster transparency, escalation, accountability and consistency
|
Improved employee communications, updated management
|
|
|
Led cross-functional effort to design enterprise risk management framework to clarify expectations, roles and responsibilities, empowered lines-of-business (LOB), drove greater cooperation among LOB and functions with respect to effectively addressing operating risks while reducing duplication
|
|
2011 Performance Objectives
|
2011 Accomplishments
|
|
Capitalize on opportunities in the auto finance business
|
Continued profitability in the Global Automotive Services business
|
|
|
Ally ranked as the number one overall auto lender in the United States by Experian Automotive
|
|
|
Increased consumer auto financing originations for new and used vehicles
|
|
|
Named the recommended provider of financing products and services for Vehicle Production Group, Baojun, and SsangYong
|
|
|
Expanded Ally Buyer's Choice, a unique consumer financing product launched in October, to a total of 47 states to date
|
|
2011 Performance Objectives
|
2011 Accomplishments
|
|
Drive improvements in organization, process & technology
|
Implemented new financial forecasting system, forecast accuracy scorecards for LOB and completed finance technology long range plan
|
|
Position Ally to repay the United States Department of Treasury as soon as practical
|
The United States Treasury sold $2.7 billion of Trust Preferred Securities to third-party investors
|
|
|
To date, Ally Financial has paid $5.4 billion to the United States Treasury including preferred dividends
|
|
Support strategic growth of the businesses
|
Developed growth and benchmarking metrics for each business and
implemented annual business unit survey |
|
|
Total
compensation
($)
|
|
Long-term equity-based compensation
|
|||||
|
Name
|
Dollar amount
awarded
($)
|
|
Percent of total
compensation (%)
|
|||||
|
Michael A. Carpenter
|
9,543,077
|
|
|
9,500,000
|
|
|
99.5
|
%
|
|
Jeffrey J. Brown
|
4,373,287
|
|
|
3,743,678
|
|
|
85.6
|
%
|
|
Thomas Marano
|
8,034,899
|
|
|
7,403,449
|
|
|
92.1
|
%
|
|
Barbara Yastine
|
5,215,307
|
|
|
4,587,357
|
|
|
88.0
|
%
|
|
William Muir
|
3,686,875
|
|
|
3,147,280
|
|
|
85.4
|
%
|
|
James G. Mackey
|
2,885,391
|
|
|
2,305,738
|
|
|
79.9
|
%
|
|
Name and principal position
|
Year
|
|
Salary
($)
(a) (b)
|
|
Stock
awards
($)
(c) (d) (e)
|
|
All other
compensation
($)
(f)
|
|
Total
($)
|
||||
|
Michael A. Carpenter
|
2011
|
|
—
|
|
|
9,500,000
|
|
|
43,077
|
|
|
9,543,077
|
|
|
Chief Executive Officer
|
2010
|
|
186,346
|
|
|
9,708,750
|
|
|
29,958
|
|
|
9,925,054
|
|
|
|
2009
|
|
119,726
|
|
|
682,438
|
|
|
35
|
|
|
802,199
|
|
|
Jeffrey J. Brown
|
2011
|
|
600,000
|
|
|
3,743,678
|
|
|
29,609
|
|
|
4,373,287
|
|
|
Senior Executive Vice President of Finance and Corporate Planning
|
2010
|
|
500,000
|
|
|
3,750,000
|
|
|
38,908
|
|
|
4,288,908
|
|
|
Thomas Marano
|
2011
|
|
600,000
|
|
|
7,403,449
|
|
|
31,450
|
|
|
8,034,899
|
|
|
Chief Executive Officer, ResCap, and Chief Capital Markets Officer
|
2010
|
|
500,000
|
|
|
6,906,250
|
|
|
26,785
|
|
|
7,433,035
|
|
|
|
2009
|
|
2,419,231
|
|
|
3,223,108
|
|
|
51,994
|
|
|
5,694,333
|
|
|
Barbara Yastine
|
2011
|
|
600,000
|
|
|
4,587,357
|
|
|
27,950
|
|
|
5,215,307
|
|
|
Chief Administrative Officer
|
|
|
|
|
|
|
|
|
|
||||
|
William Muir
|
2011
|
|
509,000
|
|
|
3,147,280
|
|
|
30,595
|
|
|
3,686,875
|
|
|
President
|
|
|
|
|
|
|
|
|
|
||||
|
James G. Mackey
|
2011
|
|
550,000
|
|
|
2,305,738
|
|
|
29,653
|
|
|
2,885,391
|
|
|
Chief Financial Officer
|
2010
|
|
475,068
|
|
|
1,922,951
|
|
|
21,604
|
|
|
2,419,623
|
|
|
(a)
|
Amounts represent the cash portion of the base salary earned from each executive's employment commencement with Ally. These dates are: November 15, 2009, for Mr. Carpenter and May 1, 2009, for Mr. Marano. Mr. Mackey was named CFO on June 1, 2011. The amounts shown as salary do not include the DSU award values that are part of the executive's base salary and are shown as stock awards in this table.
|
|
(b)
|
For 2010, represents the amount of Mr. Carpenter's compensation that was paid in cash prior to March 23, 2010, when his compensation structure changed to be fully based on long-term equity of the Company.
|
|
(c)
|
The 2011 total represents the grant date fair value of the Ally DSU and IRSU awards granted in 2011 and is not necessarily the cash payment received. The amounts for each NEO for 2011 are displayed in the following table.
|
|
Name
|
DSU
($)
|
|
IRSU
($)
|
|
Total
($)
|
|||
|
Michael A. Carpenter
|
8,000,000
|
|
|
1,500,000
|
|
|
9,500,000
|
|
|
Jeffrey J. Brown
|
2,350,000
|
|
|
1,393,678
|
|
|
3,743,678
|
|
|
Thomas Marano
|
4,735,633
|
|
|
2,667,816
|
|
|
7,403,449
|
|
|
Barbara Yastine
|
2,858,238
|
|
|
1,729,119
|
|
|
4,587,357
|
|
|
William Muir
|
1,931,520
|
|
|
1,215,760
|
|
|
3,147,280
|
|
|
James G. Mackey
|
1,353,825
|
|
|
951,913
|
|
|
2,305,738
|
|
|
(d)
|
The 2010 total represents the grant date fair value of the Ally DSU and IRSU awards granted in 2010 and is not necessarily the cash payment received. The amount for Mr. Carpenter includes $395,096 of IRSU awards that were granted in January 2010 for performance in 2009, as per the SEC rules. The amounts for each NEO for 2010 are displayed in the following table.
|
|
Name
|
DSU
($)
|
|
IRSU
($)
|
|
Total
($)
|
|||
|
Michael A. Carpenter
|
7,813,654
|
|
|
1,895,096
|
|
|
9,708,750
|
|
|
Jeffrey J. Brown
|
2,350,000
|
|
|
1,400,000
|
|
|
3,750,000
|
|
|
Thomas Marano
|
4,437,500
|
|
|
2,468,750
|
|
|
6,906,250
|
|
|
James G. Mackey
|
1,119,964
|
|
|
802,987
|
|
|
1,922,951
|
|
|
(e)
|
The 2009 total represents the grant date fair value of the Ally DSU and IRSU awards granted in 2009 and is not necessarily the cash payment received. The amount for Mr. Carpenter does not include $395,096 of IRSU awards that were granted in January 2010 for performance in 2009 and were included in the 2010 total, as per the SEC rules. The Restricted Stock Unit (RSU) value shown for Mr. Marano represents the grant date fair value of his RSU awards granted in 2009. Subsequent to the grant, RSU awards with a fair value of $671,135 were vested and settled, and RSU awards with a fair value of $2,013,407 were converted to IRSU awards with the original RSU grant date. Based on TARP restrictions, a portion of Mr. Marano's IRSU awards were converted to DSU awards in December 2010. The balances below have been restated to include this conversion. The amounts for each NEO for 2009 are displayed in the following table.
|
|
Name
|
RSU
($)
|
|
DSU
($)
|
|
Total
($)
|
|||
|
Michael Carpenter
|
—
|
|
|
682,438
|
|
|
682,438
|
|
|
Thomas Marano
|
2,569,246
|
|
|
653,862
|
|
|
3,223,108
|
|
|
(f)
|
See the All Other Compensation in 2011 section for further details.
|
|
|
Michael A.
Carpenter
|
|
Jeffrey J. Brown
|
|
Thomas Marano
|
|
Barbara Yastine
|
|
William Muir
|
|
James G. Mackey
|
||||||||||||
|
Financial counseling (a)
|
$
|
3,500
|
|
|
$
|
3,500
|
|
|
$
|
3,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,500
|
|
|
Liability insurance (b)
|
425
|
|
|
425
|
|
|
425
|
|
|
425
|
|
|
1,100
|
|
|
425
|
|
||||||
|
Total perquisites
|
3,925
|
|
|
3,925
|
|
|
3,925
|
|
|
425
|
|
|
1,100
|
|
|
3,925
|
|
||||||
|
Life insurance (c)
|
14,652
|
|
|
1,184
|
|
|
3,025
|
|
|
3,025
|
|
|
4,995
|
|
|
1,228
|
|
||||||
|
401(k) matching contribution (d)
|
24,500
|
|
|
24,500
|
|
|
24,500
|
|
|
24,500
|
|
|
24,500
|
|
|
24,500
|
|
||||||
|
Total all other compensation
|
$
|
43,077
|
|
|
$
|
29,609
|
|
|
$
|
31,450
|
|
|
$
|
27,950
|
|
|
$
|
30,595
|
|
|
$
|
29,653
|
|
|
(a)
|
We provide a taxable allowance to certain senior executives for financial counseling and estate planning services with one of several approved providers. The NEOs are provided an enhanced financial and estate planning service. This program does not provide for tax preparation services. Costs associated with this benefit are reflected in the table above, based on the actual charge for the services received. Any taxes assessed on the imputed income for the value of this service are the responsibility of the executive.
|
|
(b)
|
Represents the total cost of liability insurance for 2011.
|
|
(c)
|
Represents the total cost of life insurance for 2011.
|
|
(d)
|
Represents the employer contribution, Company match contribution, and discretionary contribution made to the employees' 401(k) fund.
|
|
Name
|
Award
|
|
Grant
date (a)
|
|
All other stock awards:
number of shares or unit of stock (b)
|
|
Grant date
fair value
of stock or unit awards
($)
(c)
|
|
Michael A. Carpenter
|
DSU
|
|
—
|
|
825.8
|
|
8,000,000
|
|
|
IRSU
|
|
12/19/2011
|
|
187.5
|
|
1,500,000
|
|
Jeffrey J. Brown
|
DSU
|
|
—
|
|
242.6
|
|
2,350,000
|
|
|
IRSU
|
|
12/19/2011
|
|
174.2
|
|
1,393,678
|
|
Thomas Marano
|
DSU
|
|
—
|
|
488.8
|
|
4,735,633
|
|
|
IRSU
|
|
12/19/2011
|
|
333.5
|
|
2,667,816
|
|
Barbara Yastine
|
DSU
|
|
—
|
|
295.0
|
|
2,858,238
|
|
|
IRSU
|
|
12/19/2011
|
|
216.1
|
|
1,729,119
|
|
William Muir
|
DSU
|
|
—
|
|
199.4
|
|
1,931,520
|
|
|
IRSU
|
|
12/19/2011
|
|
152.0
|
|
1,215,760
|
|
James G. Mackey
|
DSU
|
|
—
|
|
139.8
|
|
1,353,825
|
|
|
IRSU
|
|
12/19/2011
|
|
119.0
|
|
951,913
|
|
(a)
|
The DSU awards are granted ratably in each pay period.
|
|
(b)
|
The award grants are expressed as phantom shares of Ally Financial.
|
|
(c)
|
The grant date fair value amounts shown do not reflect realized cash compensation by the NEOs, which is described in the Stock Awards Vested Table for the awards. The value shown represents the computed fair value at the date of grant of each award, which was $10,341.91 per share for each award from January 1, 2011 through September 29, 2011. The grant date fair value for awards granted between September 30, 2011 through December 30, 2011 was $8,000.00 per share. For a further discussion of the valuation of equity awards, see footnote (a) in the
Outstanding Equity Awards at 2011 Fiscal Year End - Stock Awards
section below and
Note 26
to our Consolidated Financial Statements.
|
|
Name
|
Grant
date
|
|
Number of
shares or units
of stock that have
not vested
(#)
(a)
|
|
Market value
of shares or
units of stock
that have
not vested
($)
(a)
|
||
|
Michael A. Carpenter
|
1/28/2010
|
|
50.6
|
|
|
429,865
|
|
|
|
12/16/2010
|
|
192.0
|
|
|
1,632,001
|
|
|
|
12/19/2011
|
|
187.5
|
|
|
1,593,750
|
|
|
Jeffrey J. Brown (b) (c)
|
10/28/2009
|
|
131.9
|
|
|
1,120,766
|
|
|
|
12/14/2009
|
|
25.7
|
|
|
218,582
|
|
|
|
12/16/2010
|
|
179.2
|
|
|
1,523,201
|
|
|
|
12/19/2011
|
|
174.2
|
|
|
1,480,783
|
|
|
Thomas Marano (b)
|
10/28/2009
|
|
206.2
|
|
|
1,752,700
|
|
|
|
12/14/2009
|
|
36.8
|
|
|
312,800
|
|
|
|
12/16/2010
|
|
316.0
|
|
|
2,686,002
|
|
|
|
12/19/2011
|
|
333.5
|
|
|
2,834,555
|
|
|
Barbara Yastine
|
12/16/2010
|
|
64.0
|
|
|
544,000
|
|
|
|
12/19/2011
|
|
216.1
|
|
|
1,837,189
|
|
|
William Muir
|
9/15/2008
|
|
13.0
|
|
|
110,400
|
|
|
|
12/31/2009
|
|
140.2
|
|
|
1,191,361
|
|
|
|
12/16/2010
|
|
128.0
|
|
|
1,088,001
|
|
|
|
12/19/2011
|
|
152.0
|
|
|
1,291,745
|
|
|
James G. Mackey (c)
|
3/26/2009
|
|
58.4
|
|
|
496,534
|
|
|
|
12/14/2009
|
|
11.7
|
|
|
99,168
|
|
|
|
12/16/2010
|
|
102.8
|
|
|
873,651
|
|
|
|
12/19/2011
|
|
119.0
|
|
|
1,011,408
|
|
|
(a)
|
Amounts shown represent Ally RSU and IRSU awards granted to named executives that have not vested. The RSU awards vest ratably over five years. The IRSU awards granted in 2009 and 2010 cliff vest over three years, in each case subject to continued service with Ally. The 2011 IRSU awards vest two-thirds after two years and in full after three years, subject to continued service with Ally. No portion of the 2009, 2010 or 2011 IRSU grants vested during 2011. Each award represents one phantom share of Ally. The market value for the phantom shares is determined by the Board at least annually, as required by the plan. The value for each phantom share at December 31, 2011, was $8,500. During 2011, Sandler O'Neill & Partners, L.P. (Sandler O'Neill), an independent investment banking firm, was engaged to provide certain valuation analyses and to prepare an annual report regarding the value of the Company's common equity securities, to prepare quarterly updates starting with September 30, 2011 based on a market index established with Sandler O'Neill's advice, and to provide other services related thereto. The valuation amounts as of September 30, 2011 and December 31, 2011 were determined based on the analyses provided by Sandler O'Neill.
|
|
(b)
|
Based on TARP restrictions a portion of Mr. Brown's and Mr. Marano's 2009 IRSU awards were converted to DSU awards. The balances shown here have been restated to include this conversion.
|
|
(c)
|
The vesting and payout schedules of Mr. Brown's and Mr. Mackey's 2009 awards changed on December 19, 2009 to comply with TARP rules.
|
|
Nonqualified deferred compensation
|
||||||||||||||||
|
Name
|
Plan name
|
|
Executive
contributions
in last FY
($)
|
|
Registrant
contributions
in last FY
($)
|
|
Aggregate
earnings
in last FY
($)
|
|
Aggregate
withdrawals/
distributions
($)
|
|
Aggregate
balance
at last FYE
($)
|
|||||
|
Michael A. Carpenter
|
DSUs (a) (b)
|
|
—
|
|
|
8,000,000
|
|
|
(2,608,128
|
)
|
|
2,269,863
|
|
|
13,943,264
|
|
|
Jeffrey J. Brown
|
Nonqualified Benefit
Equalization Plan (c)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
|
|
24,763
|
|
|
|
|
DSUs (a) (b)
|
|
—
|
|
|
2,350,000
|
|
|
(746,989
|
)
|
|
632,545
|
|
|
4,017,124
|
|
|
Thomas Marano
|
Nonqualified Benefit
Equalization Plan (c)
|
|
—
|
|
|
—
|
|
|
1,718
|
|
|
|
|
45,253
|
|
|
|
|
DSUs (a) (b)
|
|
—
|
|
|
4,735,633
|
|
|
(1,548,660
|
)
|
|
1,355,740
|
|
|
8,255,088
|
|
|
Barbara Yastine
|
DSUs (a) (b)
|
|
—
|
|
|
2,858,238
|
|
|
(844,352
|
)
|
|
651,517
|
|
|
4,517,096
|
|
|
William Muir
|
Nonqualified Benefit
Equalization Plan (c)
|
|
—
|
|
|
—
|
|
|
1,367
|
|
|
|
|
190,976
|
|
|
|
|
DSUs (a) (b)
|
|
—
|
|
|
1,931,520
|
|
|
(809,798
|
)
|
|
858,758
|
|
|
4,119,166
|
|
|
James G. Mackey
|
DSUs (a) (b)
|
|
—
|
|
|
1,353,825
|
|
|
(384,423
|
)
|
|
308,161
|
|
|
2,114,292
|
|
|
(a)
|
In 2009, we included DSU awards, which vested at grant date, within the Options Exercised and Shares Vested in 2009 table. Starting in 2010 and continuing in 2011, we have included the DSU award information in the Nonqualified Deferred Compensation in 2011 table to more accurately reflect the form of the awards.
|
|
(b)
|
The NEOs had outstanding DSU award values at December 31, 2010, of $10,821,255 for Mr. Carpenter, $3,046,658 for Mr. Brown, $6,423,855 for Mr. Marano, $3,154,727 for Ms. Yastine, $3,856,202 for Mr. Muir, and $1,453,051 for Mr. Mackey.
|
|
(c)
|
Ally maintains a nonqualified benefit equalization plan for highly-compensated employees, including the NEOs. This plan is a nonqualified savings plan designed to allow for the equalization of benefits for highly compensated employees under the Ally 401(k) Program when such employees' contribution and benefit levels exceed the maximum limitations on contributions and benefits imposed by Section 2004 of the Employee Retirement Income Security Act of 1974, as amended, and Section 401(a)(17) and 415 of the Internal Revenue Code of 1986, as amended. This plan is maintained as an unfunded plan and all expenses for administration of the plan and payment of amounts to participants are borne by Ally. Each participant is credited with earnings based on a set of investment options selected by the participant similar to 401(k) investment option to all employees. Pursuant to the Special Master's determination letter dated October 22, 2009, contributions to this plan were suspended. Therefore, the amounts shown reflect contributions made by the Company prior to receipt of the determination letter.
|
|
Director name
|
|
Fees earned or paid in cash
($)
(a) (b)
|
|
Stock awards (
$
) (a) (c) (d)
|
|
Total
($)
(a)
|
|||
|
Robert T. Blakely
|
|
171,500
|
|
|
110,000
|
|
|
281,500
|
|
|
Mayree C. Clark
|
|
189,508
|
|
|
110,000
|
|
|
299,508
|
|
|
John D. Durrett
|
|
106,929
|
|
|
84,911
|
|
|
191,840
|
|
|
Kim S. Fennebresque
|
|
132,000
|
|
|
110,000
|
|
|
242,000
|
|
|
Franklin W. Hobbs
|
|
260,353
|
|
|
235,000
|
|
|
495,353
|
|
|
Steven Feinberg
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Marjorie Magner
|
|
162,124
|
|
|
110,000
|
|
|
272,124
|
|
|
John J. Stack
|
|
181,655
|
|
|
110,000
|
|
|
291,655
|
|
|
(a)
|
The retainer and fees for our non-employee directors were prorated based on when each director served on the Board and their respective committees.
|
|
(b)
|
As noted above, the non-employee directors' cash retainer and fees consist of the following components:
|
|
Director Name
|
Annual cash retainer (
$
)
|
Committee chair or
member/chair of
Board fees
($)
|
Additional
meeting fees
|
|||
|
Robert T. Blakely
|
70,000
|
|
70,000
|
|
31,500
|
|
|
Mayree C. Clark
|
70,000
|
|
94,008
|
|
25,500
|
|
|
John D. Durrett
|
58,637
|
|
25,042
|
|
23,250
|
|
|
Kim S. Fennebresque
|
70,000
|
|
50,000
|
|
12,000
|
|
|
Franklin W. Hobbs
|
70,000
|
|
174,603
|
|
15,750
|
|
|
Steven Feinberg
|
—
|
|
—
|
|
—
|
|
|
Marjorie Magner
|
70,000
|
|
62,124
|
|
30,000
|
|
|
John J. Stack
|
70,000
|
|
80,905
|
|
30,750
|
|
|
(c)
|
As noted above, stock awards granted to the non-employee directors are in the form of DSUs. Amounts in this column represent the aggregate grant date fair value of the DSU awards granted to the directors in 2011. The grant date fair value of each DSU award granted to the directors in 2011 is as follows:
|
|
Director name
|
Award
|
Grant Date
|
Grant date fair value of stock or unit awards (
$
)
|
|
|
Robert T. Blakely
|
DSU
|
3/31/2011
|
27,500
|
|
|
|
DSU
|
6/30/2011
|
27,500
|
|
|
|
DSU
|
10/1/2011
|
27,500
|
|
|
|
DSU
|
12/31/2011
|
27,500
|
|
|
Mayree C. Clark
|
DSU
|
3/31/2011
|
27,500
|
|
|
|
DSU
|
6/30/2011
|
27,500
|
|
|
|
DSU
|
10/1/2011
|
27,500
|
|
|
|
DSU
|
12/31/2011
|
27,500
|
|
|
John D. Durrett
|
DSU
|
3/31/2011
|
2,411
|
|
|
|
DSU
|
6/30/2011
|
27,500
|
|
|
|
DSU
|
10/1/2011
|
27,500
|
|
|
|
DSU
|
12/31/2011
|
27,500
|
|
|
Kim S. Fennebresque
|
DSU
|
3/31/2011
|
27,500
|
|
|
|
DSU
|
6/30/2011
|
27,500
|
|
|
|
DSU
|
10/1/2011
|
27,500
|
|
|
|
DSU
|
12/31/2011
|
27,500
|
|
|
Franklin W. Hobbs
|
DSU
|
3/31/2011
|
58,750
|
|
|
|
DSU
|
6/30/2011
|
58,750
|
|
|
|
DSU
|
10/1/2011
|
58,750
|
|
|
|
DSU
|
12/31/2011
|
58,750
|
|
|
Marjorie Magner
|
DSU
|
3/31/2011
|
27,500
|
|
|
|
DSU
|
6/30/2011
|
27,500
|
|
|
|
DSU
|
10/1/2011
|
27,500
|
|
|
|
DSU
|
12/31/2011
|
27,500
|
|
|
John J. Stack
|
DSU
|
3/31/2011
|
27,500
|
|
|
|
DSU
|
6/30/2011
|
27,500
|
|
|
|
DSU
|
10/1/2011
|
27,500
|
|
|
|
DSU
|
12/31/2011
|
27,500
|
|
|
(d)
|
The following table sets forth the aggregate number of DSUs held by each non-employee director at December 31, 2011. Each DSU represents one phantom share of Ally.
|
|
Name
|
Number of DSUs (#)
|
|
|
Robert T. Blakely
|
12.0
|
|
|
Mayree C. Clark
|
12.0
|
|
|
John D. Durrett
|
9.6
|
|
|
Kim S. Fennebresque
|
12.0
|
|
|
Franklin W. Hobbs
|
25.6
|
|
|
Marjorie Magner
|
12.0
|
|
|
John J. Stack
|
12.0
|
|
|
Name and address of beneficial owner
|
Amount and nature
of beneficial
ownership (a)
|
|
Percent
of class
|
||
|
U.S. Department of Treasury
1500 Pennsylvania Avenue
Washington, D.C. 20220
|
981,971
|
|
|
73.78
|
%
|
|
GMAC Common Equity Trust I
c/o Hillel Bennett
Stroock & Stroock & Lavan
180 Maiden Lane
New York, New York 10038-4982
|
132,280
|
|
|
9.94
|
%
|
|
Persons affiliated with Cerberus Capital Management, L.P.
c/o Cerberus Capital Management, L.P.
299 Park Avenue, 22nd Floor
New York, New York 10171
|
115,434
|
|
|
8.67
|
%
|
|
(a)
|
All ownership is direct.
|
|
•
|
We provide wholesale and term-loan financing to dealerships that are either wholly owned by GM or in which GM has a controlling interest. The majority of these dealerships are located in the United States. At
December 31, 2011
, finance receivables and loans to dealerships owned or majority-owned by GM totaled $304 million.
|
|
•
|
We provide operating leases to GM-affiliated entities for buildings with a net book value of $59 million at
December 31, 2011
. Lease revenues of $6 million were received during the year ended
December 31, 2011
.
|
|
•
|
We received interest on notes receivable from GM of $37 million during the year ended
December 31, 2011
.
|
|
•
|
We have other lease arrangements whereby we lease facilities to GM whereby we have advanced $12 million. We receive leasing revenues under these arrangements for which we recognized lease property revenues of $3 million for the year ended
December 31, 2011
.
|
|
•
|
In certain states, we provide insurance to GM for vehicle service contracts and for which we have recognized insurance premiums of $122 million for the year ended
December 31, 2011
.
|
|
•
|
GM may elect to sponsor financing incentive programs for wholesale dealer financing, primarily in our International Automotive Finance operations. This is known as wholesale subvention. We received wholesale subvention and service fees of $163 million for the year ended
December 31, 2011
.
|
|
•
|
GM may elect to sponsor incentive programs (on both retail contracts and leases) by supporting financing rates below standard rates at which we purchase retail contracts. In addition, under residual support programs, GM may upwardly adjust residual values above the standard lease rates. Out of our total new retail and lease contracts in North America and International, 53% and 53%, respectively, had rate or residual incentives for the year ended
December 31, 2011
.
|
|
•
|
GM provides lease residual value support as a marketing incentive to encourage consumers to lease vehicles. At termination of the lease, GM reimburses us to the extent the remarketing sales proceeds are less than the residual value set forth in the contract and no greater than our standard residual rates. To the extent remarketing sales proceeds are more than the contract residual at termination, we reimburse GM for its portion of the higher residual value. We reimbursed GM $299 million in residual support for the year ended
December 31, 2011
.
|
|
•
|
GM provides financing rates below standard rates at which we purchase contracts (rate support). GM reimbursed us $578 million in rate support for the year ended
December 31, 2011
.
|
|
•
|
GM sponsors lease pull-ahead programs whereby consumers are encouraged to terminate lease contracts early in conjunction with the acquisition of a new GM vehicle. Under these programs, GM waives all or a portion of the customer's remaining payment obligations and compensates us for the waived payments, adjusted based on the remarketing results associated with the underlying vehicle. We reported net financing revenue from this compensation program of $18 million for the year ended
December 31, 2011
.
|
|
•
|
GM reimburses us for certain selling expenses we may incur on certain vehicles sold by us at auction. We received reimbursements of $9 million for the year ended
December 31, 2011
.
|
|
•
|
GM occasionally provides payment guarantees on certain commercial and dealer loans and receivables Ally has outstanding. The amount of commercial and dealer loans and receivables covered by a GM guarantee was $127 million at
December 31, 2011
.
|
|
•
|
GM provides us certain other services and facilities services for which we reimburse them. We made reimbursement payments to GM of $110 million for the year ended
December 31, 2011
.
|
|
•
|
GM provides us certain marketing services for which we reimburse them. We made reimbursement payments to GM of $3 million for the year ended
December 31, 2011
.
|
|
•
|
We have accounts payable to GM that include wholesale settlements payments to GM, subvention receivables due from GM, and notes payable. The net balance outstanding for accounts payable was $262 million for the year ended
December 31, 2011
.
|
|
•
|
We provide wholesale financing to GM for vehicles in which GM retains title while the vehicles are consigned to Ally or dealers in Italy. The financing to GM remains outstanding until title is transferred to the dealers. The amount of financing provided to GM by Ally under this arrangement varies based on inventory levels. At
December 31, 2011
, the amount of this financing outstanding was $504 million.
|
|
•
|
In various countries in Europe, we were party to a Rental Fleet Agreement in which we agreed to buy from the rental companies, on agreed terms reflecting fair value, all vehicles sold by GM to rental car companies that GM had become obligated to repurchase. The Rental Fleet Agreement provided for a true-up mechanism whereby GM was required to reimburse us to the extent the revenues we earned from the resale of the vehicles were less than the amount we paid the rental companies to purchase such vehicles. At
December 31, 2011
, we had a receivable in the amount of $13 million for providing this service.
|
|
•
|
We have certain financing arrangements with GM with outstanding receivables totaling $12 million for the year ended
December 31, 2011
. These receivables include certain of our borrowings related to various other arrangements.
|
|
December 31,
($ in millions)
|
2011
|
2010
|
||||
|
Audit fees (a)
|
$
|
20
|
|
$
|
20
|
|
|
Audit-related fees (b)
|
6
|
|
6
|
|
||
|
Tax fees (c)
|
1
|
|
1
|
|
||
|
Other (d)
|
—
|
|
—
|
|
||
|
Total principal accountant fees
|
$
|
27
|
|
$
|
27
|
|
|
(a)
|
Audit fees include fees for the integrated audit of our annual Consolidated Financial Statements, reviews of interim financial statements included in our Quarterly Reports on Form 10-Q, and audit services in connection with statutory and regulatory filings. In addition, this category includes approximately $1 million in both 2011 and 2010, pertaining to services such as comfort letters for securities issuances and consents to the incorporation of audit reports in filings with SEC.
|
|
(b)
|
Audit-related fees include fees for assurance and related services that are traditionally performed by the principal accountant, including attest services related to servicing and compliance, agreed-upon procedures relating to securitizations and financial asset sales, audits of nonconsolidated entities, internal control reviews, consultation concerning financial accounting and reporting standards, audits in connection with acquisitions and divestitures, employee benefit plan audits, and audits of actuarial estimates.
|
|
(c)
|
Tax fees include fees for services performed for tax compliance, tax planning, and tax advice, including preparation of tax returns and claims for refund, and tax payment-planning services. Tax planning and advice also include assistance with tax audits and appeals and tax advice related to specific transactions.
|
|
(d)
|
Other fees include products and services other than those defined above as audit fees, audit-related fees, or tax fees. Generally, other fees pertain to consulting on regulatory, operational, and technology matters that do not relate directly to accounting or tax activities.
|
|
Exhibit
|
Description
|
|
Method of Filing
|
|
3.1
|
Amended and Restated Certificate of Incorporation of Ally Financial Inc., dated as of March 25, 2011
|
|
Filed as Exhibit 3.1 to the Company's Current Report on Form 8-K dated as of March 25, 2011 (File No. 1-3754), incorporated herein by reference.
|
|
3.2
|
Bylaws of Ally Financial Inc., dated as of March 25, 2011
|
|
Filed as Exhibit 3.2 to the Company's Current Report on Form 8-K dated as of March 25, 2011, (File No. 1-3754), incorporated herein by reference.
|
|
4.1
|
Form of Indenture dated as of July 1, 1982, between the Company and Bank of New York (Successor Trustee to Morgan Guaranty Trust Company of New York), relating to Debt Securities
|
|
Filed as Exhibit 4(a) to the Company's Registration Statement No. 2-75115, incorporated herein by reference.
|
|
4.1.1
|
Form of First Supplemental Indenture dated as of April 1, 1986, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(g) to the Company's Registration Statement No. 33-4653, incorporated herein by reference.
|
|
4.1.2
|
Form of Second Supplemental Indenture dated as of June 15, 1987, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(h) to the Company's Registration Statement No. 33-15236, incorporated herein by reference.
|
|
4.1.3
|
Form of Third Supplemental Indenture dated as of September 30, 1996, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(i) to the Company's Registration Statement No. 333-33183, incorporated herein by reference.
|
|
4.1.4
|
Form of Fourth Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(j) to the Company's Registration Statement No. 333-48705, incorporated herein by reference.
|
|
4.1.5
|
Form of Fifth Supplemental Indenture dated as of September 30, 1998, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(k) to the Company's Registration Statement No. 333-75463, incorporated herein by reference.
|
|
4.2
|
Form of Indenture dated as of September 24, 1996, between the Company and The Chase Manhattan Bank, Trustee, relating to SmartNotes
|
|
Filed as Exhibit 4 to the Company's Registration Statement No. 333-12023, incorporated herein by reference.
|
|
Exhibit
|
Description
|
|
Method of Filing
|
|
4.2.1
|
Form of First Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.2
|
|
Filed as Exhibit 4(a)(1) to the Company's Registration Statement No. 333-48207, incorporated herein by reference.
|
|
4.2.2
|
Form of Second Supplemental Indenture dated as of June 20, 2006, supplementing the Indenture designated as Exhibit 4.2
|
|
Filed as Exhibit 4(a)(2) to the Company's Registration Statement No. 33-136021, incorporated herein by reference.
|
|
4.3
|
Form of Indenture dated as of October 15, 1985, between the Company and U.S. Bank Trust (Successor Trustee to Comerica Bank), relating to Demand Notes
|
|
Filed as Exhibit 4 to the Company's Registration Statement No. 2-99057, incorporated herein by reference.
|
|
4.3.1
|
Form of First Supplemental Indenture dated as of April 1, 1986, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(a) to the Company's Registration Statement No. 33-4661, incorporated herein by reference.
|
|
4.3.2
|
Form of Second Supplemental Indenture dated as of June 24, 1986, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(b) to the Company's Registration Statement No. 33-6717, incorporated herein by reference.
|
|
4.3.3
|
Form of Third Supplemental Indenture dated as of February 15, 1987, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(c) to the Company's Registration Statement No. 33-12059, incorporated herein by reference.
|
|
4.3.4
|
Form of Fourth Supplemental Indenture dated as of December 1, 1988, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(d) to the Company's Registration Statement No. 33-26057, incorporated herein by reference.
|
|
4.3.5
|
Form of Fifth Supplemental Indenture dated as of October 2, 1989, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(e) to the Company's Registration Statement No. 33-31596, incorporated herein by reference.
|
|
4.3.6
|
Form of Sixth Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(f) to the Company's Registration Statement No. 333-56431, incorporated herein by reference.
|
|
4.3.7
|
Form of Seventh Supplemental Indenture dated as of June 15, 1998, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(g) to the Company's Registration Statement No. 333-56431, incorporated herein by reference.
|
|
4.4
|
Form of Indenture dated as of December 1, 1993, between the Company and Citibank, N.A., Trustee, relating to Medium Term Notes
|
|
Filed as Exhibit 4 to the Company's Registration Statement No. 33-51381, incorporated herein by reference.
|
|
4.4.1
|
Form of First Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.4
|
|
Filed as Exhibit 4(a)(1) to the Company's Registration Statement No. 333-59551, incorporated herein by reference.
|
|
4.5
|
Indenture, dated as of December 31, 2008, between the Company and The Bank of New York Mellon, Trustee
|
|
Filed as Exhibit 4.2 to the Company's Current Report on Form 8-K dated as of January 2, 2009, (File No. 1-3754), incorporated herein by reference.
|
|
4.6
|
Amended and Restated Indenture, dated March 1, 2011, between the Company and The Bank of New York Mellon, Trustee
|
|
Filed as Exhibit 4.2 to the Company's Current Report on Form 8-K dated as of March 4, 2011 (File No. 1-3754), incorporated herein by reference.
|
|
4.7
|
Form of Guarantee Agreement related to Ally Financial Inc. Senior Unsecured Guaranteed Notes
|
|
Filed as Exhibit 4.7 to the Company's Annual Report for the period ended December 31, 2010, on Form 10-K (File No. 1-3754), incorporated herein by reference.
|
|
Exhibit
|
Description
|
|
Method of Filing
|
|
4.8
|
Second Amended and Restated Declaration of Trust by and between the trustees of each series of GMAC Capital Trust I, Ally Financial Inc., as Sponsor, and by the holders, from time to time, of undivided beneficial interests in the relevant series of GMAC Capital Trust I, dated as of March 1, 2011
|
|
Filed as Exhibit 4.1 to the Company's Current Report on Form 8-K dated as of March 4, 2011 (File No. 1-3754), incorporated herein by reference.
|
|
4.9
|
Series 2 Trust Preferred Securities Guarantee Agreement between Ally Financial Inc. and The Bank of New York Mellon, dated as of March 1, 2011
|
|
Filed as Exhibit 4.3 to the Company's Current Report on Form 8-K dated as of March 4, 2011 (File No. 1-3754), incorporated herein by reference.
|
|
10
|
Amended and Restated Governance Agreement, dated as of May 21, 2009, by and between GMAC Inc., FIM Holdings LLC, GM Finance Co. Holdings LLC and the United States Department of the Treasury
|
|
Filed as Exhibit 10.2 to the Company's Current Report on Form 8-K dated as of May 22, 2009 (File No. 1-3754), incorporated herein by reference.
|
|
10.1
|
Letter Agreement, dated as of May 21, 2009, between GMAC Inc. and the United States Department of the Treasury (which includes the Securities Purchase Agreement — Standard Terms attached thereto, with respect to the issuance and sale of the Convertible Preferred Membership Interests and the Warrant)
|
|
Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K dated as of May 22, 2009 (File No. 1-3754), incorporated herein by reference.
|
|
10.2
|
Securities Purchase and Exchange Agreement, dated as of December 30, 2009, between GMAC Inc. and the United States Department of the Treasury*
|
|
Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K dated as of December 30, 2009, (File No. 1-3754), incorporated herein by reference.
|
|
10.3
|
Master Transaction Agreement, dated May 21, 2009, between GMAC Inc., Chrysler LLC, U.S. Dealer Automotive Receivables Transition LLC and the United States Department of the Treasury
|
|
Filed as Exhibit 10.3 to the Company's Quarterly Report for the period ended June 30, 2009, on Form 10-Q (File No. 1-3754), incorporated herein by reference.
|
|
10.4
|
Amended and Restated United States Consumer Financing Services Agreement, dated May 22, 2009, between GMAC Inc. and General Motors Corporation*
|
|
Filed as Exhibit 10.4 to the Company's Quarterly Report for the period ended June 30, 2009, on Form 10-Q/A (File No. 1-3754), incorporated herein by reference.
|
|
10.5
|
Amended and Restated Master Services Agreement, dated May 22, 2009, between GMAC Inc. and General Motors Corporation*
|
|
Filed as Exhibit 10.5 to the Company's Quarterly Report for the period ended June 30, 2009, on Form 10-Q/A (File No. 1-3754), incorporated herein by reference.
|
|
10.6
|
Auto Finance Operating Agreement, entered into on August 6, 2010, between Ally Financial Inc. and Chrysler Group LLC*
|
|
Filed as Exhibit 10.1 to the Company's Quarterly Report for the period ended September 30, 2010, on Form 10-Q/A (File No. 1-3754), incorporated herein by reference.
|
|
10.7
|
Intellectual Property License Agreement, dated November 30, 2006, by and between General Motors Corporation and GMAC LLC
|
|
Filed as Exhibit 10.1 to the Company's Quarterly Report for the period ended March 31, 2007, on Form 10-Q (File No. 1-3754), incorporated herein by reference.
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10.8
|
Capital and Liquidity Maintenance Agreement, entered into on October 29, 2010, between Ally Financial Inc., IB Finance Holding Company, LLC, Ally Bank and the Federal Deposit Insurance Corporation
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Filed as Exhibit 10.2 to the Company's Quarterly Report for the period ended September 30, 2010, on Form 10-Q (File No. 1-3754), incorporated herein by reference.
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Exhibit
|
Description
|
|
Method of Filing
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10.9
|
Settlement agreement, dated December 23, 2010, by and between GMAC Mortgage, LLC, Residential Capital, LLC, Residential Funding Securities, LLC, Residential Asset Mortgage Products, Inc., Residential Funding Company LLC, Residential Funding Mortgage Securities I, Inc., Residential Accredit Loans, Inc., Homecomings Financial LLC, and the Federal National Mortgage Association*
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Filed as Exhibit 10.9 to the Company's Annual Report for the period ended December 31, 2010, on Form 10-K/A (File No. 1-3754), incorporated herein by reference.
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10.10
|
Ally Financial Inc. Long-Term Equity Compensation Incentive Plan, as amended
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Filed herewith.
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10.11
|
Ally Financial Inc. Severance Plan, Plan Document and Summary Plan Description, as amended
|
|
Filed herewith.
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10.12
|
Form of Award Agreement related to the issuance of Deferred Stock Units
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|
Filed herewith.
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10.13
|
Form of Award Agreement related to the issuance of Restricted Stock Units
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Filed herewith.
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10.14
|
Deferred Stock Unit Award Agreement for Michael A. Carpenter, dated April 15, 2011
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Filed herewith.
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10.15
|
Deferred Stock Unit Award Agreement for Jeffrey J. Brown, dated April 15, 2011
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Filed herewith.
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10.16
|
Deferred Stock Unit Award Agreement for William F. Muir, dated April 15, 2011
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Filed herewith.
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10.17
|
Deferred Stock Unit Award Agreement for Barbara A. Yastine, dated April 15, 2011
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|
Filed herewith.
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10.18
|
Deferred Stock Unit Award Agreement for Thomas F. Marano, dated April 15, 2011
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|
Filed herewith.
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10.19
|
Deferred Stock Unit Award Agreement for James G. Mackey, dated April 15, 2011
|
|
Filed herewith.
|
|
10.20
|
Award Agreement under the Ally Long-Term Equity Compensation Incentive Plan, dated December 19, 2011, for Michael A. Carpenter
|
|
Filed herewith.
|
|
10.21
|
Award Agreement under the Ally Long-Term Equity Compensation Incentive Plan, dated December 19, 2011, for Jeffrey J. Brown
|
|
Filed herewith.
|
|
10.22
|
Award Agreement under the Ally Long-Term Equity Compensation Incentive Plan, dated December 19, 2011, for William F. Muir
|
|
Filed herewith.
|
|
10.23
|
Award Agreement under the Ally Long-Term Equity Compensation Incentive Plan, dated December 19, 2011, for Barbara A. Yastine
|
|
Filed herewith.
|
|
Exhibit
|
Description
|
|
Method of Filing
|
|
10.24
|
Award Agreement under the Ally Long-Term Equity Compensation Incentive Plan, dated December 19, 2011, for Thomas F. Marano
|
|
Filed herewith.
|
|
10.25
|
Award Agreement under the Ally Long-Term Equity Compensation Incentive Plan, dated December 19, 2011, for James G. Mackey
|
|
Filed herewith.
|
|
10.26
|
Partial Release of Liability Agreement, dated March 17, 2010, by and among Federal Home Loan Mortgage Corporation, GMAC Mortgage, LLC and Residential Funding Company, LLC
|
|
Filed herewith.
|
|
12
|
Computation of Ratio of Earnings to Fixed Charges
|
|
Filed herewith.
|
|
21
|
Ally Financial Inc. Subsidiaries as of December 31, 2010
|
|
Filed herewith.
|
|
23.1
|
Consent of Independent Registered Public Accounting Firm
|
|
Filed herewith.
|
|
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Filed herewith.
|
|
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Filed herewith.
|
|
32
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350
|
|
Filed herewith.
|
|
99
|
Certification of Principal Executive Officer and Principal Financial Officer, as required pursuant to the TARP Standards for Compensation and Corporate Governance; 31 CFR Part 30, Section 30.15
|
|
Filed herewith.
|
|
101
|
Interactive Data File
|
|
Filed herewith.
|
|
*
|
Certain confidential portions have been omitted pursuant to a confidential treatment request which has been separately filed with the Securities and Exchange Commission.
|
||
|
|
Ally Financial Inc.
|
|
|
(Registrant)
|
|
|
|
|
|
/S/ MICHAEL A. CARPENTER
|
|
|
Michael A. Carpenter
|
|
|
Chief Executive Officer
|
|
/S/ MICHAEL A. CARPENTER
|
|
/S/ JEFFREY J. BROWN
|
|
Michael A. Carpenter
|
|
Jeffrey J. Brown
|
|
Chief Executive Officer
|
|
Senior Executive Vice President of Finance and Corporate Planning
|
|
|
|
|
|
/S/ DAVID J. DEBRUNNER
|
|
|
|
David J. DeBrunner
|
|
|
|
Vice President, Chief Accounting Officer, and
Corporate Controller
|
|
|
|
/
S
/ F
RANKLIN
W. H
OBBS
|
|
|
Franklin W. Hobbs
Ally Chairman
|
|
|
|
|
|
/
S
/ R
OBERT
T. B
LAKELY
|
|
|
Robert T. Blakely
Director
|
|
|
|
|
|
/
S
/ M
ICHAEL
A. C
ARPENTER
|
|
|
Michael A. Carpenter
Chief Executive Officer and Director
|
|
|
|
|
|
/
S
/ M
AYREE
C. C
LARK
|
|
|
Mayree C. Clark
Director
|
|
|
|
|
|
/
S
/ J
OHN
D
.
D
URRETT
|
|
|
John D. Durrett
Director
|
|
|
|
|
|
/
S
/ S
TEPHEN
A. F
EINBERG
|
|
|
Stephen A. Feinberg
Director
|
|
|
|
|
|
/
S
/ K
IM
S. F
ENNEBRESQUE
|
|
|
Kim S. Fennebresque
Director
|
|
|
|
|
|
/
S
/ M
ARJORIE
M
AGNER
|
|
|
Marjorie Magner
Director
|
|
|
|
|
|
/
S
/ J
OHN
J. S
TACK
|
|
|
John J. Stack
Director
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|