Ally Financial Inc.ALLY
Ally Financial Inc. Debt Disclosure
Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
| 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
December 31, ($ in millions) | Unsecured | Secured (a) | Total | Unsecured | Secured (a) | Total | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank | $ | — | $ | 4,150 | $ | 4,150 | $ | — | $ | 1,625 | $ | 1,625 | ||||||||||||||||||||||||||
Securities sold under agreements to repurchase | — | 545 | 545 | — | — | — | ||||||||||||||||||||||||||||||||
| Total short-term borrowings | $ | — | $ | 4,695 | $ | 4,695 | $ | — | $ | 1,625 | $ | 1,625 | ||||||||||||||||||||||||||
| Weighted average interest rate (b) | 4.0 | % | 4.7 | % | ||||||||||||||||||||||||||||||||||
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
(b)Based on the debt outstanding and the interest rate at December 31, of each year.
We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of December 31, 2025, the securities sold under agreements to repurchase consisted of $462 million in U.S. Treasury securities and $83 million in agency mortgage backed residential debt securities, of which $462 million in repurchase agreements were set to mature within 30 days, and the remaining $83 million of repurchase agreements are set to mature within 31 to 60 days.
The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess fair value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. As of December 31, 2025, we placed cash collateral of $1 million related to repurchase agreements.
Long-Term Debt
The following tables present the composition of our long-term debt portfolio.
December 31, ($ in millions) | Amount | Interest rate | Weighted average stated interest rate (a) | Due date range | ||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| Unsecured debt | ||||||||||||||||||||||||||
| Fixed rate (b) | $ | 9,933 | ||||||||||||||||||||||||
| Hedge basis adjustments (c) | 79 | |||||||||||||||||||||||||
| Total unsecured debt | 10,012 | 1.15–8.00% | 6.35 | % | 2026–2040 | |||||||||||||||||||||
| Secured debt | ||||||||||||||||||||||||||
| Fixed rate | 7,010 | |||||||||||||||||||||||||
| Variable rate (d) | 48 | |||||||||||||||||||||||||
| Total secured debt (e) (f) | 7,058 | 3.19–12.75% | 4.37 | % | 2026–2033 | |||||||||||||||||||||
| Total long-term debt | $ | 17,070 | ||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||
| Unsecured debt | ||||||||||||||||||||||||||
| Fixed rate (b) | $ | 10,974 | ||||||||||||||||||||||||
| Hedge basis adjustments (c) | 88 | |||||||||||||||||||||||||
| Total unsecured debt | 11,062 | 1.15–8.00% | 6.25 | % | 2025–2040 | |||||||||||||||||||||
| Secured debt | ||||||||||||||||||||||||||
| Fixed rate | 6,358 | |||||||||||||||||||||||||
| Variable rate (d) | 75 | |||||||||||||||||||||||||
| Total secured debt (e) (f) | 6,433 | 1.96–12.75% | 4.32 | % | 2025–2032 | |||||||||||||||||||||
| Total long-term debt | $ | 17,495 | ||||||||||||||||||||||||
(a)Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges.
(b)Includes subordinated debt of $1.0 billion and $2.0 billion at December 31, 2025, and 2024, respectively.
(c)Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information.
(d)Represents long-term debt that does not have a stated interest rate.
(e)Includes $1.5 billion and $1.6 billion of VIE secured debt at December 31, 2025, and 2024, respectively.
(f)Includes advances from the FHLB of Pittsburgh of $4.2 billion at both December 31, 2025, and 2024.
| 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
December 31, ($ in millions) | Unsecured | Secured | Total | Unsecured | Secured | Total | ||||||||||||||||||||||||||||||||
| Long-term debt (a) | ||||||||||||||||||||||||||||||||||||||
| Due within one year | $ | — | $ | 2,659 | $ | 2,659 | $ | 2,408 | $ | 2,411 | $ | 4,819 | ||||||||||||||||||||||||||
| Due after one year | 10,012 | 4,399 | 14,411 | 8,654 | 4,022 | 12,676 | ||||||||||||||||||||||||||||||||
| Total long-term debt | $ | 10,012 | $ | 7,058 | $ | 17,070 | $ | 11,062 | $ | 6,433 | $ | 17,495 | ||||||||||||||||||||||||||
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information.
The following table presents the scheduled remaining maturity of long-term debt at December 31, 2025, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
| ($ in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and thereafter | Total | |||||||||||||||||||||||||||||||||||||
Unsecured | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | 82 | $ | 1,620 | $ | 896 | $ | 1,778 | $ | 793 | $ | 5,532 | $ | 10,701 | ||||||||||||||||||||||||||||||
Original issue discount | (82) | (95) | (107) | (123) | (143) | (139) | (689) | |||||||||||||||||||||||||||||||||||||
Total unsecured | — | 1,525 | 789 | 1,655 | 650 | 5,393 | 10,012 | |||||||||||||||||||||||||||||||||||||
Secured | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 2,659 | 2,422 | 1,636 | 253 | 66 | 22 | 7,058 | |||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 2,659 | $ | 3,947 | $ | 2,425 | $ | 1,908 | $ | 716 | $ | 5,415 | $ | 17,070 | ||||||||||||||||||||||||||||||
The following table summarizes assets restricted as collateral for the payment of the related debt obligation.
December 31, ($ in millions) | 2025 | 2024 | ||||||||||||
| Consumer automotive finance receivables | $ | 36,807 | $ | 38,316 | ||||||||||
| Consumer mortgage finance receivables | 15,604 | 17,269 | ||||||||||||
| Commercial finance receivables | 7,686 | 6,297 | ||||||||||||
Investment securities (amortized cost basis of $3,114 and $2,822) (a) | 3,292 | 2,946 | ||||||||||||
| Other assets (b) | 1,381 | 669 | ||||||||||||
| Total assets restricted as collateral (c) (d) | $ | 64,770 | $ | 65,497 | ||||||||||
| Secured debt (e) | $ | 11,753 | $ | 8,058 | ||||||||||
(a)A portion of the restricted investment securities at December 31, 2025, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)Includes the collateral accounts restricted for the payment of credit-linked notes recorded within restricted cash and cash equivalents. Excludes restricted cash and cash reserves for securitization trusts. Refer to Note 13 and Note 20 for additional information.
(c)All restricted assets are those of Ally Bank.
(d)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $26.0 billion and $26.5 billion at December 31, 2025, and December 31, 2024, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $33.7 billion and $33.8 billion at December 31, 2025, and December 31, 2024, respectively. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.
(e)Includes $4.7 billion and $1.6 billion of short-term borrowings at December 31, 2025, and December 31, 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.