Ally Bank 2014 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    CEO Letter Dealer Financial Services Ally Bank Corporate Citizenship Leadership II VI VII VIII XI

  • Page 3
    Nearly 100 years formed the foundation. Our evolution made us stronger. And, we're only just beginning... At Ally, we're building a IL[[LY ÄUHUJPHS ZLY]PJLZ JVTWHU`. I

  • Page 4
    ... MVY^HYK 2014 Financial Results* -PYZ[ SL...2014 Business Highlights • Successfully completed IPO • Exited TARP having returned U.S. taxpayers $2.4 billion more than originally...originations • Grew retail deposits to $48 billion, up 11% • Expanded customer base by 16% to 909,000 customers...

  • Page 5
    WOPSVZVWO` HUK OPNO[LJO KPNP[HS IHURPUN L_WLY[PZL V\Y YL[HPS IHURPUN MYHUJOPZL PZ RUV^U MVY I\PSKPUN H KPɈLYLU[PH[LK HWWYVHJO PU ÄUHUJPHS ZLY]PJLZ (UK [OPZ HWWYVHJO PZ NHPUPUN TVTLU[\T 6\Y YL[HPS IHURPUN WSH[MVYT H[ (SS` )HUR OHZ JVU[PU\LK P[Z Z[LHK` \W^HYK [YHQLJ[VY` NYV^PUN YL[HPS KLWVZP[Z...

  • Page 6
    From the CEO continued from previous page Growth Mindset 3L]LYHNPUN V\Y MV\UKH[PVU ^L»YL UV^... " IV We are committed to delivering you a more nimble, energetic and opportunistic Ally. One that seizes opportunities, grows and builds its customer base, and delivers on its competitive strengths. "

  • Page 7
    ... of high-cost legacy debt and certain discrete tax items. 2013 reposi rep ositio tionin ning g item items s are are pri primar marily ily relat related ed to a valu valuati ation on wri write te dow down n related to the sale of mortgage servicing rights. (1) Includes GAAP Common equity less...

  • Page 8
    Dealer Financial Services Ally provides premium services and comprehensive product VÑœLYPUNZ [V ULHYS`  H\[V KLHSLYZ HUK HWWYV_PTH[LS`  TPSSPVU of their retail customers. O ]LY [OL WHZ[ ZL]LYHS `LHYZ (SS` OHZ [YHUZMVYTLK P[Z +LHSLY -PUHUJPHS :LY]PJLZ I\ZPULZZ PU[V HU PUKLWLUKLU[ THYRL[...

  • Page 9
    Ally Bank 0U P[Z ZP_[O `LHY (SS` )HUR JVU[PU\LZ [V VÑœLY H OPNOS` JVTWL[P[P]L package of products and services to address the needs of its growing customer base. Corporate Finance 0U  (SS`»Z *VYWVYH[L -PUHUJL I\ZPULZZ JSVZLK VU  IPSSPVU PU JVTTP[TLU[Z HU PUJYLHZL VM TVYL [OHU  WLYJLU[...

  • Page 10
    ... by the Numbers  Ally has provided more than 61,000 consumers with basic financial education via the Wallet Wise program since 2011. (SS` ILSPL]LZ HSS JVUZ\TLYZ ZOV\SK IL HYTLK ^P[O [OL RUV^SLKNL [V Corporate Citizenship Highlights  In 2014, Ally teamed up with dealers to support...

  • Page 11
    ... New York Stock Exchange): Title of each class Common Stock, par value $0.01 per share 7.375% Notes due December 16, 2044 Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I Securities registered...

  • Page 12
    ... Principal Accountant Fees and Services 163 165 165 165 165 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities...

  • Page 13
    ...-GM/Chrysler channel, which has resulted in increased new standard rate, used, and leased vehicle financing volume. We also seek to broaden and deepen the Ally Bank franchise, prudently growing stable, quality deposits while extending our foundation of products and providing a high level of customer...

  • Page 14
    ... to deposit insurance fees paid by Ally Bank to the FDIC; potentially impact a number of Ally's business and risk management strategies; potentially restrict the revenue that Ally generates from certain businesses; require Ally to provide to the FRB and FDIC an annual plan for its rapid and orderly...

  • Page 15
    ...and stress test requirements for large bank holding companies, including Ally, which form part of the FRB's Comprehensive Capital Analysis and Review (CCAR) process. Under the FRB's capital plan rule, Ally must submit an annual capital plan to the FRB, taking into account the results of stress tests...

  • Page 16
    ... that spans nine quarters. Ally Bank submitted the results of its annual company-run stress test to the FDIC on January 5, 2015. Ally Bank must also conduct a stress test under the severely adverse economic scenario, and summary results of this test must be publicly disclosed. In addition, the...

  • Page 17
    ... credit risk. Ally is currently not subject to the U.S. market risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. Depository Institutions Ally Bank's deposits are insured by the FDIC, and Ally Bank is required to file periodic reports...

  • Page 18
    ... Financial Inc. and Ally Bank entered into Consent Orders issued by the CFPB and the U.S. Department of Justice (DOJ) pertaining to the allegation of disparate impact in the automotive finance business. For further information, refer to Note 30 to the Consolidated Financial Statements. Asset-backed...

  • Page 19
    ... 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...

  • Page 20
    ... reports are available at www.ally.com. Choose Investor Relations, Financial Information, and then SEC Filings (under About Ally). These reports can also be found on the SEC website at www.sec.gov. Item 1A. Risk Factors Our businesses face many risks and uncertainties, any of which could result...

  • Page 21
    ...the False Claims Act (FCA) related to representations made by us in connection with investments in Ally made by the United States Department of the Treasury pursuant to the Troubled Asset Relief Program in 2008 and 2009 regarding certain claims against Residential Capital, LLC or its subsidiaries at...

  • Page 22
    ...capital and liquidity levels; subject Ally to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees and any other similar assessments paid by Ally Bank to the FDIC; potentially impact a number of Ally's business and risk management strategies...

  • Page 23
    ... and its agencies. We are particularly affected by the policies of the FRB, which regulates the supply of money and credit in the United States. The FRB's policies influence the new and used vehicle financing market, which significantly affects the earnings of our businesses. The FRB's policies also...

  • Page 24
    ... new vehicle consumer automotive financing volume were for Chrysler dealers and customers. We were previously party to separate agreements with both GM and Chrysler that provided for certain exclusivity privileges related to subvention programs that they offered. Our agreement with Chrysler expired...

  • Page 25
    ... declines in demand and used vehicle sale prices adversely affected our remarketing proceeds and financial results. Vehicle brand images, consumer preference, and vehicle manufacturer marketing programs that influence new and used vehicle markets also influence lease residual values. In addition...

  • Page 26
    ... asset sales, our business could be negatively affected. The markets for automotive financing, insurance, and banking are highly competitive. We directly compete in the automotive financing market with banks, credit unions, captive automotive finance, and independent finance companies. Our insurance...

  • Page 27
    ... persist, our business, results of operation, and financial position could be materially adversely affected. If the rate of inflation were to increase, or if the debt capital markets or the economy of the United States were to weaken, or if home prices or new and used vehicle purchases experience...

  • Page 28
    ...off-lease vehicles; and will generally reduce the value of automotive financing loans and contracts and retained interests and fixed income securities held in our investment portfolio. Our hedging strategies may not be successful in mitigating our risks associated with changes in interest rates and...

  • Page 29
    ...to consumer loan portfolio concentration in certain states, including California, Texas, and Florida. Factors adversely affecting the economies and applicable laws in these and other states could have an adverse effect on our business, results of operations, and financial position. Risks Related to...

  • Page 30
    ... over the market price of Ally common stock in connection with any stock transaction. Item 1B. Unresolved Staff Comments None. Item 2. Properties Our principal corporate offices are located in Detroit, Michigan; Charlotte, North Carolina; and New York, New York. In Detroit, we lease approximately...

  • Page 31
    Table of Contents Ally Financial Inc. • Form 10-K The primary offices for our Mortgage operations are located in Fort Washington, Pennsylvania, and Charlotte, North Carolina. In Fort Washington, we lease approximately 96,000 square feet of office space pursuant to a lease that expires in April ...

  • Page 32
    ... II Ally Financial Inc. • Form 10-K Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock has been listed on the New York Stock Exchange (NYSE) under the symbol "ALLY" since April 10, 2014. Prior...

  • Page 33
    ... reference in such filing. Recent Sales of Unregistered Securities Ally did not have any unregistered sales of its equity securities in fiscal year 2014, except as previously disclosed on Form 8-K. Use of Proceeds from Registered Securities April 2014 Initial Public Offering On April 9, 2014, our...

  • Page 34
    ...Ally Financial Inc. • Form 10-K Repurchases Under Share-Based Incentive Plans The following table presents repurchases of our common stock for the three months ended December 31, 2014...incentive plans. Total number of shares repurchased Fourth quarter October November December Total fourth quarter ...

  • Page 35
    ... financial information presented may not be indicative of our future performance. The following table presents selected statement of income data. Year ended December 31, ($ in millions) Total financing revenue and other interest income Interest expense Depreciation expense on operating lease assets...

  • Page 36
    ...: Total assets Long-term debt Preferred stock Total equity Financial ratios Return on average assets (a) Return on average equity (a) Return on average tangible common equity (b) Equity to assets (a) Net interest spread (a)(c) Net interest spread excluding original issue discount (a)(c) Net yield on...

  • Page 37
    ... financing operations, we fund dealer purchases of new and used vehicles through wholesale or floorplan financing. At December 31, 2014, our Automotive Finance operations had $113.2 billion of assets and generated $3.6 billion of total net revenue in 2014. We manage commercial account servicing...

  • Page 38
    ...range of financial products, including new and used vehicle inventory financing, inventory insurance, term loans including real estate and working capital loans, and vehicle remarketing services to conduct their respective businesses as well as VSCs and GAP products to offer their customers. We have...

  • Page 39
    ... Ally Bank offers a full spectrum of deposit product offerings, such as checking, savings, and certificates of deposit (CDs), as well as several raise-your-rate CD terms, IRA deposit products, Popmoney person-to-person transfer service, eCheck remote deposit capture, Ally Perks debit rewards program...

  • Page 40
    ... exist with Ally Bank and its customers as a catalyst for future loan and deposit growth, as well as revenue opportunities. Funding and Liquidity Our funding strategy largely focuses on maintaining a diversified mix of retail and brokered deposits, public and private asset-backed securitizations...

  • Page 41
    ...underwriting strategy to originate consumer automotive assets across a broad risk spectrum. Charge-offs of our mortgage assets decreased primarily due to continued runoff of our legacy mortgage portfolio. Our provision for loan losses decreased to $457 million in 2014 from $501 million in 2013. This...

  • Page 42
    .../ (unfavorable) 2014-2013 % change Favorable/ (unfavorable) 2013-2012 % change Year ended December 31, ($ in millions) Total net revenue (loss) Dealer Financial Services Automotive Finance operations Insurance operations Mortgage operations Corporate and Other Total Income (loss) from continuing...

  • Page 43
    ... lease assets Net financing revenue Other revenue Net servicing income (loss) Insurance premiums and service revenue earned Gain on mortgage and automotive loans, net Loss on extinguishment of debt Other gain on investments, net Other income, net of losses Total other revenue Total net revenue...

  • Page 44
    ... 31, 2014, compared to 2013. The decrease was primarily due to lower fee income and net origination revenue related to our exit from consumer mortgage-lending production associated with governmentsponsored refinancing programs, and unfavorable derivative activity as a result of changes in rates and...

  • Page 45
    ... the year ended December 31, 2013, compared to 2012. The decrease was primarily due to lower fee income and net origination revenue related to decreased consumer mortgage-lending production associated with governmentsponsored refinancing programs. The provision for loan losses was $501 million for...

  • Page 46
    Table of Contents Management's Discussion and Analysis Ally Financial Inc. • Form 10-K Dealer Financial Services Results for Dealer Financial Services are presented by reportable segment, which includes our Automotive Finance and Insurance operations. Automotive Finance Operations Results of ...

  • Page 47
    ...growth. GM and Non-GM/Chrysler consumer originations increased 7% and 45%, respectively, for the year ended December 31, 2014, compared to 2013. This increase was partially offset by lower yields as a result of higher-quality asset originations and increased competition. Commercial financing revenue...

  • Page 48
    ...of Contents Management's Discussion and Analysis Ally Financial Inc. • Form 10-K Servicing fee income decreased 47% for the year ended December 31, 2013, compared to 2012, due to lower levels of off-balance sheet retail serviced assets. We experienced no gains on the sale of automotive loans for...

  • Page 49
    ... and leases for new and used vehicles from dealers when the vehicles are purchased or leased by consumers. Our consumer automotive financing operations generate revenue through finance charges or lease payments and fees paid by customers on the retail contracts and leases. In connection with lease...

  • Page 50
    ... limiting the use of other financing providers by GM and Chrysler for their incentive programs. We entered into a new automotive financing agreement with GM that became effective on March 1, 2014, which provides a general framework for dealer and consumer financing related to GM vehicles, as well...

  • Page 51
    .... Customer payments are processed by regional third-party processing centers that electronically transfer payment information to customers' accounts. Servicing activities also include initiating contact with customers who fail to comply with the terms of the retail contract or lease agreement by...

  • Page 52
    ... business. These loans are usually secured by real estate and/or other dealership assets, and are typically personally guaranteed by the individual owners of the dealership. Automotive fleet financing credit lines may be obtained by dealers, their affiliates, and other independent companies...

  • Page 53
    ... Management's Discussion and Analysis Ally Financial Inc. • Form 10-K Servicing and Monitoring We service all of the wholesale credit lines in our portfolio and the wholesale automotive finance receivables that we have securitized. A statement setting forth billing and account information...

  • Page 54
    ...by lower non-weather losses. Insurance premiums and service revenue earned was $979 million for the year ended December 31, 2014, compared to $1.0 billion in 2013. The decrease was primarily due to the wind-down of our Canadian personal lines portfolio. Net investment income totaled $194 million for...

  • Page 55
    ... premium and service revenue written by insurance product. Year ended December 31, ($ in millions) Vehicle service contracts New retail Used retail Reinsurance Total vehicle service contracts Wholesale Other finance and insurance (a) Total (a) 2014 $ 422 509 (152) 779 186 58 $ 1,023 $ $ 2013 421...

  • Page 56
    ...-bearing cash Total cash Available-for-sale securities Debt securities U.S. Treasury and federal agencies U.S. States and political subdivisions Foreign government Mortgage-backed Asset-backed Corporate debt Total debt securities Equity securities Total available-for-sale securities Total cash and...

  • Page 57
    ... to lower fee income and net origination revenue related to our exit from consumer mortgage-lending production. The provision for loan losses decreased $82 million for the year ended December 31, 2014, compared to 2013. The decrease was primarily due to lower reserve requirements as a result of the...

  • Page 58
    ... the sales of agency MSRs, and exited the correspondent and direct lending channels. During 2014, we purchased $857 million of of high-quality jumbo mortgage loans originated by third parties. We expect this activity to continue in 2015 in support of our treasury asset liability management (ALM...

  • Page 59
    ... Finance provides senior secured commercial-lending products to primarily U.S.-based middle market companies. Effective May 1, 2014, Corporate Finance was aligned under Ally Bank, allowing this business to have a more stable and competitive source of funding. Favorable/ (unfavorable) 2014-2013...

  • Page 60
    ... of the funds transfer pricing methodology Other (including Corporate Finance net financing revenue) Total net financing loss for Corporate and Other Outstanding original issue discount balance (a) Amortization is included as interest on long-term debt in the Consolidated Statement of Income. 2014...

  • Page 61
    ...held at fair value by Corporate and Other. December 31, ($ in millions) Cash Noninterest-bearing cash Interest-bearing cash Total cash Available-for-sale securities Debt securities U.S. Treasury and federal agencies Mortgage-backed Asset-backed Total debt securities Equity securities Total available...

  • Page 62
    ...risk appetite across our company while the risk committees, executive leadership team, and our associates identify and monitor current and emerging risks and manage those risks to be within our risk appetite. Ally's primary types of risk include credit, lease residual, market, operational, insurance...

  • Page 63
    ... applicable). Similar to finance receivables and loans, we manage the economic risks of these exposures, including credit risk, through activities including servicing and collections. Operating lease assets - The net book value of the automotive assets we lease includes the expected residual values...

  • Page 64
    ... mortgage customers in financial distress, including principal forgiveness, maturity extensions, delinquent interest capitalization, and changes to contractual interest rates. Furthermore, we manage our counterparty credit exposure based on the risk profile of the counterparty. Within our policies...

  • Page 65
    ... the correspondent and direct lending channels. Our ongoing Mortgage operations are limited to the management of our held-for-investment and held-for-sale mortgage loan portfolios. We executed bulk purchases of highquality jumbo mortgage loans originated by third parties during 2014, and expect to...

  • Page 66
    ... the execution of our underwriting strategy to originate consumer automotive assets across a broad risk spectrum. Loans held-for-sale are accounted for at the lower-of-cost or fair value and, therefore, we do not record charge-offs for these loans. The Consumer Credit Portfolio and Commercial Credit...

  • Page 67
    ... the execution of our underwriting strategy to expand our originations across a broad risk spectrum. The following table includes consumer net charge-offs from finance receivables and loans at historical cost and related ratios reported at carrying value before allowance for loan losses. Net charge...

  • Page 68
    .... Total mortgage and home equity loans were $7.5 billion and $8.4 billion at December 31, 2014, and December 31, 2013, respectively. 2014 (a) December 31, Texas California Florida Pennsylvania Illinois Georgia Michigan New York Ohio North Carolina Other United States Total consumer loans (a) 2013...

  • Page 69
    ... billion at December 31, 2014, from December 31, 2013. The increase was primarily due to an increase in automotive dealership real estate term loans, as well as continued growth in the corporate finance portfolio in line with our business strategy. Total commercial nonperforming finance receivables...

  • Page 70
    ... value before allowance for loan losses. December 31, Texas Florida Michigan California Virginia North Carolina New York Pennsylvania Georgia Illinois Other United States Total commercial real estate finance receivables and loans 2014 13.8% 12.3 9.9 9.0 4.1 3.9 3.9 3.8 3.7 2.7 32.9 100.0% 2013...

  • Page 71
    ...execution of our underwriting strategy to originate consumer automotive assets across a broad risk spectrum, as well as growth in our consumer automotive portfolio. The allowance for commercial loan losses declined $6 million at December 31, 2014, compared to December 31, 2013, primarily as a result...

  • Page 72
    ... of Contents Management's Discussion and Analysis Ally Financial Inc. • Form 10-K The allowance for commercial loan losses increased $3 million at December 31, 2013, compared to December 31, 2012, primarily related to the higher automotive assets during 2013. Allowance for Loan Losses by Type...

  • Page 73
    ...as interest rates, foreign-exchange rates, equity prices, market perceptions of credit risk, and other market fluctuations that affect the value of securities, assets held-for-sale, and operating leases. We are exposed to interest rate risk arising from changes in interest rates related to financing...

  • Page 74
    ... complementary lines of business may partially mitigate market risk, we also actively manage this risk. We maintain risk management control systems to monitor interest rates, foreign-currency exchange rates, equity price risks, and any of their related hedge positions. Positions are monitored using...

  • Page 75
    ... employees, and can potentially result in financial losses and other damage to us. We consider the following types of operational risk: business/strategic, model, reputation, compliance, legal, fraud, vendor management, and information technology, which includes the risk of cyber attacks. To monitor...

  • Page 76
    ... long term assets are funded with at least a minimum amount of stable liabilities in relation to their liquidity risk profiles. In September 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve (FRB), and the Federal Deposit Insurance Corporation (FDIC...

  • Page 77
    ... profile of our brokered deposit portfolio, utilizing repurchase agreements, and continuing to access funds from the Federal Home Loan Banks. Since 2009, a significant portion of asset originations in the United States have been directed to Ally Bank in order to reduce parent company exposures...

  • Page 78
    ... as unencumbered highly liquid U.S. federal government and U.S. agency securities of $2.1 billion that can be used to obtain funding through repurchase agreements with third parties or outright sales. At December 31, 2014, the parent company had no debt outstanding under repurchase agreements. In...

  • Page 79
    ... $1.3 billion in funding. In February 2015, Ally Bank raised $625 million through two public securitizations backed by dealer floorplan automotive assets. In February 2015, Ally Financial Inc. accessed the unsecured debt capital markets and raised $1,250 million. In February 2015, Ally Financial Inc...

  • Page 80
    ... in millions) 2014 Secured financings Institutional term debt Retail debt programs (a) Total debt (b) Deposits (c) Total on-balance sheet funding 2013 Secured financings Institutional term debt Retail debt programs (a) Total debt (b) Deposits (c) Total on-balance sheet funding (a) (b) (c) Bank $ 27...

  • Page 81
    ... Management's Discussion and Analysis Ally Financial Inc. • Form 10-K for the year ended December 31, 2014, which was lower than for the year ended December 31, 2013, where cash used to repay debt exceeded cash from long-term debt issuances by $4.6 billion. Capital Planning and Stress Tests...

  • Page 82
    ... of the credit risk of the assets collateralizing asset-backed securitizations. Ally Bank has complied with the FDIC's Safe Harbor Rule requiring it to retain five percent risk retention in retail automotive loan and lease securitizations. Ally Financial intends to comply with the new risk retention...

  • Page 83
    ... use interest rate swaps to manage interest rate risk associated with our secured and unsecured long term debt portfolio. These derivatives are recorded on the balance sheet at fair value. For additional information on derivatives, refer to Note 22 to the Consolidated Financial Statements. Lease...

  • Page 84
    ...in accordance with accounting principles generally accepted in the United States of America (GAAP) requires management to make certain judgments and assumptions, on the basis of information available at the time of the financial statements, in determining accounting estimates used in the preparation...

  • Page 85
    ... value of leased vehicles to assess the appropriateness of the carrying value of lease assets. To account for residual risk, we depreciate automotive operating lease assets to estimated realizable value on a straight-line basis over the lease term. The estimated realizable value is initially...

  • Page 86
    ... likely than not that the benefit for certain capital loss, foreign tax credit and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards. For additional...

  • Page 87
    ... December 31, 2014, 2013, and 2012, respectively. Yields on available-for-sale debt securities are based on fair value as opposed to historical cost. Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming...

  • Page 88
    ... securities Loans held-for-sale, net Finance receivables and loans, net Investment in operating leases, net Total interest-earning assets Liabilities Interest-bearing deposit liabilities Short-term borrowings Long-term debt Total interest-bearing liabilities Net financing revenue (a) 2013 vs 2012...

  • Page 89
    ... Other Commercial real estate Automotive Mortgage Total commercial (b) Total nonperforming finance receivables and loans Foreclosed properties Repossessed assets (c) Total nonperforming assets Loans held-for-sale (d) (a) (b) (c) (d) 2014 $ 386 177 563 $ 2013 329 192 521 $ 2012 260 382 642 $ 2011...

  • Page 90
    ... industrial Automotive Mortgage Other Commercial real estate Automotive Mortgage Total commercial Total accruing finance receivables and loans past due 90 days or more Loans held-for-sale 1 1 4 73 $ $ - - - 6 25 1 1 $ - 1 1 $ 3 1 4 $ 5 1 6 2014 2013 2012 2011 2010 Allowance for Loan Losses The...

  • Page 91
    ... Analysis Ally Financial Inc. • Form 10-K Allowance for Loan Losses by Type The following table summarizes the allocation of the allowance for loan losses by product type. 2014 December 31, ($ in millions) Consumer Consumer automotive Consumer mortgage Total consumer loans Commercial Commercial...

  • Page 92
    ... interest rates paid for types of domestic deposits. 2014 Year ended December 31, ($ in millions) Domestic deposits Noninterest-bearing deposits Interest-bearing deposits Savings and money market checking accounts Certificates of deposit Dealer deposits Total domestic deposit liabilities (a) 2013...

  • Page 93
    Table of Contents Quantitative and Qualitative Disclosures about Market Risk Ally Financial Inc. • Form 10-k Item 7A. Quantitative and Qualitative Disclosures about Market Risk Refer to the Market Risk Management section of Item 7, Management's Discussion and Analysis. 81

  • Page 94
    ... Statements and Supplementary Data Ally management is responsible for establishing and maintaining effective internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of the Company's Chief Executive Officer...

  • Page 95
    ... 2014, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2014...

  • Page 96
    ...(United States), the consolidated financial statements as of and for the year ended December 31, 2014, of the Company and our report dated February 27, 2015, expressed an unqualified opinion on those consolidated financial statements. /S/ DELOITTE & TOUCHE LLP Deloitte & Touche LLP Detroit, Michigan...

  • Page 97
    ... held-for-sale Interest on trading assets Interest and dividends on available-for-sale investment securities Interest-bearing cash Operating leases Total financing revenue and other interest income Interest expense Interest on deposits Interest on short-term borrowings Interest on long-term debt...

  • Page 98
    ... Net income (loss) $ $ $ $ 2014 1.36 0.47 1.83 1.36 0.47 1.83 $ $ $ $ 2013 (1.51) $ (0.13) (1.64) $ (1.51) $ (0.13) (1.64) $ 2012 1.38 (0.42) 0.96 1.38 (0.42) 0.96 Refer to Note 20 for additional earnings per share information. The Notes to the Consolidated Financial Statements are an integral...

  • Page 99
    Table of Contents Consolidated Statement of Comprehensive Income Ally Financial Inc. • Form 10-K Year ended December 31, ($ in millions) Net income Other comprehensive income (loss), net of tax Unrealized gains (losses) on investment securities Net unrealized gains (losses) arising during the ...

  • Page 100
    ... deposit liabilities Short-term borrowings Long-term debt Interest payable Unearned insurance premiums and service revenue Accrued expenses and other liabilities Total liabilities Commitments and contingencies (refer to Note 29 and Note 30) Equity Common stock and paid-in capital ($0.01 par value...

  • Page 101
    ... income Allowance for loan losses Total finance receivables and loans, net Investment in operating leases, net Other assets Total assets Liabilities Short-term borrowings Long-term debt Accrued expenses and other liabilities Total liabilities The Notes to the Consolidated Financial Statements are an...

  • Page 102
    Table of Contents Consolidated Statement of Changes in Equity Ally Financial Inc. • Form 10-K ($ in millions) Balance at January 1, 2012 Net income Preferred stock dividends - U.S. Department of Treasury Preferred stock dividends Other comprehensive income Balance at December 31, 2012 Net income...

  • Page 103
    ... securities Loss on extinguishment of debt Originations and purchases of loans held-for-sale Proceeds from sales and repayments of loans held-for-sale Impairment and settlement related to Residential Capital, LLC Loss (gain) on sale of subsidiaries, net Net change in Trading assets Deferred...

  • Page 104
    ... Cash paid for Interest Income taxes Noncash items Finance receivables and loans transferred to loans held-for-sale Other disclosures Proceeds from sales and repayments of mortgage loans held-for-investment originally designated as held-for-sale (a) (b) 2014 (1,494) 4,873 27,170 (30,426) - - (268...

  • Page 105
    .... The financial statements of subsidiaries that operate outside of the United States generally are measured using the local currency as the functional currency. All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. The resulting translation...

  • Page 106
    ... to fund dealer purchases of new and used vehicles through wholesale or floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines of credit, and dealer fleet financing. Other - Consists of senior secured commercial lending. • • Commercial Real...

  • Page 107
    ... to service the debt in accordance with the contractual terms, possible regulatory actions and other potential business disruptions (e.g., the loss of a significant customer or other revenue stream). Consideration of a concession is also similar for commercial loans. In addition to the factors noted...

  • Page 108
    ...Consolidated Financial Statements Ally Financial Inc. • Form 10-K Commercial loans are individually evaluated and where collectability of the recorded balance is in doubt are written down to the estimated fair value of the collateral less costs to sell. Generally, all commercial loans are charged...

  • Page 109
    ...Statements Ally Financial Inc. • Form 10-K Consumer Mortgage Portfolio Segment The allowance for loan losses within the consumer mortgage portfolio segment is calculated by using proprietary statistical models based on pools of loans with similar risk characteristics, including credit score, loan...

  • Page 110
    ... of mortgage loans. MSRs were not recorded on securitizations accounted for as secured financings. We measured all mortgage servicing assets and liabilities at fair value. We defined our servicing rights based on both the availability of market inputs and the manner in which we managed the risks of...

  • Page 111
    ... information, refer to Note 3. Deferred Policy Acquisition Costs Commissions, including compensation paid to sellers of vehicle service contracts and other costs of acquiring insurance that are primarily related to and vary with the production of business, are deferred and recorded in other assets...

  • Page 112
    ...changes in accounting policies and incorporate assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. We recognize the financial statement effects of...

  • Page 113
    ... or results of operations. Foreign Currency Matters - Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05) As of January 1, 2014, we adopted ASU 2013...

  • Page 114
    ...to Consolidated Financial Statements Ally Financial Inc. • Form 10-K Recently Issued Accounting Standards Receivables - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (ASU 2014-04) In January 2014, the Financial Accounting Standards Board (FASB...

  • Page 115
    ... insurance business, ABA Seguros. Includes recognized pretax loss of $488 million in connection with the sale of our European and Latin American automotive finance operations and pretax gain of $888 million in connection with the sale of our Canadian automotive finance operations, Ally Credit Canada...

  • Page 116
    ... 31, ($ in millions) 2014 Assets Other assets Total assets 2013 Assets Other assets Total assets (a) Represents our joint venture interest in China, whose sale to GMF was completed on January 2, 2015. $ $ 634 634 $ $ 516 516 3. Insurance Premiums and Service Revenue Earned The following table...

  • Page 117
    ... Debt securities U.S. Treasury and federal agencies U.S. States and political subdivisions Foreign government Mortgage-backed residential (a) Mortgage-backed commercial Asset-backed Corporate debt Total debt securities Equity securities Total available-for-sale securities (b) (a) (b) 2013 losses...

  • Page 118
    ... Mortgage-backed residential Mortgage-backed commercial Asset-backed Corporate debt Total available-for-sale debt securities Amortized cost of available-for-sale debt securities December 31, 2013 Fair value of available-for-sale debt securities (b) U.S. Treasury and federal agencies U.S. States...

  • Page 119
    ... 241 (34) (61) 146 Certain available-for-sale securities were sold at a loss in 2014, 2013, and 2012 as a result of market conditions within these respective periods (e.g., a downgrade in the rating of a debt security), in accordance with our risk management policies and practices. The table below...

  • Page 120
    Table of Contents Notes to Consolidated Financial Statements Ally Financial Inc. • Form 10-K 8. Finance Receivables and Loans, Net The composition of finance receivables and loans, net, reported at carrying value before allowance for loan losses was as follows. 2014 $ 56,570 7,474 $ 2013 56,417...

  • Page 121
    ... presents information about significant sales of finance receivables and loans recorded at historical cost and transfers of finance receivables and loans from held-for-investment to held-for-sale. December 31, ($ in millions) Consumer automotive Consumer mortgage Commercial Total sales and transfers...

  • Page 122
    ...Commercial real estate - Automotive Total commercial Total consumer and commercial finance receivables and loans $ 32 46 4 82 645 $ 116 74 14 204 725 $ 2014 386 177 $ 2013 329 192 Management performs a quarterly analysis of the consumer automotive, consumer mortgage, and commercial portfolios using...

  • Page 123
    ... Financial Statements Ally Financial Inc. • Form 10-K The following table presents performing and nonperforming credit quality indicators in accordance with our internal accounting policies for our consumer finance receivables and loans recorded at historical cost reported at carrying value...

  • Page 124
    .... Numerous initiatives are in place to provide support to our mortgage customers in financial distress, including principal forgiveness, maturity extensions, delinquent interest capitalization, and changes to contractual interest rates. Additionally for automotive loans, we may offer several types...

  • Page 125
    ... the held-for-sale portfolio, as well as the continued runoff of legacy mortgage assets. Refer to Note 1 for additional information. The following table presents information related to finance receivables and loans recorded at historical cost modified in connection with a TDR during the period. 2014...

  • Page 126
    ... for loan losses by state concentration. December 31, Texas Florida Michigan California Virginia North Carolina New York Pennsylvania Georgia Illinois Other United States Total commercial real estate finance receivables and loans 2014 13.8% 12.3 9.9 9.0 4.1 3.9 3.9 3.8 3.7 2.7 32.9 100.0% 2013 13...

  • Page 127
    ... consumer and commercial automotive loans, operating leases, and other commercial loans through private-label securitizations. In executing a securitization transaction, we typically sell pools of financial assets to a wholly owned, bankruptcy-remote SPE, which then transfers the financial assets to...

  • Page 128
    ... of Contents Notes to Consolidated Financial Statements Ally Financial Inc. • Form 10-K to enter into derivatives or other yield maintenance contracts to hedge or mitigate certain risks related to the financial assets or beneficial interests of the entity. A servicer, who is generally us, is...

  • Page 129
    Table of Contents Notes to Consolidated Financial Statements Ally Financial Inc. • Form 10-K There were no sales of financial assets into nonconsolidated securitization and similar asset-backed financing entities for consumer mortgage GSEs for the year ended December 31, 2014, while there were $...

  • Page 130
    ... related to securitization entities, asset-backed financings, or other similar transfers of financial assets where the transfer is accounted for as a sale and we have a continuing involvement with the transferred assets (e.g., servicing) that were outstanding in 2014, 2013, and 2012. Additionally...

  • Page 131
    ... automotive pools of loans sold to third-party investors. 11. Servicing Activities Mortgage Servicing Rights The following table summarizes past activity related to MSRs, which were carried at fair value. Management estimated fair value using our transaction data and other market data or, in...

  • Page 132
    ...$109 million during the years ended December 31, 2014, 2013, and 2012, respectively. Automotive Finance Serviced Assets The current unpaid principal balance and any related unamortized deferred fees and costs of total serviced automotive finance loans outstanding were as follows. December 31, ($ in...

  • Page 133
    ...equipment Restricted cash collections for securitization trusts (a) Net deferred tax assets Cash reserve deposits held-for-securitization trusts (b) Other accounts receivable Nonmarketable equity securities Fair value of derivative contracts in receivable position (c) Unamortized debt issuance costs...

  • Page 134
    ...) 2014 Unsecured debt Fixed rate (b) Variable rate Trust preferred securities Fair value adjustment (c) Total unsecured debt Secured debt Fixed rate Variable rate Total secured debt (d) (e) Total long-term debt 2013 Unsecured debt Fixed rate (b) Variable rate Trust preferred securities Fair value...

  • Page 135
    ...triggers are generally based on the financial health and performance of the servicer as well as performance criteria for the pool of receivables, such as delinquency ratios, loss ratios, and commercial payment rates. During 2014, there were no trigger events that resulted in the repayment of debt at...

  • Page 136
    ... the FHLB, together with repurchase agreements, complement Ally Bank's private committed facilities. The total capacity in our committed funding facilities is provided by banks and other financial institutions through private transactions. The committed secured funding facilities can be revolving in...

  • Page 137
    ... Statements Ally Financial Inc. • Form 10-K 18. Equity Common Stock In April 2014, we completed an initial public offering (IPO) of our common stock. All proceeds from the offering were obtained by the U.S. Department of the Treasury (Treasury) as the single selling stockholder. In connection...

  • Page 138
    ... 31, 2012 2013 net change Balance at December 31, 2013 2014 net change Balance at December 31, 2014 (a) (b) Cash flow hedges (b) $ 6 (4) 2 3 5 2 7 (114) $ (157) $ Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. For...

  • Page 139
    ... Contents Notes to Consolidated Financial Statements Ally Financial Inc. • Form 10-K The following table presents the before- and after-tax changes in each component of accumulated other comprehensive (loss) income. December 31, ($ in millions) 2014 Unrealized gains on investment securities Net...

  • Page 140
    ... stress testing processes. A risk-based capital ratio is the ratio of a banking organization's regulatory capital (numerator) to its risk-weighted assets (denominator). Under the capital framework effective until December 31, 2014 (U.S. Basel I), regulatory capital was divided into two tiers: Tier...

  • Page 141
    ... a pro forma Tier 1 common risk-based capital ratio (Tier 1 common to risk-weighted assets) above 5% under expected conditions and certain stressed scenarios. During 2010, Ally, IB Finance Holding Company, LLC, Ally Bank, and the FDIC entered into a Capital and Liquidity Maintenance Agreement (CLMA...

  • Page 142
    ... holding companies must submit their capital plans and stress testing results to the FRB on or before April 5 of each year. Depository Institutions Ally Bank is a state nonmember bank, chartered by the State of Utah, and subject to the supervision of the FDIC and the Utah Department of Financial...

  • Page 143
    ... minimum capital requirements can initiate certain mandatory actions by federal, state, and foreign agencies that could have a material effect on our results of operations and financial condition. Ally Bank was in compliance with these requirements at December 31, 2014. Insurance Companies Certain...

  • Page 144
    ... the derivative matching the terms of the underlying debt. The centralized lending program manages liquidity for our subsidiary businesses, but as of December 31, 2014, this activity is immaterial. Foreign-currency-denominated loan agreements are executed with our foreign subsidiaries in their local...

  • Page 145
    ..., respectively. Of the hedge notional amount at December 31, 2014, $2.7 billion is associated with debt maturing in five or more years. Other fair value hedges include pay-fixed swaps on portfolios of held-for-investment automotive loan assets with $21 million and $9 million in a receivable position...

  • Page 146
    ... rate contracts Servicing asset valuation and hedge activities, net Loss on mortgage and automotive loans, net Other income, net of losses (d) Total interest rate contracts Foreign exchange contracts (e) Interest on long-term debt Other income, net of losses Total foreign exchange contracts Equity...

  • Page 147
    ... rate contracts (Loss) gain reclassified from accumulated other comprehensive income to interest on long-term debt (a) Loss recorded directly to interest on long-term debt Total interest on long-term debt Gain (loss) recognized in other comprehensive income Net investment hedges Foreign exchange...

  • Page 148
    ... that the benefit for certain capital loss, foreign tax credit, and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards. The sale of our joint venture...

  • Page 149
    ... Statements Ally Financial Inc. • Form 10-K The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2014. ($ in millions) Tax credit carryforwards Foreign tax credits General business credits AMT credits Total tax credit carryforwards Tax loss...

  • Page 150
    ... Units (RSUs) to executives under the LongTerm Equity Compensation Incentive Plan (LTIP), and have adopted the Ally Financial 2014 Incentive Compensation Plan, which allows us to grant an array of equity-based and cash incentive awards to our named executive officers and other employees and service...

  • Page 151
    ... inputs related to the valuation of our interest rate caps. Transfers from Level 2 into Level 3 included $3 million of fair value option-elected mortgage loans held-for-sale based on decreased observability of significant inputs resulting from no longer being an active seller of mortgage loans to...

  • Page 152
    ... market observable inputs (e.g., forward interest rates) and internally developed inputs (including prepayment speeds, delinquency levels, and credit losses). Mortgage loans held-for-sale, net - Certain of our mortgage loans held-for-sale are accounted for at fair value because of fair value...

  • Page 153
    ... federal agencies U.S. State and political subdivisions Foreign government Mortgage-backed residential Mortgage-backed commercial Asset-backed Corporate debt securities Total debt securities Equity securities (a) Total available-for-sale securities Mortgage loans held-for-sale, net (b) Other assets...

  • Page 154
    ... federal agencies U.S. State and political subdivisions Foreign government Mortgage-backed residential Mortgage-backed commercial Asset-backed Corporate debt securities Total debt securities Equity securities (a) Total available-for-sale securities Mortgage loans held-for-sale, net (b) Other assets...

  • Page 155
    ...Fair value at still held at Transfers out of December 31, December 31, Issuances Settlements level 3 2013 2013 60 ($ in millions) Assets Mortgage servicing rights Other assets Interests retained in financial asset sales Derivative contracts, net (c) Interest rate Foreign currency Total derivative...

  • Page 156
    ... Option for Financial Assets We elected the fair value option for an insignificant amount of conforming and government-insured mortgage loans held-for-sale. We elected the fair value option to mitigate earnings volatility by better matching the accounting for the assets with the related hedges. Our...

  • Page 157
    ... available at December 31, 2014 and 2013. Estimated fair value December 31, ($ in millions) 2014 Financial assets Loans held-for-sale, net Finance receivables and loans, net Nonmarketable equity investments Financial liabilities Deposit liabilities Short-term borrowings Long-term debt 2013 Financial...

  • Page 158
    ... Statements Ally Financial Inc. • Form 10-K each category of finance receivables and loans (an income approach using Level 3 inputs). The carrying value of commercial receivables in certain markets and certain automotive and other receivables for which interest rates reset on a short-term...

  • Page 159
    ... investment securities portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with debt issuances and bond exchanges, and the residual impacts of our corporate funds-transfer pricing (FTP) and treasury asset...

  • Page 160
    ...Total assets for Corporate Finance were $1.9 billion, $1.6 billion, and $1.5 billion at December 31, 2014, 2013 and 2012, respectively. Net financing revenue after the provision for loan losses totaled $2.9 billion, $2.3 billion, and $1.6 billion for the years ended December 31, 2014, 2013, and 2012...

  • Page 161
    ... basis. The financial statements have been restated to reflect the dissolution of a former nonguarantor subsidiary, GMAC Mortgage Group LLC. Investments in subsidiaries are accounted for by the parent company and the Guarantors using the equity-method for this presentation. Results of operations of...

  • Page 162
    ... on deposits Interest on short-term borrowings Interest on long-term debt Interest on intercompany debt Total interest expense Depreciation expense on operating lease assets Net financing (loss) revenue Dividends from subsidiaries Bank subsidiaries Nonbank subsidiaries Other revenue Servicing fees...

  • Page 163
    ... on deposits Interest on short-term borrowings Interest on long-term debt Interest on intercompany debt Total interest expense Depreciation expense on operating lease assets Net financing (loss) revenue Dividends from subsidiaries Nonbank subsidiaries Other revenue Servicing fees Servicing asset...

  • Page 164
    ... on deposits Interest on short-term borrowings Interest on long-term debt Interest on intercompany debt Total interest expense Depreciation expense on operating lease assets Net financing (loss) revenue Dividends from subsidiaries Nonbank subsidiaries Other revenue Servicing fees Servicing asset...

  • Page 165
    ... Long-term debt Intercompany debt to Nonbank subsidiaries Intercompany payables to Bank subsidiary Nonbank subsidiaries Interest payable Unearned insurance premiums and service revenue Accrued expenses and other liabilities Total liabilities Total equity Total liabilities and equity (a) Parent...

  • Page 166
    ... Long-term debt Intercompany debt to Nonbank subsidiaries Intercompany payables to Bank subsidiary Nonbank subsidiaries Interest payable Unearned insurance premiums and service revenue Accrued expenses and other liabilities Total liabilities Total equity Total liabilities and equity (a) Parent...

  • Page 167
    ... debt - third party Repayments of long-term debt - third party Net change in debt - intercompany Dividends paid - third party Dividends paid and returns of contributed capital - intercompany Capital contributions from parent Net cash (used in) provided by financing activities Effect of exchange-rate...

  • Page 168
    ...-for-sale securities Net decrease (increase) in finance receivables and loans Net change in loans - intercompany Net increase in operating lease assets Capital contributions to subsidiaries Returns of contributed capital Sales of mortgage servicing rights Proceeds from sale of business units, net...

  • Page 169
    ... debt - third party Repayments of long-term debt - third party Net change in debt - intercompany Dividends paid - third party Dividends paid and returns of contributed capital - intercompany Capital contributions from parent Net cash (used in) provided by financing activities Effect of exchange-rate...

  • Page 170
    ... of General Motors Company (GM), Fiat Chrysler Automobiles US LLC (Chrysler), and their dealers. We were previously party to agreements with each of GM and Chrysler that provided for certain exclusivity privileges related to subvention programs that they offered. Our agreement with Chrysler expired...

  • Page 171
    ... the use of other financing providers by GM and Chrysler for their incentive programs. We entered into a new automotive financing agreement with GM that became effective on March 1, 2014 (the GM Agreement), which provides a general framework for dealer and consumer financing related to GM vehicles...

  • Page 172
    ... Completion of Disposition of Assets We previously announced that we had reached an agreement to sell our 40% interest in a motor vehicle finance joint venture in China (JV Interest) pursuant to a Share Transfer Agreement, dated November 21, 2012, as amended, between Ally, GMF, and GMAC UK PLC 160

  • Page 173
    ... on February 17, 2015. Management Change On February 2, 2015, Ally announced that Jeffrey J. Brown has been named Chief Executive Officer, effective immediately. Brown, who most recently served as President and Chief Executive Officer of Ally's Dealer Financial Services business, has also joined...

  • Page 174
    ...Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer (Principal Executive Officer) and Chief Financial...

  • Page 175
    ... was president and chief executive officer of Ally's Dealer Financial Services business where he oversaw the company's automotive finance, insurance and auto servicing operations. Brown joined Ally in March 2009 as corporate treasurer and in 2011 was named senior executive vice president of finance...

  • Page 176
    ... of Contents Ally Financial Inc. • Form 10-K 2008 as chief risk officer for the Global Automotive Services business where he was responsible for overseeing disciplined risk processes, governance and analytics in support of Ally's efforts to diversify and grow its automotive product lines. In this...

  • Page 177
    ... with Related Persons and Code of Conduct and Ethics." That information is incorporated into this item by reference. Item 14. Principal Accountant Fees and Services Items in response to this Item 14 can be found in the Company's 2015 Proxy Statement under "Audit Committee Report." That information...

  • Page 178
    ... Statement No. 2-75115, incorporated herein by reference. 3.2 Form of Amended and Restated Bylaws 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 Form...

  • Page 179
    ...General Motors Corporation and GMAC LLC 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 4.11 4.12 4.13 Filed as Exhibit 4.3 to the Company's Current...

  • Page 180
    ... Annual Report for the period ended December 31, 2010, on Form 10-K/A (File No. 1-3754), incorporated herein by reference. 10.14 10.15 Settlement agreement, dated December 23, 2010, by and between GMAC Mortgage, LLC, Residential Capital, LLC, Residential Funding Securities, LLC, Residential Asset...

  • Page 181
    ...a Consent Order, dated December 19, 2013 (Consumer Financial Protection Bureau) Computation of Ratio of Earnings to Fixed Charges Ally Financial Inc. Subsidiaries as of December 31, 2014 Consent of Independent Registered Public Accounting Firm Certification of Principal Executive Officer pursuant to...

  • Page 182
    ... authorized, this 27th day of February, 2015. Ally Financial Inc. (Registrant) /S/ JEFFREY J. BROWN Jeffrey J. Brown Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and...

  • Page 183
    ... of Contents Signatures Ally Financial Inc. • Form 10-K /S/ FRANKLIN W. HOBBS Franklin W. Hobbs Ally Chairman /S/ KENNETH J. BACON Kenneth J. Bacon Director /S/ ROBERT T. BLAKELY Robert T. Blakely Director /S/ JEFFREY J. BROWN Jeffrey J. Brown Chief Executive Officer and Director /S/ MAYREE...

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