|Traded as||NYSE: ALLY|
|Headquarters||One Detroit Center, Detroit, Michigan, United States|
|Franklin Hobbs (Chairman)
Jeffrey J. Brown (CEO)
William Muir (President)
|Revenue||US$4.920 billion (2015)|
|US$1.452 billion (2015)|
|Profit||US$1.289 billion (2015)|
|Total assets||US$158.581 billion (2015)|
|Total equity||US$13.439 billion (2015)|
|Owner||Cerberus Capital Management (8.22%)
Perry Capital (4.00%)
The Vanguard Group (3.50%)
Number of employees
|7,100 (December 2014)|
The company provides a range of financial services including auto financing, corporate financing, insurance, and online banking.
The company's Global Automotive Services offer retail auto financing and leasing; dealer lines of credit for vehicle inventory, equipment or facilities; insurance coverage including retail vehicle service contracts and commercial insurance; and re-marketing services through physical auctions and online services.
Ally Bank is a direct bank with over $55 billion in customer deposits and was rated the best online bank by Money Magazine in every year since 2012. Ally Bank offers savings products, including certificates of deposit (CDs), online savings accounts, interest checking accounts, and money market accounts. Ally Bank is a member of the Federal Deposit Insurance Corporation.
The company's corporate finance division provides capital to businesses in various industries.
||This section is in a list format that may be better presented using prose. (March 2013)|
The company was founded in 1919 by General Motors Corporation as the General Motors Acceptance Corporation (GMAC) to be a provider of financing to automotive customers. Over the following years the business has expanded to include insurance, online banking, mortgage operations, and commercial finance.
In 1919, GMAC offices opened in Detroit, New York, Chicago, San Francisco, and Toronto.
In 1985, GMAC formed GMAC Mortgage after it acquired the mortgage loan operations of the Colonial Mortgage Service companies and the servicing arm of the former Norwest Mortgage, Inc. In subsequent years, the division acquired additional mortgage-related operations, including ditech.com, and in 2005 the division was reorganized into Residential Capital (ResCap). By that time, the company was heavily into subprime mortgage lending.
In 2000, GMAC was given conditional approval to form GMAC Bank.
In 2006, General Motors Corporation sold a 51% interest in GMAC to Cerberus Capital Management, a private equity company. (The next year, Cerberus acquired Chrysler Corporation.) Also in 2006, GMAC divested a majority stake of GMAC Commercial Holdings, its real estate division, to a trio of investors — Goldman Sachs, KKR and Five Mile Capital Partners — thereby creating Capmark Financial Group Inc. Capmark later filed for bankruptcy and was acquired in part jointly by Leucadia and Berkshire Hathaway.  
As a result of losses in the company's former ResCap subsidiary, in 2008-2009, the United States Treasury invested $17.2 billion in Ally. The Treasury later recovered $19.6 billion from this investment by selling its remaining stake in the company in December 2014. 
On May 15, 2009, GMAC's banking unit changed its name to Ally Bank.
On May 10, 2010, GMAC Inc. announced that it re-branded itself as Ally Financial Inc.
2013 Discrimination Settlement
In December 2013, the Consumer Financial Protection Bureau (CFPB) announced a settlement with Ally Financial to resolve alleged discrimination in its indirect auto lending program. According to the consent order, Ally charged African American borrowers an average of 29 basis points more than similarly situation White borrowers, Hispanic borrowers 20 basis points more than White borrowers, and Asian/Pacific Islanders 22 basis points more than White borrowers. The CFPB concluded that these disparities were statistically significant, based on race, and not based on credit worthiness or objective criteria related to borrower risk. The CFPB also alleged that the higher markups resulted from Ally’s specific policy and practice of allowing dealers to mark up a consumer’s interest rate above Ally’s established buy rate and then compensating dealers based on the markup. Under the terms of the consent order, Ally was required to establish a compliance committee, submit a compliance plan to the CFPB and Department of Justice (DOJ) for review, with the option to submit a non-discretionary dealer compensation plan to the CFPB and DOJ for review, and pay $80 million in consumer monetary damages and $18 million in civil penalties.
Ally sponsors the Miami Auto Show.
Ally sponsors the TIME Dealer of the Year Award through 2021.
- List of banks
- List of banks in United States
- John McNamara — former United States businessman, who was convicted of a Ponzi scheme fraud through gaining loans to a value of $6Bn from General Motors financing arm GMAC, to develop a $400M car sales and property development business.
- Roger Smith — former Chairman & CEO of General Motors Corporation from 1981–1990.
- "Ally Financial Reports Full Year and Fourth Quarter 2015 Financial Results". Ally Financial Inc.
- Blumenthal, Jeff (March 31, 2015), "Ally Financial moving to One Detroit Center", The Detroit News, retrieved March 31, 2015
- Blumenthal, Jeff (December 1, 2014), "Ally Financial overtakes Wells Fargo as top U.S. auto lender", The Detroit News, retrieved December 1, 2014
- Ally Bank
- title=Corporate Finance
- Ally: Our History
- History, gmacmortgage.com.
- "Investor Group Completes Acquisition of Majority Stake in GMAC Commercial Holding Corp." (Press release). Ally Financial. 23 March 2006. Retrieved 21 September 2011.
- Blumenthal, Jeff (19 September 2011), "Berkadia Commercial Mortgage to buy Tavernier Capital", Philadelphia Business Journal, retrieved 21 September 2011
- Schafer, Richard (11 March 2010), Capmark Financial Group Files For Chapter 11 Bankruptcy, Richard Schafer, archived from the original on 21 September 2011, retrieved 21 September 2011
- Dash, Eric; Vikas Bajaj (December 24, 2008). "Fed Approves GMAC Request to Become a Bank". New York Times.
- U.S. Treasury Sells Ally Financial Stake; No More Government Motors, Forbes, retrieved 31 December 2014
- Campbell, Dakin (2010-05-03). "GMAC Posts Profit, Will Change Name to Ally Financial". bloomberg.com. Retrieved 2013-07-27.
- "Ally Financial Launches Initial Public Offering of Common Stock". March 27, 2014.
- "Ally Financial Announces Pricing of Initial Public Offering". April 9, 2014.
- "CFPB and DOJ Order Ally to Pay $80 Million to Consumers Harmed by Discriminatory Auto Loan Pricing". Consumer Financial Protection Bureau. Consumer Financial Protection Bureau. Retrieved 11 September 2015.
- Ally Financial new sponsor for Miami International Auto Show, Miami Herald, retrieved 14 October 2014
- Ally Renews Exclusive Sponsorship of TIME Dealer of the Year Through 2021, Ally, retrieved July 22, 2015