Ally Financial Information
|GMAC Inc. (1919–2010)|
Russell 1000 Index Component
|Founded||1919(as GMAC Inc.)|
Ally Detroit Center|
Detroit, Michigan (Corporate)
Sandy, Utah (Ally Bank)
|Franklin W. Hobbs,
Jeffrey J. Brown, CEO
Jennifer Laclair, CFO
|Revenue||US$5.788 billion (2018)|
|US$1.263 billion (2018)|
|Total assets||US$178.869 billion (2018)|
|Total equity||US$13.268 billion (2018)|
Number of employees
|Footnotes / references|
Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgages, credit cards, and an electronic trading platform to trade financial assets.
Ally is ranked 19th on the list of largest banks in the United States by assets, is the largest car finance company in the U.S. by volume,  and serves over 6 million customers.  Via its SmartAuction online marketplace for auto auctions, launched in 2000, the company has sold more than 5 million vehicles including 281,000 vehicles sold in 2018.  
The company was known as GMAC, an acronym for General Motors Acceptance Corporation, until 2010.
The company was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers. In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market. 
In 1985, while GM was under the leadership of Roger Smith, who sought to diversify the company, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the servicing arm of Norwest Mortgage, which included an $11 billion mortgage portfolio. 
In 1998, the company formed GMAC Real Estate.  In 1999, GMAC Mortgage acquired Ditech.  In 2000, the company formed GMAC Bank, a direct bank.  In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations. 
In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. Also that year, GMAC sold a controlling interest of GMAC Commercial Holdings, its real estate division that was renamed Capmark, to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners.  GMAC Real Estate was sold to Brookfield Asset Management. In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, a joint venture of Leucadia National and Berkshire Hathaway. 
On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company.  In January 2009, the company shut down Nuvell Financial Services, its subprime lending division.
As a result of losses in GMAC ResCap, the United States Treasury invested $17.2 billion in the company in 2008-2009. The Treasury sold its last stake in the company in 2014, recovering $19.6 billion from its $17.2 billion investment. 
In May 2010, GMAC re-branded itself as Ally Financial.  In September 2010, the company sold its resort finance business to Centerbridge Partners. In 2012, the company sold its Canadian banking operations to Royal Bank of Canada for $3.8 billion.  In April 2014, the company became a public company via an initial public offering.  In 2015, it moved its headquarters to One Detroit Center.  In June 2016, the company acquired TradeKing, a brokerage firm, for $275 million. TradeKing was re-branded as Ally Invest. 
In 2016, the company moved more than 1,500 employees to 13 floors of Ally Detroit Center.  In 2017, Ally signed a lease for 400,000 square feet at the Ally Charlotte Center in Charlotte, North Carolina, scheduled to be completed in 2021, and will move its offices from 440 South Church. 
In 2019, Ally became the primary sponsor for 7-time Monster Energy NASCAR Cup Series champion Jimmie Johnson at Hendrick Motorsports. As GMAC, the company previously had primary sponsorships with Hendrick Motorsports from 1998 through 2007 with drivers Jack Sprague, Ricky Hendrick, Brian Vickers and Casey Mears, including Vickers' 2003 NASCAR Busch Series championship victory. 
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 situated 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 creditworthiness 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 United States Department of Justice for review, and pay $80 million in consumer monetary damages and $18 million in civil penalties.  
- "Ally Financial 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- Wack, Kevin (January 30, 2018). "Ally makes gains in auto lending as other banks retreat". American Banker.
- "SmartAuction Announces 5 Millionth Vehicle Sale" (Press release). PR Newswire. October 7, 2015.
- Warren, Elizabeth (March 10, 2010). "Unique Treatment of General Motors Acceptance Corp. (GMAC) Under the TARP". Congressional Oversight Panel.
- Gruber, William (March 14, 1985). "Gmac Buying Mortgage Portfolio". Chicago Tribune.
- Potts, Mark; Brown, Warren (April 18, 1992). "GENERAL MOTORS ALLEGES MONUMENTAL FRAUD". The Washington Post.
- Strickland, Daryl (March 23, 1999). "DiTech Funding to Be Bought by GMAC Mortgage". Los Angeles Times.
- "GENERAL MOTORS ACCEPTANCE CORPORATION Form 8-K" (Press release). U.S. Securities and Exchange Commission. March 23, 2006.
- "Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's North American Loan Origination and Servicing Business" (Press release). Business Wire. December 11, 2009.
- Dash, Eric; Bajaj, Vikas (December 24, 2008). "Fed Approves GMAC Request to Become a Bank". The New York Times.
- "U.S. Treasury Sells Ally Financial Stake; No More Government Motors". Forbes. December 31, 2014.
- "GMAC Posts Profit, to Change Name to Ally". CNBC. Associated Press. May 3, 2010.
- "Royal Bank buys online savings bank Ally for $3.8B". CBC News. October 23, 2012.
- "Ally Financial Announces Pricing of Initial Public Offering" (Press release). PR Newswire. April 9, 2014.
- Shepardson, David (March 31, 2015). "Ally Financial moving to One Detroit Center". The Detroit News.
- Burns, Hilary (May 12, 2017). "TradeKing transformation complete after acquisition by Ally". American City Business Journals.
- ROBERTS, ADRIENNE (April 14, 2016). "Ally Financial Relocates to Renovated, Renamed One Detroit Center".
- PORTILLO, ELY; ROBERTS, DEON (September 20, 2017). "Ally Bank leasing Crescent Communities' new Tryon Place tower". Charlotte Observer.
- Hannah, Sampson (October 14, 2014). "Ally Financial new sponsor for Miami International Auto Show". Miami Herald.
- "Ally Renews Exclusive Sponsorship of TIME Dealer of the Year Through 2021" (Press release). PR Newswire. July 22, 2015.
- Utter, Jim (October 28, 2018). "Jimmie Johnson finds new sponsor in Ally Financial for 2019 season". Motorsport.com.
- "CFPB and DOJ Order Ally to Pay $80 Million to Consumers Harmed by Discriminatory Auto Loan Pricing" (Press release). Consumer Financial Protection Bureau. December 20, 2013.
- Ficklin, Patrice (January 29, 2016). "Harmed Ally borrowers have been sent $80 million in damages". Consumer Financial Protection Bureau.
- Business data for Ally Financial Inc.: