Ally Financial

Provides automotive financing and banking services.

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200 Renaissance Center
P.O. Box 200
Detroit, MI 48265-2000
Employees: 14,800
CEO: Michael Carpenter
Stock Symbol: ALLY


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Ally Financial is a bank holding company with $151.8 billion in assets. As a global financial services institution, Ally's business operations include automotive finance, mortgage operations and commercial finance. The company changed its name from GMAC Financial in 2010.

The company also offers retail banking products through its online division, Ally Bank. The bank has some of the highest rates available for money market funds and CDs. Current savings account rates are 0.99% and 1.05% for 12-month CDs. There are no monthly maintenance fees or minimum deposits to open.

Ally had $48.0 billion in retail deposits at the end of 2014, up 11% from the previous year. The company has 909,000 customers.

Dealer Financial Services, which includes the Automotive Finance and Insurance operations, and Mortgage are Ally's primary lines of business. The Dealer Financial Services business is centered on strong and longstanding relationships with automotive dealers and supports manufacturers with which it has marketing relationships and their marketing programs. The Dealer Financial Services business serves the financial needs of approximately 16,000 dealers in the United States and approximately 4 million of their retail customers with a wide range of financial services and insurance products.

Ally provides financing primarily to GM and Chrysler dealers but has been trying to expand its offerings to other auto dealers.

Ally reported $4.65 billion in total net revenue for 2014, up from $4.26 billion, and net income of $1.2 billion.

The company went public in April 2014.

"The past year's accomplishments – from successful completion of our initial public offering to repayment of TARP – has solidified Ally's standing as a stronger, more focused financial services company," said Chief Executive Officer Michael Carpenter. "We began the year with a plan aimed at improving shareholder returns, and significant progress was achieved in 2014 in the areas of net interest margin expansion, expense reduction and regulatory normalization, which all led to a core return on tangible common equity of 7.9 percent for the year. We remain committed to further improving our core return on tangible common equity as we move through 2015.


Founded in 1919 as a wholly owned subsidiary of General Motors Corp., GMAC was established to provide GM dealers with the financing necessary to acquire and maintain vehicle inventories and to provide customers a means by which to finance vehicle purchases. The company's products and services have since been expanded and now include three primary lines of business: automotive financing, real estate financing and insurance.

On Nov. 30, 2006, GM sold a 51 percent controlling interest in GMAC to a consortium of investors led by private equity firm Cerberus Capital Management, and included Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group.

In December 2008, GMAC converted to a bank holding company which makes it eligible for funding from the U.S. Treasury to assist ailing banks.

In May 2009, GMAC relaunched its online banking division as Ally Bank with FDIC deposits guaranteed up to $250,000.

In 2011, Ally began repaying funds received from the U.S. Treasury.


* 1919: Branches open in Detroit, New York, Chicago, San Francisco and Toronto.
* 1920: Expansion to Great Britain.
* 1928: Four millionth retail contract.
* 1939: Motors Insurance Corporation (MIC) formed, replacing earlier insurance products. Now a part of GMAC Insurance Holdings. Post WWII: GMAC growth surges with that of parent GM.
* 1958: GMAC finances 40 millionth vehicle.
* 1977: 75 millionth vehicle mark.
* 1985: 100 million vehicles and first-ever annual earnings of $1 billion. GMAC enters the mortgage business.
* 1999: Highest earnings ever; purchase of Bank of New York's asset-based lending and factoring business unit creates new Commercial Finance Group.
* 2000: $1.6 billion earnings, a record. Global growth in all sectors of the organization. North American Operations (NAO) launches SmartAuction, an Internet-based remarketing channel for GMAC off-lease vehicles.
* 2001: $1.8 billion earnings, a record. Since its inception, GMAC has provided more than $1 trillion of financing for 150 million cars and trucks around the world.
* 2002: Nearly $1.9 billion earnings, a record. GMAC has a presence in 41 markets.
* 2003: Earnings surge to nearly $2.8 billion, an all-time record. SmartAuction emerges as a top Internet remarketing tool with cumulative sales to exceed one million in 2004.
* 2004: Net income of $2.9 billion in 2004, marking yet another year of record earnings and tenth straight year of increased profits. International Operations makes historic entrance into China; sales of insurance to GM customers increases eightfold; GMAC Automotive Bank opens its doors.
* 2005: Net income of approximately $2.4 billion in 2005.
* 2006: GM sells a 51-percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P.

* 2010: Company renamed Ally Financial

Updated February 17, 2015