Ally Financial Inc.
FormerlyGMAC Inc. (1919–2010)
TypePublic company
IndustryFinancial services
Founded1919; 103 years ago (1919) (as General Motors Acceptance Corporation)
HeadquartersAlly Detroit Center
Detroit, Michigan, U.S. (Corporate)
Sandy, Utah, U.S. (Ally Bank)
Key people
Franklin W. Hobbs, Chairman
Jeffrey J. Brown, CEO
Jennifer Laclair, CFO
ServicesCar finance
Online banking
Mortgage loans
Electronic trading platform
RevenueIncrease US$8.206 billion (2021)
Increase US$3.06 billion (2021)
Total assetsIncrease US$182.114 billion (2021)
Total equityIncrease US$17.050 billion (2021)
Number of employees
10,500 (2021)
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, mortgage loans, and an electronic trading platform to trade financial assets.

Ally is one of the largest car finance companies in the U.S., providing car financing and leasing for 4.5 million customers and originating 1.4 million car loans annually. It is on the list of largest banks in the United States by assets and has 2.0 million depositors.[2] Its electronic trading platform has approximately 350,000 funded accounts.[1] Via its SmartAuction online marketplace for auto auctions, launched in 2000, the company has sold more than 5 million vehicles, including 270,000 vehicles sold in 2019.[1][3]

The company was known as GMAC, an acronym for General Motors Acceptance Corporation, until 2010.[4]


The company was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers.[5] In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market.[6]

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.[7]

In 1991, the company was forced to write-off $275 million in bad debt as part of a $436 million loss suffered from fraud committed by John McNamara, who ran a Ponzi scheme.[8]

In 1998, the company formed GMAC Real Estate.[6] In 1999, GMAC Mortgage acquired Ditech.[9] In 2000, the company formed GMAC Bank, a direct bank.[6] In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations.[6]

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 renamed Capmark) to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners.[10] 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.[11]

On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company.[12] In January 2009, the company closed Nuvell Financial Services, its subprime lending division.[13][14]

As a result of losses in GMAC ResCap, the United States Department of the 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.[15]

In May 2009, GMAC Bank was rebranded as Ally Bank.[16] In May 2010, GMAC re-branded itself as Ally Financial.[4] 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.[17] In April 2014, it became a public company via an initial public offering.[18] In 2015, it moved its headquarters to One Detroit Center, which was subsequently renamed Ally Detroit Center.[19] In June 2016, the company acquired TradeKing, a stockbrokerage, for $275 million, which was re-branded as Ally Invest.[20]

In May 2016, Ally Bank re-entered the mortgage business with the launch of its direct-to-consumer offering called Ally Home.[21] In April 2019, Ally Home partnered with to launch a digital mortgage platform.[22]

In 2016, the company began occupancy at Ally Charlotte Center in Charlotte, North Carolina.[23]

In December of 2021, Ally acquired Fair Square Financial, a credit card company, for $750 million and subsequently rebranded the subsidiary and product as Ally Credit Card.[1]


The company sponsors the Miami International Auto Show,[24] the Time Dealer of the Year award,[25] and The Ally Challenge.

In 2019, Ally became the primary sponsor for seven-time NASCAR Cup Series champion Jimmie Johnson at Hendrick Motorsports, a sponsorship that runs through 2023.[26][27] 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.[28] Alex Bowman took over the No. 48 Ally Chevrolet in 2021 after Johnson transitioned from NASCAR to the IndyCar Series;[29] before the season began, Ally also acquired the naming rights to the Cup Series' race at Nashville Superspeedway to name it the Ally 400.[30]

Ally is also a sponsor of the National Women's Soccer League and of a team in Major League Soccer, Charlotte FC.[31][32]

In 2021, Ally continued to sponsor Jimmie Johnson in IMSA WeatherTech SportsCar Championship with his No.48 Cadillac DPi-V.R entry in IMSA Michelin Endurance Cup rounds alongside Kamui Kobayashi and Simon Pagenaud. Also, Mike Rockenfeller joined the team for Rolex 24 at Daytona.[33]

Legal issues

2013 discrimination settlement

In December 2013, the Consumer Financial Protection Bureau (CFPB) and United States Department of Justice ordered the company to pay $80 million in consumer monetary damages and $18 million in civil penalties after determining that 235,000 minority borrowers paid higher interest rates for auto loans originated between April 2011 and December 2013 because of the company's discriminatory pricing system. The higher rates resulted from the company's specific policy of allowing dealers to charge, at their discretion, a "dealer markup" above Ally's established "buy rate" and then compensating dealers based on the markup. Ally provided an incentive for dealers to charge higher rates, which disproportionately affected minority borrowers, in violation of the Equal Credit Opportunity Act.[34][35]


  1. ^ a b c d "Ally Financial 2021Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Large Holding Companies". Federal Financial Institutions Examination Council.
  3. ^ "SmartAuction Announces 5 Millionth Vehicle Sale" (Press release). Ally Financial. October 7, 2015 – via PR Newswire.
  4. ^ a b "GMAC Posts Profit, to Change Name to Ally". CNBC. Associated Press. May 3, 2010.
  5. ^ Hanson, Dana (January 25, 2019). "20 Things You Didn't Know About Ally Bank". Money. Retrieved April 23, 2020.
  6. ^ a b c d Warren, Elizabeth (2011). "Unique Treatment of General Motors Acceptance Corp. (GMAC) Under the TARP". DIANE Publishing. ISBN 978-1-4379-3080-1.
  7. ^ Gruber, William (March 14, 1985). "GMAC Buying Mortgage Portfolio". Chicago Tribune.
  8. ^ Potts, Mark; Brown, Warren (April 18, 1992). "General Motors Alleges Monumental Fraud". The Washington Post.
  9. ^ Strickland, Daryl (March 23, 1999). "DiTech Funding to Be Bought by GMAC Mortgage". Los Angeles Times.
  10. ^ "General Motors Acceptance Corporation Form 8-K" (Press release). U.S. Securities and Exchange Commission. March 23, 2006.
  11. ^ "Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's North American Loan Origination and Servicing Business" (Press release). Berkadia. December 11, 2009 – via Business Wire.
  12. ^ Dash, Eric; Bajaj, Vikas (December 24, 2008). "Fed Approves GMAC Request to Become a Bank". The New York Times.
  13. ^ Basch, Mark (January 12, 2009). "GMAC closing Jacksonville-based subprime auto loan company". The Florida Times-Union.
  14. ^ Walden, Jamie (January 13, 2009). "Nuvell Financial Services Closes, Arkansas Jobs Not Affected". Arkansas Business.
  15. ^ "U.S. Treasury Sells Ally Financial Stake; No More Government Motors". Forbes. December 31, 2014.
  16. ^ "GMAC Bank re-brands itself as Ally Bank". Los Angeles Times. May 16, 2009.
  17. ^ "Royal Bank buys online savings bank Ally for $3.8B". CBC News. October 23, 2012.
  18. ^ "Ally Financial Announces Pricing of Initial Public Offering" (Press release). Ally Financial. April 9, 2014 – via PR Newswire.
  19. ^ Shepardson, David (March 31, 2015). "Ally Financial moving to One Detroit Center". The Detroit News.
  20. ^ Burns, Hilary (May 12, 2017). "TradeKing transformation complete after acquisition by Ally". Charlotte Business Journal.
  21. ^ Burns, Hilary. "Ally Bank launches mortgage offering". Charlotte Business Journal.
  22. ^ Lane, Ben. "Ally Financial partnering with to launch digital mortgage platform". Housing Wire.
  23. ^ Hudson, Caroline (April 22, 2021). "ALLY'S BIG MOVE". American City Business Journals.
  24. ^ Hannah, Sampson (October 14, 2014). "Ally Financial new sponsor for Miami International Auto Show". Miami Herald.
  25. ^ "Ally Renews Exclusive Sponsorship of Time Dealer of the Year Through 2021" (Press release). Ally Financial. July 22, 2015 – via PR Newswire.
  26. ^ "Ally Financial extends full-season primary sponsorship of Hendrick Motorsports". Hendrick Motorsports. October 4, 2019.
  27. ^ "Ally signs three-year, full-season sponsorship extension with Hendrick". NASCAR. October 4, 2019.
  28. ^ Utter, Jim (October 28, 2018). "Jimmie Johnson finds new sponsor in Ally Financial for 2019 season".
  29. ^ "Hendrick Motorsports taps Alex Bowman to drive No. 48 Ally Chevrolet in 2021" (Press release). Ally Financial. October 6, 2020. Retrieved October 30, 2020 – via PR Newswire.
  30. ^ Woody, Larry (January 19, 2021). "Superspeedway's inaugural race christened Ally 400". The Wilson Post. Retrieved January 19, 2021.
  31. ^ "NWSL Welcomes Ally as League's First Official Banking Partner, League-Wide Sleeve Sponsor" (Press release). National Women's Soccer League. March 30, 2021. Retrieved 2021-03-30.((cite press release)): CS1 maint: url-status (link)
  32. ^ Ajdrejev, Alex (July 22, 2020). "Welcome, Charlotte FC. The city's MLS expansion team gets a new name and crest". The Charlotte Observer.
  33. ^ Malsher-Lopez, David (December 4, 2020). "Jimmie Johnson to race for Action Express in Rolex 24". Retrieved December 6, 2020.
  34. ^ "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.
  35. ^ Ficklin, Patrice (January 29, 2016). "Harmed Ally borrowers have been sent $80 million in damages" (Press release). Consumer Financial Protection Bureau.