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GM Acquires Ally’s Overseas Lending Operations

Maker hopes to boost sales in Europe, Latin America and China.

by on Nov.23, 2012

Ally, the former GMAC, will shift its focus back to auto lending in the U.S. market.

Ally Financial Inc. – what used to be known as GMAC — plans sell its lending operations in Europe and Latin America, as well as its share in a joint venture in China, to General Motors Co. for $4.2 billion.

GM Financial, a wholly-owned GM subsidiary, will assume responsibility for the management of Ally’s international operations. The acquisition will also double the size of the GM Financial loan portfolio to more than $32 billion, General Motors’ Chief Financial Officer Dan Ammann said Wednesday.

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“We’re bringing those assets back into the family, which we think will help us increase our sales around the world. We have a lot of new product launches coming all around the world, across Asia and China, Ammann said during a conference call with reporters. “It will help drive top line growth,” he said, adding, “We couldn’t be more pleased.”


Ally Tosses Troubled Mortgage Arm Into Bankruptcy

Renewing focus on autos – and paying back a bailout.

by on May.15, 2012

Ally, the former GMAC, shifts focus back to auto loans.

Ally Financial Inc. the nation’s largest automotive lender, has placed its money-losing mortgage subsidiary into bankruptcy – a move that actually could free it up to stage a much-anticipated IPO.

The bankruptcy filing was part of series of strategic actions aimed at strengthening the company’s longer-term financial profile and accelerating repayment of the U.S. Treasury’s loans that bailed out Ally when it was still operating as the General Motors Acceptance Corp.

Such a Deal!

The subsidiary, known as Residential Capital, or ResCap, has been saddled with billions of dollars of so-called “toxic” loans generated during the bubble economy that came crashing down in 2008 and 2009, sinking a number of home lenders.


GMAC moves on

GMAC Financial Services is staking a claim to its independence.

by on May.15, 2009

"Given the recent financial market turmoil, people are looking for a safe, honest and efficient place to save."

"Given the recent financial market turmoil, people are looking for a safe, honest and efficient place to save."

General Motors CEO Fritz Henderson said this week that GM no longer has any representation on the board of GMAC. GM sold a majority interest in GMAC to Cerberus Capital Management back in 2006. Last December, GMAC was reorganized in an exchange for $5 billion in federal funds. When it accepted money from the Trouble Asset Relief Program (TARP), GMAC was required to loosen its ties to Cerberus and GM, which is why Henderson said he doesn’t always have up to the minute information about what’s going on at the big finance company.

GMAC, which is now being overrun by refugees from Wall Street meltdown, has now announced that it is changing the name of the consumer bank that is one of the keys to its future plans. 

“The world doesn’t need another bank, it needs a better bank.” This philosophy is at the heart of the launch of Ally, a new brand for a U.S. online bank designed to disrupt the status quo and challenge win-lose practices in the banking industry, GMAC said. Ally Bank offers a variety of savings products, including no-penalty certificates of deposit (CDs), online savings accounts and money market accounts.

“We are launching a new brand with a new approach of treating customers with total transparency,” said GMAC Chief Executive Officer Al de Molina. “Unlike other banks which depend on fees as a business model, we want to make money with customers, not off customers.”    (more…)