In 1998, the company founded GMAC Real Estate. [6] In 1999, GMAC acquired Mortgage Ditech. [9] In 2000, the company founded GMAC Bank, a direct bank. [6] In 2005, GMAC founded ResCap as a holding company for its mortgage business. [6] In May 2009, GMAC Bank was renamed Ally Bank. [18] In May 2010, GMAC changed its name to Ally Financial. [4] In September 2010, the company sold its resort financing business to Centerbridge Partners. In 2012, the company sold its Canadian banking business to royal Bank of Canada for $3.8 billion. [19] In April 2014, it became a public limited company through an IPO. [20] In 2015, it moved its headquarters to one Detroit Center, which was later renamed the Ally Detroit Center.
[21] In June 2016, the company acquired TradeKing, a securities dealer, for $275 million, which was renamed Ally Invest. [22] In April 2009, the bank announced plans to move its Charlotte office from Ballantyne to 106,525 square feet (9,896.5 m2) on four floors of 440 South Church, with possible further expansion. At that time, the bank employed 265 Charlotte employees in three lines of business. [16] [17] In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. Also this year, GMAC sold a majority stake in GMAC Commercial Holdings (its real estate division was 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 lending and services business was acquired by Berkadia, a joint venture between Leucadia National and Berkshire Hathaway. [11] On the 24th. In December 2008, the Federal Reserve accepted the company`s request to become a bank holding company. [12] In January 2009, Nuvell Financial Services, its sub-prime lending division, closed. [13] [14] In 2000, GMAC entered the banking business with GMAC Bank. Following the 2009 financial crisis, it changed its name to Ally Bank.On May 3, 2021, the Ally Charlotte Center officially occupies the 725,000 square feet of the bank`s building and is the only office tenant in the building. [26] Charlotte`s 2,100 employees and contractors will move from additional offices in Charlotte to the new building,[27][28][29] which includes 440 South Church, 11605 N. Community House Road, the WeWork area at 128 S. Tryon St, 1401 W. Morehead St and 2101 Rexford Road. Ally will move into the building in phases to be determined by the teams. [27] Ally Financial is a Delaware-based bank holding company headquartered in Detroit, Michigan. The company offers financial services such as car finance, online banking through direct banking, business loans, car insurance, mortgages and an electronic trading platform for trading financial assets. Ally is one of the largest auto finance companies in the United States, providing auto financing and leasing to 4.5 million customers and providing 1.4 million auto loans annually. It is on the list of the largest banks in the United States in terms of assets and has 2.0 million depositors. [2] The electronic trading platform has approximately 350,000 funded accounts.
[1] Through its SmartAuction online marketplace for car auctions, launched in 2000, the company has sold more than 5 million vehicles, including 270,000 vehicles sold in 2019. [1] [3] Enter your contact information below and select your areas of interest to stay ahead of the curve and receive Law360`s daily newsletters. Submit file information for an ongoing administrative procedure or request information related to the CFPB file or the function of administrative judge (ALJ). In December 2021, Ally acquired Fair Square Financial, a credit card company, for $750 million, and then renamed the subsidiary and product Ally Credit Card. [1] Unauthorized attempts to upload information and/or modify information to any part of this website are strictly prohibited and will be prosecuted under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see 18 U.S.C. §§ 1001 and 1030). If a user or application sends more than 10 requests per second, other requests from the IP address may be limited for a short time. Once the request rate has fallen below the threshold for 10 minutes, the user can continue to access the content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or should not affect anyone browsing the site SEC.gov. Ally Financial went public in 2014. CEO Jeff Brown earned $7.5 million in 2015.In May 2016, Ally Bank re-entered the mortgage industry with the launch of its direct-to-consumer offering called Ally Home. [23] In April 2019, Ally Home partnered with Better.com to launch a digital mortgage platform. [24]. Does something seem too aggressive or not entirely correct? In 2021, Ally continued to sponsor Jimmie Johnson in the IMSA WeatherTech SportsCar Championship with her #48 Cadillac DPi V.R in the IMSA Michelin Endurance Cup alongside Kamui Kobayashi and Simon Pagenaud. Mike Rockenfeller also joined the team for Rolex 24 at Daytona. [39] For more information, see the SEC`s privacy and security policy. Thank you for your interest in the U.S. Securities and Exchange Commission. Due to GMAC ResCap`s losses, the U.S. Treasury Department invested $17.2 billion in the company in 2008-2009.
The Treasury Department sold its last stake in the company in 2014, recouping $19.6 billion of its $17.2 billion investment. [15] VERNELL v. NUVELL CREDIT COMPANY LLC (March 10, 2016). United States District Court, M.D. Florida, Fort Myers Division. Case No. 2:15-cv-674-FtM-38MRM. WHITE v. ALLY FINANCIAL INC. (January 15, 2013) U.S. District Court, S.D.
West Virginia, Charleston Division. Civil Action No. 2:12-cv-00384. In October 2019, Ally announced the completion of the acquisition of Health Credit Services (HCS). HCS is a technology-driven patient finance company based in Charlotte, North Carolina. [25] The company was known as GMAC, an acronym for General Motors Acceptance Corporation, until 2010. [4] The CFPB ordered Ally Financial Inc. and Ally Bank to pay $80 million in damages to African Americans, Hispanics, Asians and Pacific Islanders harmed by the discriminatory prices of Ally`s auto loans and $18 million in civil fines. By using this website, you agree to security monitoring and auditing. For security reasons and to ensure that the public service remains accessible to users, this state computer system uses network traffic monitoring programs to identify unauthorized attempts to upload or modify information, or otherwise cause damage, including attempts to deny service to users. In 2019, Ally became the main sponsor of Jimmie Johnson, a seven-time NASCAR Cup Series champion at Hendrick Motorsports, a sponsorship that runs until 2023. [32] [33] As a gMAC, the company previously had major sponsors at Hendrick Motorsports from 1998 to 2007 with drivers Jack Sprague, Ricky Hendrick, Brian Vickers and Casey Mears, including Vickers` victory in the NASCAR Busch Series in 2003.
[34] Alex Bowman took over the No. 48 Ally Chevrolet in 2021 after Johnson switched from NASCAR to the IndyCar series; Before the start of the season, Ally also acquired the naming rights to the Cup Series race at Nashville Superspeedway to call it the Ally 400.[35] [36] Please report your traffic by updating your user agent to include company-specific information. 200 Renaissance Center P.O. Box 200 Detroit, MI 48265 Phone: (866) 710-4623 Jeffrey Brown, CEO William B. Solomon, Ethics Contact * The ranking is determined by the total number of collection complaints to the Consumer Financial Protection Bureau (CFPB) at the end of 2015 and should be considered in the context of company size and/or market share. View the CFPB`s real-time debt collection complaints database here. PLEASE NOTE: A confirmation email will be sent to your address before you can access your trial version. The CFPB and DOJ are asking their allies to pay $80 million to consumers harmed by discriminatory auto loan prices Note that this policy is subject to change as the SEC manages SEC.gov to ensure the site operates efficiently and remains available to all users. In 1985, while GM was led by Roger Smith, who was trying to diversify the company, GMAC founded GMAC Mortgage and acquired Colonial Mortgage as well as the service arm of Norwest Mortgage, which included an $11 billion mortgage portfolio. [7] Ally is also a sponsor of the National Women`s Soccer League and a major league football team, Charlotte FC. [37] [38].In 2010, the circle came full circle with the change of name from GMAC to Ally Financial. The auto finance industry became Ally Auto. Law360 may contact you in a professional capacity with information about our other products, services and events that we believe may be of interest to you. You can update your communication preferences via the unsubscribe link in our communications. We take your privacy seriously. Please note our privacy policy. Ally Financial is a consumer lender and collection agent. Ally Financial Inc. includes Ally Bank and Ally Auto. The company began as GMAC Financial Services (GMAC). It was founded in 1919 as a division of the automobile manufacturer General Motors and helped dealers finance and maintain their inventory.
Financing was provided directly to the dealer. In the 1950s, they began financing household appliances in retail stores.