 | |
 Headquarters atAlly Detroit Center | |
| Formerly | GMAC Inc. (1919–2010) |
|---|---|
| Company type | Public |
| Industry | Financial services |
| Founded | 1919; 106 years ago (1919) (as General Motors Acceptance Corporation) |
| Headquarters | Ally Detroit Center Detroit, Michigan,United States (Ally Financial) Sandy, Utah,United States (Ally Bank) Ally Charlotte Center Charlotte, North Carolina,United States (Corporate Center) |
Key people | Franklin W. Hobbs (chairman) Michael G. Rhodes (CEO) Russell E. Hutchinson (CFO) |
| Services | Car finance Online banking Mortgage loans Stockbroker Electronic trading platform |
| Revenue |  US$5.834 billion (2024) |
2,342,000,000 United States dollar (2022)  | |
 US$558 million (2023) | |
| Total assets | US$191.836 billion (2024) |
| Total equity | US$13.903 billion (2024) |
Number of employees | 10,700 (2024) |
| Website | ally |
| Footnotes / references [1] | |
Ally Financial Inc. (known as GMAC until 2010) is an Americanbank holding company incorporated inDelaware and headquartered atAlly Detroit Center inDetroit, Michigan. The company provides financial services includingcar finance,online banking via adirect bank, corporate lending,vehicle insurance,mortgage loans, and other related financing services such as installment sale and lease agreements.
Ally is one of the largestcar finance companies in the U.S., providing car financing and leasing for 4.0 million customers and originating 1.2 million car loans in 2024. It is on thelist of largest banks in the United States by assets and has 3.3 million deposit customers with 6.3 million retail bank accounts.[1][2] The company sold 556,000 vehicles in 2024 via its SmartAuctiononline marketplace forauto auctions, launched in 2000.[1]
The company was founded in 1919 byGeneral Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers.[3] In 1939, the company founded Motors Insurance Corporation and entered thevehicle insurance market.[4]
In 1985, while GM was under the leadership ofRoger 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.[5]
In 1991, the company was forced towrite-off $275 million inbad debt as part of a $436 million loss suffered fromfraud committed byJohn McNamara, who ran aPonzi scheme.[6]
In 1998, the company formedGMAC Real Estate.[4] In 1999, GMAC Mortgage acquiredDitech.[7] In 2000, the company formed GMAC Bank, adirect bank.[4] In 2005, the company formedGMAC ResCap as a holding company for its mortgage operations.[4]
In 2006, General Motors sold a 51% interest in GMAC toCerberus Capital Management, aprivate equity firm. Also that year, GMAC sold acontrolling interest of GMAC Commercial Holdings (its real estate division renamed Capmark) toGoldman Sachs,Kohlberg Kravis Roberts, and Five Mile Capital Partners.[8]GMAC Real Estate was sold toBrookfield Asset Management. In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, ajoint venture ofLeucadia National andBerkshire Hathaway.[9]
On December 24, 2008, theFederal Reserve accepted the company's application to become abank holding company.[10] In January 2009, the company closedNuvell Financial Services, its subprime lending division.[11][12]
As a result of losses inGMAC ResCap, a subsidiary of the company, theUnited 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.[13]
In April 2009, the bank announced plans to move its Charlotte office fromBallantyne to 106,525 square feet (9,896.5 m2) on four floors of440 South Church, with possible expansion later. At the time, the bank had 265 Charlotte employees in three business units.[14][15]
In May 2009, GMAC Bank was rebranded as Ally Bank.[16]
In May 2010, GMAC re-branded itself as Ally Financial.[17]
In September 2010, the company sold its resort finance business toCenterbridge Partners.[18]
In 2012, the company sold its Canadian banking operations toRoyal Bank of Canada for $3.8 billion.[19] In April 2014, it became apublic company via aninitial public offering.[20] In 2015, it moved its headquarters to One Detroit Center, which was subsequently renamedAlly Detroit Center.[21] In June 2016, the company acquired TradeKing, astockbrokerage, for $275 million, which was re-branded as Ally Invest.[22]
Ally re-entered the mortgage business in May 2016[23] but stopped making new mortgage loans in January 2025.[24]
In October 2019, Ally acquired Health Credit Services, which provided financing for healthcare treatments.[25] It was sold toSynchrony Financial in March 2024.[26]
On May 3, 2021, Ally began occupying 725,000 square feet atAlly Charlotte Center.[27][28][29][30]
In December 2021, Ally acquired Fair Square Financial, a credit card company, for $750 million.[31] It was sold to CardWorks in April 2025.[32]
In 2022, Ally committed to reach equal spending in paid advertising across women's and men's sports programming over the next five years.[33]
In 2023, Ally became the official consumer bank of NASCAR and NASCAR-owned tracks.[34]
Hendrick Motorsports drivers that had Ally as their primary sponsor:Jack Sprague,Ricky Hendrick,Brian Vickers andCasey Mears.(1998-2007)Jimmie Johnson (2019-2020).[35][36][37]Alex Bowman (2021-present).[38]
Naming rights of the Cup Series'race atNashville Superspeedway (2021-2024)[39]
Jimmie Johnson alongsideKamui Kobayashi andSimon Pagenaud (2021);Mike Rockenfeller joined the team for2021 24 Hours of Daytona.[40]
In December 2013, theConsumer Financial Protection Bureau (CFPB) andUnited States Department of Justice ordered the company to pay $80 million in consumer monetarydamages and $18 million incivil 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, in violation of theEqual Credit Opportunity Act.[48][49]
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