Warren Buffett sought to buy Residential Capital from Ally Financial before bankruptcy
Before Residential Capital entered bankruptcy, billionaire Warren Buffett had wanted to buy it from Ally Financial Inc., according to three sources. They said that Buffett had assigned... Read more
Ally CEO says splitting from ResCap mortgage unit offers many benefits
In an interview with Automotive News, Ally Financial CEO Michael Carpenter revealed that breaking free from its troubled ResCap mortgage subsidiary once and for all is beneficial for the... Read more
Ally Financial’s ResCap files for bankruptcy with at least $1 billion in both assets, debts
Mortgage company Residential Capital LLC has filed a Chapter 11 petition today in U.S. Bankruptcy Court in Manhattan, listing at least $1 billion each in liabilities and assets. The... Read more
U.S. Treasury Department prefers a breakup and sale of the lender Ally Financial
The U.S. Treasury said that it prefers a breakup and sale of the lender Ally Financial Inc. The U.S. Treasury has given $17.2 billion to the company. This strategy includes selling back... Read more
Ally Financial reported a net loss of $210 million in the third quarter
In the third quarter, Ally Financial Inc.'s core automotive franchise recorded a hefty volume growth; however, its pre-tax income was flat on the automotive side. Ally said that these... Read more
Ally Financial launches Ally Buyer’s Choice
Ally Financial is unveiling a new kind of loan -- an auto loan that comes with an option for the client to sell the vehicle, 48 months into the loan, to the company at a guaranteed price.... Read more
Ally Financial posted an 80 percent drop in the second-quarter profit
Ally Financial Inc. reported a net income of $113 million for the second quarter of 2011, an 80 percent drop from the $565 million that the company achieved in the same period last year.... Read more
Ally Financial to offer dealers 5 percent of the common shares as part of IPO
Ally Financial Inc. submitted a filing with the U.S. Securities and Exchange Commission where it confirmed plans to offer as high as 5% of the common shares to auto dealers issued as part... Read more
Ally Financial reports 9.9% profit drop in first quarter 2011
As the income of Ally Financial Inc. decreased at two of its core units, it reported a 9.9% drop in its profit in the first quarter. In a statement, the auto and home lender that’s... Read more
Ally Financial plans to sell shares to the public late in the second quarter
According to two insiders, Ally Financial Inc., which is the automobile and home lender predominantly owned by the U.S. government, has plans to sell shares to the public late in the... Read more
GM Financial to expand into markets and compete against Ally Financial
Plans are in place for GM Financial (General Motors Co.'s auto lending branch) to expand into markets that may put it in direct competition with Ally Financial Inc. GM owned Ally,... Read more
General Motors is considering buying back part of Ally Financial
Sources told the Wall Street Journal that General Motors Co. is thinking about buying back part of Ally Financial, its former GMAC auto loan business. According to people who claimed to... Read more
US government converts preffered stock of Ally Financial into common shares
As the U.S. government converted $5.5 billion of preferred stock into common shares, Ally Financial Inc. is inching closer to reclaiming its independence. Ally is formerly the lending... Read more
Ally Financial reported a third straight quarterly profit
For the third consecutive quarter, Ally Financial Inc. has reported a profit as consumers and dealers financed a higher number of US car and truck purchases. Ally Financial Inc. is the... Read more
Ally Financial is the preferred lender for Fiat vehicles sold in the U.S.
Through a press release, Chrysler Group confirmed that its preferred consumer lender for Fiat vehicles sold in the US is Ally Financial. Its dealerships have been told that Ally, formerly... Read more
Ally Financial might repay its bailout, according to GM’s IPO
If General Motors Co. is correct about the value of its stake in Ally Financial Inc., then it’s likely that the auto lender will soon be able to completely repay the bailout money it... Read more
Report: Ally eases credit threshold for Chrysler leases
Ally Bank, the former GMAC, lowered Chrysler Group's credit-score threshold for its customers to qualify for a vehicle lease from 660 to 620. As a result of this move by Ally, Chrysler's... Read more
Official: GMAC becomes Ally
Starting August, the "Ally" name will be used in most of Ally Financial Inc.'s consumer and dealer-related auto finance operations in North America. The shift all but ends the GMAC brand... Read more
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