Reviews, evaluations and opinions of our experts on the products and services that appear on this page are totally objective and independent. Some products may be from our partners who compensate us, which may influence where and how they are displayed. Advertising disclosure.
More info of Ally Bank
Transformations in the business world are becoming more frequent and, depending on the circumstances, necessary. Many brands, once widely recognized, change their names to reinvent themselves over time.
In this category we have Ally Bank, the once GMAC, which now stands out in the U.S. financial landscape.
You may be interested in: CIT Bank online banking products
From GMAC to Ally Bank
To get a perspective on where Ally Bank comes from, we need to review a bit of the history of General Motors Acceptance Corporation (GMAC).
Founded by the iconic Detroit automaker in 1919, GMAC recently turned 100 years old, making it one of those institutions that has undergone several transformations throughout its history.
The reason for its conception was to provide a direct auto insurance service to General Motors (GM) customers. This was followed by its foray into the auto insurance market with the creation of the Motors Insurance Corporation in 1939.
After this, the following relevant events occurred that are worth mentioning:
- GMAC's diversification through its mortgage division and the purchase of both Norwest Mortgage and Colonial Mortgage in 1985.
- From 1998 to 2005, the formation of GMAC Real Estate, the acquisition of Ditech, the creation of GMAC bank and the start-up of ResCap, an investment company for its mortgage management, took place.
- The year 2006 saw the sale of 51% of GMAC's shares to Cerberus Capital Management and the transfer of control of its real estate division to Goldman Sachs, which was to be called CapMark.
- The years of the real estate crisis also affected GMAC, leading to the bankruptcy of Capmark, the sale of its North American mortgage origination services and the closure of Nuvell Financial Services, its subprime lending division.
- These changes and restructurings led to the company adopting the name Ally Financial in 2010, which also includes the bank in this review.
Evolution of Ally Bank
Since its rebranding, Ally Financial represents an investment company that had a relatively short progression to become what it is today.
It is not for nothing that it is considered the 19th largest bank in terms of assets and ranks first in the automotive financing category in the United States with more than 6 million auto loan customers.
This was made possible by events such as:
- Ally Bank's public offering in 2014, which made it a company with public shareholders and stock market participation. They would then take control of brokerage firm TradeKing, which would be renamed Ally Invest in 2016.
- During 2016, a relocation of its offices would also occur, bringing 1,500 employees for the Ally Detroit Center. The following year, it would sign a lease for its new headquarters in Charlotte, North Carolina, known as the Ally Charlotte Center, where more than 2,100 employees and partners operate.
- By 2018, this financial institution had left behind many of the problems that plagued other similar companies that failed to survive. As leaders in the automotive lending industry, they also stand out for their online banking services.
- In 2021, it acquired Fair Square Financial, which specializes in credit cards, renaming it Ally Credit Card.
Ally Financial's current status
Formerly known as GMAC, this company has evolved for 100 years to offer you a wide variety of financial services.
Currently, they have a portfolio that includes: online banking, auto lending, mortgage lending, credit card services, commercial financing and brokerage account management.
As one of the largest institutions in the country, Ally Financial Inc. serves individuals, small businesses and large corporations alike.
You may be interested in: Axos Online Banking Products
It has an estimated 4.5 million customers who take advantage of its banking products and has at least 18,500 dealerships for those looking for help with buying, selling or insuring vehicles.
As part of their diversification, they added an online marketplace for auto auctions called SmartAuction. According to their records, they have sold some 5 million vehicles so far and it represents a strategic division for the company due to its growing popularity. It is a service designed to give you more convenience whether you are looking for a new or used car.
In terms of social responsibility, Ally Bank is also involved in various activities that benefit the general public and its customers. Therefore, from time to time they hold promotions to give away prizes, their employees perform volunteer work for the community and they are a recurring sponsor of events related to the automotive industry.
For all this and more, we think Ally Bank is a financial institution that has earned its place in the competitive U.S. banking landscape.
Despite some scandals along the way and economic problems, it has held its own. That's why you can find their products in the Busconomico website.
Español: Análisis de productos de Ally Bank
Contact info
Social denomination:
Ally Financial Inc.