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GMAC Financial Services

Ally Financial Inc.
Public company
Traded as ALLY
Industry Financial services
Founded 1919 (1919) (as GMAC Inc.)
Headquarters Detroit, Michigan (Corporate)
Midvale, Utah (Ally Bank)
Key people
Franklin Hobbs, Chairman
Jeffrey J. Brown, CEO
William Muir, President
Services Car finance
Vehicle service contracts
Online banking
Mortgages
Credit cards
Brokerage firm
Revenue IncreaseUS$5.437 billion (2016)
IncreaseUS$1.111 billion (2016)
DecreaseUS$1.067 billion (2016)
Total assets IncreaseUS$163.728 billion (2016)
Total equity DecreaseUS$13.317 billion (2016)
Owner Harris Associates (7.50%)
The Vanguard Group (7.50%)
JPMorgan Chase (4.00%)
Number of employees
7,600 (2016)
Website www.ally.com

Ally Financial Inc., formerly known as GMAC Inc. (an acronym for General Motors Acceptance Corporation) until 2009, is a bank holding company headquartered in Detroit, Michigan. The company provides financial services including auto financing, corporate financing, insurance, mortgages, stock brokerage, and online banking. Ally is one of the top auto lenders in the U.S. by volume and is on the list of largest banks in the United States.

The company was founded in 1919 by General Motors Corporation as the General Motors Acceptance Corporation (GMAC) to be a provider of financing to automotive customers. Original offices were located in Detroit, New York, Chicago, San Francisco, and Toronto. Over the following decades the business expanded to include insurance, online banking, mortgage operations, and commercial finance.

In 1985, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the servicing arm of Norwest Mortgage. In 1999, GMAC Mortgage purchased Ditech Funding In 2005, the company formed Residential Capital (ResCap) as a holding company for its mortgage operations.

In 2006, General Motors Corporation sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. Also that year, GMAC divested a controlling interest of GMAC Commercial Holdings, its real estate division, and Capmark Financial Group to Goldman Sachs, KKR and Five Mile Capital Partners. In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, a joint venture of Leucadia and Berkshire Hathaway.


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