General Motors Acceptance Corporation
 |
|
| Public company | |
| Traded as | : ALLY |
| Industry | Financial services |
| Founded | 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 |  US$5.437 billion (2016) |
| US$1.111 billion (2016) |
|
 US$1.067 billion (2016) |
|
| Total assets | US$163.728 billion (2016) |
| Total equity | US$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 Financial Inc., 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.com. 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.
On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company. As a result of losses in the company's former ResCap subsidiary, the United States 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.
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