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Ally Financial

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January 24, 2018 - Industry News

Ally Enters Retail Financing Agreement With DriveTime

Ally Financial said it will make up to $750 million available to DriveTime for the purchase of retail contracts over the coming year.

Tags: Ally Financial, auto finance, DriveTime, used vehicles

December 12, 2017 - Industry News

Ally Financial Names Successor to Retiring CFO Chris Halmy

With current CFO Chris Halmy set to retire on March 1, 2018, Ally Financial today announced that Jenn LaClair is joining the company as CFO designate, with the intent that she will be appointed to succeed Ally's retiring CFO.

Tags: Ally Financial, auto finance, hires

October 25, 2016 - Industry News

Ally Announces 2017 TIME Dealer of the Year Nominees

Forty-nine U.S. auto dealers have been nominated for the 2017 Time Dealer of the Year award, according to Ally Financial. For being nominated, Ally will contribute $1,000 to each dealer's charity of choice.

Tags: Ally Financial, Award, TIME

March 23, 2016 - Industry News

Ally to Expand Econtracting to All 50 States

Dealers in Arizona, Hawaii, Michigan, Mississippi, Montana, New Jersey, New Mexico and Wisconsin will soon be able to econtract with Ally through Dealertrack. Ally currently offers econtracting in 42 states, and hopes to complete the expansion over the next several weeks.

Tags: Ally Financial, econtracting, Financing

February 9, 2016 - Industry News

Ally Financial Increasing Carvana's Floorplan Credit Line

Ally Financial said this week it is increasing the online vehicle retailer's floorplan credit line from $60 million to $125 million. This will allow Carvana to finance approximately 7,100 vehicles, up from 3,400.

Tags: Ally Financial, Carvana, credit lines, floorplan financing

February 4, 2016 - Industry News

Ally's 2015 Originations Surpass Target Despite Loss of GM

The former captive originated $41 billion in auto loans in 2015, surpassing the high $30 billion range it projected at the beginning of the year. Much of that was due to the 53% increase in non-GM/Chrysler originations.

Tags: Ally Financial, Financial Reports, Fourth Quarter, Originations, Q4

December 30, 2015 - Industry News

Ally Offering Services Through Beepi Marketplace

Ally Financial is now offering consumer auto financing products for vehicles purchased on Beepi, a technology company that allows consumers to purchase cars online or through their smartphones.

Tags: Ally Financial, Beepi, Online Buying, Vehicle Sales

October 8, 2015 - Industry News

SmartAuction Hits Five Million Sales Milestone

Five million vehicles have been sold on Ally Financial’s online auction platform, the company announced this week.

Tags: Ally Financial, Auto Auctions, SmartAuction

July 22, 2015 - Industry News

Ally Renews Exclusive Sponsorship of TIME Dealer of the Year

Ally Financial has renewed its exclusive sponsorship of the TIME Dealer of the Year program through 2021. Nominations for the 2016 program are now open.

Tags: Ally Financial, charity giving, NADA, NADA Convention and Expo, National Automobile Dealers Association, TIME Dealer of the Year

July 9, 2015 - Industry News

Ally to Offer APR, FICO Score and Secure Email for Auto Consumers

Starting July 19, Ally will offer customers direct access to their FICO Scores and APR within their online accounts. The finance source has also launched a secure email feature on its site to help customers send and receive account information and documentation.

Tags: Ally, Ally Financial, APR, Auto Loans, FICO Score

June 25, 2015 - Industry News

Supreme Court Upholds Disparate Impact

Source: Wikipedia

In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who believed a ruling against the controversial legal theory would put a kibosh on the CFPB’s actions in auto lending.

Tags: Ally Financial, CFPB, Consumer Financial Protection Bureau, Disparate Impact, fair lending, Supreme Court

June 23, 2015 - Industry News

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Tags: Ally Financial, Auto Lending, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, Regulations, Settlement

April 27, 2015 - Industry News

Ally to Replace Mitsubishi’s Captive Finance Arm

Ally Financial and Mitsubishi Motors North America have announced that Ally will become the preferred financing source for Mitsubishi Motors in the United States, replacing the brand's captive finance company.

Tags: Ally Financial, captive finance, Mitsubishi

April 14, 2015 - Industry News

CFPB Faces Mounting Criticism, New Bipartisan Bill

On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.

Tags: Ally Financial, CFPB, Congress, Consumer Financial Protection Bureau, Department of Justice, Indirect Lending, legislation, Richard Cordray

February 5, 2015 - Industry News

GM Financial Triples Share of GM Leases

GM Financial officials said Ally shouldn’t be surprised by GM’s decision to internalize its lease program. The company ended the year with a 50% share of GM’s lease business.

Tags: Ally Financial, Fourth Quarter, General Motors, GM Financial, leasing, Quarterly Earnings

February 3, 2015 - Industry News

Ally Financial Names New CEO

Jeffrey Brown, who headed up Ally’s dealer-financial services business, will succeed Michael Carpenter, who is retiring from his post and from the company’s board after five years.

Tags: Ally Financial, Jeffrey Brown, Michael A. Carpenter

February 3, 2015 - Industry News

Ally ‘Highly Confident’ About Overcoming Boot From GM Leasing Program

During a quarterly earnings conference call last week, Ally’s former CEO opened up about General Motors’ unexpected decision to move all of its lease incentives to its captive, GM Financial.

Tags: Ally Financial, GM Financial, IPO, leasing, Quarterly Earnings

January 13, 2015 - Industry News

Ally to Make FICO Scores Available to Customers

Ally Financial Inc. will begin piloting in February a new program designed to provide customers with free access to their FICO score. The company expects to fully launch the new service this summer.

Tags: Ally Financial, Credit, FICO, Obama administration

December 9, 2014 - Industry News

Ally Launches Enhanced Mobile and Online Tools for Auto Consumers

Ally Financial has improved its Ally Auto Mobile Pay app and added a new Click-to-Chat tool to its website that links users with live service agents.

Tags: Ally Financial, live chat, Mobile Applications

November 20, 2014 - Industry News

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB study, F&I manager, F&I office

May 14, 2014 - Industry News

Ally Announces Auto Auction Award Winners

Top honors went to ABC St. Louis Auto Action, which won for the second year in a row. Dealer Auto Auction of Oklahoma City and Adesa Los Angeles were also recognized.

Tags: Ally Financial, Auto Auctions, Awards, SmartAuction

January 27, 2014 - Industry News

Ally and TIME Announce 2014 TIME Dealer of the Year

Jeff Teague of Teague Ford Lincoln in El Dorado, Ark., was named 2014 TIME Dealer of the Year during a special ceremony at the NADA Convention & Expo.

Tags: 2014, Ally Financial, Jeff Teague, NADA, New Orleans, TIME Dealer of the Year

December 20, 2013 - Industry News

Ally Reaches $98M Settlement with DOJ, CFPB for Lending Discrimination

The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.

Tags: Ally Bank, Ally Financial, CFPB, Consumer Financial Protection Bureau, discrimination, Dodd-Frank Act, Settlement

November 5, 2013 - Industry News

CFPB Responds to Senators’ Demands

CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.

Tags: Ally Financial, Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, ECOA, NADA, Richard Cordray

October 29, 2013 - Industry News

Judge: Ally Violated Bankruptcy Rules

A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.

Tags: Ally Financial, bankruptcies, compliance, consumer bankruptcies

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