North American buyers of new Chrysler, Dodge, Jeep and Ram vehicles will soon be financing their vehicles through Ally Financial. The company, formerly General Motors Acceptance Corporation, is retiring the GMAC name from its automotive financing operations for GM, Chrysler, Saab, Thor Industries (manufacturer of Four Winds recreational vehicles and Airstream travel trailers) and Fiat Mexico. It already uses the Ally name for its financing operations for Suzuki. The changeover will come next month.
Ally is among the world’s largest automotive financial services companies. In the first six months of 2010, Ally loaned more than $16 billion to retail customers in North America including an average of $2 billion a month to U.S. buyers, up more than 120% from the first half of 2009.
“The move to the Ally name allows us to invest in a brand that we own and can build upon for the long term,” said Bill Muir, Ally’s president. “An ally is someone you rely on to support you, and our new brand embodies our 90-year heritage as a trusted finance source for the automotive industry.”
Dealers will also find the Ally name on their own inventory and floorplan financing as the 91-year-old firm continues to distance itself from former owner GM. GM spun off GMAC in 2006 and is now exploring its own financing options.