Posted on July 14th, 2010 • by Bill Cawthon
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 [...]
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Posted on May 19th, 2010 • by David Zatz
While General Motors has been talking about regaining ownership of GMAC or starting their own captive loan firm, Chrysler has held true to Sergio Marchionne’s vision of decoupled loan providers and automakers by striking an agreement with Santander Consumer USA. Santander, which is part of the large, Spanish Banco Santander, will provide loans to customers [...]
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Posted on May 10th, 2010 • by Bill Cawthon
Want a Chrysler, but want a lease? You’re in luck! Chrysler, which dropped leasing altogether in August 2008, is again offering customers a lease option through GMAC Financial (now Ally Financial Inc.). In April, roughly eight percent of retail customers chose to lease their new Chrysler vehicle. Chrysler hopes to see its lease volume grow [...]
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Posted on May 7th, 2010 • by David Zatz
Many news outlets have reported that GMAC is changing is name to Ally Financial from General Motors Acceptance Corporation, in line with its move from being GM’s internal car loan outfit (and, later, mortgage provider) to being a less specialized financial institution serving both GM and Chrysler.
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Posted on March 11th, 2010 • by Bill Cawthon
The Congressional Oversight Panel, created as a watchdog for the Treasury’s use of funds allocated in the Troubled Asset Relief Program (TARP), says GMAC still does not have a viable business plan after receiving $17.2 billion in government cash. The panel is also critical of the Treasury Department’s handling of the GMAC case, saying the [...]
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Posted on January 16th, 2010 • by Bill Cawthon
Automotive News reports the government’s lifeline to GMAC is already paying dividends. The bank, which replaced Chrysler Financial as the primary lender for Chrysler dealers and customers, just declared a quarterly dividend worth $129 million on the preferred stock issued to the U.S. Treasury at the end of 2009. The most recent payment is on [...]
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