Ally Financial

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Ally Financial Inc.

logo
legal form Corporation
ISIN US02005N3089
founding 1919
Seat Detroit , United States
management Jeffrey Brown, CEO
Number of employees 7,600
sales 8,305,000,000 USD
Branch Financial services
Website www.ally.com

Ally Financial , formerly GMAC ( General Motors Acceptance Corporation ), is a US financial company based in Detroit . It was founded in 1919 as a full subsidiary of the automobile manufacturer General Motors (GM) and in 2006 was the fourth-largest non- listed company in the USA by sales . In 2014 the company went public.

Change of ownership

In March 2006, Ally Financial sold most of its majority stake in real estate subsidiary GMAC Commercial Holding for $ 1.5 billion in cash to a group of investors led by Kohlberg Kravis Roberts & Co. , Five Mile Capital Partners and Goldman Sachs Capital Partners . Including the subsidiary's substantial debts that were also sold, the volume of the transaction amounted to 9 billion US dollars. Where in Capmark Financial Group, Inc. renamed Ally Financial company has since maintained a minority stake of 21%.

As a result of the real estate and financial crisis, the Capmark Financial Group itself became insolvent at the end of October 2009.

In November 2006 the parent company General Motors sold the majority of the share capital of GMAC due to its own financial difficulties to a consortium led by the investment company Cerberus Capital Management . Citigroup and the Japanese Aozora Bank were also represented in the consortium .

As of December 2008, Ally Financial has already received government aid of $ 9 billion due to the financial crisis. At the end of December 2009, another $ 3.5 billion injection was required. According to this, the American state holds 35.4 percent ahead of Cerberus Capital Management with 22 percent. At the end of December 2009, preferred shares were converted into ordinary shares, so that the state share rose to 56 percent.

The current shareholder structure is as follows: US Treasury Department: 73.8%; GM Trust: 9.9%; Cerberus: 8.7%; Third party investors: 7.6%

Participations (selection)

Ally Financial's activities are divided into the following areas:

Automobile finance

The sales lines of the Automotive Finance division include:

  • Auto finance
  • Car leasing
  • Auto service contracts

In Germany, Ally Financial has the subsidiary GMAC Bank GmbH based in Rüsselsheim.

Banking services

The HR division is subdivided into the Banking division .

Products include:

  • Online banking
  • Loans
  • Credit cards

Real estate financing

The activities of the Real Estate Finance division are grouped under the umbrella of Residential Capital, LLC (ResCap Holding) and subdivided into the areas GMAC Mortgage (mortgages) and GMAC-RFC (RFC = Residential Funding Corporation). A German subsidiary of GMAC-RFC, GMAC-RFC Deutschland GmbH , acquired 100% of the subsidiary DFH Eigenheimbank from Deutsche Fertighaus Holding (DFH) in 2004 and renamed it GMAC-RFC Bank GmbH . (However, GMAC-RFC Bank returned its banking license in 2008 and then traded under the name GMAC-RFC Servicing GmbH . In March 2011 GMAC-RFC Servicing GmbH announced that the new company name was Paratus AMC GmbH due to a change of ownership ).

This division includes the sales line:

  • GMAC Mortgage

Corporate finance

The Business division is divided into the areas of Commercial Finance , Correspondent Funding , Commercial Vehicle Financing , "Vehicle Remarketing", and "Dealer Inventory Insurance".

John McNamara fraud case

In September 1992, John McNamara, a car dealer on Long Island , was convicted of fraud for embezzling $ 422 million in GMAC funds from 1980 to 1991 for use in his own real estate, gold mines, oil business Trade in consumer goods and invest in mortgage finance. This money he diverted from approximately $ 6 billion he received from the GMAC bank in loans to finance the export of GM vehicles that in reality didn't even exist.

Social Commitment

The community area includes: football sponsorship ( GMAC Bowl , 2001–2010), promoting consumer education in financial matters, supporting the acquisition of school books, supporting the less well-off in building houses through the active participation of GMAC staff and financial aid.

Web links

Individual evidence

  1. ↑ a b Ally Financial 2016 Form 10-K Report , accessed March 25, 2017
  2. ^ Forbes - America's Largest Private Companies
  3. ^ Ally Financial Drops After IPO Prices at Low End of Range , at www.bloomberg.com , accessed March 25, 2017
  4. ↑ http://www.ftd.de/unternehmen/finanzdienstleister/:das-orakel-schlaegt-zu-warren-buffett-auf-hamstertour/50028789.html ( Memento from October 29, 2009 in the Internet Archive )
  5. ↑ Handelsblatt: Hedge Fund wins GM-Perle
  6. ↑ http://www.handelsblatt.com/unternehmen/banken-versicherungen/autofinanzierer-gmac-erhaelt-weitere-staatsmilliarden;2505925
  7. ↑ http://www.ftd.de/unternehmen/finanzdienstleister/:kapitalspritze-gmac-kann-nicht-ohne-den-steuerzahler/50055224.html ( Memento from January 18, 2010 in the Internet Archive )
  8. ↑ http://www.zeit.de/newsticker/2009/12/31/iptc-hfk-20091231-3-23424530xml
  9. ↑ Archive link ( Memento from June 24, 2015 in the Internet Archive )
  10. ^ New York Times: Car dealer admits fraud of billions