Ally Financial Inc., Formerly Known As General Motors Acceptance Corporation (GMAC), Was The Financial Arm Of General Motors. Currently Headquartered In Detroit, Michigan, USA, It Has More Than 15 Million Customers Around The World, Including Auto Loans, Insurance, Home Loans And Online Direct Banking.

In 2008, 75% Of The 6,450 Auto Dealerships That General Motors Worked With Were Financed By The Company. Later, When The Global Financial Crisis Occurred In 2007-2008, GMAC Experienced A Financial Crisis And Turned To The US Federal Government For Assistance. After Receiving Assistance, Ownership Was Transferred From General Motors To The U.S. Government, And Upon Request, It Was Transformed Into A Financial Holding Company, Which Was Renamed Ally Financial Inc. On May 10, 2010. The Company Began To Generate Profits In 2010, With A Net Profit Of $1.075 Billion Reported For The Fiscal Year. Ally Financial Inc. Began Planning For A Re-listing In 2011, But Did Not Re-list The Company's Common Stock Until April 2014.

History

Formerly Known As "General Motors Acceptance Corporation" (GMAC), It Is The Financial Division Of General Motors. Founded In New York In 1919, It Has Nearly 700 Branches And 20,000 Employees Worldwide, And Operates In 40 Countries Around The World. Its Business Includes A Full Range Of Financial Solutions, Including Finance, Insurance, Home Loans, And Installment Car Purchase Services. On July 27, 1998, Through Its Subsidiary GMAC Home Services, Inc. Purchased Better Homes And Gardens Real Estate From Meredith Enterprises, The Owner Of The Registered Trademark "Better Homes And Gardens". General Finance Corporation Subsequently Registered The Trademark "Better Homes" For A Period Of Time And Continued To Operate This Part Of The Real Estate Franchise Business Under The Name "GMAC Real Estate".

In Addition, GMAC Also Owns The Internet Company Ditech.com.

On April 3, 2006, General Motors Announced That It Had Agreed To Sell A 51% Stake In GMAC To A Consortium Led By Hedge Fund Cerberus Capital For $14 Billion.

On December 24, 2008, The Federal Reserve Accepted An Application From What Was Then GMAC To Transform Itself Into A Financial Holding Company To Qualify For Billions Of Dollars In U.S. Treasury Assistance To Ensure The Survival Of The Failing Company.

On May 15, 2009, GMAC's Banking Unit Was Renamed Ally Bank.

On May 10, 2010, GMAC Was Renamed Ally Financial Inc.

On March 28, 2014, According To The Latest Announcement By Ally Financial Inc., The Offer Price Of The Public Offering Shares Is Between $25 And $28, And The Number Of Shares Offered Is 95 Million, All From The US Treasury, And The Amount Raised Is Between $2.38 Billion And $2.66 Billion. If Requested By The Listing Underwriting Group, Washington Will Sell An Additional 14.30 Million Shares, Resulting In A Maximum Of $3.06 Billion. Taking Into Account The Exercise Of Additional Allotment Rights, The US Treasury Will Hold Only 68.10 Million Shares After The Listing.

On April 10, 2014, The Company's Common Stock Was Re-listed On The New York Stock Exchange Under The Symbol NYSE: ALLY