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Tag Archives: ally financial
GM Financial Buys Ally Assets in Brazil
The latest move continues GM’s plan to put back in place a GMAC-like operation, with many of the companies coming from Ally, which was GMAC and went bankrupt at the onset of the Great Recession because of its reckless home lending practices. A controversial U.S. taxpayer-funded bailout ensued, one that has not been paid back. Continue reading
Posted in auto news, financial results
Tagged ally financial, autoinformed, autoinformed.com, gm financial, gmac, Ken Zino, Michael A. Carpenter
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Ally Financial Declares Dividends on Preferred Stock
The Ally Financial board of directors has declared quarterly dividend payments for outstanding preferred stock payable on 15 May 2013. Ally’s Fixed Rate Cumulative Mandatory Convertible Preferred Stock, Series F-2, will pay the U.S. Department of the Treasury $134 million, or $1.125 per share. Continue reading
Posted in auto news, financial results, results
Tagged ally financial, autoinformed, autoinformed.com, gmac, Ken Zino
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Taxpayer Held Ally Bank to Sell Mortgage Servicing Rights
Ally Financial, the owner of Ally bank and formerly known as GMAC, became insolvent because of its reckless home mortgage lending practices, resulting in a controversial taxpayer subsidized bailout after the housing bubble peaked in 2006 and subsequently burst. Ally is in the process of shedding all liability from what’s left of its mortgage business as it reorganizes as a bank holding company providing consumer banking and auto financing. Continue reading
Posted in auto news, financial results, news
Tagged ally financial, auto informed, autoinformed.com, automotive news, gmac, Ken Zino, taxpayer bailouts
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Ally Leads in U.S. Consumer and Dealer Auto Financing
Ally Financial leads all auto lending firms because the taxpayer owned company extended credit on 1.5 million new and used vehicles through franchised and independent dealers last year. Continue reading
Posted in auto news, economy, results, transportation
Tagged ally financial, auto informed, autoinformed.com, automotive news, experian, financing, Ken Zino
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Ally Financial Pays Off Last $4.5 Billion of Debt Issued Under TLGP
The U.S. Treasury, via taxpayers, currently holds about 74% of Ally common equity, and $5.9 billion in mandatory convertible preferred securities, which have a dividend rate of 9%, after a more than $17 billion bailout. Ally at the end of Q3 2012 had about $182 billion in assets, so it increasingly looks like taxpayers have a good chance at getting their money paid back, perhaps turning a profit. Continue reading
Posted in auto news, economy, milestones, news, news analysis
Tagged ally financial, auto informed, autoinformed.com, automotive news, fdic, gmac, Ken Zino, tarp, tlgp
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Bankrupt American Suzuki can sell off Cars with Ally Credit
American Suzuki Motor Corporation today said that it has received Bankruptcy Court approval of an agreement with Ally Financial to continue providing dealer and buyer financing while it sells off its remaining inventory of small cars. The U.S. Treasury, courtesy of taxpayers, currently holds about 74% of Ally common equity after a bailout, and $5.9 billion in mandatory convertible preferred securities, which have a dividend rate of 9%. Continue reading
Ally Financial Sells Its Canadian Auto Financing Business
Notably absent as buyers were Ford Credit and General Motors. Ally has other international operations in Europe and Latin America on the block, and GM has submitted a bid for the business. Ally expects to announce the buyer after the U.S. Presidential election next month. Continue reading
Ally Financial to Sell Mexican Insurance Business
Ally Financial today announced that it has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, one of the world’s largest multi-line property and casualty insurers. ABA Seguros is the fourth largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.
The latest move to fix the balance sheet of the former finance arm of General Motors comes a week after the announcement that Ally will make a payment of approximately $134 million, or $1.125 per share, to the U.S. Treasury next month. U.S. taxpayers have invested $17.2 billion in keeping Ally in business as a bank holding company after improvident home mortgages made it bankrupt under the Bush market crash. Continue reading
