1/17/2024 0 Comments Ally merrick bankThe compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This website does not include all card companies or all card offers available in the marketplace. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The product offers that appear on this site are from companies from which this website receives compensation. dealers that their franchise agreements will not be renewed.This website is an independent, advertising-supported comparison service. The carmaker is in the midst of notifying 1,100 U.S. Meanwhile, GM faces a June 1 deadline to complete a restructuring plan to try and avoid winding up in bankruptcy as well. Chrysler is already in bankruptcy and has announced the closure of a quarter of its dealers. The auto industry has struggled amid the global recession, with rising unemployment and dissipating personal wealth leading to sharp declines in auto sales. GMAC has since been trying to expand its consumer banking offerings to offset sharp declines in new vehicle loan and home mortgage originations. Under terms of the bailout, GM and Cerberus both agreed to reduce their stakes in GMAC. Late last year, GMAC became a bank holding company, which enabled it to receive a $5 billion bailout loan from the federal government. The company, which provides financing for both GM dealers and customers, has struggled amid the collapse of the housing and auto markets. Treasury Secretary Timothy Geithner said last week his department is poised to offer GMAC more help. The company needs $11.5 billion, and the most likely source is the government itself. GMAC was one of 10 financial firms recently ordered by the government to raise more capital. GMAC is jointly owned by automaker General Motors and an investor group led by private equity firm Cerberus Capital Management LP. The re-branding of the bank, a unit of GMAC Financial Services, is a clear effort to distance itself from its troubled parent, GMAC LLC. The company has launched a new website,, where customers can open accounts. "The name Ally aptly fit the character of the brand," said Sanjay Gupta, chief marketing officer. The company settled on the name Ally after extensive interviews with customers. "We are launching a new brand with a new approach of treating customers with total transparency," said GMAC Chief Executive Al de Molina. CHARLOTTE - The banking arm of ailing auto finance company GMAC is taking on a new name, hoping to smooth its image and entice new customers as it works to drive deposit growth.Īs of Friday, GMAC Bank has become Ally Bank, which will offer a variety of savings products, including no-penalty certificates of deposits, online savings accounts and money market accounts.
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