Ally

Ally Financial CEO Carpenter won't get pay hike, U.S. Treasury says

7:41 pm U.S. ET | April 2, 2014
The Obama administration is holding the total compensation unchanged this year for the head of bailed-out auto lender Ally Financial, the Treasury Department said on Wednesday.... Read More »

 

JAMES B. TREECE

What's on dealers' minds -- and what's not

1:20 pm U.S. ET | March 28, 2014
ModeratorA small group of Florida dealers gathered last week at a Fort Lauderdale hotel to share best practices. What was unsaid intrigued me.... Read More »

 

Ally Financial IPO could generate $2.7 billion for U.S. Treasury

9:00 am U.S. ET | March 27, 2014
Ally Financial, the former GMAC auto lender rescued by the federal government during the 2008 financial crisis, is helping the Treasury Department divest its stake by seeking as much as $2.7 billion in an initial public offering.... Read More »

 

JIM HENRY

Ally takes step toward 'free at last' with IPO

12:01 am U.S. ET | March 27, 2014
It's been a long time coming, but Ally Financial finally filed for its initial public stock offering today -- another step in a long process toward becoming a truly independent company.... Read More »

 

New panel to oversee tech shift for auctions

12:01 am U.S. ET | March 17, 2014
The auto auction industry is moving closer to a major change as rival auctions are looking into listing used vehicles for sale simultaneously on competitors' online remarketing platforms.... Read More »

 

Ally names Jeffrey Brown to replace Muir as CEO of dealer financial unit

5:01 pm U.S. ET | March 13, 2014
Ally Financial has appointed Jeffrey Brown as CEO of Ally Dealer Financial Services, succeeding the veteran Bill Muir, who will retire later this year.... Read More »

 

Ally says Q4 net income falls, GM relationship extended

12:35 pm U.S. ET | Feb. 6, 2014
Ally Financial said today it has posted fourth-quarter net income of $104 million and lower pretax income for its auto finance business. The lender also said its preferred-lender relationship with General Motors, set to expire Dec. 31, was extended while the companies negotiate a new pact.... Read More »

 

Ally, CFPB poles apart on discrimination breadth, evidence

12:01 am U.S. ET | Feb. 3, 2014
Ally Financial and the Consumer Financial Protection Bureau are miles apart on core issues, such as how to measure discrimination and how widespread it is, says Ally CEO Michael Carpenter.... Read More »

 

JIM HENRY

For Ally, a sting but no big bite

12:01 am U.S. ET | Jan. 15, 2014
Ally Financial’s $98 million consent order with the Consumer Financial Protection Bureau and U.S. Justice Department in December had to sting. But the payment is likely to amount to less than three months’ worth of the company’s 2013 earnings.... Read More »

 

JIM HENRY

Ally, more independent, can better focus on dealers

12:01 am U.S. ET | Dec. 26, 2013
It's time to stop thinking of Ally Financial as GM's captive finance company and get used to the fact that it's an independent bank.... Read More »

 

Ally wins U.S. approval to alter holding structure to keep insurance, vehicle-auction site

11:49 am U.S. ET | Dec. 23, 2013
Ally Financial won regulatory approval to change its holding-company status, allowing the firm to keep an insurance business and a vehicle-auction Web site. Ally, majority owned by the U.S. government, warned in July that regulators might not allow the shift as an exemption ends this month, potentially imposing a “material adverse” effect on earnings.... Read More »

 

Ally, U.S. reach $98M settlement over lending bias

10:05 am U.S. ET | Dec. 20, 2013
Auto lender Ally Financial has agreed to pay $98 million to resolve claims that its manner of paying dealers for arranging contracts led minority car buyers into car loans with higher interest rates. The settlement provides a clear sign of the Consumer Financial Protection Bureau's determination to police the auto lending market.... Read More »

 

General Motors said to plan sale of stake in Ally, report says

1:28 pm U.S. ET | Dec. 4, 2013
GM is planning to sell its stake in Ally Financial, the auto lender majority owned by American taxpayers, a person with knowledge of the transaction told Bloomberg. Selling now would allow GM to avoid a months-long lockup tied to Ally’s initial public offering, according to the person, who asked to remain anonymous because the deal isn’t public.... Read More »

 

JIM HENRY

For industry, more alarms from CFPB

12:01 am U.S. ET | Nov. 13, 2013
The auto finance industry had better start worrying about the Consumer Financial Protection Bureau a lot more than it is. At a Senate Banking Committee hearing on Tuesday, CFPB Director Richard Cordray made it sound as if dealers routinely double or triple the consumer's buy rate... Read More »

 

JIM HENRY

CFPB's roster of lender probes grows

12:01 am U.S. ET | Nov. 6, 2013
Ally Financial is just the latest auto lender to acknowledge the Consumer Financial Protection Bureau is investigating it with an eye toward enforcing the CFPB's interpretation of anti-discrimination laws.... Read More »

 

EDITORIAL

A better marketplace

12:01 am U.S. ET | Nov. 4, 2013
Auto auctions are rapidly evolving, and new technology is fundamentally reshaping the used-vehicle marketplace.... Read More »

 

Ally raises $611 million from sale of Brazil operations

9:34 am U.S. ET | Oct. 2, 2013
Ally Financial has completed the sale of its Brazil operation to General Motors Financial for about $611 million.... Read More »

 

Ally names Christopher Halmy CFO

3:11 pm U.S. ET | Sept. 30, 2013
Ally Financial Inc. named Christopher Halmy, corporate treasurer, the company’s new CFO. Halmy, 45, will begin Nov. 8. He succeeds current CFO James Mackey, who will leave Ally for “another career opportunity,” the company said.... Read More »

 

Ally claims Santander stole trade secrets for Chrysler Finance job

6:19 pm U.S. ET | Sept. 20, 2013
A joint venture of a Banco Santander unit and Chrysler Group was accused in a lawsuit by Ally Financial of violating a copyright on loan forms to avoid a $150 million accounting penalty.... Read More »

 

Used-vehicle forecast: Softer prices, better selection

12:01 am U.S. ET | Sept. 9, 2013
An industrywide uptick in used-vehicle volume into 2014 will soften prices of those vehicles, forecasters and industry executives predict.... Read More »

 

Ally plans $5.9 billion buyback to help lender exit U.S. bailout

10:21 am U.S. ET | Aug. 20, 2013
Ally Financial, the auto lender seeking to repay its government bailout, is raising $1 billion in a private placement and said it will pay $5.9 billion in a plan to buy back preferred shares held by the Treasury Department.... Read More »

 

JIM HENRY

When a negative number nets a windfall

12:01 am U.S. ET | Aug. 14, 2013
Corporations don't like to see negative numbers in their financial results, but this one may be an exception.... Read More »

 

Ally ad drive touts minority dealers

12:01 am U.S. ET | Aug. 5, 2013
Ally Financial Inc. is kicking off an ad campaign featuring minority dealers this month in business-to-business publications as well as consumer print and online publications aimed at minorities.... Read More »

 

Ally’s 2nd-qtr. loss widens on mortgage woes; auto lending profitable

10:14 am U.S. ET | July 31, 2013
Ally Financial's losses widened to $927 million in the second quarter, mostly related to its former mortgage subsidiary, but its core auto finance business posted a pretax profit on continuing operations of $382 million, down 13 percent from a year earlier.... Read More »

 

Ally's $2.1 billion payment to ResCap gets court's OK

7:50 am U.S. ET | June 27, 2013
A federal bankruptcy judge on Wednesday approved a settlement in which the government-owned Ally Financial, formerly the finance arm of General Motors, will pay $2.1 billion to its bankrupt mortgage unit Residential Capital.... Read More »

 

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How a Texas Toyota store solved used-car-supply challenge

Mike Shaw Toyota in Corpus Christi, Texas, struggled to find good used cars. So it started providing free appraisals to service customers and offered to buy their vehicles on the spot. Mon., April 14
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