"The move to the Ally name allows us to invest in a brand that we own and can build upon for the long term," said Ally President Bill Muir. "An ally is someone you rely on to support you, and our new brand embodies our 90-year heritage as a trusted finance source for the automotive industry."
The Ally brand will be used to support GM, Chrysler Group, Saab, Fiat Mexico and Thor Industries, a maker of recreational vehicles. Ally's auto financing operations outside North America will continue to operate under the GMAC brand while the company evaluates using the new marquee in other regions.
The name change does not apply to the Suzuki dealer network. Ally is the preferred lender for Suzuki, whose U.S. sales have plunged 49 percent this year after a 54 percent drop in 2009.
GMAC, traditionally short for General Motors Acceptance Corp., has been cutting ties to the automaker ever since GM sold a majority stake of its finance unit in 2006.
According to an August regulatory filing, GM's contract requires it to work exclusively with Ally for most special financing deals. But starting Jan. 1, GM will be able to offer an unlimited number of financing deals with other banks, as long as Ally has an opportunity to participate, too.