Ally Financial

Ally Financial Inc., previously known as GMAC Inc. (an acronym for General Motors Acceptance Corporation), is a bank holding company headquartered in Detroit, Michigan, United States.

The company is in the process of moving its headquarters to One Detroit Center located at 500 Woodward Ave, Detroit, Michigan.
The company provides a range of financial services including auto financing, corporate financing, insurance, and online banking.

History

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The company was founded in 1919 by General Motors Corporation as the General Motors Acceptance Corporation (GMAC) to be a provider of financing to automotive customers. Over the following years the business has expanded to include insurance, online banking, mortgage operations, and commercial finance.

In 1919, GMAC offices opened in Detroit, New York, Chicago, San Francisco, and TorontoIn 1985, GMAC formed GMAC Mortgage, LLC and acquired Colonial Mortgage and the servicing arm of Norwest Mortgage
 In 1999, GMAC Mortgage purchased ditech.com . In 2005, the company formed Residential Capital, LLC (ResCap) as a holding company for its mortgage operations.
Ally Auto
Along with Wells Fargo, Bank of America, Capital One, and JP Morgan Chase, Ally is one of the top auto lenders in the U.S. by volume.

The company's Global Automotive Services offer retail auto financing and leasing; dealer lines of credit for vehicle inventory, equipment or facilities; insurance coverage including retail vehicle service contracts and commercial insurance; and re-marketing services through physical auctions and online services.
Ally Bank
Ally Bank is a direct bank with over $55 billion in customer deposits and was rated the best online bank by Money Magazine in every year since 2012Ally Bank offers savings products, including certificates of deposit (CDs), online savings accounts, interest checking accounts, and money market accounts. Ally Bank is a member of the Federal Deposit Insurance Corporation.


Corporate Finance

The company's corporate finance division provides capital to businesses in various industries.