traded as nyse ally industry financial services founded 1919 1919 as gmac inc. headquarters detroit michigan united states key people franklin hobbs chairman jeffrey j. brown ceo william muir president 1 services auto financing online banking vehicle service contracts revenue us 4.920 billion 2015 1 operating income us 1.452 billion 2015 1 profit us 1.289 billion 2015 1 total assets us 158.581 billion 2015 1 total equity us 13.439 billion 2015 1 owner cerberus capital management 8.22 % perry capital 4.00 % the vanguard group 3.50 % number of employees 7 100 2015 1 website www.ally.com ally financial inc. previously known as gmac inc. an acronym for general motors acceptance corporation is an american bank holding company headquartered in detroit michigan united states . the company provides a range of financial services including auto financing corporate financing insurance and online banking . ally is one of the top auto lenders in the u.s. by volume . contents 1 history 2 operations 2.1 ally auto 2.2 smartauction 2.3 ally bank 2.4 corporate finance 3 2013 discrimination settlement 4 sponsorships 5 see also 6 references 7 external links history edit this section contains embedded lists that may be better presented using prose . you can help by converting the list or lists to prose if appropriate . editing help is available . march 2013 learn how and when to remove this template message 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 toronto . 2 in 1985 gmac formed gmac mortgage llc and acquired colonial mortgage and the servicing arm of norwest mortgage . . 3 in 1999 gmac mortgage purchased ditech.com . 4 in 2005 the company formed residential capital llc rescap as a holding company for its mortgage operations . . 5 in 2000 gmac was given conditional approval to form gmac bank . in 2006 general motors corporation sold a 51 % interest in gmac to cerberus capital management a private equity company . also in 2006 gmac divested a controlling interest of gmac commercial holdings its real estate division capmark financial group inc. to goldman sachs kkr and five mile capital partners . 6 in 2009 capmark filed for bankruptcy and its north american loan origination and servicing business was acquired by berkadia a joint venture of leucadia and berkshire hathaway . . 7 on 24 december 2008 the federal reserve accepted then gmac s application to become a bank holding company . 8 as a result of losses in the company s former rescap subsidiary in 2008 2009 the united states treasury invested 17.2 billion in ally . the treasury later recovered 19.6 billion from this investment by selling its remaining stake in the company in december 2014 . 9 on may 15 2009 gmac s banking unit changed its name to ally bank . on may 10 2010 gmac inc. announced that it re branded itself as ally financial inc. 10 in april 2014 the company became a public company via an initial public offering . 11 in 2015 it moved its headquarters to one detroit center michigan . 12 operations edit ally auto edit 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 . 13 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 . smartauction edit smartauction is an industry leading resource where a network of more than 8 000 auto industry professionals access daily live auto actions . through its website and intuitive mobile app smartauction provides a trusted platform for the purchase and sale of used vehicles . the platform lists 22 000 vehicles each day . more than 5 million vehicles have been sold since it launched in 2000 . 14 ally bank edit 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 2012 . 15 ally 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 edit the company s corporate finance division provides capital to businesses in various industries . 16 2013 discrimination settlement edit in december 2013 the consumer financial protection bureau cfpb announced a settlement with ally financial to resolve alleged discrimination in its indirect auto lending program . according to the consent order ally charged african american borrowers an average of 29 basis points more than similarly situated white borrowers hispanic borrowers 20 basis points more than white borrowers and asian pacific islanders 22 basis points more than white borrowers . the cfpb concluded that these disparities were statistically significant based on race and not based on credit worthiness or objective criteria related to borrower risk . the cfpb also alleged that the higher markups resulted from ally s specific policy and practice of allowing dealers to mark up a consumer s interest rate above ally s established buy rate and then compensating dealers based on the markup . under the terms of the consent order ally was required to establish a compliance committee submit a compliance plan to the cfpb and department of justice doj for review with the option to submit a non discretionary dealer compensation plan to the cfpb and doj for review and pay 80 million in consumer monetary damages and 18 million in civil penalties . 17 sponsorships edit ally sponsors the miami auto show . 18 ally sponsors the time dealer of the year award through 2021 . 19 see also edit list of banks list of banks in united states john mcnamara former united states businessman who was convicted of a ponzi scheme fraud through gaining loans to a value of 6bn from general motors financing arm gmac to develop a 400m car sales and property development business . roger smith former chairman & ceo of general motors corporation from 1981 1990 . references edit a b c d e f g ally financial 2015 form 10 k annual report ally our history gruber william march 14 1985 gmac buying mortgage portfolio chicago tribune strickland daryl march 23 1999 ditech funding to be bought by gmac mortgage los angeles times warren elizabeth march 10 2010 unique treatment of general motors acceptance corp. gmac under the tarp congressional oversight panel investor group completes acquisition of majority stake in gmac commercial holding corp. press release . ally financial . 23 march 2006 . retrieved 21 september 2011 . berkadia commercial mortgage llc completes acquisition of capmark s north american loan origination and servicing business business wire december 11 2009 dash eric ; vikas bajaj december 24 2008 . fed approves gmac request to become a bank . new york times . u.s. treasury sells ally financial stake ; no more government motors forbes retrieved 31 december 2014 campbell dakin may 3 2010 . gmac posts profit will change name to ally financial . bloomberg l.p. retrieved 2013 07 27 . ally financial announces pricing of initial public offering . prnewswire . april 9 2014 . blumenthal jeff march 31 2015 . ally financial moving to one detroit center . the detroit news . retrieved march 31 2015 . peter rudegeair december 1 2014 . ally financial overtakes wells fargo as top u.s. auto lender . reuters . http www.autoremarketing.com wholesale 5 millionth car sold smartauction ally bank title corporate finance cfpb and doj order ally to pay 80 million to consumers harmed by discriminatory auto loan pricing . consumer financial protection bureau . consumer financial protection bureau . retrieved 11 september 2015 . ally financial new sponsor for miami international auto show miami herald retrieved 14 october 2014 ally renews exclusive sponsorship of time dealer of the year through 2021 ally retrieved july 22 2015 external links edit ally bank u.s. official website v t e 50 largest banks and bank holding companies in the united states ally american express bancwest bank of america bank of new york mellon bb & t bbva compass bmo harris capital one charles schwab cit citigroup citizens comerica deutsche discover e trade fifth third first niagara ge capital goldman sachs hsbc bank usa huntington john deere jpmorgan chase key m & t morgan stanley mufg union mutual of omaha nationwide new york community northern trust people s united pnc popular rbc usa regions santander state farm state street suntrust svb synchrony td tiaa u.s. usaa wells fargo zions indicates the u.s. subsidiary of a non u.s. bank . inclusion on this list is based on u.s. assets only and is current as of december 31 2015 . retrieved from https en.wikipedia.org w index.php title ally financial & oldid 744056102 categories ally financialbanks established in 1919companies based in detroitprivate equity portfolio companiesfinancial services companies of the united statesfinancial services companies of canadamortgage lenders of the united states1919 establishments in michigancompanies listed on the new york stock exchangehidden categories articles needing cleanup from march 2013all pages needing cleanuparticles with sections that need to be turned into prose from march 2013 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutsch fran ais norsk bokm lportugu s edit links this page was last modified on 12 october 2016 at 21 05 . text is available under the creative commons attribution sharealike license ; 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