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Ally Financial history
Ally Financial company history timeline
The company was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers.
In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market.
In 1985, while GM was under the leadership of Roger Smith, who sought to diversify the company, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the servicing arm of Norwest Mortgage, which included an $11 billion mortgage portfolio.
In 1991, the company was forced to write-off $275 million in bad debt as part of a $436 million loss suffered from fraud committed by John McNamara, who ran a Ponzi scheme.
In 1998, the company formed GMAC Real Estate.
In 1999, GMAC Mortgage acquired Ditech.
2000 Established GMAC Bank
In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations.
In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm.
In May 2009, GMAC Bank was rebranded as Ally Bank.
In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, a joint venture of Leucadia National and Berkshire Hathaway.
In May 2010, GMAC re-branded itself as Ally Financial.
In September 2010, the company sold its resort finance business to Centerbridge Partners.
In 2012, the company sold its Canadian banking operations to Royal Bank of Canada for $3.8 billion.
The Treasury sold its last stake in the company in 2014, recovering $19.6 billion from its $17.2 billion investment.
In 2015, it moved its headquarters to One Detroit Center, which was subsequently renamed Ally Detroit Center.
In May 2016, Ally Bank re-entered the mortgage business with the launch of its direct-to-consumer offering called Ally Home.
In June 2016, the company acquired TradeKing, a stockbrokerage, for $275 million, which was re-branded as Ally Invest.
In 2016, the company began occupancy at Ally Charlotte Center in Charlotte, North Carolina.
In April 2019, Ally Home partnered with Better.com to launch a digital mortgage platform.
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Ally Financial competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Citi | 1812 | $74.3B | 210,000 | 1,259 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,226 |
| City National Bank | 1953 | $368,138 | 3,000 | 837 |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 78 |
| M&T Bank | 1856 | $499.3M | 16,840 | 966 |
| Huntington National Bank | 1866 | $4.8B | 25,693 | 1,433 |
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| Semperian Inc | - | $155.9M | 3,455 | - |
| USAA | 1922 | $35.6B | 32,896 | 676 |
| Genworth | 2004 | $8.4B | 3,000 | 17 |
Ally Financial history FAQs
Zippia gives an in-depth look into the details of Ally Financial, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Ally Financial. The employee data is based on information from people who have self-reported their past or current employments at Ally Financial. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Ally Financial. The data presented on this page does not represent the view of Ally Financial and its employees or that of Zippia.
Ally Financial may also be known as or be related to Ally Corporate Finance, Ally Financial, Ally Financial Inc, Ally Financial Inc. and GMAC Inc. (1919–2010).