Ally Financial
Ally Financial, formerly GMAC (General Motors Acceptance Corporation), is a US-based financial companies with headquarters in Detroit, Michigan. It was founded in 1919 as a wholly owned subsidiary of the automobile manufacturer General Motors ( GM), founded in 2006 and was the fourth largest by revenue unlisted companies in the United States. In 2009 the company generated a turnover of 17.688 billion U.S. dollars and a profit of 727 million U.S. dollars.
Change of ownership
In March 2006, Ally Financial sold most of its majority stake in the real estate subsidiary of GMAC Commercial Holding for 1.5 billion U.S. dollars in cash to an investor group led by Kohlberg Kravis Roberts & Co., Five Mile Capital Partners and Goldman Sachs Capital Partners. Including the mitveräußerten substantial debt the subsidiary amounted to the value of the transaction to 9 billion U.S. dollars. At the renamed Capmark Financial Group, Inc. Company Ally Financial has since held a minority stake of 21%.
The Capmark Financial Group is itself insolvent due to the real estate and financial crisis in late October 2009.
In November 2006, the parent company General Motors sold the majority of the share capital of GMAC due to its own financial difficulties to a consortium led by investment firm Cerberus Capital Management. The consortium also Citigroup and Aozora Bank, the Japanese were represented.
Ally Financial has already received state aid of $ 9 billion due to the financial crisis that began in December 2008. End of December 2009 was a further cash injection of $ 3.5 billion required. After that, the U.S. government holds 35.4 percent before Cerberus Capital Management with 22 percent. End-December 2009, preferred stock into common stock converted so that the government's share rose to 56 percent.
Latest results in the following shareholder structure: U.S. Treasury: 73.8 %; GM Trust: 9.9%; Cerberus: 8.7%; Third-party investors: 7.6%
(Selection )
The activities of Ally Financial divided into the following sections:
Automobile financing
Sales divisions of the Automotive Division Finance include:
- Auto financing
- Car Leasing
- Auto service contracts
In Germany, Ally Financial has over the subsidiary GMAC Bank GmbH, headquartered in Rüsselsheim.
Banking services
The division staff is organized in the field of banking. "
Products include:
- Online Banking
- Loans
- Credit
Real Estate Financing
The activities of the Real Estate Finance division are grouped under the umbrella of Residential Capital, LLC ( ResCap Holding) and is divided into the areas of GMAC Mortgage ( mortgage ) and GMAC - RFC ( RFC = Residential Funding Corporation ). A German subsidiary of GMAC - RFC, GMAC - RFC Germany GmbH, acquired in 2004 by the German prefabricated house Holding ( DFH ) whose daughter DFH home bank 100% and renamed it to GMAC - RFC Bank GmbH.
At this division include, inter alia, the sales division:
- GMAC Mortgage
Corporate finance
The Business Division is divided into the areas of Commercial Finance, Correspondent Funding, Commercial Vehicle Financing, "Vehicle Remarketing ", "Dealer Inventory Insurance".
Fraud case John McNamara
In September 1992, John McNamara, a car dealer on Long Iceland, convicted of fraud because he had embezzled 1980-1991 GMAC funds in the amount of 422 million U.S. dollars, in order to into their own real estate, gold mines, the oil business, in sale of consumer goods and to invest in mortgage financing. This money he branched off of about 6 billion U.S. dollars, which he received from the GMAC Bank in loans to finance the export of GM vehicles that did not exist in reality.
Social commitment
The area community includes among other things: football sponsorship ( GMAC Bowl), promotion of consumer education in financial matters, support the acquisition of textbooks, support for less well-off in home building through active participation of GMAC staff and through grants.