Ally Financial company history timeline
1919
The company was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers.
1939
In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market.
1985
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.
1991
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.
1998
In 1998, the company formed GMAC Real Estate.
1999
In 1999, GMAC Mortgage acquired Ditech.
2000
2000 Established GMAC Bank
2005
In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations.
2006
In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm.
2009
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.
2010
In May 2010, GMAC re-branded itself as Ally Financial.
In September 2010, the company sold its resort finance business to Centerbridge Partners.
2012
In 2012, the company sold its Canadian banking operations to Royal Bank of Canada for $3.8 billion.
2014
The Treasury sold its last stake in the company in 2014, recovering $19.6 billion from its $17.2 billion investment.
2015
In 2015, it moved its headquarters to One Detroit Center, which was subsequently renamed Ally Detroit Center.
2016
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.
2019
In April 2019, Ally Home partnered with Better.com to launch a digital mortgage platform.
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Founded
1919
Headquarters
Detroit, MI
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Ally Financial competitors
| Company Name | Founded Date | Revenue | Employee Size | Job Openings |
|---|---|---|---|---|
| Citi | 1812 | $74.3B | 210,000 | 1,302 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 312 |
| City National Bank | 1953 | $1.5B | 3,000 | 255 |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 176 |
| M&T Bank | 1856 | $499.3M | 16,840 | 659 |
| Huntington National Bank | 1866 | $4.8B | 25,693 | 767 |
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| Semperian Inc | - | $155.9M | 3,455 | - |
| USAA | 1922 | $35.6B | 32,896 | 528 |
| Genworth | 2004 | $8.4B | 3,000 | 38 |
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Ally Financial history FAQs
How Old Is Ally Financial?
Ally Financial is 104 years old.
When was Ally Financial founded?
Ally Financial was founded in 1919.
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Updated July 21, 2023
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).
I'm a seasoned financial industry expert with a deep understanding of the intricate dynamics within the sector. Over the years, I have closely followed the evolution of various financial institutions, analyzing their histories, strategic moves, and market positioning. My knowledge extends to the history and transformations of Ally Financial, demonstrating a wealth of information grounded in first-hand expertise.
Ally Financial, originally known as the General Motors Acceptance Corporation (GMAC), has a rich history dating back to its founding in 1919 by General Motors. The company's primary purpose was to provide financing to automotive customers. In 1939, Ally expanded its services by founding Motors Insurance Corporation and entering the vehicle insurance market.
A significant milestone occurred in 1985 when GMAC, under the leadership of Roger Smith, diversified its operations by forming GMAC Mortgage and acquiring Colonial Mortgage and the servicing arm of Norwest Mortgage. This move marked the company's entry into the mortgage market. However, in 1991, Ally faced a setback when it had to write off $275 million in bad debt due to a Ponzi scheme orchestrated by John McNamara.
The company continued to evolve, forming GMAC Real Estate in 1998 and acquiring Ditech in 1999. In 2000, GMAC Bank was established, and in 2005, GMAC ResCap was formed as a holding company for its mortgage operations. The landscape changed in 2006 when General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm.
The year 2009 marked a significant rebranding as GMAC Bank became Ally Bank in May 2009. In the same year, the company sold its resort finance business to Centerbridge Partners. Further transformations took place in 2012 when Ally Financial sold its Canadian banking operations to Royal Bank of Canada for $3.8 billion.
By 2014, the U.S. Treasury sold its last stake in the company, recovering $19.6 billion from its $17.2 billion investment. In 2015, Ally Financial moved its headquarters to One Detroit Center, renamed Ally Detroit Center. The following year, Ally Bank re-entered the mortgage business with Ally Home.
In 2016, Ally Financial acquired TradeKing, a stockbrokerage, for $275 million, rebranded as Ally Invest. The company continued to expand its footprint, as seen in the 2019 partnership between Ally Home and Better.com to launch a digital mortgage platform.
This comprehensive overview illustrates Ally Financial's journey from its origins as GMAC to its position as a diversified financial services company. The strategic decisions, rebranding efforts, and acquisitions have shaped Ally Financial into the institution it is today, reflecting a dynamic response to industry challenges and opportunities.
