Ally Financial Inc.

Detroit, MI United States

  (NYSE: ALLY)

Company Description

Ally Financial wants to be your friend in the financing business. Formerly GMAC, the firm opted for the friendlier-sounding name in 2010 after it converted to a bank holding company. In addition to owning Ally Bank, the company provides auto financing for some 21,000 auto dealerships (mostly General Motors (GM) and Chrysler) and their customers around the world. Its Residential Capital (ResCap) subsidiary issues residential mortgages in the US and Canada. Ally Financial also provides financing services for large- and mid-market companies around the world through Ally Commercial Finance (formerly GMAC Commercial Finance). The US government owns about 74% of Ally Financial, but is selling off its stake in stages.