Struggling auto finance company Ally Financial Inc. had a run-in with the FBI. The Detroit News reports that, according to a search warrant made public Monday, the FBI seized one of Ally’s computers from the company’s headquarters in Detroit, Mich. The reason for FBI involvement in the affairs of the taxpayer-backed company currently remains unknown Read on! →
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Ally Financial (formerly GMAC Financial Services) is preparing to originate auto loans that should please any car buyer who has suffered through an upside down loan. The Detroit Free Press reports that Ally will offer car loans in America’s five most highly populated states that will enable borrowers to sell their cars back to Ally Read on! →
General Motors’ financial recovery has continued in a big way through the first quarter of 2011, reports the Detroit Free Press. The automaker made $3.2 billion in profit over the past three months, capping its fifth straight profitable quarter and exceeding the average analyst prediction of $1.6 billion. GM profits included $1.5 billion resulting from Read on! →
More retail lease offers from GM Financial may be headed to a dealer near you, reports Automotive News. After a third quarter that was less than satisfactory for lease penetration, General Motors has committed itself to making leasing an auto a more attractive option for consumers. Returning to optimal levels GM Financial CEO Dan Berce, Read on! →
Chrysler is looking to develop an in-house financing arm, reports Reuters. Chrysler Group LLC is currently in negotiations with various banks to create a financing joint venture that would serve to increase sales momentum. Sources indicate that a partnership would resemble the working relationship between Chrysler majority owner Fiat SpA and Credit Agricole SA. Chrysler Read on! →
Ally Financial Inc., which sopped up $17.2 billion in U.S. automotive bailout funds, needs to be cut up, says the U.S. Treasury. Automotive News reports the Treasury has recommended that auto finance company Ally be broken up and sold, preferably back to original owner General Motors. Bloomberg notes that this has much to do with Read on! →