Ally Financial

Rebounding car sales drive lending boom at Ally


The auto lender says consumers’ skittishness about flying and using public transit during the pandemic has fueled a surge in demand for new and used cars. But executives remain wary of high unemployment and the potential for a rise in loan defaults.


Ally to donate $30 million to address racial inequalities


The Detroit company will provide grants over the next three years to promote homeownership and help small businesseses struggling to recover from the pandemic and civil unrest.


Ally expanding into retail point-of-sale lending


The company will offer retail installment loans up to $40,000 through a partnership with Mastercard's Vyze unit.


Rebound in used-car purchases helps Ally post modest 2Q profit


Some 60% of Ally’s auto originations in the second quarter were used-vehicle loans, the highest percentage in the company's history.


Ally, CardWorks call off planned merger


The companies said the "meaningful impacts" of the coronavirus pandemic led them to terminate the $2.7 billion deal.


Fitch downgrades seven consumer lenders, including Amex, Capital One


Ally, Synchrony, Discover, Sallie Mae and Navient are the other lenders the ratings firm downgraded, citing the impact that the coronavirus crisis is having on their revenues and profits.


Prepping for PPP 2.0, new bankers’ hours, rethinking branch design: Top stories of the week


Lenders are set to flood the SBA with new PPP applications; long nights and weekends the new normal; Fifth Third rethinks new-branch designs in light of coronavirus; and more from this week's most-read stories.


Ally girds for surge in auto loan defaults


After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.


How the coronavirus crisis is upending auto lending


Closed showrooms, temporary bans on repossessions and a sudden spike in unemployment have dimmed the prospects of a sector that has boomed since the last recession.


Banks supplement benefits to help employees affected by coronavirus


From paying $1,000 bonuses to branch employees to subsidizing child care expenses, banks are offering a slew of new perks for front-line employees still working and more paid leave for those who are ill or caring for sick family members.