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GMAC Assumes New Name in August

July 13, 2010

DETROIT — Ally Financial Inc. today said it will rebrand its GMAC consumer and dealer-related auto finance operations in the U.S., Canada and Mexico and begin using the Ally name in August. This follows the transition of the corporate entity to Ally Financial Inc. in May. 

The Ally brand will be used for auto financing activities in the three North American markets, including activities to support the following manufacturers: General Motors, Chrysler, Saab, Thor Industries and FIAT Mexico. 

"The move to the Ally name allows us to invest in a brand that we own and can build upon for the long term," said Ally President Bill Muir. "An ally is someone you rely on to support you, and our new brand embodies our 90-year heritage as a trusted finance source for the automotive industry."

In connection with the rebranding, Ally said it plans to improve the customer experience in several ways, such as offering financial tools to simplify the payment calculation process and providing opportunities to co-brand and customize certain consumer materials with information from the manufacturer and the dealer.

"While our name has changed, our primary focus and core business continues to be automotive financial services," said Muir. "Our dealer customers and auto partners can count on our ongoing commitment to their success."

Ally extended more than $16 billion of credit to retail customers in the first half of 2010 in the U.S., Canada and Mexico, which represents an increase in originations of more than 120 percent from the first half of 2009. For the first six months of 2010, the company extended an average of approximately $2 billion of credit per month to consumers in the U.S. 

Chris Liddell, chief financial officer of General Motors commented: "As we enter an exciting new chapter in GM's history, Ally remains an important partner and auto financing provider for GM customers. We look forward to continuing that relationship."

Richard Palmer, CFO of Chrysler Group LLC commented: "In taking over the financing of so many Chrysler dealers in such a short time Ally has shown itself to be a strong partner for Chrysler and our dealership network. Ally has proven to be a trusted and reliable source of financing with an in-depth knowledge of the auto industry." 

The company's U.S.-based auto finance products and services will transition from GMAC to Ally Financial on Aug. 23, 2010. The auto finance operations in Mexico and Canada will adopt the name Ally Credit on Aug. 16, 2010 and Aug. 23, 2010, respectively. There will be no change to current customer accounts or billing cycles. Ally's auto financing operations outside of North America will continue to operate under the GMAC brand as options for further use of the brand are evaluated.

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