DETROIT — Ally Financial Inc. has renewed $15 billion in credit facilities, according to a March 19 company press release.
The $15 billion funding capacity is comprised of two $7.5 billion facilities, one of which is available to the parent company — Ally Financial — and its Canadian subsidiaries. The second facility is available to Ally Bank.
Each new facility will have half the capacity maturing in March 2013 and the other half maturing in March 2014. The secured facilities can be used to fund retail, lease and dealer floorplan automotive assets in the U.S. and Canadian markets.
“The renewal of these facilities is a key part of our diversified funding strategy and supports Ally’s growing auto finance business,” said Jeff Brown, Ally’s senior executive vice president of finance and corporate planning. "We continue to drive down our cost of funds as pricing improved from the facilities established in March 2011.