Ally Secures More Financing reports Auto FInance 4 All
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  • Ally Secures More Financing reports Auto FInance 4 All

    (Transportation-News.com, March 26, 2013 ) Hickory Hills, IL -- The Ally Financial company, a government-owned auto-lender, has recently renewed a $11 billion in secured financing used to fund the consumer loans and leases. The renewal also covers inventory financing for dealers.

    The Detroit-based company stated on Friday that it reduced the size of the credit facilities from the $15 billion due to the growth within existing deposits through Ally.

    "Ally Bank's robust growth in deposits has enabled less reliance on capital markets and further strengthened our financial profile and funding options," Chris Halmy, corporate treasurer of Ally, said in a statement.

    Ally is the former in-house financing arm of the General Motors company, and is the largest U.S. Auto lender, although it faced an increased competition from the Wells Fargo & Co, JP Morgan Case, and other banks who have begun to ramp up their focus on the auto-financing sector as of late.

    The company derives a large portion of its business from the providing of floorplan financing to the GM and Chrysler Group LLC dealers, as well as loans and leases to their customers. Chrysler stated that it was replacing a preferred relationship it currently has with All, and is replacing it with Santander Consumer USA, which will become the automaker's primary finance provider.

    The Ally company had previously renewed its credit in March of 2012. The new amount included a $8.5 billion that was available to Ally Financial that is set to mature in 2015, as well as $2.5 billion to Ally Bank that matures in June of 2014.

    Mr. Halmy said there was "very healthy" interest from its lenders in renewing the credit facilities.

    Ally has yet to disclose names of the 19 current lenders, and has faced an increased pressure as it attempts to shed its exposure to the mortgage liabilities that required several separate government injections during the nationwide financial crisis. The United States Treasury Department owns nearly three-quarter of Ally after the funneling of $17.2 billion into the company.

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