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(EMAILWIRE.COM, November 08, 2011 ) Wilmington, NC -- Ally Financial recently announced that it is launching a new car loan program in five states. The program will allow borrowers to sell their vehicle to Ally after four years and they will be guaranteed a price that will at least cover the remaining loan balance.
During this test program, auto loans in California, Florida, Illinois, New York and Texas will be able to purchase any new Chrysler or GM product. The initial loan length must be 60 to 84 months. At the end of the 48th month, buyers will have the option to sell their vehicle at a predetermined predetermined price. They will still have the option to sell to anyone else, if they think they can get a higher price, but Ally will only buy vehicles at the end of the 48th month, said Tim Russi, executive vice president of Ally's North American operations.
This could be highly beneficial to American consumers, who are notoriously adept at finding themselves in negative equity situations. "This new auto loan from Ally should allow consumers to plan ahead for what their trade will be worth, and in that way obviate an upside down trade that puts them in ever greater debt," said one VP from Keystone Auto Loans.
The arrangement is the first by a financial institution. Hyundai had been running a buy back program for people who lost their jobs, but that ended early in 2011. It may take sometime for Ally to expand the deal to the rest of the country. What buyer wouldn't like the security of knowing what they will be paid for their car if they want to replace it before it is paid off.
About Keystone Auto Loans:
Keystone Auto Loans utilizes sophisticated web technology to match prospective borrowers with lenders who can accept them for financing. The company's network of lenders is especially strong when it comes to car loans in New York, Illinois, and Texas.
Keystone Auto Loans
PR Dept
9102086761
contact@keystoneautoloans.com 
Source: EmailWire.com
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