CFPB Debt Collection Complaint Ranking*:
#85 of 2,458 Companies
Lawsuits, Penalties, or Sanctions:
Location and Contact Details:
200 Renaissance Center
P.O. Box 200
Detroit, MI 48265
Phone: (866) 710-4623
Jeffrey Brown, CEO
William B. Solomon, Ethics Contact
Business Model:
Ally Financial is a consumer lender and debt collector. Ally Financial Inc. encompasses Ally Bank and Ally Auto. The company began as GMAC Financial Services (GMAC). Founded in 1919 as a division of auto maker General Motors, it helped dealers finance and maintain their inventory. Financing was made available right at the dealership. In the 1950s they began to finance household appliances at retail locations. Then in the 1980s it offered loans to home buyers and acquired Ditech in 1999. (Ditech was then acquired by Walter Investments in 2013.)
In 2000, GMAC moved into the banking business with GMAC Bank. It re-branded itself to Ally Bank as a result of the financial crisis in 2009.
Then in 2010 the re-branding came full circle with GMAC renaming to Ally Financial. The auto financing branch became Ally Auto.
Ally Financial became publicly traded in 2014. CEO Jeff Brown earned $7.5 million in 2015.
* Ranking determined by the overall number of debt collection complaints to the Consumer Financial Protection Bureau (CFPB) as of year-end 2015 and should be considered in context of company size and/or market share. See the CFPB debt collection complaint database in real-time here.
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