By Colin Bird on July 13, 2010
After 91 years, the GMAC brand will disappear completely from auto financing on Aug. 23. The former lending unit will be rebranded Ally Financial in the U.S. and North America.
GMAC/Ally is the preferred lender for General Motors, Chrysler, Saab and Suzuki dealerships. Despite the name change, there will be no changes to current customer accounts or to their billing cycles, the auto lender says. Ally said it plans to simplify its payment calculation process and enhance its customer service along with the rebranding.
Ally is one of the largest automotive lending operations in the world, extending about $2 billion worth of credit each month to consumers in the U.S. GMAC’s name change in North America was precipitated by its separation from GM and subsequent government bailouts that tarnished the auto lender’s name. Operations outside North America will continue using the GMAC name.