Report: Ally Financial, General Motors to Part
Feb. 20, 2015—Ally Financial, the holder of exclusive leasing deals with General Motors since 1919, is being replaced by the U.S. automaker, according to a report from Reuters.
GM has said that its financing arm, GM Financial, would replace Ally as the exclusive lessor for Buick, GMC and Cadillac vehicles. Ally expects GM Financial to eventually take over leasing for Chevrolet as well.
GM is estimated to account for roughly 25 percent of Ally’s business, though the financial company said that it expects to see minimal fiscal impact from the breakup in 2015.
GM has toyed with providing in-house leasing and loans since 2010, according to the report, and the largest U.S. auto manufacturer said it plans on offering more options for used car lending, and make it easier for individuals with weak credit to obtain a loan for one of their vehicles.