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Ally Bank is the New GMAC

May 15th, 2009

gmacGMAC in a new attempt to distance itself from General Motors has gotten a name change. Ally Bank is the new GMAC. The company hopes to rebrand itself and change directions. General Motors is a partial owner of the bank, but will be scaling back its stake in the bank in the months to come.

Ally Bank is trying to attract new customers but I wonder what else, if anything they plan on changing besides just their name? I don’t know of any details on any changes they plan on making but I’ll be sure to update you as I hear. GMAC was one of the 10 banks that failed the bank stress test. It still needs to raise $12 billion in capital in order to pass and apparently this name change is part of that plan to raise capital.

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  1. Shea
    May 29th, 2009 at 22:58 | #1

    No thank you Ally. Same old tricks and gimmicks for me. I tried to apply for a simple Money Market Account with them to put some rainy-day money. I was declined for a bank account with them! I have a 720 credit-score, 3 credit cards with about 3 years of history and a car loan, all with great payment history. Was this a joke? To add injury to insult there was of course no one I could talk to about them. Rather I was informed sorry there is nothing that can be done for you. Really!? Guess what bank I will never have anything to do with in my life. ALLY! Don’t be drawn by there competitive interest rates. I am furious with this shanty of a bank.

  2. Brian
    June 28th, 2009 at 09:21 | #2

    I tried to open a savings account and was told that my credit report needed to be reviewed for approval because of a bankruptcy from 4 years ago. I have rebuilt my credit score back up to a score of more than 740. If I was applying for a loan or some other form of credit I could understand the credit report concern. I am giving them my money so I do not understand what’s the problem? Someone please enlighten me.

  3. ken
    March 16th, 2010 at 14:39 | #3

    I also was denied an account with these jerks.Although they claim to have a higher standard for their customers to adhere to they perform to the lowest
    possible standard for a so-called bank.They are a sham of a bank and deserve to go out of existence soon.

  4. Steve
    March 24th, 2010 at 07:57 | #4

    The rates are good and competitive. I have multiple accounts and CD’s. There customer service experience is exasperating and painful. Even after calling the corporate office, they do not care. The constant shuffle off until you give up. Don’t bother. In the future I will take the lower rate of my local bank and deal with folks who actually care about my business.

  5. Jan
    September 3rd, 2010 at 09:15 | #5

    As far as GMAC becoming Ally…..what a joke. All GMAC vehicle loan collections are now in Montego Bay. No American jobs there!!!!!!!!!!!!!! I lost my job and am less than 30 days late on my payments, and I get phone calls EVERY day even though my next two months payments are scheduled on-line. What are Americans supposed to do??? We lose our jobs, can’t find anything and GMAC/Ally move all their collections out of the USA. I will never buy another vehicle financed through them!!!!!!!!!!!!

  6. Bernie
    May 5th, 2011 at 17:26 | #6

    Ally Bank is the abolute worst bank I have ever dealt with in my life. I had leased a car through GMAC and then wanted to purchase it at the end of the lease. That was over 8 weeks ago. After talking to numerous people there who have no interest at all in customer service I finally got to the department that handles the loans for purchase. They refused to give me a rate on the phone or take a credit application. Instead they mailed me a credit app which I immediately filled out and returned. Two weeks later they contacted me with a loan rate that was 2 points higher than a loan I could get at a credit union. I had the credit union send them the check. When Ally received it they returned it because it had my wife’s name on it and not mine. The credit union sent them ANOTHER check with my name on it. Now they tell me it will be 2 days before my “account” is assigned to an account manager and then they will send me an odometer form which I will have to fill out and return to them. Then and only then will they send me my title. Meanwhile, because of their ineptness my registration has expired!!! I explained that to them and asked for a copy of the tilte so I can register the vehicle. They refused because, “That’s not the way we do things”. I asked to speak to another customer representative and was told no because they would only tell me the same thing. This has been about the most painful experience I have ever had with a company.

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