GMAC Financial Services announced Thursday that its retail banking subsidiary, Ally Bank, has entered into a $7 billion secured revolving credit facility with a syndicate of lenders. The facility has a 364 day maturity and is available to fund automotive receivables.
“Ally Bank is a key part of our automotive funding strategy and this new credit facility will provide incremental liquidity to support the most critical areas of our business, including dealer floorplan financing and consumer auto financing and leases,” GMAC Treasurer Jeffrey Brown said in a statement. “This facility is the first of its kind at Ally Bank and further strengthens and diversifies its liquidity sources.”
What this means to you is that if you’re considering buying or leasing a car, truck or SUV in the near future and are trying to figure out who has money to lend, GMAC and Ally Bank now have more liquidity, or money, to lend to you for your auto loan or lease.
Always shop around for the best interest rates though. Different lenders have different minimum credit score requirements, so you may qualify for the best interest rates with one lender or finance company and not with another.
Print This Post
i hate car loans because sometimes that interest rate is not very fair.~-
i had my car loan last year when i bought a Nissan Murano because i really like to have my first car .`;