Ally Bank 2011 Annual Report Download - page 4

Table of Contents
Part I
Ally Financial Inc. • Form 10−K
Item 1. Business
General
Ally Financial Inc. (formerly GMAC Inc.) is a leading, independent, globally diversified, financial services firm with $184 billion in assets and
operations in 32 countries. Founded in 1919, we are a leading automotive financial services company with over 90 years of experience providing a broad
array of financial products and services to automotive dealers and their customers. We are also one of the largest residential mortgage companies in the
United States. We became a bank holding company on December 24, 2008, under the Bank Holding Company Act of 1956, as amended (the BHC Act). Our
banking subsidiary, Ally Bank, is an indirect wholly owned subsidiary of Ally Financial Inc. and a leading franchise in the growing direct (online and
telephonic) banking market, with $39.6 billion of deposits at December 31, 2011. The terms “Ally,” “the Company,” “we,” “our,” and “us” refer to Ally
Financial Inc. and its subsidiaries as a consolidated entity, except where it is clear that the terms means only Ally Financial Inc.
Our Business
Global Automotive Services and Mortgage are our primary lines of business. Our Global Automotive Services business is centered around our strong
and longstanding relationships with automotive dealers and supports our automotive manufacturing partners and their marketing programs. Our Global
Automotive Services business serves over 21,000 dealers globally with a wide range of financial services and insurance products. We believe our
dealer−focused business model makes us the preferred automotive finance company for thousands of our automotive dealer customers. We have specialized
incentive programs that are designed to encourage dealers to direct more of their business to us. In addition, we believe our longstanding relationship with
General Motors Company (GM) and our recent relationship with Chrysler Group LLC (Chrysler) has resulted in particularly strong relationships between us
and thousands of dealers and extensive operating experience relative to other automotive finance companies.
Our mortgage business is a leading originator and servicer of residential mortgage loans in the United States.
Ally Bank, our direct banking platform, provides our automotive finance and mortgage loan operations with a stable and low−cost funding source and
facilitates prudent asset growth. Our focus is on building a stable deposit base driven by our compelling brand and strong value proposition. Ally Bank
raises deposits directly from customers through a direct banking channel over the internet and by telephone. Ally Bank offers a full spectrum of deposit
product offerings including certificates of deposit, savings accounts, money market accounts, IRA (individual retirement account) deposit products, as well
as an online checking product. We continue to expand the product offerings in our banking platform in order to meet customer needs. Ally Bank's assets and
operating results are divided between our North American Automotive Finance operations and Mortgage operations based on its underlying business
activities.
The following table reflects the primary products and services offered by the continuing operations of each of our lines of business.
Ally Financial Inc.
Global Automotive Services Mortgage Corporate and Other
Operates as three reportable segments: Operates as two reportable segments: Commercial Finance
North American Automotive Finance Origination and Servicing Other Corporate
United States
Canada Legacy Portfolio and Other
International Automotive Finance
Europe
Latin America
Asia (joint venture in China)
Insurance
Primary business activities: Primary business activities: Primary business activities:
Consumer automotive finance Residential mortgage loan origination and Senior secured commercial lending
Commercial automotive finance purchases
Automotive loan servicing Mortgage loan servicing
Vehicle remarketing services Warehouse lending
Vehicle service contracts Correspondent lending (a)
Dealer inventory insurance
(a) On November 2, 2011, we announced that in order to proactively address changes in the mortgage industry as a whole, we will be taking
immediate action to reduce the focus on the correspondent mortgage−lending channel.
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