Ally Financial allots $3B for credit losses, defers CECL | Auto Finance News | Auto Finance News

Ally Financial allots $3B for credit losses, defers CECL

Ally Financial has set aside $2.8 billion in retail auto reserves, a $1.8 billion year-over-year increase, as the COVID-19 crisis continues to afflict the economy, the lender announced during its first-quarter earnings call this morning. Ally’s auto-specific reserves cover 3.4% of its total $81.5 billion auto portfolio and make up a majority of the lender’s […]

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