Ally Financial today completed the renewal of $11 billion of credit facilities, which features a collective of 19 lenders. The secured facilities can be for retail, lease, and floorplan funding for U.S. automotive assets.
“Supporting continued growth of our leading U.S. auto finance franchise through diversified funding sources remains an important priority at Ally, and renewal of these facilities is a key component of that strategy,” Ally’s Corporate Treasurer Chris Halmy said in a statement.
Ally, he said, continues to steer efficiencies and a lower cost of funds through enhanced terms and smaller fees on the restored facilities. “Ally Bank’s robust growth in deposits has enabled less reliance on the capital markets, and further strengthened our financial profile and funding options,” Halmy said. “As a direct result of this continued deposit growth, the total facility size was reduced by $4 billion.”
Ally’s $11 billion funding capacity is comprised of two facilities: an $8.5 billion facility for Ally Financial that will mature in March 2015, and Ally Bank’s $2.5 billion facility that will mature in June 2014.
Ally Financial Inc. offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans, and vehicle remarketing services. Ally Bank, the company’s direct banking subsidiary, had $182.4 billion in assets as of Dec. 31, 2012.
