Nineteen lenders combined to renew $15 billion worth of funding, in two separate facilities, for Ally Financial Inc. and subsidiary Ally Bank. The capital is earmarked for retail, lease, and dealer floorplan originations in the U.S. and Canada.
Renewal of the credit facilities is “a key part of our diversified funding strategy, and supports Ally’s growing auto finance business,” said Jeff Brown, Ally’s senior executive vice president of finance and corporate planning, in a prepared statement. “We continue to drive down our cost of funds as pricing improved from the facilities established in March 2011.”
The $15 billion of funding capacity consists of two $7.5 billion facilities. Half of each credit line expires in March 2013; the remainder matures in 2014.
Ally Financial had $184 billion of assets as of Dec. 31, 2011.
