DETROIT, March 10, 2016 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY) today announced that it has completed the renewal of $11 billion in credit facilities to fund consumer and commercial automotive assets at both the parent company and at its banking subsidiary, Ally Bank, with a syndicate of 16 lenders. The decrease in the total size of the facilities of $1.5 billion compared to the prior year is a result of Ally's continued strong retail deposit growth.
"A diversified funding strategy remains a key priority to effectively support the needs of Ally's business," said Ally Corporate Treasurer Bradley Brown. "These facilities were renewed with improved structural terms that accommodate the continued evolution and growth of our auto finance business."
The $11 billion funding capacity is comprised of two facilities, both maturing in March 2018, an $8 billion facility, which is available to the parent company, and a $3 billion facility available to Ally Bank.
About Ally Financial Inc. Ally Financial Inc. (NYSE: ALLY) is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full spectrum of financial products and services, including new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, as well as a variety of insurance offerings, including inventory insurance, insurance consultative services for dealers and other ancillary products. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Corporate Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $158.6 billion in assets as of Dec. 31, 2015, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.
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SOURCE Ally Financial