GMAC Posts Quarterly Profit, Plans to Adopt Ally Name

GMAC Inc., the auto and home lender that lost more than $10 billion last year, posted a quarterly profit as U.S. car sales recovered and said it plans to adopt Ally Financial Inc. as its new name.

First-quarter income was $162 million, compared with a loss of $675 million a year earlier, GMAC said in a statement today. The results represented the Detroit-based company’s first quarterly operating profit since the second quarter of 2007. GMAC doesn’t have publicly traded shares.