Ally Repays $4.5 Billion of FDIC-Backed Debt to Exit Program

Ally Financial Inc. (ALLY), the auto lender majority-owned by the U.S. government, repaid $4.5 billion of debt backed by the Federal Deposit Insurance Corp. to exit the crisis-era program.

The debt was issued June 3, 2009 and matured today, the Detroit-based company said today in a statement. Ally in October had already repaid $2.9 billion issued under the program.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net.

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