ally financial inc (ALLY) Key Developments
Lawsuit Files in Washington County Circuit Court against Natasha Fletcher, Honda of Fayetteville, Landers Honda North, Fayetteville Autoplex, Ally Financial Inc. and Ally Financial Lease Trust
Apr 18 15
A lawsuit filed in Washington County Circuit Court alleges some car dealers and financing companies in Northwest Arkansas are charging customers more interest than the law allows. The suit was filed on behalf of Natasha Fletcher and names UAG Fayetteville II, doing business as Honda of Fayetteville, Landers Honda North and Fayetteville Autoplex, also known as Fayetteville Auto Park. It also names Ally Financial Inc., doing business as Ally Financial and Ally Financial Lease Trust. The suit asks for rulings on whether the terms of the financing agreements violate Arkansas usury laws or the Arkansas Deceptive Trade Practices Act and whether customers are entitled to a refund of their money. The suit contends Fletcher bought and financed a used 2011 Honda Insight from Fayetteville Autoplex in June 2013 and was charged 18.15% interest. The suit asks a judge to establish a class made up of Arkansas customers who signed similar contracts with UAG and declare Fletcher's contract, along with those of other class members, void as to both principal and interest. The complaint says there could be hundreds, if not thousands, of customers who were charged an illegal interest rate.
Ally Financial Declares Dividends on Preferred Stock, Payable on May 15, 2015
Apr 15 15
Ally Financial Inc. has declared quarterly dividend payments for certain outstanding preferred stock. Each of these dividends were declared by the board of directors on April 1, 2015, and are payable on May 15, 2015. A quarterly dividend payment was declared on Ally's Fixed Rate Cumulative Perpetual Preferred Stock, Series G, of $22 million, or $17.11 per share, and is payable to shareholders of record as of May 1, 2015. Additionally, a dividend payment was declared on Ally's Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A, of $21.7 million, or $0.53 per share, and is payable to shareholders of record as of May 1, 2015.
Ally Financial to Relocate Headquarters to New Ally Detroit Center
Apr 6 15
Ally Financial plans to establish its new headquarters in the landmark One Detroit Center office tower, which is to be renamed Ally Detroit Center. Ally plans to relocate its current headquarters in the Renaissance Center as well as its other Southeast Michigan offices into one unified Michigan headquarters into the office tower that is to bear its name. The company plans to move 700 team members currently working in Detroit to Ally Detroit Center along with an additional 600 team members from its four other Southeast Michigan locations beginning in the spring of 2016. In addition, the company plans to employ approximately 200 independent third party contractors and vendors in Detroit.
Ally Financial Inc. Announces Executive Changes
Mar 24 15
Ally Financial announced that it has promoted a Charlotte-based executive to head the company's Internet-based
banking subsidiary. Diane Morais' most recent role with Ally Bank included overseeing its deposits business. She replaces the
bank's former CEO and president, Barbara Yastine, who announced her resignation. Yastine was based in New York. Morais will continue to be based in Charlotte, where Ally Financial CEO Jeffrey Brown is also based. Ally, formerly the financing arm of General Motors, is a large auto lender. But the company also runs Ally Bank, which is online-only and has no branches. Brown, who was promoted to CEO last month, is looking to do more business with existing customers, such as providing auto loans to customers of Ally Bank.
Ally Financial Inc. Announces Renewal of $12.5 Billion in Credit Facilities
Mar 10 15
Ally Financial Inc. announced that it has completed the renewal of $12.5 billion in credit facilities at both the parent company and at its banking subsidiary, Ally Bank, with a syndicate of 18 lenders. The secured facilities represent an increase of $1 billion from the prior lines and can be used to fund consumer and commercial automotive assets. The $12.5 billion funding capacity is comprised of two facilities, both maturing in March 2017, an $8 billion facility, which is available to the parent company and a second $4.5 billion facility available to Ally Bank.