In 2012, the company sold its Canadian banking operations to Royal Bank of Canada. In May 2010, General Motors Acceptance Corporation (GMAC) re-branded itself as Ally Financial. In May 2009, GMAC Bank was rebranded as Ally Bank. In December 2008, the Federal Reserve System (the central banking system of the United States of America) accepted the company’s application to become a bank holding company. GMAC Real Estate was sold to Brookfield Asset Management. Also that year, GMAC sold a controlling interest of GMAC Commercial Holdings (its real estate division renamed Capmark) to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners. In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations. In 1998, the company formed GMAC Real Estate. In 1939, the Motors Insurance Corporation was founded, and the company entered the vehicle insurance market. It was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers.

is a financial holding company headquartered in Detroit, Michigan, United States. history, profile and corporate videoĪlly Financial, Inc.