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Topic - General Motors Acceptance Corporation

Ally Financial Inc. (or Ally Financial), previously known as GMAC Inc. or General Motors Acceptance Corporation, is a United States bank holding company that was previously the wholly owned financial services arm of General Motors. It is headquartered at Tower 200 of the Renaissance Center in Detroit. Ally Financial provides a suite of financial programs including auto financing, insurance, mortgage operations and online banking. In 2008, the firm provided financing to 75 percent of the 6,450 GM dealers. On 24 December 2008, the Federal Reserve accepted then-GMAC's application to become a bank holding company in order to gain access to billions of dollars in government aid, a crucial attempt to ensure the survival of the company. - Source: Wikipedia

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