Ally Financial has approved more new car auto loans in the U.S. than any other auto lender in 2010, according to data from Experian Automotive.
"Ally accounted for one in every eight new vehicle purchases that are financed in this country last year," said Bill Muir, Ally Financial president. "We are proud to support a broad network of automotive dealers and their customers with financing products and services, and as the leading auto financing source in the market, we are committed to this industry for the long-term."
Ally financed more than 803,000 new vehicle purchases through auto loans in 2010, totaling almost $23 billion in consumer retail contracts in the U.S. Ally says this is a 60 percent increase in new vehicle car loan originations compared to 2009.
In total, combining new and used vehicles, auto loans and leases, Ally financed $31.6 billion in consumer auto contracts in the U.S. in 2010. Ally says it financed nearly 1.2 million vehicles last year, which is an increase of more than 80 percent from 2009. Ally says it also provided dealership financing for 2.8 million vehicles sold to more than 5,000 dealers last year, which is an increase of nearly 80 percent from 2009.
Ally Financial says it takes consumer car loan and lease applications for new and used vehicles from dealers of all automakers and brands, and is the preferred lender for GM, Chrysler, Saab, Suzuki, Fiat and Thor Industries.
Ally Financial considers and funds consumers with credit scores across the board, from bad to good, for auto financing. A spokeswoman from Ally wouldn’t give us specific details on the minimum consumer credit scores, years of employment or gross monthly income the lender considers for consumer car loans. General Motors, who says Ally is its preferred lender for prime retail auto loans and dealer financing, uses a different lender in addition to Ally to help more consumers with bad credit get approved for car loans. GM purchased AmeriCredit last year, which finances subprime shoppers with credit scores ranging from about 500 to 680.