GMAC Financial Services has announced its retail banking subsidiary, Ally Bank, has entered into a US$7bn secured revolving credit facility with a syndicate of lenders.
“Ally Bank is a key part of our automotive funding strategy and this new credit facility will provide incremental liquidity to support the most critical areas of our business, including dealer floorplan financing, consumer auto financing and leases,” said GMAC treasurer Jeffrey Brown.
“This facility is the first of its kind at Ally Bank and further strengthens and diversifies its liquidity sources.”
The facility has a 364 day maturity and is available to fund automotive receivables.
Ally Bank has completed automotive term asset-backed securitisations totalling $3.6bn since September 2009.
As of 31 December last year, Ally Bank had $29.9bn of deposits.