Comments on: The Fate of GMAC Bank

By: Bradford

Bradford — Sun, 17 May 2009 13:46:36 +0000

Apparently GMAC Bank realized the name confusion was proving a stumbling block for attracting new business. On or around May 15th they formally altered their name to Ally Bank, with a redesigned Website and a PR approaches that stresses straight-shooting:

http://www.ally.com/index.html

Rates haven’t changed yet—”always among the top”—but we’ll see if this facelift alters their fortunes. Or those of its depositors.

By: Bradford

Bradford — Wed, 13 May 2009 13:23:09 +0000

I’m glad to hear it, Terry, and hope your job there is secure. But depositors have fresh reasons for concern, inasmuch as in the government’s recent “stress tests,” GMAC (the bank holding company, apparently, as opposed to the Bank—the name confusion is still a problem) is being asked to stump up $11.5 billion in new capital, right after Wells Fargo and Bank of America:

http://bankdeals.blogspot.com/2009/05/bank-stress-test-results-impacts-to.html

As the Banking Guy asks, will this scare business away from GMAC Bank, however relatively attractive their interest rates are?

By: terri

terri — Tue, 12 May 2009 20:41:03 +0000

As working with gmac we are stable and well capitalized:)

By: Jim

Jim — Mon, 30 Mar 2009 16:00:31 +0000

There hasn’t been much about them in the news with all the banking news, though GM just lost Wagoner and has a 90 day time limit before they’re forced into a bankruptcy. I think that putting your money in an FDIC insured account is still 100% OK because your principal is protected.

By: Bradford

Bradford — Mon, 30 Mar 2009 15:53:02 +0000

Dear Jim:
Here we are, three months on from this article. I’ve been monitoring the news about GMAC Bank—which is hard to sort out from news about the Other GMAC which received TARP and became a bank holding company—but I haven’t found much negative about the invest-your-money-here GMAC Bank. Any new thoughts on their status at this critical moment?

By: jim

jim — Mon, 22 Dec 2008 00:22:16 +0000

Mortgages are always going to be fine, if things go badly then they always just sell it.

By: tyler

tyler — Sun, 21 Dec 2008 21:19:27 +0000

what if i have a mortgage with gmac?

By: Bradford

Bradford — Fri, 19 Dec 2008 21:57:47 +0000

An excellent drawing of distinctions between these different entities with too-similar names. GMAC LLC is trying to qualify as a “bank-holding company” in Utah, which is confusing when you read on the GMAC Bank that they ARE a bank, based in Utah. Thank you. I wish it were safer—their rates look even more wonderful now, here in the Zero Zone.