To leverage its strengths, better optimize capital allocation, and provide even more focused dealer support, Ally Financial took strategic actions that will enable it to concentrate more on its core business operations. This included its recent decision to exit both the transportation equipment finance and the RV commercial and consumer lines of business.
“These actions allow us to put more energy and more resources into our core businesses and provide the greatest value to all of our stakeholders from dealers and consumers to shareholders and employees,” said Doug Timmerman, president of Auto Finance for Ally. “We have a long history in auto finance and it’s what we do best, so maximizing the resources we have in support of dealers is the right step.”
Ally RV dealers were notified of the decision earlier in August, with commercial dealers being notified personally.
“Our goal is to help dealers transition to new finance providers as smoothly as possible so they can maintain continuity of their businesses,” Timmerman said.
Ally will continue to service consumer retail contracts, but will notify them if there are any changes.
Ally’s Commercial Services Group, which finances and leases commercial vehicles from small cars to heavy duty trucks, will not be affected by these changes and remain a vital component of Ally’s value to dealers in the space.
The Transportation Equipment Finance group covered marine vessels, airplanes, rail cars and other non-vehicle assets that are originated directly with the customer.
The core purpose of a UCC financing statement is to give notice to secured parties, lien creditors, purchasers and other third parties that the secured party identified in the financing statement claims an interest in the collateral described in the... read more
The future of equipment financing reminds me quite a bit of college — biking in college, to be specific. Let me explain. Many college students work summer jobs in the weeks leading up to freshman year, saving money to meet... read more