This product is Ally Bank’s Claim to Fame, as it was the reason it was founded almost 100 years ago. Back then it wasn’t called Ally Bank Auto, but it did provide the population with finance solutions to meet their needs and the types of vehicles they required. It was founded as a part of GM and was known as GMAC.

From GMAC to Ally Bank

1919 was not only the end of WWI, it was also the start of the finance leg of GM, which was called GMAC. Automobiles were the focus of the operation, and at this time in the American history, it was a product that was sorely needed. It was only ten years until America experienced Black Tuesday and their world was catapulted into the Great Depression. This lasted for a decade, during which GMAC provided an integral financing service.

Once the Great Depression ended, WWII was another event that would set the world back. GM provided components and parts for war machines and GMAC provided finance to the railways back home. It was also during this period when GMAC understood the importance of automobile insurance and launched a product accordingly.

From the fifties to the 2000s, the bank introduced other products such as a more comprehensive insurance. They also entered the property finance market as well as corporate finance. In 2008, the Great Recession took place due to the subprime mortgage market. GMAC was part of the affected financial institutions and in 2009 accepted a bailout. With the bailout, the institution became a fully-fledged bank and changed its name to Ally Bank. Ally Financial formed soon after, with Ally Bank as the subsidiary. Read the full review on Ally Bank . 

Ally Bank Auto Finance Options

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Screenshot of Personal Vehicle Finance Home Page Ally Bank

Buy A Vehicle

This is finance for customers who wish to purchase a vehicle. Furthermore, there are options to suit every budget and almost every vehicle choice.

  • Customers have access to flexible terms to allow them to better manage their monthly payments.
  • Furthermore, this is a convenient online account. Therefore, customers can check their payment status, view their balances, and sign up for online statements.
  • The account also provides access to easy payment options. This includes enrollment into auto Pay for monthly payment withdrawals from a checking or savings account. Customers can also make one-time payments.
  • Customers will also have access to the Ally Auto Mobile Pay app to keep track of their account.
  • Finally, Ally Bank also provides specialty finance such as wheelchair lifts, right-hand drive capability, and more.

Lease a Vehicle

This option is ideal for customers who intend on replacing their vehicles as soon as the finance period is up. Furthermore, customers now have access to select pre-owned models.

  • Customers have access to shortened financing terms thanks to Ally SmartLease®. This option gives customers the chance to get a new vehicle more often.
  • This option allows customers to return the vehicle at the end of the term unless they decide to buy it.
  • Furthermore, the monthly payments on this option are usually lower than buying.
  • Also, customers are not affected by vehicle depression.
  • For those who require access to a pre-owned vehicle, there some great options. They have a clean history, are less than four model years old, and have fewer than 75,000 miles. This also includes an automatic Guaranteed Auto Protection and the ability to purchase.
  • Finally, at the end of the lease, customers have the option to purchase the vehicle or have it returned to the dealership.

Ally Buyer’s Choice

This option allows customers to prepay by selling the vehicle to Ally at a predetermined date and price. Furthermore, this offers far more flexibility on the repayment period.

  • Customers will have the choice of a Special Prepayment Date at either 48 or 60 months.
  • This option allows customers to sell their vehicle to Ally at a predetermined price. Also, this price will minus the excess mileage and wear.
  • Customers can keep the vehicle and continue making payments until the end of the contract term.
  • Finally, customers have the option of trading their vehicle in at any time during their agreement.

Ally Balloon Advantage

Customers who wish to have lower monthly payments will have the option to attach a larger portion of the payment to the end of their contract. Furthermore, this option is only available in certain states.

  • This option still includes a fixed Annual Percentage Rate (APR) and monthly payments throughout the contract term.
  • Customers are able to trade-in or sell their vehicles, as long as they pay off the remaining amount.
  • Finally, certain vehicles qualify for this option only. These include new vehicles such as GM, Chrysler, and Mitsubishi. Also, used vehicles except for Saab and Suzuki.

Ally Bank also has a credit card product.

Ally Bank Business Vehicle Financing

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Screenshot of Business Finance Home Page Ally Bank

Businesses often have more complex financing needs than individuals, which makes it crucial that the finance options meet these needs. Furthermore, the types of assets may also differ from vehicles to equipment, and more.

Specialty Vehicle Financing

This option is perfect for those who need to modify or outfit a vehicle to business specifications. Furthermore, this could include things such as adding a crane, lift device, towing equipment, or more.

  • With this option, customers can modify trucks, vans, or other commercial vehicles with special business equipment.
  • Also, they can modify the vehicles to comply with accessibility needs such as mobility lifts and right-hand drive capability.
  • Finally, customers can also include modifications with SmartLease as long as they can be removed at lease-end. Furthermore, this needs to take place without affecting the original condition of the vehicle.

Commercial Line of Credit

This option is suitable for business clients who wish to build up their fleet. Furthermore, it includes a line of credit which will allow them leave to acquire as many vehicles as they need within those parameters. Also, this is without an additional fee.

  • Customers can purchase or lease commercial vehicles.
  • The finance also covers most passenger cars as well as light- and medium-duty trucks.
  • Furthermore, customers can also preserve their credit line for other business needs.
  • Finally, they can manage their total financing portfolio regardless of the product.

Financing in the Business Name

Customers who wish to finance in their business capacities without affecting their personal credit have two options.

  1. Third-Party Guarantee – This is when customers need to buy or lease vehicles in the name of their business but need to secure additional financing. This allows customers to keep their name off the title and the debt off their personal record.
  2. Business Name Only – This is suitable for those businesses that qualify for finance without the owner’s guarantee. Furthermore, this allows customers to build credit in the business name. It also protects customers from liability related to the operation of the vehicle.

Municipal Lease-Purchase Plan

This option is suitable for municipalities that intend to own their own vehicles. Furthermore, the vehicle will be titled to the municipality but Ally will hold the lien. Also, because the municipality owns the vehicle at lease-end, there are no mileage limits or excess wear charges.

  • Customers have the option of monthly or annual payment options.
  • There is no disposal fee and a $1 residual.
  • Furthermore, there is no security deposit required.
  • Eligible municipalities include cities, police departments, fire departments, sheriff departments, counties, villages, state universities, and school districts.
  • Finally, most up-fits are eligible, including passenger cars and light- and medium-duty trucks.

RV Financing

Ally Bank
Screenshot of RV Finance Home Page Ally Bank

This option is suitable for those who are looking to go on retirement or those who want to experience off-the-beaten-track vacations. Customers will take to the roads in style.

  • Customers have access to a number of financing options for Class A, B, & C motorhomes. This includes bus conversions, 5th wheels, travel trailers, and pop-ups.
  • Furthermore, there are flexible term options and traditional financing for new and used RVs.
  • Finally, used RVs can be up to 10 model years old with up to 75,000 miles.


Ally Bank offers customers a comprehensive range of products to suit their driving needs.

  • Ally Premier Protection has three different levels of coverage to choose from. Major Guard, Value Guard, and Basic Guard.
  • Guaranteed Asset Protection (GAP) is a suitable option in the event that customers experience the total loss of a vehicle. It provides the amount between the insurance payout and the outstanding balance on the vehicle.
  • SmartLease Protect is suitable for those who wish to cover additional mileage and wear when they reach the end of their lease contract.
  • Other protection products include Theft Protect, Tire & Wheel Protect, Dent Protect, and Appearance Protect.

Read here to find out how Wells Fargo compares with their vehicle finance product.

Critical Reviews Rating of Ally Bank Auto – 10 of 10

When it comes to vehicles, Ally Bank takes the lead. Years of experience in the industry and the undeniable knowledge of markets, customers, and vehicles lead to bespoke packages to suit every customer. From individuals to businesses, the bank covers a number of needs. The flexibility in the product range opens up the door to a whole host of other assets that are not necessarily typical passenger vehicles. Ally Bank Auto helps Americans get on the road in style.

Those who wish to save up for a downpayment on their vehicle may want to consider one of Ally Bank's savings products.