![]() ![]() This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. The offers that appear on this site are from companies that compensate us. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.īankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. All Rights Reserved.We are an independent, advertising-supported comparison service. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Factset: FactSet Research Systems Inc.2019. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Treasury still owns a majority stake in Ally, as it awaits the bank's plans to sell shares to the public in order to recoup some of the bailout money. It was spun-off as a separate company in 2006.Īlly received a $16 billion bailout as part of the federal government's auto industry rescue in 20. It also did not extend the investigation back before April 2011, even though Ally in one form or another has been making car loans for decades.Īlly was formerly known as GMAC when it was the lending arm of automaker General Motors ( GM). ![]() "The CFPB continues to withhold the secret methodology it uses to determine whether unintentional discrimination has occurred," he said. He questioned the investigation that the CFPB performed to determine that minority car buyers had been hurt. The National Automobile Dealers Association denied that its members are engaged in any kind of discriminatory lending practices, which spokesman Bailey Wood term a "toxic allegation." He said that other studies have showed that dealers arrange loans at a lower interest rate than direct lenders, such as banks and credit unions. The agency, which came into existence in 2010, is explicitly prohibited from taking action against the dealerships. Though car dealers were involved in charging higher interest rates, the CFPB could only take action against Ally. This is the largest settlement ever involving discrimination in auto financing. "Regardless, Ally takes the assertions by the CFPB and DOJ very seriously and has agreed to the terms in the orders," it said.Ĭar loans are the third largest source of consumer debt, behind housing and student loans. Related: Landing a car loan is getting easierįederal officials said they are not alleging the discrimination was deliberate.Īlly issued a statement saying its dealers' contracts doesn't include information on a consumer's race or ethnicity, and that it doesn't believe its dealer network was deliberately discriminating. "We are returning $80 million to hard-working consumers who paid more for their cars or trucks based on their race or national origin," said Richard Cordray, the federal consumer protection agency's director. Those customers will be identified by the agency and contacted without having to apply for any relief. Ally will pay an $18 million penalty in addition to $80 million to compensate customers. ![]()
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