GMAC Financial Services Announces $7 Billion Credit Facility at Ally Bank

DETROIT, April 8 /PRNewswire/ -- GMAC Financial Services today announced that its retail banking subsidiary, Ally Bank, has entered into a $7 billion secured revolving credit facility with a syndicate of lenders.  The facility has a 364 day maturity and is available to fund automotive receivables.

"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 and 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."

Ally Bank has completed automotive term asset-backed securitizations totaling $3.6 billion since September 2009.  As of Dec. 31, 2009, Ally Bank had $29.9 billion of deposits. 

About GMAC Financial Services

GMAC is a bank holding company with 15 million customers worldwide.  As a global financial services institution, GMAC's business operations include automotive finance, mortgage operations, insurance and commercial finance.  The company also offers retail banking products through its online bank, Ally Bank.  As of Dec. 31, 2009, GMAC had approximately $172 billion in assets. Visit the GMAC media site at http://media.gmacfs.com for more information.

Forward-Looking Statements

In this press release and any related comments by GMAC Inc. ("GMAC") management, the use of the words "expect," "anticipate," "estimate," "forecast," "initiative," "objective," "plan," "goal," "project," "outlook," "priorities," "target," "explore," "positions," "intend," "evaluate," "pursue," "seek," "may," "would," "could," "should," "believe," "potential," "continue," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements herein and in related charts and management comments, other than statements of historical fact, including without limitation, statements about future events and financial performance, are forward-looking statements that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and GMAC's actual results may differ materially due to numerous important factors that are described in the most recent reports on SEC Forms 10-K and 10-Q for GMAC, each of which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: uncertainty of GMAC's ability to enter into transactions or execute strategic alternatives to realize the value of its Residential Capital, LLC ("ResCap") operations; our inability to repay our outstanding obligations to the U.S. Department of the Treasury, or to do so in a timely fashion and without disruption to our business; our inability to successfully accommodate the additional risk exposure relating to providing wholesale and retail financing to Chrysler dealers and customers and the resulting impact to our financial stability; uncertainty related to Chrysler's and GM's recent exits from bankruptcy; uncertainty related to the new financing arrangement between GMAC and Chrysler; securing low cost funding for GMAC and ResCap and maintaining the mutually beneficial relationship between GMAC and GM, and GMAC and Chrysler; our ability to maintain an appropriate level of debt and capital; the profitability and financial condition of GM and Chrysler; our ability to realize the anticipated benefits associated with our recent conversion to a bank holding company, and the increased regulation and restrictions that we are now subject to; disruptions in the market in which we fund GMAC's and ResCap's operations, with resulting negative impact on our liquidity; changes in the credit ratings of ResCap, GMAC, Chrysler or GM; changes in economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations.

Investors are cautioned not to place undue reliance on forward-looking statements. GMAC undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these statements, except where expressly required by law.

SOURCE GMAC Financial Services

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