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Nuvell Financial Services was a subsidiary of GMAC (now Ally Financial) that originated subprime auto loans.In March 2009, the company was shut down by its parent. Nuvell was based in Little Rock, Arkansas, with other offices in Bedford, Texas, Jacksonville, Florida, Greeley, Colorado, and Anaheim, California.
Ally Financial Inc. (known as GMAC until 2010) is a bank holding company incorporated in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan.The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.
In 2006, General Motors sold 51% of GMAC (now Ally Financial) to an affiliate of Cerberus Capital Management; at the time, 1,179 worked in Winston-Salem and St. Louis offices. [ 13 ] In 2009, American Capital Acquisition Corp., a unit of American Capital Partners LLC of Hauppauge, New York bought GMAC's U.S. consumer property-casualty insurance ...
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It was a subsidiary of GMAC (now Ally Financial). As a result of its exposure to subprime lending during the subprime mortgage crisis , the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013.
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Ally Financial, the former auto finance unit of General Motors (NYS: GM) , announced today that it will sell its Canadian business to Royal Bank of Canada (NYS: RY) for $4.1 billion. If completed ...