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GM, Wells Fargo Team up to Battle Ally Financial

Wells Fargo has inked a deal with General Motors to give financing to dealers and customers of GMC, Buick, Chevrolet, and Cadillac throughout the South Central United States. Industry experts feel that this is just the beginning to Wells Fargo’s partnership with GM, and that it will take market share from Ally Financial, the top automotive finance provider in the nation.   

However, Ally CEO Michael Carpenter says that his company is not overly concerned about the new competition since GM and Chrysler retail subvented contracts make up about 18% of its auto earning asset mix. Carpenter added, “We are diversified across brands, dealer brands, dealer relationships and the credit spectrum [so that we are able to compete with anyone].”

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The author has many years of experience in automotive finance and insurance. However, each consumer's situation is unique. It is best to contact a finance specialist for further assistance.
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