GM Financial Arm To Repay Treasury In Cold Hard Cash - Not Stock Scheme

Ally Financial Inc., the second-largest remaining investment by the U.S. Treasury’s bailout fund, will repay the government by 2014 on the strength of its auto-finance business, its CEO said.

Ally can make a significant payment this year toward the $14.6 billion still outstanding from the Treasury’s Troubled Asset Relief Program, CEO Michael Carpenter said in an interview. Ally in 2012 financed the most new- and used-vehicle sales in the U.S. for the second consecutive year.

"We are 100 percent confident that we can repay the American taxpayer completely,” Carpenter, 65, said at the National Automobile Dealers Association’s convention here. “Whether that’s this year or next year, I don’t know. But it’s in that time frame."

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280SE - 2/11/2013 4:21:56 PM

+1 Boost

Title should say former GM financial arm as GM has acquired a new financial arm