Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Ally Financial Inc    ALLY

ALLY FINANCIAL INC

(ALLY)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Ally Financial : More than Half of Consumers Paid for Major Car Repairs in the Last Five Years, According to an Ally Survey

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/31/2018 | 10:08am EDT

DETROIT, July 31, 2018/PRNewswire / -- Many American drivers who have to pay for unexpected, major car repairs could be at risk of facing costs they cannot afford.

Fifty-one percent of consumers reported paying for major vehicle repairs in the last five years, according to a survey of more than 2,000 Americans conducted online for Ally Financial by The Harris Poll. Of consumers who reported paying for repairs, four in five (80 percent) said they spent $500or more, and nearly three in five (58 percent) said they spent $1,000or more. One in three (33 percent) said they spent $2,000or more.

Meanwhile, a 2018 Federal Reserve study found that when faced with an unexpected $400emergency expense, 41 percent of adults either could not pay the expense, or would need to borrow money or sell something to cover it. This means that a significant portion of drivers who are faced with unexpected repairs could not cover them out-of-pocket.

'Expensive car repairs can cause serious financial stress, especially for those with little or no emergency savings,' said Mark Manzo, president of Ally Insurance. 'Most major vehicle repairs come unexpectedly, and standard insurance policies usually only cover repairs in case of accidents. The rise of complex vehicle technology and the increase in the number of used vehicles on the road have only made repairs more expensive and frequent.'

There is a solution that could help many consumers - vehicle service contracts (VSCs), which cover repairs that often are not covered by factory warranties or are no longer covered by expired warranties. Only 18 percent of those surveyed reported buying a VSC in the last five years. Nearly three in five (59 percent) of those who had purchased VSCs said the peace of mind that comes from knowing repairs are covered was the top motivator for buying the coverage.

'Service contracts provide customers with the security of knowing they don't have to worry about car repair bills derailing their budgets or putting them in debt,' Manzo added. 'Payments for some VSCs can be rolled into regular auto payments, making it easier for consumers to budget and map out their expenses ahead of time. You can't know when to expect the unexpected, but you can plan ahead by talking to your dealer about vehicle service contracts.'

Ally Premier Protection vehicle service contracts cover more than 7,400 vehicle components and offer additional benefits including rental reimbursement, roadside assistance and reimbursement for trip interruption caused by a breakdown. For more information, ask your local dealer about Ally Premier Protection or visit our Ally Premier Protection website.

Methodology

The survey was conducted online within the United Statesby The Harris Poll on behalf of Ally from January 5-9, 2018among 2,064 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company with assets of $171.3 billionas of June 30, 2018. As a client-centric company with passionate customer service and innovative financial solutions, Ally is relentlessly focused on 'Doing it Right' and being a trusted financial partner for its consumer, commercial, and corporate customers. Ally's award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including CDs, online savings, money market and checking accounts, and IRA products. Ally also promotes the Ally CashBack Credit Card. Additionally, Ally offers securities brokerage and investment advisory services through Ally Invest. Ally remains one of the largest full-service auto finance operations in the country with a complementary auto-focused insurance business, which together serve more than 18,000 dealer customers and millions of auto consumers. Ally's robust corporate finance business offers capital for equity sponsors and middle-market companies.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

Contact:
Brenda Rios
Ally
Brenda.rios@ally.com

SOURCE Ally Financial

Disclaimer

Ally Financial Inc. published this content on 31 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 July 2018 14:07:04 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ALLY FINANCIAL INC
07/19ALLY FINANCIAL : Fans Have a New Ally to Help Bring a Major League Soccer Team t..
PR
07/19ALLY FINANCIAL : Crescent Communities, Brasfield & Gorrie Top Out Ally Charlotte..
AQ
07/18ALLY FINANCIAL : Form 8-K
PU
07/18ALLY FINANCIAL INC. : Results of Operations and Financial Condition, Financial S..
AQ
07/18ALLY FINANCIAL : 2Q Earnings Snapshot
AQ
07/18ALLY FINANCIAL : Q2 2019 Ally Financial Inc. Earnings Conference Call Presentati..
PU
07/18ALLY FINANCIAL : Reports Second Quarter 2019 Financial Results
PR
07/16ALLY FINANCIAL : Declares Dividend on Common Stock
PR
07/15ALLY FINANCIAL : Form 424B3
PU
07/15Bank Results To Preview Rate Impact -- WSJ
DJ
More news
Financials (USD)
Sales 2019 6 344 M
EBIT 2019 2 926 M
Net income 2019 1 677 M
Debt 2019 125 B
Yield 2019 2,10%
P/E ratio 2019 7,76x
P/E ratio 2020 8,07x
EV / Sales2019 21,7x
EV / Sales2020 20,8x
Capitalization 12 981 M
Chart ALLY FINANCIAL INC
Duration : Period :
Ally Financial Inc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ALLY FINANCIAL INC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 20
Average target price 37,45  $
Last Close Price 33,05  $
Spread / Highest target 24,1%
Spread / Average Target 13,3%
Spread / Lowest Target 2,87%
EPS Revisions
Managers
NameTitle
Jeffrey Jonathan Brown Chief Executive Officer & Director
Franklin W. Hobbs Chairman
Jennifer LaClair Chief Financial Officer
Michael Baresich Chief Information Officer
Mayree Carroll Clark Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ALLY FINANCIAL INC45.85%12 981
ORIX CORPORATION6.64%19 943
CREDIT ACCEPTANCE CORP.27.49%9 139
ENCORE CAPITAL GROUP, INC.45.96%1 045
AMIGO HOLDINGS PLC-42.86%954
RATCHTHANI LEASING PUBLIC COMPANY LTD.--.--%894