DETROIT — Ally Financial completed the renewal of $11
billion in credit facilities at both the parent company and at its banking
subsidiary, Ally Bank, with a syndicate of 19 lenders.

Last week, officials highlighted the secured facilities can
be used to fund retail, lease and dealer floor plan assets in the U.S.

"Supporting continued growth of our leading U.S. auto
finance franchise through diversified funding sources remains an important
priority at Ally, and renewal of these facilities is a key component of that
strategy," Ally corporate treasurer Chris Halmy said.

"Interest from lenders in renewing these facilities was very
healthy and an important demonstration of continued confidence in Ally's
financial strength," Halmy continued. "Moreover, we continue to drive
efficiencies and lower cost of funds through improved terms and reduced fees on
these renewed facilities.

"Ally Bank's robust growth in deposits has enabled less
reliance on the capital markets, and further strengthened our financial profile
and funding options," Halmy went on to say. "As a direct result of this
continued deposit growth, the total facility size was reduced by $4 billion."

The $11 billion funding capacity is comprised of two
facilities: an $8.5 billion facility which is available to the parent company,
Ally Financial, and maturing in March 2015; and a second $2.5 billion facility
available to Ally Bank which matures in June 2014.

The two credit lines renew the credit facilities that were
initially renewed by Ally in March of last year, according to officials.

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