Ally Financial repays $4.5B of debt owed to gov't

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Associated Press

Posted on December 19, 2012 at 12:00 PM

Updated Wednesday, Dec 19 at 12:02 PM

DETROIT (AP) — Ally Financial says it has repaid $4.5 billion of debt owed to the government after it helped bail the company out during the 2008 banking industry meltdown.

Ally, based in Detroit, was the financial arm of General Motors until it was taken over by the government four years ago.

With this repayment, Ally Financial Inc. said Wednesday that it has exited the FDIC's Temporary Liquidity Guarantee Program. In October it repaid $2.9 billion of debt under the program.

Privately held Ally, which used to be called GMAC Financial Services, said repaying the debt was an important step as it continues to try to exit government support programs.

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