Ally Bank is a financial institution created from the old GMAC. They are an internet based bank that has been trying to gain market-share by offering better interest rates than the competition. Now, starting October 1, 2009 they will be making a strong push to get car dealers to finance their customers through their bank.
So, based on their business principle you should assume nothing but the best rate possible from an Ally loan. This is where you need to be careful; Ally is giving big incentives to dealers. Dealers will want to put that money in their pocket. If your dealer tells you that Ally will be your lending institution ask what the rates are from other banks. Do not be surprised if their response is, “another bank has the same rate as Ally…” but you get a silly reason to do business with Ally like, “but Ally is better to work with.” That’s nonsense. At this point you should pressure the dealership to give you a better rate. Tell them you are aware of Ally Banks incentives and as the one who’s going to be making the payments, you feel you should share in their incentives. Mention that you can take your lending out of their dealership completely and that you understand that this will cost them money. Be strong here and save money.