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BRIEF-Ally looks to ramp up subprime auto loans -CEO
February 5, 2015 / 2:53 PM / 3 years ago

BRIEF-Ally looks to ramp up subprime auto loans -CEO

Feb 5 (Reuters) - Ally Financial Inc Chief Executive Officer Jeffrey Brown said in a conference call with analysts on Thursday: * Ally probably has not taken enough credit risk in auto loans in recent years * Ally has underachieved against board’s targets for subprime and nonprime auto lending * Look for subprime auto to account for 12 to 15 percent of overall lending versus 9 percent in Q4 2014 * Ally is looking at opportunities in used car lending, expansion in other retail products * There is at least another $100 million in cost savings over next two years * “Disappointed” with recent performance of the stock price * CCAR process should not be affected by recent appointment as CEO * Floorplan financing is where Ally faces the most competition

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