Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
August
12, 2010
(Date of
report; date of
earliest
event reported)
Commission file number:
1-3754
ALLY
FINANCIAL INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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38-0572512
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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200
Renaissance Center
P.O.
Box 200 Detroit, Michigan
48265-2000
(Address
of principal executive offices)
(Zip
Code)
(866)
710-4623
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01 Entry into a Material Definitive
Agreement.
On April
30, 2009, as part of Chrysler’s proposed industrial alliance with Fiat S.p.A.
and its restructuring with the support of the U.S. Department of the Treasury,
Ally Financial Inc. (“Ally”) entered into a legally binding Master Auto Finance
Agreement Term Sheet with Chrysler (the “Term Sheet”), pursuant to which Ally
has provided certain retail and wholesale financing for the Chrysler dealer
network. On August 6, 2010, Ally and Chrysler Group LLC entered into
a definitive Auto Finance Operating Agreement (the “Agreement”), as contemplated
by the Term Sheet, which replaces and supersedes the Term Sheet.
The
financial services to be rendered by Ally pursuant to the Agreement will be
offered for all brands distributed through the Chrysler dealer network in the
United States, Canada, and Mexico, along with other international markets upon
the mutual agreement of the parties. Ally will provide dealer
financing and services and retail financing to Chrysler dealers and customers,
in accordance with Ally’s credit policies and decisions. Under the
Agreement, Chrysler will provide Ally with certain privileges, including the
exclusive use of Ally for designated minimum threshold percentages of certain of
Chrysler’s retail financing rate incentive programs. The Agreement
extends through April 30, 2013, with automatic one-year renewals unless either
Ally or Chrysler decides not to renew.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ALLY FINANCIAL
INC.
(Registrant)
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| Dated: August 12,
2010 |
/S/ David J.
DeBrunner
David
J. DeBrunner
Vice
President, Chief Accounting Officer
and
Controller
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