Ally’s auto finance volume rises, but competition lowers profit

Ally Financial Inc. on Tuesday reported a 44 percent gain year over year in its global retail auto finance volume, although intense competition chipped away at its second-quarter profit.

Detroit-based Ally, formerly GMAC Financial Services, wrote $2.3 billion in auto loans and leases worldwide, up from $1.6 billion in the second quarter of last year.

Overall, Ally reported net second-quarter profit of $113 million, down from $565 million a year ago.

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