Ally relies a lot on the retail auto loan market and caters to subprime customers (bad credit) through dealer relationships, Carvana, Echopark etc. And the National auto loan debt has now surpassed Student Loans and defaults have only been creeping up. Rising interest rates, a declining car market, and defaulting auto loans should tell you a lot. Also, our CEO is departing and the other leadership has been resigning. Writing it on the wall, it's a smoking g-n, Ally will eventually fail. They were listed in the top 10 banks to fail in 2023 (may not happen this year, more like in 2024). Same situation happened at SVB leadership started leaving, selling a lot of their stock, then bank failed and FDIC stepped in and took over.
Not sure how obvious it can be to you, but a lot of the Ally employees are brainwashed and are Ally fans and ride or die (until it fails). The company will only tell you lies to keep you quiet and to keep the business running. Do you really think they care that much about you, your house, your families, your income, your lives? No.
What more do you need to see that you're on a sinking ship? Get out while you're still ahead. But Ally keeps spinning the bad auto market, the layoffs, and our CEO quitting into a positive.
3 replies (most recent on top)
Carvana is the biggest mistake this company has ever invested in.
While a lot of stuff here makes sense, I honestly do not understand the take about Ally failing. We're dealing with uncertain economic times, sure, but Ally doesn't exhibit the same risk practices as SVB or other banks that had failed
FAKE NEWS!!
Ally is a great place to work :P
Well...at least for me.... because i'm a contractor... and i already knew my (upcoming) "end date" before i ever accepted the job.
So i guess i had different expectations than others.
But everything else you said... is spot on.
~vk