Ally Financial wants to be your friend in the financing business. Formerly GMAC, the firm opted for the friendlier-sounding name in 2010 after it converted to a bank holding company. In addition to owning Ally Bank, the company provides auto financing for almost 15,000 auto dealerships (mostly General Motors (GM) and Chrysler) and their customers. Its Residential Capital (ResCap) subsidiary issues residential mortgages in the US and Canada. Ally Financial also provides financing services for large- and mid-market companies around the world through Ally Commercial Finance (formerly GMAC Commercial Finance). Ally Financial is majority-owned by US taxpayers, following a bailout by the federal government in 2008.