Ally offered to extend leases mid-March and defer payments for consumers impacted by the virus. The lender also pledged $3 million in direct financial aid to local communities and organizations.
“The sudden and severe nature of the shutdown has affected the world and our nation in a manner that has arguably never been replicated on a scale of this magnitude. … Significant action across public and private sectors should continue on a size and scale that has never been seen in history,” CEO Jeffrey Brown said on a call with investors. “We still do not know how long it will take to return to a state of normalcy.”
Ally said 25 percent of its auto-loan customers have asked for payment deferrals, and the vast majority have never been delinquent before.
Of the 1.1 million borrowers who requested forbearance, more than three-quarters have never asked for a deferral before and 70 percent have never had a late payment with Ally, CFO Jennifer LaClair told analysts during a conference…