Ally Bank

Discussion of the Cash portion of the Permanent Portfolio

Moderator: Global Moderator

Post Reply
User avatar
ochotona
Executive Member
Executive Member
Posts: 3353
Joined: Fri Jan 30, 2015 5:54 am

Ally Bank

Post by ochotona » Mon Mar 27, 2017 7:54 pm

They have had an upsurge in subprime auto loan defaults. They used to be called GMAC, and their portfolio is heavily auto loans. I love the 1% paid on deposits, but I am going the watch their quarterly profits. I run from potential problems. I never want to be in a bank where FDIC in invoked.
User avatar
ochotona
Executive Member
Executive Member
Posts: 3353
Joined: Fri Jan 30, 2015 5:54 am

Re: Ally Bank

Post by ochotona » Mon Mar 27, 2017 9:04 pm

Desert wrote:
ochotona wrote:They have had an upsurge in subprime auto loan defaults. They used to be called GMAC, and their portfolio is heavily auto loans. I love the 1% paid on deposits, but I am going the watch their quarterly profits. I run from potential problems. I never want to be in a bank where FDIC in invoked.
You could compare with PurePoint Financial, currently paying 1.25%, with a 10K minimum.
I looked at DepositAccounts.com, Ally is A+ rated, PurePoint is A. Go figure!
User avatar
dualstow
Executive Member
Executive Member
Posts: 14232
Joined: Wed Oct 27, 2010 10:18 am
Location: synagogue of Satan
Contact:

Re: Ally Bank

Post by dualstow » Mon Mar 27, 2017 9:25 pm

Remember the John Oliver piece on auto loans? Seems like it could be the next big thing to really blow up.
Sam Bankman-Fried sentenced to 25 years
User avatar
ochotona
Executive Member
Executive Member
Posts: 3353
Joined: Fri Jan 30, 2015 5:54 am

Re: Ally Bank

Post by ochotona » Mon Mar 27, 2017 9:31 pm

dualstow wrote:Remember the John Oliver piece on auto loans? Seems like it could be the next big thing to really blow up.
It doesn't sound good. Well, if I watch the quarterly financials I should see severe problems well in time to move money.
grapesofwrath
Associate Member
Associate Member
Posts: 46
Joined: Thu Jul 14, 2016 5:57 am

Re: Ally Bank

Post by grapesofwrath » Tue Mar 28, 2017 5:39 pm

I'm at a loss why someone would put cash in bank CDs vs just bills/notes at treasury direct. The rates, even if better, don't seem worth it for the grief, continual churn and chasing, and lack of peace of mind.
User avatar
dualstow
Executive Member
Executive Member
Posts: 14232
Joined: Wed Oct 27, 2010 10:18 am
Location: synagogue of Satan
Contact:

Re: Ally Bank

Post by dualstow » Tue Mar 28, 2017 6:02 pm

grapesofwrath wrote:I'm at a loss why someone would put cash in bank CDs vs just bills/notes at treasury direct.
A friend of mine feels the opposite. He cannot fathom why I would buy treasuries, "ignoring" higher yields from CDs.
Sam Bankman-Fried sentenced to 25 years
User avatar
ochotona
Executive Member
Executive Member
Posts: 3353
Joined: Fri Jan 30, 2015 5:54 am

Re: Ally Bank

Post by ochotona » Tue Mar 28, 2017 8:53 pm

grapesofwrath wrote:I'm at a loss why someone would put cash in bank CDs vs just bills/notes at treasury direct. The rates, even if better, don't seem worth it for the grief, continual churn and chasing, and lack of peace of mind.
Because I'm not willing to give up the $3,000 in interest I earned last year, that's why!
Post Reply