Ally Pumps Money into Carvana Loans

Ally has significantly increased their current loan purchase program with Carvana, a platform for buying and selling cars; the two have been working together over the past six years; under the deal Ally will provide up to $2 billion of capacity for the purchase of finance receivables over the next 12 months; they are also broadening the types of customers included; Ernie Garcia, founder and CEO of Carvana stated, “This commitment from Ally puts Carvana in a strong position to provide our customers fair, simple financing in this time when so many need it.” AP News

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