Underwriting Policies & Provisions

Change Noted In Red.

Revised: October 1, 2024

Ally reserves the right to change these underwriting policies and provisions at any time.
Ally’s decisions interpreting and administering these underwriting policies and provisions are final.

Dealer Notices: Retail & Lease

• These underwriting policies and provisions apply to all contracts submitted for purchase to Ally.
• It is the responsibility of the dealer to ensure the accuracy of the information on the credit application. Inaccurate
information may subject the application to rejection or the contract to repurchase as outlined in the retail and lease plan
agreement as applicable.
• On all “approved with stipulation(s)” credit applications, stipulations must be submitted with the contract package. See
Appendix A for a listing of documents Ally accepts for stipulations.
• Contracts not received within 15 days of the contract date may be ineligible for purchase and require the application to
be resubmitted.
• Contracts that Ally has not received all information to purchase the contract within 20 days of the contract date will be
subject to payoff.
• Application approvals and qualifications are only good for 30 days and will require the application to be resubmitted.
• For Hail Damaged, Lemon Law/Manufacturer or OEM Buyback vehicles, please contact the Acquisitions Analyst for
eligibility details and requirements. NOTE: Salvage titles, totaled vehicles, water or flood damaged vehicles, frame
damaged vehicles, and vehicles with odometers turned back are ineligible for retail or lease financing.

Current Underwriting Parameters: Retail & Lease

Minimum Amount Financed for New & Used Retail: $5,000
Minimum Amount Financed for New & Used 76-84 Month Terms: $20,000 Maximum Mileage on Used: 120,000
Tier S A B C D E
Retail Min CB Score –
520 520 520 520 520 520
New & Used
Lease Min CB Score – 550 550 550 550 550

New ≤ 63 mos 140% 135% 130% 125%

Used ≤ 63 mos 140% 135% 135% 130%
Prime Retail Max
Advance New 64-75 mos 135% 130% 125% 120%
New & Used Used 64-75 mos 135% 130% 130% 125%
EDC/AWV < $100K
New 76-84 mos 135% 125% 115%
Used 76-84 mos 130% 120% 115%
HVC: New ≤ 75 mos 120% 115% 115%
High Value Collateral
Prime Retail Max Used ≤ 75 mos 110% 105% 105%
Advance New 76 – 84 mos 115% 115% 115%
New & Used
EDC/AWV ≥ $100K Used 76 – 84 mos 105% 105% 105%

Non-Prime Retail New ≤ 72 mos 135% 130% 125% 120% 115% 115%
Max Advance Used ≤ 72 mos 135% 130% 130% 125% 115% 115%
Non-Prime Retail New 73-75 mos 130% 125% 120% 115%
Max Advance Used 73-75 mos 130% 125% 125% 120%
Lease Max Advance
Prime New 120% 120% 120% 115%
EDC/AWV < $100K
Lease Max Advance
Prime New
115% 115% 115% 115%
High Value Collateral (HVC)
EDC/AWV ≥ $100K
Lease Max Advance
120% 120% 120% 115% 105% 105%
Non-Prime New

Some specific programs may have lower advance limits.

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 Underwriting Policies & Provisions

Dealer Acquisition Fees

Dealer Acquisition Fee
Based on aspects of the transaction, Ally may assess dealers a Dealer Acquisition Fee on standard rate retail contracts as
follows:

Non Champions Club Dealers Champions Club Dealers

$0 - $495 $0 or $200

$495 Dealer Acquisition Usury Fee

This fee is assessed on all standard rate retail contracts in which the buy rate returned by Ally is equal to or exceeds (i) the
state statutory limit (varies by state) or (ii) Ally’s internal rate ceiling in states without a statutory limit. The fee is not waived
for Champions Club dealers.

When the transaction qualifies for the Dealer Acquisition Fee and the Dealer Acquisition Usury Fee, only the higher of the
two fees will be assessed.

Ally Maximum Rates Usury Limits

Ally maximum rates (Usury Limits) for all retail transactions involving New or Used vehicles are as follows:

• New Vehicles – Capped at 24.00% or the state cap, whichever is lower

• Used Vehicles – Capped at 25.00% or the state cap, whichever is lower

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 Underwriting Policies & Provisions

Advance Policy (Retail & Lease):

• Maximum Advance: Percentage of balance financed after all cash down, rebates and trade equity, including all
aftermarket products (e.g., gap, service agreements, and credit insurance), TT&L and fees. Aftermarket products may
be financed subject to certain limits, see the “Aftermarket Product Matrix” section.
• New Vehicles: Maximum advance is based on manufacturer’s invoice plus value of allowable dealer installed options
as determined by Ally. Copy of the invoice must be included in the contract package.
• Used Vehicles: Maximum advance (at date of sale) is based on:
JD Power – Clean Trade-In
or Kelley Blue Book Lending Value (dealers located in AZ, CA, CO, HI, ID, NM, NV, OR, UT, WA, and WY)
or Auction Purchase Price:
Vehicles purchased through SmartAuction, auctions, Enterprise, and directly from Ally (e.g., off-lease) may be
valued at the dealer’s purchase price, including any fees as listed on the sales documentation (e.g., bill of sale,
SmartAuction Vehicle Detail, or similar) based on the following time frames:

▪ SmartAuction purchases - value based on purchase price is good for 120 days.
▪ All other purchases - value based on purchase price is good for 90 days.

A copy of the sales documentation supporting the valuation must be included in the contract package.

Plus $1000 If the vehicle is OEM Certified Pre-Owned or certified through an approved non-OEM Certified Pre-Owned
program. Dealer must submit Signed and completed Certified Pre-owned Vehicle Acknowledgement Form.
NOTE: Copy of used book-out form, or equivalent, must be included in the contract package along with the CPOV
Acknowledgement Form.
• Dealer Installed Options: Valuation of dealer installed options subject to Ally approval. Dealer must submit required
documentation supporting valuation with the contract package.
• Up-Fits / Specialty Vehicles: Vehicles with up-fits (e.g., conversion package, lift kit, etc.), and specialty vehicles
(e.g., Right Hand Drive) are subject to lower advance limits. Please contact the Acquisitions Analyst for further
information. Valuation of up-fits/specialty vehicles subject to Ally approval. Dealer must submit required documentation
supporting valuation with the contract package.
• Dealer Documentation Fees: Must not exceed state limitations or published Ally guidelines.
• Down Payment: Ally will accept credit cards for downpayment and capitalized cost reductions on retail and
SmartLease transactions. The name on the credit card must match the name of the Buyer/Lessee or Co-Buyer Co-
Lessee. The maximum credit card downpayment/capitalized cost reduction amount is $5,000 per transaction. Contact
your underwriter if you have any questions.

Advance Policy: Additional Guidelines for Lease

Net Capitalized Cost is limited to a percent of dealer cost per the manufacturer’s invoice plus any allowable dealer installed
options (see the chart on Page 1).

Net Capitalized Cost may include these items if they are capitalized:
Agreed Upon Value of the Vehicle
+ Administrative Fee
+ Aftermarket Products
+ Taxes/Title/License/Registration
+ Negative Equity
- Capitalized Cost Reductions

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 Underwriting Policies & Provisions

Aftermarket Product Matrix

Parameters*
Bundled Product
Product Eligible Products Approved States Additional Comments
EDC / AWV EDC / AWV Eligibility
< $80K ≥ $80K
Battery Performance
$500 All All States Yes
Protection
Based on applicable Products must be eligible
Bundled Products** $2,500 $3,000 All N/A
product as a standalone product.
Cleaning Treatment $500 All All except IA and DC Yes
Ally will not accept
Credit Life / Credit
Regulated by State All*** Regulated by State No contracts that include
Disability Insurance
joint disability coverage.
Etch $1,200 $1,500 All All except VT and DC Yes
Advance Rate Eligibility:
Retail - DCA
All States except CA, IN
GAP Debt Cancellation All except NY and DC
and SC
- 70% non-commercial
GAP Insurance Retail - Insurance
- 80% commercial &
AK, IN, LA, MI, MT,
ComTRAC
GAP Plus Retail*** NE, NV, OR, and TX
$1,500 $2,000 No CA
(additional monetary ComTRAC - 70% All DCA
benefit is only approved ComTRAC
Transactions
in AL, CA, CO, CT, FL, DCA only
IN and SC
GA, MO, NC, OK and AZ, CT, GA, ID, IA, IL,
- 80% All DCA
WI) IN, LA, MD, MI, MO,
Transactions
NC, PA, TN, and TX
- 70% GAP Insurance
(IN only)
Key Fob Replacement $1,000 $1,500 All All Yes
$2,000 OR 10% of EDC/AWV
Maintenance All All Yes
whichever is greater
Mechanical Service
$4,500 OR 10% of EDC/AWV
(with or without All All Yes
whichever is greater
Maintenance)
Nitrogen Tire Fill $200 All All except DC Yes
Not approved in NY if
Paint, Fabric & Leather
$1,500 $2,000 All All Yes includes rips, tears,
Protection
punctures, or burns.
Paintless Dent Repair $1,200 $1,500 All All Yes
Pulsating Third Brake All except IL, VT and
$800 All Yes
Light WY
SmartLease Select may
be included in the
SmartLease Protect
Administration Fee in NY
(available for select $1,500 SmartLease All except NY and TX No
and TX. It is not available
OEMs)
as a separate Aftermarket
Product.
Subscription (e.g., All
Subscription Cost All No
OnStar) (excludes Retail in MI)
NY considers Theft as
Theft $1,500 $2,000 All All except VT and DC Yes
insurance.
Tire & Wheel Protection $1,500 OR 7% of EDC/AWV
All All Yes
Road Hazard whichever is greater
Vehicle Value AL, CO, FL, MO, NC,
$1,500 Retail No
Protection*** OK, TX and UT
Windshield Protection $1,200 $1,500 All All Yes

*SmartLease Parameters align with the amounts under EDC / AWV < $80K. State regulations apply (e.g., GAP in CO). Higher amounts may be allowed where the
price of the product is regulated by the state. Maximum (all-in) advance remains subject to existing lending policy limits and is subject to Ally Underwriting Guidelines.
Total Aftermarket Product Parameters (excluding Credit Life and Disability) = $4,000 OR 30% of EDC/AWV whichever is greater; max $10,000.

**For Bundled Products that include Mechanical Service, use the Mechanical Service level parameter for guidance.
***
Excludes transactions documented on a Multi-Asset Contract.

***Includes Depreciation Benefit, Diminished Asset Protection, and Trade-in Assist/Credit products.

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 Underwriting Policies & Provisions

Vehicle Valuation: Retail

New Vehicles: The collateral value of a new vehicle is the dealer cost per the manufacturer’s invoice plus any allowable
dealer installed options. For vehicles including up-fits (e.g., conversion packages, lift kits, etc.), the collateral value is the
manufacturer’s invoice plus the agreed upon value add not to exceed dealer cost, of the equipment included in the up-fit.
Please include the cost of any up-fit with the credit application and contact the Acquisitions Analyst for any valuation
questions. Valuation of up-fits/specialty vehicles subject to Ally approval. Dealer must submit required documentation
supporting valuation with the contract package.
Allowable dealer installed options and maximum amount, are as follows:

Vehicle Type Dealer Installed Option Maximum *

XM, CD Player/Changer $500
Chrome Wheels $1,000
Power Sun Roof $500
All
Rear Spoiler $250
Audio/Video System $500
Leather Seat Upgrade $500
Running Boards $250
Trucks Only
Bed Liner $250
* Exceptions may be granted on a case by case basis, subject to proper documentation.
Used Vehicles: The dealer entered value will be used as the value of the vehicle. Dealers will use the JD Power Clean
Trade-In value or Kelley Blue Book Lending value (dealers located in AZ, CA, CO, HI, ID, NM, NV, OR, UT, WA, and WY) at
date of sale or Auction Purchase Price (If purchased from SmartAuction the purchase price is good for 120 days. All other
purchases, the purchase price is good for 90 days), plus $1,000 if the vehicle has been certified through an approved
manufacturer’s or dealer certification program. For used vehicles including new or existing up-fits (e.g., conversion packages,
lift kits, etc.), the collateral value is the guidebook value plus the agreed upon value add not to exceed dealer cost of the
equipment included in the up-fit. Please include the cost of any up-fit with the credit application and contact the Acquisitions
Analyst for any valuation questions. Valuation of up-fits/specialty vehicles subject to Ally approval. Dealer must submit
required documentation supporting valuation with the contract package.

Vehicle Valuation: Lease

New Vehicles
Dealers must submit a copy of the manufacturer’s invoice and any invoices for allowable dealer installed options. Refer to
the Online RVLG for eligible vehicles and for allowable dealer installed options.

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 Underwriting Policies & Provisions

Vehicle Valuation Documentation: Retail & Lease

New Vehicles
Dealers must submit a copy of the manufacturer’s invoice and any invoices for allowable dealer installed options.
Used Vehicles
Dealers must submit a book-out form, or equivalent, which details the vehicle valuation including any adds/deducts, as
provided for by the local JD Power Clean Trade-In guidebook or Kelley Blue Book Lending value (dealers located in AZ, CA,
CO, HI, ID, NM, NV, OR, UT, WA, and WY). For Auction Priced Vehicles, dealers must provide a copy of an invoice or bill of
sale in the contract package and dated within the following timeframes:

• SmartAuction purchases – value based on purchase price is good for 120 days.
• All other purchases – value based on purchase price is good for 90 days.

For Certified Used, dealers must provide documentation validating certification though the manufacturer’s program or dealer
program. The documentation must identify the specific vehicle being certified.

OEM CPO Program

• Used Vehicle Book-out sheet; plus one of the following
o Signed and completed Certified Pre-owned Vehicle Acknowledgment Form
o Manufacturer’s CPOV Verification Form

Non-OEM CPO Program

• Used Vehicle Book-out sheet; plus one of the following
o Signed and completed Certified Pre-owned Vehicle Acknowledgment Form
o Copy of the Warranty and Inspection Checklist or Non-Manufacturer Form; Customer’s signature is
required on at least one of the documents

Vehicle Changes: Retail & Lease

A new credit application is required with the new transaction details for any vehicle changes that occur subsequent to the
initial credit decision.

Purchase Option: Lease

Purchase Option at End of Lease Term Calculation:
Residual Value (from line 44 of lease worksheet)
+ $0.00 (from Line 45 of lease worksheet)
= Total (Line 46 of lease worksheet)
Purchase Option at End of Lease Term is entered on line 9 of the lease agreement.
NOTE: The Purchase Option Increment is $0 and it cannot be increased for dealer profit.

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 Underwriting Policies & Provisions

Residual Calculation: Lease

New Vehicle Residual Calculation:

MSRP from manufacturer’s invoice
+ Residualizable Dealer Installed Options (DIOs)
- Removed Equipment
= Residualizable MSRP
x Residual Percentage as outlined in Online RVLG
RESIDUAL VALUE
IMPORTANT: Option Package Discounts are reflected on the manufacturer’s invoice and are no longer eligible to be added
back to the MSRP to calculate the residual value.

Low, Ultra Low and Super Ultra Low Mileage Policy

Residual increments for Low, Ultra Low, and Super Ultra Low Mileage programs are as follows:

Mileage Residual Increments - All New Vehicles

Low Ultra-Low Super Ultra-Low

Mileage (12,000/yr) Mileage (10,000/yr) Mileage (5,000/yr) Mileage (7,500/yr)
60 Months +3 pts +5 pts +8 pts +6 pts

48 Months +3 pts +4 pts +7 pts +5 pts

36 – 47 Months +2 pts +3 pts +6 pts +4 pts

24 – 35 Months +1 pts +2 pts +5 pts +3 pts

12 – 23 Months N/A +1 pts N/A N/A

Low, Ultra-Low and Super Ultra-Low options are eligible for all models listed in the RVLG.

For Ally Accounting Standards Only

Maximum Agreed Value & Negative Equity Calculations: Lease

In order to ensure that vehicles booked under the Ally SmartLease program conform to accounting standards, Ally has limits
on Maximum Agreed Upon Value of the Vehicle and Maximum Negative Equity.

Calculations are:
Maximum Agreed Upon Value of the Vehicle Calculation – New Vehicles
- 12 - 36 Months = (115% times MSRP) + DIOs – Removed Equipment
- 37 - 60 Months = (110% times MSRP) + DIOs – Removed Equipment
Maximum Negative Equity Calculation - New
The Agreed Upon Value of the Vehicle + Capitalized Negative Equity (or Prior Lease Balance) – Cash – CCR – Rebate must
be equal to or less than the following:
- 12 - 36 Months = (115% times MSRP) + DIOs – Removed Equipment
- 37 - 60 Months = (110% times MSRP) + DIOs – Removed Equipment
NOTE: Negative Equity cannot be capitalized in the state of Vermont without offsetting cash, rebate or capitalized cost
reduction allowance.

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 Underwriting Policies & Provisions

Contract Assignment: Retail

Retail contracts should be assigned to Ally Bank. The following outlines state-specific variations:
• Ally Bank Corp. in the state of New Mexico, or
• Ally Capital in the states of Arizona, Hawaii, New Jersey, Mississippi, Montana, and Wisconsin
Ally will notify the dealer of Ally’s credit decision in Dealertrack or RouteOne. Ally’s credit decision will include notification of
the intended Ally assignee.

Ally will confirm which Ally entity took assignment of a retail contract from the Dealer (i) daily via the SmartCash Daily Record report and
(ii) each month via the Statement of Dealer Transactions (SDT) (with respect to any retail contract which included dealer participation).
Retail contracts assigned to Ally Bank (Ally Bank Corp. in NM and Ally Capital in the states of AZ, HI, NJ, MS, MT & WI), and other
transactions (e.g., chargebacks), will be included in the “Detail Statement” section of an SDT displaying “Branch #” 611, 628, 670 or 673
and indicating “Bank” below the Branch #. Other transactions related to Ally Financial will be included in the “Detail Statement” section of
an SDT that displays any other “Branch #. See below for examples.

Assign Retail Contract

Customer name(s) on title must match name(s) on contract.
Title & Lien
Refer to RouteOne or Dealertrack for Retail Title and Lien Requirements.

Ally Bank* and its Ally Capital** and its

successors and assigns successors and assigns
Loss Payee
P.O. Box 8143 P.O. Box 8143
Cockeysville, MD 21030 Cockeysville, MD 21030
* Ally Bank Corp. is required in place of Ally Bank in the state of New Mexico.
** Ally Capital is required in place of Ally Bank in the states of Arizona, Hawaii, New Jersey, Mississippi, Montana, & Wisconsin.

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 Underwriting Policies & Provisions

Contract Assignment: Lease

Lease Assignment
All lease agreements should be assigned to “Ally Bank Lease Trust.”

Place a check in the box of the assignment section that precedes the statement:
“If this box is checked, Lessor (Retailor) will assign this lease and sell the vehicle to ________.”
Enter Ally Bank Lease Trust on the blank line.

Ally will confirm assignment of a SmartLease Agreement from the Dealer (i) daily via the SmartCash Daily Record report and
(ii) each month via the Statement of Dealer Transactions (SDT) (with respect to any lease agreements which included dealer
participation). Lease agreements assigned to Ally Bank Lease Trust will be included in the “Detail Statement” section of an
SDT displaying “Branch #” 611, 628, 670 or 673 and indicating “Bank” below the Branch #. Other transactions related to Ally
Financial Lease Trust will be included in the “Detail Statement” section of an SDT that displays any other “Branch #. See
the “Contract Assignment: Retail” section above for examples.

Assign Lease Contract

Loss Payee Endorsements and Additional Insured Requirements
Record the proper endorsement name for the loss payee and additional insured as follows:

Ally and its successors and assigns

P. O. Box 8105
Cockeysville, MD 21030

Titling and Lien Filing Requirements

Find the titling and lien filing requirements on RouteOne or Dealertrack.

Submit All Comprehensive Retail, SmartLease, ComTRAC and Municipal Lease Purchase
Contract Package(s)
to one of the following addresses based on dealership delivery method or type of contract:

Retail, Lease, ComTRAC & Municipal Lease Contracts Retail, Lease, ComTRAC & Municipal Contracts
shipped via shipped via
FedEx Priority Overnight, 2-Day, etc. US Postal Service and all other couriers

Ally
Suite 2070
Ally
4054 Willow Lake Blvd
Suite 2070
Memphis, TN 38153
4054 Willow Lake Blvd
Memphis, TN 38118
Only FedEx packages sent to this zip code will arrive
prior to 4:30 AM CST. Zip code must be accurate for
early delivery.

Dealer Titling Responsibility – Lease and Retail

To ensure that Ally’s security interest is perfected in a timely manner, the forms and documents necessary to have Ally’s
lien/ownership interest noted on the certificate of title must be completed and submitted to the proper public officials at the
time of sale or as quickly as possible after the sale, but never more than 30 days from the date of the sale.

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 Underwriting Policies & Provisions

Appendix A

Verification Type Acceptable Documents

Proof of Name • One of the Following:
o Copy of Marriage Certificate, Divorce Decree, Social Security Card or Copy of Driver’s License -
provide in contract package (do not send to the Underwriter).
Proof of Residence • Current billing statement of the applicant/co-applicant at the address shown on the application.
o Examples: Utility Bill (gas, electric, etc.), Land Line Phone Bill, Cell Phone Bill (excluding a
prepaid cell phone program), Cable or Internet Bill, Current Paystub (must include company
name, and name and address of customer), Mortgage Statement, Bank Statement (checking or
savings), Ally Account Statement, Real Estate/Escrow Tax Bill, Credit Card Statement.
• Copy of Driver’s License – provide in contract package (do not send to the Underwriter)
• HUD/Mortgage Closing Statement, SSN Documentation (must include name and address of customer),
Fixed Income Award Letters/Pension Statement
Proof of Home or Cell • Current Land Line phone bill showing home or cell number registered to the same verified address listed on
Phone Number the application.
Proof of Date of Birth • One of the Following:
(DOB) o Copy of Driver’s License, Birth Certificate, or Passport – provide in contract package (do not
send to the Underwriter)
Employment Verification • Must have valid land line phone number to place of business.
• Signed credit application authorizing release of information from employer.
Proof of Income for W2 • Pay stub: The pay stub pay date must be within 60 days of the application date and reflect YTD figures. If the
Employee pay stub does not reflect YTD figures, please include the previous year W-2.
• Current Military Leave and Earning Statement (Base Pay + BAS + BAH only).
• Handwritten checks. Must have 4 most recent and consecutive pay stubs and the applicable bank statements
showing the deposits.
• Overtime or bonus income may be considered only when the paystubs reflect 3 months of overtime or bonus
earnings (previous year W-2 required if considering additional income in the first 3 months of a new year).
Proof of Income for 1099 • Current year signed tax return with all appropriate schedules. Stated application income must match net profit
Employee / Self line 31 on schedule C plus depreciation or other non-cash items.
Employed • Ally will accept prior year tax return through April 15 th of the current year.
Child Support and • Copy of court award letter with proof of last 4 consecutive payments received
Alimony • Copy of payment history from Child Support Payment Center
Social Security Income • One of the Following:
o Copy of current year award letter.
o Copy of social security check. (pay date within 60 days of application date. 90 days if award letter
amount matches check amount).
o Copy of current bank statement showing deposits. If it is a joint account, must be able to determine
the deposit belongs to the applicant by the deposit description.
o Previous year W2 or 1099-R.
Retirement Income • One of the Following:
o Copy of current year pension statement.
o Copy of previous year W-2 or 1099-R.
o Copy of three (3) most recent bank statements reflecting net deposits.
Disability Income • Short Term, requires all of the following:
o Copy of an award letter or other supporting documentation.
o Verification of continued income after short term disability ceases (e.g., verification from the employer
that the applicant will remain employed upon release from the doctor).
• Long Term, requires one of the following:
o Copy of award letter
o Copy of the most recent four banking statements reflecting the deposits.
Unemployment Income • Unemployment benefits statement or most recent unemployment check stub.
Seasonal Income • Prior 2 years personal 1040 tax return with evidence of seasonal income.
Rental Property Income • Most recent year 1040 tax return and Schedule E attached matching the stated income.
Other Miscellaneous
• Please contact your underwriter to determine if acceptable.
Forms of Income

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