Ally Financial and at its banking subsidiary have completed the renewal of $11.5 billion in secured credit facilities intended to fund its automobile lending and leasing in the United States.

The renewal is part of Ally's "diversified funding strategy," that aims to further grow its U.S. automobile finance franchise, Bradley Brown, corporate treasurer of the $151.2 billion company, explained in a press release.

The facilities were renewed "with improved terms," including favorable interest from the 19 lenders who participated in the transaction, helping lower the cost of funds, he said.

The $11.5 billion in funds consists of an $8 billion facility that matures in March 2016 and is available to the parent company, Ally Financial; and a $3.5 billion facility that matures in June 2015 that is available to Ally Bank.

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