STATEMENT OF ELIGIBILITY OF THE BANK OF NEW YORK MELLON

This document was submitted to the SEC on behalf of Ally Financial Inc.. The original filing can be found at http://www.sec.gov/Archives/edgar/data/00000407...

Exhibit 25.1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE

ELIGIBILITY OF A TRUSTEE PURSUANT TO

SECTION 305(b)(2)    ¨

THE BANK OF NEW YORK MELLON

(Exact name of trustee as specified in its charter)

   New York       13-5160382   
  

(Jurisdiction of incorporation

if not a U.S. national bank)

     

(I.R.S. employer

identification no.)

  
   One Wall Street, New York, N.Y.    10286   
   (Address of principal executive offices)    (Zip code)   

ALLY FINANCIAL INC.

(Exact name of obligor as specified in its charter)

   Delaware       38-0572512   
  

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. employer

identification no.)

  
  

200 Renaissance Center

P.O. Box 200

Detroit, Michigan

      48265-2000   
   (Address of principal executive offices)    (Zip code)   

Ally US LLC

(Exact name of obligor as specified in its charter)

   Delaware       26-0263708   
  

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. employer

identification no.)

  
  

200 Renaissance Center

P.O. Box 200

Detroit, Michigan

      48265   
   (Address of principal executive offices)    (Zip code)   

IB Finance Holding Company, LLC

(Exact name of obligor as specified in its charter)

   Delaware       20-5704381   
  

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. employer

identification no.)

  
  

200 Renaissance Center

P.O. Box 200

Detroit, Michigan

      48265   
   (Address of principal executive offices)    (Zip code)   

GMAC Latin America Holdings LLC

(Exact name of obligor as specified in its charter)

   Delaware       20-5418371   
  

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. employer

identification no.)

  
  

200 Renaissance Center

P.O. Box 200

Detroit, Michigan

      48265   
   (Address of principal executive offices)    (Zip code)   

- 2 -

GMAC International Holdings B.V.

(Exact name of obligor as specified in its charter)

   The Netherlands       98-0523890   
  

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. employer

identification no.)

  
  

16 Hogeweg,

‘s-Gravenhage,

2585 JD, The Netherlands

        
   (Address of principal executive offices)    (Zip code)   

GMAC Continental LLC

(Exact name of obligor as specified in its charter)

   Delaware       38-1489997   
  

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. employer

identification no.)

  
  

200 Renaissance Center

P.O. Box 200

Detroit, Michigan

      48265   
   (Address of principal executive offices)    (Zip code)   

Senior Guaranteed Notes

and Guarantees of Senior Guaranteed Notes

(Title of the indenture securities)

- 3 -

1. General information. Furnish the following information as to the Trustee:
  (a) Name and address of each examining or supervising authority to which it is subject.

Name

  

Address

Superintendent of Banks of the State of

New York

  

One State Street, New York, N.Y.

10004-1417, and Albany, N.Y.

12223

Federal Reserve Bank of New York   

33 Liberty Street, New York, N.Y.

10045

Federal Deposit Insurance Corporation    Washington, D.C. 20429
New York Clearing House Association    New York, N.Y. 10005
  (b) Whether it is authorized to exercise corporate trust powers.

Yes.

2. Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

16. List of Exhibits.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the “Act”) and 17 C.F.R. 229.10(d).

  1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735).

- 4 -

  4. A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-154173).
  6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152735).
  7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.

- 5 -

SIGNATURE

Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on the 23rd day of December, 2010.

THE BANK OF NEW YORK MELLON
By:  

/S/ SHERMA THOMAS

  Name:   SHERMA THOMAS
  Title:   SENIOR ASSOCIATE

- 6 -

EXHIBIT 7

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of One Wall Street, New York, N.Y. 10286

And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business September 30, 2010, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

     Dollar Amounts In Thousands  

ASSETS

  

Cash and balances due from depository institutions:

  

Noninterest-bearing balances and currency and coin

     2,892,000   

Interest-bearing balances

     71,640,000   

Securities:

  

Held-to-maturity securities

     3,857,000   

Available-for-sale securities

     55,342,000   

Federal funds sold and securities purchased under agreements to resell:

  

Federal funds sold in domestic offices

     18,000   

Securities purchased under agreements to resell

     778,000   

Loans and lease financing receivables:

  

Loans and leases held for sale

     16,000   

Loans and leases, net of unearned income

     24,990,000   

LESS: Allowance for loan and lease losses

     517,000   

Loans and leases, net of unearned income and allowance

     24,473,000   

Trading assets

     8,311,000   

Premises and fixed assets (including capitalized leases)

     1,140,000   

Other real estate owned

     7,000   

Investments in unconsolidated subsidiaries and associated companies

     916,000   

Direct and indirect investments in real estate ventures

     0   

Intangible assets:

  

Goodwill

     6,371,000   

Other intangible assets

     1,852,000   

Other assets

     13,262,000   
        

Total assets

     190,875,000   
        

LIABILITIES

  

Deposits:

  

In domestic offices

     64,871,000   

Noninterest-bearing

     34,508,000   

Interest-bearing

     30,363,000   

In foreign offices, Edge and Agreement subsidiaries, and IBFs

     80,811,000   

Noninterest-bearing

     2,198,000   

Interest-bearing

     78,613,000   

Federal funds purchased and securities sold under agreements to repurchase:

  

Federal funds purchased in domestic offices

     3,192,000   

Securities sold under agreements to repurchase

     27,000   

Trading liabilities

     9,222,000   

Other borrowed money:
(includes mortgage indebtedness and obligations under capitalized leases)

     2,228,000   

Not applicable

  

Not applicable

  

Subordinated notes and debentures

     3,490,000   

Other liabilities

     11,236,000   
        

Total liabilities

     175,077,000   
        

EQUITY CAPITAL

  

Perpetual preferred stock and related surplus

     0   

Common stock

     1,135,000   

Surplus (exclude all surplus related to preferred stock)

     8,565,000   

Retained earnings

     6,545,000   

Accumulated other comprehensive income

     -809,000   

Other equity capital components

     0   

Total bank equity capital

     15,436,000   

Noncontrolling (minority) interests in consolidated subsidiaries

     362,000   

Total equity capital

     15,798,000   
        

Total liabilities and equity capital

     190,875,000   
        

I, Thomas P. Gibbons, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Thomas P. Gibbons,

Chief Financial Officer

 

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

Robert P. Kelly

Gerald L. Hassell

Catherine A. Rein

         Directors
        

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