No, they changed their name to dissociate itself from itself. GMAC was one of the top offenders in the subprime mortgage fiasco, and changed their name after they got a bailout. No self respecting person wanted to be associated with GMAC, and neither did they. "Years back" Sounds like 20 years ago, it was less than four.
Vince, I consider 4 years to be “years”, but your point is taken. There was more to the name change than a disassociation. Article was updated (click above link to read) to address main reason for changes. GM had to reduce stake to under 10% for Ally to tap into TARP funds. They submitted and were approved for bank holding status at the time.