Vehicle loan or lease -- Managing the loan or lease -- Complaint #10977410
Complaint Overview
Complaint ID: 10977410
Company: Ally Financial INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: New York
ZIP Code: 11105
Date Received: 2024-11-29T12:00:00-05:00
Date Sent to Company: 2024-11-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/XXXX I purchased a vehicle and ally financial became the bank the dealer used. My payments are XXXX per month. Every month most the payment goes towards finance change and a small amount goes towards principal. In XX/XX/XXXX i made my payment as normal, and at the same time my warranty company gave me a credit of about {$2000.00} for a warranty not valid for use in my state. Ally financial, did not put the full amount towards my principal but instead put it towards monthly payments. Each month from XXXX to XXXX finace charges were collected.. Complete list of my monthly transaction are listed below. The monetary amount next to each month are the finance charges charged per my statements each month. From XXXX to XXXX I made no payment cause my amount due was XXXX. But there were finance charges removed from the XXXX that was credited to my account. XXXX {$440.00} XX/XX/XXXX {$290.00} XX/XX/XXXX {$290.00} XX/XX/XXXX {$290.00} XXXX XXXX {$26.00} XXXX XXXX {$26.00} XX/XX/XXXX {$300.00} XX/XX/XXXX {$300.00} XX/XX/XXXX {$300.00} XX/XX/XXXX {$300.00} In XX/XX/XXXX my balance due was {$19000.00} In XX/XX/XXXX my balance due was XXXX In XX/XX/XXXX my balance due was {$19000.00}. And had not reduced since XX/XX/XXXX. I started making regular payements in XX/XX/XXXX. XX/XX/XXXX {$360.00} XX/XX/XXXX {$480.00} XX/XX/XXXX {$480.00} and has not moved since... I have been making regular payments but ally financial is not dispursing them properly.. I know when you first her a loan it's heavy on the finance and low on the principal being paid but ally financial has taken full payments and put it towards the finance. I have asked them to review and correct but they refuse. The last 3 months I have paid over XXXX I. Finance charge alone.. thus is wrong. It should be split between finance charge and principal. At this rate what they are trying to do is have me pay all the finance charge up front.. thats not right.. part of it should be put towards principal as I have the option to pay off early if I want to. At this point my loan is almost the same as when I first got the car XXXX months ago.
Frequently Asked Questions
What is Complaint #10977410 about?
Complaint #10977410 was filed against Ally Financial INC. regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2024-11-29T12:00:00-05:00.
How did Ally Financial INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Ally Financial INC.?
Yes, visit the Ally Financial INC. company profile at readthecomplaint.com/company/ally-financial-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.