Vehicle loan or lease -- Struggling to pay your loan -- Complaint #4905911
Complaint Overview
Complaint ID: 4905911
Company: Ally Financial INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Struggling to pay your loan
Sub-Issue: Loan balance remaining after the vehicle is repossessed and sold
State: Delaware
ZIP Code: 19901
Date Received: 2021-11-12T12:00:00-05:00
Date Sent to Company: 2021-11-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
In XXXX of XXXX, I contacted Ally Financial so I can voluntarily surrender my vehicle and my wife 's vehicle because I was on XXXX XXXX orders and I was also the only one working. In addition, I explained that we have XXXX kids, but that my wife and I took into our home an additional XXXX children from family members because they were basically homeless and were not attending school. The surrender of the vehicles immediately added more than {$1100.00} per month ( from car payments, insurance, fuel, and maintenance ) back into the budget and helped ease the burden of the increase in family. My wife used to work from home as a customer service rep, but was let go by the company because customers started complaining about all the noise in the background ( this was before COVID-19, so kids bickering in the background was not as acceptable as it is today ). My complaint is that Ally Financial took the two cars back, and just like most auto finance companies, most likely sold them at auction, used one of their " sister '' agencies to buy the car back ( for pennies on the dollar ) to put it back on the market for reselling, and wrote off the remaining balance when they did their taxes. And for the last three years, Ally has been reporting to the credit bureaus an outstanding balance that WE ALL KNOW was satisfied back in XXXX when they wrote it off in their taxes. So, my question is this : 1. Is the SCRA really protecting Servicemembers when credit companies can easily bypass the SCRA and go after Servicemembers to collect a debt they have already got compensated for, either directly ( through a tax write-off ) or indirectly by using a third-party " sister '' agency to buy back repossessed property for pennies on the dollar, selling it for more profit, and then trying to DOUBLE DIP by reporting to the credit bureaus an arbitrary balance that no longer exists, in an attempt to intimidate Servicemembers to pay for a balance that was written-off and the property resold for a bigger profit? 2. How many Servicemembers ( and consumers ) are being screwed this way? 3. Are there any lawyers out there that would be interested in starting an inquiry to see how many credit companies are practicing these tactics, and whether there are grounds for a class-action lawsuit?
Frequently Asked Questions
What is Complaint #4905911 about?
Complaint #4905911 was filed against Ally Financial INC. regarding Vehicle loan or lease specifically about Struggling to pay your loan. It was received by the CFPB on 2021-11-12T12:00:00-05:00.
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.