Vehicle loan or lease -- Managing the loan or lease -- Complaint #5194776
Complaint Overview
Complaint ID: 5194776
Company: Ally Financial INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with fees charged
State: Arkansas
ZIP Code: XXXXX
Date Received: 2022-02-07T12:00:00-05:00
Date Sent to Company: 2022-02-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
Consumer Financial Protection Bureau XX/XX/XXXX Re : Ally Auto Finance I need your help. Ally Auto Finance has hidden charges in the XXXX XXXX Contracts. Permit me to explain. On XXXX of XX/XX/XXXX I entered into an Auto Finance Contract with Ally Auto Finance via XXXX XXXX XXXX, XXXX XXXX XXXX for the purchase of a XXXX XXXX XXXX. The interest was supposed to be 7.09 %. However, Ally Auto Finance has instituted some creative Finance Charges in addition to the Interest Charges. This is totally Ludicrous and highly Unethical. I am not paying 7.09 %, I am paying 7.09 % + a fabricated Finance Charge. The Finance Charges nor Interest Charges are disclosed in the monthly statements. Instead when you receive youre your Monthly Statement there is an area marked Last Paid which contains a column named Finance Charge. There is NO disclosure showing the Interest Paid just the Finance Charge Paid and there is NO calculation showing how that number was derived. Such as Number of Days in the Billing Cycle. ( See attached titled : Ally Interest Statement XXXX highlighted in yellow ). I have put together a Summary Sheet ( see the attached titled : Ally Calculated Interest XXXX ) which shows the amount charged by Ally under the column titled Ally Interest ( highlighted in yellow ). I have also included a column titled Calculated Int. ( Interest ) which represents the Interest that should have been paid based on 7.09 % APR. Please help me to extinguish this Unethical Business Practice and please keep me informed as to your progress. XXXX XXXX
Frequently Asked Questions
What is Complaint #5194776 about?
Complaint #5194776 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 2022-02-07T12:00:00-05:00.
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.