Vehicle loan or lease -- Problems at the end of the loan or lease -- Complaint #5392983

Complaint Overview

Complaint ID: 5392983

Company: Ally Financial INC.

Product: Vehicle loan or lease

Sub-Product: Lease

Issue: Problems at the end of the loan or lease

Sub-Issue: Problem with paying off the loan

State: Florida

ZIP Code: 33487

Date Received: 2022-03-31T12:00:00-05:00

Date Sent to Company: 2022-03-31T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

On XX/XX/2021 we leased a XXXX XXXX from a dealership in XXXX. We have excellent credit and without consulting us the dealership chose Ally Bank for use & we didn't have a say. We didn't know our loan was assigned to Ally Bank until we received the first bill about three weeks after closing with the dealership. no one explained anything to us nor gave us any instructions, not the dealership & not Ally Bank. About 2 months ago the XXXX was stolen and we were working with our insurance adjuster. The adjuster called Ally Bank and asked for our loan pay off but Ally Bank refused to provide him with the information. We then tried calling Ally Bank ourselves, asking for the payoff. We spoke to three different departments plus a supervisor and they all refused to provide us with the payoff information of our own loan. The reason why they refused to give us our payoff amount is because they wanted to get the highest amount they can from the insurance company. We owed Ally Bank approximately $ XXXX and the insurance company not knowing our payoff amount offered us {$62000.00} to settle the insurance claim. But then we received a call from Ally Bank stating they would get the full {$62000.00} amount and we would get nothing. they relayed that they owned the vehicle, not us, and is why they would receive the entire amount from the insurance company. So while we lost an approximate total of $ XXXX, which included the down payment, the added XXXX '' wheels with lift, numerous personal items stolen from inside the vehicle, $ XXXX in monthly payments paid to date and the difference in the current market replacement value we would need to pay for the same vehicle purchased only a few months ago. Ultimately, we lose $ XXXX and Ally Bank makes an extra $ XXXX. Even the insurance adjuster told us, he'd 'never dealt with a bank that takes all the money from their customer like Ally Bank . ' To put it into simple terms, if I had made a $ XXXX down payment on a $ XXXX auto loan, Ally Bank would still have received the {$62000.00} insurance claim even though the loan amount would only have been $ XXXX. That's exactly what I would have lost in this scenario ( - $ XXXX ). This is what I call fraud. Ally Bank is taking advantage of their customers in a deceptive manner and by refusing to provide the payoff, in order to get a higher amount from the insurance company, it definitely feels like fraud. So now after losing all of my savings, the $ XXXX auto investment, I have no money left to buy a new car so I'll have to live without a car for a while. Someone needs to put a stop to companies like Ally Bank who are taking advantage of their customers. I am hoping you can help us and others like us put a stop to this type of company greed and deception.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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