Ally Financial Screwed Us Over
ฝัง
- เผยแพร่เมื่อ 22 ธ.ค. 2021
- We are sharing this video because we want to help you protect yourself. This video explains how Ally Financial screwed my daughter Kitana over when she sold her leased vehicle to Carmax.
I’ve always been told to read a contract thoroughly before signing anything, but like most people, we didn’t read six pages of size twelve font and it cost my daughter over $5,000.00
If you are leasing a vehicle I would be very careful who you choose to finance it. Look for this clause and don’t sign the lease if it contains a clause like this.
The two websites I found with people reporting Ally Financial are
www.ripoffreport.com
and
www.complaintsboard.com
Buyer Beware -
We hope that this short video helps you to make the right decision for you and your family. You may not plan on terminating your lease early, but if you need to, or just decide to, this clause could hurt you.
Please drop a comment below and let us know if you had a similar experience or have additional knowledge on how this finance company or any other finance company put the screws to you!
Share this to help spread the word and save someone else from this terrible surprise.
Cheers,
Bob
Cheers,
Bob - แนวปฏิบัติและการใช้ชีวิต
![NONT TANONT - ดอกไม้ที่รอฝน (spring) - Reimagined [Live Session]](http://i.ytimg.com/vi/nY2PsFZFEOg/mqdefault.jpg)
The first rule of signing ANY contract is read EVERYTHING!!! My wife and I read every single line, of every single thing we signed. Every time we purchase a home or car, we read it ALL! It took us 4 hours at our latest home closing because we read every single word. The title company ordered lunch for us all because it took so long.
Yeah, companies will try to hide things. Which is exactly why it's on you, as a grown adult, to ready everything that you are signing your name to. You don't have much leg to stand on later, if you come back and say "hey, this isn't fair", if by signing your name to it, you agree to whatever it says.
Did you read the rescind letter on your home contract? and when you signed those contracts after reading, did you see another signature from the bank?
Thank you. I just came out of the dealership and in the process of buying a new truck. They presented me with my options including ally. Your video helped me to make an informed decision.
Ally financial is, without a close second, the worst company I've ever dealt with! I'm my opinion, they are not more than a scam company.
It would take me several paragraphs to fully explain the incompetence and deceptive tactics
NEVER USE ALLY FOR AUTO LEASES/LOANS! I ran into the same thing. I have a lease on a 2020 pick up truck that I'm trying to get out of...My payoff is roughly 43k..I tried to trade it in and Ally said the dealer payoff is $62k (about 10k more than I paid for it). The only way to get out of a Ally lease early is to take a personal loan out on the vehicle or turn it in and pay huge fees. Ally is so bad at what they do (and maybe its on purpose) that you really can only refinance through their Clearlane brand with inflated interest rates. Sorry this happened to you...its VERY frustrating. I will NEVER deal with Ally for anything again.
The amount of the early termination fee was outrageous. It should have been a couple hundred maybe but not 5 grand. I would see if that amount is legal like you said. People should be made aware of schemes like this before financing. The Finance companies will never tell you about the early termination fees.
Yes Glenn this was a total shock to us. It’s highway robbery as far as I’m concerned. Should be illegal but she signed it so she agreed to it but the car dealership didn’t really point it out either.
Cheers
Bob
My friend said even if you pay early, the fine print says you have to pay interest for the remaining of the loans
Months, she had 5-6 years.
I’m not sure how this works but this is so sad companies are doing this.
I am happy you did this to help me and others 👍
Going through this right now. Its not really a "early termination fee". What they are doing is charging the Dealer a Market Price, not honoring my "Buyout". I have a year left on a lease of a 2021 Jeep Wrangler Rubicon. If I were to buy it, pay it off early, my price is 43,800. I got a fair off from a dealer as I am not trading it in I just don't need it. They are telling the Dealer, their price, to buy it and put it in Inventory is $48,500. It is not a "firm" number. If I go to another dealer on a different day it will change. I was actually on the phone with Ally and the Dealer listening to the nonsense. So frustrating. Do not lease with Ally unless you know you will go full term. I have been leasing vehicles for over 30 years, I always end early and either trade or sell to a dealer to take advantage of any equity. I have never ever had a problem.
If anybody has an issue with them you should be able to report them to CFPB (CONSUMER FINANCIAL PROTECTION BUREAU -US govt agency)
You know most of these alphabet agencies don’t do shit. They’ll talk in circles and nothing will get done. Good luck unless it’s a mega class action.
Narcissists will screw you over then pretend there doing you a favor
Thank you so much!
Ally is such a scam ! I finance a car March 19,2024 my first payment was May 3rd I paid it two day early my monthly car note was $493 I was charge $454 for finance charges & only $39 went tours my principal. They said I was not only paying interest for may but I was paying for march & April as well . Then they said if I wanted to make another payment this same month everything will go straight to my principal & I won’t pay finance charges for this second payment so I decided to pay an extra $100 & they took another $30 of finance !!! This by far the worse experience . My advice to anyone reading this please save your money & buy it in cash . It may take longer but it’ll all be worth it because you’ll just be paying insurance & gas . I wish I would of did a lil bit of more research honestly I wouldn’t of been so mad if the finance charges wasn’t so high !!! Because they did let me borrow the money but that’s basically 80% of what I paid . I’m thinking about refinancing in 6 months any advice anyone ?
I am currently looking for options to sue ally financial. My husband financed a 2022 ram $74,00. He was desperate for a work truck and agreed to a 15.89% interest rate being desperate was our mistake because we didn't read the contract right there and then before signing. Monthly payment $1,500 we were fine with it wasn't until I checked payoff amount it's been 7 months of 1,500 payments and payoff is at $73,000. We didn't expect for all the money to go to interest. It just seems so predotary.
How can you sue them just because you didn’t read the fine print? I can’t believe someone would get a loan for a truck at 15.89%… America has lost its competitive advantage!!
So you want to sue because your “desperation” prevented you from taking the time to read and understand a contract and how interest works? It’s not predatory, y’all are just textbook definition idiots. You and/or your husband obviously have shitty credit in addition to being desperate enough to buy a $74k ram with all the bells and whistles (probably) at a term of 72 months to make the payments not as expensive. What did you think the outcome would’ve been? 5 minutes on doing basic math on an excel sheet should’ve told you how stupid of a purchase that truck is in addition to how fast y’all will be underwater with the loan. You’d be better of putting extra payments on the loan before putting money into a lawyer who is 99.9% bound to lose your case.
Desperate for a 74k work truck at almost 20% interest with 1500$ a month payments - that’s absurd. Some of you people deserve what comes your way it’s not always the banks faults.
Don’t sue anyone, work on your credit instead
They do the same when trying to trade to. My dealer payoff is $11,000 more than my actual payoff.
Fuck ally. I want to start a law suit
For what?? Not reading the fine print?!
The fine print doesn't mention that they will charge a higher payoff at different dealers. It doesn't make any sense if they agreed to sell you the car. Complete scammers!
I can’t even find answers for paying off the car on their app.
Ally is so bad is depressing,
We need to talk to our state representatives to help keep these companies out of our states
I have a Ally lease and I am going through the same process of getting out of my lease early. Ally gave Car Cash 2 Buy Out amounts, one was $59,700 that was sticker price on the 2020 Jeep Unlimited Rubicon that I leased it in 2020 for 48 months with 22 payments remaining and the second buy out number was $47,000. So the car broker is paying the lower figure and see what happens. The $59,700 price is way way unfair. I thought that a 3rd. Party broker like carmax, carvana etc.. is NOT allowed to buy the vehicle from Ally if it’s leased ?
I’m stressed out waiting to see what Ally will pull with my situation. Question did Ally send your daughter or the dealer the title ?
Same thing happened to me! I didn't even see a paper lease. The dealer had an "ipad" that I had to sign. They are crooks and got me for about 7k. Plus a disposition fee for almost 500.00. I have leased so many vehicles and I have NEVER had a different payoff. They are terrible. I would never use them or recommend this bank. I should have gone to a credit union.
My question is, how early was the lease terminated? If Im understanding this correctly, the residual value or "pay off" at lease END would be the $14k. If you terminate early, those remaining payments would still need to accounted for plus an early termination fee, which is I assume combined is the $5k. For example, I still have 14 payments on my Ally lease. There's $6K left on the lease total price. If I want to turn it in early, I have that option but it's going to cost me $3,600 to clean up that $6K of the lease, which coupled with the residual value would be more now then at lease end which is why they would accept $3,600 instead full $6k remainder. I'll agree it's not the most buyer friendly deal, but hell no vehicle deals are ever winning in the buyer favor. So using my example, are you saying you paid the early buyout price to clean up the agreed lease price remainder AND they charged you $5k in addition, or the clean up price + fees was the $5k?
That's not accurate. I have a 2022 Ram limited. Because of medical conditions my doctor suspended my license. I wanted to get a vehicle my wife can drive more easily. Unfortunately I just sold hers before I received the news of my license. I spoke with Ally they gave me one payoff figure but 8k more for the dealer.
Ok, 14 months in and 50% paid off my loan with Ally. Called to see about refinancing. My credit score is very good, so I felt my interest rate was too high. Found out they do not refinance. So if I go to my bank, which is offering me a way better interest rate, is that gonna fall under early termination?
Haven't even finished the video and can already say you're 100% accurate. Trying to get out of mine now and its a nightmare. Never again!!!!
I've had great luck with ally. I had a truck loan n just traded my truck in had no bad luck with them my first loN through them was high interest but they helped me build my credit to 800 now n I went back traded my truck in early every thing was quick n easy for me n they offered me a really great interest rate
Had the same thing done today. All the dealers were telling ally charges them more to buy it out. So I’m taking a loan through ally and will trade it in at a later date.
Wonder if refinancing with another company terminates the lease. I want to know why they have that clause?!!
Why not keep the car for the remainder of the lease, buy it out at the 14k residual value then turn around and sell it after. You'd avoid the $5k that Ally tacked on.
Understand you may have wanted to get out of the vehicle but might have been good to just keep it at that point and wait out the full lease term.
I see what they were trying to do.....thier trying to flip the vehicle from dealer to dealer.
BOB, You might have recourse through the Consumer Financial Protection Bureau. I am a banker, and I can tell you more about this if interested. I also have Ally for one of my cars. Not my favorite lender. I’ll be refinancing as soon as I can.
100% true !!! im going through the samething as well. I found out there customer service is in South East Asia that is why when you call them they all have accents and are hard to understand. my payoff was $18700 and they were telling dealerships the payoff is $32000 i tried to buyout the lease myself and they would not sent me the documents that are required to the new lein holder such as odometer disclosure and lease buyout disclosure they would not send it until the funds are received the credit union i wanted to use said to me we can not close on the loan until we have these documents. Bottom line everyhting in this video is TRUE do NOT use ALLY FINANCIAL !!
I’m being told by my current salesman that my Ally offer is a “simple interest” loan with no prepayment penalties
You still owe the residual which is the 14xxx... that number is only at the end of the lease payments. You still owe the remaining lease payments plus the residual value.
Question. I cosigned on my daughter's first loan with ally. Because my score is near perfect , I didn't expect the interest rate to be 6 percent. Their reviews are worse than awful. Can I refinance with someone else to get away from this place? Or does that fall under this same issue? Loan is only a month old. Thank you for letting people know btw. Car dealerships have a shady relationship with ally
I am trying to to the same thing i decided not too. Because like this gentlemen in the video said. They can and probably will charger you this late early termination raising the price fee ( i call it which is a scam ) while your in the process of closing on your new loan….also when i was trying to do this with my credit union they would NOT give me the lease buyout closure form and odometer disclosure form until they receive the funds LOLOLOL. My credit union and common sense tells you they need these forms to close on the loan…..Ally plays games and scams people. Everytime you call your calling too south east asia all the customer service people barely speak English and could care less about you…..in fact i got hung up on…..and you have no one to express your issues with no supervisor no one……so my advice is too keep your lease and when you turn the car in BLAST THE DEALERSHIP because they knew what they were doing when they sold you the car. To get you that deal they said use ALLY knowing how bad they are……
Did anyone ever get a signed signature from a representative for the transaction which show that they released any funding on your behalf thereof?🤔
How about if i pay more than my monthly payment applied to principal, will that be considered early termination?
Thanks I’m not going with them anymore like I thought
I have ally as a lease co. And they will not allow a profit the profit is there’s unless you own the car but leased is a no go for them , they will take the equity and sell the car back to dealer for inflated prices or charge the dealership to buy it whatever the current inflated price is . The only way to capture the equity on the lease is to buy it for the lower buyout amount and then sell it . The banks are not in business to not make money there’s no free financing or ways to profit from this I found out : even zero interest is a scam because the bank charges the retailer who ever that is a dealer fee and the retailer is forced to charge more for there good or service , long story short banks are legal loan sharks
they are trying to tell me that we have per diem interest and we paid them in full 16 days after we purchased the vehicle.
I have been dealing with ally financial for almost 2 years. My credit was kinda low so my father in law cosigned for me to help me build my credit back up. An I'm so upset with ally because I have never missed a payment an they are saying that I'm over 2000 dollars behind. I have all my bank statements an also have the Ally app with all payments on there an they are still insisting I'm behind. Please help.
This is happening to me too. Also everytime I pay early they apply late fees. 🤯
They suck, sold my 2016 Cascadia freightliner, somebody out in Call And it’s taking them forever to get the lien release, so this person can’t even run their truck and make money but still have to pay the first month payment on the truck, I hope I don’t have to get a lawyer but I’m going to because in good faith we sold this truck the guy out in California and it’s not fair to him that Ali call release the lien even though they keep telling us over the phone they done it already
We refinance from ally but I had no idea about this. Went with a credit union.
I read every fine line just to ask questions if I dent like the answer I walk.
There is a basic misunderstanding. You can't lease a car and sell it. If you do it, you do it in the name of Ally, which is the owner of the car until you pay all your leasing fees and you excercise the purchase option for the residual value at the end of the leasing period. Leasing is very different from financing. In the latter case, you have ownership of the car right away, so you can sell the car, keep profits made through the sale, if any, and close the financing with the bank..so much like a house you finance through a mortgage. So this is absolutely no scam, it is just people not realising that leasing is different from financing. Leasing has though some advantages for common people with poor credit score, you just have to understand it.
Plus the 14k mentioned in the contract as value for the purchase option refer to the value of the car at the end of the lease, lets say after 5 years. Of course if you sell the car after 2 years, the care has more value, let's say 25k. This is perfectly logical. I'd be cautious to call someone scam before exactly understanding what lease means
Did you two watch video? Subaru finance is $5K better off than ally. It is shit practice that ally's clause does not mention how their termination fee is calculated
@@lucamastropietro543 Ally is the biggest scam financial company ever. I finished paying all the lease payments on my Alfa Romeo and i wanted to trade the car at the same dealership. They quoted Alfa Romeo a Payoff of 24,500. How're my Residual Values is $20,730. I then went to s different dealership (Lexus) and Ally quoted them a paid off $30,180.
This is a major scam! They're just grabbing numbers from the air.
Dude, that early termination block is actually pretty easy to see. It doesnt look like its hidden in small print. They are a business. They cant have everyone breaking leases early. Cars lose a considerable amount of their value and they dont want you breaking your lease and leaving them screwed. Its a lease. You cant sell a lease. You wanted the best of both worlds. Why should you make money on a lease that you break early.
I got a $30000 loan from them. What if I just don’t pay them? Can they put a lien on my house?
Maybe there should be a class action lawsuit against them?
I'm going through the same thing
Seems all you have to do is read the contract before signing that's all. I have lease thru ally several times and also purchased and never has any problems.
I just leased my dodge through Ally and now i'm terrified now.....
I just got Financed with them yesterday 😢
@@michaeldonley7741 lease or finance? Is there a difference regarding this “scam?”
They suck
@@clevercloverlawncare5066 lease
@@michaeldonley7741 gotcha. Thank you.
Their BBB rating is a D-. That tells you alot.
Oh wow. I couldn’t believe they could have a clause in there like that.
Thank you for sharing
Cheers
Bob
Question:, if you would have sent in a certified bank check for a payoff, and waited for the title. Then go shopping for a trade, would that have eliminated the surcharge from ally?.
@@uspatriot9599 yes but Kitana wanted out while the deal was as good as it would get. They told her the offer wouldn’t stand.
Lease or buy ? How can you sell if it was leased ? Lease is not yours. Financed, I paid off my loan early from ally and didn't get any charge
anybody shorting their stock?
Never lease. If you are young you don't need a new vehicle. Save your money and buy a cheap beater and drive it til it dies. Then fix it and keep driving. Invest your money and one day when you're ready you can buy a new vehicle with cash.
Prepayment penalty
omg I'm scared. I just financed an auto loan with them.
Don't pay off early and don't ever pay extra. And watch out for late fees they give late fees if you pay before your due date. They are a huge scam
You can't complain if it was in the lease agreement. They are doing it to protect themselves. With today's market cars are worth more than the originally leased at. So people are selling their cars to Carvana to make money. So don't bash them for making money on a lease because you were doing going to do the same thing, make money on a lease. If she didn't want to pay the 5k she should of kept the car..
Credit Bureaus put penalties on you if you pay more than the monthly. They want evey penny out yo ass.Lenders out there selling 20 million dollars worth of debt to other credit bureaus for pennies on the dollar. Then those debt buyers are taking people to court and can't even provide documentation proving that they even have business with you. Money doesn't have a face, like an individual doesn't have a chance.
Turns out companies don't even update their computer systems. Complaints filed go to oblivion, and the ones that are settled don't change. Even after loans and statues are long gone, penalties get imposed on individuals. Its not even a ruthless industry, it's a definitive unquestionable laugh in your face, because you're a share cropper and don't know it free for all. 2/3 of your life gone to work and sleep. You're a slave.
They got you beat into obedience. Be a good boy and grab your checkbook. Nevermind why 9 billion in tax dollars, dollars that never even existed (because banks make loans from nothing), can go to ONE SINGLE agency.... while you might have to sleep on the streets this next year coming because DEBO, I mean the electric bills going up 14% again this winter.
FOH
Facts
I ran into some financial hardships. I was working for my ridiculous car payment. I need help called yesterday for payoff. They want the entire car payment.
@@meghannquirk6580 Get an LLC, own nothing control everything. The world is changing. Your person doesnt matter in court. Only your "proper person" is recgonized in a contract...
There the worst out no current payouts you want to get out if the lease early you pay all your payments upfront let's say 15 month we'll you pay all 15 months and the buy out ally stay away ford credit was not like that at all
STAY AWAY FROM ALLY, Everything being said in this video is 10x valid. I thought paying off my car would give me a cheaper overall value owed but ALLY swears the early payoff is expected to remain the same. They are not willing to negotiate it in any way shape or form. I got a few forberrance for a few month and they have added the interest to the end of the term. Worst company every. TBH they have great customer support and THATS ABOUT IT.
I'm shorting them because the massive increase in used car prices, might be a bubble if the economy tanks after it. . The stock is in a rounded top formation.
How’s that going?
@@clevercloverlawncare5066 i took profit but am reading it could go bust.
@@amanzella6508 when you say could go bus, what aspect and what part of the industry goes bust? Would you say, oddly enough, that now is the time to buy something new before it gets really bad?
@@clevercloverlawncare5066 word is spreading that ally made loans to crackheads that cant pay loans back. I wouldn't buy this stock before recession or bank of America.
@@clevercloverlawncare5066 the only asset id look at buying is an etf like SEF, in 2023, i guess repo cars will come available.
I have Ally for my auto loan, today I tried to log in to make my payment, it's not accepting my username or password, Called them up, I couldn't her the lady or really understand what she was saying, so, I decided I guess I am going to try to have to fix this myself, I put in the information to change my username, it says their is already an online account associated with that information, log in with your Username and Password, So, It found that I do have an account with them, But, I can't do anything to get to my online account, This seems so ridiculous to me, I'm so pissed at this point, their site is pointless, most sites their is always a way to change your username, Or to get to your account somehow.
I can not log on and they will not send me paper documents
@14:09 "I warned the woman, i have a you tube channel and it's growing...."? Uhm.. where's it at? 🤔🧐
Don’t use their GAP insurance either they literally f**ked me around took them 6 months and 4 Dept of Insurance complaints for them to pay!! Im suing them in small claims
That girl 👧 insists in mispronunciation of the company name I couldn’t hear anything else lol smh
To bad you didn't read the contract! It's on you to know what the contract says.
Unfortunately I suspect this comes from the borrowing 101 playbook. Simple interest vs compound interest loan. I’d be wary of any fintech. The dealer would want to push this as well because it eliminates the possibility of a chargeback on their back end gross, while having the opportunity to play dumb. Trust me, they know.
Ally is the best 👌
Why do you keep calling it "Allie"
Most chips come from Taiwan not China 🤣
I don’t see anything wrong here? It’s you that is the problem
Ally Invest is even worse- super fraud, from my personal experience. (IMO)
13:52
☘ Irish Honey Badger - 'Once more into the fray. Into the last good fight I'll ever know. Live and die on this day... Live and die on this day... Please pay my balance with check mailed to you. Thanks