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Purchased a vehicle thru a Chevy Dealer. Went with Ally due to low interest rate. Big mistake. I sent extra money (as I do with some bills) for the first three months. Usually when doing this with car and house loans the amount paid over goes to the principle. Ally send us a statement for the next month which is lower than what we signed the contract for to pay. I again paid more than what was asked for on the bill. Well, the next month the invoice is for even less than the previous month. I saw that the extra money wasn't going to the principle but rather toward what was being requested each month. Now this should have been the first clue.

So I paid exactly what was on the invoice. I then get a notice three weeks later that we needed to pay an additional $30 or it was going to be reported on our credit as late. We called Ally (another big mistake) to find out why this was happening. We talked to a complete *** for about 30 minutes on the phone and she couldn't/didn't understand the problem. Told her to let me talk to her supervisor, who was not any smarter or helpful so we asked to talk to her supervisor. Was told it could take up to 48 Hours to get a call back from a manager.

Long story short. The so called "Manager" called us 6 days later and stated it is a computer problem on their end. They know they have a lot of unhappy and angry customers but they can't fix it at this time. She stated that when a customer pays more than what is due for the month that they credit it to the principal and they also credit it to the next month's bill but that customers are expected to pay the original loan amount and not what the invoice says. She also stated that customers can call every month that they make an overpayment and ask to have the account "rebillied" so that the principle is credited for the overpayment and not the next month's bill. I told her both of those statements make no sense as they are crediting the twice with the same payment but making them call in to get credit for the same payment that they just paid.

We went round and round with her making excuses for why they can't fix their system and that they see nothing wrong in making their customers (hopefully not many for long) do all of this extra work. We have had many auto loans thru the last 5 years. We have never had any problems with overpayments being applied only to the principle and the invoice amount being the same each month.

I will never use Ally again and I will not by at a dealership that uses Ally as their loan company. We will be transferring our load asap.

Reason of review: Almost all of the the above..

Preferred solution: Let the company propose a solution.

Ally Financial Cons: Deceptive business practices, Handeling of our account.

Location: Austin, Texas

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When you pay extra, it gets applied to the end of the loan, so you are shortening the amount of time financed, not decreasing the monthly payment. This is true with all auto finance companies. Good luck to you.

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