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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 27619
Experience:  Lawyer
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I found out recently that the contract that I have is a Ally

Customer Question

I found out recently that the contract that I have is a Ally Financial retail contract that I have on my car. I have never heard of such a contract on a car loan. I have purchased and paid for a vehicle through Ally Financial before. I contacted Ally Financial via email with the car payment statement information given for contacting them, I was told that this loan was through the dealership under Ally Financial, and not Ally Financial Auto. They informed me that they were under the same umbrella, but Ally Bank and Ally Auto are two separate entities, and that they do not share information, etc. I am shocked to say the least that I am paying a high interest rate loan that is not even a car loan. How would I have known this at the time of purchase? The finance charges are higher than the principle. I was very mislead by this. I am quite sure that I am not the only one who was given this deceptive type of loan. I am working on trying to get my vehicle refinanced. I would like to have the Better Business Bureau take a look at this. This to me was very deceptive since I knew that I financed before through the same bank for an auto loan. This deal was through Bayside Chevorlet in Prince Fredrick Maryland. They are currently doing a major remodeling of this dealership, and this I think is where they are getting the money to do this? What can be done, and how do I go about doing something about this?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear that this happened.

If the dealership gave you all of the paperwork at the time you bought the car, and the paperwork you signed match the loan that you have, then all of this is legal (and it would be considered a car loan if your car is securing it), even if it's not with Ally Financial Auto.

The Better Business Bureau looks into consumer disputes, but participation by the companies is voluntary, so they may not respond. You can file a complaint at www.bbb.org. I mention that not to discourage you, but because you may also want to ask the Maryland Attorney General to look into the situation. They can investigate, and if necessary fine the company or take other action to ensure that this type of thing never happens to anyone else.

http://www.oag.state.md.us/consumer/complaint.htm

After you do that, read all your paperwork for the car and compare everything you got from the dealer with what's on your loan. If they gave you a higher interest rate than what you agreed to pay, you may be able to sue for any extra amounts you paid.

If you have any questions or concerns about what I've written, please reply so that I may address them. If I did not address the specific thing that you wanted to know, it may not have come across clearly to me, so please restate that question. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.

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