ED Magedson – Founder
Ally Bank Formerly GMAC Ally Won't Release Title Detroit Michigan
I purchased a vehicle through the GM dealership and used GMAC to finance the vehicle. The financing was set up for automatic withdraw from my checking account. This was a 60 month term loan.
GMAC then became known as Ally financial. This transition was seamless to me as the withdraws to my account continued on for the remainder of the payoff.
The last withdraw was made on my account. I logged in to my account to check the status. This is when I discovered that the final payment did not cover the remaining balance of the loan (accounting glich they set up the reccuring payment amount).
There was some amount less than a dollar left outstanding (read pennys). At this point Ally financial had charged me a late fee for the change leftover ($15). **Note: I have never not once been late in five years of making payments to Ally financial.
At this point I contacted Ally to get this straightened out. They were able to access my account and I see what had happened. I was told that they were waving the remaining fee and that my title would be sent in 10 business days.
Fast forward a number of months and I still have not recieved the title. I called them to confirm that it had been sent in the mail. At this point they do not have any account information other than I have been sent to asset recovery.
After countless phone transfers and conversations and them asking repeatadly for phone numbers and vin numbers and social security numbers and confirming my address I am told again that the fee will be waived and that my title will be to me in 10 business days.
Two weeks later no title. I call them back again and repeat the burecratic hell known as customer service to be told that my 15 dollar fee had been waived months ago but that my title had not been sent yet but that the request was being submitted ant that I would see it in 10 days.
Three days later I repeat the burecratic hell/customer service process to confirm that the title had been sent and discover that in fact it has not been sent yet but rest assured the request to release the title has now been submitted and that I should recieve it in 10 days.
This where we sit now. No title and countless hours wasted on the phone. Good luck to anyone wanting to use Ally to finance a vehicle but I will in the future avoid them like the plague!!!
I personally have to theorize that they hold titles like this to retain more assests on their books so that they are more secured with other liabilities. At the very least they have no practicle incentive other than my future business on a potential vehicle loan purchase to release my title or care about me as a customer.
If my theory is correct I hope that my story is used as more evidence to nail these b******* for taking advantage of their customers and using MY vehicle to underwrite THEIR risk.
Hope this story helps someone trying to make a choice for their vehicle financing. Or just save your money and buy your next vehicle with cash if you can... live and learn.
This report was posted on Ripoff Report on 03/06/2014 03:17 PM and is a permanent record located here: http://www.ripoffreport.com/reports/ally-bank/select-stateprovince/ally-bank-formerly-gmac-ally-wont-release-title-detroit-michigan-1128801. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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