Ally Auto Let Me Push My Last Payment Until 2024

Anonymous — Mon, 08 Feb 2021 18:59:19 GMT

So, I made a post a few days ago about paying off my auto loan and how it can affect my score. I owed a little over 9k, but what I really wanted to do was keep the loan open, and push my last payment out until the end of the loan to build my credit. I am happy to report that Ally Auto let me do that. Let me explain the process.

1. Once you log in, you will click on "Make a payment".

2. Change the payment date from your next payment to the day you are submitting the payment

3. You will have two options (Select Option 2)

1. Apply to the outstanding balance of the amount financed; I’ll still owe my next regularly scheduled monthly payment
2. Apply to reduce the amount of my next regularly scheduled monthly payment

What’s the difference?
Both options can help reduce the amount of finance charges you pay over the life of the contract.
With the first option, if you keep making your scheduled monthly payments, you’ll pay off your vehicle sooner.

With the second option, you apply the extra amount to your next scheduled payment(s). Depending on how much extra you pay, you can lower the amount you owe for those payment(s) or even satisfy some of them completely, pushing out your next due date.

After you select the second option and select the date you are making the payment (If you are making the payment today, select today's date) All you have to do is submit, and within a couple of hours the system will update and you will not have to make another payment until the end of your loan. I paid off the loan except for my last payment of $233 which got pushed until 2024.

4. Lastly, disable autopay as the system will take your next payment out even if the due date is pushed.

Who knows if I will eventually pay this off sooner to get my title, but it's great to have the option.

Hope this helps

God Bless!!

topic Ally Auto Let Me Push My Last Payment Until 2024 in Auto Loans

Ally Auto Let Me Push My Last Payment Until 2024