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Ally won’t report PAID off LOAN

Acuraboi
Established Member

Ally won’t report PAID off LOAN

I'm frustrated with Ally. My vehicle was paid off on Feb 20 2021. I contact them after the 10 hold period on the check payment had past, asking them to update with the credit bureaus that the account was paid in full and is closed. As of today nothing has happen. They had the entire month of March to update my reports including the regularly monthly update on the 25th, but didn't. 

They have release the title over a month ago but refuse to update with the credit bureaus, now it looks like I have three open installment loans and it's driving me crazy. What can I do to make this go away? I will never do business with Ally again.

Message 1 of 7
6 REPLIES 6
Jnbmom
Community Leader
Senior Contributor

Re: Ally won’t report PAID off LOAN


@Acuraboi wrote:

I'm frustrated with Ally. My vehicle was paid off on Feb 20 2021. I contact them after the 10 hold period on the check payment had past, asking them to update with the credit bureaus that the account was paid in full and is closed. As of today nothing has happen. They had the entire month of March to update my reports including the regularly monthly update on the 25th, but didn't. 

They have release the title over a month ago but refuse to update with the credit bureaus, now it looks like I have three open installment loans and it's driving me crazy. What can I do to make this go away? I will never do business with Ally again.


Just just need to wait........................ It typically take banks around 30-45 days sometimes to report a paid loan, this isn't just an Ally" bank thing.

EXP 758 TU 783 EQ 729
Message 2 of 7
chiefone4u
Established Contributor

Re: Ally won’t report PAID off LOAN


@Acuraboi wrote:

I'm frustrated with Ally. My vehicle was paid off on Feb 20 2021. I contact them after the 10 hold period on the check payment had past, asking them to update with the credit bureaus that the account was paid in full and is closed. As of today nothing has happen. They had the entire month of March to update my reports including the regularly monthly update on the 25th, but didn't. 

They have release the title over a month ago but refuse to update with the credit bureaus, now it looks like I have three open installment loans and it's driving me crazy. What can I do to make this go away? I will never do business with Ally again.


Last year around this time when I refinanced a vehicle away from Ally (to save on interest) they told me it normally takes 45 days to report... it ended up taking 90 days because of COVID-19...

 

Apparently (from what I was told) Credit updates are completed manually, and can only be done from the office. At that time they were rotating 10 people into the office every other day (one day of no-one in the office between new groups). Was told that office usually had 150 employees handling credit updates. 

 

I'm not sure if they are still using a skeleton crew, if they've started processing from home.

 

It will update eventually... give it time.

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Message 3 of 7
TampaBAY86
New Contributor

Re: Ally won’t report PAID off LOAN


@Jnbmom wrote:

@Acuraboi wrote:

I'm frustrated with Ally. My vehicle was paid off on Feb 20 2021. I contact them after the 10 hold period on the check payment had past, asking them to update with the credit bureaus that the account was paid in full and is closed. As of today nothing has happen. They had the entire month of March to update my reports including the regularly monthly update on the 25th, but didn't. 

They have release the title over a month ago but refuse to update with the credit bureaus, now it looks like I have three open installment loans and it's driving me crazy. What can I do to make this go away? I will never do business with Ally again.


Just just need to wait........................ It typically take banks around 30-45 days sometimes to report a paid loan, this isn't just an Ally" bank thing.


+1

 

When I refinanced in 2019, I was told up to 60 days by my former lender.  It ended up taking about 45 days.  Just need to be patient.

Message 4 of 7
GIMMEMUNY
New Member

Re: Ally won’t report PAID off LOAN

I refi'd 3 vehicles away from Ally a few months ago.  It took almost a full 60 days to report.  I had 6 loans showing for almost a month.

Message 5 of 7
Cinderena
New Visitor

Re: Ally won’t report PAID off LOAN

I too paid off a car loan with Ally Bank on 3/26/2021 and have received the title, however they have not updated my credit report with any of the credit bureaus.  I did a pdf of my statement and a pdf showing the loan as paid in full and filed a credit dispute directly with Experian.  I will never do business with them again.  They are quick to report negative issues but, very slow in reporting the positive.  You can call them and get a reference number with your issues but it is always reported to their superviors and will take 45 days.  I've heard that for over a year now!

Message 6 of 7
coachbeau
Established Member

Re: Ally won’t report PAID off LOAN

Quick question. I had a loan through Ally and refinanced with Navy. My score dropped 2pts when Navy added and waiting to see what happens when Ally shows it paid off. Did your score drop when Ally reported it paid? 

Message 7 of 7
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