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Can you force or at least plead with a dealership to find a better finance company after you signed?

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Can you force or at least plead with a dealership to find a better finance company after you signed?

Ten days ago, I was approved for a auto loan, after spending all day negotiating.

 

Around 8PM that evening I signed the contracts in haste and missed the part where it stated, "Additional, Extra Payments and/or Principal Only Payments with come with a penalty."

 

I also didn't realize that Ally Financial had such tough restrictions when it came to trying to pay your car off early, basically making it extremely difficult and in essence forcing your to psy for the length of the loan.

 

I even told my sales agent, his sales manager and the finance guy that I wanted to pay off this car A.S.A.P by either adding additional money to each monthly payment, paying double or triple payments or simply paying my monthly payment as required, then a couple of days later paying like $1000.00 towards the PRINCIPLE!"

 

Yet, they financed my through Ally, who stops me from doing any of that.

 

I want to be able to pay this car off quick without paying a **bleep** penalty.

 

Can you force or at least plead with a dealership to find a better finance company after I've signed the contract?

 

I've done business with them before, meaning i purchased a brand new automobile for cash.

 

I'm thinking it would be in both of out best interests to make certain, I'm with a reputable company that doesn't charge fees, implement penalties or take your lump sum payment, break it done to even monthly payments and move my due date, just so they could get every penny of their interest.

 

Or am I simply S.O.L?

 

Please help.

Message 1 of 11
10 REPLIES 10
Established Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig


@CCALBERT1358 wrote:

Ten days ago, I was approved for a auto loan, after spending all day negotiating.

 

Around 8PM that evening I signed the contracts in haste and missed the part where it stated, "Additional, Extra Payments and/or Principal Only Payments with come with a penalty."

 

I also didn't realize that Ally Financial had such tough restrictions when it came to trying to pay your car off early, basically making it extremely difficult and in essence forcing your to psy for the length of the loan.

 

I even told my sales agent, his sales manager and the finance guy that I wanted to pay off this car A.S.A.P by either adding additional money to each monthly payment, paying double or triple payments or simply paying my monthly payment as required, then a couple of days later paying like $1000.00 towards the PRINCIPLE!"

 

Yet, they financed my through Ally, who stops me from doing any of that.

 

I want to be able to pay this car off quick without paying a **bleep** penalty.

 

Can you force or at least plead with a dealership to find a better finance company after I've signed the contract?

 

I've done business with them before, meaning i purchased a brand new automobile for cash.

 

I'm thinking it would be in both of out best interests to make certain, I'm with a reputable company that doesn't charge fees, implement penalties or take your lump sum payment, break it done to even monthly payments and move my due date, just so they could get every penny of their interest.

 

Or am I simply S.O.L?

 

Please help.


Are you sure it says penalty, and not finance charge?

 

Makes a big difference, and 'finance charge' would be more in line with what I know about ally. Please double check that your quote is quoted accurately. Thanks.

 

Message 2 of 11
Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

The amount financed is approx' $14,783.23, with a high 9% APR, I was expecting to pay no more than $1,500 in interest for the "LIFE" of the loan and reducing that further with additonal or lump sum payments!

 

The finance charge is approx' $4750, which over the lidfe of the loan will be just under $20K.

Message 3 of 11
Frequent Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

I have never known Ally Financial to charge any sort of fee's for early payoff, Different dealer's use different contracts which are accepted by their lender's, it's possible that the contract this dealer is using has that verbage for a different lender. I would suggest directly reaching out to Ally and asking them such question's. I think you will find out, that you can, in fact pay early without recourse.

 

As far as getting the dealer to find you a better lender, Unfortunately being 10 day's past the date of sale, this is VERY unlikely as the deal has probably funded and is a done deal.

 

In addition, Ally Financial is one of the most cutting-edge compliant bank's in the auto lending industry. They are a very well respected lender.

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Message 4 of 11
Established Member

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

You have asked the same question multiple times now.  Keep it to one thread not 5.  Please do not paraphrase what the note says.  I asked what it said EXACTLY  for  a reason.  As I and others have pointed out it’s very unlikely that Ally has a prepayment penalty.  

 

As for the interest the note says that is what you would pay if you made no extra payments during the life of the loan and were never late.  Not what you have to pay. 

Message 5 of 11
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Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

It's exactly as I stated.

 

I actually took my contract to a auto lending agent at Bank of America and a local credit union and they both stated that it was a shady/sheisty deal and I should try to get out of it, get my trade in back and my $1000 down payment.

Message 6 of 11
Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

Thanks for your informative response.

 

I have indeed tried to contact Ally Financial, but even when they run my social they say they don't have an account for me.

My dealer stated it could take up to a few days before they actually see the loan and an additional thirty days before they(Ally) contact me.

 

What I'm afraid of is if this is an intention stalling tactic, forcing me to be outside of any legal buyer's remorse time limits, sticking me with this bad deal.

 

Concerning Ally's reputation, a company I never heard of outside of banking, their online reviews are horrific and both auto leanders from Bank of America and my local credit union have stated that they have heard nothing but bad things about Ally and have actually refinanced loans for new members who were finaced by Ally.

Message 7 of 11
Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

Can you stop trolling me!

 

I haven't asked the same question five times!

 

I've asked if members dealt with Ally Finacial?

 

I've asked if anyone has had any bad experience with Ally Financial?

 

I've asked questions about refinancing a recent Ally loan for better rates?

 

I've asked how to get the dealer to find me a better finance comapny?

 

How is that asking the same question?

 

I hope you work for MyFico, because if not, you truly need to get a life and stop patrolling the web!

 

Like I asked earlier, do you have any pertinent info to offer, if not, stop trolling me!

Message 8 of 11
Established Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

Message 9 of 11
Frequent Contributor

Re: Can you force or at least plead with a dealership to find a better finance company after you sig

No one is trolling you, you simply have asked very similar, and numerous question's pertaining to the same subject that could have all been asked, and answered in one concise thread.

 

You are blowing thing's out of proportion, Large national lender's like Ally are not going to charge a penalty for early pay-off. Ally is a very good lender, the only people who leave negative reviews are typically those who don't pay their loan's in accordance to their contract and blame the lender rather than themselves. When you call Ally, they can't find your account because it is too new and likely an account/account number hasn't even been generated due to the age of the account. Refinancing at 6 month's is not a myth, if you have equity in your vehicle and your credit siutation improves in 6 month's then refinancing is absolutely viable. And your bank/CU are only telling you bad thing's about Ally because that's what people in business do, they trash talk their competitor's. If they weren't willing to lend you money for an auto loan, but they're willing to trash their competitor who did help you out, it show's you how much they value your relationship with them.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 10 of 11
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