How often does Ally report and when do they report

[Anonymous]

Hello Everyone,

I took an auto loan with Ally a couple of months ago, I  almost  paid off all of my loan, except for around $80 that I'm planning on keeping for the next 6 months for credit reporting purposes. When I log into my credit report it is showing that I owe  around $29,000 to Ally, I was wondering when they report? Do they report monthly? How many days after your monthly payment is due? My credit took a big hit when I got this loan.

[Skye12329]

Generally companies report a few days after the payment date. If only $80 is left on the loan, depending how much your minimum was. They might just make your minimum the full $80 if that is less than what it originally was. I am just confused how you would prolong the $80 for 6 months.

[Anonymous]

They have the next payment is due around April 2020, which is the $80, they are continuing to charge me interest on that money until I pay it off.

[MakeItAMudLight]

My experince with Ally was that they report once a month and it wasn't right after the statement cut.  It was around two weeks later.  And after I payed it didn't report as paid and closed on all three of my reports for almost three months.