Product: Vehicle loan or lease

I was attempting to refinance my car with the bank I have my personal loan through. When I spoke to the person about refinancing he stated that my current loan looked funny, that its weird that after two years of me being XXXX a month I have only paid down XXXX off my loan. I called them on XX/XX/XXXX for a payment breakdown and they said they'd give it to me but I never received it. When I emailed them again I received this response : From Ally Auto XX/XX/XXXX Hello, The following is the information you requested regarding your account with Ally Financial. 

Per the terms of your daily finance charge contract, Ally Financial earns a finance charge on a daily basis. Each days finance charge is based on the annual percentage rate on your contract and the unpaid balance of the amount financed that is outstanding on that day. The formula for computing the amount of finance charge that we will assess to your account is : the Annual Percentage Rate divided by 365 ( or 366 for a leap year ), multiplied by the actual number of days from ( including ) the last posting date to ( not including ) the current posting date, multiplied by the current outstanding balance of the amount financed. 

You can control the total amount of finance charge you pay during the life of a daily finance charge contract. You can do this because each day has significance in the assessment of the finance charge. If you pay a payment early ( before the due date ), a lesser amount of finance charge is assessed. Conversely, if you pay a payment late ( after the due date ), a greater amount of finance charge is assessed. 

Sincerely, Ally Bank If you submitted more than one request, you may receive additional responses in a separate message. 

So I responded and said : So basically you're saying I need to report my account to the ftc? Because ya 'll have taken 80 % of my payments and only applied 20 % to my loan amount. 

They responded with : From Ally Auto XX/XX/XXXX Hello, We received your request for account information. Due to the nature of this request, we need to speak with you by phone. 

Please call us at XXXX ( XXXX ), Monday - Friday, XXXX XXXX  - XXXX XXXX ET and Saturday XXXX XXXX  - XXXX XXXX  ET. Closed Sunday. 

Sincerely, Ally Bank If you submitted more than one request, you may receive additional responses in a separate message. 


I then called them, I was told I could not get a payment breakdown, I was told that all my payments have been late therefore going to my interest. I explained to them that collections department stated I have from the XXXX to make a payment monthly, I only get paid twice a month and the first check goes to rent the second goes to my car payment. Collections stated its not late if I pay on the XXXX ( which I do through debit payment so it comes out my acct and hits my account on the XXXX to avoid returned payments ). I asked why my last three on time payments none of the money was applied to my car loan amount she stated because they were late which they were not. I asked to speak to a supervisor was transferred with no answer and no return call. I then emailed them again asking for a payment breakdown. They did provide one to me as of today. 

I was denied the option to refinance due to the high amount of the balance of my loan.