Consumer complaint received 2018-02-06
Company: ALLY FINANCIAL INC.
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
CFPB Complaint submitted XXXX Gentlemen, A brief description of our case is about unknowingly .entering into a fraudulent business agreement with a private financial consultant firm, XXXX XXXX XXXX XXXX XXXX XXXX . Later during the business process suspicion turned into reality when specific and or nonperformance of contract, & the preparation of the Family Office, the Investments, wire transfer fraud, unauthorized credit cards purchases, then finally the theft of two vehicles, computer and office equipment, Security Instruments, and other personal property. ( Which have been documented with the XXXX XXXX Police dept. and the XXXX County Prosecutors Office ) For the past year we, have been corresponding with the two finance companies since XX/XX/XXXX, with XXXX XXXX , & Ally Financial, the finance companies, and we're paying minimum on approx. 22 credit cards.. Their inaction has caused great hardship to me and my family. Has caused undo emotional stress and a horrible financial burden and mental duress on me and my whole family. 
We still are continuing as recently as XX/XX/XXXX relentlessly with letters to the two finance companies to the with XXXX XXXX, & Ally the financial companies involved to reopen the accounts, restoring the credit limits, removing the fraud charges, removing the erroneous derogatory credit notes on my and my wife 's credit reports. But to no avail the erroneous derogatory information is still reported on the credit reports and keeping our FICO scores down, even though we've been completing all of their forms, letters of dispute and submitting to them all the records they requested about the incident .However theyre steadfast with their low credit score ( s ) that they keep reporting every single month since the fall of XX/XX/XXXX. To date. 
The Financial Co.s acting in bad faith are XXXX XXXX , and Ally Financial, to facilitate the theft claim. 
Although since the fall of XX/XX/XXXX, we have hired a credit repair expert XXXX XXXX to help us mitigate the damage ( that snow balled lack of participation ) the finance companies and the insurance company they have had no positive effect on our credit score and reports. After spending over $ 3,000.Dollars in fees. The FICO scores for XXXX and XXXX were XXXX, & XXXX, prior to the fraud to XXXX & XXXX today. 

Summary of issues : 1 ) Theft of 2 SUV vehicles XXXX claim denied, XXXX and Ally send notice of repossession sent to credit bureaus XXXX action contributed to low FICO scores. Low FICO scores snowball to credit cards and credit lines reduced or canceled, interest rates go up on balances. 
2 ) Wire Fraud {$50000.00}. 
3 ) Credit Card Fraud, {$230000.00} certain credit card companies denied fraud charges 4 ) Identity Thefts 5 ) Security Instruments Fraud and theft 6 ) Computer and Office Equipment 7 ) Credit card companies closing accounts 8 ) Credit card companies denied fraud charges 9 ) Credit card companies lowering or removing available credit limits Low scores snowball to credit cards. 
lines on several credit cards, Thus changing the balance to credit limit. Causing credit cards closures and drastically reducing available credit and raising the interest rate on the balance due. ( Draconian Banking Penalties on consumer loans ) 10 ) The XXXX XXXX , & Ally Financial, are steadfast in maintaining their derogatory postings on the three national credit reports. action contributed to low FICO scores. Low FICO scores snowball to credit cards 11 ) The erroneous status of the two finance companies is preventing me and my wife from obtaining necessary financing, causing a Hardship on me and my family. ( XXXX denied claim contributed to the low FICO score )

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation