Consumer complaint received 2020-11-24
Company: ALLY FINANCIAL INC.
State: IA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Unable to receive car title or other problem after the loan is paid off

Complaint:
XX/XX/XXXX - Received a XXXX XXXX certified check for {$28000.00} from a private party purchasing our XXXX XXXX. The check was written to XXXX XXXX and Ally. I signed the check and sent it to Ally that same day with a payoff letter provided by XXXX XXXX and a letter directing Ally to send XXXX XXXX the title they were holding. 
XX/XX/XXXX - The cashiers check cleared at XXXX XXXX. 
XX/XX/XXXX - Ally paid off my loan balance of {$9300.00} leaving an over-payment of {$18000.00}. 
XX/XX/XXXX - The Buyer called me with Ally also on the line to get permission to ask where the title was. XXXX XXXX was wondering where it was, also. Ally said the title had been mailed to the bank. I then asked the Ally customer service person when I would see the remainder of the payment. They said it was Ally 's policy to wait 18 days before returning over-payments. I asked if they would be paying me interest on my money just as they were charging daily interest on my loan until it was paid off. She said something like " No, we won't be charging you any more interest. '' I tried to explain that she did not understand my question, but got nowhere. I asked where she was, thinking about contacting the state attorney general and she said she was " off shore. '' XX/XX/XXXX - The buyer contacted me again to see if I could follow up on the title. I called Ally to find out where the title was and to check on my money. They said the title was in the mail and that my over-payment was being processed. 
XX/XX/XXXX - The title arrived at XXXX XXXX. The buyer had to bring it to me for my signature to sign the vehicle over to them. I asked this agent if she was also off shore. She said she was. I asked where. She said the XXXX. 
XX/XX/XXXX - I called Ally to find out where my money was. I started to record names. I believe I spoke with " XXXX '' first. I asked for a XXXX. I was transferred to XXXX, I believe. She said the check had been cut on XX/XX/XXXX and it usually took up to 10 days to get mailed out. She thought I should receive the check that same week of the XXXX. 
XX/XX/XXXX - On XX/XX/XXXX, I had received a " Congratulations '' letter from an Ally office in XXXX XXXX, MD. I thought it was the check. I contacted the Maryland Attorney General 's office and filed a complaint much like this one. My complaint was that the time Ally held our funds and the the time it took to actually release the funds, all interest free, was way too excessive and fraudulent. I am not an attorney so I am not sure if fraudulent applies here. I just feel taken. After filing the complaint, I contacted my buyer to see if she could find out when the cashier 's check had cleared XXXX XXXX. She did better than that and actually got a copy of the cancelled check. 
XX/XX/XXXX - I called Ally. I immediately asked for a XXXX I was transferred to XXXX. XXXX put me on hold for about 10 minutes while he reviewed my account history. XXXX said my money had been sent to the bank that issued the cashier 's check, XXXX said he could not see in his records which bank that was. I lost it a bit and called them XXXX I asked why would they send funds from a check written out to XXXX XXXX and Ally and signed by XXXX XXXX, then turned over to Ally, back to the bank that issued the check? It was no longer the banks money. It was my money. And why is this the first time I was hearing about the money going to the bank and not me? XXXX said it was Ally 's policy to return over-payment amounts to the institution that issued the final payment. That I should call MY bank and ask for the money. I explained as best I could that XXXX XXXX was not my bank and would not know why they were getting my money. It was my buyers ' bank. XXXX said it was policy. I asked XXXX if he was in the XXXX. He said he was. I hung up before saying anything more I would regret. After ending the call, I texted my buyer and asked if she would contact her bank, XXXX XXXX  the next day and see if they had received a check from Ally. She said she would email her banker immediately and call her the next day. 
XX/XX/XXXX. I found out my buyer 's personal banker was out of the office all this week. She found someone else who is trying to track down any information they might have. I am hoping XXXX XXXX did get a check and that they did not send it back to Ally wondering why they got it in the first place. I am guessing that if my buyer 's personal banker did not get involved, then the bank would not know who XXXX XXXX was, if my name was even connected with the check. Otherwise, I am hoping they did not get the check yet and will now know to look out for it. I gave my buyer my Ally account number to give to her banker in case they need to contact Ally. I am assuming if they do, they will need to get me involved as before to discuss the details of the account.

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