Consumer complaint received 2024-02-16 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: ALLY FINANCIAL INC.
State: NY

Complaint narrative:
I am writing to address a critical issue regarding the handling of my auto loan account, which has caused significant distress and financial hardship. As the primary beneficiary on the auto loan serviced by Ally Financial, I am deeply troubled by the lack of communication and the detrimental impact it has had on my credit score and overall financial well-being. 

I have a joint account with XXXX XXXX XXXX in which the joint party was informed of fraudulent activity on his bank by a freezing of his debit card. His bank account is linked to the auto loan. Despite being listed as the primary account holder, Ally Financial failed to notify me directly about this concerning development of a missed payment for XXXX. Instead, I learned about the issue through third-party credit monitoring services. 

This oversight is particularly troubling as it demonstrates a severe lapse in Ally Financial 's communication procedures and a disregard for the importance of keeping primary account holders informed about critical account-related matters. As a result of Ally Financial 's failure to notify me directly, I was unable to take immediate action to address this missed payment in a timely fashion. I was informed by my third party credit monitoring that my score was highly affected. When I discovered the issue, we immediately paid Ally the missed month and the current month payments. We offered to provide documentation to validate frozen action by bank as well as a police report. I called Ally to explain the situation as well as address that I was not informed. I called Ally on XXXX and XXXX of XXXX ensuring extended wait times with no resolution except that I must wait 45 days to see what can be done. 

Furthermore, despite the full payment being received, my credit score suffered a significant decline of XXXX points, and the account was inaccurately marked as delinquent. This unwarranted damage to my credit score has had profound consequences, affecting my ability to secure favorable financing terms and jeopardizing my current efforts to purchase a home. 

I demand that Ally Financial takes immediate steps to rectify this situation, including but not limited to : 1. Correcting the inaccurate delinquency remark on my credit report. 
2. Reviewing and improving communication protocols to ensure that all primary account holders are promptly notified of any account-related issues or changes. 
3. Providing assurances that similar lapses in communication will not occur in the future. 

I expect a swift and satisfactory resolution to this matter, and I am prepared to take further action if necessary to protect my rights and interests. It would be helpful to understand how Ally Financial intends to address and rectify these serious issues. It is disturbing that a company can have this much impact to an individuals credit 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