Consumer complaint received 2024-12-31 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: ALLY FINANCIAL INC.
State: MI

Complaint narrative:
XX/XX/year> purchased new XXXX Ally provided the funding for my business loan. I went to sign for the funding and indorsed my name without recourse pay to the order of my own name. 

XX/XX/year> business XXXX calls me and informs me Ally won't accept my signature I used on the deal. requests for me to come back and sign a new loan or return the truck after I had been driving it for a week. 

I asked if Ally had put that in writing and he told me know that Ally simply called him to make the request. I stated i would stop by XX/XX/XXXX the next day to discuss. 

Upon arriving I shared with the business XXXX that Ally refusing my indorsement on the negotiable instrument makes the contract paid in full since Ally refused to accept my indorsement as payment. 

he had printed out a new loan agreement, back dated it to XX/XX/year> and said if i want to keep the truck Ally needs a new loan agreement signed only my name as an agent for my company. the time stamp on the bottom right of this new loan agreement shows it was created on XX/XX/year> that morning. 

I signed as an agent for my company on this new loan. and he told me as he shook my hand " the deal is now funded and the trucks is yours '' middle of XXXX I received my first correspondence from Ally stating to login into my account and set up payments and banking info. 

I sent a XXXX to Ally rescinding the arbitration clause in the agreement and other things, asking for a 15 day response. 

they finally sent a generic letter stating they have no idea what the novation is and that is has no bearing. 

I had recorded a phone call with Ally where the account rep asked me about my first payment and when I would make it. 

I asked him what date my loan was originated on and said XX/XX/XXXX. 

I indorsed first loan on XX/XX/XXXX without recourse pay to the order of my name, then signed a second loan on XX/XX/XXXX. 

I asked him to provide me a 15 day pay off for this entire loan. he then said yes and tried to do just that. He then informed me that he could not mail me a 15 day payoff because my account had been turned over to the fraud department. he then tried to transfer me and i was disconnected. 

I again spoke to another account rep who called me about my late payment. I mentioned I was waiting for a 15 day payoff. She confirmed that she sees in the system on or about XX/XX/XXXX I requested this once before. She said she would be glad to resubmit this. she put me on a long hold for maybe XXXX minutes. she never came back on so I disconnected the call. 

Ally calls XXXX daily now asking for payment. my online portal shows XXXX loan agreements with Ally. 

They have refused to offer detail accounting for my loan or loans, they have not proven consideration. they forced me to sign a second loan agreement, but it appears they actually funded the first loan agreement with my indorsement. 

I am also aware that they may have an insurance policy taken out on my loan in case of default of XXXX payments the insurance policy which is 90 days, Ally then can file a claim to recoup the entire amount of said loan including interest. They then will sell the alleged debt to a collector for further revenue.

Company response to consumer: Closed with explanation