Ally Financial - $2500 overcharge for auto lease
The lease buyout at lease end was $2500 more than the residual used to calculate payments. I just discovered this item slipped into my contract.
Had someone informed me of this, I would never have made the lease. On one hand perhaps it forces you to re-lease. On the other hand, I have paid $2500 more over the course of the lease than I should have. Think about it.
A car costing $20,000 can be purchased at lease end for $10,000. This means I should have paid $10,000 over the course of the lease (plus interest). Instead, I paid $12,500 (plus interest) [20,000-7,500 (fake residual)].
If this were a loan, the APR would be much higher. This is not so much as a penalty at the end, but an overpayment.
I'll never use ALLY again. But you can be sure I'm going to match the residual with the buy-back if I ever lease again.
Reason of review: Sly overcharge by contract.
Monetary Loss: $2500.
Preferred solution: Full refund.
Ally Financial Pros: Doing business easy, No problems.
Ally Financial Cons: Cheated out of 2500 dollars plus.
Location: Highland Park, Illinois
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Comments
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I found that at the end of my Buick lease. Pissed me off big time.
I have since leased a new Chrysler and most recently two new Fords. I don't even look at GM's offerings.
I found this $2500 gouge in my GM/Ally lease too late. So at the end of the lease I gave the car back and walked away. Never to be a GM or Ally customer again.