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1.3

Update by user Sep 23, 2019

pay attention to the dates on the screen shots. my balance was 1 hundred and something dollars. and now it's $350 for the same month

Original review posted by user Sep 23, 2019

ive been making partial payments and instead of them putting it towards my car note they decided to put it towards the interest. Now why you do that if you see im making partial payments now i owe the car note!! Angry

Product or Service Mentioned: Ally Financial Auto Loan.

Reason of review: Pricing issue.

Monetary Loss: $444.

Preferred solution: Let the company propose a solution.

Ally Financial Pros: Easy loan.

Ally Financial Cons: Handeling of our account.

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#1817154

If you made the whole payment when it was due like the contact says you wouldn’t have what you see is a problem. With a car payment or house payment for that Matter partial payments go towards interest owed first then to the principal.

If you are paying late and have any fees the partial payment goes to that before the principal as well and interest accrues daily so if your behind and only making partial payments that aren’t enough to even cover the interest and fees the balance will increase instead of decrease. People get confused about this and that’s why a lot of companies don’t even allow partial payment. In the future if you keep your loan current and pay the whole payment by the due date you won’t have a problem. Also something to consider is in the first few years of a loan a large portion of your monthly payment may go toward interest with only a small amount going towards the principal.

This is especially true if you have a high interest rate. I hope this helps explain how your payment is being applied and why it seems your balance is going up when in reality your partial payment isn’t even enough to cover the interest

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