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It's official!!! Ally Financial Approved my loan.

 

I picked up my new car May 10 didn't want to post anything until I knew for sure the contract/loan had been funded. Account is now showing on my Ally online profile.

 

Loan amount: $39,200

APR: 8.34%

72 payments

No Docs Required

 

I paid sale taxes out of pocket and I also did a trade. Was this snart?

 

I plan to have this baby paid off in 24 payments. Ally principal payments structuring is a bit confusing. My payments are $697 a month if I pay my loan up for the remainder of this year, will I avoid finance charges for said month?

 

I was also told that if I make a payment that I want applied to the principal I would need to call and request that it be reallocated to principal balance.

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I think you can do this online. On their payment portal. I paid mine off several years ago and just can't really remember.

 

If you are happy with the deal, then what anyone else thinks doesn't mean diddly squat.

 

On an MVRISA a payment is due each and every month as scheduled in the REG Z box. Follow their explicit instructions to assure your extra $'s are applied to the loan principal.

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Thanks Marv! I love my new car. I still can't believe I have it. #Bless

 

I'll update this thread once I make my principal payment. I did read a few negative complaints about Ally but I'm hoping those are isolated incidents. So far Ally is a winner in my book 👍

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  • 6 months later...
  • 4 weeks later...
3 hours ago, Killbadcredit said:

congratulations! God bless.

not trying to hi jack hour thread but I had a question? If I get a high interest loan and pay it off before set date, will I still pay the high interest? Hope it make sense

With most* retail installment contracts, you pay interest on the balance owed. There are some predatory loan contracts that might front end load the interest (The 72 Rule?) but those are few and far between and probably illegal in most states.

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