Ally Financial Inc. Consumer Loan Complaint

Ally Financial Inc. Consumer Loan department,

Vehicle loan Shopping for a loan or lease California

After searching online for a used hybrid vehicle, I found one that suited my needs and went to the auto dealer to test drive the vehicle. I expected to proceed with the process of purchasing that day with a down payment. I knew my credit score beforehand, which was rated excellent by - of - credit bureaus ( -, - ). However, upon running the credit check with the finance company, they initially declined me credit, being unable to produce a score. The reason the dealership surmised was because credit finance companies only look back at the last 7 years on a buyer 's credit report. My credit history is at least 16 years, with my last paid loan being a student loan from a year ago. The finance company wanted more down payment from me, which I increased by 33 %. They finally offered a loan, but at an interest rate of 10.1 % at 72 months. I was expecting a rate of about 4 % at 60 months. Given that my own bank had earlier declined me an auto loan as well, and given the reasons I discovered at the dealership, I took the loan, being told to refinance it after 6 months of on-time payments. What 's more, the sales representative who sold me the car said to open a few credit cards, even secured ones at first, to re-establish open credit, for which I currently have none. He said it should help in having the credit companies see how responsible I can be with credit, gauging it by my debt-to-credit ratio.