Ally Financial Inc. Consumer Loan Complaint

Ally Financial Inc. Consumer Loan department,

Vehicle loan Managing the loan or lease Illinois

I paid my auto loan off in full via the lenders website by submitting an online payment which processed via ACH out of my checking account. Two days later I inquired as to when I would get the title and Ally - informed me that it is " company policy '' that there is a holding period of ten days before they would release the title and then it would take 3-5 days to mail. That is a TWO week waiting period on my title when I paid in full. I would understand if I had written a personal check that there would be a clearing timeframe, but an ACH is an immediate payment. How is it legal for them to hold the title for 10 days? Reg CC has rules against holds being placed on funds via check, but there has to be some sort of ruling on release of title. If they have my funds, I should be able to demand my title.