Home Business News Ally Financial, First Non-Friendly Small Business Lender of LBA List

Ally Financial, First Non-Friendly Small Business Lender of LBA List

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Ally Financial and their CEO, Jeffrey J. Brown is the first lender to make it on ‘non-friendly’ Small Business Lender list for the Local Business Alliance.

“Ally sells a product they simply can’t deliver on.” said Local Business Alliance CEO, Sean Hakes. “Unfortunately, we had to be their first victim to figure it out,” Hakes concluded.

AAERO LLC applied for an automotive loan with Ally Financial simply because of the fact that their website stipulates this:

Third-Party Guaranty

When you want to buy or lease vehicles in the name of your business but need to secure additional financing, you may act as a third-party guarantor. This allows you to keep your name off the title and may keep the debt off your personal credit record. Keep in mind, if your business defaults, you may become liable and the debt may be reported on your personal credit record.

The key phrase is “keep your name off the title and may keep the debt off your personal credit record.” When the auto broker, HM Brown of Castle Rock reached out to the buyer upon the application submission, she also confirmed that the auto loan would not show up on the personal credit report.

The paperwork was filed and several weeks later the auto loan showed up on the personal credit report. Ally then had the auto dealership resubmit the paperwork which was done. After completion, the complaint was escalated to Ally’s ‘Executive Customer Relations,’ team who assured that the paperwork was in and the error fixed and the loan would be deleted from the credit report.

Fast forward 30 days or so and the issue has still been unresolved and now, the manager of the ‘Executive Customer Service’ team has yet again, failed to resolve the issue in a timely manner. In addition, she has been extremely rude and exaggerated important information such as deliverables and expectations.

This ‘bait and switch’ tactic by Ally Financial is reckless and their inability to rectify the issue in a timely manner is even more so concerning. Now, the consumer (in this case us) are stuck with a vehicle we would have not otherwise purchased.

Because of this, we highly encourage small businesses to avoid Ally Financial. They have proven to be led by less than ethical ethics and can put small businesses in financial harm.

Ally troubles? Email their CEO directly, Jeffery Brown [email protected]

Jeffery Brown (CEO) Ally Financial is likely to hide from your complaint, like he did ours but at least he knows your out there…