Help Center

Open-Ended Commercial Lease FAQs

  • Who do I contact with questions about the ComTRAC Open-Ended Commercial Lease program?

    Call your local Ally Commercial Product Specialist at 1-800-471-4622, Mon-Fri, 7:30 am - 7:30 pm CT.

  • What are a customer's options at the end of the ComTRAC Open-Ended Commercial Lease?

    The customer's options at lease end are:

    • Purchase the vehicle by paying the residual value plus any unpaid payments and charges. Financing may be available with Ally.
    • Trade in the vehicle to a dealer and have the dealer pay the amount due.
    • Return the vehicle to Ally for remarketing. The customer will incur a disposal fee of $250 for a light-duty vehicle or $500 for a medium-duty vehicle. If the net sale proceeds are less than the residual value plus unpaid payments and charges, the customer is responsible for the difference.

    For details, call your local Ally Commercial Product Specialist at 1-800-471-4622, Mon-Fri, 7:30 am - 7:30 pm CT.

  • What vehicles are eligible for the ComTRAC Open-Ended Commercial Lease program?

    New and used passenger vehicles and light and medium duty trucks, including most upfits, are eligible for ComTRAC

  • Is GAP insurance available for a ComTRAC Open-Ended Commercial Lease?

    At this time, we do not offer GAP insurance for ComTrac Open-Ended Commercial Leasing.

Related FAQs

Municipal Lease-Purchase Plan   View All

  • What is the Municipal Lease-Purchase Plan?

    The municipal lease-purchase plan is a retail financing program for eligible municipalities or political subdivisions who want to own essential-use vehicles and finance them at favorable, tax-exempt interest rates.

  • Who do I contact with questions about the Ally Municipal Lease-Purchase Plan?

    Call your local Ally Commercial Product Specialist at 1-800-471-4622, Mon-Fri, 7:30 am - 7:30 pm CT.

  • What vehicles are eligible for the Ally Municipal Lease-Purchase Plan?

    The following vehicles are eligible for the Ally Municipal Lease-Purchase Plan:

    • New and used passenger cars of any make or model
    • Light- and medium-duty trucks
    • Certain upfitted vehicles
    • Emergency vehicles
  • Is the Ally Municipal Lease-Purchase Plan open to any tax-exempt organization?

    No, entities must be qualified political subdivision of a state government. They must qualify as tax-exempt under Section 103 of the IRS Code.

    However, tax-exempt status alone does not automatically quality an entity as eligible for a municipal lease-purchase with Ally.

    Examples of tax-exempt, non-municipal entities that do not qualify are churches, charities, and private hospitals. Federal government agencies also do not qualify.

    Municipalities should consult with their legal or tax advisors regarding tax-exempt status and qualification for a municipal lease-purchase plan with Ally.

  • What is the maximum term for an Ally Municipal Lease-Purchase Plan?

    For new vehicles, the following maximum terms apply:

    • Medium-duty trucks - 5 years
    • Passenger cars - 4 years
    • Light-duty trucks - 4 years
    • Police and public safety vehicles - 3 years or 4 annual payments

    For used vehicles, the following terms apply:

    • Current series used through 1 year old - 3years

Commercial Financing & Leasing   View All

  • What are Business-Only Transactions?

    Business-only transactions provide eligible, established companies who have previous Ally payment history the ability to get financing solely in the company's name, without the need for a guarantor or co-buyer on every transaction.

  • Will Ally approve transactions in a business name only?

    Every transaction is evaluated independently, with the strength of the transaction determining if business name only is an option.

  • What is a commercial line of credit?

    Our commercial line of credit provides qualified business customers with an additional source of funding for use in the purchase or lease of commercial vehicles.

    Your customers with a commercial line of credit are pre-approved, so whenever they need more vehicles for their business, they simply go back to you and “sign and drive”.

    As long as they maintain eligibility, there is no need for them to present financial statements with every transaction, or wait long periods for credit approvals.

  • Does Ally offer a program to keep business obligations off a business owner's personal credit bureau report?

    Yes. Designed exclusively with the business owner in mind, our third-party guaranty allows business owners to keep their business transactions at arm's length - and their personal name off the vehicle contract and title.

    The business owner would still provide the additional financial backing that Ally may require, while keeping their personal credit free and clear of business obligations, except in the event of default.

  • Will Ally finance a commercial body that is added to a vehicle chassis?

    Yes. Ally will finance eligible conversion packages, including, to name a few:

    • Refrigerated bodies
    • Utility bodies
    • Dump bodies
    • Storage boxes