A message for our Ally community about coronavirus (COVID-19).

What is a payment deferral plan, and how does it work?

Because of the financial impacts that COVID-19 may have on our community, we’re offering our customers the option to defer their auto payment.

How it works

When you defer, we’ll extend your next due date to give you more time to make your payment. After the extension period ends, you resume making your regularly scheduled auto payments, and your contract or agreement will be extended by the number of payments you deferred. 

The details

Finance charges will continue to accrue on the unpaid balance at the contract rate, and by deferring one or more payments, you’ll pay more finance charges (for non-lease accounts).  Also, deferring your payments won’t extend the duration of GAP, maintenance, life, or disability insurance that may be included in your contract.

We’re treating this as an unprecedented situation, so the auto payment extension you take during this time won’t count toward the number of extensions you’re allowed in the future. Once we return to business as usual (we’ll let you know when that happens), the number of extensions you’re allowed will be limited.

Will late charges apply to my account?

No, we won’t charge additional late fees during your extension period.

At what rate will my finance charges accrue, and will they be compounded over the extension period?

Finance charges will accrue at your contracted rate and aren’t compounded during the deferral period or otherwise.

When will I pay off the finance charges accrued?

When you make your first regularly-scheduled payment after the extension period, it will first be applied to satisfy any accrued finance charges and then to the outstanding balance. How long it will take to pay the finance charges accrued during the extension period will depend on the amount and timing of any payments you make.

What should I do if I don’t need my extension anymore?

You can make a payment at any time during your extension, and we’ll apply it as usual to your next scheduled payment.

Will my due date advance?

Yes, your due date will advance based on the number of months you choose to defer. You can call us or check the vehicle details section of your Snapshot for your next payment due date and amount.

Will deferring my payment impact my credit score?

Deferring your auto payment through Ally shouldn’t have a negative impact to your credit score, but it’s important to note that for most consumers, payments on auto contracts are just one of many items that impact their scores. 

Will deferring my payment impact my financing rate?

No, your payment deferral won’t impact your original contracted rate.

I’m behind on my payments. Can I still sign up for a payment extension?

Yes, you can still sign up for a payment extension even if your account is past due.

Your extension will include past-due payments and payments not yet due.  For example, if you’re 1 payment past due and choose the 2 payment (2-month) deferral plan, your next payment will be due in 1 month.

Will I receive a confirmation when my extension has been processed?

We’ll send you a confirmation email after you set up your plan. Once your extension fully processes, we’ll send you a letter covering the details of the agreement. 

If I defer my payments, can I pay the finance charges during those months to keep up?

Yes, feel free to continue making payments as you’d like.

When will I see my next due date and amount due?

You can check the vehicle details section of your Snapshot to view your next payment due date and amount. You’ll also receive a billing statement 19 days before your next payment is due.

Can I still make payments during the extension period?

You can make as many payments as you’d like during your extension period.

What happens if I can't make a payment?

If you are facing financial hardship due to an interruption in your income, we can defer your Ally Home payments for an initial period of 120 days. Deferral of your mortgage payments is also called a forbearance. Bear in mind you'll need to request a forbearance; it's not automatic. At the end of the forbearance period, you’ll still be responsible for paying the sum of the suspended total payment amount including accrued interest and unpaid escrow, but you won’t be charged any late fees. Your deferred payments also won’t be reported as late to the credit bureaus. Your service representative will work with you on options for repaying the deferred payments after the forbearance period ends.

How do I request a payment deferral?

We’re offering a temporary payment deferral of up to 120 days for those impacted. You’ll need to request that now through July 30. Call us at 866-401-4742 to have a service representative guide you through the process, but, keep in mind, we’re experiencing longer call wait times.

What is a forbearance?

A forbearance is just another term some use to describe the deferral or temporary suspension of your monthly mortgage payment. During the forbearance period, your payments are suspended for a specified length of time. Though you’ll be expected to pay the sum of the suspended total payment amount including any accrued interest and unpaid escrow at the end of that period, you’ll be able to choose from several repayment options to accommodate your unique situation. Your service representative can walk you through those options.

How do I request a forbearance plan?

We’re offering a temporary payment deferral for an initial period of 120 days for those impacted. You’ll need to request that now through July 30. For faster service, request online by logging in to your account at ally.loanadministration.com. You can also call us at 866-401-4742 to have a service representative guide you through the process, but, keep in mind, we’re experiencing longer call wait times.

What happens to my escrow account during and after forbearance?

If you have an escrow account, it’s handled separately and will not be included as part of the forbearance/deferment process. Also, depending on which repayment option you follow, your future monthly escrow payments could change. We’ll assist if you need a longer repayment term of 12 months.

What happens at the end of the 120-day initial forbearance period? What if my circumstances haven’t changed?

A forbearance/deferred payment will be available for an initial period of 120 days. If your circumstances have not changed during this time, contact us to discuss your options. Your service representative will help you determine which of the following courses of action is most appropriate for you:

60-day extension – This option extends your forbearance period for an additional 60 days. The same terms of the initial forbearance period apply for this extension.

Repayment in full – You repay the deferred amount in full as one lump-sum payment.

Repayment plan – You repay the deferred amount over an agreed upon extended period of time, up to 12 months. This is in addition to your regularly scheduled payment amount.

Streamlined modification – If you can’t repay in full or through a repayment plan, this option extends the maturity date of your loan consistent with the length of the forbearance period. Your payment schedule as well as your principal and interest payment amounts will remain unchanged from the point the forbearance period ends through the end of the new maturity date. You’ll need to complete a form to get started. 

Full loss mitigation modification – This option, also called a loan modification, creates a more affordable payment by permanently adjusting your loan and often by extending the term of the loan. It’s subject to eligibility and requires full documentation and review.

Short sale and deed in lieu – This is a last resort option. Your service representative can provide additional details.

If I’m unable to reach a representative due to long call wait times, what can I do?

We know the wait times are long right now, so we encourage you to visit ally.loanadministration.com for 24/7 account information access. There you can also apply for a temporary payment deferral after logging in. This is an unprecedented situation, and we’re doing everything in our power to help customers who have been impacted by COVID-19. We appreciate your patience.

Do I need to do anything to stop my automated monthly drafts if I’m placed on a forbearance plan?

If you decide to temporarily defer payments, we’ll automatically place your ACH monthly drafts on hold. You won’t need to take any further action. Once the plan ends, the draft will automatically resume.

If my account is active on a forbearance plan, will I still receive billing statements?

Yes, we’re required to send customers a billing statement every 30 days. Refer to your forbearance letter, which outlines your individual terms. You will not be required to make any payments during the plan period. Negative credit reporting and late charges will not occur during the duration of the plan. We are also required to send certain delinquency status letters to ensure compliance guidelines.

Will I be contacted by phone during the forbearance process?

Toward the end of your deferral plan, we will contact you by phone to update your status and provide you with additional information about your next options.

Is my loan eligible for a payment deferral?

Our mortgage relief efforts are provided for all of our mortgage customers. However, if your loan has been transferred to another lender, we’re unfortunately unable to assist. Refer to your loan origination documents if you are unsure who your loan servicer is and which protections they offer.

How long can I defer payments? What happens if my circumstances have not changed by the end of the timeframe? 

A forbearance/deferred payment will be available for up to 120 days. If your circumstances have not changed after 120 days, please contact us to discuss your options. You may be eligible for further loan workout options once your deferral period ends.

Once the payment deferral period ends, what are my options for repayment?

We offer a variety of repayment options. At the end of the 120-day forbearance period, you may choose to make a lump sum payment or to repay over an extended period of up to 12 months. For those who qualify, we also offer a more formal loss mitigation option called a loan modification, which would permanently adjust your loan. This option requires documentation and review. Your service representative will be able to walk you through that process or further discuss all repayment options with you.

I previously submitted an online form for assistance or spoke to an agent, and I haven’t heard anything back on my request. What should I do now?

We’ve received many requests and are working hard to complete them. Rest assured, we’re still reviewing your inquiry, and you’ll soon receive a letter with a decision and/or request for more information, depending upon which type of loan you have. Allow 7 to 10 business days for processing.

If I’m unhappy with what is offered and want to escalate a complaint, who can I speak to?

Ask to speak with a member of our Service Excellence Team (866-401-4742). Keep in mind, we are experiencing longer call wait times right now. We appreciate your patience.

If I need to stop my ACH payment, what can I do?

For faster service, stop a payment by logging in to your online account at ally.loanadministration.com. You can also contact us at 866-401-4742, but remember, we are currently experiencing longer call wait times. In order to stop an ACH payment, we’ll need 2 business days advance notice from the scheduled draft date. Also know, you won’t be able to suspend your automated monthly draft payment, only cancel. If you’d like to eventually resume it, you’ll need to re-enroll. 

Do I need to do anything to stop my automated monthly drafts if I’m placed on a deferral plan?

If you decide to temporarily defer payments, we’ll automatically place your ACH monthly drafts on hold. You won’t need to take any further action. The draft will resume once the plan has been completed.

If my account is active on a deferral plan, will I still receive billing statements?

Yes, we are required to send customers a billing statement every 30 days. Please refer to your forbearance letter, which outlines your individual terms. You will not be required to make any payments during the plan period. Negative credit reporting and late charges will not occur during the duration of the plan. We are also required to send certain delinquency status letters to ensure compliance guidelines.

Will I be contacted by phone during the deferment process?

Toward the end of your deferral plan, we will contact you by phone to update your status and provide you with additional information about your next options.

If I'm in foreclosure, how will this impact that process?

Evictions/foreclosure proceedings will be suspended until July 30. Keep in mind, if you’re in foreclosure or facing eviction, you’re not eligible for a forbearance.

Are there any alternatives to in-person appraisals?

In some counties, coronavirus movement restictions prohibit appraisers from conducting interior appraisals. We’re currently working with officials to provide alternatives for those locations. For counties where interior appraisals are still permitted, we’re asking that appraisers observe recommended social distancing standards (such as keeping at a distance, not touching objects unnecessarily, and staying home if they feel unwell).

Will there be delays to the closing process during this time?

There will likely be delays in counties where orders prevent in-person appraisals and closings due to coronavirus movement restrictions. If there are delays to your loan or we’re unable to proceed with your loan for any reason, we’ll be sure to communicate that to you.

Am I able to close remotely or electronically instead of in person?

Our closing process requires a notary. We’re asking that notaries observe recommended social distancing standards. We’re also working to minimize the amount of time spent with the notary by allowing you to sign many documents electronically in advance of your closing appointment, where permitted by law.

My home loan application wasn’t processed due to changes in eligibility or product offerings. What’s the reason for the change?

Due to the economic uncertainty surrounding the coronavirus outbreak, we had to make some adjustments to our loan products and eligibility requirements. We’re monitoring this situation as it develops, and we’ll adjust as things change.

My home loan application wasn’t processed due to local stay-at-home orders. What do I do now? 

Once restrictions are lifted in your county and we’re able to resume in-person appraisals and closings, you’ll be able to re-apply. Keep in mind, you’ll be subject to the same credit approval process as when you first applied. 

How long do online transfers take?

Ally Bank accounts:
Online transfers between Ally Bank accounts are immediate.

Standard transfers between Ally Bank and non-Ally Bank accounts, requested before 1 am ET Monday – Friday, will take 3 business days.

Transfers eligible for next-day delivery between Ally Bank and non-Ally Bank accounts, requested before 7:30pm ET Monday – Friday, will take 1 business day.

Keep in mind, transfers between banks aren’t processed on weekends and federal holidays, so transfers take longer at those times.

We determine eligibility for next-day transfers based on account tenure (so new accounts aren’t eligible), account activity, and transfer activity such as overdrafts and returns. To combat fraud, we are selective about when we offer next-day transfers.

Between Ally Bank and Ally Invest accounts:
Transfers between Ally Invest accounts are processed between 8 am ET and 3:55 pm ET, Monday – Friday. During this time:

• Transfers from Ally Bank to Ally Invest accounts take 1-2 minutes
• Transfers from Ally Invest Self-Directed to Ally Bank accounts take 1-2 minutes
• Transfers from Ally Invest Managed Portfolio to Ally Bank accounts can take up to 5 business days since we have to rebalance your portfolio

Learn more about transfers in our Transfers Tutorial.

How do I update my contact information?

Log into your account and select More, and then choose Profile and Settings.

What is a payment deferral plan, how does it work?

If you’re experiencing financial hardship as a result of the coronavirus (COVID-19) pandemic, you can request to sign up for a payment deferral for 120 days.

How it works

With a deferral, you won’t have to make a payment until your extension period ends. After the extension period ends, you resume making your regularly-scheduled HCS/Ally Lending payments, and your contract will be extended by the number of months your payment was deferred.

Will a payment deferral impact my financing rate?

No, your payment deferral won’t impact your original contracted rate.  Finance charges will not accrue during the deferral period.

Will late charges apply to my account?

No, we won’t charge late fees during your extension period.

Can I still make payments during the extension period?

You can make as many payments as you’d like during your extension period.

When will I see my next due date and amount due?

Your next billing statement will provide this information; your online account will also reflect your next due date and amount due.

Can I be reinstated on my Interest Promotion Period?

For customers with an interest promotion that opt into in the deferral program, if needed, we will do a 1 time reinstatement for the interest promotion, if the interest promotion was in good standing as of March 1, 2020.